American Homes 4 Rent (AMH) financial statements
Net income was $439M.
Free cash flow was $824M, and the company returned $446M in dividends.
The diluted share count rose 59% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from American Homes 4 Rent's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $879M | $960M | $1.1B | $1.1B | $1.2B | — | — | — | — | — |
| Selling, general and admin | $33M | $35M | $37M | $43M | $49M | $56M | $68M | $75M | $84M | $83M |
| Interest expense | $131M | $113M | $123M | $127M | $117M | $115M | $135M | $140M | $165M | $185M |
| Net income | -$34M | -$22M | $23M | $86M | $85M | $135M | $251M | $366M | $398M | $439M |
| EPS (diluted) | -$0.14 | -$0.08 | $0.08 | $0.29 | $0.28 | $0.41 | $0.71 | $1.01 | $1.08 | $1.18 |
| Diluted shares | 234M | 264M | 294M | 300M | 307M | 326M | 350M | 362M | 368M | 371M |
| Net margin | -3.8% | -2.3% | 2.2% | 7.5% | 7.2% | — | — | — | — | — |
Balance sheet
Fiscal years, from American Homes 4 Rent's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $119M | $46M | $30M | $38M | $137M | $48M | $69M | $59M | $199M | $109M |
| Goodwill | $120M | $120M | $120M | $120M | $120M | $120M | $120M | $120M | $120M | $120M |
| Total assets | $8.1B | $8.6B | $9.0B | $9.1B | $9.6B | $11.0B | $12.2B | $12.7B | $13.4B | $13.2B |
| Total liabilities | $3.2B | $2.7B | $3.0B | $3.1B | $3.1B | $4.2B | $5.0B | $5.0B | $5.5B | $5.5B |
| Shareholders' equity | $4.2B | $5.1B | $5.3B | $5.3B | $5.8B | $6.1B | $6.5B | $7.0B | $7.2B | $7.0B |
| Net debt | -$119M | -$46M | -$30M | -$38M | -$137M | -$48M | -$69M | -$59M | -$199M | -$109M |
Cash flow
Fiscal years, from American Homes 4 Rent's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $279M | $386M | $411M | $458M | $474M | $595M | $666M | $739M | $812M | $864M |
| Capital spending | $40M | $48M | $52M | $22M | $17M | $48M | $98M | $40M | $34M | $41M |
| Free cash flow | $239M | $338M | $359M | $436M | $457M | $548M | $567M | $699M | $777M | $824M |
| Stock-based compensation | $4M | $4M | $3M | $5M | $10M | $18M | $27M | $25M | $31M | $26M |
| Dividends paid | $48M | $39M | $58M | $60M | $61M | $146M | $253M | $319M | $384M | $446M |
| Share buybacks (net) | -$96M | $0 | -$35M | $0 | $0 | — | — | — | — | — |
| Free cash flow margin | 27.2% | 35.2% | 33.4% | 38.1% | 38.6% | — | — | — | — | — |
| Dividends per share | $0.21 | $0.15 | $0.20 | $0.20 | $0.20 | $0.45 | $0.72 | $0.88 | $1.04 | $1.20 |
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How much free cash flow does American Homes 4 Rent generate?
$824M in fiscal 2025 (operating cash flow minus capital spending).
From American Homes 4 Rent's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.