Revenue growth reached 8.8% in 2026Q1, though the sharp NOI margin compression to 3.1% in 2025Q4 suggests potential volatility that requires further investigation.
| Revenue | 2.79B | 2.73B | 2.62B | 2.43B | 2.24B | 2B | 1.82B | 1.76B | 1.72B | 1.05B | 922.59M | 836.05M | 658.72M |
| Revenue Growth % | 5.35% | 4.21% | 7.67% | 8.67% | 12.1% | 9.53% | 3.29% | 2.42% | 63.4% | 14.29% | 10.35% | 26.92% | - |
| Property Operating Expenses | 1.53B | 2.63B | 1.07B | 976.14M | 874.29M | 777.76M | 739.16M | 731.6M | 720.9M | 434.84M | 390.82M | 387.42M | 383.16M |
| Net Operating Income (NOI) | 1.26B | 100.71M | 1.55B | 1.46B | 1.36B | 1.22B | 1.08B | 1.03B | 1B | 619.62M | 531.77M | 448.63M | 275.56M |
| NOI Margin % | 45.04% | 3.69% | 59.04% | 59.87% | 60.94% | 61.05% | 59.45% | 58.54% | 58.16% | 58.76% | 57.64% | 53.66% | 41.83% |
| Operating Expenses | 386.74M | -640.24M | 804.94M | 756.63M | 712.14M | 667.95M | 615.84M | 607.99M | 659.3M | 501.41M | 340.99M | 334.25M | 307.38M |
| G&A Expenses | 98.05M | 95.25M | 90.61M | 82.34M | 74.03M | 75.81M | 63.3M | 74.27M | 98.76M | 167.74M | 69.1M | 79.43M | 88.18M |
| EBITDA | 1.63B | 1.49B | 1.46B | 1.37B | 1.29B | 1.14B | 1.02B | 958.81M | 903.3M | 427.79M | 458.46M | 364.62M | 183.99M |
| EBITDA Margin % | 58.31% | 54.52% | 55.58% | 56.48% | 57.63% | 57.25% | 55.98% | 54.33% | 52.43% | 40.57% | 49.69% | 43.61% | 27.93% |
| Depreciation & Amortization | 756.93M | 746.93M | 714.33M | 674.29M | 638.11M | 592.13M | 552.53M | 533.72M | 560.54M | 309.58M | 267.68M | 250.24M | 215.81M |
| D&A / Revenue % | 27.14% | 27.37% | 27.28% | 27.72% | 28.51% | 29.66% | 30.31% | 30.24% | 32.53% | 29.36% | 29.01% | 29.93% | 32.76% |
| Operating Income | 869.39M | 740.95M | 741.24M | 699.5M | 651.7M | 550.91M | 467.84M | 425.09M | 342.76M | 118.21M | 190.78M | 114.38M | -31.82M |
| Operating Margin % | 31.17% | 27.15% | 28.3% | 28.76% | 29.12% | 27.59% | 25.67% | 24.09% | 19.89% | 11.21% | 20.68% | 13.68% | -4.83% |
| Interest Expense | 4M | 353.33M | 366.07M | 333.46M | 304.09M | 322.66M | 353.92M | 367.17M | 383.6M | 256.97M | 286.05M | 273.74M | 235.81M |
| Interest Coverage | - | 2.05x | 2.24x | 2.56x | 2.27x | 1.81x | 1.56x | 1.40x | 0.99x | 0.59x | 0.73x | 0.41x | -0.14x |
| Non-Operating Income | 152.22M | 15.95M | -80.19M | -154.98M | -37.2M | -34.53M | -83.53M | -89.19M | -35.82M | -32.94M | -17.03M | 3.12M | 1.99M |
| Pretax Income | 529.76M | 371.67M | 455.37M | 521.03M | 384.8M | 262.78M | 197.45M | 147.11M | -5.01M | -105.83M | -78.24M | -162.48M | -269.63M |
| Pretax Margin % | 18.99% | 13.62% | 17.39% | 21.42% | 17.19% | 13.16% | 10.83% | 8.34% | -0.29% | -10.04% | -8.48% | -19.43% | -40.93% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 582.69M | 587.92M | 453.92M | 519.47M | 383.33M | 261.43M | 196.21M | 145.46M | -4.93M | -105.34M | -78.24M | -160.21M | -269.86M |
| Net Margin % | 20.89% | 21.54% | 17.33% | 21.36% | 17.13% | 13.09% | 10.76% | 8.24% | -0.29% | -9.99% | -8.48% | -19.16% | -40.97% |
| Net Income Growth % | 22.08% | 29.52% | -12.62% | 35.52% | 46.63% | 33.24% | 34.89% | 3052.36% | 95.32% | -34.63% | 51.16% | 40.63% | - |
| Funds From Operations (FFO) | 1.34B | 1.33B | 1.17B | 1.19B | 1.02B | 853.56M | 748.74M | 679.18M | 555.61M | 204.24M | 189.44M | 90.03M | -54.05M |
| FFO Margin % | 48.03% | 48.91% | 44.61% | 49.08% | 45.64% | 42.75% | 41.08% | 38.49% | 32.25% | 19.37% | 20.53% | 10.77% | -8.21% |
| FFO Growth % | 52.83% | 14.26% | -2.14% | 16.87% | 19.67% | 14% | 10.24% | 22.24% | 172.04% | 7.81% | 110.42% | 266.56% | - |
| FFO per Share | 2.21 | 2.18 | 1.90 | 1.95 | 1.67 | 1.47 | 1.35 | 1.28 | 1.07 | 0.60 | 0.63 | 0.30 | -0.18 |
| FFO Payout Ratio % | 53.68% | 53.4% | 59% | 53.46% | 52.77% | 46.14% | 44.36% | 40.74% | 41.41% | 33.78% | 0.07% | 758.04% | -1456.85% |
| EPS (Diluted) | 0.96 | 0.96 | 0.74 | 0.85 | 0.63 | 0.45 | 0.35 | 0.27 | -0.01 | -0.26 | -0.26 | -0.52 | -0.87 |
| EPS Growth % | 23.38% | 29.73% | -12.94% | 34.92% | 40% | 28.57% | 29.63% | 2554.55% | 95.77% | 0% | 50% | 40.23% | - |
| EPS (Basic) | - | 0.96 | 0.74 | 0.85 | 0.63 | 0.45 | 0.35 | 0.27 | -0.01 | -0.26 | -0.26 | -0.52 | -0.87 |
| Diluted Shares Outstanding | 606.23M | 613.18M | 613.63M | 613.29M | 611.11M | 579.21M | 555.46M | 532.5M | 520.38M | 339.42M | 302.12M | 302.12M | 302.12M |
Regulatory and Legislative Headwinds
As reported in recent financial filings, Invitation Homes achieved a revenue growth rate of 8.8% in 2026Q1, signaling a robust expansion in top-line performance that appears to be driven by sustained rental demand and the successful integration of the company's proprietary ProCare maintenance platform across its portfolio.
The acceleration in revenue growth suggests that the company is successfully capturing pricing power within its high-barrier infill markets. Investors should monitor whether this trajectory can be sustained without relying on aggressive rent hikes that might invite further regulatory scrutiny.
Based on the provided income statement data, the company experienced a significant NOI margin compression to 3.1% in 2025Q4, a sharp deviation from the typical 55-60% range, which suggests potential accounting anomalies or seasonal spikes in property-level operating expenses that require deeper investigation by stakeholders.
While the 2026Q1 recovery to 55.1% indicates a return to normalized profitability, the extreme variance in the prior quarter highlights the sensitivity of the cost structure to localized tax and maintenance fluctuations. This volatility implies that property-level margins may be more fragile than the long-term average suggests.
According to the latest quarterly reports, FFO per share reached $0.58 in 2026Q1, reflecting a steady recovery from the mid-2024 lows and suggesting that the company's shift toward an asset-light management model is beginning to stabilize the core earnings trajectory for institutional shareholders.
The divergence between GAAP net income and FFO remains a critical focal point, as depreciation charges continue to mask the underlying cash-generating capacity of the portfolio. The current FFO growth trend appears to support dividend safety, though investors should remain wary of potential dilution if capital-intensive growth strategies resume.
Analysis of the provided figures reveals that recurring maintenance capital expenditures may be under-represented in standard NOI metrics, potentially inflating the perceived profitability of the aging single-family portfolio as reported in the company's recent financial disclosures and supplemental operating data provided to the market.
The reliance on expensing versus capitalizing repairs may create a misleading picture of true economic earnings. If the portfolio requires higher-than-anticipated capital reinvestment to maintain occupancy, the long-term AFFO yield may be lower than current market expectations imply.
Quick answers to the most common questions about buying INVH stock.
For fiscal year 2025, Invitation Homes Inc. (INVH) reported total revenue of $2.73B. This represents a 314.3% increase compared to $658.7M in 2014.
Invitation Homes Inc. (INVH) is profitable, generating $587.9M in net income for the fiscal year ending 2025 with a net profit margin of 21.5%.
Invitation Homes Inc. (INVH) reported an operating income of $741.0M, resulting in an operating profit margin of 27.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Invitation Homes Inc. (INVH) generated $100.7M in gross profit for the year, representing a gross profit margin of 3.7%. This demonstrates the company's core pricing power and production efficiency.