Invitation Homes

Real Estate Single-Family Residential REITs Dallas, Texas Last filing Feb 19, 2026 · FY2025

                    Revenue
                    FY2025
                
$2.7B
                    3y CAGR +6.8%
                    
                    P47
                    
                    +4.2%
                    
                    Net income
                    FY2025
                
$587.9M
                    Net margin +21.5%
                    
                    P53
                    
                    +29.5%
                    
                    Total assets
                    FY2025
                
$18.7B
                    ROA +3.1%
                    
                    P42
                    
                    -0.1%
                    
                    Operating cash flow
                    FY2025
                
$1.2B
                    FCF margin +43.2%
                    
                    P73
                    
                    +11.5%

11 yrs · FY2015–FY2025 8 filed · 0 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

24 accounts · 5 years

Total assets $18.7B

Total liabilities $9.1B

Shareholders equity $9.5B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	0.7%	0.9%	3.6%	1.4%	3.3%
Accounts Receivable	0.0%	0.0%	0.0%	0.0%	0.0%
Prepaid Expenses	0.3%	0.3%	0.2%	0.2%	0.2%
Other Current Assets	2.9%	3.0%	2.8%	2.8%	2.1%
Property,Plant and Equipment	0.3%	0.2%	0.2%	0.1%	0.1%
Operating Lease Assets	0.2%	0.1%	0.0%	0.1%	0.1%
Goodwill	1.4%	1.4%	1.3%	1.4%	1.4%
Long Term Investments	1.4%	1.3%	1.3%	1.5%	0.7%
Other Noncurrent Assets	2.9%	3.0%	2.8%	2.8%	2.1%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Operating Lease Liabilities	0.2%	0.1%	0.1%	0.1%	0.1%
Other Current Liabilities	1.7%	1.5%	0.5%	0.4%	1.8%
Total Current Liabilities	48.8%	47.6%	47.0%	44.3%	46.9%
Operating Lease Liabilities Noncurrent	0.2%	0.1%	0.1%	0.1%	0.1%
Other Noncurrent Liabilities	1.7%	1.5%	0.5%	0.4%	1.8%
Total Liabilities	48.8%	47.6%	47.0%	44.3%	46.9%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	59.6%	59.7%	58.0%	60.1%	58.7%
Retained Earnings	-8.6%	-7.9%	-5.6%	-5.1%	-4.3%
Accumulated Other Comprehensive Income	0.0%	0.3%	0.3%	0.5%	-1.5%
Noncontrolling Interest	0.2%	0.2%	0.2%	0.2%	0.2%
Total Stockholders Equity	51.0%	52.2%	52.8%	55.5%	52.9%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

14 accounts · 5 years

Revenue $2.7B

Operating income Not reported

Net income $587.9M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	14.6%	14.0%	12.7%	12.1%	10.8%
Expenses Cost of Revenue	12.5%	12.4%	10.8%	10.4%	9.6%
Expenses Selling,General and Administrative	0.5%	0.5%	0.4%	0.4%	0.4%
Expenses Depreciation and Amortization	0.0%	0.0%	0.0%	0.0%	0.1%
Expenses Share Based Compensation	0.1%	0.1%	0.2%	0.2%	0.1%
Expenses Operating Expenses	12.5%	12.4%	10.8%	10.4%	9.6%
Other Income Expense Interest Expense	0.0%	0.0%	1.7%	1.6%	1.7%
Other Income Expense Other Income/expense	-0.0%	-0.3%	-0.0%	-0.1%	-0.0%
net Income net Income	3.1%	2.4%	2.7%	2.1%	1.4%
net Income Comprehensive Income	2.9%	2.4%	2.5%	4.1%	2.8%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	3.3%	3.3%	3.2%	3.3%	3.1%
Earnings Per Share Weighted Average Shares Diluted	3.3%	3.3%	3.2%	3.3%	3.1%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 5 years

Operating cash flow $1.2B

Investing cash flow $-652.6M

Financing cash flow $-618.5M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	3.1%	2.4%	2.7%	2.1%	1.4%
Operating Activities Depreciation and Amortization	4.0%	3.8%	3.5%	3.4%	3.2%
Operating Activities Stock Based Compensation	0.1%	0.1%	0.2%	0.2%	0.1%
Operating Activities Changes In Operating Assets and Liabilities	0.0%	0.0%	0.0%	-0.0%	-0.0%
Operating Activities Other Non Cash Items	0.0%	0.0%	0.0%	-0.0%	-0.0%
Operating Activities net Cash From Operating Activities	6.5%	5.8%	5.8%	5.5%	4.9%
Investing Activities Capital Expenditures	0.2%	0.2%	0.2%	0.7%	0.4%
Investing Activities Purchases of Investments	0.0%	0.0%	0.2%	0.1%	0.0%
Investing Activities Proceeds From Sale of Investments	0.0%	0.2%	0.0%	0.4%	0.5%
Investing Activities Other Investing Activities	0.4%	0.3%	0.1%	0.1%	0.1%
Investing Activities net Cash From Investing Activities	-3.5%	-2.5%	-4.0%	-4.4%	-6.3%
Financing Activities Proceeds From Debt	3.2%	2.6%	4.1%	3.2%	10.5%
Financing Activities Repayment of Debt	0.0%	3.5%	0.1%	7.6%	9.5%
Financing Activities Repurchase of Common Stock	0.3%	0.0%	0.0%	—	—
Financing Activities Dividends Paid	3.8%	3.7%	3.3%	2.9%	2.1%
Financing Activities Tax Withholding On Stock Based Compensation	0.0%	0.1%	0.0%	0.1%	0.1%
Financing Activities Other Financing Activities	-0.0%	-0.0%	-0.0%	-0.1%	-0.1%
Financing Activities net Cash From Financing Activities	-3.3%	-5.8%	0.6%	-3.1%	3.6%
Cash Reconciliation Effect of Exchange Rate On Cash	1.9%	2.2%	4.7%	2.4%	4.4%
Cash Reconciliation net Change In Cash	-0.3%	-2.6%	2.3%	-2.0%	2.2%
Cash Reconciliation Cash At Beginning of Period	1.9%	2.2%	4.7%	2.4%	4.4%
Cash Reconciliation Cash At End of Period	1.9%	2.2%	4.7%	2.4%	4.4%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+14.2%	+11.2%	+14.7%	+14.2%	+11.0%
Operating margin	—	—	—	—	—
Net margin	+21.5%	+17.3%	+21.4%	+17.1%	+13.1%
FCF margin	+43.2%	+40.1%	+44.3%	+40.3%	+41.6%
Growth
Revenue CAGR (3y)	+6.8%	+9.5%	+10.1%	+8.2%	+5.0%
Returns
ROE	+6.2%	+4.7%	+5.1%	+3.7%	+2.7%
ROA	+3.1%	+2.4%	+2.7%	+2.1%	+1.4%
ROIC	—	—	—	—	—
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	0.01x	0.02x	0.08x	0.03x	0.07x
Leverage
D/E	0.96x	0.91x	0.89x	0.80x	0.89x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.15x	0.14x	0.13x	0.12x	0.11x
Cash conversion cycle	—	—	—	—	—

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Invitation Homes

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