Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.60M | $4.15M | $3.57M | $4.96M | $3.82M | $3.08M | $6.33M | $7.72M | $7.08M | $7.04M |
| Revenue growth | — | -25.9% | -13.9% | 38.9% | -23.0% | -19.2% | 105.4% | 21.9% | -8.3% | -0.6% |
| Operating income | $1.31B | $1.40B | $1.49B | $1.55B | $1.47B | $1.46B | $1.70B | $1.79B | $1.91B | $2.02B |
| Operating margin | 23468.2% | 33734.7% | 41577.0% | 31288.1% | 38555.1% | 47239.8% | 26865.9% | 23190.7% | 26974.7% | 28698.5% |
| Net income | $1.03B | $877M | $974M | $786M | $828M | $1.00B | $1.14B | $928M | $1.08B | $1.06B |
| Net margin | 18462.4% | 21139.6% | 27272.5% | 15848.9% | 21673.4% | 32566.7% | 17944.7% | 12023.3% | 15282.8% | 15004.2% |
| EPS (diluted) | $7.52 | $6.35 | $7.05 | $5.63 | $5.89 | $7.19 | $8.12 | $6.56 | $7.60 | $7.40 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.16B | $1.26B | $1.30B | $1.32B | $1.22B | $1.20B | $1.42B | $1.56B | $1.61B | $1.67B |
| Capital expenditures | $5.88M | $8.81M | $3.33M | $5.27M | — | — | — | — | — | — |
| Free cash flow | $1.15B | $1.25B | $1.30B | $1.32B | — | — | — | — | — | — |
| Share buybacks | — | — | — | $0.00 | $184M | $0.00 | $0.00 | $1.91M | $0.00 | $488M |
| Dividends paid | $727M | $773M | $805M | $840M | — | — | — | — | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $215M | $67.1M | $91.7M | $39.7M | $217M | $420M | $613M | $398M | $109M | $187M |
| Total assets | $17.9B | $18.4B | $18.4B | $19.1B | $19.2B | $19.9B | $20.5B | $20.7B | $21.0B | $22.2B |
| Total liabilities | $7.69B | $8.02B | $7.74B | $8.13B | $8.44B | $8.97B | $9.20B | $8.89B | $9.06B | $10.4B |
| Long-term debt | $7.08B | $7.40B | $7.10B | $7.36B | $7.63B | $8.10B | $8.32B | $7.98B | $8.08B | $9.33B |
| Shareholders' equity | $10.2B | $10.4B | $10.6B | $11.0B | $10.8B | $10.9B | $11.3B | $11.8B | $11.9B | $11.6B |
| Retained earnings | $94.9M | $189M | $351M | $283M | $126M | $241M | $485M | $478M | $591M | $371M |
| Shares (wtd avg diluted) | 137M | 138M | 138M | 140M | 140M | 140M | 140M | 142M | 142M | 143M |
Every figure is extracted from AVALONBAY COMMUNITIES INC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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