Income Statement

Revenue

+17%

+32%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Revenue
Interest Expense	0	0	0	118	0	0	0	130	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	92	0	0	0	115	0	0	0	145	43	84	128	170	171	174	172	168	158	147	138	137	141	154	164	172	177	175	177	181	184	185	181	176	173	175	180	188	193	197	197	200	205	212	218	221	214	207	205	204	212	215	217	214	211	214	216	220	224	227	228	230	230	223	214	206	204	209	217	227	232	239	249	259
Revenue	628 N/A	612 -3%	599 -2%	571 -5%	588 +3%	593 +1%	597 +1%	558 -7%	597 +7%	593 -1%	598 +1%	562 -6%	623 +11%	644 +3%	659 +2%	618 -6%	683 +11%	692 +1%	705 +2%	678 -4%	732 +8%	743 +2%	756 +2%	728 -4%	787 +8%	806 +3%	805 0%	814 +1%	819 +1%	826 +1%	847 +2%	830 -2%	851 +3%	855 +1%	866 +1%	843 -3%	885 +5%	905 +2%	910 +1%	900 -1%	954 +6%	963 +1%	993 +3%	1 001 +1%	1 058 +6%	1 191 +13%	1 319 +11%	1 463 +11%	1 550 +6%	1 586 +2%	1 627 +3%	1 685 +4%	1 727 +3%	1 771 +3%	1 816 +3%	1 856 +2%	1 922 +4%	1 967 +2%	2 008 +2%	2 045 +2%	2 059 +1%	2 087 +1%	2 122 +2%	2 159 +2%	2 197 +2%	2 236 +2%	2 261 +1%	2 285 +1%	2 290 +0%	2 298 +0%	2 310 +1%	2 325 +1%	2 360 +2%	2 359 0%	2 339 -1%	2 301 -2%	2 251 -2%	2 236 -1%	2 249 +1%	2 295 +2%	2 358 +3%	2 441 +4%	2 525 +3%	2 593 +3%	2 654 +2%	2 701 +2%	2 733 +1%	2 768 +1%	2 806 +1%	2 841 +1%	2 878 +1%	2 914 +1%	2 947 +1%	2 981 +1%	3 013 +1%	3 041 +1%
Gross Profit
Cost of Revenue	(210)	(208)	(209)	(207)	(218)	(224)	(229)	(218)	(232)	(233)	(234)	(233)	(242)	(247)	(253)	(248)	(275)	(281)	(286)	(269)	(287)	(290)	(295)	(283)	(310)	(314)	(313)	(322)	(320)	(326)	(337)	(322)	(346)	(344)	(347)	(331)	(342)	(346)	(345)	(336)	(349)	(352)	(357)	(357)	(373)	(413)	(459)	(511)	(547)	(561)	(573)	(589)	(606)	(621)	(637)	(642)	(649)	(661)	(672)	(683)	(693)	(703)	(713)	(725)	(741)	(751)	(757)	(771)	(761)	(766)	(770)	(768)	(782)	(785)	(800)	(823)	(834)	(848)	(856)	(854)	(867)	(881)	(901)	(919)	(936)	(954)	(967)	(988)	(1 004)	(1 020)	(1 042)	(1 073)	(1 087)	(1 103)	(1 121)	(1 121)
Gross Profit	418 N/A	402 -4%	388 -4%	364 -6%	374 +3%	369 -1%	368 0%	340 -8%	365 +7%	360 -1%	364 +1%	330 -9%	381 +16%	397 +4%	406 +2%	369 -9%	408 +11%	410 +0%	419 +2%	409 -2%	445 +9%	453 +2%	461 +2%	445 -3%	477 +7%	492 +3%	491 0%	492 +0%	500 +2%	500 +0%	510 +2%	508 0%	506 0%	511 +1%	519 +1%	511 -1%	543 +6%	558 +3%	565 +1%	564 0%	605 +7%	611 +1%	636 +4%	644 +1%	685 +6%	778 +14%	860 +10%	952 +11%	1 003 +5%	1 024 +2%	1 054 +3%	1 096 +4%	1 121 +2%	1 150 +3%	1 179 +3%	1 214 +3%	1 273 +5%	1 306 +3%	1 336 +2%	1 362 +2%	1 367 +0%	1 385 +1%	1 409 +2%	1 433 +2%	1 456 +2%	1 485 +2%	1 504 +1%	1 514 +1%	1 529 +1%	1 532 +0%	1 539 +0%	1 557 +1%	1 578 +1%	1 574 0%	1 539 -2%	1 478 -4%	1 417 -4%	1 388 -2%	1 393 +0%	1 441 +3%	1 491 +3%	1 559 +5%	1 624 +4%	1 674 +3%	1 718 +3%	1 747 +2%	1 766 +1%	1 780 +1%	1 801 +1%	1 821 +1%	1 836 +1%	1 840 +0%	1 860 +1%	1 878 +1%	1 893 +1%	1 920 +1%
Operating Income
Operating Expenses	(145)	(145)	(147)	(144)	(160)	(165)	(168)	(154)	(165)	(165)	(168)	(158)	(174)	(179)	(180)	(172)	(186)	(187)	(187)	(174)	(187)	(187)	(191)	(193)	(203)	(212)	(215)	(226)	(227)	(227)	(234)	(239)	(238)	(242)	(248)	(250)	(256)	(265)	(264)	(259)	(272)	(272)	(279)	(289)	(334)	(467)	(566)	(645)	(643)	(562)	(515)	(484)	(496)	(504)	(512)	(520)	(530)	(546)	(559)	(577)	(593)	(604)	(617)	(635)	(654)	(671)	(686)	(688)	(693)	(702)	(709)	(720)	(739)	(749)	(761)	(768)	(773)	(784)	(806)	(828)	(847)	(864)	(874)	(889)	(895)	(893)	(893)	(893)	(901)	(909)	(920)	(925)	(930)	(958)	(978)	(1 000)
Selling, General & Administrative	(15)	(15)	(14)	(13)	(13)	(14)	(14)	(15)	(16)	(17)	(17)	(18)	(21)	(22)	(24)	(26)	(25)	(25)	(25)	(25)	(25)	(25)	(26)	(29)	(30)	(33)	(35)	(43)	(39)	(35)	(31)	(29)	(26)	(25)	(26)	(27)	(25)	(29)	(28)	(29)	(32)	(32)	(34)	(34)	(34)	(37)	(39)	(40)	(39)	(38)	(39)	(41)	(43)	(43)	(42)	(42)	(42)	(44)	(45)	(46)	(48)	(49)	(49)	(51)	(51)	(53)	(56)	(56)	(59)	(62)	(60)	(58)	(62)	(58)	(60)	(60)	(61)	(63)	(67)	(70)	(70)	(73)	(70)	(74)	(77)	(73)	(79)	(77)	(77)	(78)	(78)	(78)	(77)	(81)	(82)	(87)
Depreciation & Amortization	(130)	(130)	(133)	(131)	(140)	(145)	(147)	(139)	(149)	(148)	(150)	(139)	(153)	(157)	(156)	(146)	(161)	(161)	(162)	(149)	(162)	(162)	(165)	(158)	(173)	(179)	(180)	(183)	(187)	(192)	(202)	(205)	(212)	(217)	(222)	(221)	(231)	(236)	(236)	(227)	(241)	(240)	(245)	(244)	(288)	(418)	(516)	(560)	(559)	(479)	(431)	(443)	(453)	(461)	(470)	(478)	(488)	(502)	(514)	(531)	(545)	(554)	(567)	(584)	(603)	(618)	(629)	(631)	(634)	(640)	(649)	(662)	(678)	(691)	(701)	(707)	(713)	(721)	(739)	(759)	(777)	(792)	(805)	(815)	(818)	(819)	(813)	(817)	(824)	(831)	(842)	(847)	(852)	(877)	(896)	(913)
Other Operating Expenses	0	0	0	0	(7)	(7)	(7)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(7)	0	0	0	0	0	0	0	(6)	0	0	0	(3)	0	0	0	(3)	0	0	0	(11)	(11)	(11)	(11)	(45)	(45)	(45)	(45)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	274 N/A	260 -5%	243 -6%	220 -10%	210 -5%	204 -3%	200 -2%	187 -7%	200 +7%	196 -2%	196 +0%	172 -12%	207 +20%	218 +5%	226 +4%	197 -13%	223 +13%	224 +1%	232 +3%	235 +1%	258 +10%	266 +3%	270 +1%	252 -7%	274 +9%	280 +2%	276 -1%	266 -4%	273 +3%	273 0%	277 +1%	269 -3%	268 -1%	270 +1%	271 +0%	261 -4%	287 +10%	293 +2%	301 +3%	305 +1%	333 +9%	339 +2%	357 +5%	355 -1%	351 -1%	312 -11%	295 -5%	307 +4%	361 +17%	462 +28%	539 +17%	612 +13%	625 +2%	646 +3%	668 +3%	693 +4%	743 +7%	760 +2%	777 +2%	785 +1%	774 -1%	781 +1%	792 +1%	799 +1%	802 +0%	814 +1%	818 +1%	826 +1%	836 +1%	830 -1%	830 +0%	837 +1%	839 +0%	825 -2%	778 -6%	711 -9%	644 -9%	604 -6%	587 -3%	613 +4%	644 +5%	695 +8%	750 +8%	785 +5%	823 +5%	854 +4%	873 +2%	886 +1%	901 +2%	912 +1%	916 +0%	916 +0%	931 +2%	920 -1%	915 -1%	920 +1%
Pre-Tax Income
Interest Income Expense	(100)	(103)	(109)	(115)	(124)	(130)	(108)	(106)	(106)	(105)	(129)	(127)	(124)	(124)	(122)	(116)	(122)	(116)	(111)	(99)	(97)	(93)	(93)	(33)	(42)	(45)	(46)	(110)	(109)	(120)	(135)	(144)	(150)	(155)	(158)	(169)	(170)	(173)	(168)	(163)	(152)	(139)	(127)	(116)	(141)	(154)	(220)	(235)	(215)	(207)	(29)	(32)	(6)	(0)	(107)	(106)	(110)	(99)	(124)	(123)	(140)	(169)	(116)	(129)	(150)	(156)	(205)	(206)	(201)	(195)	(201)	(195)	(201)	(204)	(202)	(208)	(206)	(183)	(184)	(182)	(185)	(212)	(176)	(177)	(173)	(163)	(196)	(193)	(184)	(190)	(169)	(176)	(187)	(193)	(184)	(192)
Non-Reccuring Items	0	0	0	(7)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(1)	(2)	(3)	(56)	(65)	(86)	(87)	(47)	(52)	(30)	(29)	0	(3)	(4)	(18)	(16)	(20)	(19)	9	12	(27)	(30)	(46)	(15)	24	26	28	3	(3)	24	39	31	36	10	(9)	(13)	(24)	(47)	(44)	(35)	(23)	0	(1)	(22)	(21)	(22)	(20)	(6)	(17)	(16)	(16)	(22)	(9)	(11)	(31)	(24)	(25)	(25)	(13)	(18)	(25)	(24)	(39)	(43)	(42)	(42)	(21)	(21)	(19)	(21)	(21)	(12)
Gain/Loss on Disposition of Assets	0	0	0	0	0	0	0	0	0	0	0	1	0	5	5	5	18	13	14	14	1	1	0	1	0	0	0	0	0	0	0	5	0	0	4	0	0	0	14	14	14	14	0	0	0	0	0	0	0	61	61	85	156	105	140	125	106	127	305	385	422	435	249	242	153	215	214	375	389	304	406	163	176	193	95	343	369	666	637	603	699	366	683	561	412	599	303	288	288	169	320	364	421	455	462	340
Total Other Income	58	58	19	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5	5	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Pre-Tax Income	231 N/A	215 -7%	153 -29%	98 -36%	86 -13%	74 -14%	92 +24%	80 -13%	94 +17%	91 -4%	67 -26%	46 -31%	83 +80%	98 +19%	108 +10%	86 -20%	118 +37%	121 +2%	134 +11%	150 +12%	162 +8%	173 +7%	177 +2%	219 +24%	232 +6%	233 +0%	227 -2%	99 -56%	98 -1%	67 -32%	55 -18%	83 +50%	70 -15%	90 +28%	88 -2%	92 +5%	114 +24%	116 +2%	128 +11%	140 +9%	175 +25%	195 +12%	239 +23%	250 +5%	183 -27%	127 -30%	29 -77%	58 +99%	170 +194%	342 +101%	599 +75%	669 +12%	773 +16%	775 +0%	740 -5%	744 +1%	775 +4%	799 +3%	949 +19%	1 034 +9%	1 032 0%	1 000 -3%	882 -12%	877 -1%	783 -11%	872 +11%	826 -5%	974 +18%	1 003 +3%	917 -9%	1 015 +11%	799 -21%	797 0%	798 +0%	655 -18%	825 +26%	798 -3%	1 076 +35%	1 009 -6%	1 010 +0%	1 133 +12%	824 -27%	1 243 +51%	1 151 -7%	1 037 -10%	1 266 +22%	942 -26%	939 0%	962 +2%	848 -12%	1 045 +23%	1 083 +4%	1 146 +6%	1 161 +1%	1 172 +1%	1 055 -10%
Net Income
Tax Provision	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(9)	(9)	(11)	(11)	(2)	(3)	(2)	(2)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	0	0	0	(11)	(13)	(13)	(12)	(1)	3	4	3	1	(6)	(9)	(9)	(12)	(15)	(16)	(16)	(15)	(10)	(7)	(7)	(3)	(0)	(0)	0	1	1
Income from Continuing Operations	231	215	153	98	86	74	92	80	94	91	67	46	83	98	108	86	118	121	134	150	162	173	177	219	232	233	227	99	98	67	55	83	70	90	88	92	114	116	128	140	175	195	239	250	183	127	29	58	170	342	599	659	764	764	729	742	772	797	947	1 034	1 032	1 000	881	877	783	872	826	974	1 003	917	1 004	786	784	786	654	828	802	1 079	1 010	1 004	1 124	815	1 231	1 136	1 021	1 250	928	928	955	841	1 042	1 082	1 145	1 161	1 173	1 057
Income to Minority Interest	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(0)	(1)	(1)	(1)	(2)	(1)	(1)	0	(1)	(1)	(1)	0	(2)	(1)	(0)	1	1	1	2	2	1	2	1	1	1	1	1	1	0	1	0	0	0	0	0	0	0	1	(14)	(14)	(14)	(14)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(0)	0	0	0	(0)	0	0	0	(0)	0	0	0	0	0	0	1	0	0	(0)	(0)	(0)	(0)	(1)	(4)	(5)
Net Income (Common)	211 N/A	204 -3%	149 -27%	156 +4%	154 -1%	195 +27%	226 +16%	261 +16%	250 -4%	209 -16%	197 -6%	199 +1%	255 +28%	277 +9%	331 +19%	302 -9%	343 +14%	353 +3%	296 -16%	258 -13%	193 -25%	177 -8%	264 +49%	348 +32%	351 +1%	427 +22%	533 +25%	400 -25%	401 +0%	294 -27%	120 -59%	155 +29%	170 +9%	203 +20%	169 -17%	175 +3%	133 -24%	125 -6%	139 +11%	440 +216%	467 +6%	580 +24%	628 +8%	423 -33%	441 +4%	320 -27%	223 -30%	353 +58%	419 +19%	540 +29%	792 +47%	682 -14%	748 +10%	762 +2%	727 -5%	740 +2%	770 +4%	795 +3%	945 +19%	1 031 +9%	1 029 0%	997 -3%	879 -12%	875 -1%	781 -11%	870 +11%	824 -5%	972 +18%	1 000 +3%	914 -9%	1 001 +10%	784 -22%	782 0%	784 +0%	653 -17%	826 +27%	800 -3%	1 077 +35%	1 008 -6%	1 002 -1%	1 122 +12%	813 -28%	1 228 +51%	1 135 -8%	1 020 -10%	1 249 +22%	927 -26%	927 +0%	954 +3%	840 -12%	1 040 +24%	1 080 +4%	1 143 +6%	1 158 +1%	1 166 +1%	1 049 -10%
EPS (Diluted)	2.98 N/A	2.83 -5%	2.1 -26%	2.2 +5%	2.22 +1%	2.84 +28%	3.2 +13%	3.71 +16%	3.45 -7%	2.73 -21%	2.68 -2%	2.71 +1%	3.44 +27%	3.71 +8%	4.41 +19%	4.03 -9%	4.56 +13%	4.63 +2%	3.93 -15%	3.41 -13%	2.41 -29%	2.17 -10%	3.2 +47%	4.35 +36%	4.54 +4%	5.44 +20%	6.86 +26%	5.15 -25%	5.02 -3%	3.65 -27%	1.49 -59%	1.92 +29%	2.05 +7%	1.94 -5%	1.97 +2%	2.06 +5%	1.52 -26%	1.45 -5%	1.61 +11%	4.84 +201%	4.88 +1%	5.83 +19%	6.44 +10%	4.31 -33%	3.47 -19%	2.46 -29%	1.72 -30%	2.76 +60%	3.23 +17%	4.02 +24%	6 +49%	5.19 -13%	5.61 +8%	5.72 +2%	5.39 -6%	5.5 +2%	5.6 +2%	5.71 +2%	6.88 +20%	7.5 +9%	7.49 0%	7.21 -4%	6.35 -12%	6.33 0%	5.64 -11%	6.21 +10%	5.96 -4%	7.03 +18%	7.2 +2%	6.54 -9%	7.15 +9%	5.62 -21%	5.57 -1%	5.58 +0%	4.64 -17%	5.88 +27%	5.72 -3%	7.61 +33%	7.22 -5%	7.17 -1%	8.02 +12%	5.74 -28%	8.78 +53%	8.11 -8%	7.2 -11%	8.78 +22%	6.51 -26%	6.56 +1%	6.71 +2%	5.91 -12%	7.29 +23%	7.6 +4%	8.03 +6%	8.07 +0%	8.12 +1%	7.34 -10%

Income Statement Balance Sheet Cash Flow Statement

Avalonbay Communities Inc
NYSE:AVB

Income Statement

Earnings Waterfall
Avalonbay Communities Inc

Income Statement
Avalonbay Communities Inc

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Avalonbay Communities Inc NYSE:AVB

Income Statement

Earnings Waterfall Avalonbay Communities Inc

Income Statement Avalonbay Communities Inc

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Avalonbay Communities Inc
NYSE:AVB

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Avalonbay Communities Inc

Income Statement
Avalonbay Communities Inc