Invitation Homes Financials
Invitation Homes (INVH) reported $2.7B in revenue for fiscal year 2025, up 4.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Rising operating cash is coming from a largely unchanged asset base, showing improved property yield rather than balance-sheet expansion.
From FY2023 to FY2025, revenue rose to$2.73B while total assets slipped to$18.7B . With long-term debt still near$8.4B and operating cash flow reaching$1.21B , the business is extracting more cash from the same balance sheet, which looks more like better yield on existing assets than expansion bought with new borrowing.
In FY2025, operating cash flow of
Retained earnings reached
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Invitation Homes's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Invitation Homes, and counted as zero in the overall score.
Not available for Invitation Homes, and counted as zero in the overall score.
Invitation Homes passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Invitation Homes generates $2.05 in operating cash flow ($1.2B OCF vs $587.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Invitation Homes generated $2.7B in revenue in fiscal year 2025. This represents an increase of 4.2% from the prior year.
Invitation Homes reported $587.9M in net income in fiscal year 2025. This represents an increase of 29.5% from the prior year.
Invitation Homes earned $0.96 per diluted share (EPS) in fiscal year 2025. This represents an increase of 29.7% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Invitation Homes held $130.0M in cash against $8.4B in long-term debt as of fiscal year 2025.
Invitation Homes paid $1.17 per share in dividends in fiscal year 2025. This represents a decrease of 17.0% from the prior year.
Not reported for fiscal year 2025.
Margins & Returns
Invitation Homes's net profit margin was 21.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4.2 percentage points from the prior year.
Invitation Homes's ROE was 6.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Invitation Homes spent $53.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
INVH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.9B | $2.7B+4.2% | $2.6B+7.7% | $2.4B+8.7% | $2.2B+12.1% | $2.0B+9.5% | $1.8B+3.3% | $1.8B+2.4% | $1.7B+63.4% | $1.1B+14.3% | $922.6M+1449.7% | $59.5M |
| SG&A Expenses | $103.8M | $95.3M+5.1% | $90.6M+10.0% | $82.3M+11.2% | $74.0M-2.4% | $75.8M+19.8% | $63.3M-14.8% | $74.3M-24.8% | $98.8M-41.1% | $167.7M+142.7% | $69.1M-13.0% | $79.4M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $118.2M-38.0% | $190.8M+66.8% | $114.4M |
| Interest Expense | $371.0M | $353.3M-3.5% | $366.1M+9.8% | $333.5M+9.7% | $304.1M-5.8% | $322.7M-8.8% | $353.9M-3.6% | $367.2M-4.3% | $383.6M+49.3% | $257.0M-10.2% | $286.0M+4.5% | $273.7M |
| Income Tax | N/A | N/A | N/A | $253K+68.7% | $150K-72.8% | $551K-36.7% | $870K-65.1% | $2.5M+100.6% | $1.2M | N/A | N/A | N/A |
| Net Income | $660.6M | $587.9M+29.5% | $453.9M-12.6% | $519.5M+35.5% | $383.3M+46.6% | $261.4M+33.2% | $196.2M+34.9% | $145.5M+3052.4% | -$4.9M+95.3% | -$105.3M-34.6% | -$78.2M+51.2% | -$160.2M |
| EPS (Diluted) | — | $0.96+29.7% | $0.74-12.9% | $0.85+34.9% | $0.63+40.0% | $0.45+28.6% | $0.35+29.6% | $0.27+2800.0% | -$0.01+96.2% | -$0.26 | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
INVH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $18.7B-0.1% | $18.7B-2.7% | $19.2B+3.7% | $18.5B0.0% | $18.5B+5.9% | $17.5B+0.7% | $17.4B-3.7% | $18.1B-3.3% | $18.7B+92.0% | $9.7B | N/A |
| Cash & Equivalents | $130.0M-25.5% | $174.5M-75.1% | $700.6M+166.5% | $262.9M-56.9% | $610.2M+185.9% | $213.4M+131.3% | $92.3M-36.3% | $144.9M-19.4% | $179.9M-9.2% | $198.1M-27.9% | $274.8M |
| Goodwill | $258.2M0.0% | $258.2M0.0% | $258.2M0.0% | $258.2M0.0% | $258.2M0.0% | $258.2M0.0% | $258.2M0.0% | $258.2M0.0% | $258.2M | $0 | N/A |
| Total Liabilities | $9.1B+2.3% | $8.9B-1.4% | $9.0B+10.0% | $8.2B-5.6% | $8.7B-2.8% | $9.0B-1.9% | $9.1B-5.9% | $9.7B-3.4% | $10.0B+29.1% | $7.8B | N/A |
| Long-Term Debt | $8.4B+2.2% | $8.2B-4.0% | $8.5B+10.0% | $7.8B-2.9% | $8.0B-0.4% | $8.0B-5.1% | $8.5B-8.5% | $9.2B-4.2% | $9.7B | N/A | N/A |
| Total Equity | $9.5B-2.3% | $9.8B-3.9% | $10.2B-1.3% | $10.3B+5.0% | $9.8B+15.2% | $8.5B+3.5% | $8.2B-0.2% | $8.2B-3.2% | $8.5B+334.1% | $2.0B+3.7% | $1.9B |
| Retained Earnings | -$1.6B-8.8% | -$1.5B-38.3% | -$1.1B-12.5% | -$951.2M-19.7% | -$794.9M-20.2% | -$661.2M-26.0% | -$524.6M-33.6% | -$392.6M-149.1% | -$157.6M | N/A | N/A |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.
INVH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.2B | $1.2B+11.5% | $1.1B-2.3% | $1.1B+8.2% | $1.0B+12.8% | $907.7M+30.3% | $696.7M+5.2% | $662.1M+18.0% | $561.2M+113.4% | $263.0M+2.7% | $256.1M+29.7% | $197.5M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $4.0M-1.4% | $4.1M+5.9% | $3.9M+89.9% | $2.0M |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $557.2M+115.2% | $258.9M+2.7% | $252.2M+29.0% | $195.4M |
| Investing Cash Flow | -$154.6M | -$652.6M-40.1% | -$465.9M+39.8% | -$773.6M+5.0% | -$814.4M+29.8% | -$1.2B-172.7% | -$425.2M-515.9% | $102.2M+62.3% | $63.0M-2.6% | $64.7M+125.1% | -$258.0M+70.0% | -$859.8M |
| Financing Cash Flow | -$1.0B | -$618.5M+43.5% | -$1.1B-1094.1% | $110.0M+119.2% | -$574.1M-187.1% | $659.0M+551.3% | -$146.0M+82.6% | -$838.1M-23.1% | -$680.8M-105.5% | -$331.3M-361.5% | -$71.8M-111.0% | $651.6M |
| Dividends Paid | $719.9M | $712.8M+3.4% | $689.2M+8.0% | $638.1M+18.4% | $539.0M+36.9% | $393.8M+18.6% | $332.2M+20.0% | $276.7M+20.3% | $230.1M+233.5% | $69.0M | $0-100.0% | $682.5M |
| Share Buybacks | N/A | $53.2M | $0 | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
INVH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 11.2%-9.5pp | 20.7% | 192.1% |
| Net Margin | 21.5%+4.2pp | 17.3%-4.0pp | 21.4%+4.2pp | 17.1%+4.0pp | 13.1%+2.3pp | 10.8%+2.5pp | 8.2%+8.5pp | -0.3%+9.7pp | -10.0%-1.5pp | -8.5% | -269.1% |
| Return on Equity | 6.2%+1.5pp | 4.7%-0.5pp | 5.1%+1.4pp | 3.7%+1.0pp | 2.7%+0.4pp | 2.3%+0.5pp | 1.8%+1.8pp | -0.1%+1.2pp | -1.2%+2.8pp | -4.0%+4.5pp | -8.5% |
| Return on Assets | 3.1%+0.7pp | 2.4%-0.3pp | 2.7%+0.6pp | 2.1%+0.7pp | 1.4%+0.3pp | 1.1%+0.3pp | 0.8%+0.9pp | 0.0%+0.5pp | -0.6%+0.2pp | -0.8% | N/A |
| Debt-to-Equity | 0.880.0x | 0.840.0x | 0.84+0.1x | 0.75-0.1x | 0.82-0.1x | 0.94-0.1x | 1.03-0.1x | 1.120.0x | 1.14-2.8x | 3.97 | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 32.3%+7.8pp | 24.6%-2.8pp | 27.3% | 328.3% |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Invitation Homes Ranks
Frequently Asked Questions
What is Invitation Homes's annual revenue?
Invitation Homes (INVH) reported $2.7B in total revenue for fiscal year 2025. This represents a 4.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Invitation Homes's revenue growing?
Invitation Homes (INVH) revenue grew by 4.2% year-over-year, from $2.6B to $2.7B in fiscal year 2025.
Is Invitation Homes profitable?
Yes, Invitation Homes (INVH) reported a net income of $587.9M in fiscal year 2025, with a net profit margin of 21.5%.
How much debt does Invitation Homes have?
As of fiscal year 2025, Invitation Homes (INVH) had $130.0M in cash and equivalents against $8.4B in long-term debt.
What is Invitation Homes's net profit margin?
Invitation Homes (INVH) had a net profit margin of 21.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Invitation Homes pay dividends?
Yes, Invitation Homes (INVH) paid $1.17 per share in dividends during fiscal year 2025.
What is Invitation Homes's return on equity (ROE)?
Invitation Homes (INVH) has a return on equity of 6.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Invitation Homes's operating cash flow?
Invitation Homes (INVH) generated $1.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Invitation Homes's total assets?
Invitation Homes (INVH) had $18.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Invitation Homes's debt-to-equity ratio?
Invitation Homes (INVH) had a debt-to-equity ratio of 0.88 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Invitation Homes's return on assets (ROA)?
Invitation Homes (INVH) had a return on assets of 3.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Invitation Homes's Piotroski F-Score?
Invitation Homes (INVH) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Invitation Homes's earnings high quality?
Invitation Homes (INVH) has an earnings quality ratio of 2.05x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Invitation Homes?
Invitation Homes (INVH) scores 40 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.