The financials
Essex Property Trust by the numbers
Essex Property Trust (ESS) reported revenue of $485M in Q1 2026 (quarter ended March 31, 2026), up 4.3% from the same quarter a year earlier. That came with a gross margin of 70% and net income of $112M (23% of revenue). For the full year FY2025, revenue was $1.89B (+6.4% year on year) and net income $703M. Its largest segment in 2024-Q3 was Southern California at $189M, 43% of the disclosed total, just ahead of Northern California at 40%.
| Income statement | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Revenue | $485M | $465M | +4.3% |
| Gross profit | $341M | $323M | +5.5% |
| Operating income | $155M | $257M | −40% |
| Net income | $112M | $213M | −47% |
| Diluted EPS | $1.65 | $3.16 | −48% |
| Operating | Revenue | Share |
|---|---|---|
| Southern California | $189M | 43% |
| Northern California | $172M | 40% |
| Seattle Metro | $75M | 17% |
Business Segments
Revenue split by operating segment, from SEC XBRL filings.
Latest period: Q3 2024Total $435.7M (+0.62%)
Southern California grew +9.8% year on yearSeattle Metro +5.6% year on year
Segment Latestquarter on quarteryear on year
- Southern California$189.0M$189.0MQoQ +1.3%year on year +9.8%+1.3%+9.8%
- Northern California$172.2M$172.2MQoQ -0.26%year on year +6.2%-0.26%+6.2%
- Seattle Metro$74.6M$74.6MQoQ +1.1%year on year +5.6%+1.1%+5.6%