Invitation Homes Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Invitation Homes Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	923	1,054	1,723	1,765	1,823	1,997	2,238	2,432	2,619	2,729
General and administrative	69.1	168	98.8	74.3	63.3	75.8	74	82.3	90.6	95.3
Operating expenses	732	936
Operating income	191	118
Interest expense	286	257	384	367	354	323	304	333
Other non-operating income	-288	-258	6.96	5.12	-0.09	-5.84	-11.3	-2.09	-53	-4.35
Income tax			1.24	2.49	0.87	0.55	0.15	0.25
Income from continuing operations	-96.8	-140
Net income to minority interests	0	-0.49	-0.09	1.65	1.24	1.35	1.47	1.56	1.45	1.99
Net income	-78.2	-105	-4.93	145	196	261	383	519	454	588
EBITDA	458	428
EPS, basic			-0.01	0.27	0.35	0.45	0.63	0.85	0.74	0.96
EPS, diluted			-0.01	0.27	0.35	0.45	0.63	0.85	0.74	0.96
Shares, basic (weighted)			520	531	554	578	610	612	613	613
Shares, diluted (weighted)			520	532	555	579	611	613	614	613
Dividend per share		0.22	0.44	0.52	0.60	0.68	0.88	1.04	1.41	1.17

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	198	180	145	92.3	213	610	263	701	174	130
Property, plant and equipment	6.25	16.6	11.8	9.83	10	16.6	24.5	31.5	42.7	56.6
Lease right-of-use assets				12.6	12.9	11	12.9	9.24	19.8	32.1
Goodwill	0	258	258	258	258	258	258	258	258	258
Intangible assets										19.4
Total assets	9,732	18,684	18,063	17,393	17,506	18,538	18,537	19,221	18,701	18,680
Total liabilities	7,775	10,034	9,694	9,127	8,950	8,699	8,213	9,031	8,908	9,112
Total debt		9,652	9,250	8,467	8,032	7,999	7,769	8,546	8,202	8,380
Paid-in capital		8,603	8,629	9,010	9,707	10,874	11,138	11,157	11,171	11,129
Retained earnings		-158	-393	-525	-661	-795	-951	-1,071	-1,481	-1,611
Other comprehensive income		47.9	-13	-277	-547	-287	98	63.7	61	6.42
Shareholders' equity	1,957	8,498	8,229	8,214	8,505	9,798	10,291	10,156	9,757	9,530
Minority interests		152	140	51.7	51.2	41.1	32.3	34.5	35.7	37.8
Total equity	1,957	8,650	8,369	8,266	8,556	9,839	10,324	10,190	9,793	9,568
Total liabilities and equity	9,732	18,684	18,063	17,393	17,506	18,538	18,537	19,221	18,701	18,680
Shares outstanding		519	521	542	567	601	611	612	613	611

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-78.2	-106	-5.01	147	197	263	385	521	455	590
Depreciation and amortization	268	310	561	534	553	592	638	674	714	747
Stock-based compensation	10.2	81.2	29.5	18.2	17.1	27.2	29	29.5	27.9	27.8
Change in payables	6.94	-10.3	-26.6	5.21	-27	32.9	-5.99	24.4	46.5	19.6
Cash from operations	256	263	561	662	697	908	1,024	1,107	1,082	1,206
Capital expenditures	-3.86	-4.09	-4.03	-57.4	-98.8	-77.4	-122	-30.2	-30.6	-28.3
Purchases of investments	-16	-95.2	-212	0	0
Cash from investing	-258	64.7	63	102	-425	-1,160	-814	-774	-466	-653
Debt issued				0	0	1,938	598	790	494	597
Stock issued		0	0	55.3	687	934	98.4	0	0
Share buybacks								0	0	-53.2
Dividends paid	0	-69	-230	-277	-332	-394	-539	-638	-689	-713
Cash from financing	-71.8	-331	-681	-838	-146	659	-574	110	-1,094	-618
Net change in cash	-73.8	-3.65	-56.6	-73.7	126	407	-365	444	-478	-64.8
Free cash flow	252	259	557	605	598	830	901	1,077	1,051	1,178
Interest paid	223	226	336	322	313	286	276	291	321	323
Income taxes paid	0	2.53	2.07	2.78	1.28	0.81	1.53	0.25	0.16	0.08

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $26.62 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Net margin	23.1%	Net income / revenue.
Operating cash flow margin	42.0%	Cash from operations / revenue.
Return on equity (ROE)	7.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.6%	Net income / average total assets.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	26.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	29.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	15.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	24.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	29.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	15.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	22.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	11.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	12.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	9.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	14.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-17.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	14.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-2.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.94x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	46.2%	Total debt / total assets.
Liabilities / assets	50.7%	Total liabilities / total assets.
Net debt	$8.45B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	2.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$8.69B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.15x	Revenue / average total assets.
Fixed asset turnover	49.3x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.12	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.82	Revenue / diluted weighted shares.
Operating cash flow per share	$2.03	Cash from operations / diluted weighted shares.
Book value per share	$15.33	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.71	Tangible book value / shares outstanding.
Cash per share	$0.13	(Cash + short-term investments) / shares outstanding.
Payout ratio	108.9%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$15.72B	Share price x shares outstanding.
Enterprise value	$24.17B	Market cap + total debt - cash - short-term investments.
P/E	23.8x	Market cap / net income. Only when net income is positive.
P/S	5.51x	Market cap / revenue.
P/B	1.74x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.81x	Market cap / tangible book value, when positive.
P/OCF	13.1x	Market cap / cash from operations, when positive.
EV/Sales	8.47x	Enterprise value / revenue.
Earnings yield	4.2%	Net income / market cap (the inverse of P/E).
Dividend yield	4.6%	Dividends paid over the period / market cap.
Shareholder yield	4.6%	(Dividends paid + share buybacks) / market cap.
PEG	1.58x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Invitation Homes Inc.'s revenue in fiscal 2025?

Invitation Homes Inc. reported revenue of $2.73B for fiscal 2025, 4.2% higher than the year before.

Was Invitation Homes Inc. profitable in fiscal 2025?

Yes. Net income was $587.9M, a net margin of 21.5%.

How much free cash flow did Invitation Homes Inc. generate in fiscal 2025?

Cash from operations of $1.21B minus capital expenditures of $28.3M left free cash flow of $1.18B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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