Invitation Homes Inc. (INVH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.14	$0.15	+7.1%	—	$747.5M	—
Q4 25	$0.16	$0.15	-6.3%	—	$685.3M	—
Q3 25	$0.15	$0.15	0.0%	—	$688.2M	—
Q2 25	$0.16	$0.16	0.0%	—	$681.4M	—
Q1 25	$0.14	$0.17	+21.4%	—	$674.5M	—
Q4 24	$0.16	$0.14	-12.5%	—	$659.1M	—
Q3 24	$0.15	$0.11	-26.7%	—	$660.3M	—
Q2 24	$0.16	$0.18	+12.5%	—	$653.5M	—
Q1 24	$0.16	$0.16	0.0%	—	$646M	—
Q4 23	$0.15	$0.13	-13.3%	—	$624.3M	—
Q3 23	$0.17	$0.21	+23.5%	—	$617.7M	—
Q2 23	$0.17	$0.22	+29.4%	—	$600.4M	—
Q1 23	$0.16	$0.2	+25.0%	—	$589.9M	—
Q4 22	$0.15	$0.16	+6.7%	—	$579.8M	—
Q3 22	$0.16	$0.13	-18.8%	—	$568.7M	—
Q2 22	$0.15	$0.18	+20.0%	—	$557.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.96	—	—	$2.7B	—
FY24	—	$0.74	—	—	$2.6B	—
FY23	—	$0.85	—	—	$2.4B	—
FY22	—	$0.63	—	—	$2.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$922.6M	$1.1B	$1.7B	$1.8B	$1.8B	$2B	$2.2B	$2.4B	$2.6B	$2.7B
YoY change	+10.4%	+14.3%	+63.4%	+2.42%	+3.29%	+9.53%	+12.1%	+8.68%	+7.67%	+4.21%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	922.6M	1.1B	1.7B	1.8B	1.8B	2B	2.2B	2.4B	2.6B	2.7B
Cost of revenue	390.8M	434.8M	720.9M	731.6M	739.2M	777.8M	874.3M	976.1M	1.1B	1.1B
Gross profit	531.8M	619.6M	1B	1B	1.1B	1.2B	1.4B	1.5B	1.5B	1.6B
Gross margin	57.6%	58.8%	58.2%	58.5%	59.5%	61%	60.9%	59.9%	59%	58.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	69.1M	167.7M	98.8M	74.3M	63.3M	75.8M	74M	82.3M	90.6M	95.3M
Operating expenses	69.1M	167.7M	98.8M	74.3M	63.3M	75.8M	74M	82.3M	90.6M	95.3M
Operating income	195M	142.3M	342.8M	425.1M	467.8M	550.9M	651.7M	699.5M	741.2M	752.4M
Operating margin	21.1%	13.5%	19.9%	24.1%	25.7%	27.6%	29.1%	28.8%	28.3%	27.6%
Non-operating income, net	12.8M	8.8M	35.8M	89.2M	83.5M	34.5M	37.2M	155M	80.2M	190.8M
Pretax income	-78.2M	-105.8M	-5M	147.1M	197.4M	262.8M	384.8M	521M	455.4M	589.9M
Income tax	—	—	—	—	—	—	—	—	—	—
Net income	-78.2M	-105.8M	-5M	147.1M	197.4M	262.8M	384.8M	521M	455.4M	589.9M
Net margin	-8.48%	-10%	-0.29%	8.34%	10.8%	13.2%	17.2%	21.4%	17.4%	21.6%
EBITDA	461.1M	450.9M	910.3M	963.9M	1B	1.1B	1.3B	1.4B	1.4B	1.5B
EPS	-0.26	-0.26	-0.01	0.27	0.35	0.45	0.63	0.85	0.74	0.96
Diluted EPS	-0.26	-0.26	-0.01	0.27	0.35	0.45	0.63	0.85	0.74	0.96

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	617.7M	624.3M	646M	653.5M	660.3M	659.1M	674.5M	681.4M	688.2M	685.3M	734.1M	747.5M
Cost of revenue	252.9M	253.8M	261.6M	266.8M	276.6M	267.7M	274.2M	280.1M	296.1M	284.3M	329.6M	335.7M
Gross profit	364.8M	370.5M	384.4M	386.6M	383.7M	391.4M	400.3M	401.3M	392.1M	400.9M	404.5M	411.9M
Gross margin	59.1%	59.3%	59.5%	59.2%	58.1%	59.4%	59.3%	58.9%	57%	58.5%	55.1%	55.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	22.7M	22.4M	23.4M	21.5M	21.7M	23.9M	29.5M	23.6M	18.4M	23.7M	32.3M	29.3M
Operating expenses	22.7M	22.4M	23.4M	21.5M	21.7M	23.9M	29.5M	23.6M	18.4M	23.7M	32.3M	29.3M
Operating income	171.4M	175M	185.6M	188.5M	181.5M	185.6M	187.6M	192.2M	185.2M	187.4M	179.1M	188.3M
Operating margin	27.7%	28%	28.7%	28.8%	27.5%	28.2%	27.8%	28.2%	26.9%	27.3%	24.4%	25.2%
Non-operating income, net	47.6M	45M	47M	-25.1M	5.1M	53.2M	62.9M	36.5M	42.8M	48.6M	77.3M	125.4M
Pretax income	132.2M	129.9M	142.8M	73.4M	95.6M	143.6M	166.3M	141.4M	137.2M	145.1M	161.1M	219.7M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	132.2M	129.9M	142.8M	73.4M	95.6M	143.6M	166.3M	141.4M	137.2M	145.1M	161.1M	219.7M
Net margin	21.4%	20.8%	22.1%	11.2%	14.5%	21.8%	24.7%	20.7%	19.9%	21.2%	21.9%	29.4%
EBITDA	334.7M	346.9M	361.8M	305.6M	340.5M	365.2M	366.9M	370.8M	374M	371.7M	367M	379.9M
EPS	0.22	0.21	0.23	0.12	0.16	0.23	0.27	0.23	0.22	0.24	0.26	0.37
Diluted EPS	0.21	0.21	0.23	0.12	0.15	0.23	0.27	0.23	0.22	0.24	0.26	0.37

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	15.9B	16.5B	26.2B	18.1B	20.9B	19.6B	17B	15.7B
Enterprise value	—	—	—	26.5B	24.3B	33.6B	25.6B	28.7B	27.6B	25.3B	24.2B
Shares outstanding	302.1M	339.4M	520.4M	531.2M	554M	577.7M	609.8M	611.9M	612.6M	612.9M	612.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	108.2	83.3	99.7	47	40.1	43	28.9	24.3
P/S	—	—	—	9.02	9.03	13.1	8.08	8.58	7.48	6.24	5.5
P/B	—	—	—	1.93	1.92	2.66	1.75	2.05	2	1.78	1.73
EV/EBITDA	—	—	—	27.4	23.8	29.6	20.2	21.2	20.1	17	16.2
EV/Sales	—	—	—	15	13.3	16.8	11.4	11.8	10.5	9.26	8.51
Earnings yield	—	—	—	0.92%	1.2%	1%	2.13%	2.5%	2.33%	3.46%	4.11%
FCF yield	—	—	—	3.13%	3.19%	2.84%	4.51%	4.24%	4.4%	5.66%	7.46%
PEG	—	—	—	—	—	—	—	—	—	—	0.4

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	57.6%	58.8%	58.2%	58.5%	59.5%	61%	60.9%	59.9%	59%	58.4%	55.1%
Operating margin	21.1%	13.5%	19.9%	24.1%	25.7%	27.6%	29.1%	28.8%	28.3%	27.6%	25.1%
Net margin	-8.48%	-10%	-0.29%	8.34%	10.8%	13.2%	17.2%	21.4%	17.4%	21.6%	23.2%
ROE	-4%	-1.22%	-0.06%	1.78%	2.31%	2.67%	3.73%	5.11%	4.65%	6.17%	7.05%
ROA	-0.8%	-0.57%	-0.03%	0.85%	1.13%	1.42%	2.08%	2.71%	2.43%	3.16%	2.48%
Return on tangible assets	-0.8%	-0.58%	-0.03%	0.87%	1.16%	1.46%	2.14%	2.79%	2.5%	3.25%	3.74%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.21	2.36	3.41	2.48	3.59	5.06	3.41	5.71	0.82	1.52	0.43
Quick ratio	0.21	2.36	3.41	2.48	3.59	5.06	3.41	5.71	0.82	1.52	1
Debt / equity	3.87	1.12	1.49	1.29	0.94	0.81	0.75	0.84	0.84	0.88	0.94
Debt / assets	0.78	0.52	0.69	0.61	0.46	0.43	0.42	0.44	0.44	0.45	0.46
Net debt / EBITDA	16	21	13.5	10.9	7.66	6.51	5.92	5.8	5.85	5.56	5.66
Interest coverage	0.73	0.59	0.99	1.4	1.56	1.81	2.27	2.56	2.24	2.67	2.79

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.05	3.11	3.31	3.32	3.29	3.46	3.67	3.98	4.28	4.45	4.7
EPS (basic)	-0.26	-0.26	-0.01	0.27	0.35	0.45	0.63	0.85	0.74	0.96	0.96
EPS (diluted)	-0.26	-0.26	-0.01	0.27	0.35	0.45	0.63	0.85	0.74	0.96	1.09
Book value per share	6.48	25.5	16.1	15.6	15.4	17	16.9	16.7	16	15.6	15.3
FCF per share	0.68	0.6	0.81	0.94	0.95	1.29	1.34	1.45	1.41	1.57	1.61
Cash per share	0.66	0.53	0.28	0.17	0.39	1.06	0.43	1.14	0.28	0.21	0.19
Capex per share	—	—	—	—	—	—	—	—	—	0.4	0.41

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	8.89%	8.52%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	20.1%	20.3%
Payout ratio	0%	-65.2%	-4.6K%	188.1%	168.2%	149.9%	140.1%	122.5%	151.4%	120.8%	109.2%
Dividend yield	—	—	—	1.74%	2.02%	1.5%	2.98%	3.06%	3.52%	4.18%	4.52%

Yield

4.52%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.30

ex-dividend Sep 24, 2026

Payout ratio

109%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 24, 2026	$0.30
Jun 25, 2026	$0.30
Mar 26, 2026	$0.30
Dec 23, 2025	$0.30
Sep 25, 2025	$0.29
Jun 26, 2025	$0.29
Mar 27, 2025	$0.29
Dec 26, 2024	$0.29

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$617.7M	$624.3M	$646M	$653.5M	$660.3M	$659.1M	$674.5M	$681.4M	$688.2M	$685.3M	$734.1M	$747.5M
YoY change	+8.62%	+7.67%	+9.52%	+8.84%	+6.9%	+5.58%	+4.4%	+4.28%	+4.22%	+3.96%	+8.84%	+9.71%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	198.1M	179.9M	144.9M	92.3M	213.4M	610.2M	262.9M	700.6M	174.5M	130M
Receivables	11.6M	24.5M	33.1M	25.2M	35.3M	37.5M	54.1M	60.8M	61.2M	59.9M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	500M	538.4M	579.2M	461.5M	535.4M	980.1M	677.5M	1.1B	674.2M	569.1M
Property, plant & equipment	6.2M	16.6M	11.8M	23.6M	31.7M	33.6M	41M	45M	71.5M	102.6M
Goodwill & intangibles	0	591.4M	516.4M	516.4M	516.4M	516.4M	516.4M	516.4M	516.4M	516.4M
Total assets	9.7B	18.7B	18.1B	17.4B	17.5B	18.5B	18.5B	19.2B	18.7B	18.7B
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	2.3B	35M	3.2B	2.2B	—	—	—	—	570M	145M
Total current liabilities	2.4B	228.4M	169.6M	186.1M	149.3M	193.6M	198.4M	200.6M	817.7M	375.4M
Long-term debt	5.3B	9.6B	9.2B	8.5B	8B	8B	7.8B	8.5B	7.6B	8.2B
Total liabilities	7.8B	10B	9.7B	9.1B	9B	8.7B	8.2B	9B	8.9B	9.1B
Shareholders' equity	2B	8.6B	8.4B	8.3B	8.6B	9.8B	10.3B	10.2B	9.8B	9.6B
Total debt	7.6B	9.7B	12.5B	10.6B	8B	8B	7.8B	8.5B	8.2B	8.4B
Net debt	7.4B	9.5B	12.3B	10.5B	7.8B	7.4B	7.5B	7.8B	8B	8.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	762.6M	700.6M	738.1M	749.4M	1B	174.5M	84.4M	65.1M	155.4M	130M	114.1M	75.8M
Receivables	58.9M	60.8M	70.4M	68.1M	68.4M	61.2M	65.1M	63.5M	66.4M	59.9M	72.3M	99.3M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.2B	1.1B	1.2B	1.2B	1.5B	674.2M	582.3M	520.9M	616.4M	569.1M	644.3M	606.8M
Property, plant & equipment	38.2M	45M	45.2M	67.5M	68.8M	71.5M	74M	81.3M	91.3M	102.6M	140.2M	112.9M
Goodwill & intangibles	516.4M	516.4M	516.4M	516.4M	516.4M	516.4M	516.4M	516.4M	516.4M	516.4M	742.3M	736.9M
Total assets	19.5B	19.2B	19.2B	19.2B	19.6B	18.7B	18.6B	18.7B	18.8B	18.7B	18.7B	18.4B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	750M	570M	470M	540M	—	145M	560M	280M
Total current liabilities	368.1M	200.6M	240.5M	354.3M	1.1B	817.7M	720.5M	848.3M	407.3M	375.4M	817.5M	605.1M
Long-term debt	8.5B	8.5B	8.5B	8.5B	8.3B	7.6B	7.6B	7.6B	8.2B	8.2B	8.2B	8.2B
Total liabilities	9.2B	9B	9B	9.2B	9.7B	8.9B	8.8B	9B	9.1B	9.1B	9.6B	9.4B
Shareholders' equity	10.3B	10.2B	10.2B	10.1B	10B	9.8B	9.8B	9.7B	9.7B	9.6B	9.1B	9.1B
Total debt	8.5B	8.5B	8.5B	8.5B	9B	8.2B	8.1B	8.2B	8.2B	8.4B	8.8B	8.5B
Net debt	7.8B	7.8B	7.8B	7.8B	8B	8B	8B	8.1B	8.1B	8.3B	8.7B	8.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-78.2M	-105.8M	-5M	147.1M	197.4M	262.8M	384.8M	521M	455.4M	589.9M
Depreciation & amortization	267.7M	309.6M	560.5M	533.7M	552.5M	592.1M	638.1M	674.3M	714.3M	746.9M
Stock-based compensation	10.2M	81.2M	29.5M	18.2M	17.1M	27.2M	29M	29.5M	27.9M	27.8M
Change in working capital	-13.2M	-21.9M	-40.2M	-25M	-38M	-8.1M	-4.4M	-12.4M	-25.6M	-2M
Operating cash flow	250.2M	295.9M	598.7M	731.1M	775.3M	908.1M	1.1B	1.2B	1.2B	1.2B
Capital expenditure	—	—	—	—	—	—	—	—	—	-242.8M
Investing cash flow	-10.3M	273.2M	12.1M	54.8M	53.6M	34.1M	-130M	-60.2M	-81.8M	-368.8M
Dividends paid	0	-69M	-230.1M	-276.7M	-332.2M	-393.8M	-539M	-638.1M	-689.2M	-712.8M
Share repurchases	—	-1.2M	—	—	—	—	—	—	—	-53.2M
Financing cash flow	-71.8M	-432.5M	-1B	-1.3B	-466M	659M	-574.1M	110M	-1.1B	-618.5M
Net change in cash	168.1M	136.7M	-390M	-537.2M	362.9M	1.6B	391M	1.3B	61.4M	218.9M
Free cash flow	206.3M	204.5M	419.6M	497.9M	524.4M	744.8M	815.5M	886M	862.4M	963.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	132.2M	129.9M	142.8M	73.4M	95.6M	143.6M	166.3M	141.4M	137.2M	145.1M	161.1M	219.7M
Depreciation & amortization	170.7M	173.2M	175.3M	176.6M	180.5M	181.9M	183.1M	185.5M	188.5M	189.9M	193.1M	194.3M
Stock-based compensation	8.9M	8M	7.9M	7.5M	5.4M	7.1M	10.2M	8.5M	1.9M	7.3M	10.7M	9.3M
Change in working capital	31.7M	-24.1M	-66.1M	25.7M	3M	12.4M	-20.1M	5.4M	4.8M	7.6M	-24.5M	10.2M
Operating cash flow	350.3M	293.2M	266M	298.3M	302.3M	371M	346.1M	382.5M	394.6M	128.7M	293M	383.6M
Capital expenditure	—	—	—	—	—	—	—	-60M	-73.1M	-58.8M	-57M	-54.3M
Investing cash flow	36.7M	-14.8M	2.3M	-68.8M	-15.9M	629K	-32.2M	-81M	-78.4M	-110.5M	-58.3M	-70.8M
Dividends paid	-159.3M	-159.3M	-173.2M	-171.7M	-171.7M	-172.6M	-178.2M	-178.6M	-178M	-178M	-184.5M	-179.3M
Share repurchases	—	—	—	—	—	—	—	—	—	—	-447.2M	-100.1M
Financing cash flow	467.2M	-16M	-190.8M	-178.7M	261.2M	-985.4M	-287.4M	-114.7M	-128.6M	-34.7M	-222.6M	-562.7M
Net change in cash	854.2M	262.4M	77.5M	50.8M	547.5M	-613.8M	26.5M	186.8M	187.6M	-16.5M	12.1M	-249.8M
Free cash flow	361.2M	28.8M	221.1M	315.2M	245.1M	81.1M	249.6M	322.5M	321.5M	69.9M	236M	329.4M

Invitation Homes Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement