Cash Flow Statement

Operating Cash Flow

+18%

+37%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	238	227	169	174	170	209	238	272	259	218	206	208	252	274	328	311	352	362	305	267	202	186	273	360	362	438	542	411	409	299	124	154	180	214	180	174	132	124	145	441	469	582	624	424	442	321	223	353	419	555	807	697	764	764	729	742	772	797	947	1 034	1 032	1 000	881	877	783	872	826	974	1 003	917	1 004	786	784	786	654	828	802	1 079	1 010	1 004	1 124	815	1 231	1 136	1 021	1 250	928	928	955	841	1 042	1 082	1 145	1 161	1 173	1 057
Depreciation & Amortization	121	122	123	131	135	139	143	139	141	142	142	153	156	157	160	157	156	157	158	149	151	150	151	158	162	169	175	184	188	191	197	205	210	217	220	221	224	227	232	239	241	246	242	256	304	434	530	560	557	472	431	443	453	461	470	478	488	502	514	531	545	554	567	584	603	618	629	631	634	640	649	662	677	691	701	707	713	721	739	759	777	792	805	815	818	819	814	817	825	831	842	847	852	877	896	913
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	10	6	6	9	14	8	12	0	17	8	7	11	11	11	9	0	6	0	0	0	7	9	12	16	9	9	8	9	15	17	18	17	14	14	16	16	15	15	16	15	15	16	16	17	18	18	18	20	20	22	24	25	26	25	24	23	22	22	23	25	26	27	30	32	34	35	31	29	27	25	26	26	25	25	26	26	26
Other Non-Cash Items	(37)	(34)	9	(18)	(32)	(87)	(126)	(158)	(150)	(107)	(87)	(109)	(148)	(164)	(216)	(189)	(222)	(227)	(160)	(87)	(6)	29	(42)	(119)	(120)	(196)	(302)	(189)	(195)	(99)	55	8	(39)	(84)	(57)	(46)	4	23	21	(247)	(247)	(340)	(348)	(139)	(211)	(151)	(71)	(165)	(139)	(169)	(372)	(257)	(288)	(262)	(201)	(187)	(190)	(203)	(340)	(419)	(432)	(394)	(260)	(240)	(143)	(224)	(176)	(325)	(335)	(245)	(340)	(115)	(122)	(144)	(51)	(290)	(328)	(647)	(591)	(570)	(663)	(307)	(680)	(540)	(386)	(573)	(219)	(203)	(209)	(91)	(286)	(328)	(377)	(407)	(430)	(313)
Cash Interest Paid	97	99	107	109	113	121	123	131	128	128	121	125	122	126	123	122	116	111	109	103	105	97	98	99	99	105	107	110	107	114	122	169	185	189	193	157	155	155	161	157	152	143	129	119	122	133	155	179	189	198	197	192	197	189	186	189	175	188	177	194	183	206	181	208	207	200	214	202	193	195	186	188	199	202	207	197	197	195	191	204	203	209	221	212	210	200	198	188	191	196	192	213	216	241	241	237
Change in Working Capital	1	(14)	(1)	21	23	23	(2)	(12)	(15)	(8)	10	24	33	18	21	29	27	55	40	23	30	3	14	56	(28)	(18)	14	(19)	55	46	16	10	4	12	(5)	(16)	(24)	(8)	(5)	(4)	(1)	(42)	(8)	0	(18)	(18)	(46)	(23)	26	9	30	4	(26)	5	42	24	28	22	3	14	15	6	28	36	36	40	24	20	44	1	23	(11)	(37)	(20)	(35)	(26)	21	6	10	10	(21)	(26)	17	10	21	28	33	18	6	29	27	7	(9)	(22)	(38)	14
Cash from Operating Activities	323 N/A	301 -7%	300 0%	308 +3%	297 -4%	285 -4%	252 -11%	240 -5%	235 -2%	246 +4%	271 +10%	276 +2%	293 +6%	285 -3%	292 +3%	306 +5%	312 +2%	346 +11%	343 -1%	352 +2%	377 +7%	368 -2%	396 +8%	455 +15%	375 -17%	393 +5%	428 +9%	386 -10%	457 +18%	437 -5%	392 -10%	377 -4%	355 -6%	359 +1%	338 -6%	332 -2%	336 +1%	366 +9%	393 +7%	429 +9%	462 +7%	446 -3%	510 +14%	541 +6%	517 -4%	586 +13%	636 +9%	724 +14%	863 +19%	867 +0%	896 +3%	887 -1%	903 +2%	969 +7%	1 040 +7%	1 057 +2%	1 098 +4%	1 118 +2%	1 123 +0%	1 160 +3%	1 159 0%	1 166 +1%	1 217 +4%	1 256 +3%	1 279 +2%	1 306 +2%	1 303 0%	1 301 0%	1 347 +4%	1 314 -2%	1 335 +2%	1 322 -1%	1 302 -2%	1 313 +1%	1 269 -3%	1 220 -4%	1 208 -1%	1 159 -4%	1 169 +1%	1 203 +3%	1 217 +1%	1 275 +5%	1 372 +8%	1 422 +4%	1 474 +4%	1 525 +3%	1 555 +2%	1 560 +0%	1 577 +1%	1 610 +2%	1 625 +1%	1 608 -1%	1 611 +0%	1 609 0%	1 599 -1%	1 671 +4%
Investing Cash Flow
Capital Expenditures	(521)	(621)	(590)	(545)	(511)	(405)	(389)	(369)	(331)	(372)	(406)	(498)	(582)	(560)	(496)	(459)	(441)	(509)	(637)	(832)	(1 005)	(1 094)	(1 193)	(1 142)	(1 060)	(987)	(918)	(902)	(842)	(793)	(716)	(572)	(543)	(498)	(463)	(447)	(443)	(536)	(633)	(691)	(783)	(794)	(900)	(782)	(1 750)	(1 898)	(1 925)	(1 312)	(628)	(540)	(538)	(1 295)	(1 592)	(1 639)	(1 705)	(1 625)	(1 489)	(1 494)	(1 626)	(1 667)	(1 092)	(1 013)	(981)	(1 054)	(1 102)	(1 173)	(1 046)	(1 566)	(1 637)	(1 687)	(1 730)	(1 613)	(1 513)	(1 298)	(1 102)	(981)	(920)	(1 035)	(1 296)	(1 580)	(1 711)	(1 725)	(1 866)	(1 633)	(1 537)	(1 519)	(1 277)	(1 315)	(1 297)	(1 369)	(1 516)	(1 614)	(1 841)	(2 069)	(2 183)	(2 157)
Other Items	228	220	127	109	115	254	319	403	355	263	249	246	412	434	456	440	479	474	419	321	124	82	212	333	379	528	605	636	603	453	312	239	303	406	281	148	56	(22)	43	248	298	452	443	159	643	583	589	131	(128)	(68)	55	478	557	439	398	426	347	276	546	635	204	434	185	89	53	145	210	969	1 047	817	872	420	496	509	344	802	721	1 130	1 123	956	1 152	655	1 209	1 072	800	1 017	483	386	370	274	488	617	682	713	943	764
Cash from Investing Activities	(293) N/A	(401) -37%	(463) -16%	(436) +6%	(397) +9%	(152) +62%	(70) +54%	34 N/A	24 -29%	(109) N/A	(158) -45%	(252) -59%	(169) +33%	(126) +26%	(40) +69%	(20) +50%	38 N/A	(35) N/A	(218) -520%	(511) -135%	(882) -72%	(1 012) -15%	(981) +3%	(809) +18%	(681) +16%	(460) +33%	(313) +32%	(266) +15%	(239) +10%	(340) -42%	(404) -19%	(334) +18%	(240) +28%	(92) +62%	(182) -99%	(299) -64%	(388) -30%	(558) -44%	(590) -6%	(443) +25%	(485) -9%	(343) +29%	(456) -33%	(623) -37%	(1 107) -78%	(1 315) -19%	(1 336) -2%	(1 181) +12%	(756) +36%	(608) +20%	(483) +21%	(817) -69%	(1 035) -27%	(1 200) -16%	(1 307) -9%	(1 200) +8%	(1 142) +5%	(1 218) -7%	(1 080) +11%	(1 032) +4%	(888) +14%	(579) +35%	(796) -38%	(965) -21%	(1 049) -9%	(1 028) +2%	(836) +19%	(597) +29%	(591) +1%	(870) -47%	(858) +1%	(1 194) -39%	(1 017) +15%	(789) +22%	(758) +4%	(179) +76%	(199) -11%	95 N/A	(174) N/A	(624) -259%	(558) +11%	(1 070) -92%	(657) +39%	(560) +15%	(738) -32%	(502) +32%	(795) -58%	(929) -17%	(927) +0%	(1 095) -18%	(1 029) +6%	(997) +3%	(1 159) -16%	(1 356) -17%	(1 239) +9%	(1 392) -12%
Financing Cash Flow
Net Issuance of Common Stock	(172)	(59)	(155)	(85)	(124)	(216)	(93)	25	72	165	123	54	47	47	47	37	43	31	28	27	627	628	508	363	(290)	(293)	(177)	(135)	(94)	(95)	3	109	193	415	329	381	448	339	1 097	1 050	909	961	339	2 430	2 422	2 225	2 073	(31)	(27)	209	334	340	336	225	666	676	676	594	28	14	69	110	109	109	52	0	1	51	207	256	257	408	253	205	65	(181)	(181)	(181)	(39)	31	31	31	26	19	17	510	510	495	497	6	10	11	11	10	(145)	(401)
Net Issuance of Debt	287	351	303	355	491	314	61	(94)	(149)	(101)	95	142	38	14	(113)	(101)	(122)	(108)	264	384	433	408	211	286	801	523	390	350	(14)	500	780	183	25	(228)	(512)	91	88	87	(112)	(390)	(591)	(641)	7	209	(1 167)	(1 181)	(1 374)	(1 375)	478	426	167	420	220	278	126	22	(43)	354	425	450	452	69	287	272	563	578	402	80	(192)	153	201	253	1 044	272	197	262	(556)	(105)	200	527	455	455	233	205	55	54	(77)	(397)	(147)	251	368	89	314	279	346	1 250
Cash Paid for Dividends	(205)	(204)	(206)	(208)	(210)	(207)	(203)	(202)	(203)	(205)	(208)	(209)	(210)	(212)	(214)	(215)	(217)	(223)	(229)	(235)	(241)	(251)	(260)	(269)	(277)	(278)	(278)	(279)	(280)	(280)	(281)	(284)	(288)	(290)	(295)	(298)	(302)	(306)	(309)	(318)	(327)	(341)	(356)	(366)	(392)	(438)	(482)	(526)	(554)	(565)	(579)	(594)	(608)	(623)	(637)	(655)	(673)	(693)	(712)	(727)	(741)	(751)	(762)	(773)	(784)	(791)	(798)	(805)	(813)	(821)	(831)	(840)	(850)	(862)	(873)	(883)	(892)	(891)	(889)	(888)	(889)	(889)	(889)	(890)	(890)	(899)	(911)	(923)	(936)	(947)	(954)	(962)	(969)	(976)	(985)	(992)
Other	5	7	24	6	(12)	(13)	56	(9)	(28)	(15)	(97)	(16)	5	(7)	(5)	(3)	(2)	(2)	(5)	(13)	(14)	(16)	(22)	(14)	(15)	(16)	(10)	(12)	(10)	(14)	(15)	(13)	(13)	(7)	(4)	(7)	(13)	(12)	(16)	(15)	(9)	(12)	(68)	(74)	(74)	(124)	(68)	(63)	(66)	(13)	(8)	(8)	(6)	(9)	(9)	(9)	(14)	(37)	(38)	(40)	(27)	(20)	(19)	(27)	(27)	(8)	(8)	(15)	(35)	(50)	(52)	(39)	(59)	(54)	(52)	(52)	(17)	(7)	(15)	(18)	(29)	(29)	(33)	(6)	0	(2)	11	(9)	(15)	(7)	(8)	(13)	(12)	(35)	(47)	(49)
Cash from Financing Activities	(85) N/A	95 N/A	(35) N/A	68 N/A	145 +113%	(121) N/A	(179) -48%	(280) -56%	(307) -10%	(156) +49%	(86) +45%	(30) +66%	(120) -307%	(158) -32%	(284) -80%	(282) +1%	(298) -6%	(302) -1%	59 N/A	162 +177%	806 +396%	769 -5%	437 -43%	366 -16%	219 -40%	(64) N/A	(75) -18%	(75) 0%	(398) -430%	111 N/A	487 +340%	(4) N/A	(83) -1 830%	(110) -33%	(482) -337%	168 N/A	220 +31%	108 -51%	659 +510%	326 -51%	(18) N/A	(33) -81%	(78) -137%	2 199 N/A	789 -64%	482 -39%	149 -69%	(1 995) N/A	(169) +92%	56 N/A	(86) N/A	158 N/A	(58) N/A	(130) -124%	146 N/A	34 -77%	(55) N/A	217 N/A	(296) N/A	(303) -2%	(247) +19%	(592) -139%	(385) +35%	(419) -9%	(195) +54%	(221) -13%	(402) -82%	(689) -71%	(833) -21%	(463) +44%	(424) +9%	(218) +49%	388 N/A	(438) N/A	(663) -51%	(854) -29%	(1 648) -93%	(1 183) +28%	(742) +37%	(349) +53%	(431) -23%	(432) 0%	(664) -54%	(671) -1%	(818) -22%	(336) +59%	(468) -39%	(834) -78%	(602) +28%	(697) -16%	(584) +16%	(875) -50%	(656) +25%	(722) -10%	(831) -15%	(193) +77%
Change in Cash
Net Change in Cash	(55) N/A	(5) +91%	(198) -4 027%	(60) +70%	45 N/A	12 -73%	4 -71%	(6) N/A	(48) -707%	(19) +60%	27 N/A	(6) N/A	3 N/A	0 -87%	(31) N/A	4 N/A	52 +1 166%	9 -82%	185 +1 863%	3 -99%	301 +11 465%	125 -58%	(148) N/A	12 N/A	(87) N/A	(130) -51%	40 N/A	45 +11%	(180) N/A	208 N/A	475 +129%	39 -92%	32 -18%	157 +393%	(327) N/A	201 N/A	168 -16%	(84) N/A	462 N/A	313 -32%	(41) N/A	70 N/A	(25) N/A	2 117 N/A	199 -91%	(247) N/A	(551) -123%	(2 452) -345%	(62) +97%	315 N/A	327 +4%	228 -30%	(190) N/A	(361) -90%	(122) +66%	(109) +10%	(99) +10%	117 N/A	(253) N/A	(175) +31%	24 N/A	(4) N/A	36 N/A	(128) N/A	35 N/A	57 +64%	65 +14%	16 -75%	(76) N/A	(20) +74%	53 N/A	(90) N/A	673 N/A	86 -87%	(152) N/A	186 N/A	(639) N/A	71 N/A	253 +255%	230 -9%	228 -1%	(227) N/A	51 N/A	190 +271%	(81) N/A	687 N/A	293 -57%	(203) N/A	48 N/A	(182) N/A	12 N/A	(264) N/A	(204) +23%	(470) -130%	(471) 0%	86 N/A
Free Cash Flow
Free Cash Flow	(199) N/A	(320) -61%	(290) +9%	(237) +18%	(215) +10%	(121) +44%	(137) -14%	(130) +5%	(96) +26%	(126) -32%	(136) -8%	(222) -64%	(289) -30%	(276) +5%	(203) +26%	(153) +25%	(128) +16%	(162) -27%	(294) -81%	(481) -64%	(628) -31%	(726) -15%	(798) -10%	(687) +14%	(685) +0%	(594) +13%	(490) +18%	(516) -5%	(384) +26%	(356) +7%	(324) +9%	(196) +40%	(188) +4%	(139) +26%	(125) +10%	(115) +8%	(107) +7%	(170) -59%	(240) -41%	(262) -9%	(321) -23%	(348) -9%	(390) -12%	(241) +38%	(1 233) -411%	(1 313) -6%	(1 289) +2%	(588) +54%	235 N/A	327 +39%	358 +10%	(408) N/A	(689) -69%	(670) +3%	(666) +1%	(568) +15%	(391) +31%	(376) +4%	(503) -34%	(507) -1%	67 N/A	153 +130%	236 +54%	202 -14%	177 -13%	133 -25%	257 +93%	(264) N/A	(290) -10%	(373) -29%	(395) -6%	(292) +26%	(211) +28%	15 N/A	167 +1 014%	239 +43%	288 +21%	124 -57%	(127) N/A	(377) -196%	(494) -31%	(450) +9%	(494) -10%	(211) +57%	(63) +70%	6 N/A	278 +4 533%	245 -12%	279 +14%	241 -14%	109 -55%	(6) N/A	(230) -3 952%	(460) -100%	(583) -27%	(485) +17%

Income Statement Balance Sheet Cash Flow Statement

Avalonbay Communities Inc
NYSE:AVB

Cash Flow Statement

Cash Flow Statement
Avalonbay Communities Inc

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Avalonbay Communities Inc NYSE:AVB

Cash Flow Statement

Cash Flow Statement Avalonbay Communities Inc

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Avalonbay Communities Inc
NYSE:AVB

Cash Flow Statement
Avalonbay Communities Inc