Apartment Investment and Management (AIV) financial statements
Apartment Investment and Management reported revenue of $138M in fiscal 2025, down 19.7% a year over 9 years.
Net income was $554M.
Free cash flow was -$92M, and the company returned $416M in dividends and $256,000 in net buybacks.
The diluted share count fell 10% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Apartment Investment and Management's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $996M | $1.0B | $132M | $144M | $151M | $170M | $190M | $120M | $138M | $138M |
| Selling, general and admin | $47M | $44M | $6M | $7M | $10M | $33M | $40M | $33M | $33M | $34M |
| Operating income | $247M | $194M | — | $15M | -$14M | -$16M | $119M | $113M | $118M | — |
| Interest expense | $196M | $195M | $20M | $19M | $28M | $53M | $74M | $27M | $59M | $59M |
| Pre-tax income | $464M | $316M | $4M | -$3M | -$16M | -$19M | $109M | -$194M | -$135M | -$16M |
| Income tax | -$19M | -$31M | $261,000 | -$3M | -$10M | -$14M | $17M | -$13M | -$11M | -$58M |
| Net income | $430M | $316M | $666M | $474M | -$5M | -$6M | $76M | -$166M | -$102M | $554M |
| EPS (diluted) | $2.67 | $2.02 | $0.02 | $0.00 | -$0.03 | -$0.04 | $3.87 | -$1.16 | -$0.75 | $3.87 |
| Diluted shares | 156M | 152M | 149M | 149M | 149M | 149M | 141M | 144M | 138M | 141M |
| Operating margin | 24.8% | 19.3% | — | 10.5% | -9.5% | -9.2% | 62.3% | 94.5% | 85.5% | — |
| Net margin | 43.2% | 31.4% | 504.1% | 329.9% | -3.3% | -3.5% | 39.8% | -138.6% | -74.4% | 400.0% |
Balance sheet
Fiscal years, from Apartment Investment and Management's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $61M | $77M | $37M | $5M | $290M | $233M | $206M | $123M | $141M | $395M |
| Goodwill | $38M | $38M | $38M | $38M | — | — | — | — | — | — |
| Total assets | $6.2B | $6.1B | $6.2B | $1.3B | $1.8B | $2.4B | $2.2B | $2.1B | $2.0B | $1.7B |
| Total liabilities | $4.2B | $4.3B | $4.3B | $742M | $1.3B | $1.8B | $1.4B | $1.5B | $1.6B | $1.1B |
| Shareholders' equity | $1.8B | $1.7B | $1.7B | $513M | $500M | $501M | $548M | $350M | $123M | $362M |
| Net debt | -$61M | -$77M | -$37M | -$5M | -$290M | -$233M | -$206M | -$123M | -$141M | -$395M |
Cash flow
Fiscal years, from Apartment Investment and Management's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $377M | $392M | $53M | $58M | $48M | $13M | $204M | $50M | $47M | $8M |
| Capital spending | $347M | $358M | $38M | $39M | $24M | $178M | $238M | $272M | $160M | $100M |
| Free cash flow | $30M | $34M | $16M | $19M | $24M | -$165M | -$33M | -$222M | -$113M | -$92M |
| Stock-based compensation | $8M | $8M | $9M | $8M | $1M | $5M | $7M | $9M | $6M | $6M |
| Dividends paid | $206M | $225M | $238M | $241M | — | — | $3M | — | — | $416M |
| Share buybacks (net) | $0 | $0 | -$374M | -$21M | — | — | -$23M | -$47M | -$39M | -$256,000 |
| Free cash flow margin | 3.0% | 3.4% | 11.8% | 12.9% | 15.8% | -97.3% | -17.5% | -185.1% | -82.1% | -66.1% |
| Dividends per share | $1.32 | $1.48 | $1.60 | $1.62 | — | — | $0.02 | — | — | $2.95 |
Questions
What was Apartment Investment and Management's revenue in 2025?
$138M in fiscal 2025, from its 10-K filing.
How much free cash flow does Apartment Investment and Management generate?
-$92M in fiscal 2025 (operating cash flow minus capital spending).
From Apartment Investment and Management's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.