AvalonBay Communities, Inc.

AVB

Financial Statements

Income Statement (Annual)

Amounts in millions

2024

12/31/2024

Revenue

2,914

Cost of Revenue

1,073

Gross Profit

1,840

Gross Margin

63.2%

Operating Income

916

Operating Margin

31.4%

Net Income

1,082

Net Margin

37.1%

EPS (Basic)

$7.61

EPS (Diluted)

$7.60

EBITDA

2,156

EBITDA Margin

74.0%

2023

12/31/2023

Revenue

2,768

Cost of Revenue

988

Gross Profit

1,780

Gross Margin

64.3%

Operating Income

886

Operating Margin

32.0%

Net Income

929

Net Margin

33.6%

EPS (Basic)

$6.57

EPS (Diluted)

$6.56

EBITDA

1,962

EBITDA Margin

70.9%

2022

12/31/2022

Revenue

2,593

Cost of Revenue

919

Gross Profit

1,674

Gross Margin

64.6%

Operating Income

785

Operating Margin

30.3%

Net Income

1,137

Net Margin

43.8%

EPS (Basic)

$8.13

EPS (Diluted)

$8.11

EBITDA

2,196

EBITDA Margin

84.7%

2021

12/31/2021

Revenue

2,295

Cost of Revenue

854

Gross Profit

1,441

Gross Margin

62.8%

Operating Income

613

Operating Margin

26.7%

Net Income

1,004

Net Margin

43.8%

EPS (Basic)

$7.19

EPS (Diluted)

$7.17

EBITDA

1,989

EBITDA Margin

86.7%

2020

12/31/2020

Revenue

2,301

Cost of Revenue

823

Gross Profit

1,478

Gross Margin

64.2%

Operating Income

710

Operating Margin

30.9%

Net Income

828

Net Margin

36.0%

EPS (Basic)

$5.89

EPS (Diluted)

$5.88

EBITDA

1,746

EBITDA Margin

75.9%

Income Statement (Annual)

Financial performance (amounts in millions)

Item	2024	2023	2022	2021	2020
Revenue	2,914	2,768	2,593	2,295	2,301
Cost of Revenue	1,073	988	919	854	823
Gross Profit	1,840	1,780	1,674	1,441	1,478
Gross Margin	63.2%	64.3%	64.6%	62.8%	64.2%
Operating Income	916	886	785	613	710
Operating Margin	31.4%	32.0%	30.3%	26.7%	30.9%
Net Income	1,082	929	1,137	1,004	828
Net Margin	37.1%	33.6%	43.8%	43.8%	36.0%
EPS (Basic)	$7.61	$6.57	$8.13	$7.19	$5.89
EPS (Diluted)	$7.60	$6.56	$8.11	$7.17	$5.88
EBITDA	2,156	1,962	2,196	1,989	1,746
EBITDA Margin	74.0%	70.9%	84.7%	86.7%	75.9%