Avalonbay Communities earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Jul 30, 2026
Q2 2026 Revenue up 2% year over year to $778M · 20¢ of every $1 of revenue kept as net profit · operating margin 68.0%
Avalonbay Communities made $778M in Q2 2026 (+2% Y/Y). Operating margin 68.0%, net earnings $156M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Jul 30, 2026.
Revenue$778M
Year over year+2%
Operating margin68.0%
Net earnings$156M
Operating cash flow$364M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $777.8M in Q2 2026, up 2% year over year and up 1% from the previous quarter.
Operating profit was $529.2M, a 68.0% margin (up 1.5 points year over year). Of the extra revenue versus Q2 2025, 134% reached operating profit, above the 67% margin then. Total costs fell 2% while revenue rose 2%. The fastest-growing cost line was General & admin (+18%). Net earnings were $155.7M, down 42% year over year. The effective tax rate was 0.0%.
Operating cash flow was $364.1M (down 4% year over year), 232% of net earnings. Non-cash charges added back $233.0M of depreciation and $8.0M of share-based compensation. Working capital and other items used $33.8M. Capital expenditures of $314.1M left free cash flow of $50.1M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Jul 30, 2026
$778M
+2%
68.0%
$156M
$364M
Q1 2026
10-Q
May 7, 2026
$770M
+3%
67.2%
$326M
$419M
Q4 2025
10-K
Feb 27, 2026
$768M
+4%
66.3%
$165M
$400M
Q3 2025
10-Q
Nov 6, 2025
$767M
+4%
65.7%
$381M
$477M
Q2 2025
10-Q
Aug 7, 2025
$760M
+5%
66.5%
$269M
$378M
Q1 2025
10-Q
May 8, 2025
$746M
+5%
66.6%
$237M
$416M
Q4 2024
10-K
Feb 27, 2025
$741M
+5%
65.2%
$282M
$329M
Charts
Latest (Q2 2026): Y/Y +2%, Q/Q +1%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income $157M, Operating cash flow $364M.+1.7% since FY2020: more shares outstanding (issuance, stock pay).Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
AvalonBay Communities, Inc. (the "Company," "we," "our" and "us" which terms, unless the context otherwise requires, refer to AvalonBay Communities, Inc. together with its subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust ("REIT") for federal income tax purposes. We develop, redevelop, acquire, own and operate apartment communities in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in our expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. We use the term apartment communities to refer to properties that consist of apartment homes or townhomes or a combination of both.
In its own words, from its 10-K, filed Feb 27, 2026.
Avalonbay Communities against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +2% against the peers' median +11%. Operating margin: 68.0% against the peers' median 20.6%.