American Homes 4 Rent (AMH) Income Statement
AMH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAMH revenue and net income
Where AMH's revenue goes
2025Each bar shows an amount and its share of revenue. AMH kept 24.3% of revenue as net income.
AMH profit margins
AMH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.0% | +7.8% | +9.7% | +11.5% |
| Gross profit | −93.5% | −57.2% | −36.8% | −15.0% |
| Operating income | −48.3% | −14.8% | −4.7% | +4.4% |
| Net income | +9.8% | +18.4% | +26.4% | — |
| EPS (diluted) | +8.0% | +19.8% | +34.2% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AMH quarterly EPS vs estimates
American Homes 4 Rent beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.47).
AMH income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.87B | $1.73B | $1.62B | $1.49B | $1.30B | $1.17B | $1.13B | $1.07B | $960.4M | $878.9M |
| Cost of revenue | $1.80B | $767.4M | $739.7M | $688.2M | $602.8M | $549.5M | $524.0M | $492.7M | $429.4M | $393.7M |
| Gross profit | $62.8M | $961.3M | $883.9M | $802.3M | $701.1M | $623.1M | $608.2M | $580.2M | $531.0M | $485.2M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $83.0M | $87.0M | $77.6M | $70.8M | $56.4M | $48.5M | $43.2M | $36.6M | $34.7M | $33.1M |
| Total operating expenses | −$389.1M | $87.0M | $77.6M | $70.8M | $56.4M | $48.5M | $43.2M | $36.6M | $34.7M | $33.1M |
| Operating income | $451.9M | $874.3M | $806.3M | $731.5M | $644.6M | $574.5M | $564.9M | $543.6M | $496.3M | $452.1M |
| Interest expense | $185.2M | $165.4M | $140.2M | $134.9M | $114.9M | $117.0M | $127.1M | $122.9M | $112.6M | $130.8M |
| Income before taxes | $513.4M | $468.1M | $432.1M | $310.0M | $210.6M | $154.8M | $156.3M | $112.4M | $76.5M | $10.4M |
| Income taxes | — | $69.7M | $53.1M | $134.9M | $140.3M | $117.5M | $135.6M | $4.2M | −$4.5M | $3.8M |
| Net income | $453.0M | $412.4M | $380.2M | $273.1M | $189.1M | $140.4M | $141.0M | $108.3M | $81.0M | $6.7M |
| EBITDA | $1.20B | $877.7M | $809.3M | $734.2M | $644.6M | $574.5M | $564.9M | $543.6M | $496.3M | $452.1M |
| EPS (diluted) | $1.22 | $1.13 | $1.02 | $0.71 | $0.40 | $0.28 | $0.29 | $0.19 | −$0.06 | −$0.20 |
| Gross margin | 3.4% | 55.6% | 54.4% | 53.8% | 53.8% | 53.1% | 53.7% | 54.1% | 55.3% | 55.2% |
| Operating margin | 24.2% | 50.6% | 49.7% | 49.1% | 49.4% | 49.0% | 49.9% | 50.7% | 51.7% | 51.4% |
| Net margin | 24.3% | 23.9% | 23.4% | 18.3% | 14.5% | 12.0% | 12.5% | 10.1% | 8.4% | 0.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $470.1M | $472.0M | $459.3M | $478.5M | $457.5M | $459.3M | $436.6M | $445.1M | $423.5M | $423.6M | $408.7M | $421.7M |
| Cost of revenue | $195.8M | $455.6M | $438.4M | $215.0M | $194.5M | $204.8M | $185.3M | $206.6M | $184.8M | $190.7M | $178.2M | $201.2M |
| Gross profit | $274.3M | $16.5M | $20.9M | $263.5M | $263.0M | $254.5M | $251.2M | $238.4M | $238.7M | $232.9M | $230.5M | $220.5M |
| Sales, general & admin | $21.7M | $21.3M | $22.8M | $20.5M | $21.1M | $20.8M | $21.7M | $20.1M | $22.5M | $22.7M | $19.3M | $19.1M |
| Total operating expenses | $149.3M | −$101.8M | −$95.0M | $147.2M | $146.9M | $20.8M | $21.7M | $20.1M | $22.5M | $22.7M | $19.3M | $19.1M |
| Operating income | $125.1M | $118.3M | $115.9M | $116.3M | $116.1M | $233.7M | $229.6M | $218.3M | $216.2M | $210.2M | $211.2M | $201.3M |
| Interest expense | $49.5M | $61.2M | $45.3M | $48.2M | $46.3M | $45.4M | $44.5M | $43.6M | $38.7M | $38.6M | $49.3M | $34.4M |
| Income before taxes | $136.1M | $148.8M | $144.3M | $116.8M | $123.6M | $128.7M | $143.9M | $87.6M | $108.5M | $128.1M | $90.9M | $88.1M |
| Income taxes | $3.2M | — | — | — | −$29.8M | — | $20.6M | −$64.0M | $13.2M | $15.3M | $11.1M | −$3.5M |
| Net income | $117.1M | $131.3M | $127.3M | $102.9M | $109.0M | $113.5M | $126.7M | $77.3M | $95.6M | $112.8M | $80.1M | $77.6M |
| EBITDA | $251.9M | $337.4M | $315.3M | $291.7M | $296.9M | $234.8M | $230.5M | $219.2M | $217.0M | $211.0M | $212.0M | $202.1M |
| EPS (diluted) | $0.49 | $0.36 | $0.34 | $0.28 | $0.29 | $0.31 | $0.36 | $0.20 | $0.26 | $0.31 | $0.21 | $0.21 |
| Gross margin | 58.4% | 3.5% | 4.6% | 55.1% | 57.5% | 55.4% | 57.5% | 53.6% | 56.4% | 55.0% | 56.4% | 52.3% |
| Operating margin | 26.6% | 25.1% | 25.2% | 24.3% | 25.4% | 50.9% | 52.6% | 49.0% | 51.1% | 49.6% | 51.7% | 47.7% |
| Net margin | 24.9% | 27.8% | 27.7% | 21.5% | 23.8% | 24.7% | 29.0% | 17.4% | 22.6% | 26.6% | 19.6% | 18.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AMH's financial statements (latest annual report filed February 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AMH financial results
In fiscal year 2025 (ended December 31, 2025), American Homes 4 Rent reported revenue of $1.9 billion, up 8.0% from the year before. It had net income of $453.0 million (up 9.8%), a net profit margin of 24.3%. Diluted earnings per share came to $1.22. Over five years revenue grew at an average rate of 9.7% a year.
See the AMH stock overview for the latest quote and news, or the AMH chart for price history and technical indicators.
AMH income statement FAQ
What is American Homes 4 Rent's annual revenue?
American Homes 4 Rent reported total revenue of $1.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 8.0% from $1.7 billion the previous year.
Is American Homes 4 Rent profitable?
Yes. American Homes 4 Rent reported net income of $453.0 million in fiscal 2025, a net profit margin of 24.3%; its operating margin was 24.2%.
What is American Homes 4 Rent's gross margin?
American Homes 4 Rent's gross margin was 3.4% in fiscal 2025: for every $100 of revenue, American Homes 4 Rent kept $3 after the direct cost of its products and services.
How fast is American Homes 4 Rent growing?
Revenue grew 9.7% a year on average over the last five fiscal years, from $1.2 billion to $1.9 billion.
What are American Homes 4 Rent's earnings per share?
American Homes 4 Rent earned $1.22 per diluted share in fiscal 2025, compared with $1.13 a year earlier.
When will American Homes 4 Rent report its next earnings?
American Homes 4 Rent is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does American Homes 4 Rent's fiscal year end?
American Homes 4 Rent's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 20, 2026.