Invitation Homes Inc. (INVH) Financial Statements

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Invitation Homes financial statements at a glance

Invitation Homes reported revenue of $2.73 billion for fiscal year 2025 (ended December 31, 2025), up 4.2% from fiscal year 2024. Net income was $586.96 million, a net margin of 21.5%.

At the end of fiscal year 2025 it had total assets of $18.68 billion, total liabilities of $9.11 billion and shareholders' equity of $9.53 billion, with cash and short-term investments of $129.97 million and total debt of $8.38 billion.

Its operations brought in $1.21 billion of cash; capital spending was $242.75 million, leaving free cash flow of $963.48 million.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

INVH logo

Invitation Homes Inc.

INVHUnited States
Financial Services
USD (Local)

Income Statement

Annual • USD

Total Revenue
2.73B
Prev Year: 2.62B
YoY: +4.2%
Operating Revenue
2.73B
Prev Year: 2.62B
YoY: +4.2%
Cost of Revenue
1.13B
Prev Year: 1.07B
YoY: +5.8%
Gross Profit
1.59B
Prev Year: 1.55B
YoY: +3.1%
Operating Expense
842.18M
Prev Year: 804.94M
YoY: +4.6%
Selling General and Administrative
95.25M
Prev Year: 90.61M
YoY: +5.1%
General and Administrative Expense
95.25M
Prev Year: 90.61M
YoY: +5.1%
Other General and Administrative
95.25M
Prev Year: 90.61M
YoY: +5.1%
Depreciation Amortization Depletion
746.93M
Prev Year: 714.33M
YoY: +4.6%
Depreciation and amortization
746.93M
Prev Year: 714.33M
YoY: +4.6%
Operating Income
752.40M
Prev Year: 741.24M
YoY: +1.5%
Net Non Operating Interest Income Expense
-353.33M
Prev Year: -366.07M
YoY: +3.5%
Non-operating Interest Expense
353.33M
Prev Year: 366.07M
YoY: -3.5%
Other Income Expense
190.84M
Prev Year: 80.19M
YoY: +138.0%
Gain on Sale of Securities
218.24M
Prev Year: 245.60M
YoY: -11.1%
Equity in Earnings of Affiliates
-11.61M
Prev Year: -28.45M
YoY: +59.2%
Special Income Charges
-11.44M
Prev Year: -82.92M
YoY: +86.2%
Impairment of Capital Assets
11.44M
Prev Year: 82.92M
YoY: -86.2%
Other Non-operating Income (expense)
-4.34M
Prev Year: -54.03M
YoY: +92.0%
Pre-tax Income
589.91M
Prev Year: 455.37M
YoY: +29.5%
Net Income Common Stockholders
586.96M
Prev Year: 453.16M
YoY: +29.5%
Net Income
587.92M
Prev Year: 453.92M
YoY: +29.5%
Net Income Including Non-Controlling Interests
589.91M
Prev Year: 455.37M
YoY: +29.5%
Net Income from Continuing Operations
589.91M
Prev Year: 455.37M
YoY: +29.5%
Noncontrolling Interests
-1.99M
Prev Year: -1.45M
YoY: -37.1%
Otherunder Preferred Stock Dividend
960.0K
Prev Year: 753.0K
YoY: +27.5%
Diluted NI Available to Com Stockholders
586.96M
Prev Year: 453.16M
YoY: +29.5%
Total Expenses
1.98B
Prev Year: 1.88B
YoY: +5.3%
Basic EPS
-
Prev Year: 0.74
Net Income from Continuing and Discontinued Operation
587.92M
Prev Year: 453.92M
YoY: +29.5%
Diluted EPS
-
Prev Year: 0.74
Normalized Income
424.56M
Prev Year: 325.41M
YoY: +30.5%
Weighted Average Shares (basic)
-
Prev Year: 612.55M
Interest Expense
353.33M
Prev Year: 366.07M
YoY: -3.5%
Weighted Average Shares (diluted)
-
Prev Year: 613.63M
Net Interest Income
-353.33M
Prev Year: -366.07M
YoY: +3.5%
Total Operating Income as Reported
-
EBIT
943.24M
Prev Year: 821.43M
YoY: +14.8%
EBITDA
1.69B
Prev Year: 1.54B
YoY: +10.1%
Reconciled Cost of Revenue
1.13B
Prev Year: 1.07B
YoY: +5.8%
Reconciled Depreciation
746.93M
Prev Year: 714.33M
YoY: +4.6%
Net Income from Continuing Operation Net Minority Interest
587.92M
Prev Year: 453.92M
YoY: +29.5%
Total Unusual Items Excluding Goodwill
206.79M
Prev Year: 162.67M
YoY: +27.1%
Total Unusual Items
206.79M
Prev Year: 162.67M
YoY: +27.1%
Normalized EBITDA
1.48B
Prev Year: 1.37B
YoY: +8.0%
Tax Rate for Calcs
0.21
Prev Year: 0
Tax Effect of Unusual Items
43.43M
Prev Year: 34.16M
YoY: +27.1%
Values in USD

Invitation Homes key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$2.7B$2.6B$2.4B$2.2B$2.0B
Gross profit$1.6B$1.5B$1.5B$1.4B$1.2B
Operating income$752.4M$741.2M$699.5M$651.7M$550.9M
Net income$587.0M$453.2M$518.8M$382.7M$261.1M
Diluted EPS–$0.74$0.85$0.63$0.45
Total assets$18.7B$18.7B$19.2B$18.5B$18.5B
Total liabilities$9.1B$8.9B$9.0B$8.2B$8.7B
Shareholders' equity$9.5B$9.8B$10.2B$10.3B$9.8B
Cash and short-term investments$130.0M$174.5M$700.6M$262.9M$610.2M
Total debt$8.4B$8.2B$8.5B$7.8B$8.0B
Operating cash flow$1.2B$1.1B$1.1B$1.0B$907.7M
Capital spending$242.8M$219.4M$221.1M$208.1M$162.8M
Free cash flow$963.5M$862.4M$886.0M$815.5M$744.8M

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Invitation Homes's revenue in fiscal year 2025?

$2.73 billion, up 4.2% from $2.62 billion in fiscal year 2024.

How much profit does Invitation Homes make?

Invitation Homes reported net income of $586.96 million for fiscal year 2025 (21.5% of revenue); operating income was $752.40 million.

How much cash and debt does Invitation Homes have?

At the end of fiscal year 2025: cash and short-term investments of $129.97 million and total debt of $8.38 billion.

What is Invitation Homes's free cash flow?

$963.48 million in fiscal year 2025 (operating cash flow of $1.21 billion minus capital spending of $242.75 million).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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