Q2 25 EPS
$3.44
BEAT +142.25%
Est. $1.42
Q2 25 Revenue
$469.8M
BEAT +0.77%
Est. $466.2M
vs S&P Since Q2 25
-20.7%
TRAILING MARKET
ESS -7.1% vs S&P +13.6%
Market Reaction
Did ESS Beat Earnings? Q2 2025 Results
Essex Property Trust delivered a headline beat in the second quarter of 2025, reporting earnings per share of $3.44 against a consensus estimate of $1.42, a 142.25% positive surprise, while revenue climbed 6.2% year-over-year to $469.83 million, edgi… Read more Essex Property Trust delivered a headline beat in the second quarter of 2025, reporting earnings per share of $3.44 against a consensus estimate of $1.42, a 142.25% positive surprise, while revenue climbed 6.2% year-over-year to $469.83 million, edging past the $466.23 million consensus by 0.77%. The outsized EPS figure was primarily driven by a $126.20 million gain on the sale of the Essex Skyline community in Santa Ana, California, though the underlying operating picture was equally solid, with Core FFO per diluted share growing 2.3% year-over-year to $4.03 and same-property revenue rising 3.2%. San Francisco led regional performance with 6.5% same-property revenue growth, even as Southern California, particularly Los Angeles, faced headwinds from lingering economic softness and prior eviction moratoriums. On the strength of these results, Essex raised its full-year 2025 Core FFO guidance to $15.80 to $16.02 per diluted share and projects a meaningful supply tailwind as West Coast multifamily deliveries are expected to fall from roughly 32,600 units in 2025 to 21,400 in 2026.
Key Takeaways
- • Same-property revenue growth of 3.2% year-over-year driven by higher rental rates
- • Delinquency improvement to 0.5% from 1.0% year-over-year
- • Favorable property taxes in Washington state
- • Gain on sale of real estate of $126.2 million from Essex Skyline disposition
- • Blended lease rate growth of 3.0% (new lease 0.7%, renewal 4.2%)
- • Financial occupancy steady at 96.2%
ESS YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
ESS Revenue by Segment
With YoY comparisons, source: SEC Filings
ESS Revenue by Geography
With YoY comparisons, source: SEC Filings
ESS Earnings Trends
ESS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ESS EPS Trend
Earnings per share: estimate vs actual
ESS Revenue Trend
Quarterly revenue: estimate vs actual
ESS Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | — | — |
| Q4 25 MISS FY | $1.45 | $1.25 | -13.79% | $479.6M | +1.97% |
| FY Full Year | $5.81 | $10.40 | +79.14% | $1.89B | +0.49% |
| Q3 25 BEAT | $1.82 | $2.56 | +40.66% | $473.3M | +0.03% |
| Q2 25 BEAT | $1.42 | $3.44 | +142.25% | $469.8M | +0.77% |
| Q1 25 BEAT | $1.41 | $3.16 | +124.64% | $464.6M | +1.34% |