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Invitation Home (INVH) Financials

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$29.46 -0.25 (-0.83%)
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Annual Income Statements for Invitation Home

Annual Income Statements for Invitation Home

This table shows Invitation Home's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -160 -78 -105 -5.74 145 392 261 383 519 453 587
Consolidated Net Income / (Loss)		 -160 -78 -106 -5.01 147 197 263 385 521 455 590
Net Income / (Loss) Continuing Operations		 -162 -1,019 -140 -55 51 197 203 294 337 211 372
Total Pre-Tax Income 		-162 -1,019 -140 -55 44 113 204 304 355 239 383
Total Revenue		 562 -286 797 1,339 1,398 1,469 1,674 2,238 2,432 2,619 2,729
Net Interest Income / (Expense)		 -274 -286 -257 -384 -367 -354 -323 0.00 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 274 286 257 384 367 354 323 0.00 0.00 0.00 0.00
Total Non-Interest Income		 836 0.00 1,054 1,723 1,765 1,823 1,997 2,238 2,432 2,619 2,729
Other Service Charges		 36 - 1,054 1,723 - 1,823 4.89 11 14 70 87
Other Non-Interest Income		 800 - - - 1,765 0.00 1,992 2,227 2,419 2,549 2,642
Total Non-Interest Expense		 722 732 936 1,401 1,358 1,356 1,464 1,923 2,075 2,327 2,342
Net Occupancy & Equipment Expense		 387 391 435 721 732 739 778 874 976 1,073 1,135
Other Operating Expenses		 79 69 168 99 74 63 76 378 416 457 449
Depreciation Expense		 250 268 310 561 534 553 592 638 674 714 747
Impairment Charge		 4.58 4.21 24 21 19 0.70 8.68 29 8.60 83 11
Nonoperating Income / (Expense), net		 -3.12 -1.56 -0.96 6.96 5.12 - -5.84 -11 -2.09 -53 -4.35
Other Gains / (Losses), net		 - - - - 6.48 84 -1.55 -9.61 -18 -28 -12
Other Adjustments to Consolidated Net Income / (Loss)		 2.27 941 34 50 96 - 60 91 184 245 218
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 0.00 -0.49 0.73 2.04 1.69 1.68 2.13 2.25 2.20 2.95
Basic Earnings per Share		 - - - ($0.01) $0.27 $0.35 $0.45 $0.63 $0.85 $0.74 $0.96
Weighted Average Basic Shares Outstanding		 - - 520.36M 520.38M 531.24M 553.99M 577.68M 609.77M 611.89M 612.55M 612.95M
Diluted Earnings per Share		 - - - ($0.01) $0.27 $0.35 $0.45 $0.63 $0.85 $0.74 $0.96
Weighted Average Diluted Shares Outstanding		 - - 520.36M 520.38M 532.50M 555.46M 579.21M 611.11M 613.29M 613.63M 613.18M
Weighted Average Basic & Diluted Shares Outstanding		 - - 520.36M 520.38M 541.88M 567.22M 607.65M 611.41M 611.96M 612.69M 609.39M
Cash Dividends to Common per Share		 - - $0.22 $0.44 $0.52 $0.60 $0.68 $0.88 $1.04 $1.12 $1.16

Quarterly Income Statements for Invitation Home

This table shows Invitation Home's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 132 129 142 73 95 143 166 141 136 144 160
Consolidated Net Income / (Loss)		 132 130 143 73 96 144 166 141 137 145 161
Net Income / (Loss) Continuing Operations		 74 34 92 30 48 -2.72 166 95 92 91 161
Total Pre-Tax Income 		82 81 97 36 60 -16 99 100 90 94 79
Total Revenue		 618 702 646 653 660 749 674 681 688 685 734
Net Interest Income / (Expense)		 0.00 78 0.00 0.00 0.00 90 0.00 0.00 0.00 - 0.00
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 0.00 -78 0.00 0.00 0.00 -90 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 618 624 646 653 660 659 674 681 688 685 734
Other Service Charges		 3.40 3.42 14 16 19 21 674 22 22 22 690
Other Non-Interest Income		 614 621 632 637 641 638 0.00 659 666 664 44
Total Non-Interest Expense		 536 620 555 564 591 705 576 580 597 589 655
Net Occupancy & Equipment Expense		 253 254 262 267 277 268 274 280 296 284 290
Other Operating Expenses		 109 190 113 112 113 209 114 111 109 115 167
Depreciation Expense		 171 173 175 177 180 182 183 185 188 190 193
Impairment Charge		 2.50 3.07 4.14 10 21 48 4.68 3.03 3.42 0.31 4.35
Other Gains / (Losses), net		 -7.93 -47 -5.14 -5.48 -12 13 68 -4.80 2.13 -3.72 82
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.58 0.57 0.63 0.45 0.49 0.63 0.77 0.70 0.74 0.74 1.27
Basic Earnings per Share		 $0.22 $0.20 $0.23 $0.12 $0.16 $0.23 $0.27 $0.23 $0.22 $0.24 $0.26
Weighted Average Basic Shares Outstanding		 612.00M 611.89M 612.22M 612.63M 612.67M 612.55M 612.78M 613.05M 613.08M 612.95M 606.00M
Diluted Earnings per Share		 $0.21 $0.22 $0.23 $0.12 $0.15 $0.24 $0.27 $0.23 $0.22 $0.24 $0.26
Weighted Average Diluted Shares Outstanding		 613.58M 613.29M 613.81M 613.82M 613.65M 613.63M 613.36M 613.26M 613.08M 613.18M 606.23M
Weighted Average Basic & Diluted Shares Outstanding		 611.96M 611.96M 612.54M 612.59M 612.61M 612.69M 612.95M 613.01M 613.02M 609.39M 594.04M
Cash Dividends to Common per Share		 $0.26 - $0.28 $0.28 $0.28 - $0.29 $0.29 $0.29 - $0.30

Annual Cash Flow Statements for Invitation Home

This table details how cash moves in and out of Invitation Home's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -11 -74 -3.65 -57 -74 126 407 -365 444 -478 -65
Net Cash From Operating Activities		 197 256 263 561 662 697 908 1,024 1,107 1,082 1,206
Net Cash From Continuing Operating Activities		 197 256 263 561 658 697 908 1,029 1,107 1,082 1,202
Net Income / (Loss) Continuing Operations		 -160 -78 -106 -5.01 147 197 263 385 521 455 590
Consolidated Net Income / (Loss)		 -160 -78 -106 -5.01 147 197 263 385 521 455 590
Depreciation Expense		 250 268 310 561 534 553 592 638 674 714 747
Amortization Expense		 90 64 36 48 47 31 19 17 18 21 25
Non-Cash Adjustments to Reconcile Net Income		 32 2.48 52 4.91 -62 -38 8.62 0.16 -118 -130 -178
Changes in Operating Assets and Liabilities, net		 -14 -0.34 -29 -47 -7.30 -46 25 -10 12 21 18
Net Cash From Investing Activities		 -860 -258 65 63 102 -425 -1,160 -814 -774 -466 -653
Net Cash From Continuing Investing Activities		 -860 -258 65 63 102 -425 -1,160 -820 -774 -466 -651
Purchase of Property, Leasehold Improvements and Equipment		 -163 -107 -101 -46 -222 -271 -240 -330 -251 -250 -28
Purchase of Investment Securities		 -909 -300 -326 -606 -581 -624 -1,148 -603 -1,024 -808 -1,142
Sale and/or Maturity of Investments		 136 143 285 724 906 487 353 317 502 636 518
Other Investing Activities, net		 77 5.72 2.51 -9.27 -0.40 -0.91 -60 -35 - - 1.53
Net Cash From Financing Activities		 652 -72 -331 -681 -838 -146 659 -574 110 -1,094 -618
Net Cash From Continuing Financing Activities		 652 -72 -331 -681 -838 1,289 659 -574 110 -1,094 -622
Issuance of Debt		 3,417 185 3,496 4,519 888 2,820 2,338 1,453 940 2,994 1,142
Repayment of Debt		 -2,328 -392 -5,427 -4,957 -1,485 -1,862 -2,184 -1,555 -178 -3,380 -986
Repurchase of Common Equity		 - - - - - - - - 0.00 0.00 -53
Payment of Dividends		 -683 0.00 -69 -234 -277 -332 -394 -539 -638 -689 -713
Other Financing Activities, Net		 245 136 -24 -9.25 -20 -24 -35 -32 -14 -19 -12
Cash Interest Paid		 204 223 226 336 322 313 286 276 291 321 323
Cash Income Taxes Paid		 0.00 0.00 2.53 2.07 2.78 1.28 0.81 1.53 0.25 0.16 0.08

Quarterly Cash Flow Statements for Invitation Home

This table details how cash moves in and out of Invitation Home's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 360 -82 50 16 282 -826 -101 -35 112 -41 18
Net Cash From Operating Activities		 421 88 266 370 314 133 301 382 395 129 293
Net Cash From Continuing Operating Activities		 421 88 266 370 314 133 301 382 395 124 293
Net Income / (Loss) Continuing Operations		 132 130 143 73 96 144 166 141 137 145 161
Consolidated Net Income / (Loss)		 132 130 143 73 96 144 166 141 137 145 161
Depreciation Expense		 171 173 175 177 180 182 183 185 188 190 193
Amortization Expense		 4.66 4.86 4.86 4.86 5.69 5.95 5.76 6.51 6.19 6.34 8.95
Non-Cash Adjustments to Reconcile Net Income		 -38 -30 -33 -19 -14 -64 -58 -34 -38 -48 -66
Changes in Operating Assets and Liabilities, net		 152 -190 -24 134 46 -135 3.56 83 101 -170 -4.48
Net Cash From Investing Activities		 -678 -3.96 -25 -175 -292 27 -114 -303 -154 -82 -52
Net Cash From Continuing Investing Activities		 -678 -3.96 -25 -175 -292 27 -114 -303 -154 -80 -52
Purchase of Property, Leasehold Improvements and Equipment		 -69 -70 -53 -61 -77 -59 -51 -68 -80 178 -76
Purchase of Investment Securities		 -788 -73 -112 -159 -316 -219 -220 -349 -179 -397 -164
Sale and/or Maturity of Investments		 143 137 136 89 99 312 167 112 111 127 188
Net Cash From Financing Activities		 617 -166 -191 -179 261 -985 -287 -115 -129 -88 -223
Net Cash From Continuing Financing Activities		 617 -166 -191 -179 261 -985 -287 -115 -129 -91 -223
Issuance of Debt		 - - 0.00 - - - 100 170 727 145 415
Repayment of Debt		 -162 -5.32 -5.80 -4.73 -2,559 -811 -203 -104 -676 -3.35 0.00
Repurchase of Common Equity		 - - - - - - 0.00 - - - -447
Payment of Dividends		 -159 -159 -173 -172 -172 -173 -178 -179 -178 -178 -185
Other Financing Activities, Net		 -1.29 -1.39 -12 -2.29 -2.79 -1.95 -6.07 -2.23 -1.75 -1.66 -5.92
Cash Interest Paid		 66 78 89 78 80 74 92 72 94 66 102
Cash Income Taxes Paid		 0.06 0.16 0.05 0.04 0.01 0.05 -0.04 0.03 0.00 0.01 0.08

Annual Balance Sheets for Invitation Home

This table presents Invitation Home's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 9,732 18,684 18,063 17,393 17,506 18,538 18,537 19,221 18,701 18,680
Cash and Due from Banks		 198 180 145 92 213 610 263 701 174 130
Restricted Cash		 222 237 215 194 198 209 191 197 245 225
Trading Account Securities		 - - - 55 69 130 281 247 242 255
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 9,003 17,312 16,686 16,243 16,289 16,935 17,030 17,289 17,212 17,275
Goodwill		 0.00 258 258 258 258 258 258 258 258 258
Other Assets		 310 697 759 550 478 395 514 529 569 538
Total Liabilities & Shareholders' Equity		 9,732 18,684 18,063 17,393 17,506 18,538 18,537 19,221 18,701 18,680
Total Liabilities		 7,775 10,034 9,694 9,127 8,950 8,699 8,213 9,031 8,908 9,112
Non-Interest Bearing Deposits		 87 147 149 148 158 165 176 180 181 185
Short-Term Debt		 0.00 35 0.00 0.00 0.00 0.00 0.00 0.00 570 145
Other Short-Term Payables		 88 193 170 186 - 194 198 201 248 230
Long-Term Debt		 7,570 9,617 9,250 8,467 8,032 7,999 7,769 8,546 7,632 8,235
Other Long-Term Liabilities		 30 42 126 325 761 342 70 103 278 317
Commitments & Contingencies		 - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,957 8,650 8,369 8,266 8,556 9,839 10,324 10,190 9,793 9,568
Total Preferred & Common Equity		 1,957 8,498 8,229 8,214 8,505 9,798 10,291 10,156 9,757 9,530
Preferred Stock		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,957 8,498 8,229 8,214 8,505 9,798 10,291 10,156 9,757 9,530
Common Stock		 1,957 8,608 8,635 9,016 9,713 10,880 11,145 11,163 11,177 11,135
Retained Earnings		 - -158 -393 -525 -661 -795 -951 -1,071 -1,481 -1,611
Accumulated Other Comprehensive Income / (Loss)		 - 48 -13 -277 -547 -287 98 64 61 6.42
Noncontrolling Interest		 - 152 140 52 51 41 32 34 36 38

Quarterly Balance Sheets for Invitation Home

This table presents Invitation Home's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 18,542 19,466 19,221 19,210 19,239 19,633 18,701 18,578 18,662 18,783 18,701
Cash and Due from Banks		 414 763 701 738 749 1,027 174 84 65 155 114
Restricted Cash		 205 217 197 209 214 218 245 234 219 240 259
Trading Account Securities		 267 258 247 238 269 245 242 242 233 256 251
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 16,790 17,400 17,289 17,187 17,165 17,285 17,212 17,203 17,362 17,356 17,115
Goodwill		 258 258 258 258 258 258 258 258 258 258 314
Other Assets		 607 570 529 579 584 600 569 556 526 517 649
Total Liabilities & Shareholders' Equity		 18,542 19,466 19,221 19,210 19,239 19,633 18,701 18,578 18,662 18,783 18,701
Total Liabilities		 8,260 9,197 9,031 9,040 9,173 9,681 8,908 8,823 8,957 9,120 9,572
Non-Interest Bearing Deposits		 177 180 180 180 180 180 181 184 185 184 187
Short-Term Debt		 0.00 0.00 0.00 0.00 0.00 750 570 470 540 0.00 560
Other Short-Term Payables		 241 368 201 241 354 399 248 251 308 407 257
Long-Term Debt		 7,766 8,547 8,546 8,544 8,544 8,259 7,632 7,633 7,635 8,230 8,242
Other Long-Term Liabilities		 76 101 103 75 95 93 278 285 289 298 326
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 10,283 10,270 10,190 10,170 10,067 9,952 9,793 9,755 9,705 9,663 9,129
Total Preferred & Common Equity		 10,250 10,236 10,156 10,135 10,031 9,916 9,757 9,718 9,668 9,626 9,091
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 10,250 10,236 10,156 10,135 10,031 9,916 9,757 9,718 9,668 9,626 9,091
Common Stock		 11,148 11,156 11,163 11,160 11,166 11,170 11,177 11,181 11,188 11,190 10,702
Retained Earnings		 -1,011 -1,040 -1,071 -1,100 -1,198 -1,276 -1,481 -1,494 -1,531 -1,571 -1,629
Accumulated Other Comprehensive Income / (Loss)		 113 120 64 75 64 21 61 31 12 7.80 18
Noncontrolling Interest		 33 34 34 35 35 36 36 37 37 37 38

Annual Metrics And Ratios for Invitation Home

This table displays calculated financial ratios and metrics derived from Invitation Home's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 ($0.01) $0.27 $0.35 $0.45 $0.63 $0.85 $0.74 $0.96
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 520.36M 521.19M 531.24M 553.99M 577.68M 609.77M 611.89M 612.55M 612.95M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($0.01) $0.27 $0.35 $0.45 $0.63 $0.85 $0.74 $0.96
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 520.36M 521.19M 532.50M 555.46M 579.21M 611.11M 613.29M 613.63M 613.18M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($0.01) $0.27 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 520.36M 520.38M 541.88M 567.22M 607.65M 611.41M 611.96M 612.69M 609.39M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Invitation Home

This table displays calculated financial ratios and metrics derived from Invitation Home's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 609,386,093.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 609,386,093.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.26
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 25.49% -12.81% 8.67% 8.84% 6.90% 6.64% 4.40% 4.28% 4.22% - 8.84%
EBITDA Growth		 12.24% 5.13% 2.29% 0.96% -0.69% -10.83% 5.80% 8.31% 11.94% - -2.12%
EBIT Growth		 27.00% 2.87% -5.29% -9.06% -15.33% -46.29% 7.67% 13.44% 31.76% - -19.55%
NOPAT Growth		 27.00% 5.51% -5.29% -9.06% -15.33% -113.70% 7.67% 13.44% 31.76% - -19.55%
Net Income Growth		 66.46% 28.83% 18.41% -46.90% -27.71% 10.49% 16.46% 92.52% 43.56% - -3.14%
EPS Growth		 61.54% 29.41% 15.00% -45.45% -28.57% 9.09% 17.39% 91.67% 46.67% - -3.70%
Operating Cash Flow Growth		 19.58% -26.83% -16.43% 31.62% -25.47% 51.70% 13.15% 3.42% 25.82% - -2.49%
Free Cash Flow Firm Growth		 9.03% -215.53% -484.36% -660.42% 88.32% 229.86% 258.42% 276.15% 1,656.05% - -99.28%
Invested Capital Growth		 3.96% 3.56% 3.85% 3.12% 0.76% -3.96% -4.57% -3.93% -5.63% - 0.41%
Revenue Q/Q Growth		 2.89% 13.71% 22.07% 17.49% 1.05% 13.43% -9.95% 1.03% 0.99% - 7.13%
EBITDA Q/Q Growth		 -3.57% 1.02% 4.21% -0.73% -5.15% -9.30% 23.88% 2.19% -2.62% - -3.70%
EBIT Q/Q Growth		 -15.24% -0.04% 10.68% -3.61% -21.08% -36.60% 123.23% 3.29% -10.20% - -17.39%
NOPAT Q/Q Growth		 -15.24% -1.19% 8.59% -3.61% -21.08% -115.99% 985.05% 3.29% -10.20% - -17.39%
Net Income Q/Q Growth		 -4.38% -1.72% 9.89% -48.57% 30.16% 50.21% 15.82% -14.98% -2.94% - 11.04%
EPS Q/Q Growth		 -4.55% 4.76% 4.55% -47.83% 25.00% 60.00% 12.50% -14.81% -4.35% - 8.33%
Operating Cash Flow Q/Q Growth		 49.78% -79.20% 203.37% 39.24% -15.19% -57.65% 126.28% 27.27% 3.17% - 127.79%
Free Cash Flow Firm Q/Q Growth		 -850.96% 11.44% -7.67% 21.31% 84.35% 1,084.50% 30.65% -12.79% 39.20% - -95.20%
Invested Capital Q/Q Growth		 4.26% -0.43% -0.12% -0.56% 1.88% -5.09% -0.76% 0.12% 0.08% - -0.09%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 41.69% 37.04% 48.84% 41.26% 38.73% 30.97% 42.61% 43.10% 41.56% - 38.34%
EBIT Margin		 13.30% 11.69% 16.44% 13.49% 10.54% 5.89% 14.60% 14.93% 13.27% - 10.82%
Profit (Net Income) Margin		 21.41% 18.50% 25.67% 11.24% 14.47% 19.17% 24.65% 20.75% 19.94% - 21.94%
Tax Burden Percent		 160.92% 160.05% 146.56% 83.30% 137.38% -903.30% 166.56% 141.97% 153.20% - 202.85%
Interest Burden Percent		 100.00% 98.85% 106.53% 100.00% 100.00% -36.03% 101.39% 97.90% 98.06% - 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 1.61% 1.53% 1.92% 1.62% 1.25% -0.21% 2.11% 2.19% 1.95% - 1.69%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.22% 2.12% 2.55% 1.44% 1.55% 1.64% 2.93% 2.66% 2.48% - 2.65%
Return on Net Nonoperating Assets (RNNOA)		 1.76% 1.69% 2.04% 1.15% 1.34% 1.37% 2.45% 2.25% 2.18% - 2.37%
Return on Equity (ROE)		 3.37% 3.22% 3.95% 2.77% 2.59% 1.16% 4.56% 4.44% 4.13% - 4.06%
Cash Return on Invested Capital (CROIC)		 -1.98% -1.55% -1.86% -1.16% 1.02% 5.64% 6.32% 5.72% 7.61% - 1.63%
Operating Return on Assets (OROA)		 1.56% 1.51% 1.87% 1.57% 1.21% 0.81% 2.05% 2.11% 1.87% - 1.62%
Return on Assets (ROA)		 2.50% 2.38% 2.92% 1.31% 1.66% 2.65% 3.45% 2.93% 2.81% - 3.28%
Return on Common Equity (ROCE)		 3.35% 3.21% 3.94% 2.76% 2.58% 1.15% 4.54% 4.42% 4.11% - 4.04%
Return on Equity Simple (ROE_SIMPLE)		 4.81% 0.00% 5.36% 4.77% 4.45% 0.00% 4.93% 5.66% 6.11% - 6.43%
Net Operating Profit after Tax (NOPAT)		 82 81 91 88 70 -11 98 102 91 - 79
NOPAT Margin		 13.30% 11.56% 16.44% 13.49% 10.54% -1.49% 14.60% 14.93% 13.27% - 10.82%
Net Nonoperating Expense Percent (NNEP)		 -0.61% -0.60% -0.63% 0.18% -0.30% -1.85% -0.81% -0.47% -0.53% - -0.97%
SG&A Expenses to Revenue		 40.94% 36.13% 47.04% 40.83% 41.89% 35.74% 40.65% 41.11% 43.03% - 39.57%
Operating Expenses to Revenue		 86.70% 88.31% 83.56% 86.51% 89.46% 94.11% 85.40% 85.07% 86.73% - 89.18%
Earnings before Interest and Taxes (EBIT)		 82 82 91 88 70 44 98 102 91 - 79
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 258 260 272 270 256 232 287 294 286 - 281
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.82 1.99 2.13 2.19 2.18 2.01 2.20 2.08 1.87 - 1.67
Price to Tangible Book Value (P/TBV)		 1.87 2.04 2.19 2.25 2.24 2.06 2.26 2.14 1.92 - 1.73
Price to Revenue (P/Rev)		 8.35 8.30 10.09 10.01 9.65 7.48 8.07 7.51 6.65 - 5.43
Price to Earnings (P/E)		 46.88 38.93 39.97 46.17 49.14 43.22 44.81 36.94 30.70 - 26.05
Dividend Yield		 3.29% 4.00% 3.79% 3.79% 3.91% 3.53% 3.27% 3.51% 3.96% - 4.75%
Earnings Yield		 2.13% 2.57% 2.50% 2.17% 2.04% 2.31% 2.23% 2.71% 3.26% - 3.84%
Enterprise Value to Invested Capital (EV/IC)		 1.39 1.49 1.56 1.59 1.55 1.52 1.63 1.57 1.44 - 1.32
Enterprise Value to Revenue (EV/Rev)		 11.75 11.46 13.65 13.48 13.13 10.46 11.02 10.48 9.56 - 8.47
Enterprise Value to EBITDA (EV/EBITDA)		 25.27 26.54 27.69 27.95 27.81 26.63 27.92 26.27 23.55 - 20.47
Enterprise Value to EBIT (EV/EBIT)		 73.77 77.92 82.94 86.07 88.74 93.43 97.15 89.74 77.31 - 64.10
Enterprise Value to NOPAT (EV/NOPAT)		 74.69 77.92 82.94 84.83 87.41 93.43 97.15 89.74 77.31 - 64.87
Enterprise Value to Operating Cash Flow (EV/OCF)		 23.02 25.18 27.73 25.88 28.36 25.33 26.12 24.82 21.36 - 19.70
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 152.67 26.48 25.23 26.88 18.44 - 81.01
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.83 0.84 0.84 0.85 0.91 0.84 0.83 0.84 0.85 - 0.96
Long-Term Debt to Equity		 0.83 0.84 0.84 0.85 0.83 0.78 0.78 0.79 0.85 - 0.90
Financial Leverage		 0.79 0.80 0.80 0.80 0.87 0.84 0.84 0.85 0.88 - 0.90
Leverage Ratio		 1.85 1.84 1.85 1.86 1.93 1.90 1.90 1.92 1.96 - 1.97
Compound Leverage Factor		 1.85 1.82 1.97 1.86 1.93 -0.68 1.92 1.88 1.92 - 1.97
Debt to Total Capital		 45.42% 45.61% 45.66% 45.91% 47.51% 45.58% 45.38% 45.72% 46.00% - 49.09%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 3.96% 3.17% 2.63% 3.02% 0.00% - 3.12%
Long-Term Debt to Total Capital		 45.42% 45.61% 45.66% 45.91% 43.56% 42.41% 42.74% 42.70% 46.00% - 45.97%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.18% 0.18% 0.19% 0.19% 0.19% 0.20% 0.20% 0.21% 0.21% - 0.21%
Common Equity to Total Capital		 54.40% 54.20% 54.15% 53.90% 52.30% 54.22% 54.42% 54.07% 53.80% - 50.70%
Debt to EBITDA		 8.24 8.14 8.09 8.07 8.52 7.97 7.76 7.66 7.50 - 7.63
Net Debt to EBITDA		 7.29 7.28 7.19 7.16 7.34 7.56 7.45 7.39 7.14 - 7.31
Long-Term Debt to EBITDA		 8.24 8.14 8.09 8.07 7.81 7.42 7.31 7.15 7.50 - 7.15
Debt to NOPAT		 24.34 23.89 24.23 24.49 26.78 27.97 26.98 26.17 24.61 - 24.18
Net Debt to NOPAT		 21.55 21.38 21.54 21.72 23.08 26.54 25.92 25.26 23.43 - 23.16
Long-Term Debt to NOPAT		 24.34 23.89 24.23 24.49 24.55 26.02 25.42 24.44 24.61 - 22.64
Noncontrolling Interest Sharing Ratio		 0.32% 0.33% 0.34% 0.33% 0.34% 0.35% 0.36% 0.37% 0.37% - 0.39%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -635 -563 -602 -474 -74 731 954 832 1,159 - 6.86
Operating Cash Flow to CapEx		 609.21% 125.19% 501.53% 610.04% 407.64% 223.24% 517.05% 562.01% 494.12% - 385.65%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -6.71 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 2.96 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 2.37 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.12 0.13 0.11 0.12 0.11 0.14 0.14 0.14 0.14 - 0.15
Fixed Asset Turnover		 0.13 0.14 0.13 0.13 0.13 0.15 0.15 0.16 0.16 - 0.16
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 18,817 18,736 18,714 18,610 18,961 17,995 17,858 17,880 17,893 - 17,931
Invested Capital Turnover		 0.12 0.13 0.12 0.12 0.12 0.14 0.14 0.15 0.15 - 0.16
Increase / (Decrease) in Invested Capital		 717 644 694 562 144 -742 -856 -731 -1,067 - 73
Enterprise Value (EV)		 26,224 27,879 29,250 29,600 29,399 27,403 29,174 28,033 25,851 - 23,610
Market Capitalization		 18,623 20,195 21,618 21,984 21,600 19,585 21,352 20,105 17,980 - 15,143
Book Value per Share		 $16.73 $16.60 $16.55 $16.38 $16.19 $15.93 $15.86 $15.77 $15.70 - $14.92
Tangible Book Value per Share		 $16.30 $16.17 $16.13 $15.96 $15.77 $15.51 $15.44 $15.35 $15.28 - $14.40
Total Capital		 18,817 18,736 18,714 18,610 18,961 17,995 17,858 17,880 17,893 - 17,931
Total Debt		 8,547 8,546 8,544 8,544 9,009 8,202 8,103 8,175 8,230 - 8,802
Total Long-Term Debt		 8,547 8,546 8,544 8,544 8,259 7,632 7,633 7,635 8,230 - 8,242
Net Debt		 7,567 7,649 7,597 7,581 7,763 7,783 7,785 7,891 7,835 - 8,429
Capital Expenditures (CapEx)		 69 70 53 61 77 59 58 68 80 - 76
Net Nonoperating Expense (NNE)		 -50 -49 -51 15 -26 -155 -68 -40 -46 - -82
Net Nonoperating Obligations (NNO)		 8,547 8,546 8,544 8,544 9,009 8,202 8,103 8,175 8,230 - 8,802
Total Depreciation and Amortization (D&A)		 175 178 180 181 186 188 189 192 195 - 202
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.22 $0.20 $0.23 $0.12 $0.16 $0.23 $0.27 $0.23 $0.22 $0.24 $0.26
Adjusted Weighted Average Basic Shares Outstanding		 612.00M 611.89M 612.22M 612.63M 612.67M 612.55M 612.78M 613.05M 613.08M 612.95M 606.00M
Adjusted Diluted Earnings per Share		 $0.21 $0.22 $0.23 $0.12 $0.15 $0.24 $0.27 $0.23 $0.22 $0.24 $0.26
Adjusted Weighted Average Diluted Shares Outstanding		 613.58M 613.29M 613.81M 613.82M 613.65M 613.63M 613.36M 613.26M 613.08M 613.18M 606.23M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 611.96M 611.96M 612.54M 612.59M 612.61M 612.69M 612.95M 613.01M 613.02M 609.39M 594.04M
Normalized Net Operating Profit after Tax (NOPAT)		 59 59 67 69 63 22 72 73 66 - 59
Normalized NOPAT Margin		 9.59% 8.40% 12.06% 10.55% 9.59% 2.96% 10.73% 10.77% 9.60% - 7.99%
Pre Tax Income Margin		 13.30% 11.56% 17.52% 13.49% 10.54% -2.12% 14.80% 14.61% 13.02% - 10.82%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 1.02 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 1.02 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.43 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.43 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 124.71% 122.48% 119.85% 138.70% 153.02% 151.36% 144.98% 128.22% 120.22% - 122.99%
Augmented Payout Ratio		 124.71% 122.48% 119.85% 138.70% 153.02% 151.36% 144.98% 128.22% 120.22% - 208.58%

Financials Breakdown Chart

Key Financial Trends

Invitation Homes (NYSE: INVH) has delivered steady operating performance over the last four years, with revenue, cash flow, and net income generally trending higher in 2025 and early 2026 versus 2024 and 2023. The company continues to benefit from strong rental income and recurring cash generation, but investors should also note rising leverage, a heavier financing burden, and ongoing share repurchases and dividends that consume a large portion of cash flow.

  • Revenue improved in early 2026. Q1 2026 total revenue was $734.1 million, up from $685.3 million in Q4 2025 and $674.5 million in Q1 2025.
  • Net income also increased year over year. Q1 2026 consolidated net income was $161.1 million, above $145.1 million in Q4 2025 and $166.3 million in Q1 2025 on a comparable quarter basis.
  • Operating cash flow remains solid. INVH generated $293.0 million in operating cash flow in Q1 2026, which is strong relative to quarterly net income.
  • The business continues to produce substantial cash from core operations. From Q1 2024 through Q1 2026, quarterly operating cash flow generally stayed in a range around $265 million to $395 million, showing durable cash generation.
  • Equity remains sizable. Total common equity was $9.09 billion in Q1 2026, supporting a fairly large asset base and giving the company balance-sheet flexibility.
  • Cash balance improved modestly in Q1 2026. Cash and equivalents rose to $114.1 million from $92.0 million at Q4 2025, while total cash and restricted cash remained a meaningful liquidity buffer.
  • Depreciation is consistently high, but that is typical for an asset-heavy real estate business. This lowers accounting earnings versus cash flow, so cash flow is a better measure than net income alone for INVH.
  • Dividend payments remain a regular cash use. The company paid $184.5 million in dividends in Q1 2026, which is manageable given operating cash flow, but still an ongoing distribution requirement.
  • Debt remains elevated. Q1 2026 long-term debt was $8.24 billion, with total liabilities of $9.57 billion, keeping leverage a key risk for shareholders.
  • Balance-sheet debt increased in early 2026. Short-term debt rose to $560 million in Q1 2026 from $0 at Q3 2025, and total debt was higher than the prior quarter, suggesting more reliance on financing.

Longer-term trend: Compared with 2023 and 2024, Invitation Homes has shown better earnings and stronger operating cash flow in 2025 and early 2026. Revenue has generally climbed, while quarterly net income has improved from the low-$100 million range in 2024 to the mid-$100 million range more recently. That said, the company is still highly leveraged, and financing costs plus debt management remain important to watch.

Bottom line: INVH looks like a stable cash-generating residential REIT with improving near-term operating results. The main positives are consistent rent-driven revenue and strong operating cash flow. The main negatives are meaningful debt and ongoing cash outflows for dividends, debt service, and buybacks.

06/11/26 01:24 PM ETAI Generated. May Contain Errors.

Invitation Home Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Invitation Home's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Invitation Home's net income appears to be on an upward trend, with a most recent value of $589.91 million in 2025, falling from -$160.21 million in 2015. The previous period was $455.37 million in 2024. Find out what analysts predict for Invitation Home in the coming months.

Over the last 10 years, Invitation Home's total revenue changed from $562.31 million in 2015 to $2.73 billion in 2025, a change of 385.4%.

Invitation Home's total liabilities were at $9.11 billion at the end of 2025, a 2.3% increase from 2024, and a 17.2% increase since 2016.

In the past 9 years, Invitation Home's cash and equivalents has ranged from $92.26 million in 2019 to $700.62 million in 2023, and is currently $129.97 million as of their latest financial filing in 2025.


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Financial statements for NYSE:INVH last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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