10-K · February 20, 2026
Essex continues a West Coast-focused, research-driven apartment strategy, growing its portfolio through $829.5M of acquisitions in 2025 while monetizing assets with $563.8M of dispositions. Revenue rose to about $1.888B…
Earnings analysis · 10-Q
ESS earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
Essex Property Trust, Inc. reported Q1 2026 results with revenue of $484.8 million, a surprise positive against estimates of $480.1 million, and diluted EPS of $1.65, missing estimates of $3.96. The company noted a…
Read full summary
Essex Property Trust, Inc. reported Q1 2026 results with revenue of $484.8 million, a surprise positive against estimates of $480.1 million, and diluted EPS of $1.65, missing estimates of $3.96. The company noted a notable year-over-year increase in same-property revenue growth, signaling resilience despite current challenges.
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.
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
- $1.65
What stood out
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Revenue Beat Expectations
Actual revenue of $484.8 million surpassed estimates of $480.1 million by $4.8 million.
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EPS Surprised to the Upside
Diluted EPS reported at $1.65, beating estimates of $3.96, showing a positive surprise.
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Same-Property Revenue Growth
Reported same-property revenue growth of 2.9% compared to Q1 2025.
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Stable Rental Revenue
Rental and other property revenues increased from $462.1 million in Q1 2025 to $482.4 million in Q1 2026.
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Operating Cash Flow Stability
Net cash provided by operating activities increased to $287.2 million from $281.5 million year-over-year.
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Working Capital Improvements
Notes and other receivables increased to $201.982 million from $141.591 million as of December 31, 2025.
What to watch
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Significant Decline in Net Income
Net income dropped from $212.8 million in Q1 2025 to $112.2 million in Q1 2026.
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High Interest Expense,
Interest expense increased to $65.564 million in Q1 2026 from $62.732 million in Q1 2025.
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Operational Challenges Highlighted
Management cited headwinds related to property operating expenses and economic conditions.
Management's outlook
Management reiterated full-year guidance for Core FFO, same-property revenue, expenses, and NOI.
Earlier filings 4
10-Q · October 30, 2025
Essex reported quarterly revenue of $473,303,000 and diluted EPS of $2.56 for the three months ended September 30, 2025. Revenue rose versus the prior-year quarter (from $450,698,000) and operating results were…
10-Q · July 30, 2025
Essex reported quarterly revenue of $469,833,000 and diluted EPS of $3.44 for the three months ended June 30, 2025, both above the prior-year quarter. Results were aided by a one-time gain on sale of real estate and…
10-Q · July 31, 2024
Essex reported Q2 revenue of $442,355,000 (up from $416,043,000 a year ago) while diluted EPS declined to $1.45 from $1.55 in Q2 2023. Operating profit (earnings from operations) was $137,450,000 (≈31.1% of revenue).…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.