Mid-America Apartment Communities (MAA) financial statements
Mid-America Apartment Communities reported revenue of $2.2B in fiscal 2025, up 18.0% a year over 9 years.
Net income was $447M.
Free cash flow was $718M, and the company returned $709M in dividends and $27M in net buybacks.
The diluted share count rose 173% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Mid-America Apartment Communities's 10-K filings with the SEC.
| Fiscal year | 2012 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $497M | $1.5B | $1.6B | $1.6B | $1.7B | $1.8B | $2.0B | $2.1B | $2.2B | $2.2B |
| Selling, general and admin | $14M | $40M | $39M | $44M | $47M | $53M | $59M | $59M | $57M | $55M |
| Operating income | $130M | — | — | — | — | — | — | — | — | — |
| Interest expense | $59M | $155M | $174M | $180M | $168M | $157M | $155M | $149M | $169M | $185M |
| Pre-tax income | $68M | $342M | $232M | $369M | $266M | $563M | $647M | $571M | $545M | $459M |
| Income tax | — | $3M | $3M | $4M | $3M | $14M | -$6M | $5M | $5M | $5M |
| Net income | $105M | $328M | $223M | $354M | $255M | $534M | $637M | $553M | $528M | $447M |
| EPS (diluted) | $2.56 | $2.86 | $1.93 | $3.07 | $2.19 | $4.61 | $5.48 | $4.71 | $4.49 | $3.78 |
| Diluted shares | 43M | 114M | 114M | 114M | 114M | 115M | 116M | 117M | 117M | 117M |
| Operating margin | 26.2% | — | — | — | — | — | — | — | — | — |
| Net margin | 21.2% | 21.5% | 14.2% | 21.6% | 15.2% | 30.0% | 31.6% | 25.7% | 24.1% | 20.2% |
Balance sheet
Fiscal years, from Mid-America Apartment Communities's 10-K filings with the SEC.
| Fiscal year | 2012 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $9M | $11M | $34M | $20M | $25M | $54M | $39M | $41M | $43M | $60M |
| Goodwill | $4M | — | — | — | — | — | — | — | — | — |
| Total assets | $2.8B | — | $11.3B | $11.2B | $11.2B | $11.3B | $11.2B | $11.5B | $11.8B | $12.0B |
| Total liabilities | $1.8B | — | $4.9B | $4.9B | $5.1B | $5.1B | $5.0B | $5.2B | $5.7B | $6.1B |
| Shareholders' equity | $914M | $6.6B | $6.1B | $6.1B | $5.9B | $6.0B | $6.0B | $6.1B | $5.9B | $5.7B |
| Net debt | -$9M | -$11M | -$34M | -$20M | -$25M | -$54M | -$39M | -$41M | -$43M | -$60M |
Cash flow
Fiscal years, from Mid-America Apartment Communities's 10-K filings with the SEC.
| Fiscal year | 2012 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $211M | $661M | $734M | $781M | $824M | $895M | $1.1B | $1.1B | $1.1B | $1.1B |
| Capital spending | $47M | $344M | $255M | $190M | $226M | $280M | $296M | $341M | $322M | $360M |
| Free cash flow | $164M | $317M | $480M | $591M | $598M | $615M | $762M | $796M | $776M | $718M |
| Stock-based compensation | $2M | $11M | $12M | $14M | $14M | $17M | $19M | $16M | $16M | $17M |
| Dividends paid | $108M | $395M | $420M | $438M | $457M | $470M | $540M | $652M | $687M | $709M |
| Share buybacks (net) | -$2M | — | — | — | — | — | — | $0 | $0 | -$27M |
| Net borrowing | — | — | — | $70M | $102M | -$172M | $20M | $475M | -$245M | $426M |
| Free cash flow margin | 32.9% | 20.7% | 30.5% | 36.0% | 35.7% | 34.6% | 37.7% | 37.0% | 35.4% | 32.5% |
| Dividends per share | $2.51 | $3.48 | $3.69 | $3.84 | $3.99 | $4.09 | $4.67 | $5.59 | $5.88 | $6.05 |
Questions
What was Mid-America Apartment Communities's revenue in 2025?
$2.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Mid-America Apartment Communities generate?
$718M in fiscal 2025 (operating cash flow minus capital spending).
From Mid-America Apartment Communities's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.