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Mid America Apartment Communities cash flow, quarter by quarter

Latest: Q1 2026 · from the cash-flow statements filed with the SEC

Free cash flow$91.3M in Q1 2026 · $685M over twelve months

Operating cash flow$150M
Capital spending−$58.4M
Free cash flow+$91.3M
Cash / net income1.2×

Analysis

In Q1 2026, Mid America Apartment Communities generated $150M of operating cash flow and spent $58.4M on capital projects, leaving free cash flow of $91.3M. That is $32.7M less than in Q1 2025 ($124M).

Over the twelve months to Mar 31, 2026, operating cash flow was $1.0B; the largest uses were dividends ($711M), other investing ($405M), capital spending ($346M); besides operations, cash came from net borrowing (+) / repaid (−) ($598M), other financing ($2.9M); the cash balance rose by $15.4M.

Operating cash flow was $150M against net income of $127M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$162M, accrued liabilities −$101M, gains on disposals −$20.2M.

Free cash flow

Mid America Apartment Communities: free cash flow by quarterMid America Apartment Communities: free cash flow by quarter$260MQ2 2024$215MQ3 2024$153MQ4 2024$124MQ1 2025$265MQ2 2025$171MQ3 2025$159MQ4 2025$91.3MQ1 2026
Operating cash flow less capital spending.
Mid America Apartment Communities: operating cash flow against capital spendingMid America Apartment Communities: operating cash flow against capital spendingOperating cash flowCapital spending$349M$89.7MQ2 2024$310M$94.1MQ3 2024$239M$86.5MQ4 2024$197M$72.6MQ1 2025$353M$88.9MQ2 2025$266M$95.6MQ3 2025$262M$103MQ4 2025$150M$58.4MQ1 2026
Latest (Q1 2026): Operating cash flow $150M, Capital spending $58.4M.

Capital allocation, year by year

Mid America Apartment Communities: where the cash came from (up) and went (down), by fiscal yearMid America Apartment Communities: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $895MFY2021: Net borrowing −$44.7MFY2021: Shares issued $645KFY2021: Asset sales $308MFY2021: Capital spending −$280MFY2021: Dividends −$470M$1.2BFY2021FY2022: 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 5 years operating cash flow totalled $5.3B; the largest uses were dividends ($3.1B) and capital spending ($1.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$71.5M
Debtnone
Net cash$71.5M

Mid America Apartment Communities funds itself: free cash flow was $685M over the last twelve months, with $71.5M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Mid America Apartment Communities: sources (+) and uses (−) of cash, Q1 2026Mid America Apartment Communities: sources (+) and uses (−) of cash, Q1 2026Net borrowing (+) / repaid (−)$252MDividends−$179MOperating cash flow$150MBuybacks−$72.8MOther investing−$64.2MCapital spending−$58.4MPartners−$15.5MCash drawn (+) / kept (−)−$10.9MOther financing−$1.2MShares issued$378K
Mid America Apartment Communities: sources (+) and uses (−) of cash, TTM to Q1 2026Mid America Apartment Communities: sources (+) and uses (−) of cash, TTM to Q1 2026Operating cash flow$1.0BDividends−$711MNet borrowing (+) / repaid (−)$598MOther investing−$405MCapital spending−$346MBuybacks−$100MPartners−$55.9MCash drawn (+) / kept (−)−$15.4MOther financing$2.9MShares issued$1.5M

From profit to cash

Mid America Apartment Communities: net income to operating cash flow, Q1 2026Mid America Apartment Communities: net income to operating cash flow, Q1 2026Net income$127MDepreciation & amortization$162MStock-based pay$5.8MGains on disposals−$20.2MAccrued liabilities−$101MOperating cash flow$150M
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
Q1 2026$150M−$58.4M−$72.8M−$179M$252M$378K−$10.9M$91.3M
Q4 2025$262M−$103M—−$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
Q3 2024$310M−$94.1M—−$172M$174M$339K$12.4M$215M
Q2 2024$349M−$89.7M—−$172M$79.0M$313K−$8.4M$260M

Mid America Apartment Communities: income statement and cash flow

Mid America Apartment Communities, Q1 2026: revenue $554M (+0.8% year over year), operating margin 23.8%. The chart follows the revenue to costs, profit and cash.

Mid America Apartment 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.