Essex Property Trust, Inc. stock research
FY2026 Q1
Essex Property Trust (ESS) Gross Margin — Quarter Ended Mar 31, 2026
In the current quarter, revenue was unchanged from the prior quarter but lower than the same quarter a year earlier, while gross profit was higher both sequentially and year-over-year, resulting in an improved gross margin. The company's management has stated that cash flows from operations, existing cash, and marketable securities are sufficient to meet anticipated cash needs for the next twelve months, and that capital markets remain available.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
In the current quarter, revenue was unchanged from the prior quarter but lower than the same quarter a year earlier, while gross profit was higher both sequentially and year-over-year, resulting in an improved gross margin. The company's management has stated that cash flows from operations, existing cash, and marketable securities are sufficient to meet anticipated cash needs for the next twelve months, and that capital markets remain available.
- The primary driver of the margin improvement was the increase in gross profit, which rose despite stable revenue compared to the prior quarter, and rose even as revenue declined relative to the year-ago quarter.
- Sequentially, revenue held steady while gross profit increased, leading to an improved gross margin. Year-over-year, revenue was lower but gross profit was higher, resulting in a stronger gross margin.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
14750.8%
Gross profit
$341.2M
Revenue
$2.3M
Cost of revenue
-$338.9M
Quarter-over-quarter change
+168.9 pts
Year-over-year change
+1781.0 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $2.2M | $332.2M | -$330.0M | 14942.9% |
| Sep 30, 2025 | $2.4M | $327.5M | -$325.1M | 13871.5% |
| Dec 31, 2025 | $2.3M | $335.8M | -$333.5M | 14582.0% |
| Mar 31, 2026 | $2.3M | $341.2M | -$338.9M | 14750.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
+168.9 pts
Year-over-year change
Mar 31, 2025
+1781.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The primary driver of the margin improvement was the increase in gross profit, which rose despite stable revenue compared to the prior quarter, and rose even as revenue declined relative to the year-ago quarter.
Sequentially, revenue held steady while gross profit increased, leading to an improved gross margin. Year-over-year, revenue was lower but gross profit was higher, resulting in a stronger gross margin.
Monitor the evolution of cost of revenue, as its magnitude relative to revenue has a significant impact on gross margin.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Essex Property Trust, Inc. (ESS) | 14750.8% |