Company file · MAA
Mid-America Apartment Communities
Mid-America Apartment Communities' revenue rose 0.8% in FY2025, to $2.2B, and net income fell 15.3% to $447M
Revenue rose 0.8% to $2.2B in FY2025, from $2.2B in FY2024. Net income fell 15.3% to $447M. Same Store was the largest segment, at 94% of revenue.
Key facts
Mid-America Apartment Communities (NYSE: MAA) reported revenue of $2.2B for fiscal 2025, the year ended Dec 31, 2025, up 0.8% from fiscal 2024. Net income was $447M, down 15.3%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $560M, up 1.0% from the same quarter a year earlier, and net income was $84M. The largest piece by segment was Same Store, at 94% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 6, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026).
Source: 10-K FY2025, filed Feb 6, 2026
How it makes money
By segment, FY2025
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Same Store (94%) and Non Same Store and Other (6%), as shares of total revenue. Total revenue was $2.2B.
Source: 10-K FY2025
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
By segment
The bull case and the bear case
The bull case
- Revenue rose 0.8% in FY2025 to $2.2B, from $2.2B a year earlier. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $560M, up 1.0% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Non Same Store and Other revenue grew 18.9% in FY2025 to $132M. 10-K, FY2025
The bear case
- Net income fell 15.3% in FY2025 to $447M, from $528M. 10-K, FY2025
- Operating cash flow fell 1.8% in FY2025 to $1.1B. 10-K, FY2025
- Net income in the quarter ended Sep 30, 2026 was $84M, down 15.6% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Same Store revenue fell 0.1% in FY2025 to $2.1B. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Mid-America Apartment Communities is in the Multi-Family residential REITs industry, part of the real estate sector. The SEC files it under Real Estate Investment Trusts.
Mid-America Apartment Communities reports 2 segments: Same Store and Non Same Store and Other.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the Multi-Family residential REITs industry. They are not a summary of Mid-America Apartment Communities’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Interest ratesHigher rates raise borrowing costs and can lower property values.
- Occupancy and rentsVacancies, tenant defaults and weaker rents reduce income.
- Property marketsLocal supply, demand and values vary by market and property type.
- Capital and developmentAcquisitions and developments need financing and may not earn what was planned.
- Regulation and taxesProperty, zoning and tax rules, including the rules for REIT status, affect results.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $2.1B | $2.2B | $2.2B |
| Net income | $553M | $528M | $447M |
| Operating cash flow | $1.1B | $1.1B | $1.1B |
| Cash & equivalents (year end) | $41M | $43M | $60M |
| Diluted shares | 117M | 117M | 117M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- The cash flow statement
- Risk factors (Item 1A)
- Debt-to-equity ratio
- Merger and acquisition filings
- Comparable store sales
- Restricted cash
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
What we left out
- Total debt: the company's filing data doesn't carry a consistent debt total for the years shown, so it isn't shown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 29, 2026 | Sep 30, 2026 |
| 10-Q | Jul 30, 2026 | Jun 30, 2026 |
| 10-Q | Apr 30, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 6, 2026 | May 19, 2026 |
| 10-K | Feb 6, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Mid-America Apartment Communities
How does Mid-America Apartment Communities make money?
Mid-America Apartment Communities's revenue was $2.2B in fiscal 2025. By segment in FY2025: Same Store (94%) and Non Same Store and Other (6%), as shares of total revenue. Total revenue was $2.2B. Source: 10-K for fiscal 2025, filed Feb 6, 2026.
What was Mid-America Apartment Communities's revenue in fiscal 2025?
$2.2B of revenue for the fiscal year ended Dec 31, 2025, up 0.8% from $2.2B in fiscal 2024. Fiscal 2023 was $2.1B. Source: 10-K for fiscal 2025, filed Feb 6, 2026.
Is Mid-America Apartment Communities profitable?
Mid-America Apartment Communities reported net income of $447M for fiscal 2025, down 15.3% from $528M in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $84M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 6, 2026.
What did Mid-America Apartment Communities report in its latest quarterly filing?
Revenue was $560M in the quarter ended Sep 30, 2026, up 1.0% from $554M a year earlier. Net income was $84M, down 15.6% from $100M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026.
What are the main risks Mid-America Apartment Communities faces?
Mid-America Apartment Communities's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 6, 2026. Risks that are common among companies in the Multi-Family residential REITs industry include Interest rates; occupancy and rents; property markets; capital and development; regulation and taxes. The first: Higher rates raise borrowing costs and can lower property values. Source: 10-K, Item 1A Risk Factors.
Where do these Mid-America Apartment Communities numbers come from?
From Mid-America Apartment Communities's own SEC filings: the 10-K for fiscal 2025 (filed Feb 6, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Mid-America Apartment Communities
- Viking Global Investors: 5,043,318 shares, reported value $700.7M at Jun 30, 2026 (+5.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 626,708 shares, reported value $87.1M at Jun 30, 2026 (+161.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 120,218 shares, reported value $16.7M at Jun 30, 2026 (−61.2% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Point72 Asset Management: 14,805 shares, reported value $2.1M at Jun 30, 2026 (−90.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in MAA
- The editor holds no position in Mid-America Apartment Communities (MAA). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell MAA from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold MAA, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Mid-America Apartment CommunitiesMAA | FY2025 | $2.2B | +0.8% | $447M |
| Essex Property TrustESS | FY2025 | $1.9B | +6.4% | $703M |
| UDR | FY2025 | $1.7B | +2.4% | $378M |
| Camden Property TrustCPT | FY2025 | $1.6B | +1.9% | $384M |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.