10-K · February 27, 2026
AvalonBay positions itself as a leading multifamily REIT focused on supply-constrained, high‑barrier U.S. metropolitan markets with a multi‑brand product strategy and an active development pipeline. The company reports…
Earnings analysis · 10-Q
AVB earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
AvalonBay Communities, Inc. reported Q1 2026 results with net income increasing by 37.7% year-over-year, driven significantly by gains from real estate sales and increased net operating income (NOI) from their…
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AvalonBay Communities, Inc. reported Q1 2026 results with net income increasing by 37.7% year-over-year, driven significantly by gains from real estate sales and increased net operating income (NOI) from their communities. Despite a slight revenue miss versus consensus, earnings per share (EPS) exceeded expectations with a reported $2.83, reflecting a robust upward trend in profitability.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.83
What stood out
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Strong EPS Growth
Q1 2026 reported EPS reached $2.83, a 40.5% increase year-over-year from $2.01.
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Revenue Consistency
Total revenue for Q1 2026 was $770.3M, a slight 3.3% increase from $745.9M in Q1 2025.
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Significant Gain on Sales
Real estate sale gains were $179.9M, compared to $56.5M in Q1 2025, marking a notable increase.
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Healthy Same Store NOI Growth
Same Store NOI rose 0.2% to $479.9M, supported by a 1.6% increase in Residential revenue.
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Increased Operational Efficiency
Direct property operating expenses increased at a slower rate, with a 6.2% rise compared to revenue growth.
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Strong Development Pipeline
Company holds 25 communities under construction with a total capitalized cost of $3.39B.
What to watch
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Rising Operating Expenses
Direct property operating expenses rose 6.2% to $248.6M, which could pressure margins if revenue growth slows.
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Increased Interest Expense
Interest expense increased by 19.4% to $71.5M due to higher rates on existing debt and increased borrowings.
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Cash Decrease
Cash and cash equivalents decreased $62M to $291M, potentially impacting liquidity for ongoing developments.
Management's outlook
Q2 2026 EPS guidance of $1.23 to $1.33 has been provided, along with full-year EPS expectations revised to $5.92-$6.42.
Earlier filings 4
10-Q · August 7, 2025
AvalonBay reported Q2 2025 revenue of $760.2M (up $34.15M or ~4.7% vs Q2 2024) and diluted EPS of $1.88 (up $0.10 vs Q2 2024). Pre-tax income was $269.3M, and operating cash flow remains strong at $793.7M for the six…
10-K · February 27, 2025
AvalonBay positions itself as a leading, premium multifamily owner/operator focused on high-barrier U.S. metros with a differentiated multi-brand product strategy and an active development pipeline. The company reports…
10-Q · November 3, 2023
AvalonBay reported Q3 2023 revenue of $697,635,000, up from $665,288,000 in Q3 2022, driven by higher same-store and other stabilized lease income. Operating profitability declined materially due to much smaller gains…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.