AI Takeaway
MAA reported modest revenue growth of 0.8% to $553.7M in Q1 FY2026, but net income fell sharply by 31.5% to $124.4M, reflecting higher liabilities and increased capital deployment including $72.8M in share buybacks.
Revenue
$553.73M
++0.81% YoY
EPS (Basic)
$1.06
-31.61% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-Q filing
Total revenue grew 0.8% year-over-year to $553.7M in Q1 FY2026, suggesting relatively stable occupancy and rental income across MAA's multifamily portfolio despite a competitive apartment market environment.
Source: Source: 10-Q Financial Data (Income Statement)
Net income dropped 31.5% year-over-year from $181.7M to $124.4M, with EPS (basic) falling from $1.55 to $1.06, likely driven by higher depreciation, interest expense, and operating costs rather than a revenue shortfall.
Source: Source: 10-Q Financial Data (Income Statement)
Investing cash outflows nearly doubled to -$122.6M from -$61.4M in the prior year period, indicating accelerated investment activity such as property acquisitions or capital improvements within the portfolio.
Source: Source: 10-Q Financial Data (Cash Flow Statement)
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Upgrade to unlockTotal liabilities surged 11.2% year-over-year to $6.29B while stockholders' equity fell 6.9% to $5.54B, pushing the debt-to-equity ratio to 1.13. Increased leverage raises interest expense risk, particularly in a higher-for-longer interest rate environment, which could further compress net income.
Source: Source: 10-Q Financial Data (Balance Sheet)
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Upgrade to unlockReported EPS of $1.06 versus the $0.81 analyst consensus — a +31.0% beat for Q1 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $553.73M | $549.29M | +0.81% |
Net Income | $124.36M | $181.67M | -31.55% |
EPS (Basic) | $1.06 | $1.55 | -31.61% |
EPS (Diluted) | $1.06 | $1.54 | -31.17% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $11.99B | $11.81B | +1.55% |
Total Liabilities | $6.29B | $5.65B | +11.18% |
Stockholders' Equity | $5.54B | $5.95B | -6.88% |
Cash & Equivalents | $71.53M | $55.78M | +28.24% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $149.64M | $196.62M | -23.89% |
Investing Cash Flow | $-122.56M | $-61.41M | -99.59% |
Financing Cash Flow | $-16.2M | $-122.52M | +86.78% |
Share Buybacks | $72.78M | $0 | — |
D&A | $162.04M | $152.52M | +6.24% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Net Margin | 22.5% | — | — |
ROE | 2.2% | — | — |
ROA | 1.0% | — | — |
Debt to Equity | $1.135 | — | — |
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MAA reported Q1 FY2026 revenue of $553.7M, up just 0.8% year-over-year, while net income fell sharply by 31.5% to $124.4M. Basic EPS declined from $1.55 to $1.06, reflecting significant cost pressures including a 6.2% rise in depreciation and amortization to $162.0M.
Despite modest revenue growth of 0.8%, MAA's net income fell 31.5% to $124.4M in Q1 FY2026, likely due to higher depreciation ($162.0M, up 6.2%), increased interest costs from rising liabilities (up 11.2% to $6.29B), and other operating cost pressures. This earnings compression pushed the net margin down from approximately 33.1% to 22.5%.
Yes, MAA initiated a share repurchase program in Q1 FY2026, buying back $72.8M worth of shares compared to zero in the prior year period. This represents a notable shift in capital allocation strategy, though it also contributed to reduced liquidity alongside rising liabilities.
MAA's balance sheet shows total assets of $12.0B and cash of $71.5M, but total liabilities rose 11.2% to $6.29B while stockholders' equity fell 6.9% to $5.54B, resulting in a debt-to-equity ratio of 1.13. Operating cash flow also declined 23.9% to $149.6M, suggesting some near-term financial pressure despite the company's large asset base.
MAA's revenue grew modestly by 0.8% year-over-year to $553.7M in Q1 FY2026, compared to $549.3M in the prior year period. This slow growth reflects a relatively stable but competitive multifamily rental market environment, and was insufficient to offset rising costs that caused net income to fall 31.5%.