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Invitation Homes INVH Business Segments — Controllable expenses

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Other financials

Income statement

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Revenue$734.1M+8.8%
Net income$160.5M-3.2%
EPS (diluted)$0.26-3.7%

Balance sheet

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Cash & equivalents$373.0M+17.1%
Total debt$9.8B+21.0%
Total equity$9.1B-6.5%
Total assets$18.7B+0.7%

Cash flow

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Operating cash flow$293.0M-2.5%
CapEx$6.3M-19.4%
Free cash flow$122.4M-2.1%

Valuation

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Market cap$18.04B-2.7%
Enterprise value$27.51B+3.9%
P/E31×-3.1×
P/S6.5×-0.5×

Profitability

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Operating margin15.5%
Net margin20.9%+2.9pp
FCF margin43.2%+3.0pp

Returns & leverage

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Return on equity6.2%+1.4pp
Debt / equity1.1×+0.2×

Where this comes from

Reported directly by Invitation Homes in its filing.

Tagged under the XBRL concept invh:DirectCostsOfLeasedAndRentedPropertyOrEquipmentControllableCosts.

The source filing: Invitation Homes’s 10-Q, filed April 30, 2026.

Filed
Apr 30, 2026, 1:10 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001687229-26-000032
Line itemFor the Three Months Ended March 31, 2026For the Three Months Ended March 31, 2025
Fixed expenses(1)$136,443$130,721
Controllable expenses(2)114,691106,728
Total property operating and maintenance$251,134$237,449

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Invitation Homes's business segments — controllable expenses?
Invitation Homes (INVH) reported business segments — controllable expenses of $114.69M in Q1 2026.
How has Invitation Homes's business segments — controllable expenses changed year-over-year?
Invitation Homes's business segments — controllable expenses increased by 7.5% year-over-year, from $106.73M to $114.69M.
What is the long-term trend for Invitation Homes's business segments — controllable expenses?
Over 3 years (2022 to 2025), Invitation Homes's business segments — controllable expenses has grown at a 8.4% compound annual growth rate (CAGR), from $365.1M to $465.45M.
What does business segments — controllable expenses mean?
This metric captures operating expenses that management can directly influence through operational efficiency, vendor negotiations, and process improvements. It excludes fixed obligations like taxes and insurance, focusing instead on costs such as routine repairs, turnover costs, and property management overhead. It serves as a primary indicator of management's ability to optimize property-level margins.

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