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Invitation Homes Cash Flow Statement

Operating, investing, and financing cash movements

Invitation Homes generated $1.2B in operating cash flow over the trailing twelve months. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$1.2BNet Cash From Investing (TTM)-$590.6MNet Cash From Financing (TTM)-$553.8MCapital Expenditures (TTM)$28.3MDepreciation And Amortization Cf (TTM)$756.9MNet Change In Cash (TTM)-$679.5M
Latest FilingQ1 2026
Report Date2026-04-30
Market Cap$17.4B
P/E Ratio29.82
ROE6.2%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other non-cash income (expense)-$19M-$1.1M-$1.1M-$6.3M$0-$4.5M
Debt issuance costs and discount amortization$764K$781K$789K$840K$893K$900K
Amortization of debt issuance costs$5.2M$5M$5.7M$5.4M$5.4M$8.1M
Other non-cash income (expense)-$19M-$1.1M-$1.1M-$6.3M$0-$4.5M
Change in accounts payable—$23.7M$73.6M$96.1M—$20M
Change in other assets—$28M———$24.5M
Change in other liabilities$7.9M$5.1M——$2.3M-$2.6M
Other working capital changes-$19M-$1.1M-$1.1M-$6.3M$0-$4.5M
Depreciation and amortization$181.9M$183.1M$185.5M$188.5M$189.9M$193.1M
Distributions from equity method investments-$6.4M-$5.9M-$5.4M$0-$4M-$5.3M
Gain (loss) on sale of assets$103M$71.7M$46.6M$45.5M$54.5M$87.1M
Other Non-Cash Income (Expense)-$19M-$1.1M-$1.1M-$6.3M$0-$4.5M
Other Non-cash Income (Expense)-$19M-$1.1M-$1.1M-$6.3M$0-$4.5M
Other Non-cash Income (Expense)-$19M-$1.1M-$1.1M-$6.3M$0-$4.5M
Net cash from operating activities$132.8M$300.5M$382.5M$394.6M$128.7M$293M
Net income$143.6M$166.3M$141.4M$137.2M$145.1M$161.1M
Other non-cash income (expense)-$19M-$1.1M-$1.1M-$6.3M$0-$4.5M
Amortization Of Debt Discount Premium$764K$781K$789K$840K$893K$900K
Amortization expense related to capitalized debt issuance costs$5.2M$5M$5.7M$5.4M$5.4M$8.1M
Depreciation$181.9M$183.1M$185.5M$188.5M$189.9M$193.1M
Gain (Loss) on Sale of Properties$103M$71.7M$46.6M$45.5M$54.5M$87.1M
Impairment Of Real Estate$176K$63K$36K$335K$223K$469K
Income Loss From Equity Method Investments Net Of Dividends Or Distributions-$6.4M-$5.9M-$5.4M$0-$4M-$5.3M
Increase (Decrease) in Other Operating Assets—$28M———$24.5M
Increase Decrease In Security Deposits$382K$2.8M$972K$0$221K$2.5M
Other Noncash Income (Expense)-$19M-$1.1M-$1.1M-$6.3M$0-$4.5M
Gain (loss) on mark-to-market of Escrowed Shares-$5.3M$3.7M$2.4M——-$541K
Other Non-cash Income and Expense-$19M-$1.1M-$1.1M-$6.3M$0-$4.5M
Other Non-Cash Adjustments-$19M-$1.1M-$1.1M-$6.3M$0-$4.5M
Other Non-Cash Income and Expense-$19M-$1.1M-$1.1M-$6.3M$0-$4.5M
Stock-based compensation$7.1M$10.2M$8.5M$1.9M$7.3M$10.7M
Unrealized Gain (Loss) on Derivatives-$5.3M$3.7M$2.4M——-$541K

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired—$0———$91.1M
Payments For Fundings Of Construction Loans—$0———$10.1M
Payment for (Proceeds from) Other Investing Activity$25.5M$26.4M$27.5M$8M$15.7M-$2.4M
Payments To Acquire Businesses Gross—$0———$91.1M
Payments to Acquire Equity Method Investments$4.6M$10.5M$2.4M$26.9M$5.9M$3.7M
Payments to Acquire Residential Real Estate$194.9M$193.4M$317.4M$170M$72.1M$71.6M
Proceeds From Real Estate And Real Estate Joint Ventures$1.3M$4.3M$7.1M$5M$3.2M$2.4M
Proceeds From Sale Of Real Estate Heldforinvestment$279.3M$162.7M$105M$106.1M$124.3M$185.2M
Payments to Acquire Other Productive Assets$51.7M$50.9M$60M$73.1M$58.8M$57M
Net cash from investing activities$0-$114.2M-$302.7M-$154.1M-$81.6M-$52.3M
Other investing activities$25.5M$26.4M$27.5M$8M$15.7M-$2.4M
Purchases of equity securities$1.3M$10.5M—$1.1M$633K$3.7M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from lines of credit$0$100M$170M$130M$145M$415M
Proceeds from lines of credit$0$100M$170M$130M$145M$415M
Proceeds from Lines of Credit$0$100M$170M$130M$145M$415M
Repayments of Lines of Credit$180M$200M$100M$670M$0$0
Proceeds from issuance of debt$0$100M$170M$130M$145M$415M
Repayments of debt$180M$200M$100M$670M$0$0
Distributions to noncontrolling interests$1.2M$601K$729K$621K$640K$639K
Dividends paid$172.6M$178.2M$178.6M$178M$178M$184.5M
Finance Lease, Principal Payments$769K$671K$772K$897K$1M$1.3M
Payments Of Debt Issuance Costs$0$255K$2.9M$5.7M$0$0
Payments to Noncontrolling Interests$1.2M$601K$729K$621K$640K$639K
Other, net-$769K-$671K-$769K-$900K-$1M-$1.3M
Repayments of Secured Debt$630.9M$2.8M$1M——$0
Finance lease prepayments$769K$671K$772K$897K$1M$1.3M
Payment of Deferred Purchase Consideration-$769K-$671K-$769K-$900K-$1M-$1.3M
Noncontrolling interest transactions and other-$769K-$671K-$769K-$900K-$1M-$1.3M
Proceeds from Borrowings on Revolving Credit Facility$0$100M$170M$130M$145M$415M
Repayments of Lines of Credit$180M$200M$100M$670M$0$0
Net cash from financing activities-$985.4M-$287.4M-$114.7M-$128.6M-$87.9M-$222.6M
Other financing activities-$769K-$671K-$769K-$900K-$1M-$1.3M
Payment of debt issuance costs$0$255K$2.9M$5.7M$0$0
Payments for finance leases$769K$671K$772K$897K$1M$1.3M
Borrowings Under Acquisition Credit Facilities$0$100M$170M$130M$145M$415M
Noncontrolling Interests Activity and Other-$769K-$671K-$769K-$900K-$1M-$1.3M
Repayments of Acquisition Credit Facilities$180M$200M$100M$670M$0$0
Proceeds from Secured Lines of Credit$0$100M$170M$130M$145M$415M
Repurchases of common stock$0$0———$447.2M
Taxes paid for net share settlement$0$4.8M$729K$226K$6K$4M
Repayments of lines of credit$180M$200M$100M$670M$0$0

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Operating lease payments$1.6M$1M$979K$1.3M$1.2M$1.2M
ROU assets obtained - finance leases$231K$178K$2.7M$965K$4.4M$5.5M
ROU assets obtained - operating leases$30K$2.7M$2.1M$11.5M$0$3.1M
Income taxes paid$51K-$37K$104K$3K$14K$78K
Interest paid$73.7M$91.6M$71.7M$93.8M$65.9M$101.8M
ROU Asset Obtained for Finance Lease Liability$231K$178K$2.7M$965K$4.4M$5.5M
ROU Asset Obtained for Lease Liability$30K$2.7M$2.1M$11.5M$0$3.1M
Cash Paid for Lease Liabilities$1.6M$1M$979K$1.3M$1.2M$1.2M
Income Taxes Paid, Net$39.5K-$37K———$78K
Operating lease payments$1.6M$1M$979K$1.3M$1.2M$1.2M
Operating Lease Payments$1.6M$1M$979K$1.3M$1.2M$1.2M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$125M$293.3M$374.4M$387.8M$122.4M—

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash-$825.8M-$101.1M-$34.9M—-$40.8M$18.1M
Accrued renovation improvements at period end—$954K$167K$169K—$617K
Accrued residential property capital improvements at period end—$8.6M$2.2M$850K—$5.4M
Deferred payment for acquisition of single-family residential properties$0$0$0$0$0—
Change in other comprehensive income (loss) from cash flow hedges—-$26M-$17.4M-$4.4M-$1.9M$11.5M
Interest Costs Capitalized$396K$770K$294K$337K$127K$172K
Payments To Acquire Land$0$0———$8.9M
Reclassification of construction in progress to residential property—$0———$760K
Transfer of residential property, net to other assets, net for held for sale assets$50M$30.8M$26M$41.8M$52.1M$77.8M
Repurchases of common stock accrued but not paid$0$2M$2M$2M$2M—
Leased assets obtained in exchange for finance lease liabilities$231K$178K$2.7M$965K$4.4M$5.5M
Leased assets obtained in exchange for operating lease liabilities$30K$2.7M$2.1M$11.5M$0$3.1M