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Mid-America Apartment Communities Inc (MAA) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

REAL ESTATE · Multi-Family Residential REITs · DATA UPDATED 2026-07-18

Mid-America Apartment Communities Inc (MAA) operates in the Multi-Family Residential REITs industry and is headquartered in Germantown, United States with about 2,507 employees. Its market capitalization is roughly $16 billion. In the fiscal year ended 2025-12-31, MAA reported $2.2B in revenue and $447M in net income.

Mid-America Apartment Communities, Inc. is a self-administered real estate investment trust (REIT) and member of S&P 500. MAA owns or has ownership interest in apartment communities primarily throughout the Southeast, Southwest and Mid-Atlantic regions of the U.S.

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MAA Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$2.2B	$2.2B	$2.2B	$2.1B	$2.0B	$1.8B	$1.7B	$1.6B	$1.6B	$1.5B	$1.1B	$1.0B	$989M	$635M	$497M	$449M	$402M	$379M	$370M	$353M	$326M
Gross Profit	$876M	$703M	$713M	$747M	$688M	$518M	$474M	$476M	$439M	$415M	$345M	$317M	$265M	$172M	$139M	$110M	$100M	$219M	$215M	$120M	$326M
Gross Margin %	39.6%	31.8%	32.6%	34.8%	34.1%	29.1%	28.3%	29.0%	28.0%	27.1%	30.6%	30.4%	26.8%	27.1%	28.0%	24.6%	24.9%	57.8%	58.1%	34.1%	100.0%
Operating Income (EBIT)	$607M	$619M	$657M	$689M	$629M	$465M	$428M	$432M	$401M	$355M	$272M	$291M	$230M	$117M	$124M	$89M	$85M	$93M	$96M	$92M	$87M
Operating Margin %	27.4%	28.0%	30.0%	32.1%	31.1%	26.1%	25.5%	26.4%	25.5%	23.2%	24.2%	27.9%	23.3%	18.5%	24.9%	19.8%	21.2%	24.6%	25.9%	25.9%	26.8%
Net Income	$390M	$447M	$528M	$553M	$637M	$534M	$255M	$354M	$223M	$328M	$212M	$332M	$148M	$115M	$105M	$49M	$30M	$37M	$30M	$40M	$21M
Net Margin %	17.6%	20.2%	24.1%	25.7%	31.6%	30.0%	15.2%	21.6%	14.2%	21.5%	18.9%	31.9%	15.0%	18.2%	21.2%	10.9%	7.4%	9.8%	8.2%	11.3%	6.4%
EBITDA	$1.2B	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B	$945M	$1.0B	$896M	$991M	$679M	$770M	$573M	$307M	$252M	$206M	$191M	$193M	$189M	$180M	$194M
Earnings Per Share (EPS)	$3.33	$3.82	$4.52	$4.74	$5.51	$4.64	$2.22	$2.99	$1.89	$2.89	$2.69	$4.42	$1.97	$2.17	$2.45	$1.25	$0.93	$1.31	$1.12	$1.57	$0.88
Shares Outstanding (M)	116M	117M	117M	117M	116M	115M	114M	118M	118M	114M	79M	75M	75M	53M	43M	39M	32M	28M	27M	25M	24M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MAA Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$554M	$556M	$554M	$550M	$549M	$550M	$551M	$546M
Gross Profit	$348M	$200M	$163M	$164M	$175M	$176M	$176M	$178M
Gross Margin %	62.9%	36.1%	29.5%	29.9%	31.9%	32.1%	31.9%	32.6%
Operating Income (EBIT)	$147M	$158M	$151M	$151M	$159M	$162M	$163M	$166M
Operating Margin %	26.6%	28.4%	27.2%	27.5%	29.0%	29.5%	29.5%	30.3%
Net Income	$124M	$58M	$100M	$108M	$182M	$167M	$115M	$102M
Net Margin %	22.5%	10.4%	18.0%	19.7%	33.1%	30.3%	20.9%	18.7%
EBITDA	$345M	$267M	$307M	$310M	$385M	$368M	$308M	$292M
Earnings Per Share (EPS)	$1.07	$0.49	$0.85	$0.92	$1.55	$1.43	$0.99	$0.87
Shares Outstanding (M)	116M	117M	117M	117M	117M	117M	117M	117M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MAA Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$1.0B	$1.1B	$1.1B	$1.1B	$1.1B	$895M	$824M	$781M	$734M	$661M	$485M	$464M	$385M	$258M	$211M	$172M	$134M	$140M	$140M	$119M	$101M
Capital Expenditures (CapEx)	$421M	$360M	$322M	$341M	$296M	$280M	$427M	$190M	$255M	$344M	$184M	$166M	$90M	$53M	$47M	$47M	$27M	$174M	$217M	$133M	$226M
Free Cash Flow (FCF)	$610M	$718M	$776M	$796M	$762M	$615M	$397M	$591M	$480M	$317M	$301M	$298M	$295M	$205M	$164M	$125M	$107M	($34M)	($77M)	($15M)	($124M)
FCF Margin %	27.6%	32.5%	35.4%	37.0%	37.7%	34.6%	23.7%	36.0%	30.5%	20.7%	26.8%	28.5%	29.8%	32.3%	32.9%	27.9%	26.7%	-9.0%	-20.8%	-4.1%	-38.2%
Dividends Paid	$714M	$713M	$691M	$655M	$543M	$474M	$461M	$441M	$424M	$399M	$249M	$232M	$219M	$141M	$108M	$92M	$85M	$88M	$85M	$81M	$6M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MAA Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$150M	$262M	$266M	$353M	$197M	$239M	$310M	$349M
Capital Expenditures (CapEx)	$134M	$103M	$96M	$89M	$73M	$87M	$94M	$90M
Free Cash Flow (FCF)	$16M	$159M	$171M	$265M	$124M	$153M	$215M	$260M
FCF Margin %	2.9%	28.5%	30.8%	48.1%	22.6%	27.8%	39.1%	47.5%
Dividends Paid	$180M	$178M	$178M	$178M	$178M	$173M	$173M	$173M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MAA Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$12.0B	$12.0B	$11.8B	$11.5B	$11.2B	$11.3B	$11.2B	$11.2B	$11.3B	$11.5B	$11.6B	$6.8B	$6.8B	$6.8B	$2.8B	$2.5B	$2.2B	$2.0B	$1.9B	$1.8B	$1.7B
Cash & Cash Equivalents	$85M	$60M	$43M	$41M	$39M	$54M	$25M	$20M	$34M	$11M	$34M	$38M	$27M	$89M	$9M	$57M	$46M	$14M	$9M	$17M	$6M
Total Liabilities	$6.3B	$6.1B	$5.7B	$5.2B	$5.0B	$5.1B	$5.1B	$4.9B	$4.9B	$4.9B	$5.0B	$3.7B	$3.8B	$3.7B	$1.8B	$1.8B	$1.6B	$1.5B	$1.5B	$1.4B	$1.3B
Total Debt (Short + Long-Term)	$6.7B	$5.4B	$5.0B	$5.0B	$4.4B	$4.6B	$4.7B	$4.5B	$4.6B	$1.4B	$5.0B	$3.5B	$3.1B	$20M	$1.7B	$1.6B	$3.0B	$2.8B	$2.6B	$1.2B	$1.2B
Total Shareholders' Equity	$5.6B	$5.7B	$6.0B	$6.1B	$6.2B	$6.2B	$6.1B	$6.3B	$6.4B	$6.3B	$6.7B	$3.2B	$2.9B	$3.0B	$950M	$722M	$541M	$431M	$417M	$401M	$449M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive MAA viewer.

Other Companies in Multi-Family Residential REITs

AVB · AvalonBay Communities — $27 billion
EQR · Equity Residential — $26 billion
ESS · Essex Property Trust — $20 billion
UDR · UDR, Inc. — $15 billion
CPT · Camden Property Trust — $11 billion

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