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Mid-America Apartments, L.P. cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$149M in Q3 2026 · $623M over twelve months

Operating cash flow$257M
Capital spending−$108M
Free cash flow+$149M
Cash / net income3.0×

Analysis

In Q3 2026, Mid-America Apartments, L.P. generated $257M of operating cash flow and spent $108M on capital projects, leaving free cash flow of $149M. That is $22.1M less than in Q3 2025 ($171M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.0B; the largest uses were dividends ($712M), capital spending ($379M), other investing ($287M); besides operations, cash came from net borrowing (+) / repaid (−) ($535M), other financing ($95.2M); the cash balance rose by $39.5M.

Operating cash flow was $257M against net income of $85.8M — 3.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$167M, accrued liabilities +$14.4M, stock-based pay +$3.7M.

Free cash flow

Mid-America Apartments, L.P.: free cash flow by quarterMid-America Apartments, L.P.: free cash flow by quarter$153MQ4 2024$124MQ1 2025$265MQ2 2025$171MQ3 2025$159MQ4 2025$91.3MQ1 2026$224MQ2 2026$149MQ3 2026
Operating cash flow less capital spending.
Mid-America Apartments, L.P.: operating cash flow against capital spendingMid-America Apartments, L.P.: operating cash flow against capital spendingOperating cash flowCapital spending$239M$86.5MQ4 2024$197M$72.6MQ1 2025$353M$88.9MQ2 2025$266M$95.6MQ3 2025$262M$103MQ4 2025$150M$58.4MQ1 2026$333M$109MQ2 2026$257M$108MQ3 2026
Latest (Q3 2026): Operating cash flow $257M, Capital spending $108M.

Capital allocation, year by year

Mid-America Apartments, L.P.: where the cash came from (up) and went (down), by fiscal yearMid-America Apartments, L.P.: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY2022: Operating cash flow $1.1BFY2022: Net borrowing −$106MFY2022: Shares issued $1.1MFY2022: Capital spending −$296MFY2022: Dividends −$540M$1.1BFY2022FY2023: Operating cash flow $1.1BFY2023: Net borrowing $121MFY2023: Shares issued $205MFY2023: Capital spending −$341MFY2023: Dividends −$652M$1.5BFY2023FY2024: Operating cash flow $1.1BFY2024: Net borrowing $447MFY2024: Shares issued $1.2MFY2024: Capital spending −$322MFY2024: Dividends −$687M$1.5BFY2024FY2025: Operating cash flow $1.1BFY2025: Net borrowing $423MFY2025: Shares issued $1.5MFY2025: Capital spending −$360MFY2025: Buybacks −$27.2MFY2025: Dividends −$709M$1.5BFY2025
Over these 4 years operating cash flow totalled $4.4B; the largest uses were dividends ($2.6B) and capital spending ($1.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$25.7M
Debtnone
Net cash$25.7M

Mid-America Apartments, L.P. funds itself: free cash flow was $623M over the last twelve months, with $25.7M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Mid-America Apartments, L.P.: sources (+) and uses (−) of cash, Q3 2026Mid-America Apartments, L.P.: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$336MOperating cash flow$257MOther financing−$189MDividends−$178MCapital spending−$108MOther investing−$84.3MBuybacks−$50.0MShares issued$43.9MCash drawn (+) / kept (−)−$20.4MPartners−$7.9M
Mid-America Apartments, L.P.: sources (+) and uses (−) of cash, TTM to Q3 2026Mid-America Apartments, L.P.: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.0BDividends−$712MNet borrowing (+) / repaid (−)$535MCapital spending−$379MOther investing−$287MBuybacks−$200MOther financing$95.2MPartners−$59.2MShares issued$45.0MCash drawn (+) / kept (−)−$39.5M

From profit to cash

Mid-America Apartments, L.P.: net income to operating cash flow, Q3 2026Mid-America Apartments, L.P.: net income to operating cash flow, Q3 2026Net income$85.8MDepreciation & amortization$167MStock-based pay$3.7MAccrued liabilities$14.4MOperating cash flow$257M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$257M−$108M−$50.0M−$178M$336M$43.9M−$20.4M$149M
Q2 2026$333M−$109M−$50.0M−$178M$100M$357K$19.9M$224M
Q1 2026$150M−$58.4M−$72.8M−$179M$252M$378K−$10.9M$91.3M
Q4 2025$262M−$103M−$27.2M−$177M$210M$363K−$28.0M$159M
Q3 2025$266M−$95.6M—−$177M$148M$360K$22.2M$171M
Q2 2025$353M−$88.9M—−$177M$5.0M$354K$1.3M$265M
Q1 2025$197M−$72.6M—−$177M$60.0M$375K−$12.7M$124M
Q4 2024$239M−$86.5M—−$172M$107M$275K$7.3M$153M

Mid-America Apartments, L.P.: income statement and cash flow

Mid-America Apartments, L.P., Q3 2026: revenue $560M (+1% year over year), operating margin 15.5%. The chart follows the revenue to costs, profit and cash.

Mid-America Apartments, L.P.: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.