Independence Realty Trust, Inc. (IRT) Income Statement
IRT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsIRT revenue and net income
Where IRT's revenue goes
2025Each bar shows an amount and its share of revenue. IRT kept 8.6% of revenue as net income.
IRT profit margins
IRT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2.8% | +1.5% | +25.4% | +19.6% |
| Gross profit | −126.2% | — | — | — |
| Operating income | −6.3% | +9.2% | +22.2% | +28.1% |
| Net income | +43.9% | −21.6% | +30.8% | +7.2% |
| EPS (diluted) | −33.3% | −32.9% | −9.9% | +3.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
IRT quarterly EPS vs estimates
Independence Realty beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 2, 2026 (estimate $0.29).
IRT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $657.7M | $640.0M | $661.0M | $628.5M | $250.3M | $211.9M | $203.2M | $191.2M | $161.2M | $153.4M |
| Cost of revenue | $755.7M | $265.5M | $271.4M | $256.3M | $102.8M | $91.5M | $87.3M | $83.3M | $70.7M | $68.0M |
| Gross profit | −$98.0M | $374.5M | $389.6M | $372.2M | $147.5M | $120.4M | $115.9M | $107.9M | $90.5M | $85.4M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $24.0M | $24.2M | $22.8M | $26.3M | $18.6M | $15.1M | $12.7M | $10.8M | $9.5M | $10.9M |
| Total operating expenses | −$219.3M | $245.1M | $241.7M | $279.1M | $95.5M | $120.4M | $12.7M | $56.0M | $43.7M | $45.7M |
| Operating income | $121.2M | $129.4M | $147.8M | $93.1M | $51.9M | $44.5M | $103.2M | $51.8M | $45.4M | $39.7M |
| Interest income | $67.9M | $75.8M | $94.4M | $87.0M | $36.4M | $36.5M | $39.2M | $36.0M | $28.7M | $4,000 |
| Interest expense | $79.0M | $76.1M | $89.9M | $87.0M | $36.4M | $36.5M | $39.2M | $36.0M | $28.7M | $35.5M |
| Income before taxes | $57.7M | $40.0M | −$17.8M | $120.7M | $45.5M | $14.9M | $46.4M | $26.6M | $31.4M | −$9.6M |
| Income taxes | — | — | −$456,000 | $87.0M | $37.3M | $36.5M | $39.7M | $322,000 | $1.2M | $246,000 |
| Net income | $56.6M | $39.3M | −$17.2M | $117.2M | $44.6M | $14.8M | $45.9M | $26.3M | $30.2M | −$9.8M |
| EBITDA | $379.9M | $337.0M | $291.1M | $460.5M | $158.8M | $112.1M | $103.2M | $107.8M | $94.3M | $60.8M |
| EPS (diluted) | $0.16 | $0.24 | −$0.06 | $0.53 | $0.32 | $0.27 | $0.12 | $0.29 | $0.25 | $0.66 |
| Gross margin | −14.9% | 58.5% | 58.9% | 59.2% | 58.9% | 56.8% | 57.0% | 56.4% | 56.1% | 55.7% |
| Operating margin | 18.4% | 20.2% | 22.4% | 14.8% | 20.8% | 21.0% | 50.8% | 27.1% | 28.2% | 25.9% |
| Net margin | 8.6% | 6.1% | −2.6% | 18.7% | 17.8% | 7.0% | 22.6% | 13.7% | 18.7% | −6.4% |
| 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 | $167.2M | $165.3M | $167.1M | $167.1M | $162.2M | $161.2M | $161.3M | $160.1M | $158.4M | $160.5M | $167.0M | $168.6M |
| Cost of revenue | $201.0M | $199.6M | $189.9M | $69.6M | $68.7M | $67.1M | $61.6M | $67.9M | $68.5M | $121.2M | $66.4M | $12.4M |
| Gross profit | −$33.8M | −$34.3M | −$22.8M | $97.5M | $93.5M | $94.2M | $99.7M | $92.2M | $89.9M | $39.3M | $100.7M | $156.2M |
| Sales, general & admin | $5.7M | $8.5M | $4.7M | $4.9M | $6.0M | $8.4M | $4.9M | $4.8M | $6.2M | $8.4M | $5.0M | $3.7M |
| Total operating expenses | −$59.2M | −$56.1M | −$58.3M | $66.6M | $65.8M | $67.0M | $4.9M | $60.0M | $60.4M | $8.4M | $60.9M | $50.9M |
| Operating income | $25.4M | $21.8M | $35.5M | $30.9M | $27.8M | $27.1M | $94.9M | $32.2M | $29.5M | $31.0M | $39.7M | $105.3M |
| Interest income | — | — | $18.0M | $10.6M | $19.3M | $19.9M | $17.0M | $19.0M | — | — | — | $22.0M |
| Interest expense | $21.6M | $20.7M | $20.4M | $20.5M | $18.8M | $19.3M | $19.8M | $18.3M | $17.5M | $20.6M | $23.5M | $22.0M |
| Income before taxes | $3.4M | −$127,000 | $34.0M | $7.0M | $8.2M | $8.5M | −$1.1M | $12.6M | $10.6M | $18.0M | −$41.7M | $4.0M |
| Income taxes | — | — | — | — | — | — | — | — | $201,000 | $384,000 | −$1.0M | $56,000 |
| Net income | $3.4M | −$68,000 | $33.3M | $6.9M | $8.0M | $8.4M | −$1.0M | $12.4M | $10.4M | $17.6M | −$40.5M | $3.9M |
| EBITDA | $89.9M | $85.2M | $117.4M | $89.2M | $86.7M | $86.6M | $94.9M | $86.2M | $82.1M | $92.3M | $37.8M | $81.6M |
| EPS (diluted) | $0.28 | $0.00 | $0.06 | $0.04 | $0.03 | $0.03 | $0.09 | $0.06 | $0.05 | $0.04 | −$0.18 | $0.02 |
| Gross margin | −20.2% | −20.7% | −13.6% | 58.4% | 57.7% | 58.4% | 61.8% | 57.6% | 56.7% | 24.5% | 60.3% | 92.6% |
| Operating margin | 15.2% | 13.2% | 21.3% | 18.5% | 17.1% | 16.8% | 58.8% | 20.1% | 18.6% | 19.3% | 23.8% | 62.5% |
| Net margin | 2.0% | −0.0% | 19.9% | 4.1% | 5.0% | 5.2% | −0.6% | 7.7% | 6.5% | 10.9% | −24.3% | 2.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in IRT's financial statements (latest annual report filed February 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
IRT financial results
In fiscal year 2025 (ended December 31, 2025), Independence Realty reported revenue of $657.7 million, up 2.8% from the year before. It had net income of $56.6 million (up 43.9%), a net profit margin of 8.6%. Diluted earnings per share came to $0.16. Over five years revenue grew at an average rate of 25.4% a year.
See the IRT stock overview for the latest quote and news, or the IRT chart for price history and technical indicators.
IRT income statement FAQ
What is Independence Realty's annual revenue?
Independence Realty reported total revenue of $657.7 million for fiscal year 2025, which ended on December 31, 2025. That was up 2.8% from $640.0 million the previous year.
Is Independence Realty profitable?
Yes. Independence Realty reported net income of $56.6 million in fiscal 2025, a net profit margin of 8.6%; its operating margin was 18.4%.
What is Independence Realty's gross margin?
Independence Realty's gross margin was −14.9% in fiscal 2025: for every $100 of revenue, Independence Realty kept $-15 after the direct cost of its products and services.
How fast is Independence Realty growing?
Revenue grew 25.4% a year on average over the last five fiscal years, from $211.9 million to $657.7 million.
What are Independence Realty's earnings per share?
Independence Realty earned $0.16 per diluted share in fiscal 2025, compared with $0.24 a year earlier.
When will Independence Realty report its next earnings?
Independence Realty is expected to report results for the quarter ending September 30, 2026 on November 2, 2026 after the market closes.
When does Independence Realty's fiscal year end?
Independence Realty's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 17, 2026.