financial statements

The full income statement, balance sheet, and cash-flow statement for AvalonBay Communities Inc. (AVB), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	7.04M YoY-0.6%	7.08M YoY-8.3%	7.72M YoY+21.9%	6.33M YoY+105.4%	3.08M YoY-19.2%
Selling, general & administrative	86.7M YoY+11.6%	77.7M YoY+1.5%	76.5M YoY+3.3%	74.1M YoY+6.4%	69.6M YoY+15.4%
General & administrative	86.7M YoY+11.6%	77.7M YoY+1.5%	76.5M YoY+3.3%	74.1M YoY+6.4%	69.6M YoY+15.4%
Provision for credit losses	47.2M YoY+0.4%	47.0M YoY-18.8%	57.9M YoY+17.8%	49.1M YoY-5.6%	52.1M YoY-22.0%
Operating income	2.02B YoY+5.8%	1.91B YoY+6.7%	1.79B YoY+5.3%	1.70B YoY+16.8%	1.46B YoY-1.1%
Interest expense	259M YoY+14.4%	227M YoY+10.0%	206M YoY-10.5%	230M YoY+4.4%	220M YoY+2.9%
Other non-operating income	-10.8M YoY+40.9%	-18.3M YoY+45.2%	-33.5M YoY-102.1%	-16.6M YoY-412.7%	-3.23M YoY+73.9%
Equity-method income	—	50.7M YoY+276.7%	13.5M YoY-74.8%	53.4M YoY+38.4%	38.6M YoY+500.8%
Pre-tax income	1.06B YoY-2.5%	1.08B YoY+15.3%	939M YoY-18.5%	1.15B YoY+14.0%	1.01B YoY+22.5%
Income tax	-1.14M YoY-355.1%	445K YoY-95.6%	10.2M YoY-30.7%	14.6M YoY+155.5%	5.73M YoY+276.6%
	1.06B YoY-2.3%	1.08B YoY+16.5%	929M YoY-18.3%	1.14B YoY+13.2%	1.00B YoY+21.3%
Net income to non-controlling interest	5.30M YoY+2827.1%	181K YoY+146.8%	-387K YoY-14.8%	-337K YoY-691.2%	57.0K YoY-25.0%
Net income to common	1.05B YoY-2.8%	1.08B YoY+16.5%	929M YoY-18.3%	1.14B YoY+13.2%	1.00B YoY+21.3%
	$7.40 YoY-2.6%	$7.60 YoY+15.9%	$6.56 YoY-19.2%	$8.12 YoY+12.9%	$7.19 YoY+22.1%
EPS (basic)	$7.40 YoY-2.8%	$7.61 YoY+16.0%	$6.56 YoY-19.3%	$8.13 YoY+13.1%	$7.19 YoY+22.1%
Weighted-avg shares (basic)	142M YoY-0.2%	142M YoY+0.5%	141M YoY+1.2%	140M YoY+0.2%	139M YoY-0.5%
Weighted-avg shares (diluted)	143M YoY+0.3%	142M YoY+0.6%	142M YoY+1.2%	140M YoY+0.2%	140M YoY-0.5%
Dividends per share	$7.00 YoY+2.9%	$6.80 YoY+3.0%	$6.60 YoY+3.8%	$6.36 YoY+0.0%	$6.36 YoY+0.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	187M YoY+72.4%	109M YoY-72.7%	398M YoY-35.1%	613M YoY+45.9%	420M YoY+93.7%
	22.2B YoY+5.7%	21.0B YoY+1.6%	20.7B YoY+1.1%	20.5B YoY+2.8%	19.9B YoY+3.7%
Operating lease right-of-use	120M YoY-5.3%	127M YoY+19.2%	106M YoY-7.7%	115M YoY-2.9%	118M YoY-11.4%
	10.4B YoY+14.3%	9.06B YoY+1.9%	8.89B YoY-3.3%	9.20B YoY+2.6%	8.97B YoY+6.2%
Long-term debt	9.33B YoY+15.5%	8.08B YoY+1.2%	7.98B YoY-4.0%	8.32B YoY+2.6%	8.10B YoY+6.2%
	11.6B YoY-2.8%	11.9B YoY+1.3%	11.8B YoY+4.7%	11.3B YoY+2.9%	10.9B YoY+1.7%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	1.40M YoY-1.5%	1.42M YoY+0.1%	1.42M YoY+1.4%	1.40M YoY+0.1%	1.40M YoY+0.2%
Additional paid-in capital	11.2B YoY-0.9%	11.3B YoY+0.2%	11.3B YoY+4.9%	10.8B YoY+0.5%	10.7B YoY+0.5%
Retained earnings	371M YoY-37.2%	591M YoY+23.7%	478M YoY-1.5%	485M YoY+101.5%	241M YoY+91.1%
Accumulated other comprehensive income	26.5M YoY-22.8%	34.3M YoY+112.9%	16.1M YoY+1031.7%	1.42M YoY+105.5%	-26.1M YoY+35.1%
Non-controlling interest	223M	0.00 YoY-100.0%	77.0K YoY+0.0%	77.0K YoY-86.4%	566K YoY-4.2%
Total equity incl. non-controlling	11.8B YoY-0.9%	11.9B YoY+1.3%	11.8B YoY+4.7%	11.3B YoY+2.9%	10.9B YoY+1.7%
Total liabilities & equity	22.2B YoY+5.7%	21.0B YoY+1.6%	20.7B YoY+1.1%	20.5B YoY+2.8%	19.9B YoY+3.7%
Common shares issued	140M YoY-1.5%	142M YoY+0.2%	142M YoY+1.5%	140M YoY+0.1%	140M YoY+0.2%
Common shares outstanding	140M YoY-1.5%	142M YoY+0.2%	142M YoY+1.5%	140M YoY+0.1%	140M YoY+0.2%
Shares outstanding (cover)	142M YoY-0.5%	142M YoY+0.2%	142M YoY+1.5%	140M YoY+0.1%	140M YoY+0.1%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.67B YoY+3.9%	1.61B YoY+3.1%	1.56B YoY+9.7%	1.42B YoY+18.2%	1.20B YoY-1.3%
Depreciation & amortization	913M YoY+7.9%	847M YoY+3.7%	817M YoY+0.2%	815M YoY+7.4%	759M YoY+7.2%
Share-based compensation	26.5M YoY+4.3%	25.4M YoY-6.5%	27.1M YoY-19.8%	33.9M YoY+32.8%	25.5M YoY+18.1%
Cash from investing	-1.39B YoY-39.7%	-997M YoY-7.3%	-929M YoY-65.8%	-560M YoY+10.2%	-624M YoY-247.8%
	-193M YoY+78.0%	-875M YoY-4.9%	-834M YoY-24.3%	-671M YoY-92.4%	-349M YoY+59.2%
Common stock issued	86.6M YoY+722.4%	10.5M YoY-97.9%	497M YoY+2381.0%	20.0M YoY-37.2%	31.9M YoY+820.2%
Common stock repurchased	488M	0.00 YoY-100.0%	1.91M	0.00	0.00 YoY-100.0%
Net change in cash	86.0M YoY+132.6%	-264M YoY-29.8%	-203M YoY-206.7%	190M YoY-17.3%	230M YoY+23.8%
Interest paid	237M YoY+10.9%	213M YoY+13.7%	188M YoY-11.6%	212M YoY+4.2%	204M YoY+3.5%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	25.7B YoY-17.9%	31.3B YoY+17.7%	26.6B YoY+17.7%	22.6B YoY-36.0%	35.3B YoY+57.6%
P/E	24.3× YoY-16.0%	28.9× YoY+0.9%	28.7× YoY+56.2%	18.4× YoY-47.8%	35.1× YoY+29.9%
P/S	3645.6× YoY-17.5%	4418.6× YoY+49.4%	2957.5× YoY-50.8%	6008.4× YoY-47.5%	11445.3× YoY+95.2%
P/B	2.2× YoY-15.6%	2.6× YoY+16.1%	2.3× YoY+12.0%	2.0× YoY-37.6%	3.2× YoY+55.0%
P/FCF	15.4× YoY-21.1%	19.5× YoY+13.8%	17.1× YoY+3.8%	16.5× YoY-43.9%	29.3× YoY+59.7%
Earnings yield	4.1% YoY+19.0%	3.5% YoY-0.9%	3.5% YoY-36.0%	5.4% YoY+91.5%	2.8% YoY-23.0%
FCF yield	6.5% YoY+26.7%	5.1% YoY-12.2%	5.8% YoY-3.7%	6.1% YoY+78.2%	3.4% YoY-37.4%
Dividend yield	3.9% YoY+24.9%	3.1% YoY-12.3%	3.5% YoY-10.5%	3.9% YoY+56.4%	2.5% YoY-36.5%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: AVB's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all AVB filings on SEC EDGAR → Not investment advice.

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financial statements