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Side-by-side financial comparison of Essex Property Trust (ESS) and Gaming & Leisure Properties, Inc. (GLPI). Click either name above to swap in a different company.
Essex Property Trust is the larger business by last-quarter revenue ($479.6M vs $420.0M, roughly 1.1× Gaming & Leisure Properties, Inc.). Gaming & Leisure Properties, Inc. runs the higher net margin — 57.0% vs 17.9%, a 39.1% gap on every dollar of revenue. On growth, Gaming & Leisure Properties, Inc. posted the faster year-over-year revenue change (6.3% vs 5.5%). Over the past eight quarters, Essex Property Trust's revenue compounded faster (6.0% CAGR vs 5.0%).
Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area.
Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 62 casino properties, all of which are leased to other companies.
ESS vs GLPI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $479.6M | $420.0M |
| Net Profit | $85.7M | $239.4M |
| Gross Margin | 70.0% | — |
| Operating Margin | 31.7% | 79.4% |
| Net Margin | 17.9% | 57.0% |
| Revenue YoY | 5.5% | 6.3% |
| Net Profit YoY | -71.6% | 40.5% |
| EPS (diluted) | $1.24 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $420.0M | ||
| Q4 25 | $479.6M | $407.0M | ||
| Q3 25 | $473.3M | $397.6M | ||
| Q2 25 | $469.8M | $394.9M | ||
| Q1 25 | $464.6M | $395.2M | ||
| Q4 24 | $454.5M | $389.6M | ||
| Q3 24 | $450.7M | $385.3M | ||
| Q2 24 | $442.4M | $380.6M |
| Q1 26 | — | $239.4M | ||
| Q4 25 | $85.7M | $275.4M | ||
| Q3 25 | $172.7M | $241.2M | ||
| Q2 25 | $231.5M | $151.4M | ||
| Q1 25 | $212.8M | $165.2M | ||
| Q4 24 | $301.7M | $223.6M | ||
| Q3 24 | $125.5M | $184.7M | ||
| Q2 24 | $99.0M | $208.3M |
| Q1 26 | — | — | ||
| Q4 25 | 70.0% | — | ||
| Q3 25 | 69.2% | — | ||
| Q2 25 | 70.7% | — | ||
| Q1 25 | 69.6% | — | ||
| Q4 24 | 70.0% | — | ||
| Q3 24 | 69.5% | — | ||
| Q2 24 | 70.8% | — |
| Q1 26 | — | 79.4% | ||
| Q4 25 | 31.7% | 89.3% | ||
| Q3 25 | 44.5% | 84.8% | ||
| Q2 25 | 59.5% | 61.3% | ||
| Q1 25 | 55.3% | 65.5% | ||
| Q4 24 | 67.0% | 79.1% | ||
| Q3 24 | 28.6% | 70.4% | ||
| Q2 24 | 31.1% | 77.1% |
| Q1 26 | — | 57.0% | ||
| Q4 25 | 17.9% | 67.6% | ||
| Q3 25 | 36.5% | 60.7% | ||
| Q2 25 | 49.3% | 38.4% | ||
| Q1 25 | 45.8% | 41.8% | ||
| Q4 24 | 66.4% | 57.4% | ||
| Q3 24 | 27.8% | 47.9% | ||
| Q2 24 | 22.4% | 54.7% |
| Q1 26 | — | — | ||
| Q4 25 | $1.24 | $0.96 | ||
| Q3 25 | $2.56 | $0.85 | ||
| Q2 25 | $3.44 | $0.54 | ||
| Q1 25 | $3.16 | $0.60 | ||
| Q4 24 | $4.00 | $0.79 | ||
| Q3 24 | $1.84 | $0.67 | ||
| Q2 24 | $1.45 | $0.77 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $76.2M | $274.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $5.5B | $5.0B |
| Total Assets | $13.2B | $13.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $274.5M | ||
| Q4 25 | $76.2M | — | ||
| Q3 25 | $66.0M | — | ||
| Q2 25 | $58.7M | — | ||
| Q1 25 | $98.7M | — | ||
| Q4 24 | $66.8M | $560.8M | ||
| Q3 24 | $71.3M | $560.8M | ||
| Q2 24 | $55.2M | $560.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $7.2B | ||
| Q3 25 | $6.4B | $7.2B | ||
| Q2 25 | $6.4B | $6.9B | ||
| Q1 25 | $6.8B | $6.9B | ||
| Q4 24 | — | $7.7B | ||
| Q3 24 | $6.4B | $7.4B | ||
| Q2 24 | $6.2B | $6.6B |
| Q1 26 | — | $5.0B | ||
| Q4 25 | $5.5B | $4.6B | ||
| Q3 25 | $5.6B | $4.6B | ||
| Q2 25 | $5.6B | $4.6B | ||
| Q1 25 | $5.6B | $4.2B | ||
| Q4 24 | $5.5B | $4.3B | ||
| Q3 24 | $5.4B | $4.3B | ||
| Q2 24 | $5.5B | $4.1B |
| Q1 26 | — | $13.8B | ||
| Q4 25 | $13.2B | $12.9B | ||
| Q3 25 | $13.2B | $12.8B | ||
| Q2 25 | $13.2B | $12.5B | ||
| Q1 25 | $13.2B | $12.1B | ||
| Q4 24 | $12.9B | $13.1B | ||
| Q3 24 | $12.6B | $12.7B | ||
| Q2 24 | $12.5B | $11.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.56× | ||
| Q3 25 | 1.15× | 1.57× | ||
| Q2 25 | 1.14× | 1.51× | ||
| Q1 25 | 1.22× | 1.63× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | 1.18× | 1.74× | ||
| Q2 24 | 1.13× | 1.60× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.1B | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 12.53× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $342.6M | $240.3M | ||
| Q2 25 | $216.1M | $293.4M | ||
| Q1 25 | $281.5M | $252.5M | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $316.2M | $270.4M | ||
| Q2 24 | $218.9M | $252.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $183.0M | ||
| Q2 25 | — | $272.3M | ||
| Q1 25 | — | $239.6M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $261.5M | ||
| Q2 24 | — | $245.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 46.0% | ||
| Q2 25 | — | 69.0% | ||
| Q1 25 | — | 60.6% | ||
| Q4 24 | — | 275.3% | ||
| Q3 24 | — | 67.9% | ||
| Q2 24 | — | 64.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 14.4% | ||
| Q2 25 | — | 5.3% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 12.53× | 4.10× | ||
| Q3 25 | 1.98× | 1.00× | ||
| Q2 25 | 0.93× | 1.94× | ||
| Q1 25 | 1.32× | 1.53× | ||
| Q4 24 | 3.54× | 4.80× | ||
| Q3 24 | 2.52× | 1.46× | ||
| Q2 24 | 2.21× | 1.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
