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Mid America Apartment Communities (MAA) earnings and revenue breakdown
Latest: Q1 2026 · 10-Q filed Apr 30, 2026 · Mid America Apartment Communities (MAA) Q1 2026 earnings results →
Q1 2026 Revenue up 1% year over year to $554M · 22¢ of every $1 of revenue kept as net profit · operating margin 23.8%
Mid America Apartment Communities made $554M in Q1 2026 (+0.8% Y/Y): Same Store $517M, Non Same Store and Other $36.7M. Operating margin 23.8%, net earnings $124M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Apr 30, 2026.
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 $553.7M in Q1 2026, up 1% year over year and roughly flat from the previous quarter. Same Store was the largest line at 93% of revenue. Non Same Store and Other added $6.3M year over year (up 21%), 142% of the total change.
Operating profit was $131.9M, a 23.8% margin (down 10.2 points year over year). Operating profit fell $55.1M even though revenue rose $4.4M versus Q1 2025, so costs grew faster than sales. Total costs grew 16% against revenue growth of 1%. The fastest-growing cost line was Other operating costs (+17%). Net earnings were $124.4M, down 32% year over year. The effective tax rate was 4.2%.
Operating cash flow was $149.6M (down 24% year over year), 118% of net earnings. Non-cash charges added back $162.0M of depreciation and amortization and $5.8M of share-based compensation. Working capital and other items used $144.8M. Capital expenditures of $58.4M left free cash flow of $91.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q1 2026 | 10-Q | Apr 30, 2026 | $554M | +0.8% | 23.8% | $124M | $150M |
| Q4 2025 | 10-K | Feb 6, 2026 | $556M | +1% | 10.5% | $57.6M | $262M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $554M | +0.6% | 18.7% | $99.5M | $266M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $550M | +0.6% | 20.3% | $108M | $353M |
| Q1 2025 | 10-Q | May 1, 2025 | $549M | +1% | 34.0% | $182M | $197M |
| Q4 2024 | 10-K | Feb 7, 2025 | $550M | +1% | 31.3% | $167M | $239M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Mid America Apartment Communities
MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of June 30, 2026, MAA had ownership interest in 104,698 apartment units, including communities in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at investor.relations@maac.com, or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.
In its own words, from its 8-K, filed Jul 29, 2026.
Mid America Apartment Communities against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +0.8% against the peers' median +11%. Operating margin: 23.8% against the peers' median 20.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MAA Mid America Apartment Communities | Q1 2026 | $554M | +0.8% | 23.8% |
| WELL Welltower | Q3 2026 | $3.7B | +38% | 9.1% |
| AMT American Tower | Q3 2026 | $2.8B | +2% | 45.6% |
| EQIX Equinix | Q3 2026 | $2.6B | +11% | 23.3% |
| PLD Prologis | Q1 2026 | $2.3B | +7% | 52.7% |
| IRM Iron Mountain | Q3 2026 | $2.0B | +14% | 20.6% |
| DLR Digital Realty Trust | Q3 2026 | $1.9B | +21% | 15.9% |
| WY Weyerhaeuser | Q3 2026 | $1.9B | +8% | 5.4% |
| VTR Ventas | Q3 2026 | $1.8B | +23% | 2.9% |
Source: Mid America Apartment Communities 10-Q on SEC EDGAR · CIK 912595 · Real Estate Investment Trusts
13F: who owns MAA and who is buying
More on MAA
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- Mid America Apartment Communities stock forecast, price target and fair value
- Who owns Mid America Apartment Communities stock: holders, funds and Congress trades
- Mid America Apartment Communities guidance and outlook
History
Every quarter: Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results
- Mid America Apartment Communities guidance history: guided vs reported
- Mid America Apartment Communities operating margin by quarter
- Mid America Apartment Communities net income by quarter
- Mid America Apartment Communities free cash flow by quarter
- Mid America Apartment Communities capital expenditures by quarter
- Mid America Apartment Communities Same Store revenue by quarter
- Mid America Apartment Communities Non Same Store and Other revenue by quarter