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American Homes 4 Rent (AMH) FY2025 results: revenue $1.9 billion, up 7.0% on the year

American Homes 4 Rent (AMH) reported revenue of $1.9 billion for fiscal 2025, the year ended 31 December 2025, up 7.0% on the year before. Net income was $439 million, up 10.2%, and diluted earnings per share $1.18. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue
$1.9 billion
+7.0% on the year
FY2018FY2025
Operating margin
14.4%
13.1% a year earlier
FY2018FY2025
Net income
$439 million
+10.2% on the year
FY2018FY2025
Diluted EPS
$1.18
+9.3% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 16 new.

  • Quarterly rental revenue up 4.2%: Rents and other single-family property revenues rose 4.2% to $455.0 million, from $436.6 million a year earlier. Management said the growth was primarily driven by higher rental rates.
  • Core FFO per share rose to $0.47: Core FFO attributable to common share and unit holders was $199.3 million, or $0.47 per share and unit, against $0.45 a year earlier, an increase of 4.1%.
  • Same-Home Core NOI up 3.5%: Same-Home core revenues rose 3.0% to $351.6 million and Same-Home core property operating expenses rose 2.0% to $116.5 million, giving Same-Home Core NOI of $235.1 million.
  • Blended rate growth 2.8% at 95.0%: Same-Home Average Occupied Days Percentage was 95.0% in the quarter. Blended rate growth was 2.8%, with lease spreads of 4.2% on renewals and -0.3% on new leases.
  • Fourth-quarter buybacks of 4.7 million shares: The company repurchased and retired 4.7 million Class A common shares in the fourth quarter at a weighted-average price of $31.77.
Read the Q4 FY2025 earnings call summary

From this 10-K

American Homes 4 Rent is a real estate investment trust that builds, renovates, leases and manages single-family homes as rental properties. At December 31, 2025 it held 61,479 single-family properties in select submarkets of metropolitan areas within 24 states, plus 3,785 more in joint ventures. It began operating in November 2012 and is based in Las Vegas, Nevada.

American Homes 4 Rent, the 10-K for 2025

American Homes 4 Rent is a real estate investment trust that builds, renovates, leases and manages single-family homes as rental properties. At December 31, 2025 it held 61,479 single-family properties in select submarkets of metropolitan areas within 24 states, plus 3,785 more in joint ventures. It began operating in November 2012 and is based in Las Vegas, Nevada.

Building homes to rent

The company is now focused mainly on building homes itself. Its AMH Development Program, launched in 2017, has delivered over 14,000 homes built for rental, typically with three or more bedrooms and two or more bathrooms and finishes chosen to stand up to long-term tenants. A team of development professionals oversees the whole process, including land development and the work of subcontractors. Once the land is ready, building a home takes on average approximately four to seven months, and leasing it takes approximately 10 to 50 days after that. The company has used land banking arrangements, paying non-refundable deposits for the option to buy land or finished lots later at pre-determined prices. It can also buy new homes from outside builders through a National Builder Program, though those purchases have been minimal in recent years, and it has bought few homes through brokers lately.

Running the homes itself

The company manages all of its properties directly, including those held in its joint ventures, generally without a third-party manager. Rents are set centrally with data-driven pricing models, supported by local property management teams. Homes are advertised on its website, online marketplaces, MLS listings, yard signs and through local brokers, and substantially all of them are shown through self-guided tours. Applicants are checked for identification, credit, household income and rental history, and most rent is collected electronically. Tenants can ask for repairs online, through a 24/7 emergency line, or through a local office or call center, and more of the maintenance work is now done by the company's own employees rather than outside vendors.

Where the homes are and how full they are

The company picks markets for steady population growth and rental demand. Of the properties it owned at the end of 2025, 1,142 were held for sale, and 56,756 of the rest were occupied.

How it is structured

Substantially all of the business and assets sit in American Homes 4 Rent, L.P., an operating partnership of which the trust is the sole general partner. At December 31, 2025 the trust owned approximately 87.9% of the common partnership interest and limited partners the remaining 12.1%, and partnership units can be exchanged for shares on a one-for-one basis. A wholly owned captive insurance company, American Dream Insurance, provides general liability cover for losses below the deductible on its outside liability insurance.

People

At December 31, 2025 the company had 1,598 employees working in property management, development, marketing, leasing, finance and administration. None are covered by a collective bargaining agreement.

From American Homes 4 Rent's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue1,8501,7291,624+7.0%
Operating income267226213+17.8%
Operating margin14.4%13.1%13.1%
Interest expense185165140+12.0%
Net income439398366+10.2%
Net margin23.7%23.1%22.6%
Diluted EPS$1.18$1.08$1.01+9.3%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow864812739+6.5%
Capital expenditure40.634.140.1+19.4%
Free cash flow824777699+5.9%
Free cash flow margin44.5%45.0%43.0%
Cash from investing-328-826-693
Cash from financing-656143-42.2
Depreciation and amortisation504477457+5.7%
Share-based compensation25.831.025.4-16.7%
Dividends paid446384319+16.4%
Dividend per share$1.20$1.04$0.88+15.4%
Diluted shares, weighted371m368m362m+0.8%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity7,0347,1606,968-1.8%
Non-controlling interest676689685-1.9%
Debt5,0965,0114,462+1.7%
Other liabilities437522574-16.3%
Total liabilities and equity13,24213,38112,688-1.0%
Goodwill1201201200.0%
Intangible assets9.512.47.6-23.5%
Cash and equivalents10919959.4-45.6%
Other assets13,00413,04912,501-0.3%
Total assets13,24213,38112,688-1.0%

10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.