What is Invitation Homes's earnings per share (EPS)?

Invitation Homes (INVH) reported diluted earnings per share of $0.96 for fiscal year 2025. This represents a 29.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Invitation Homes Financials

INVH

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Invitation Homes (INVH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Neutral

6/9

Invitation Homes passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.05x

For every $1 of reported earnings, Invitation Homes generates $2.05 in operating cash flow ($1.2B OCF vs $587.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.7B

YoY+4.2%

5Y CAGR+8.4%

Invitation Homes generated $2.7B in revenue in fiscal year 2025. This represents an increase of 4.2% from the prior year.

EBITDA

N/A

Net Income

$587.9M

YoY+29.5%

5Y CAGR+24.5%

Invitation Homes reported $587.9M in net income in fiscal year 2025. This represents an increase of 29.5% from the prior year.

EPS (Diluted)

$0.96

YoY+29.7%

5Y CAGR+22.4%

Invitation Homes earned $0.96 per diluted share (EPS) in fiscal year 2025. This represents an increase of 29.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$130.0M

YoY-25.5%

5Y CAGR-9.4%

Invitation Homes held $130.0M in cash against $8.4B in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.17

YoY-17.0%

5Y CAGR+14.3%

Invitation Homes paid $1.17 per share in dividends in fiscal year 2025. This represents a decrease of 17.0% from the prior year.

Shares Outstanding

611M

YoY-0.3%

5Y CAGR+1.5%

Invitation Homes had 611M shares outstanding in fiscal year 2025. This represents a decrease of 0.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

21.5%

YoY+4.2pp

5Y CAGR+10.8pp

Invitation Homes's net profit margin was 21.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4.2 percentage points from the prior year.

Return on Equity

6.2%

YoY+1.5pp

5Y CAGR+3.9pp

Invitation Homes's ROE was 6.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.5 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$53.2M

Invitation Homes spent $53.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

INVH Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$2.7B+4.2%	$2.6B+7.7%	$2.4B+8.7%	$2.2B+12.1%	$2.0B+9.5%	$1.8B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$95.3M+5.1%	$90.6M+10.0%	$82.3M+11.2%	$74.0M-2.4%	$75.8M+19.8%	$63.3M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$353.3M-3.5%	$366.1M+9.8%	$333.5M+9.7%	$304.1M-5.8%	$322.7M-8.8%	$353.9M
Income Tax	N/A	N/A	$253K+68.7%	$150K-72.8%	$551K-36.7%	$870K
Net Income	$587.9M+29.5%	$453.9M-12.6%	$519.5M+35.5%	$383.3M+46.6%	$261.4M+33.2%	$196.2M
EPS (Diluted)	$0.96+29.7%	$0.74-12.9%	$0.85+34.9%	$0.63+40.0%	$0.45+28.6%	$0.35

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$685.3M-0.4%	$688.2M+1.0%	$681.4M+1.0%	$674.5M+2.3%	$659.1M-0.2%	$660.3M+1.1%	$653.5M+1.1%	$646.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$23.7M+28.5%	$18.4M-21.8%	$23.6M-20.1%	$29.5M+23.3%	$23.9M+10.2%	$21.7M+1.1%	$21.5M-8.3%	$23.4M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$90.9M+0.1%	$90.8M+3.9%	$87.4M+3.8%	$84.3M-11.5%	$95.2M+4.5%	$91.1M+1.2%	$90.0M+0.2%	$89.8M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$144.6M+5.7%	$136.7M-2.9%	$140.9M-15.0%	$165.7M+15.8%	$143.1M+50.2%	$95.3M+30.2%	$73.2M-48.6%	$142.3M
EPS (Diluted)	N/A	$0.22-4.3%	$0.23-14.8%	$0.27	N/A	$0.15+25.0%	$0.12-47.8%	$0.23

INVH Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$18.7B-0.1%	$18.7B-2.7%	$19.2B+3.7%	$18.5B0.0%	$18.5B+5.9%	$17.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$130.0M-25.5%	$174.5M-75.1%	$700.6M+166.5%	$262.9M-56.9%	$610.2M+185.9%	$213.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$258.2M0.0%	$258.2M0.0%	$258.2M0.0%	$258.2M0.0%	$258.2M0.0%	$258.2M
Total Liabilities	$9.1B+2.3%	$8.9B-1.4%	$9.0B+10.0%	$8.2B-5.6%	$8.7B-2.8%	$9.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$8.4B+2.2%	$8.2B-4.0%	$8.5B+10.0%	$7.8B-2.9%	$8.0B-0.4%	$8.0B
Total Equity	$9.5B-2.3%	$9.8B-3.9%	$10.2B-1.3%	$10.3B+5.0%	$9.8B+15.2%	$8.5B
Retained Earnings	-$1.6B-8.8%	-$1.5B-38.3%	-$1.1B-12.5%	-$951.2M-19.7%	-$794.9M-20.2%	-$661.2M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$18.7B-0.5%	$18.8B+0.6%	$18.7B+0.5%	$18.6B-0.7%	$18.7B-4.7%	$19.6B+2.0%	$19.2B+0.2%	$19.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$130.0M-16.3%	$155.4M+138.6%	$65.1M-22.8%	$84.4M-51.6%	$174.5M-83.0%	$1.0B+37.1%	$749.4M+1.5%	$738.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$258.2M0.0%	$258.2M0.0%	$258.2M0.0%	$258.2M0.0%	$258.2M0.0%	$258.2M0.0%	$258.2M0.0%	$258.2M
Total Liabilities	$9.1B-0.1%	$9.1B+1.8%	$9.0B+1.5%	$8.8B-1.0%	$8.9B-8.0%	$9.7B+5.5%	$9.2B+1.5%	$9.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$8.4B+1.8%	$8.2B+0.7%	$8.2B+0.9%	$8.1B-1.2%	$8.2B-9.0%	$9.0B+5.4%	$8.5B0.0%	$8.5B
Total Equity	$9.5B-1.0%	$9.6B-0.4%	$9.7B-0.5%	$9.7B-0.4%	$9.8B-1.6%	$9.9B-1.2%	$10.0B-1.0%	$10.1B
Retained Earnings	-$1.6B-2.5%	-$1.6B-2.6%	-$1.5B-2.5%	-$1.5B-0.9%	-$1.5B-16.1%	-$1.3B-6.4%	-$1.2B-9.0%	-$1.1B

INVH Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.2B+11.5%	$1.1B-2.3%	$1.1B+8.2%	$1.0B+12.8%	$907.7M+30.3%	$696.7M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$652.6M-40.1%	-$465.9M+39.8%	-$773.6M+5.0%	-$814.4M+29.8%	-$1.2B-172.7%	-$425.2M
Financing Cash Flow	-$618.5M+43.5%	-$1.1B-1094.1%	$110.0M+119.2%	-$574.1M-187.1%	$659.0M+551.3%	-$146.0M
Dividends Paid	$712.8M+3.4%	$689.2M+8.0%	$638.1M+18.4%	$539.0M+36.9%	$393.8M+18.6%	$332.2M
Share Buybacks	$53.2M	$0	$0	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$128.7M-67.4%	$394.6M+3.2%	$382.5M+27.3%	$300.5M+126.3%	$132.8M-57.7%	$313.6M-15.2%	$369.8M+39.2%	$265.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$81.6M+47.1%	-$154.1M+49.1%	-$302.7M-165.0%	-$114.2M-525.8%	$26.8M+109.2%	-$292.5M-66.9%	-$175.3M-604.1%	-$24.9M
Financing Cash Flow	-$87.9M+31.7%	-$128.6M-12.1%	-$114.7M+60.1%	-$287.4M+70.8%	-$985.4M-477.3%	$261.2M+246.1%	-$178.7M+6.3%	-$190.8M
Dividends Paid	$178.0M0.0%	$178.0M0.0%	$178.0M-0.2%	$178.2M+3.9%	$171.5M-0.5%	$172.4M+0.4%	$171.7M-0.9%	$173.2M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

INVH Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	21.5%+4.2pp	17.3%-4.0pp	21.4%+4.2pp	17.1%+4.0pp	13.1%+2.3pp	10.8%
Return on Equity	6.2%+1.5pp	4.7%-0.5pp	5.1%+1.4pp	3.7%+1.0pp	2.7%+0.4pp	2.3%
Return on Assets	3.1%+0.7pp	2.4%-0.3pp	2.7%+0.6pp	2.1%+0.7pp	1.4%+0.3pp	1.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.88+0.0	0.840.0	0.84+0.1	0.75-0.1	0.82-0.1	0.94
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	21.1%+1.2pp	19.9%-0.8pp	20.7%-3.9pp	24.6%+2.9pp	21.7%+7.3pp	14.4%+3.2pp	11.2%-10.8pp	22.0%
Return on Equity	1.5%+0.1pp	1.4%-0.0pp	1.5%-0.3pp	1.7%+0.2pp	1.5%+0.5pp	1.0%+0.2pp	0.7%-0.7pp	1.4%
Return on Assets	0.8%+0.0pp	0.7%-0.0pp	0.8%-0.1pp	0.9%+0.1pp	0.8%+0.3pp	0.5%+0.1pp	0.4%-0.4pp	0.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.88+0.0	0.850.0	0.85+0.0	0.830.0	0.84-0.1	0.91+0.1	0.850.0	0.84
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Invitation Homes's annual revenue?

Invitation Homes (INVH) reported $2.7B in total revenue for fiscal year 2025. This represents a 4.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Invitation Homes's revenue growing?

Invitation Homes (INVH) revenue grew by 4.2% year-over-year, from $2.6B to $2.7B in fiscal year 2025.

Is Invitation Homes profitable?

Yes, Invitation Homes (INVH) reported a net income of $587.9M in fiscal year 2025, with a net profit margin of 21.5%.

How much debt does Invitation Homes have?

As of fiscal year 2025, Invitation Homes (INVH) had $130.0M in cash and equivalents against $8.4B in long-term debt.

What is Invitation Homes's net profit margin?

Invitation Homes (INVH) had a net profit margin of 21.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Invitation Homes pay dividends?

Yes, Invitation Homes (INVH) paid $1.17 per share in dividends during fiscal year 2025.

What is Invitation Homes's return on equity (ROE)?

Invitation Homes (INVH) has a return on equity of 6.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Invitation Homes's operating cash flow?

Invitation Homes (INVH) generated $1.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Invitation Homes's total assets?

Invitation Homes (INVH) had $18.7B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Invitation Homes buy back shares?

Yes, Invitation Homes (INVH) spent $53.2M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Invitation Homes have outstanding?

Invitation Homes (INVH) had 611M shares outstanding as of fiscal year 2025.

What is Invitation Homes's debt-to-equity ratio?

Invitation Homes (INVH) had a debt-to-equity ratio of 0.88 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Invitation Homes's return on assets (ROA)?

Invitation Homes (INVH) had a return on assets of 3.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Invitation Homes's Piotroski F-Score?

Invitation Homes (INVH) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Invitation Homes's earnings high quality?

Invitation Homes (INVH) has an earnings quality ratio of 2.05x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.