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INVH financial statements

The full income statement, balance sheet, and cash-flow statement for Invitation Homes Inc. (INVH), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Financial overview#

Revenue

5Y CAGR +8.4%5Y CAGR +8.4%YoY +6.3%
$2.9B TTM$731.3M Q3 '26
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Operating income

YoY +180.0%
— FY25— Q3 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Net income

5Y CAGR +24.5%10Y n/mYoY +15.9%
$682.4M TTM$158.5M Q3 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

EPS (diluted)

5Y CAGR +22.4%5Y CAGR +22.4%YoY +22.7%
$1.14 TTM$0.27 Q3 '26
FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Operating cash flow

5Y CAGR +11.6%10Y CAGR +19.8%YoY −2.7%
$1.2B TTM$383.9M Q3 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Capital expenditure

5Y CAGR +0.0%10Y CAGR +9.1%YoY −5.0%
$271.1M FY25$69.5M Q3 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Free cash flow

5Y CAGR +17.0%10Y CAGR +27.2%YoY −2.2%
$935.1M FY25$314.4M Q3 '26
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Shares (diluted)

5Y +10.4%5Y +10.4%YoY −4.0%
600.1M TTM588.5M Q3 '26
FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Dividend per share

5Y CAGR +14.3%5Y CAGR +14.3%YoY +3.4%
$1.19 TTM$0.30 Q3 '26
FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18Q2 '18Q3 '18Q4 '18Q1 '19Q2 '19Q3 '19Q4 '19Q1 '20Q2 '20Q3 '20Q4 '20Q1 '21Q2 '21Q3 '21Q4 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Shares outstanding (point-in-time)

2024-09 612.6M2024-12 612.7M2025-03 612.9M2025-06 613.0M2025-09 613.0M2025-12 609.4M2026-03 594.0M2026-06 590.6M2026-09 576.2M-6.0% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeFiguresAs-reported fiscal years.
Line itemTrendFY2025FY2024FY2023FY2022FY2021
Income Statementas ofDec 31 ’25as ofDec 31 ’24as ofDec 31 ’23as ofDec 31 ’22as ofDec 31 ’21
2.73B+4.2%2.62B+7.7%2.43B+8.7%2.24B+12.1%2.00B+9.5%
Lease income2.64B+3.6%2.55B+5.4%2.42B+8.6%2.23B+11.8%1.99B+9.3%
Selling, general & administrative95.3M+5.1%90.6M+10.0%82.3M+11.2%74.0M-2.4%75.8M+19.8%
General & administrative95.3M+5.1%90.6M+10.0%82.3M+11.2%74.0M-2.4%75.8M+19.8%
Interest expense——333M+9.7%304M-5.8%323M-8.8%
Other non-operating income-4.34M+91.8%-53.0M-2441.3%-2.08M+81.5%-11.3M-93.0%-5.83M-6684.9%
Equity-method income-11.6M+59.2%-28.4M-59.1%-17.9M-86.1%-9.61M-521.3%-1.55M
Gain (loss) on equity securities318K-69.6%1.05M+198.9%350K+108.9%-3.94M+58.2%-9.42M-131.7%
Income tax——253K+68.7%150K-72.8%551K-36.7%
588M+29.5%454M-12.6%519M+35.5%383M+46.6%261M+33.2%
Net income to non-controlling interest1.99M+37.1%1.45M-7.1%1.56M+6.0%1.47M+8.8%1.35M+9.2%
Net income to common587M+29.5%453M-12.6%519M+35.6%383M+46.6%261M+33.4%
$0.96+29.7%$0.74-12.9%$0.85+34.9%$0.63+40.0%$0.45+28.6%
EPS (basic)$0.96+29.7%$0.74-12.9%$0.85+34.9%$0.63+40.0%$0.45+28.6%
Weighted-avg shares (basic)613M+0.1%613M+0.1%612M+0.3%610M+5.6%578M+4.3%
Weighted-avg shares (diluted)613M-0.1%614M+0.1%613M+0.4%611M+5.5%579M+4.3%
Dividends per share$1.17-17.0%$1.41+35.6%$1.04+18.2%$0.88+29.4%$0.68+13.3%
Balance Sheetas ofDec 31 ’25as ofDec 31 ’24as ofDec 31 ’23as ofDec 31 ’22as ofDec 31 ’21
Cash & equivalents130M-25.5%174M-75.1%701M+166.5%263M-56.9%610M+185.9%
18.7B-0.1%18.7B-2.7%19.2B+3.7%18.5B-0.0%18.5B+5.9%
Property, plant & equipment56.6M+32.6%42.7M+35.7%31.5M+28.5%24.5M+47.5%16.6M+66.0%
Operating lease right-of-use32.1M+62.5%19.8M+114.1%9.24M-28.2%12.9M+17.4%11.0M-15.3%
Goodwill258M+0.0%258M+0.0%258M+0.0%258M+0.0%258M+0.0%
Intangible assets
19.4M————
Short-term & current debt145M-74.6%570M0.000.000.00
9.11B+2.3%8.91B-1.4%9.03B+10.0%8.21B-5.6%8.70B-2.8%
Long-term debt8.24B+7.9%7.63B-10.7%8.55B+10.0%7.77B-2.9%8.00B-0.4%
Operating lease liability (total)35.5M+62.0%21.9M+97.4%11.1M-25.6%14.9M+12.6%13.3M
Finance lease liability (total)13.5M+56.5%8.64M+127.5%3.80M+9.0%3.48M-39.8%5.78M-31.1%
9.53B-2.3%9.76B-3.9%10.2B-1.3%10.3B+5.0%9.80B+15.2%
Additional paid-in capital11.1B-0.4%11.2B+0.1%11.2B+0.2%11.1B+2.4%10.9B+12.0%
Retained earnings-1.61B-8.8%-1.48B-38.3%-1.07B-12.5%-951M-19.7%-795M-20.2%
Accumulated other comprehensive income6.42M-89.5%61.0M-4.3%63.7M-35.0%98.0M+134.1%-287M+47.5%
Non-controlling interest37.8M+5.6%35.7M+3.7%34.5M+6.7%32.3M-21.4%41.1M-19.9%
Total equity incl. non-controlling9.57B-2.3%9.79B-3.9%10.2B-1.3%10.3B+4.9%9.84B+15.0%
Total liabilities & equity18.7B-0.1%18.7B-2.7%19.2B+3.7%18.5B-0.0%18.5B+5.9%
Common shares outstanding611M-0.3%613M+0.1%612M+0.1%611M+1.7%601M+6.0%
Shares outstanding (cover)609M-0.5%613M+0.1%612M+0.1%611M+0.6%608M+7.1%
Cash Flowas ofDec 31 ’25as ofDec 31 ’24as ofDec 31 ’23as ofDec 31 ’22as ofDec 31 ’21
1.21B+11.5%1.08B-2.3%1.11B+8.2%1.02B+12.8%908M+30.3%
Depreciation & amortization747M+4.6%714M+5.9%674M+5.7%638M+7.8%592M+7.2%
Share-based compensation27.8M-0.3%27.9M-5.4%29.5M+1.9%29.0M+6.6%27.2M+59.0%
-653M-40.1%-466M+39.8%-774M+5.0%-814M+29.8%-1.16B-172.7%
Capital expenditure271M+8.4%250M-0.5%251M-23.9%330M+37.5%240M-11.4%
Free cash flow935M+12.4%832M-2.8%856M+23.5%693M+3.9%667M+56.8%
Acquisitions0.000.00—0.000.00
Other investing activities77.5M+19.1%65.1M+140.5%27.1M+19.2%22.7M+83.6%12.4M+465.2%
-618M+43.5%-1.09B-1094.1%110M+119.2%-574M-187.1%659M+551.3%
Long-term debt issued597M+20.8%494M-37.4%790M+32.0%598M-69.1%1.94B
Long-term debt repaid0.000.000.000.000.00
Common stock issued0.000.000.00-100.0%98.4M-89.5%934M+36.0%
Common stock repurchased53.2M0.000.000.000.00
Dividends paid713M+3.4%689M+8.0%638M+18.4%539M+36.9%394M+18.6%
Other financing activities-3.35M+26.2%-4.54M-52.5%-2.98M+81.7%-16.3M+31.0%-23.7M-32.1%
Net change in cash-64.8M+86.4%-478M-207.7%444M+221.5%-365M-189.6%407M+224.3%
Interest paid323M+0.5%321M+10.6%291M+5.4%276M-3.4%286M-8.8%
Income taxes paid84.0K-46.8%158K-35.5%245K-84.0%1.53M+89.6%809K-37.0%
Valuation Ratiosas ofDec 31 ’25as ofDec 31 ’24as ofDec 31 ’23as ofDec 31 ’22as ofDec 31 ’21
Market cap17.0B-13.3%19.6B-6.2%20.9B+15.2%18.1B-33.5%27.3B+61.8%
P/E28.9×-33.1%43.1×+1.4%42.6×-16.1%50.7×-51.3%104.2×+21.4%
P/S6.2×-16.8%7.5×-14.5%8.7×+5.1%8.3×-39.1%13.6×+47.7%
P/B1.8×-11.3%2.0×-1.6%2.0×+16.1%1.8×-36.8%2.8×+40.4%
P/FCF18.2×-22.9%23.5×-0.3%23.6×-8.6%25.8×-36.8%40.8×+3.2%
Earnings yield3.5%+49.4%2.3%-1.4%2.3%+19.2%2.0%+105.5%0.96%-17.7%
FCF yield5.5%+29.7%4.2%+0.3%4.2%+9.4%3.9%+58.2%2.4%-3.1%
Dividend yield4.2%-4.5%4.4%+44.7%3.0%+2.7%3.0%+98.0%1.5%-25.8%
Source filing10-K10-K10-K10-K10-K

About this data

Source: INVH’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all INVH filings on SEC EDGAR → Not investment advice.