Equity Lifestyle Properties (ELS) financial statements
Equity Lifestyle Properties reported revenue of $1.5B in fiscal 2025, up 6.5% a year over 9 years.
Net income was $386M and the operating margin 25.6%, against 36.2% in 2016.
Free cash flow was $334M, and the company returned $388M in dividends.
The diluted share count rose 8% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Equity Lifestyle Properties's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $870M | $14M | $15M | $19M | $22M | $1.3B | $1.4B | $1.5B | $1.5B | $1.5B |
| Selling, general and admin | $42M | $43M | $50M | $51M | $55M | $58M | $65M | $68M | $61M | $54M |
| Operating income | $315M | $337M | $356M | -$783M | -$861M | $272M | $295M | $320M | $381M | $391M |
| Interest expense | $102M | $101M | $105M | $104M | $103M | $109M | $117M | $132M | $138M | $131M |
| Pre-tax income | $185M | $207M | $221M | $287M | $236M | $272M | $295M | — | — | — |
| Income tax | — | — | — | — | — | $0 | $0 | -$10M | -$354,000 | -$3M |
| Net income | $164M | $190M | $213M | $279M | $228M | $262M | $285M | $314M | $367M | $386M |
| EPS (diluted) | $0.96 | $1.08 | $1.19 | $1.54 | $1.25 | $1.43 | $1.53 | $1.69 | $1.96 | $2.01 |
| Diluted shares | 185M | 187M | 190M | 192M | 193M | 193M | 195M | 195M | 197M | 200M |
| Operating margin | 36.2% | 2382.7% | 2340.7% | -4099.7% | -3960.8% | 20.7% | 20.4% | 21.5% | 24.9% | 25.6% |
| Net margin | 18.8% | 1343.8% | 1399.5% | 1460.5% | 1050.0% | 19.9% | 19.7% | 21.1% | 24.0% | 25.2% |
Balance sheet
Fiscal years, from Equity Lifestyle Properties's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $56M | $31M | $69M | $29M | $24M | $123M | $22M | $30M | $25M | $26M |
| Goodwill | $8M | $8M | $8M | $8M | $8M | $17M | $18M | $18M | $18M | $18M |
| Total assets | $3.5B | $3.6B | $3.9B | $4.2B | $4.4B | $5.3B | $5.5B | $5.6B | $5.6B | $5.7B |
| Total liabilities | $2.4B | $2.5B | $2.7B | $2.8B | $3.1B | $3.8B | $4.0B | $4.1B | $3.8B | $3.9B |
| Shareholders' equity | $1.0B | $1.0B | $1.1B | $1.2B | $1.2B | $1.4B | $1.4B | $1.4B | $1.7B | $1.8B |
| Net debt | -$56M | -$31M | -$69M | -$29M | -$24M | -$123M | -$22M | -$30M | -$25M | -$26M |
Cash flow
Fiscal years, from Equity Lifestyle Properties's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $352M | $378M | $414M | $444M | $417M | $509M | $476M | $548M | $597M | $571M |
| Capital spending | $119M | $126M | $182M | $258M | $168M | $204M | $249M | $317M | $241M | $237M |
| Free cash flow | $233M | $252M | $232M | $186M | $249M | $305M | $227M | $231M | $355M | $334M |
| Stock-based compensation | $9M | $9M | $10M | $10M | $12M | $13M | $9M | $18M | $9M | $7M |
| Dividends paid | $140M | $164M | $190M | $216M | $243M | $262M | $296M | $326M | $351M | $388M |
| Share buybacks (net) | -$229,000 | $0 | $0 | — | — | — | — | — | — | — |
| Net borrowing | $88M | $123M | $225M | — | — | — | — | — | — | — |
| Free cash flow margin | 26.8% | 1782.7% | 1530.3% | 970.8% | 1147.5% | 23.2% | 15.7% | 15.5% | 23.3% | 21.8% |
| Dividends per share | $0.76 | $0.88 | $1.00 | $1.13 | $1.26 | $1.36 | $1.52 | $1.67 | $1.78 | $1.94 |
Questions
What was Equity Lifestyle Properties's revenue in 2025?
$1.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Equity Lifestyle Properties generate?
$334M in fiscal 2025 (operating cash flow minus capital spending).
From Equity Lifestyle Properties's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.