INDEPENDENCE REALTY TRUST, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data INDEPENDENCE REALTY TRUST, 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	153	161	191	203	212	250	629	661	640	658
Cost of revenue	4.85	6.01	6.96	7.73
Gross profit	149	155	184	195
General and administrative	10.9	9.53	10.8	12.7	15.1	18.6	26.3	22.8	24.2	24
Operating income	39.7	45.4	51.8
Interest expense	35.5	28.7	36	39.2	36.5	36.4	87	89.9	76.1	79
Other non-operating income	-0	0.09	0.14		0	0	1.56	-0.43	-0	-0.35
Income tax	0	0	0	0	0	0	0	0	0	0
Net income to minority interests	0.25	1.24	0.32	0.46	0.11	0.94	3.41	-0.58	0.74	1.15
Net income	-9.8	30.2	26.3	45.9	14.8	44.6	117	-17.2	39.3	56.6
EBITDA	74.5	79.6	97
EPS, basic	-0.19	0.41	0.30	0.51	0.16	0.41	0.53	-0.08	0.17	0.24
EPS, diluted	-0.19	0.41	0.30	0.51	0.16	0.41	0.53	-0.08	0.17	0.24
Shares, basic (weighted)	52.2	73.3	87.1	89.8	93.7	109	222	224	225	234
Shares, diluted (weighted)	52.2	73.6	87.4	90.4	94.7	110	223	224	226	235
Dividend per share		0.72	0.72	0.72	0.54	0.48	0.54	0.62	0.64	0.67

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	20.9	9.32	9.32	9.89	8.75	36	16.1	22.9	21.2	23.6
Lease right-of-use assets							3.08	2.41	1.88	2.77
Intangible assets	0.12	1.1	0.74	0.41	0.79	53.3	0.4	0.07	3.64	2.97
Total assets	1,294	1,451	1,659	1,664	1,735	6,507	6,532	6,280	6,058	6,022
Total liabilities	766	805	1,029	1,044	1,022	2,865	2,794	2,713	2,483	2,432
Total debt	744	778	985	986	946	2,705	2,632	2,549	2,334	2,281
Paid-in capital	565	704	742	766	920	3,679	3,751	3,752	3,868	4,005
Retained earnings	-62.2	-85.2	-122	-142	-179	-188	-192	-348	-454	-555
Other comprehensive income	3.68	4.63	2.02	-12.1	-33.8	-11.9	35.1	25.5	26.1	7.72
Shareholders' equity	507	624	623	613	708	3,481	3,597	3,431	3,442	3,460
Minority interests	21.9	22	7.05	6.48	4.71	161	141	136	133	129
Total equity	529	646	630	620	713	3,642	3,738	3,567	3,575	3,589
Total liabilities and equity	1,294	1,451	1,659	1,664	1,735	6,507	6,532	6,280	6,058	6,022
Shares outstanding	69	84.7	89.2	91.1	102	221	224	225	231	237

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-9.56	31.4	26.6	46.4	14.9	45.5	121	-17.8	40	57.7
Depreciation and amortization	34.8	34.2	45.2	52.8	60.7	76.9	253	219	221	243
Stock-based compensation	1.22	1.97	2.52	3.12	5.56	7.23	7.89	7.66	7.08	7.88
Change in payables	-4.33	1.58	3.28	3.49	0.75	-3.63	-2.5	-3.23	-7.09	2.46
Cash from operations	-7.53	54.3	68.5	75	75	52.3	250	262	260	282
Capital expenditures	-10.7	-14.4	-0.6	-0.25	-0.08	-0.18
Acquisitions					0	-186	0	0
Cash from investing	27.9	-192	-229	-106	-125	-216	-136	-1.71	-20.6	-143
Debt issued	209
Debt repaid	-390							-250	-491	-478
Stock issued	245	137	21.9	21	148	317	48.7		111
Share buybacks	-62.2							0	0	-30
Dividends paid	-36.6	-52.3	-52.5	-64.7	-56.1	-49.8	-106	-135	-144	-154
Cash from financing	-37.7	126	162	29.8	48.8	216	-135	-254	-246	-135
Net change in cash	-17.4	-10.9	1.43	-1.61	-0.82	52.1	-21.7	6.72	-7.28	4.17
Free cash flow	-18.2	40	67.9	74.8	74.9	52.1
Interest paid	33	27.4	36	37.5	34.1	29.2	96.4	96	80.6	82.6

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 $14.63 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Net margin	6.5%	Net income / revenue.
Operating cash flow margin	41.4%	Cash from operations / revenue.
Return on equity (ROE)	1.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.7%	Net income / average total assets.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	38.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	25.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	43.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-21.6%	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	30.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	41.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-23.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.4%	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	8.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.2%	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	30.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.5%	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	4.4%	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	0.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.3%	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	37.3%	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	-0.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.7%	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	28.3%	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	4.1%	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	1.7%	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	19.9%	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	0.73x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	40.1%	Total debt / total assets.
Liabilities / assets	42.8%	Total liabilities / total assets.
Net debt	$2.42B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.36B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.11x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.18	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	$2.83	Revenue / diluted weighted shares.
Operating cash flow per share	$1.17	Cash from operations / diluted weighted shares.
Book value per share	$14.25	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.25	Tangible book value / shares outstanding.
Cash per share	$0.10	(Cash + short-term investments) / shares outstanding.
Payout ratio	370.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.45B	Share price x shares outstanding.
Enterprise value	$5.87B	Market cap + total debt - cash - short-term investments.
P/E	79.3x	Market cap / net income. Only when net income is positive.
P/S	5.17x	Market cap / revenue.
P/B	1.03x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.03x	Market cap / tangible book value, when positive.
P/OCF	12.5x	Market cap / cash from operations, when positive.
EV/Sales	8.80x	Enterprise value / revenue.
Earnings yield	1.3%	Net income / market cap (the inverse of P/E).
Dividend yield	4.7%	Dividends paid over the period / market cap.
Shareholder yield	4.7%	(Dividends paid + share buybacks) / market cap.

What was INDEPENDENCE REALTY TRUST, INC.'s revenue in fiscal 2025?

INDEPENDENCE REALTY TRUST, INC. reported revenue of $657.7M for fiscal 2025, 2.8% higher than the year before.

Was INDEPENDENCE REALTY TRUST, INC. profitable in fiscal 2025?

Yes. Net income was $56.6M, a net margin of 8.6%.

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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