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Equity Lifestyle Properties ELS Membership Subscription — Deferred membership upgrade revenue

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Other financials

Income statement

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Revenue$397.8M+5.6%
Operating income$99.4M+18.0%
Net income$99.5M+19.2%
EPS (diluted)$0.50+19.0%

Balance sheet

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Cash & equivalents$35.6M+7.9%
Total debt$24.0M-11.4%
Total equity$1.8B+1.6%
Total assets$5.8B+1.4%

Cash flow

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Operating cash flow$147.9M+12.7%
CapEx$64.2M+7.9%
Free cash flow$83.8M+16.6%

Valuation

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Market cap$12.61B+6.1%
P/E30.4×-0.5×
P/S8.1×+0.3×

Profitability

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Operating margin26.2%+1.4pp
Net margin26.6%+1.3pp
FCF margin22.2%-0.8pp

Returns & leverage

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Return on equity23.8%-0.5pp
Debt / equity0.0×

Where this comes from

Reported directly by Equity Lifestyle Properties in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: Equity Lifestyle Properties’s 10-Q, filed July 28, 2026.

Filed
Jul 28, 2026, 5:24 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001628280-26-050244
(amounts in thousands)As of June 30, 2026As of June 30, 2025
Deferred revenue, beginning$211,171$218,164
Deferred membership upgrade revenue2,0224,246
Revenue recognized from membership upgrades(7,456)(6,572)
Net increase (decrease) in deferred revenue(5,434)(2,326)
Deferred revenue, ending (1)$205,737$215,838
Deferred commission expense, beginning$58,149$56,516
Deferred commission expense2,6083,603
Commission expense recognized(3,383)(2,271)

Item 1. Financial Statements

FAQ

What is Equity Lifestyle Properties's membership subscription — deferred membership upgrade revenue?
Equity Lifestyle Properties (ELS) reported membership subscription — deferred membership upgrade revenue of $1.04M in Q2 2026.
How has Equity Lifestyle Properties's membership subscription — deferred membership upgrade revenue changed year-over-year?
Equity Lifestyle Properties's membership subscription — deferred membership upgrade revenue decreased by 23.8% year-over-year, from $1.36M to $1.04M.
What is the long-term trend for Equity Lifestyle Properties's membership subscription — deferred membership upgrade revenue?
Over 3 years (2021 to 2025), Equity Lifestyle Properties's membership subscription — deferred membership upgrade revenue has grown at a -42.9% compound annual growth rate (CAGR), from $36.27M to $6.74M.
What does membership subscription — deferred membership upgrade revenue mean?
This metric tracks payments received from existing members for premium service tiers, amenity access, or status upgrades that have not yet been recognized as revenue. It captures the value of future service delivery obligations specifically related to upsell activities within the membership segment. Monitoring this helps assess the company's ability to drive incremental revenue from its existing customer base.

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