Invitation Homes Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Invitation Homes Inc reported revenue of $2.7B (+4.2% year on year) and net income of $589.9M (+29.5% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Rental revenues and other property income | $2.6B | $2.5B | $2.4B | $2.2B |
| Management fee revenues | $87.3M | $70.0M | $13.6M | $11.5M |
| Total revenues | $2.7B | $2.6B | $2.4B | $2.2B |
| Property operating and maintenance | $985.6M | $935.3M | $880.3M | $786.4M |
| Property management expense | $149.1M | $137.5M | $95.8M | $87.9M |
| General and administrative | $95.3M | $90.6M | $82.3M | $74.0M |
| Interest expense | $353.3M | $366.1M | $333.5M | $304.1M |
| Depreciation and amortization | $746.9M | $714.3M | $674.3M | $638.1M |
| Casualty losses, impairment, and other | $11.4M | $82.9M | — | — |
| Total expenses | $2.3B | $2.3B | $2.1B | $1.9B |
| Gain on sale of property, net of tax | $218.2M | $244.6M | $183.5M | $90.7M |
| Losses from investments in unconsolidated joint ventures | ($11.6M) | ($28.4M) | ($17.9M) | ($9.6M) |
| Other, net | ($4.3M) | ($54.0M) | ($2.4M) | ($11.3M) |
| Net income | $589.9M | $455.4M | $521.0M | $384.8M |
| Net income attributable to non-controlling interests | ($2.0M) | ($1.4M) | ($1.6M) | ($1.5M) |
| Net income attributable to common stockholders | $587.9M | $453.9M | $519.5M | $383.3M |
| Net income available to participating securities | ($960.0K) | ($753.0K) | ($696.0K) | ($661.0K) |
| Net income available to common stockholders — basic | $587.0M | $453.2M | $518.8M | $382.7M |
| Net income available to common stockholders — diluted | $587.0M | $453.2M | $518.8M | $382.7M |
| Weighted average common shares outstanding — basic (in shares) | 612.9M | 612.6M | 611.9M | 609.8M |
| Weighted average common shares outstanding — diluted (in shares) | 613.2M | 613.6M | 613.3M | 611.1M |
| Net income per common share — basic (in dollars per share) | $0.96 | $0.74 | $0.85 | $0.63 |
| Net income per common share — diluted (in dollars per share) | $0.96 | $0.74 | $0.85 | $0.63 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Rental revenues and other property income | $678.4M | $670.5M | $666.2M | $659.1M |
| Management fee revenues | $19.7M | $19.9M | $22.0M | $22.3M |
| Homebuilding revenues | $49.5M | $43.7M | — | — |
| Total revenues | $747.5M | $734.1M | $688.2M | $681.4M |
| Property operating and maintenance | $255.7M | $251.1M | $259.0M | $244.3M |
| Property management expense | $37.7M | $39.3M | $37.1M | $35.8M |
| Homebuilding cost of sales | $42.2M | $39.1M | — | — |
| General and administrative | $29.3M | $32.3M | $18.4M | $23.6M |
| Interest expense | $94.0M | $95.3M | $90.8M | $87.4M |
| Depreciation and amortization | $194.3M | $193.1M | $188.5M | $185.5M |
| Casualty losses, impairment, and other | $4.2M | $4.3M | $3.4M | $3.0M |
| Total expenses | $657.5M | $654.7M | $597.2M | $579.6M |
| Gain on sale of property, net of tax | $132.3M | $87.1M | $45.5M | $46.6M |
| Losses from investments in unconsolidated joint ventures | ($2.4M) | ($3.1M) | $2.1M | ($4.8M) |
| Other, net | ($298.0K) | ($2.3M) | ($1.8M) | ($2.1M) |
| Net income | $219.7M | $161.1M | $137.2M | $141.4M |
| Net income attributable to non-controlling interests | ($804.0K) | ($557.0K) | ($472.0K) | ($480.0K) |
| Net income attributable to common stockholders | $218.8M | $160.5M | $136.7M | $140.9M |
| Net income available to participating securities | ($675.0K) | ($708.0K) | ($264.0K) | ($222.0K) |
| Net income available to common stockholders — basic | $218.2M | $159.8M | $136.5M | $140.7M |
| Net income available to common stockholders — diluted | $218.2M | $159.8M | $136.5M | $140.7M |
| Weighted average common shares outstanding — basic (in shares) | 592.4M | 606.0M | 613.1M | 613.0M |
| Weighted average common shares outstanding — diluted (in shares) | 592.5M | 606.2M | 613.1M | 613.3M |
| Net income per common share — basic (in dollars per share) | $0.37 | $0.26 | $0.22 | $0.23 |
| Net income per common share — diluted (in dollars per share) | $0.37 | $0.26 | $0.22 | $0.23 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Land | $5.0B | $4.9B | $4.9B | $4.8B |
| Building and improvements | $17.8B | $17.2B | $16.7B | $15.9B |
| Total gross investments in the properties | $22.8B | $22.1B | $21.6B | $20.7B |
| Less: accumulated depreciation | ($5.5B) | ($4.9B) | ($4.3B) | ($3.7B) |
| Investments in single-family residential properties, net | $17.3B | $17.2B | $17.3B | $17.0B |
| Cash and cash equivalents | $130.0M | $174.5M | $700.6M | $262.9M |
| Restricted cash | $224.9M | $245.2M | $196.9M | $191.1M |
| Goodwill | $258.2M | $258.2M | $258.2M | $258.2M |
| Investments in unconsolidated joint ventures | $254.6M | $241.6M | $247.2M | $280.6M |
| Other assets, net | $538.0M | $569.3M | $528.9M | $513.6M |
| Total assets | $18.7B | $18.7B | $19.2B | $18.5B |
| Secured debt, net | $1.4B | $983.9M | $1.6B | $1.6B |
| Unsecured notes, net | $4.4B | $3.8B | $3.3B | $2.5B |
| Term loan facilities, net | $2.5B | $2.4B | $3.2B | $3.2B |
| Revolving facility | $145.0M | $570.0M | $0 | $0 |
| Accounts payable and accrued expenses | $230.3M | $247.7M | $200.6M | $198.4M |
| Resident security deposits | $184.5M | $180.9M | $180.5M | $175.6M |
| Other liabilities | $317.5M | $277.6M | $103.4M | $70.0M |
| Total liabilities | $9.1B | $8.9B | $9.0B | $8.2B |
| Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of December 31, 2025 and 2024 | $0.00 | $0.00 | $0.00 | $0.00 |
| Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 610,788,732 and 612,605,478 outstanding as of December 31, 2025 and 2024, respectively | $6108000.00 | $6126000.00 | $6120000.00 | $6114000.00 |
| Additional paid-in capital | $11.1B | $11.2B | $11.2B | $11.1B |
| Accumulated deficit | ($1.6B) | ($1.5B) | ($1.1B) | ($951.2M) |
| Accumulated other comprehensive income | $6.4M | $61.0M | $63.7M | $98.0M |
| Total stockholders’ equity | $9.5B | $9.8B | $10.2B | $10.3B |
| Non-controlling interests | $37.8M | $35.7M | $34.5M | $32.3M |
| Total equity | $9.6B | $9.8B | $10.2B | $10.3B |
| Total liabilities and equity | $18.7B | $18.7B | $19.2B | $18.5B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Land | $4.9B | $5.0B | $5.0B | $5.0B |
| Building and improvements | $17.7B | $17.8B | $17.7B | $17.6B |
| Total gross investments in the properties | $22.6B | $22.8B | $22.7B | $22.5B |
| Less: accumulated depreciation | ($5.8B) | ($5.6B) | ($5.3B) | ($5.2B) |
| Investments in single-family residential properties, net | $16.9B | $17.1B | $17.4B | $17.4B |
| Cash and cash equivalents | $75.8M | $114.1M | $155.4M | $65.1M |
| Restricted cash | $251.5M | $258.9M | $240.3M | $218.6M |
| Goodwill | $314.2M | $314.2M | $258.2M | $258.2M |
| Investments in unconsolidated joint ventures | $252.0M | $250.6M | $255.9M | $232.6M |
| Other assets, net | $670.2M | $648.6M | $516.7M | $525.5M |
| Total assets | $18.4B | $18.7B | $18.8B | $18.7B |
| Secured debt, net | $1.4B | $1.4B | $1.4B | $1.4B |
| Unsecured notes, net | $4.4B | $4.4B | $4.4B | $3.8B |
| Term loan facilities, net | $2.5B | $2.5B | $2.4B | $2.4B |
| Revolving facility | $280.0M | $560.0M | $0 | $540.0M |
| Accounts payable and accrued expenses | $325.1M | $257.5M | $407.3M | $308.3M |
| Resident security deposits | $186.9M | $187.1M | $184.3M | $184.7M |
| Other liabilities | $317.0M | $325.6M | $297.9M | $289.2M |
| Total liabilities | $9.4B | $9.6B | $9.1B | $9.0B |
| Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2026 and December 31, 2025 | $0.00 | $0.00 | $0.00 | $0.00 |
| Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 590,613,522 and 610,788,732 outstanding as of June 30, 2026 and December 31, 2025, respectively | $5906000.00 | $5940000.00 | $6130000.00 | $6130000.00 |
| Additional paid-in capital | $10.6B | $10.7B | $11.2B | $11.2B |
| Accumulated deficit | ($1.6B) | ($1.6B) | ($1.6B) | ($1.5B) |
| Accumulated other comprehensive income | $32.9M | $18.5M | $7.8M | $11.6M |
| Total stockholders’ equity | $9.1B | $9.1B | $9.6B | $9.7B |
| Non-controlling interests | $38.2M | $37.6M | $37.0M | $37.0M |
| Total equity | $9.1B | $9.1B | $9.7B | $9.7B |
| Total liabilities and equity | $18.4B | $18.7B | $18.8B | $18.7B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $589.9M | $455.4M | $521.0M | $384.8M |
| Depreciation and amortization | $746.9M | $714.3M | $674.3M | $638.1M |
| Share-based compensation expense | $27.8M | $27.9M | $29.5M | $29.0M |
| Amortization of deferred financing costs | $21.5M | $18.6M | $16.2M | $15.0M |
| Amortization of debt discounts | $3.3M | $2.8M | $2.0M | $1.7M |
| Provisions for impairment | $657.0K | $506.0K | $427.0K | $310.0K |
| Gain on sale of property, net of tax | ($218.2M) | ($244.6M) | ($183.5M) | ($90.7M) |
| Change in fair value of derivative instruments | ($5.0M) | $12.4M | $9.4M | $9.5M |
| Losses from investments in unconsolidated joint ventures, net of operating distributions | $14.0M | $31.1M | $20.6M | $11.4M |
| Other non-cash amounts included in net income | $7.8M | $43.5M | $5.6M | $31.0M |
| Other assets, net | ($8.8M) | ($29.2M) | ($24.5M) | ($10.9M) |
| Accounts payable and accrued expenses | $19.6M | $46.5M | $24.4M | ($6.0M) |
| Resident security deposits | $3.7M | $411.0K | $4.9M | $10.4M |
| Other liabilities | $3.1M | $3.2M | $7.2M | ($3.9M) |
| Net cash provided by operating activities | $1.2B | $1.1B | $1.1B | $1.0B |
| Acquisition of single-family residential properties | ($752.9M) | ($735.6M) | ($969.7M) | ($564.7M) |
| Initial renovations to single-family residential properties | ($28.3M) | ($30.6M) | ($30.2M) | ($122.4M) |
| Other capital expenditures for single-family residential properties | ($242.8M) | ($219.4M) | ($221.1M) | ($208.1M) |
| Proceeds from sale of single-family residential properties | $498.1M | $585.2M | $488.1M | $240.0M |
| Investments in land held for development | ($20.2M) | — | — | — |
| Repayment proceeds from retained debt securities | $0 | $32.2M | $861.0K | $70.5M |
| Investments in equity securities | ($2.9M) | ($4.7M) | ($33.6M) | — |
| Investments in unconsolidated joint ventures | ($45.7M) | ($44.2M) | ($442.0K) | ($167.7M) |
| Non-operating distributions from unconsolidated joint ventures | $19.6M | $18.7M | $13.2M | $6.1M |
| Other investing activities | ($77.5M) | ($65.1M) | ($27.1M) | ($38.5M) |
| Net cash used in investing activities | ($652.6M) | ($465.9M) | ($773.6M) | ($814.4M) |
| Payment of dividends and dividend equivalents | ($712.8M) | ($689.2M) | ($638.1M) | ($539.0M) |
| Distributions to non-controlling interests | ($2.6M) | ($3.3M) | ($2.4M) | ($2.4M) |
| Repurchases of common stock | ($53.2M) | — | — | — |
| Payment of taxes related to net share settlement of RSUs | ($5.8M) | ($10.9M) | ($8.1M) | ($12.9M) |
| Payments on secured debt | ($3.8M) | ($645.7M) | ($20.5M) | ($1.4B) |
| Proceeds from unsecured notes | $596.9M | $494.3M | $790.1M | $598.4M |
| Proceeds from term loan facilities | $0 | $1.8B | $0 | $725.0M |
| Payments on term loan facilities | $0 | ($2.5B) | — | $0 |
| Proceeds from revolving facility | $545.0M | $750.0M | $150.0M | $130.0M |
| Payments on revolving facility | ($970.0M) | ($180.0M) | ($150.0M) | ($130.0M) |
| Deferred financing costs paid | ($8.8M) | ($54.2M) | ($7.8M) | ($13.0M) |
| Other financing activities | ($3.4M) | ($4.5M) | ($3.0M) | ($16.3M) |
| Net cash used in financing activities | ($618.5M) | ($1.1B) | $110.0M | ($574.1M) |
| Change in cash, cash equivalents, and restricted cash | ($64.8M) | ($477.8M) | $443.6M | ($364.9M) |
| Cash, cash equivalents, and restricted cash, beginning of period (Note 4) | $419.7M | $897.5M | $453.9M | $818.9M |
| Cash, cash equivalents, and restricted cash, end of period (Note 4) | $354.9M | $419.7M | $897.5M | $453.9M |
| Interest paid, net of amounts capitalized | $322.9M | $321.3M | $290.6M | $275.7M |
| Interest capitalized as investments in single-family residential properties, net | $1.5M | $2.1M | $2.8M | — |
| Cash paid for income taxes | $84.0K | $158.0K | $245.0K | $1.5M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $380.7M | $161.1M | $444.9M | $307.6M |
| Depreciation and amortization | $387.4M | $193.1M | $557.1M | $368.6M |
| Share-based compensation expense | $20.0M | $10.7M | $20.5M | $18.6M |
| Amortization of deferred financing costs | $13.2M | $8.1M | $16.1M | $10.7M |
| Amortization of debt discounts | $1.8M | $900.0K | $2.4M | $1.6M |
| Provisions for impairment | $1.4M | $469.0K | $434.0K | $99.0K |
| Gain on sale of property, net of tax | ($219.4M) | ($87.1M) | ($163.8M) | ($118.3M) |
| Change in fair value of derivative instruments | $1.1M | $541.0K | ($5.5M) | ($6.2M) |
| Losses from investments in unconsolidated joint ventures, net of operating distributions | $8.2M | $5.3M | $9.9M | $11.3M |
| Other non-cash amounts included in net income | $9.0M | $4.5M | $8.5M | $2.2M |
| Other assets, net | ($893.0K) | ($24.4M) | ($10.4M) | ($17.6M) |
| Accounts payable and accrued expenses | $85.1M | $20.0M | $193.4M | $97.3M |
| Resident security deposits | $2.4M | $2.5M | $3.4M | $3.8M |
| Other liabilities | ($13.5M) | ($2.6M) | $802.0K | $2.9M |
| Net cash provided by operating activities | $676.7M | $293.0M | $1.1B | $683.0M |
| Acquisition and initial renovations of single-family residential properties | ($133.9M) | ($71.6M) | ($680.8M) | ($510.8M) |
| Other capital expenditures for single-family residential properties | ($111.3M) | ($57.0M) | ($184.0M) | ($110.9M) |
| Proceeds from sale of single-family residential properties | $469.1M | $185.2M | $373.8M | $267.7M |
| Acquisition of homebuilding platform (Note 16) | ($91.1M) | ($91.1M) | — | — |
| Investments in land and construction in progress | ($15.2M) | ($8.9M) | — | — |
| Investments in unconsolidated joint ventures | ($11.2M) | ($3.7M) | ($39.8M) | ($12.9M) |
| Non-operating distributions from unconsolidated joint ventures | $5.5M | $2.4M | $16.4M | $11.4M |
| Fundings of construction loans | ($24.3M) | ($10.1M) | — | — |
| Other investing activities | ($6.6M) | $2.4M | ($61.8M) | ($53.9M) |
| Net cash provided by (used in) investing activities | $81.1M | ($52.3M) | ($571.0M) | ($416.9M) |
| Payment of dividends and dividend equivalents | ($363.8M) | ($184.5M) | ($534.8M) | ($356.8M) |
| Distributions to non-controlling interests | ($1.7M) | ($639.0K) | ($2.0M) | ($1.3M) |
| Repurchases of common stock | ($547.3M) | ($447.2M) | — | — |
| Payment of taxes related to net share settlement of RSUs | ($4.5M) | ($4.0M) | ($5.8M) | ($5.5M) |
| Payments on secured debt | ($161.0K) | $0 | ($3.8M) | ($3.8M) |
| Proceeds from revolving facility | $535.0M | $415.0M | $400.0M | $270.0M |
| Payments on revolving facility | ($400.0M) | $0 | ($970.0M) | ($300.0M) |
| Deferred financing costs paid | $0 | $0 | ($8.8M) | ($3.1M) |
| Other financing activities | ($2.8M) | ($1.3M) | ($2.3M) | ($1.4M) |
| Net cash used in financing activities | ($785.3M) | ($222.6M) | ($530.6M) | ($402.0M) |
| Change in cash, cash equivalents, and restricted cash | ($27.6M) | $18.1M | ($24.0M) | ($136.0M) |
| Cash, cash equivalents, and restricted cash, beginning of period (Note 4) | $354.9M | $354.9M | $419.7M | $419.7M |
| Cash, cash equivalents, and restricted cash, end of period (Note 4) | $327.3M | $373.0M | $395.7M | $283.7M |
| Interest paid, net of amounts capitalized | $171.3M | $101.8M | $257.1M | $163.3M |
| Interest capitalized as investments in single-family residential properties, net | $747.0K | $172.0K | $1.4M | $1.1M |
| Cash paid for income taxes | $221.0K | $78.0K | $70.0K | $67.0K |
| Operating cash flows from operating leases | $2.1M | $1.2M | $3.3M | $2.0M |
| Financing cash flows from finance leases | $2.8M | $1.3M | $2.3M | $1.4M |
| Transfer of residential property, net to other assets, net for held for sale assets | $188.7M | $77.8M | $98.6M | $56.8M |
| Accrued residential property capital improvements at period end | $8.1M | $5.4M | $11.6M | $10.8M |
Invitation Homes Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.