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Invitation Homes (INVH) FY2025 results: revenue $2.7 billion, up 4.2% on the year

Invitation Homes Inc. (INVH) reported revenue of $2.7 billion for fiscal 2025, the year ended 31 December 2025, up 4.2% on the year before. Net income was $588 million, up 29.5%, and diluted earnings per share $0.96. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue
$2.7 billion
+4.2% on the year
FY2018FY2025
Operating margin
14.2%
11.2% a year earlier
FY2018FY2025
Net income
$588 million
+29.5% on the year
FY2018FY2025
Diluted EPS
$0.96
+29.7% 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: 9 new.

  • Q4 revenue rose, costs rose faster: Q4 total revenues rose 4.0% to $685 million while property operating and maintenance costs rose 7.2% to $245 million. Diluted net income per share was $0.24 against $0.23 a year earlier.
  • Core FFO per share edged up: Core FFO per share rose 1.3% to $0.48, mainly on NOI growth, and AFFO per share was generally flat at $0.41.
  • Same Store NOI growth was 0.7%: Same Store NOI rose 0.7% in Q4 on 1.7% Core Revenues growth and 4.0% Core Operating Expenses growth.
  • Core FFO per share guided $1.90-$1.98: FY 2026 Core FFO per share is guided at $1.90 to $1.98, midpoint $1.94, against the FY 2025 actual of $1.91.
  • Occupancy down 90 basis points: Same Store average occupancy was 95.9% in Q4, down 90 basis points year over year. The FY 2025 average was 96.8%.
Read the Q4 FY2025 earnings call summary

From this 10-K

Invitation Homes is an owner and operator of single-family homes for lease across the United States. At the end of 2025 it wholly owned 86,192 homes for lease, jointly owned 8,006 more, and managed a further 15,866 for other owners, nearly all in 16 core markets. It is a REIT organised in Maryland, founded in 2012, with head office in Dallas.

Invitation Homes Inc., the 10-K for 2025

Invitation Homes is an owner and operator of single-family homes for lease across the United States. At the end of 2025 it wholly owned 86,192 homes for lease, jointly owned 8,006 more, and managed a further 15,866 for other owners, nearly all in 16 core markets. It is a REIT organised in Maryland, founded in 2012, with head office in Dallas.

The houses

The homes it owns average about 1,880 square feet with three to four bedrooms and two bathrooms. The company says that shape of house appeals to a resident base it believes is less transitory than a typical apartment resident. It invests in renovating homes upfront, which it says addresses capital needs, reduces ongoing maintenance cost and drives resident demand.

Markets are concentrated in the Western United States, Florida and the Southeast, chosen for demand drivers, barriers to entry and rent growth potential. The company says the concentration is deliberate: clustering homes gives it local density as well as economies of scale.

The platform

Invitation Homes is vertically integrated, meaning it acquires, renovates, leases, maintains and manages the homes itself rather than hiring that out, and it does the same work for the homes it manages on behalf of others. The structure has three parts as the filing sets it out. A resident-centric model that takes resident feedback into operations. Local presence, with in-market managers running local leasing, property management and maintenance teams. And a centralised infrastructure supplying national strategy, technology-enabled workflows and standards, including standardised leases, a consistent approach to resident screening and a pricing tool that reads publicly available data for local market conditions.

Where the homes come from

The strategy primarily targets newly constructed homes, and the company says it has increasingly leveraged relationships with homebuilders to find them. Strategic relationships with homebuilders let Invitation Homes buy newly built houses designed to be let rather than sold; those contracts generally involve periodic deposits to the builder and scheduled delivery over a set period. The company gives its reasons for preferring new: materially lower maintenance spend in the early years, and modern features such as open floor plans, energy-efficient appliances, smart home technology and updated finishes, with the energy efficiency also cutting the resident's utility bills. The other routes are portfolio acquisitions of existing homes and, on a more limited basis, the open market listing service.

On 14 January 2026 the company acquired ResiBuilt Homes, a fee homebuilder specialising in single-family rental communities with land development and construction general contracting across Southeast markets. The company frames it as bringing land development and construction in-house, giving it more control over the development process and a pipeline of purpose-built rental homes.

In May 2025 it launched a developer lending programme, providing finance to selected homebuilders.

Selling houses back out

The company runs a process to identify and dispose of homes that no longer fit its investment objectives. Homes that no longer fit the investment objectives are sold and the capital recycled into homes that do, through several channels: bulk portfolio sales, direct-to-market sales, and a Resident First Look programme that offers the house to the person already living in it.

Maintenance and renovation

Renovation vendors are engaged directly rather than through third-party general contractors. The company states this means a larger share of the upfront renovation spend goes into the home itself, and lower overall expenditure, than if vendor selection and oversight were outsourced. In-house maintenance associates inspect for lease compliance and for safety hazards or causes of damage that would become costly if left, and act on what they find.

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

Written from the 10-K filed 19 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
Revenue2,7292,6192,432+4.2%
Operating income388292357+32.6%
Operating margin14.2%11.2%14.7%
Interest expensen/an/a333
Income taxn/an/a0.3
Net income588454519+29.5%
Net margin21.5%17.3%21.4%
Diluted EPS$0.96$0.74$0.85+29.7%
$ 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 flow1,2061,0821,107+11.5%
Capital expenditure28.330.630.2-7.4%
Free cash flow1,1781,0511,077+12.1%
Free cash flow margin43.2%40.1%44.3%
Cash from investing-653-466-774
Cash from financing-618-1,094110
Share-based compensation27.827.929.5-0.3%
Buybacks53.20.00.0
Dividends paid713689638+3.4%
Dividend per share$1.17$1.41$1.04-17.0%
Diluted shares, weighted613m614m613m-0.1%
Shares outstanding at period end611m613m612m-0.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity9,5309,75710,156-2.3%
Non-controlling interest37.835.734.5+5.6%
Debt8,3808,2028,546+2.2%
Other liabilities732706484+3.7%
Total liabilities and equity18,68018,70119,221-0.1%
Fixed assets56.642.731.5+32.6%
Goodwill2582582580.0%
Intangible assets19.4n/an/a
Securities held for sale or to maturity55.054.686.5+0.6%
Cash and equivalents130174701-25.5%
Other assets18,16118,17118,144-0.1%
Total assets18,68018,70119,221-0.1%

10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.