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Avalonbay Communities cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$50.1M in Q2 2026 · $349M over twelve months

Operating cash flow$364M
Capital spending−$314M
Free cash flow+$50.1M
Cash / net income2.3×

Analysis

In Q2 2026, Avalonbay Communities generated $364M of operating cash flow and spent $314M on capital projects, leaving free cash flow of $50.1M. That is $15.7M less than in Q2 2025 ($65.7M).

Over the twelve months to Jun 30, 2026, operating cash flow was $1.7B; the largest uses were capital spending ($1.3B), dividends ($998M), net borrowing (+) / repaid (−) ($775M); besides operations, cash came from other financing ($1.1B), asset & business sales ($902M); the cash balance fell by $49.3M.

Operating cash flow was $364M against net income of $157M — 2.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$233M, prepaid and other assets −$21.0M, accrued liabilities −$13.5M.

Free cash flow

Avalonbay Communities: free cash flow by quarterAvalonbay Communities: free cash flow by quarter$234MQ3 2024$69.5MQ4 2024$179MQ1 2025$65.7MQ2 2025$177MQ3 2025$40.8MQ4 2025$82.1MQ1 2026$50.1MQ2 2026
Operating cash flow less capital spending.
Avalonbay Communities: operating cash flow against capital spendingAvalonbay Communities: operating cash flow against capital spendingOperating cash flowCapital spending$486M$252MQ3 2024$329M$259MQ4 2024$416M$237MQ1 2025$378M$312MQ2 2025$477M$300MQ3 2025$400M$360MQ4 2025$419M$337MQ1 2026$364M$314MQ2 2026
Latest (Q2 2026): Operating cash flow $364M, Capital spending $314M.

Capital allocation, year by year

Avalonbay Communities: where the cash came from (up) and went (down), by fiscal yearAvalonbay Communities: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.2BFY2021: Net borrowing −$462MFY2021: Shares issued $31.9MFY2021: Asset sales $975MFY2021: Capital spending −$655MFY2021: Acquisitions −$53.5MFY2021: Dividends −$888M$2.2BFY2021FY2022: Operating cash flow $1.4BFY2022: Net borrowing −$100MFY2022: Shares issued $20.0MFY2022: Asset sales $1.1BFY2022: Capital spending −$921MFY2022: Acquisitions −$14.3MFY2022: Dividends −$890M$2.5BFY2022FY2023: Operating cash flow $1.6BFY2023: Net borrowing −$750MFY2023: Shares issued $497MFY2023: Asset sales $467MFY2023: Capital spending −$902MFY2023: Acquisitions −$18.9MFY2023: Buybacks −$1.9MFY2023: Dividends −$923M$2.5BFY2023FY2024: Operating cash flow $1.6BFY2024: Net borrowing −$300MFY2024: Shares issued $10.5MFY2024: Asset sales $711MFY2024: Capital spending −$951MFY2024: Acquisitions −$14.2MFY2024: Dividends −$962M$2.3BFY2024FY2025: Operating cash flow $1.7BFY2025: Net borrowing −$825MFY2025: Shares issued $86.6MFY2025: Asset sales $799MFY2025: Capital spending −$1.2BFY2025: Acquisitions −$40.0MFY2025: Buybacks −$488MFY2025: Dividends −$992M$2.6BFY2025
Over these 5 years operating cash flow totalled $7.5B; the largest uses were dividends ($4.7B) and capital spending ($4.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$80.7M
Debt$9.9B
Net debt$9.9B

Avalonbay Communities funds itself: free cash flow was $349M over the last twelve months, and $80.7M of cash and investments stands against $9.9B of debt.

Where the cash came from and went

Avalonbay Communities: sources (+) and uses (−) of cash, Q2 2026Avalonbay Communities: sources (+) and uses (−) of cash, Q2 2026Shares issued$610MOperating cash flow$364MOther financing−$343MCapital spending−$314MDividends−$249MOther investing−$99.5MCash drawn (+) / kept (−)$45.0MNet borrowing (+) / repaid (−)−$9.2MAcquisitions−$3.3MTaxes on employees’ shares−$149K
Avalonbay Communities: sources (+) and uses (−) of cash, TTM to Q2 2026Avalonbay Communities: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$1.7BCapital spending−$1.3BOther financing$1.1BDividends−$998MAsset & business sales$902MNet borrowing (+) / repaid (−)−$775MShares issued$693MBuybacks−$687MOther investing−$585MCash drawn (+) / kept (−)$49.3MAcquisitions−$40.4MTaxes on employees’ shares−$13.4M

From profit to cash

Avalonbay Communities: net income to operating cash flow, Q2 2026Avalonbay Communities: net income to operating cash flow, Q2 2026Net income$157MDepreciation & amortization$233MStock-based pay$8.0MAccrued liabilities−$13.5MPrepaid and other assets−$21.0MOperating cash flow$364M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$364M−$314M−$3.3M—−$249M−$9.2M$610M$45.0M$50.1M
Q1 2026$419M−$337M−$3.6M−$198M−$249M−$982K—$62.0M$82.1M
Q4 2025$400M−$360M−$4.1M−$336M−$249M−$300M$83.3M−$31.2M$40.8M
Q3 2025$477M−$300M−$29.3M−$152M−$250M——−$26.5M$177M
Q2 2025$378M−$312M−$4.2M—−$249M−$8.3M$2.7M−$76.3M$65.7M
Q1 2025$416M−$237M−$2.4M—−$244M−$1.2M$693K$48.0M$179M
Q4 2024$329M−$259M−$4.8M—−$242M−$301M$3.3M$525M$69.5M
Q3 2024$486M−$252M−$4.4M—−$242M−$1.1M$3.3M−$27.1M$234M

Avalonbay Communities: income statement and cash flow

Avalonbay Communities, Q2 2026: revenue $778M (+2% year over year), operating margin 68.0%. The chart follows the revenue to costs, profit and cash.

Avalonbay Communities: 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.