Filing Flows › Mid America Apartment Communities (MAA) › Q4 2025 › vs Q3 2025
Mid America Apartment Communities (MAA) Q4 2025 vs Q3 2025 (quarter over quarter)
Mid America Apartment Communities's revenue rose $1.2M (+0.2%) from $554M in Q3 2025 to $556M in Q4 2025. The biggest changes: Non Same Store and Other +$3.5M (+11%); Same Store −$2.3M (-0.4%). Operating margin 10.5% against 18.7% (-8.2 pts).
Mid America Apartment Communities, Q4 2025: revenue $556M (+1% year over year), operating margin 10.5%, net earnings $57.6M, operating cash flow $262M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q4 2025 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 10.5% | 18.7% | -8.2 pts |
| Net margin | 10.4% | 18.0% | -7.6 pts |
| Free cash flow margin | 28.5% | 30.8% | -2.3 pts |
Every line
| Line | Q4 2025 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Same Store | $519M | $521M | −$2.3M | -0.4% |
| Non Same Store and Other | $37.0M | $33.5M | $3.5M | +11% |
| Revenue | $556M | $554M | $1.2M | +0.2% |
| Operating profit | $58.4M | $104M | −$45.4M | -44% |
| Costs & expenses | $497M | $451M | $46.6M | +10% |
| Pre-tax earnings | $58.4M | $104M | −$45.4M | -44% |
| General & admin | $13.8M | $12.5M | $1.3M | +11% |
| Other operating costs | $483M | $438M | $45.2M | +10% |
| Loss borne by minority interests | $330K | −$2.5M | $2.8M | — |
| Net earnings | $57.6M | $99.5M | −$42.0M | -42% |
| Income tax | $1.2M | $1.8M | −$575K | -33% |
| Depreciation & amortization | $160M | $157M | $3.1M | +2% |
| Share-based compensation | $4.7M | $3.4M | $1.3M | +37% |
| Working capital & other | $39.5M | $6.7M | $32.8M | +492% |
| Operating cash flow | $262M | $266M | −$4.8M | -2% |
| Free cash flow (OCF − capex) | $159M | $171M | −$12.2M | -7% |
| Capital expenditures | $103M | $95.6M | $7.5M | +8% |
Questions
How much did Mid America Apartment Communities's revenue grow quarter over quarter in Q4 2025?
Mid America Apartment Communities's revenue rose $1.2M (+0.2%) from $554M in Q3 2025 to $556M in Q4 2025.
What drove Mid America Apartment Communities's revenue change in Q4 2025?
Non Same Store and Other +$3.5M (+11%); Same Store −$2.3M (-0.4%).