Invitation Homes Inc. (INVH) Income Statement
INVH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsINVH revenue and net income
Where INVH's revenue goes
2025Each bar shows an amount and its share of revenue. INVH kept 21.5% of revenue as net income.
INVH profit margins
INVH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +4.2% | +6.8% | +8.4% | +12.6% |
| Gross profit | −93.5% | −58.0% | −37.8% | −13.9% |
| Operating income | −0.0% | +4.4% | +9.6% | +20.5% |
| Net income | +29.5% | +15.3% | +24.5% | — |
| EPS (diluted) | +62.7% | +17.0% | +26.2% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
INVH quarterly EPS vs estimates
Invitation Homes beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 28, 2026 (estimate $0.47).
INVH income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.73B | $2.62B | $2.43B | $2.24B | $2.00B | $1.82B | $1.76B | $1.72B | $1.05B | $922.6M |
| Cost of revenue | $2.63B | $1.07B | $976.1M | $874.3M | $777.8M | $739.2M | $731.6M | $720.9M | $434.8M | $390.8M |
| Gross profit | $100.7M | $1.55B | $1.46B | $1.36B | $1.22B | $1.08B | $1.03B | $1.00B | $619.6M | $531.8M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $95.2M | $90.6M | $82.3M | $74.0M | $75.8M | $63.3M | $74.3M | $98.8M | $167.7M | $69.1M |
| Total operating expenses | −$640.2M | $804.9M | $756.6M | $712.1M | $668.0M | $615.8M | $608.0M | $659.3M | $501.4M | $341.0M |
| Operating income | $741.0M | $741.2M | $699.5M | $651.7M | $550.9M | $467.8M | $425.1M | $342.8M | $118.2M | $190.8M |
| Interest income | — | — | — | — | — | — | $367.2M | $383.6M | $257.0M | $286.0M |
| Interest expense | $353.3M | $366.1M | $333.5M | $304.1M | $322.7M | $353.9M | $367.2M | $383.6M | $257.0M | $286.0M |
| Income before taxes | $371.7M | $455.4M | $521.0M | $384.8M | $262.8M | $197.4M | $147.1M | −$5.0M | −$105.8M | −$78.2M |
| Income taxes | — | $1.4M | −$183.5M | $1.5M | $316.6M | $355.1M | $380.4M | −$86,000 | −$34.4M | −$18.6M |
| Net income | $587.9M | $453.9M | $519.5M | $383.3M | $261.4M | $196.2M | $145.5M | −$4.9M | −$105.3M | −$78.2M |
| EBITDA | $1.47B | $1.54B | $1.53B | $1.33B | $1.18B | $1.10B | $1.05B | $939.1M | $460.7M | $475.5M |
| EPS (diluted) | $0.96 | $0.59 | $0.61 | $0.60 | $0.39 | $0.30 | $0.15 | $0.30 | $0.02 | −$0.22 |
| Gross margin | 3.7% | 59.0% | 59.9% | 60.9% | 61.0% | 59.5% | 58.5% | 58.2% | 58.8% | 57.6% |
| Operating margin | 27.1% | 28.3% | 28.8% | 29.1% | 27.6% | 25.7% | 24.1% | 19.9% | 11.2% | 20.7% |
| Net margin | 21.5% | 17.3% | 21.4% | 17.1% | 13.1% | 10.8% | 8.2% | −0.3% | −10.0% | −8.5% |
| 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 | $747.5M | $734.1M | $685.2M | $688.2M | $681.4M | $674.5M | $659.1M | $660.3M | $653.5M | $646.0M | $624.3M | $617.7M |
| Cost of revenue | $335.7M | $329.6M | $664.1M | $259.0M | $280.1M | $274.2M | $267.7M | $276.6M | $266.8M | $261.6M | $253.8M | $252.9M |
| Gross profit | $411.9M | $404.5M | $21.2M | $429.1M | $401.3M | $400.3M | $391.4M | $383.7M | $386.6M | $384.4M | $370.5M | $364.8M |
| Sales, general & admin | $29.3M | $32.3M | $23.7M | $18.4M | $23.6M | $29.5M | $23.9M | $21.7M | $21.5M | $23.4M | $22.4M | $22.7M |
| Total operating expenses | $227.9M | $325.1M | −$165.9M | $18.4M | $209.0M | $212.7M | $205.9M | $202.2M | $198.1M | $198.8M | $195.5M | $193.4M |
| Operating income | $184.0M | $79.4M | $187.1M | $410.7M | $192.2M | $187.6M | $185.6M | $181.5M | $188.5M | $185.6M | $175.0M | $171.4M |
| Interest expense | $94.0M | $95.3M | $90.9M | $90.8M | $87.4M | $84.3M | $95.2M | $91.1M | $90.0M | $89.8M | $90.0M | $86.7M |
| Income before taxes | $219.7M | $161.1M | $90.6M | $136.7M | $141.4M | $166.3M | $143.6M | $95.6M | $73.4M | $142.8M | $129.9M | $132.2M |
| Income taxes | — | — | — | — | — | — | $103.0M | $309,000 | −$42.8M | $628,000 | −$48.5M | $79.7M |
| Net income | $218.8M | $160.5M | $144.6M | $136.7M | $140.9M | $165.7M | $143.1M | $95.3M | $73.2M | $142.3M | $129.5M | $131.8M |
| EBITDA | $507.9M | $449.5M | $371.3M | $416.0M | $414.2M | $433.7M | $420.6M | $367.1M | $340.1M | $407.9M | $393.1M | $389.7M |
| EPS (diluted) | $0.51 | $0.13 | $0.48 | $0.15 | $0.16 | $0.17 | $0.14 | $0.11 | $0.18 | $0.16 | $0.13 | $0.13 |
| Gross margin | 55.1% | 55.1% | 3.1% | 62.4% | 58.9% | 59.3% | 59.4% | 58.1% | 59.2% | 59.5% | 59.3% | 59.1% |
| Operating margin | 24.6% | 10.8% | 27.3% | 59.7% | 28.2% | 27.8% | 28.2% | 27.5% | 28.8% | 28.7% | 28.0% | 27.7% |
| Net margin | 29.3% | 21.9% | 21.1% | 19.9% | 20.7% | 24.6% | 21.7% | 14.4% | 11.2% | 22.0% | 20.7% | 21.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in INVH's financial statements (latest annual report filed February 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
INVH financial results
In fiscal year 2025 (ended December 31, 2025), Invitation Homes reported revenue of $2.7 billion, up 4.2% from the year before. It had net income of $587.9 million (up 29.5%), a net profit margin of 21.5%. Diluted earnings per share came to $0.96. Over five years revenue grew at an average rate of 8.4% a year.
See the INVH stock overview for the latest quote and news, or the INVH chart for price history and technical indicators.
INVH income statement FAQ
What is Invitation Homes's annual revenue?
Invitation Homes reported total revenue of $2.7 billion for fiscal year 2025, which ended on December 31, 2025. That was up 4.2% from $2.6 billion the previous year.
Is Invitation Homes profitable?
Yes. Invitation Homes reported net income of $587.9 million in fiscal 2025, a net profit margin of 21.5%; its operating margin was 27.1%.
What is Invitation Homes's gross margin?
Invitation Homes's gross margin was 3.7% in fiscal 2025: for every $100 of revenue, Invitation Homes kept $4 after the direct cost of its products and services.
How fast is Invitation Homes growing?
Revenue grew 8.4% a year on average over the last five fiscal years, from $1.8 billion to $2.7 billion.
What are Invitation Homes's earnings per share?
Invitation Homes earned $0.96 per diluted share in fiscal 2025, compared with $0.59 a year earlier.
When will Invitation Homes report its next earnings?
Invitation Homes is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does Invitation Homes's fiscal year end?
Invitation Homes's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 19, 2026.