Invitation Homes (INVH) financial statements
Invitation Homes reported revenue of $2.7B in fiscal 2025, up 12.8% a year over 9 years.
Net income was $588M and the operating margin 14.2%, against 20.7% in 2016.
Free cash flow was $1.2B, and the company returned $713M in dividends and $53M in net buybacks.
The diluted share count rose 18% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Invitation Homes's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $923M | $1.1B | $1.7B | $1.8B | $1.8B | $2.0B | $2.2B | $2.4B | $2.6B | $2.7B |
| Selling, general and admin | $69M | $168M | $99M | $74M | $63M | $76M | $74M | $82M | $91M | $95M |
| Operating income | $191M | $118M | -$62M | $39M | $113M | $220M | $319M | $357M | $292M | $388M |
| Interest expense | $286M | $257M | $384M | $367M | $354M | $323M | $304M | $333M | — | — |
| Income tax | — | — | $1M | $2M | $870,000 | $551,000 | $150,000 | $253,000 | — | — |
| Net income | -$78M | -$105M | -$5M | $145M | $196M | $261M | $383M | $519M | $454M | $588M |
| EPS (diluted) | — | — | -$0.01 | $0.27 | $0.35 | $0.45 | $0.63 | $0.85 | $0.74 | $0.96 |
| Diluted shares | — | — | 520M | 532M | 555M | 579M | 611M | 613M | 614M | 613M |
| Operating margin | 20.7% | 11.2% | -3.6% | 2.2% | 6.2% | 11.0% | 14.2% | 14.7% | 11.2% | 14.2% |
| Net margin | -8.5% | -10.0% | -0.3% | 8.2% | 10.8% | 13.1% | 17.1% | 21.4% | 17.3% | 21.5% |
Balance sheet
Fiscal years, from Invitation Homes's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $198M | $180M | $145M | $92M | $213M | $610M | $263M | $701M | $174M | $130M |
| Property, plant and equipment | $6M | $17M | $12M | $10M | $10M | $17M | $24M | $31M | $43M | $57M |
| Goodwill | $0 | $258M | $258M | $258M | $258M | $258M | $258M | $258M | $258M | $258M |
| Total assets | $9.7B | $18.7B | $18.1B | $17.4B | $17.5B | $18.5B | $18.5B | $19.2B | $18.7B | $18.7B |
| Total liabilities | $7.8B | $10.0B | $9.7B | $9.1B | $9.0B | $8.7B | $8.2B | $9.0B | $8.9B | $9.1B |
| Shareholders' equity | $2.0B | $8.5B | $8.2B | $8.2B | $8.5B | $9.8B | $10.3B | $10.2B | $9.8B | $9.5B |
| Net debt | -$198M | -$180M | -$145M | -$92M | -$213M | -$610M | -$263M | -$701M | -$174M | -$130M |
Cash flow
Fiscal years, from Invitation Homes's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $256M | $263M | $561M | $662M | $697M | $908M | $1.0B | $1.1B | $1.1B | $1.2B |
| Capital spending | $4M | $4M | $4M | $57M | $99M | $77M | $122M | $30M | $31M | $28M |
| Free cash flow | $252M | $259M | $557M | $605M | $598M | $830M | $901M | $1.1B | $1.1B | $1.2B |
| Stock-based compensation | $10M | $81M | $29M | $18M | $17M | $27M | $29M | $30M | $28M | $28M |
| Dividends paid | $0 | $69M | $230M | $277M | $332M | $394M | $539M | $638M | $689M | $713M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | -$53M |
| Free cash flow margin | 27.3% | 24.6% | 32.3% | 34.3% | 32.8% | 41.6% | 40.3% | 44.3% | 40.1% | 43.2% |
| Dividends per share | — | — | $0.44 | $0.52 | $0.60 | $0.68 | $0.88 | $1.04 | $1.12 | $1.16 |
Questions
What was Invitation Homes's revenue in 2025?
$2.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Invitation Homes generate?
$1.2B in fiscal 2025 (operating cash flow minus capital spending).
From Invitation Homes's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.