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

Balance Sheet

Assets, liabilities, and equity

24 accounts · 3 years

Total assets $18.7B

Total liabilities $9.1B

Shareholders equity $9.5B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	$130.0M -25.5%	$174.5M -75.1%	$700.6M
Accounts Receivable	$0	$0	$0
Prepaid Expenses	$56.3M 12.8%	$49.9M 4.4%	$47.8M
Other Current Assets	$538.0M -5.5%	$569.3M 7.6%	$528.9M
Property,Plant and Equipment	$56.6M 32.6%	$42.7M 35.7%	$31.5M
Operating Lease Assets	$32.1M 62.5%	$19.8M 114.1%	$9.2M
Goodwill	$258.2M 0.0%	$258.2M 0.0%	$258.2M
Long Term Investments	$254.6M 5.4%	$241.6M -2.2%	$247.2M
Other Noncurrent Assets	$538.0M -5.5%	$569.3M 7.6%	$528.9M
Total Assets	$18.7B -0.1%	$18.7B -2.7%	$19.2B
Liabilities
Operating Lease Liabilities	$35.5M 62.0%	$21.9M 97.4%	$11.1M
Other Current Liabilities	$317.5M 14.4%	$277.6M 168.3%	$103.4M
Total Current Liabilities	$9.1B 2.3%	$8.9B -1.4%	$9.0B
Operating Lease Liabilities Noncurrent	$35.5M 62.0%	$21.9M 97.4%	$11.1M
Other Noncurrent Liabilities	$317.5M 14.4%	$277.6M 168.3%	$103.4M
Total Liabilities	$9.1B 2.3%	$8.9B -1.4%	$9.0B
Equity
Preferred Stock	$0	$0	$0
Common Stock	$6.1M -0.3%	$6.1M 0.1%	$6.1M
Additional Paid In Capital	$11.1B -0.4%	$11.2B 0.1%	$11.2B
Retained Earnings	$-1.6B -8.8%	$-1.5B -38.3%	$-1.1B
Accumulated Other Comprehensive Income	$6.4M -89.5%	$61.0M -4.3%	$63.7M
Noncontrolling Interest	$37.8M 5.6%	$35.7M 3.7%	$34.5M
Total Stockholders Equity	$9.5B -2.3%	$9.8B -3.9%	$10.2B
Total Liabilitiesand Equity	$18.7B -0.1%	$18.7B -2.7%	$19.2B

Income Statement

Revenue, expense, and profitability

14 accounts · 3 years

Revenue $2.7B

Operating income Not reported

Net income $587.9M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	$2.7B 4.2%	$2.6B 7.7%	$2.4B
Expenses Cost of Revenue	$2.3B 0.6%	$2.3B 12.1%	$2.1B
Expenses Selling,General and Administrative	$95.2M 5.1%	$90.6M 10.0%	$82.3M
Expenses Depreciation and Amortization	$0	$0	$0
Expenses Share Based Compensation	$27.8M -0.3%	$27.9M -5.4%	$29.5M
Expenses Operating Expenses	$2.3B 0.6%	$2.3B 12.1%	$2.1B
Other Income Expense Interest Expense	$621.0K 6.9%	$581.0K -99.8%	$333.5M
Other Income Expense Other Income/expense	$-4.3M 91.8%	$-53.0M -2441.3%	$-2.1M
net Income net Income	$587.9M 29.5%	$453.9M -12.6%	$519.5M
net Income Comprehensive Income	$533.4M 18.2%	$451.2M -7.0%	$485.2M
Earnings Per Share Basic Eps	$1 29.7%	$1 -12.9%	$1
Earnings Per Share Diluted Eps	$1 29.7%	$1 -12.9%	$1
Earnings Per Share Weighted Average Shares Basic	$612.9M 0.1%	$612.6M 0.1%	$611.9M
Earnings Per Share Weighted Average Shares Diluted	$613.2M -0.1%	$613.6M 0.1%	$613.3M

Cash Flow Statement

Operating, investing, and financing flows

22 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 Income	$587.9M 29.5%	$453.9M -12.6%	$519.5M
Operating Activities Depreciation and Amortization	$746.9M 4.6%	$714.3M 5.9%	$674.3M
Operating Activities Stock Based Compensation	$27.8M -0.3%	$27.9M -5.4%	$29.5M
Operating Activities Changes In Operating Assets and Liabilities	$3.1M -3.6%	$3.2M -55.4%	$7.2M
Operating Activities Other Non Cash Items	$3.1M -3.6%	$3.2M -55.4%	$7.2M
Operating Activities net Cash From Operating Activities	$1.2B 11.5%	$1.1B -2.3%	$1.1B
Investing Activities Capital Expenditures	$28.3M -7.4%	$30.6M 1.3%	$30.2M
Investing Activities Purchases of Investments	$2.9M -38.7%	$4.7M -85.9%	$33.6M
Investing Activities Proceeds From Sale of Investments	$0 -100.0%	$32.2M 3640.3%	$861.0K
Investing Activities Other Investing Activities	$77.5M 19.1%	$65.1M 140.5%	$27.1M
Investing Activities net Cash From Investing Activities	$-652.6M -40.1%	$-465.9M 39.8%	$-773.6M
Financing Activities Proceeds From Debt	$596.9M 20.8%	$494.3M -37.4%	$790.1M
Financing Activities Repayment of Debt	$3.8M -99.4%	$645.7M 3015.8%	$20.7M
Financing Activities Repurchase of Common Stock	$53.2M	$0	$0
Financing Activities Dividends Paid	$712.8M 3.4%	$689.2M 8.0%	$638.1M
Financing Activities Tax Withholding On Stock Based Compensation	$5.8M -47.1%	$10.9M 33.7%	$8.1M
Financing Activities Other Financing Activities	$-3.4M 26.2%	$-4.5M -52.5%	$-3.0M
Financing Activities net Cash From Financing Activities	$-618.5M 43.5%	$-1.1B -1094.1%	$110.0M
Cash Reconciliation Effect of Exchange Rate On Cash	$354.9M -15.4%	$419.7M -53.2%	$897.5M
Cash Reconciliation net Change In Cash	$-64.8M 86.4%	$-477.8M -207.7%	$443.6M
Cash Reconciliation Cash At Beginning of Period	$354.9M -15.4%	$419.7M -53.2%	$897.5M
Cash Reconciliation Cash At End of Period	$354.9M -15.4%	$419.7M -53.2%	$897.5M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+14.2%	+11.2%	+14.7%
Operating margin	—	—	—
Net margin	+21.5%	+17.3%	+21.4%
FCF margin	+43.2%	+40.1%	+44.3%
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	0.01x	0.02x	0.08x
Leverage
D/E	0.96x	0.91x	0.89x
Interest coverage	—	—	—
Efficiency
Asset turnover	0.15x	0.14x	0.13x
Cash conversion cycle	—	—	—

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Invitation Homes

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