Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high quality homes in sought after neighborhoods across the United States. As of December 31, 2025, we wholly own 86,192 homes for lease, jointly own 8,006 homes for lease, and provide professional third-party property and asset management services for an additional 15,866 homes, all of which are primarily located in 16 core markets across the country. These homes help meet the needs of a growing share of Americans who count on the ease, flexibility, and savings of leasing. We provide our residents access to updated homes with features they value, as well as close proximity to jobs and good schools. The continued demand for our product proves that the choice and flexibility we offer are attractive to many people. We operate in markets with strong demand drivers, high barriers to entry, and high rent growth potential, primarily in the Western United States, Florida, and the Southeast United States. Through disciplined market and asset selection, as well as through strategic mergers and acquisitions, we designed our wholly and jointly owned portfolios to capture the operating benefits of local density as well as economies of scale that we believe cannot be readily replicated. Since our founding in 2012, we have built a proven, vertically integrated operating platform that enables us to effectively and efficiently acquire, renovate, lease, maintain, and manage both the homes we own and those we manage on behalf of others. The portfolio of homes we own average approximately 1,880 square feet with three to four bedrooms and two bathrooms, appealing to a resident base that we believe is less transitory than a typical multifamily resident. We invest in the upfront renovation of homes in our portfolio in order to address capital needs, reduce ongoing maintenance costs, and drive resident demand Invitation Homes Inc. was incorporated in 6th June 2012 in Maryland, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.7B | $1.7B | $588M | $963M | 6.2% | 4.2% | 29.5% |
| 2024 | $2.6B | $1.5B | $454M | $862M | 4.7% | 7.7% | -12.6% |
| 2023 | $2.4B | $1.5B | $519M | $886M | 5.1% | 8.7% | 35.5% |
| 2022 | $2.2B | $1.3B | $383M | $816M | 3.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,238.12 | 2,432.28 | 2,618.94 | 2,729.30 |
| Operating Revenue | - | 2,238.12 | 2,432.28 | 2,618.94 | 2,729.30 |
| Cost Of Revenue | - | 874.29 | 976.14 | 1,072.76 | 1,134.72 |
| Gross Profit | - | 1,363.83 | 1,456.13 | 1,546.18 | 1,594.58 |
| Operating Expense | - | 712.14 | 756.63 | 804.94 | 842.18 |
| Selling General And Administration | - | 74.03 | 82.34 | 90.61 | 95.25 |
| Total Expenses | - | 1,586.43 | 1,732.78 | 1,877.70 | 1,976.90 |
| Operating Income | - | 651.70 | 699.50 | 741.24 | 752.40 |
| EBITDA | - | 1,327 | 1,528.77 | 1,535.76 | 1,690.17 |
| Normalized EBITDA | - | 1,268.94 | 1,353.83 | 1,374.14 | 1,483.38 |
| EBIT | - | 688.89 | 854.48 | 821.44 | 943.24 |
| Interest Expense | - | 304.09 | 333.46 | 366.07 | 353.33 |
| Net Interest Income | - | -304.09 | -333.46 | -366.07 | -353.33 |
| Other Non Operating Income Expenses | - | -11.26 | -2.08 | -52.99 | -4.34 |
| Other Income Expense | - | 37.20 | 154.98 | 80.19 | 190.84 |
| Interest Expense Non Operating | - | 304.09 | 333.46 | 366.07 | 353.33 |
| Net Non Operating Interest Income Expense | - | -304.09 | -333.46 | -366.07 | -353.33 |
| Pretax Income | - | 384.80 | 521.03 | 455.36 | 589.91 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 12.19 | 36.74 | 33.94 | 43.43 |
| Net Income Continuous Operations | - | 384.80 | 521.03 | 455.36 | 589.91 |
| Net Income From Continuing And Discontinued Operation | - | 383.33 | 519.47 | 453.92 | 587.92 |
| Net Income From Continuing Operation Net Minority Interest | - | 383.33 | 519.47 | 453.92 | 587.92 |
| Net Income | - | 383.33 | 519.47 | 453.92 | 587.92 |
| Net Income Common Stockholders | - | 382.67 | 518.77 | 453.16 | 586.96 |
| Net Income Including Noncontrolling Interests | - | 384.80 | 521.03 | 455.36 | 589.91 |
| Normalized Income | - | 337.46 | 381.26 | 326.23 | 424.56 |
| Diluted NI Availto Com Stockholders | - | 382.67 | 518.77 | 453.16 | 586.96 |
| Basic Average Shares | - | 609.77 | 611.89 | 612.55 | 612.95 |
| Diluted Average Shares | - | 611.11 | 613.29 | 613.63 | 613.18 |
| Reconciled Depreciation | - | 638.11 | 674.29 | 714.33 | 746.93 |
| Reconciled Cost Of Revenue | - | 874.29 | 976.14 | 1,072.76 | 1,134.72 |
| Total Unusual Items | - | 58.06 | 174.94 | 161.62 | 206.79 |
| Total Unusual Items Excluding Goodwill | - | 58.06 | 174.94 | 161.62 | 206.79 |
| Minority Interests | - | -1.47 | -1.56 | -1.45 | -1.98 |
| Special Income Charges | - | -28.70 | -8.60 | -82.92 | -11.44 |
| Impairment Of Capital Assets | - | 28.70 | 8.60 | 82.92 | 11.44 |
| Gain On Sale Of Security | - | 86.76 | 183.54 | 244.55 | 218.24 |
| Depreciation Amortization Depletion Income Statement | - | 638.11 | 674.29 | 714.33 | 746.93 |
| Depreciation And Amortization In Income Statement | - | 638.11 | 674.29 | 714.33 | 746.93 |
| General And Administrative Expense | - | 74.03 | 82.34 | 90.61 | 95.25 |
| Other Gand A | - | 74.03 | 82.34 | 90.61 | 95.25 |
| Otherunder Preferred Stock Dividend | - | 0.66 | 0.70 | 0.75 | 0.96 |
| Earnings From Equity Interest | - | -9.61 | -17.88 | -28.44 | -11.61 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Invitation Homes Inc.this co. | INVH | $17.5B | 29.84 | 1.84 | 6.2% | 15.24 |
| Essex Property Trust, Inc. | ESS | $19.6B | 29.29 | 3.54 | 12.1% | 16.82 |
| Weyerhaeuser Company | WY | $17.8B | 54.97 | 1.89 | 3.4% | 22.02 |
| Host Hotels & Resorts, Inc. | HST | $17.0B | 22.17 | 2.59 | 11.7% | 11.82 |
| Mid-America Apartment Communities, Inc. | MAA | $16.3B |
| - |
| - |
| - |
| - |
| - |
| 36.87 |
| 2.87 |
| 7.8% |
| 17.12 |
| Kimco Realty Corporation | KIM | $16.2B | 27.69 | 1.56 | 5.6% | 16.74 |
| UDR, Inc. | UDR | $14.4B | 38.16 | 4.44 | 11.6% | 15.94 |
| Regency Centers Corporation | REG | $14.3B | 27.90 | 2.08 | 7.4% | 16.98 |
| CoStar Group, Inc. | CSGP | $13.7B | 1963.61 | 1.65 | 0.1% | 69.61 |
| Peer Median | - | 33.08 | 2.33 | 7.6% | 16.90 | |