Cash Flow Statement

Operating Cash Flow

+13%

+30%

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
Operating Cash Flow
Net Income	440	450	445	401	435	458	492	523	500	486	451	472	587	607	787	862	1 013	1 031	834	1 073	821	943	1 331	1 047	1 069	926	656	436	374	340	297	382	355	259	145	296	371	943	1 026	935	954	481	604	881	1 790	2 019	2 174	1 905	927	708	548	659	766	947	921	908	4 450	4 379	4 391	4 480	898	874	801	628	699	613	693	685	574	777	831	1 010	1 233	1 183	1 001	963	690	747	1 099	1 397	1 410	1 315	1 203	807	953	865	712	868	953	992	959	1 071	1 031	1 046	1 194	1 152
Depreciation & Amortization	470	474	473	473	475	476	475	472	470	476	485	497	509	514	520	529	547	567	579	593	601	607	618	616	609	599	598	603	606	611	607	600	603	626	651	673	690	677	668	664	669	681	684	685	730	887	998	1 013	979	838	749	759	768	772	778	766	744	726	709	706	712	716	720	744	761	774	785	786	794	801	818	831	839	845	834	821	808	803	818	838	868	891	890	882	868	866	876	889	899	902	915	952	983	1 000	1 016	1 010
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	36	0	0	0	22	0	0	0	22	28	33	38	22	21	20	20	18	19	19	19	19	20	20	21	21	24	26	25	25	26	30	33	35	38	35	31	28	28	30	32	35	31	31	31	31	28	25	25	25	27	27	27	27	27	27	26	24	22	21	22	23	24	26	27	28	28	30	30	30	29	32	32	32	32	32	32	31	32	32	31	32
Other Non-Cash Items	13	(8)	(28)	(7)	(68)	(116)	(165)	(229)	(220)	(223)	(221)	(246)	(372)	(396)	(570)	(665)	(824)	(853)	(653)	(872)	(636)	(770)	(1 183)	(898)	(914)	(749)	(462)	(252)	(196)	(181)	(163)	(277)	(266)	(198)	(95)	(239)	(305)	(853)	(905)	(789)	(795)	(304)	(322)	(487)	(1 500)	(1 836)	(2 138)	(2 068)	(917)	(520)	(230)	(162)	(246)	(397)	(342)	(289)	(3 932)	(3 879)	(3 919)	(3 934)	(252)	(231)	(142)	(96)	(167)	(79)	(156)	(143)	(22)	(211)	(251)	(416)	(624)	(576)	(438)	(444)	(240)	(344)	(711)	(1 005)	(1 006)	(865)	(695)	(230)	(330)	(222)	(62)	(227)	(322)	(359)	(340)	(489)	(441)	(460)	(610)	(564)
Cash Taxes Paid	0	0	0	0	0	0	0	2	0	0	0	3	5	7	12	12	11	15	14	12	11	4	(1)	(2)	(2)	1	1	(1)	(0)	(0)	0	4	2	(2)	(3)	(3)	(1)	1	1	1	1	1	1	1	1	1	1	1	1	1	1	2	2	2	2	1	1	2	2	2	2	1	1	1	1	1	1	1	1	1	1	(1)	(1)	(1)	(3)	(1)	(1)	(1)	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Cash Interest Paid	386	378	381	366	368	357	350	352	343	349	352	349	374	369	397	398	423	428	452	445	454	455	456	458	488	469	492	492	487	490	486	509	494	496	489	475	477	489	479	477	456	471	450	465	522	548	563	723	653	630	607	443	444	435	436	437	544	531	492	482	349	366	357	360	370	352	372	358	337	340	336	342	343	319	319	321	319	299	297	253	260	263	274	268	266	256	252	249	246	244	240	241	253	254	268	274
Change in Working Capital	(8)	9	1	21	(24)	(19)	(26)	(21)	(21)	1	10	(16)	(18)	(25)	(31)	(27)	(52)	(41)	(53)	(38)	(24)	(32)	(7)	28	29	51	(17)	(32)	(53)	(38)	(23)	(34)	(7)	(25)	(1)	(4)	2	(5)	(10)	(10)	19	135	82	(33)	(15)	(191)	(82)	18	24	44	50	69	47	57	16	(29)	(52)	(70)	(69)	(38)	(42)	(60)	(14)	(10)	30	84	18	28	23	(5)	8	32	17	(51)	0	(74)	(30)	1	3	30	10	34	4	(4)	(11)	1	(3)	3	31	70	30	40	5	(45)	15	51
Cash from Operating Activities	917 N/A	924 +1%	891 -4%	888 0%	819 -8%	800 -2%	776 -3%	744 -4%	729 -2%	739 +1%	725 -2%	707 -2%	706 0%	699 -1%	706 +1%	699 -1%	683 -2%	705 +3%	707 +0%	756 +7%	762 +1%	748 -2%	759 +2%	793 +5%	793 0%	827 +4%	775 -6%	755 -3%	731 -3%	732 +0%	717 -2%	671 -6%	684 +2%	662 -3%	699 +6%	726 +4%	758 +4%	762 +1%	779 +2%	801 +3%	847 +6%	993 +17%	1 048 +6%	1 046 0%	1 006 -4%	879 -13%	951 +8%	869 -9%	1 012 +17%	1 071 +6%	1 116 +4%	1 324 +19%	1 335 +1%	1 380 +3%	1 373 0%	1 357 -1%	1 210 -11%	1 157 -4%	1 113 -4%	1 214 +9%	1 317 +8%	1 298 -1%	1 365 +5%	1 266 -7%	1 323 +5%	1 392 +5%	1 340 -4%	1 356 +1%	1 369 +1%	1 362 -1%	1 406 +3%	1 457 +4%	1 466 +1%	1 401 -4%	1 397 0%	1 266 -9%	1 229 -3%	1 207 -2%	1 209 +0%	1 260 +4%	1 282 +2%	1 375 +7%	1 402 +2%	1 455 +4%	1 480 +2%	1 510 +2%	1 523 +1%	1 533 +1%	1 561 +2%	1 605 +3%	1 564 -3%	1 574 +1%	1 578 +0%	1 541 -2%	1 616 +5%	1 649 +2%
Investing Cash Flow
Capital Expenditures	(446)	(521)	(545)	(531)	(564)	(633)	(630)	(788)	(904)	(988)	(1 159)	(1 146)	(1 275)	(1 442)	(1 507)	(2 644)	(2 819)	(2 963)	(3 247)	(2 275)	(2 559)	(2 594)	(2 589)	(2 421)	(1 814)	(1 668)	(1 203)	(1 082)	(982)	(632)	(586)	(632)	(1 078)	(1 186)	(1 557)	(1 462)	(1 092)	(1 258)	(995)	(1 714)	(1 779)	(1 778)	(1 877)	(1 186)	(1 028)	(837)	(649)	(626)	(835)	(893)	(1 081)	(1 192)	(1 080)	(1 147)	(1 053)	(1 171)	(1 326)	(1 177)	(1 179)	(951)	(748)	(722)	(999)	(947)	(937)	(989)	(1 060)	(1 056)	(1 262)	(1 520)	(1 520)	(1 898)	(1 654)	(1 241)	(801)	(435)	(434)	(737)	(1 421)	(2 071)	(2 151)	(1 850)	(1 106)	(448)	(347)	(564)	(725)	(724)	(751)	(627)	(1 751)	(2 029)	(2 023)	(2 496)	(1 351)	(1 120)
Other Items	440	530	320	483	581	579	831	1 122	828	955	828	591	1 211	1 282	1 667	2 052	2 326	2 241	1 746	2 016	1 744	2 007	2 804	2 220	2 031	1 710	976	738	472	666	732	737	976	640	520	822	693	1 510	1 636	1 517	1 538	784	931	925	(193)	406	826	619	1 568	959	360	547	558	787	654	476	6 560	6 559	6 646	6 855	828	710	635	353	563	355	713	679	391	858	753	1 126	1 495	1 403	1 104	1 099	705	780	1 359	1 637	1 646	1 425	1 224	555	695	446	121	314	434	487	446	853	807	803	915	799
Cash from Investing Activities	(6) N/A	9 N/A	(225) N/A	(49) +78%	18 N/A	(55) N/A	201 N/A	334 +66%	(77) N/A	(34) +56%	(332) -891%	(555) -67%	(64) +88%	(161) -150%	160 N/A	(592) N/A	(492) +17%	(722) -47%	(1 501) -108%	(260) +83%	(815) -214%	(587) +28%	216 N/A	(201) N/A	217 N/A	42 -81%	(227) N/A	(344) -52%	(509) -48%	33 N/A	147 +341%	105 -28%	(103) N/A	(545) -431%	(1 037) -90%	(640) +38%	(399) +38%	251 N/A	641 +155%	(197) N/A	(241) -22%	(994) -312%	(946) +5%	(261) +72%	(1 221) -367%	(431) +65%	177 N/A	(7) N/A	733 N/A	66 -91%	(721) N/A	(645) +11%	(522) +19%	(361) +31%	(399) -11%	(696) -74%	5 235 N/A	5 382 +3%	5 467 +2%	5 904 +8%	80 -99%	(13) N/A	(364) -2 767%	(594) -63%	(374) +37%	(634) -69%	(347) +45%	(377) -8%	(871) -131%	(662) +24%	(766) -16%	(772) -1%	(159) +79%	163 N/A	303 +86%	664 +119%	271 -59%	43 -84%	(62) N/A	(435) -596%	(505) -16%	(425) +16%	118 N/A	108 -9%	349 +223%	(118) N/A	(604) -411%	(410) +32%	(317) +23%	(141) +56%	(1 305) -828%	(1 176) +10%	(1 215) -3%	(1 693) -39%	(436) +74%	(321) +26%
Financing Cash Flow
Net Issuance of Common Stock	(109)	84	59	(76)	(83)	(42)	(7)	(162)	(145)	(200)	(218)	46	(30)	(104)	(108)	(208)	(202)	(167)	(271)	(146)	(234)	(891)	(1 275)	(1 361)	(1 234)	(537)	(55)	18	25	21	18	100	191	215	222	403	500	526	523	274	259	221	143	1 322	1 155	1 150	1 218	21	28	31	59	84	90	82	55	48	48	52	50	40	23	22	26	35	34	30	29	35	62	80	95	81	62	45	27	17	29	45	74	90	80	69	42	169	163	161	159	(22)	(86)	(87)	(76)	(34)	26	24	(81)	(273)
Net Issuance of Debt	(13)	(302)	(176)	(156)	(55)	85	7	(250)	(107)	33	173	475	35	153	107	723	615	750	1 442	429	1 016	1 511	1 033	1 298	1 265	431	526	963	217	132	(248)	(1 068)	(679)	(557)	(73)	117	(174)	(498)	(1 513)	(1 376)	(1 385)	(1 202)	(646)	(1 314)	(451)	(749)	(645)	(1 933)	(2 312)	(1 756)	(1 867)	(1 140)	(1 307)	(1 475)	(1 386)	(614)	(3 000)	(3 049)	(3 032)	(2 459)	(143)	(33)	13	(722)	(959)	(881)	(885)	(162)	266	319	162	174	(365)	(739)	(639)	(1 002)	(605)	(183)	(258)	291	117	(290)	(661)	(929)	(861)	(537)	(70)	(87)	(154)	(338)	879	724	629	1 211	61	44
Cash Paid for Dividends	(559)	(560)	(572)	(572)	(574)	(573)	(567)	(572)	(569)	(567)	(567)	(539)	(541)	(539)	(537)	(547)	(547)	(548)	(549)	(553)	(557)	(560)	(559)	(553)	(544)	(535)	(532)	(537)	(538)	(540)	(541)	(503)	(465)	(428)	(392)	(394)	(434)	(438)	(442)	(445)	(481)	(483)	(485)	(487)	(564)	(605)	(645)	(686)	(672)	(708)	(744)	(781)	(728)	(748)	(768)	(788)	(3 729)	(3 712)	(3 695)	(4 774)	(1 836)	(1 837)	(1 837)	(743)	(743)	(757)	(771)	(786)	(799)	(811)	(823)	(834)	(847)	(861)	(874)	(887)	(900)	(901)	(902)	(904)	(906)	(916)	(926)	(934)	(945)	(961)	(976)	(993)	(1 007)	(1 012)	(1 017)	(1 021)	(1 026)	(1 033)	(1 040)	(1 048)
Other	(86)	(94)	(65)	(58)	(64)	(60)	(59)	(75)	(69)	(72)	(88)	(99)	(88)	(89)	(85)	(69)	(61)	(50)	(59)	(54)	(87)	(226)	(189)	(185)	(166)	(20)	(21)	(16)	0	16	16	(2)	3	33	(14)	26	(6)	(46)	13	896	913	906	886	(77)	(88)	(137)	(130)	1 177	1 192	1 221	1 215	1 144	1 144	1 138	1 131	689	548	569	570	139	266	266	262	640	628	626	630	(51)	(28)	(68)	(78)	(106)	(111)	(73)	(63)	(74)	(68)	(64)	(70)	(43)	(54)	(87)	(81)	(91)	(78)	(49)	(27)	(19)	(19)	(14)	(45)	(46)	(47)	(56)	(47)	(52)
Cash from Financing Activities	(766) N/A	(871) -14%	(754) +13%	(861) -14%	(776) +10%	(590) +24%	(626) -6%	(1 059) -69%	(891) +16%	(806) +9%	(700) +13%	(118) +83%	(622) -428%	(579) +7%	(624) -8%	(101) +84%	(195) -93%	(14) +93%	564 N/A	(325) N/A	138 N/A	(166) N/A	(988) -495%	(802) +19%	(679) +15%	(661) +3%	(81) +88%	429 N/A	(296) N/A	(371) -25%	(756) -104%	(1 474) -95%	(950) +36%	(736) +22%	(256) +65%	152 N/A	(113) N/A	(456) -304%	(1 418) -211%	(651) +54%	(693) -6%	(559) +19%	(103) +82%	(556) -443%	52 N/A	(340) N/A	(202) +41%	(1 421) -605%	(1 764) -24%	(1 213) +31%	(1 336) -10%	(693) +48%	(801) -16%	(1 003) -25%	(968) +3%	(666) +31%	(6 134) -821%	(6 140) 0%	(6 107) +1%	(7 054) -16%	(1 691) +76%	(1 583) +6%	(1 537) +3%	(790) +49%	(1 040) -32%	(983) +6%	(998) -2%	(964) +3%	(499) +48%	(479) +4%	(644) -34%	(685) -6%	(1 260) -84%	(1 628) -29%	(1 549) +5%	(1 946) -26%	(1 543) +21%	(1 102) +29%	(1 155) -5%	(565) +51%	(763) -35%	(1 224) -60%	(1 626) -33%	(1 786) -10%	(1 721) +4%	(1 386) +19%	(914) +34%	(1 120) -23%	(1 266) -13%	(1 450) -15%	(259) +82%	(377) -46%	(418) -11%	146 N/A	(1 107) N/A	(1 329) -20%
Change in Cash
Net Change in Cash	145 N/A	62 -57%	(89) N/A	(22) +76%	61 N/A	155 +155%	351 +126%	20 -94%	(239) N/A	(101) +58%	(308) -206%	34 N/A	20 -42%	(41) N/A	242 N/A	5 -98%	(4) N/A	(31) -612%	(231) -654%	172 N/A	85 -50%	(6) N/A	(14) -134%	(209) -1 440%	331 N/A	207 -37%	467 +125%	840 +80%	(74) N/A	394 N/A	108 -73%	(698) N/A	(368) +47%	(620) -68%	(594) +4%	238 N/A	246 +3%	557 +127%	2 -100%	(47) N/A	(86) -82%	(560) -548%	(0) +100%	229 N/A	(163) N/A	108 N/A	927 +758%	(559) N/A	(19) +97%	(77) -303%	(941) -1 130%	(14) +99%	12 N/A	16 +29%	6 -64%	(5) N/A	311 N/A	398 +28%	473 +19%	64 -86%	(295) N/A	(298) -1%	(536) -80%	(118) +78%	(92) +23%	(224) -145%	(5) +98%	16 N/A	(1) N/A	221 N/A	(4) N/A	1 N/A	47 +6 657%	(64) N/A	151 N/A	(17) N/A	(43) -148%	147 N/A	(8) N/A	261 N/A	14 -95%	(274) N/A	(105) +62%	(223) -112%	107 N/A	6 -94%	5 -12%	3 -46%	(23) N/A	14 N/A	(0) N/A	20 N/A	(55) N/A	(6) +88%	73 N/A	(1) N/A
Free Cash Flow
Free Cash Flow	471 N/A	404 -14%	346 -14%	357 +3%	255 -29%	166 -35%	146 -12%	(44) N/A	(176) -299%	(249) -42%	(435) -74%	(439) -1%	(569) -30%	(743) -30%	(801) -8%	(1 946) -143%	(2 136) -10%	(2 258) -6%	(2 540) -12%	(1 520) +40%	(1 797) -18%	(1 846) -3%	(1 830) +1%	(1 627) +11%	(1 022) +37%	(841) +18%	(428) +49%	(327) +24%	(250) +23%	100 N/A	131 +32%	39 -71%	(395) N/A	(524) -33%	(858) -64%	(736) +14%	(334) +55%	(496) -48%	(215) +57%	(913) -324%	(932) -2%	(785) +16%	(829) -6%	(140) +83%	(23) +84%	42 N/A	303 +614%	243 -20%	177 -27%	178 +0%	35 -80%	133 +280%	255 +93%	233 -9%	320 +38%	185 -42%	(116) N/A	(21) +82%	(66) -221%	264 N/A	569 +116%	576 +1%	366 -36%	319 -13%	386 +21%	403 +4%	280 -31%	301 +8%	107 -64%	(158) N/A	(113) +28%	(441) -289%	(188) +57%	161 N/A	596 +271%	830 +39%	795 -4%	469 -41%	(212) N/A	(811) -283%	(869) -7%	(475) +45%	296 N/A	1 007 +240%	1 133 +13%	945 -17%	799 -16%	809 +1%	809 +0%	978 +21%	(187) N/A	(456) -143%	(444) +2%	(955) -115%	265 N/A	529 +99%

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Equity Residential
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Cash Flow Statement

Cash Flow Statement
Equity Residential

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Equity Residential NYSE:EQR

Cash Flow Statement

Cash Flow Statement Equity Residential

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Equity Residential
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Cash Flow Statement
Equity Residential