Mid-America Apartment Communities, Inc.
NYSE:MAA · New York Stock Exchange
+$0.83 today
Vol 0.69M · Avg 0.96M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Stock Ticker Earnings Waterfall
NYSE:MAA · Revenue to Net Income
Key Ratios
Analysis
$2.2B of revenue converted into $389.6M of net income for the selected period. Gross margin is 39.6% and net margin is 17.6%, showing how much revenue survives after costs and taxes. EPS is $3.30, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.2B +0.8% | $2.2B +2.0% | $2.1B +6.4% | $2.0B +13.6% | $1.8B | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $1.5B +1.9% | $1.5B +5.5% | $1.4B +5.2% | $1.3B +5.7% | $1.3B | $725.6M | $804.0M | $882.4M |
| Gross Profit | $703.1M -1.4% | $713.3M -4.6% | $747.5M +8.7% | $687.7M +32.8% | $517.8M | $8.9B | $7.6B | $6.2B |
| Gross Margin | 31.8% -0.7pp | 32.6% -2.2pp | 34.8% +0.7pp | 34.0% +4.9pp | 29.1% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 | $0 | $0 | $0 | $0 | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $54.8M -3.0% | $56.5M -3.5% | $58.6M -0.4% | $58.8M +11.2% | $52.9M | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $83.6M +48.0% | $56.5M -3.5% | $58.6M -0.4% | $58.8M +11.2% | $52.9M | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $622.6M +6.2% | $586.4M +3.6% | $565.9M +4.0% | $544.0M +1.8% | $534.4M | $374.2M | $1.2B | $631.8M |
| EBITDA | $1.3B +1.4% | $1.3B +1.1% | $1.3B -4.4% | $1.3B +7.3% | $1.3B | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 59.7% +0.4pp | 59.3% -0.5pp | 59.9% -6.8pp | 66.6% -3.9pp | 70.5% | 5.6% | 46.3% | 42.0% |
| Operating Income | $619.4M -5.7% | $656.8M -4.7% | $688.9M +9.5% | $628.9M +35.3% | $464.9M | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 28.0% -1.9pp | 30.0% -2.1pp | 32.1% +0.9pp | 31.1% +5.0pp | 26.1% | 16.6% | 24.1% | 22.0% |
| Interest Income | $0 | $0 | $0 | $0 | $0 | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $185.3M +9.9% | $168.5M +12.9% | $149.2M -3.6% | $154.7M -1.4% | $156.9M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | -$159.3M -42.4% | -$111.9M +5.2% | -$118.1M -751.9% | $18.1M -81.6% | $98.3M | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $460.2M -15.5% | $544.9M -4.6% | $570.8M -11.8% | $647.0M +14.9% | $563.1M | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 20.8% -4.0pp | 24.9% -1.7pp | 26.6% -5.5pp | 32.0% +0.4pp | 31.7% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $4.6M -12.3% | $5.2M +10.5% | $4.7M +176.4% | -$6.2M -145.5% | $13.6M | $1.3B | -$1.6B | $745.2M |
| Net Income | $446.9M -15.3% | $527.5M -4.6% | $552.8M -13.3% | $637.4M +19.4% | $533.8M | $4.9B | $4.8B | $4.7B |
| Net Margin | 20.2% -3.8pp | 24.1% -1.7pp | 25.7% -5.8pp | 31.6% +1.5pp | 30.0% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $4 -15.6% | $4 -4.7% | $5 -14.2% | $5 +18.8% | $5 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $4 -15.8% | $4 -4.7% | $5 -14.1% | $5 +18.9% | $5 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $117.0M +0.2% | $116.8M +0.2% | $116.5M +1.0% | $115.3M +0.5% | $114.7M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $117.1M +0.3% | $116.8M +0.1% | $116.6M +0.9% | $115.6M +0.5% | $115.0M | $1.2B | $924.4M | $678.0M |
Older periods hidden.
Sign in to unlockCompetitors
Peer companies in the same sector
SEC Filings
Recent regulatory filings
No filings found.
How much revenue does MAA generate?
Mid-America Apartment Communities, Inc. (MAA) reported $2.21B of revenue in fiscal 2025.
Is MAA profitable?
Mid-America Apartment Communities, Inc. (MAA) reported $446.91M of net income, with a net margin of 20.2%.
Explore More
Continue the stock analysis
Jump to another research area for this company.