What is an income statement waterfall?

An income statement waterfall is a bar chart that walks from total revenue down to net income, with each step showing how much a cost or tax line removes (or adds). Subtotals — gross profit, operating income, pre-tax income — are anchored to zero so the cascade reconciles exactly to the bottom line.

How much of Mid-America Apartment Communities (MAA) revenue becomes net income?

For TTM through Q1 2026, Mid-America Apartment Communities turned $2.21B of revenue into $390M of net income — a net margin of 17.6%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Mid-America Apartment Communities (MAA) gross, operating, and net margins?

For TTM through Q1 2026, Mid-America Apartment Communities reported a gross margin of 39.6%, an operating margin of 27.4%, and a net margin of 17.6%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Mid-America Apartment Communities (MAA) have such a high (or low) gross margin?

Gross margin (gross profit ÷ revenue) reflects how much of each revenue dollar remains after direct production costs. Capital-light software and platform businesses often show gross margins above 60–80% because their cost of revenue is mainly hosting and support. Hardware, retail, and commodity businesses show lower gross margins because raw materials and manufacturing costs are significant. The waterfall makes this visible at a glance — the size of the "Cost of Revenue" bar relative to Revenue is the gross margin complement.

What is the difference between gross, operating, and net margin?

Gross margin = (Revenue − Cost of Revenue) ÷ Revenue. It measures production efficiency. Operating margin = Operating Income ÷ Revenue. It adds operating expenses (R&D, S&M, G&A) and measures the profitability of core operations. Net margin = Net Income ÷ Revenue. It also includes interest, other income/expense, and taxes, and represents the shareholder take after everything.

Mid-America Apartment Communities (MAA) Income Statement Waterfall

Revenue

$2.21B

Gross Margin

+39.6%

Operating Margin

+27.4%

Net Margin

+17.6%

Income statement waterfall for Mid-America Apartment Communities (MAA) — TTM through Q1 2026

Net income: $390M

Margin breakdown for Mid-America Apartment Communities (MAA) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$2.21B	$2.21B
Cost of Revenue	-$1.34B	$876M
Gross Profit	$876M	$876M
Operating Expenses	-$269M	$607M
Operating Income	$607M	$607M
Other Income / Expense	-$202M	$405M
Pre-tax Income	$405M	$405M
Income Tax	-$9.08M	$396M
Other Items	-$6.38M	$390M
Net Income	$390M	$390M

Revenue$2.21B
Cost of Revenue-$1.34B
Gross Profit$876M
Operating Expenses-$269M
Operating Income$607M
Other Income / Expense-$202M
Pre-tax Income$405M
Income Tax-$9.08M
Other Items-$6.38M
Net Income$390M

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Mid-America Apartment Communities (MAA) Key Financials

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Income Statement

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Profitability

Operating Margin27.4%

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Capital Return

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Operations

Employees100.0

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