Invitation Homes
INVH · NYSEReal Estate Operators (No Developers) & Lessors · Fiscal year ends Dec 31
Invitation Homes reported revenue of $2.7B in the fiscal year ended Dec 2025, up 4.2% from the year before. Net income was $588M. Net debt was $8.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2B | $2.2B | $2.4B | $2.6B | $2.7B |
| Interest expense | $323M | $304M | $333M | – | – |
| Income tax | $551,000 | $150,000 | $253,000 | – | – |
| Net income | $261M | $383M | $519M | $454M | $588M |
| Diluted EPS | 0.45 | 0.63 | 0.85 | 0.74 | 0.96 |
| Diluted shares | 579M | 611M | 613M | 614M | 613M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $610M | $263M | $701M | $174M | $130M |
| Net PP&E | $17M | $24M | $31M | $43M | $57M |
| Goodwill | $258M | $258M | $258M | $258M | $258M |
| Total assets | $18.5B | $18.5B | $19.2B | $18.7B | $18.7B |
| Deferred revenue | – | – | – | – | $0 |
| Long-term debt | $8B | $7.8B | $8.5B | $8.2B | $8.4B |
| Total liabilities | $8.7B | $8.2B | $9B | $8.9B | $9.1B |
| Shareholders' equity | $9.8B | $10.3B | $10.2B | $9.8B | $9.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $908M | $1B | $1.1B | $1.1B | $1.2B |
| Depreciation & amortisation | $592M | $638M | $674M | $714M | $747M |
| Stock-based compensation | $27M | $29M | $30M | $28M | $28M |
| Share buybacks | – | – | $0 | $0 | $53M |
| Dividends paid | $394M | $539M | $638M | $689M | $713M |
| Dividend per share | 0.68 | 0.88 | 1.04 | 1.41 | 1.17 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.1% | 8.7% | 7.7% | 4.2% |
| EPS growth (YoY) | – | 40.0% | 34.9% | −12.9% | 29.7% |
| Net margin | 13.1% | 17.1% | 21.4% | 17.3% | 21.5% |
| Return on equityBlank when equity is negative | 2.7% | 3.7% | 5.1% | 4.7% | 6.2% |
| Cash conversion (CFO ÷ net income) | 3.47x | 2.67x | 2.13x | 2.38x | 2.05x |
| Debt ÷ equity | 0.82x | 0.75x | 0.84x | 0.84x | 0.88x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $7.4B | $7.5B | $7.8B | $8B | $8.3B |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.