For the twelve months ended Mar 31, 2026, Mid-America Apartment Communities Inc. reported $2.21B of revenue and $389.60M of net income.
MAA revenue was $553.73M in fiscal Q1 2026 (ended Mar 31, 2026), up 0.8% from a year earlier and down 0.3% from the prior quarter. For the full fiscal 2025 it was $2.21B, up 0.8% from fiscal 2024. Compound annual growth was +5.7% over 5 years. It rose in each of the last 8 fiscal years. Fiscal 2025 is the highest of the 14 fiscal years on file.
MAA net income was $124.36M in fiscal Q1 2026 (ended Mar 31, 2026), down 31.5% from a year earlier and up 116.0% from the prior quarter. For the full fiscal 2025 it was $446.91M, down 15.3% from fiscal 2024. Compound annual growth was +11.9% over 5 years. It rose in 3 of the last 8 fiscal years.
MAA diluted EPS was $1.06 in fiscal Q1 2026 (ended Mar 31, 2026), down 31.2% from a year earlier and up 120.8% from the prior quarter. For the full fiscal 2025 it was $3.78, down 15.8% from fiscal 2024. Compound annual growth was +11.5% over 5 years.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2012 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.21B | $2.19B | $2.15B | $2.02B | $1.78B | $1.68B | $1.64B | $1.57B | $1.53B | $497.17M |
| Selling, general and admin | $54.81M | $56.52M | $58.58M | $58.83M | $52.88M | $46.86M | $43.84M | $38.85M | $40.19M | $13.76M |
| Operating income | - | - | - | - | - | - | - | - | - | $130.28M |
| Interest expense | $185.26M | $168.54M | $149.23M | $154.75M | $156.88M | $167.56M | $179.85M | $173.59M | $154.75M | $58.75M |
| Pre-tax income | $459.09M | $544.87M | $570.85M | $646.99M | $563.13M | $265.84M | $368.66M | $231.80M | $341.79M | $67.79M |
| Income tax | $4.59M | $5.24M | $4.74M | -$6.21M | $13.64M | $3.33M | $3.70M | $2.61M | $2.62M | - |
| Net income | $446.91M | $527.54M | $552.81M | $637.44M | $533.79M | $254.96M | $353.81M | $222.90M | $328.38M | $105.22M |
| EPS, basic | $3.79 | $4.49 | $4.71 | $5.49 | $4.62 | $2.20 | $3.07 | $1.93 | $2.86 | $2.56 |
| EPS, diluted | $3.78 | $4.49 | $4.71 | $5.48 | $4.61 | $2.19 | $3.07 | $1.93 | $2.86 | $2.56 |
| Diluted shares | 117.1M | 116.8M | 116.6M | 115.6M | 115.0M | 114.5M | 114.1M | 113.8M | 113.7M | 42.9M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2012 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $60.26M | $56.76M | $41.31M | $61.07M | $130.60M | $35.62M | $70.54M | $51.67M | $88.87M | $9.07M |
| Goodwill | - | - | - | - | - | - | - | - | - | $4.11M |
| Total assets | $11.98B | $11.81B | $11.48B | $11.24B | $11.29B | $11.19B | $11.23B | $11.32B | - | $2.75B |
| Total debt | $5.41B | $4.98B | $4.54B | $4.41B | $4.52B | $4.56B | $4.45B | $4.53B | $4.50B | $1.67B |
| Total liabilities | $6.14B | $5.66B | $5.19B | $5.03B | $5.10B | $5.09B | $4.93B | $4.94B | - | $1.80B |
| Shareholders' equity | $5.66B | $5.94B | $6.28B | $6.19B | $6.15B | $6.09B | $6.29B | $6.37B | $6.57B | $914.05M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2012 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.08B | $1.10B | $1.14B | $1.06B | $894.97M | $823.95M | $781.42M | $734.29M | $660.80M | $210.97M |
| Investing cash flow | -$690.22M | -$825.50M | -$775.26M | -$405.24M | -$253.59M | -$484.73M | -$238.27M | -$366.35M | -$294.21M | -$329.22M |
| Financing cash flow | -$370.74M | -$271.12M | -$367.90M | -$722.77M | -$546.40M | -$374.14M | -$524.28M | -$405.14M | -$399.52M | $70.01M |
| Dividends paid | $709.02M | $686.90M | $651.72M | $539.61M | $470.40M | $457.36M | $437.74M | $419.85M | $395.29M | $107.75M |
| Share repurchases | $27.23M | $0 | $0 | - | - | - | - | - | - | $1.99M |
| Stock-based compensation | $16.84M | $15.79M | $15.70M | $18.80M | $16.66M | $14.33M | $13.65M | $12.44M | $10.57M | $2.23M |
| Depreciation and amortization | $622.97M | $586.40M | $565.86M | $544.00M | $534.41M | $511.68M | $497.79M | $491.00M | $494.54M | $132.19M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2012 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 0.8% | 2.0% | 6.4% | 13.6% | 6.0% | 2.3% | 4.4% | 2.8% | - | 15.4% |
| Net income growth, YoY | -15.3% | -4.6% | -13.3% | 19.4% | 109.4% | -27.9% | 58.7% | -32.1% | - | 115.5% |
| EPS growth, YoY | -15.8% | -4.7% | -14.1% | 18.9% | 110.5% | -28.7% | 59.1% | -32.5% | - | 95.4% |
| Operating margin | - | - | - | - | - | - | - | - | - | 26.2% |
| Net margin | 20.2% | 24.1% | 25.7% | 31.6% | 30.0% | 15.2% | 21.6% | 14.2% | 21.5% | 21.2% |
| Return on equity | 7.9% | 8.9% | 8.8% | 10.3% | 8.7% | 4.2% | 5.6% | 3.5% | 5.0% | 11.5% |
| Return on assets | 3.7% | 4.5% | 4.8% | 5.7% | 4.7% | 2.3% | 3.2% | 2.0% | - | 3.8% |
| Debt to equity | 0.95 | 0.84 | 0.72 | 0.71 | 0.73 | 0.75 | 0.71 | 0.71 | 0.68 | 1.83 |
| Line item | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $553.73M | $555.56M | $554.37M | $549.90M | $549.29M | $549.83M | $551.13M | $546.43M | $543.62M | $542.25M | $542.04M | $535.15M |
| Selling, general and admin | $16.72M | $13.85M | $12.53M | $12.81M | $15.62M | $14.07M | $12.73M | $12.67M | $17.05M | $15.25M | $13.52M | $13.88M |
| Interest expense | $51.41M | $48.71M | $46.28M | $45.11M | $45.16M | $44.19M | $42.73M | $41.27M | $40.36M | $38.58M | $36.65M | $36.72M |
| Pre-tax income | $131.87M | $57.74M | $103.42M | $110.94M | $186.98M | $172.28M | $118.45M | $105.21M | $148.92M | $165.50M | $113.08M | $152.14M |
| Income tax | $5.52M | $1.19M | $1.77M | $600.0K | $1.04M | $1.75M | $670.0K | $1.02M | $1.79M | $1.15M | -$209.0K | $2.86M |
| Net income | $124.36M | $57.57M | $99.54M | $108.13M | $181.67M | $166.65M | $115.19M | $101.95M | $143.75M | $160.48M | $110.73M | $145.69M |
| EPS, basic | $1.06 | $0.48 | $0.84 | $0.92 | $1.55 | $1.43 | $0.98 | $0.86 | $1.22 | $1.37 | $0.94 | $1.24 |
| EPS, diluted | $1.06 | $0.48 | $0.84 | $0.92 | $1.54 | $1.43 | $0.98 | $0.86 | $1.22 | $1.37 | $0.94 | $1.24 |
| Diluted shares | 116.7M | - | 117.2M | 117.2M | 117.1M | - | 116.8M | 116.8M | 116.8M | - | 116.7M | 116.7M |
| Line item | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $71.53M | $60.26M | $32.25M | $54.48M | $55.78M | $56.76M | $50.23M | $62.83M | $54.60M | $41.31M | $161.90M | $150.16M |
| Total assets | $11.99B | $11.98B | $11.93B | $11.84B | $11.81B | $11.81B | $11.76B | $11.56B | $11.47B | $11.48B | $11.38B | $11.39B |
| Total debt | $5.66B | $5.41B | $5.20B | $5.05B | $5.04B | $4.98B | $4.88B | $4.70B | $4.62B | $4.54B | $4.39B | $4.40B |
| Total liabilities | $6.29B | $6.14B | $5.91B | $5.75B | $5.65B | $5.66B | $5.60B | $5.36B | $5.19B | $5.19B | $5.06B | $5.02B |
| Shareholders' equity | $5.54B | $5.66B | $5.82B | $5.89B | $5.95B | $5.94B | $5.95B | $6.00B | $6.07B | $6.28B | $6.12B | $6.16B |
| Line item | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $149.64M | $261.67M | $266.44M | $353.45M | $196.62M | $239.13M | $309.54M | $349.37M | $200.26M | $264.93M | $318.17M | $335.77M |
| Investing cash flow | -$122.56M | -$197.53M | -$254.37M | -$176.92M | -$61.41M | -$173.91M | -$321.76M | -$236.82M | -$93.01M | -$346.72M | -$135.72M | -$154.44M |
| Financing cash flow | -$16.20M | -$36.10M | -$34.25M | -$177.87M | -$122.52M | -$72.52M | -$217.0K | -$104.13M | -$94.26M | -$38.46M | -$170.84M | -$173.63M |
| Dividends paid | $178.85M | $177.38M | $177.36M | $177.18M | $177.11M | $171.81M | $171.78M | $171.73M | $171.57M | $163.36M | $163.35M | $163.32M |
| Share repurchases | $72.78M | - | - | - | $0 | - | - | - | - | - | - | - |
| Stock-based compensation | $5.82M | $4.70M | $3.42M | $3.47M | $5.26M | $3.39M | $3.12M | $3.40M | $5.87M | $3.40M | $3.54M | $3.17M |
| Depreciation and amortization | $162.04M | $159.94M | $156.65M | $153.52M | $152.52M | $151.06M | $146.72M | $145.02M | $143.26M | $141.06M | $146.70M | $138.97M |
| Line item | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 0.8% | 1.0% | 0.6% | 0.6% | 1.0% | 1.4% | 1.7% | 2.1% | 2.8% | 2.7% | 4.1% | 8.1% |
| Net income growth, YoY | -31.5% | -65.5% | -13.6% | 6.1% | 26.4% | 3.8% | 4.0% | -30.0% | 5.8% | -17.1% | -9.5% | -30.9% |
| EPS growth, YoY | -31.2% | -66.4% | -14.3% | 7.0% | 26.2% | 4.4% | 4.3% | -30.6% | 5.2% | -17.5% | -10.5% | -31.9% |
| Net margin | 22.5% | 10.4% | 18.0% | 19.7% | 33.1% | 30.3% | 20.9% | 18.7% | 26.4% | 29.6% | 20.4% | 27.2% |
| Debt to equity | 1.02 | 0.95 | 0.89 | 0.86 | 0.85 | 0.84 | 0.82 | 0.78 | 0.76 | 0.72 | 0.72 | 0.71 |
Source: XBRL data Mid-America Apartment Communities Inc. files with the SEC, latest filing dated Apr 30, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| MAA | $2.21B | +0.8% | $389.60M | 17.6% | $13.85B |
| WELL | $13.79B | +39.2% | $1.67B | 12.1% | $181.46B |
| PLD | $8.95B | +6.7% | $3.71B | 41.5% | $124.09B |
| EQIX | $10.06B | +11.1% | $1.65B | 16.4% | $104.38B |
| AMT | $11.01B | +5.3% | $3.31B | 30.1% | $87.65B |
| SPG | $7.15B | +16.2% | $4.51B | 63.0% | $75.39B |
| DLR | $6.34B | +12.6% | $1.38B | 21.7% | $68.13B |
| PSA | $5.03B | +5.2% | $1.90B | 37.8% | $63.18B |
| O | $6.21B | +10.8% | $1.36B | 21.8% | $56.58B |