Invitation Homes

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

                    Revenue
                    FY2025
                
$2.7B
                    3y CAGR +6.8%
                    
                    P48
                    
                    +4.2%
                    
                    Net income
                    FY2025
                
$587.9M
                    Net margin +21.5%
                    
                    P52
                    
                    +29.5%
                    
                    Total assets
                    FY2025
                
$18.7B
                    ROA +3.1%
                    
                    P42
                    
                    -0.1%
                    
                    Operating cash flow
                    FY2025
                
$1.2B
                    FCF margin +5.9%
                    
                    P62
                    
                    +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 revenue.

Balance Sheet

Assets, liabilities, and equity

15 accounts · 3 years

Total assets $18.7B

Total liabilities $9.1B

Shareholders equity $9.5B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	4.8%	6.7%	28.8%
Real Estate	632.9%	657.2%	710.8%
Other Noncurrent Assets	46.7%	50.2%	50.6%
Total Assets	684.4%	714.1%	790.2%
Liabilities
Long Term Debt	301.7%	291.4%	351.4%
Other Noncurrent Liabilities	32.1%	48.7%	19.9%
Total Liabilities	333.9%	340.2%	371.3%
Equity
Total Stockholders Equity	349.2%	372.5%	417.5%
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.2%	0.2%	0.3%
Additional Paid In Capital	407.7%	426.5%	458.7%
Retained Earnings	-59.0%	-56.5%	-44.0%
Accumulated Other Comprehensive Income	0.2%	2.3%	2.6%
Noncontrolling Interest	1.4%	1.4%	1.4%
Total Liabilitiesand Equity	684.4%	714.1%	790.2%

Income Statement

Revenue, expense, and profitability

9 accounts · 3 years

Revenue $2.7B

Operating income Not reported

Net income $587.9M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Property Operating Expenses	41.6%	41.0%	40.1%
Expenses Depreciation and Amortization	27.4%	27.3%	27.7%
Expenses Selling,General and Administrative	3.5%	3.5%	3.4%
net Income Other Items Below Tax	-6.1%	-11.0%	-7.4%
net Income net Income	21.5%	17.3%	21.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	22.5%	23.4%	25.2%

Cash Flow Statement

Operating, investing, and financing flows

15 accounts · 3 years

Operating cash flow $1.2B

Investing cash flow $-652.6M

Financing cash flow $-618.5M

Account	2025	2024	2023
CashFlow
Operating Activities net Cash From Operating Activities	44.2%	41.3%	45.5%
Operating Activities net Income	21.6%	17.4%	21.4%
Operating Activities Depreciation and Amortization	28.2%	28.0%	28.4%
Operating Activities Stock Based Compensation	1.0%	1.1%	1.2%
Operating Activities Other Non Cash Items	-6.6%	-5.1%	-5.5%
Investing Activities Capital Expenditures	-38.3%	-37.7%	-49.9%
Investing Activities Other Investing Activities	14.3%	19.9%	18.1%
Investing Activities net Cash From Investing Activities	-23.9%	-17.8%	-31.8%
Financing Activities Proceeds From Debt	41.8%	114.3%	38.7%
Financing Activities Repayment of Debt	-35.7%	-127.0%	-7.0%
Financing Activities Dividends Paid	-26.1%	-26.3%	-26.2%
Financing Activities Repurchase of Common Stock	-1.9%	0.0%	0.0%
Financing Activities Other Financing Activities	-0.8%	-2.8%	-0.9%
Financing Activities net Cash From Financing Activities	-22.7%	-41.8%	4.5%
Cash Reconciliation net Change In Cash	-2.4%	-18.2%	18.2%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	—	—	—
Operating margin	—	—	—
Net margin	+21.5%	+17.3%	+21.4%
FCF margin	+5.9%	+3.6%	-4.4%
Growth
Revenue CAGR (3y)	+6.8%	+9.5%	+10.1%
Returns
ROE	+6.2%	+4.7%	+5.1%
ROA	+3.1%	+2.4%	+2.7%
ROIC	—	—	—
Liquidity
Current ratio	—	—	—
Quick ratio	—	—	—
Leverage
D/E	0.96x	0.91x	0.89x
Interest coverage	—	—	—
Efficiency
Asset turnover	0.15x	0.14x	0.13x
Cash conversion cycle	—	—	—

Valuation

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FY2025 fundamentals · no price

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Invitation Homes

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