Analyst Consensus ?
ConsensusHold45 ratings
Bullish1226.7%
Neutral3271.1%
Bearish12.2%
Equity Residential · EQR · FY2026 Q1 · Calendar Q2 2026
EQR Q1 2026: Revenue In Line, EPS Misses as Occupancy and Renewals Stay Strong
Equity Residential delivered Q1 2026 results that met revenue expectations but fell short on EPS, with same-store revenue strength concentrated in San Francisco and New York. The operating picture remains solid: occupancy at 96.3%, record-low turnover, renewal rates above 60%, and concessions down roughly 21% year-over-year. However, an EPS miss of approximately 15% and a slight revenue shortfall versus consensus temper the near-term narrative. Management's confident tone, a $165 million disposition plan, $220 million in quarterly share repurchases, and a favorable supply backdrop with new deliveries down about 35% year-over-year support a constructive medium-term outlook. Key risks include job-market uncertainty, rent-control proposals in Massachusetts and D.C., and slower leasing momentum in Boston, Seattle, and Los Angeles. The bullish score improved from 66 to 78 versus the prior…
Reported After market closeNYSEReal Estate
$25.81B market cap
100quality score
Company context
Snapshot as of publicationEquity Residential is committed to cultivating vibrant living environments where residents can flourish. This S&P 500 firm specializes in the acquisition, development, and ongoing management of rental properties, strategically located within or near thriving metropolitan areas that attract desirable, long-term tenants. The company's substantial portfolio includes ownership or investment in 305 properties, comprising a total of 78,568 apartment units, situated in key markets such as Boston, New York, Washington, D.C., Seattle, San Francisco, Southern California, and Denver.
Earnings scorecard
Reported versus consensus
Reported EPS
$0.24
Consensus $0
EPS surprise
-15.5%
Reported versus consensus
Reported revenue
$779.8M
Consensus $781.8M
Revenue surprise
-0.2%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$67.12Current
$63Low
$76.89Average
$104High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Evercore ISI Group | In Line | In Line | Maintain | Jul 23, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Jul 21, 2026 |
| Barclays | Equal Weight | Overweight | Downgrade | Jul 14, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Jul 9, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jun 16, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jun 10, 2026 |
| RBC Capital | Sector Perform | Outperform | Downgrade | Jun 9, 2026 |
| Stifel | Buy | Buy | Maintain | May 27, 2026 |
| UBS | Buy | Buy | Maintain | May 14, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | May 5, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | May 4, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Apr 23, 2026 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Mar 26, 2026 |
| BMO Capital | Market Perform | Outperform | Downgrade | Jan 9, 2026 |
| B of A Securities | Neutral | Buy | Downgrade | Sep 24, 2024 |
| Deutsche Bank | Buy | Hold | Upgrade | Sep 10, 2024 |
| Wedbush | Neutral | Neutral | Maintain | Aug 5, 2024 |
| Raymond James | Market Perform | Underperform | Upgrade | Mar 18, 2024 |
| Citigroup | Neutral | Neutral | Maintain | Feb 15, 2023 |
| BTIG | Neutral | Buy | Downgrade | Jan 11, 2023 |
| Credit Suisse | Neutral | Outperform | Downgrade | Jan 9, 2023 |
| Argus Research | Buy | Hold | Upgrade | Nov 17, 2022 |
| Jefferies | Hold | Hold | Maintain | Oct 19, 2022 |
| Goldman Sachs | Neutral | Neutral | Maintain | Oct 18, 2022 |
| Wolfe Research | Perform | Peer Perform | Maintain | Jun 15, 2021 |
| CFRA | Hold | Buy | Downgrade | May 6, 2020 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Apr 2, 2020 |
| Baird | Neutral | Underperform | Upgrade | Mar 17, 2020 |
| Zelman | Hold | Sell | Upgrade | Jan 31, 2020 |
| Argus | Buy | Buy | Maintain | Oct 30, 2018 |
| Stifel Nicolaus | Hold | Hold | Maintain | Jul 26, 2018 |
| Bank of America | Buy | Buy | Maintain | Jun 8, 2018 |
| Edward Jones | Buy | Hold | Upgrade | Jan 16, 2018 |
| Janney Montgomery Scott | Neutral | Buy | Downgrade | Jan 10, 2017 |
| Janney Capital | Neutral | Buy | Downgrade | Jan 10, 2017 |
| BTIG Research | Neutral | Neutral | Maintain | Aug 25, 2016 |
| BB&T Capital | Buy | Hold | Upgrade | May 24, 2016 |
| JMP Securities | Market Perform | Market Outperform | Downgrade | Jan 19, 2016 |
| Miller Tabak | Sell | Hold | Downgrade | Nov 9, 2015 |
| Sandler O'Neill | Hold | Hold | Maintain | Oct 27, 2015 |
| Capital One Financial | Equal Weight | Equal Weight | Maintain | Sep 2, 2014 |
| BWS Financial | Buy | Buy | Maintain | Jan 23, 2014 |
| Imperial Capital | In Line | In Line | Maintain | Aug 1, 2013 |
| ISI Group | Buy | Hold | Upgrade | Sep 11, 2012 |
| Compass Point | Neutral | Neutral | Maintain | May 30, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $67.12. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Piper Sandler | Analyst unavailable | $75 | $68.8 | +11.7% | Jul 21, 2026 |
| Deutsche Bank | Peter Abramowitz | $72 | $68.8 | +7.3% | Jul 20, 2026 |
| Scotiabank | Nicholas Yulico | $70 | $68.35 | +4.3% | Jul 9, 2026 |
| Truist Financial | Michael Lewis | $72 | $66.18 | +7.3% | Jun 16, 2026 |
| Mizuho Securities | Analyst unavailable | $70 | $67.86 | +4.3% | Jun 10, 2026 |
| RBC Capital | Analyst unavailable | $70 | $67.34 | +4.3% | Jun 8, 2026 |
| Piper Sandler | Analyst unavailable | $72 | $66.26 | +7.3% | May 29, 2026 |
| Stifel Nicolaus | Simon Yarmak | $79 | $66.13 | +17.7% | May 27, 2026 |
| UBS | Analyst unavailable | $73 | $65.8 | +8.8% | May 14, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $66 | $65.17 | -1.7% | May 4, 2026 |
| Barclays | Analyst unavailable | $76 | $62.26 | +13.2% | Apr 27, 2026 |
| Argus Research | Marie Ferguson | $70 | $60.16 | +4.3% | Mar 12, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $64 | $64.33 | -4.6% | Feb 9, 2026 |
| Stifel Nicolaus | Analyst unavailable | $78.5 | $61.77 | +17.0% | Feb 6, 2026 |
| Piper Sandler | Analyst unavailable | $78 | $62.12 | +16.2% | Jan 27, 2026 |
| Deutsche Bank | Analyst unavailable | $63 | $62.04 | -6.1% | Jan 20, 2026 |
| Barclays | Richard Hightower | $78 | $59.64 | +16.2% | Jan 13, 2026 |
| BMO Capital | Analyst unavailable | $68 | $62.87 | +1.3% | Jan 9, 2026 |
| UBS | Analyst unavailable | $71 | $61.94 | +5.8% | Jan 8, 2026 |
| Barclays | Analyst unavailable | $77 | $60.55 | +14.7% | Nov 25, 2025 |
| Mizuho Securities | Analyst unavailable | $65 | $60.55 | -3.2% | Nov 24, 2025 |
| Evercore ISI | Analyst unavailable | $68 | $59.44 | +1.3% | Nov 3, 2025 |
| Stifel Nicolaus | Analyst unavailable | $79.75 | $61.46 | +18.8% | Oct 29, 2025 |
| Evercore ISI | Steve Sakwa | $71 | $61.65 | +5.8% | Oct 13, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $35 | $64.73 | -47.9% | Oct 1, 2025 |
| Barclays | Analyst unavailable | $80 | $64.12 | +19.2% | Sep 30, 2025 |
| Evercore ISI | Analyst unavailable | $72 | $66.44 | +7.3% | Sep 15, 2025 |
| Truist Financial | Michael Lewis | $75 | $65.18 | +11.7% | Aug 29, 2025 |
| Scotiabank | Nicholas Yulico | $77 | $63.54 | +14.7% | Aug 14, 2025 |
| Morgan Stanley | Adam Kramer | $75 | $62.89 | +11.7% | Aug 13, 2025 |
| Stifel Nicolaus | Simon Yarmak | $80.5 | $63.41 | +19.9% | Aug 5, 2025 |
| Stifel Nicolaus | Simon Yarmak | $82.25 | $70.62 | +22.5% | Feb 4, 2025 |
| Barclays | Richard Hightower | $79 | $68.19 | +17.7% | Jan 24, 2025 |
| Stifel Nicolaus | Simon Yarmak | $81.5 | $71.35 | +21.4% | Nov 13, 2024 |
| CFRA | Kenneth Leon | $81 | $70.37 | +20.7% | Oct 31, 2024 |
| Bank of America Securities | Jeffrey Spector | $82 | $77.44 | +22.2% | Sep 24, 2024 |
| Scotiabank | Nicholas Yulico | $81 | $78.08 | +20.7% | Sep 16, 2024 |
| Deutsche Bank | Omotayo Okusanya | $83 | $75.1 | +23.7% | Sep 10, 2024 |
| CFRA | Kenneth Leon | $85 | $75.48 | +26.6% | Sep 4, 2024 |
| Goldman Sachs | Julien Blouin | $81 | $75.66 | +20.7% | Sep 4, 2024 |
| Evercore ISI | Steve Sakwa | $74 | $73.44 | +10.3% | Aug 28, 2024 |
| Wells Fargo | James Feldman | $77 | $73.63 | +14.7% | Aug 26, 2024 |
| Scotiabank | Nicholas Yulico | $73 | $71.41 | +8.8% | Aug 7, 2024 |
| Piper Sandler | Alexander Goldfarb | $85 | $69.57 | +26.6% | Jul 31, 2024 |
| Piper Sandler | Alexander Goldfarb | $80 | $68.31 | +19.2% | Jun 28, 2024 |
| CFRA | Kenneth Leon | $77 | $65.22 | +14.7% | Jun 6, 2024 |
| Scotiabank | Nicholas Yulico | $72 | $66.95 | +7.3% | May 14, 2024 |
| Piper Sandler | Alexander Goldfarb | $70 | $65.45 | +4.3% | Apr 29, 2024 |
| RBC Capital | Brad Heffern | $69 | $64.61 | +2.8% | Apr 25, 2024 |
| Evercore ISI | Steve Sakwa | $70 | $64.61 | +4.3% | Apr 24, 2024 |
| BMO Capital | John Kim | $70 | $62.54 | +4.3% | Apr 22, 2024 |
| BMO Capital | John Kim | $64 | $63.36 | -4.6% | Jun 5, 2023 |
| BMO Capital | Analyst unavailable | $61 | $62.76 | -9.1% | Dec 16, 2022 |
| Argus Research | Jacob Kilstein | $72 | $61.78 | +7.3% | Nov 17, 2022 |
| Evercore ISI | Steve Sakwa | $94 | $91.35 | +40.0% | Feb 2, 2022 |
| BMO Capital | John Kim | $99 | $87.48 | +47.5% | Feb 1, 2022 |
| BTIG | James Sullivan | $104 | $88.59 | +54.9% | Jan 19, 2022 |
| Barclays | Anthony Powell | $97 | $89.61 | +44.5% | Jan 18, 2022 |
| Scotiabank | Nicholas Yulico | $90 | $86.92 | +34.1% | Dec 16, 2021 |
| Citigroup | Nicholas Joseph | $93 | $86.76 | +38.6% | Dec 13, 2021 |
| Wells Fargo | Tammi Fique | $86 | $84.05 | +28.1% | Nov 22, 2021 |
| Goldman Sachs | Chandni Luthra | $86 | $80.71 | +28.1% | Sep 23, 2021 |
| Piper Sandler | Alexander Goldfarb | $88 | $82.7 | +31.1% | Jul 29, 2021 |
Track every rating change on EQR the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
+0.4%
Event window
SPY move
-0.0%
Same window
Abnormal move
+0.4%
Stock minus SPY
Volume
2.3×
Versus trailing sessions
Subsequent drift
+1.3%
Up to 20 sessions
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Try FN2 freeTranscript intelligence
What changed
Versus the prior quarter, bullish sentiment improved from 66 to 78, reflecting stronger operating metrics and a more favorable supply environment. Occupancy remained above 96% and renewal rates held above 60%. Concession usage fell approximately 21% year-over-year, a notable improvement. The AI-assisted leasing application reached full deployment, six months into rollout, up from the first-generation phase referenced in the prior quarter. Share repurchases accelerated, with $220 million in the quarter bringing the cumulative total to $500 million since August 2025. The capex outlook shifted from stable to increasing, driven by energy-conservation investments and bulk Internet expansion. New apartment deliveries declined roughly 35% year-over-year, reinforcing the supply scarcity narrative. Management tone remained confident and guidance was maintained.
Guidance delta
Management maintained its 2026 guidance stance from the prior quarter, reaffirming the $165 million disposition target and continued share repurchases. The capex outlook shifted from stable to increasing, reflecting planned investments in energy-conservation projects and bulk Internet infrastructure. Guidance sentiment was maintained in both quarters.
Key takeaways
- Same-store revenue met expectations, led by San Francisco and New York performance.
- Occupancy held at 96.3% with a 61% renewal rate and record-low turnover.
- Concession usage declined approximately 21% year-over-year, supporting rent growth despite modest net effective price increases.
- EPS of $0.24 missed the $0.284 consensus by roughly 15.5%; revenue of $779.8 million was essentially in line with the $781.8 million estimate.
- Share repurchases totaled $220 million in the quarter, bringing cumulative buybacks to $500 million since August 2025.
- New apartment deliveries fell approximately 35% year-over-year, creating a favorable supply-demand backdrop.
Management priorities
- Continue disciplined pricing and focus on retention while tightening expense control.
- Execute the $165 million disposition plan and consider additional share buybacks.
- Scale AI-assisted leasing application and aim for 60% portfolio coverage of bulk Internet by year-end.
- Invest in energy-conservation projects to offset utility cost pressure.
- Leverage limited new supply to drive rent growth and boost same-store revenue in 2026-27.
Related earnings events
Real EstateSources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-30T19:31:30.662396+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T19:31:30.659589+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.