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 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Year-over-year change per cell; first column has no prior.

Balance Sheet

Assets, liabilities, and equity

24 accounts · 10 years

Total assets $18.7B

Total liabilities $9.1B

Shareholders equity $9.5B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	-25.5%	-75.1%	+166.5%	-56.9%	+185.9%	+131.3%	-36.3%	-19.4%	-9.2%	—
Accounts Receivable	—	—	—	—	—	—	—	-100.0%	—	—
Prepaid Expenses	+12.8%	+4.4%	+13.8%	+1.2%	+0.3%	+28.8%	+3.7%	-18.2%	—	—
Other Current Assets	-5.5%	+7.6%	+3.0%	+30.0%	-17.4%	-21.0%	-20.3%	+9.0%	—	—
Property,Plant and Equipment	+32.6%	+35.7%	+28.5%	+47.5%	+66.0%	+1.7%	-16.7%	-28.9%	—	—
Operating Lease Assets	+62.5%	+114.1%	-28.2%	+17.4%	-15.3%	+3.1%	—	—	—	—
Goodwill	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—	—
Long Term Investments	+5.4%	-2.2%	-11.9%	+115.2%	+88.2%	+26.5%	-3.3%	-0.8%	—	—
Other Noncurrent Assets	-5.5%	+7.6%	+3.0%	+30.0%	-17.4%	-21.0%	-20.3%	+9.0%	—	—
Total Assets	-0.1%	-2.7%	+3.7%	-0.0%	+5.9%	+0.7%	-3.7%	-3.3%	—	—
Liabilities
Operating Lease Liabilities	+62.0%	+97.4%	-25.6%	+12.6%	—	—	—	—	—	—
Other Current Liabilities	+14.4%	+168.3%	+47.7%	-79.5%	-44.1%	+87.9%	+158.6%	+199.6%	—	—
Total Current Liabilities	+2.3%	-1.4%	+10.0%	-5.6%	-2.8%	-1.9%	-5.9%	-3.4%	—	—
Operating Lease Liabilities Noncurrent	+62.0%	+97.4%	-25.6%	+12.6%	—	—	—	—	—	—
Other Noncurrent Liabilities	+14.4%	+168.3%	+47.7%	-79.5%	-44.1%	+87.9%	+158.6%	+199.6%	—	—
Total Liabilities	+2.3%	-1.4%	+10.0%	-5.6%	-2.8%	-1.9%	-5.9%	-3.4%	—	—
Equity
Preferred Stock	—	—	—	—	—	—	—	—	—	—
Common Stock	-0.3%	+0.1%	+0.1%	+1.7%	+6.0%	+4.7%	+4.0%	+0.3%	—	—
Additional Paid In Capital	-0.4%	+0.1%	+0.2%	+2.4%	+12.0%	+7.7%	+4.4%	+0.3%	+84156.6%	—
Retained Earnings	-8.8%	-38.3%	-12.5%	-19.7%	-20.2%	-26.0%	-33.6%	-149.1%	—	—
Accumulated Other Comprehensive Income	-89.5%	-4.3%	-35.0%	+134.1%	+47.5%	-97.7%	-2033.8%	-127.1%	—	—
Noncontrolling Interest	+5.6%	+3.7%	+6.7%	-21.4%	-19.9%	-0.8%	-63.1%	-7.7%	—	—
Total Stockholders Equity	-2.3%	-3.9%	-1.3%	+5.0%	+15.2%	+3.5%	-0.2%	-3.2%	+334.1%	—
Total Liabilitiesand Equity	-0.1%	-2.7%	+3.7%	-0.0%	+5.9%	+0.7%	-3.7%	-3.3%	—	—

Income Statement

Revenue, expense, and profitability

14 accounts · 10 years

Revenue $2.7B

Operating income $118.2M

Net income $587.9M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	+4.2%	+7.7%	+8.7%	+12.1%	+9.5%	+3.3%	+2.4%	+63.4%	+14.3%	—
Expenses Cost of Revenue	+0.6%	+12.1%	+8.1%	+8.0%	+3.9%	-0.9%	-3.3%	+49.6%	+17.2%	—
Expenses Selling,General and Administrative	+5.1%	+10.0%	+11.2%	-2.4%	+19.8%	-14.8%	-24.8%	-41.1%	+142.7%	—
Expenses Depreciation and Amortization	—	—	—	-100.0%	-8.4%	+10.5%	—	—	—	—
Expenses Share Based Compensation	-0.3%	-5.4%	+1.9%	+6.6%	+59.0%	-5.9%	-38.4%	-63.7%	+695.3%	—
Expenses Operating Expenses	+0.6%	+12.1%	+8.1%	+8.0%	+3.9%	-0.9%	-3.3%	+90.6%	+27.9%	—
Other Income Expense Interest Expense	+6.9%	-99.8%	+9.7%	-5.8%	-8.8%	-3.6%	-4.3%	+49.3%	-10.2%	—
Other Income Expense Other Income/expense	+91.8%	-2441.3%	+81.5%	-93.0%	-6684.9%	-101.7%	-26.4%	+825.5%	+38.4%	—
net Income net Income	+29.5%	-12.6%	+35.5%	+46.6%	+33.2%	+34.9%	+3052.4%	+95.3%	-34.6%	—
net Income Comprehensive Income	+18.2%	-7.0%	-36.8%	+47.2%	+804.1%	+36.0%	-76.4%	-14.4%	+26.6%	—
Earnings Per Share Basic Eps	+29.7%	-12.9%	+34.9%	+40.0%	+28.6%	+29.6%	+2800.0%	+96.2%	—	—
Earnings Per Share Diluted Eps	+29.7%	-12.9%	+34.9%	+40.0%	+28.6%	+29.6%	+2800.0%	+96.2%	—	—
Earnings Per Share Weighted Average Shares Basic	+0.1%	+0.1%	+0.3%	+5.6%	+4.3%	+4.3%	+2.1%	+53.3%	—	—
Earnings Per Share Weighted Average Shares Diluted	-0.1%	+0.1%	+0.4%	+5.5%	+4.3%	+4.3%	+2.3%	+53.3%	—	—

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 10 years

Operating cash flow $1.2B

Investing cash flow $-652.6M

Financing cash flow $-618.5M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	+29.5%	-12.6%	+35.5%	+46.6%	+33.2%	+34.9%	+3052.4%	+95.3%	-34.6%	—
Operating Activities Depreciation and Amortization	+4.6%	+5.9%	+5.7%	+7.8%	+7.2%	+3.5%	-4.8%	+81.1%	+15.7%	—
Operating Activities Stock Based Compensation	-0.3%	-5.4%	+1.9%	+6.6%	+59.0%	-5.9%	-38.4%	-63.7%	+695.3%	—
Operating Activities Changes In Operating Assets and Liabilities	-3.6%	-55.4%	+285.1%	-1359.2%	-103.0%	+2268.9%	+95.1%	—	—	—
Operating Activities Other Non Cash Items	-3.6%	-55.4%	+285.1%	-1359.2%	-103.0%	+2268.9%	+95.1%	—	—	—
Operating Activities net Cash From Operating Activities	+11.5%	-2.3%	+8.2%	+12.8%	+30.3%	+5.2%	+18.0%	+113.4%	+2.7%	—
Investing Activities Capital Expenditures	-7.4%	+1.3%	-75.3%	+58.1%	-21.6%	+72.0%	+1326.3%	-1.4%	+5.9%	—
Investing Activities Purchases of Investments	-38.7%	-85.9%	+112.1%	+86.8%	—	—	-100.0%	+122.5%	+493.5%	—
Investing Activities Proceeds From Sale of Investments	-100.0%	+3640.3%	-98.8%	-20.2%	+22.6%	+44.3%	-77.7%	+182.5%	—	—
Investing Activities Other Investing Activities	+19.1%	+140.5%	+19.2%	+83.6%	+465.2%	+145.3%	-152.2%	+402.0%	—	—
Investing Activities net Cash From Investing Activities	-40.1%	+39.8%	+5.0%	+29.8%	-172.7%	-515.9%	+62.3%	-2.6%	+125.1%	—
Financing Activities Proceeds From Debt	+20.8%	-37.4%	+32.0%	-69.1%	—	—	-100.0%	+111.1%	—	—
Financing Activities Repayment of Debt	-99.4%	+3015.8%	-98.5%	-20.1%	+23.2%	+43.8%	-78.2%	+55.2%	+6203.3%	—
Financing Activities Repurchase of Common Stock	—	—	—	—	—	—	—	—	—	—
Financing Activities Dividends Paid	+3.4%	+8.0%	+18.4%	+36.9%	+18.6%	+20.0%	+20.3%	+233.5%	—	—
Financing Activities Tax Withholding On Stock Based Compensation	-47.1%	+33.7%	-36.7%	+36.7%	+112.6%	-45.8%	-11.7%	-41.8%	—	—
Financing Activities Other Financing Activities	+26.2%	-52.5%	+81.7%	+31.0%	-32.1%	-101.7%	-429.6%	-45.4%	-241.6%	—
Financing Activities net Cash From Financing Activities	+43.5%	-1094.1%	+119.2%	-187.1%	+551.3%	+82.6%	-23.1%	-105.5%	-361.5%	—
Cash Reconciliation Effect of Exchange Rate On Cash	-15.4%	-53.2%	+97.7%	-44.6%	+98.9%	+43.9%	-20.5%	-13.6%	-0.9%	—
Cash Reconciliation net Change In Cash	+86.4%	-207.7%	+221.5%	-189.6%	+224.3%	+270.2%	-30.4%	-1450.3%	+95.1%	—
Cash Reconciliation Cash At Beginning of Period	-15.4%	-53.2%	+97.7%	-44.6%	+98.9%	+43.9%	-20.5%	-13.6%	-0.9%	—
Cash Reconciliation Cash At End of Period	-15.4%	-53.2%	+97.7%	-44.6%	+98.9%	+43.9%	-20.5%	-13.6%	-0.9%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+14.2%	+11.2%	+14.7%	+14.2%	+11.0%	+6.2%	+2.2%	-3.6%	-13.2%	-10.3%
Operating margin	—	—	—	—	—	—	—	—	+11.2%	+20.7%
Net margin	+21.5%	+17.3%	+21.4%	+17.1%	+13.1%	+10.8%	+8.2%	-0.3%	-10.0%	-8.5%
FCF margin	+43.2%	+40.1%	+44.3%	+40.3%	+41.6%	+32.8%	+34.3%	+32.3%	+24.6%	+27.3%
Growth
Revenue CAGR (3y)	+6.8%	+9.5%	+10.1%	+8.2%	+5.0%	+20.0%	+24.1%	+27.3%	—	—
Returns
ROE	+6.2%	+4.7%	+5.1%	+3.7%	+2.7%	+2.3%	+1.8%	-0.1%	-1.2%	-4.0%
ROA	+3.1%	+2.4%	+2.7%	+2.1%	+1.4%	+1.1%	+0.8%	-0.0%	-0.6%	—
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	—	—	—	—	—	—	—	—	—	—
Quick ratio	0.01x	0.02x	0.08x	0.03x	0.07x	0.02x	0.01x	0.01x	0.02x	—
Leverage
D/E	0.96x	0.91x	0.89x	0.80x	0.89x	1.05x	1.11x	1.18x	1.18x	—
Interest coverage	—	—	—	—	—	—	—	—	0.46x	0.67x
Efficiency
Asset turnover	0.15x	0.14x	0.13x	0.12x	0.11x	0.10x	0.10x	0.10x	0.06x	—
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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Invitation Homes

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