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Invitation Homes Income Statement

Revenue, expenses, and profitability over time

Invitation Homes generated $2.8B in trailing twelve-month revenue, up 0.1% year-over-year. Net income was $582.7M with a 20.89% net margin. Diluted EPS is $0.95, which grew 0.2% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$2.8BNet Income (TTM)$582.7MEps Diluted (TTM)$0.95
Latest FilingQ1 2026
Report Date2026-04-30
Market Cap$17.4B
P/E Ratio29.82
ROE6.2%

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Undistributed Earnings Allocated to Participating Securities (Basic)$169K$228K$222K$264K$246K$708K
Basic earnings per share$0.23$0.27$0.23$0.22$0.24$0.26
Diluted earnings per share$0.23$0.27$0.23$0.22$0.24$0.26
Weighted-average shares, basic612.6M612.8M613M613.1M612.9M606M
Weighted-average shares, diluted613.6M613.4M613.3M613.1M613.2M606.2M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income applicable to common shareholders$142.9M$165.5M$140.7M$136.5M$144.3M$159.8M
Net Income Allocated to Common (Diluted)$142.9M$165.5M$140.7M$136.5M$144.3M$159.8M
Net earnings to common$142.9M$165.5M$140.7M$136.5M$144.3M$159.8M
Net Income Available to Common Stockholders (Diluted)$142.9M$165.5M$140.7M$136.5M$144.3M$159.8M
Net Income Available to Common Shareholders$142.9M$165.5M$140.7M$136.5M$144.3M$159.8M
Net income$143.1M$165.7M$140.9M$136.7M$144.6M$160.5M
Net income attributable to common stock$142.9M$165.5M$140.7M$136.5M$144.3M$159.8M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reclassifications Net of Tax$142.9M$165.5M$140.7M$136.5M$144.3M$159.8M
Other occupancy$39.2M$36.7M$35.8M$37.1M$39.5M$39.3M
Depreciation$181.9M$183.1M$185.5M$188.5M$189.9M$193.1M
Other income, net (Note 6)$0$1.1M-$2.1M-$1.8M-$1.8M-$2.3M
Management fee revenues$21.1M$21.4M$22.3M$22M$21.7M$19.9M
Revenue From Contract With Customer Excluding Assessed Tax—$0———$43.7M

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Depreciation and amortization$181.9M$183.1M$185.5M$188.5M$189.9M$193.1M
General and administrative$23.9M$29.5M$23.6M$18.4M$23.7M$32.3M
Casualty losses, impairment, and other$47.6M$4.7M$3M$3.4M$311K$4.3M
Total operating expenses$616.3M$575.8M$579.6M$597.2M$589.1M$654.7M
Lease Costs$228.5M$237.4M$244.3M$259M$244.8M$251.1M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income from equity method investments-$5.7M-$5.2M-$4.8M$2.1M-$3.7M-$3.1M
Gain (loss) on disposal of assets$103M$71.7M$46.6M$45.5M$54.5M$87.1M
Other Charges$0$1.1M-$2.1M-$1.8M-$1.8M-$2.3M
Sublease Income—$653.1M———$670.5M
Interest expense$95.2M$84.3M$87.4M$90.8M$90.9M$95.3M
Sublease Income—$653.1M———$670.5M
Other income (expense), net$0$1.1M-$2.1M-$1.8M-$1.8M-$2.3M

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other cost of revenues (exclusive of D&A)—$0———$39.1M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$659.1M$674.5M$681.4M$688.2M$685.3M$734.1M