Invitation Homes Inc.

INVH 10-Q · Q1 2026

INVH Q1 2026 request

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Income Statement

Income Statement
Metric Q1 2026 Q1 2025 YoY
Sublease Income 670,515 653,071 +2.7%
Property Management Fee Revenue 19,852 21,408 -7.3%
Show Related Party Transactions By Related Party breakouts
Related Party 6,296 6,162 +2.2%
Revenue 43,745
Revenue 734,112 674,479 +8.8%
Direct Costs Of Leased And Rented Property Or Equipment 251,134 237,449 +5.8%
Show Business Segments breakouts
Reportable Segment 251,134 237,449 +5.8%
Cost Of Other Property Operating Expense 39,325 36,739 +7.0%
Other Cost Of Operating Revenue 39,134
General & Administrative 32,319 29,518 +9.5%
Interest Expense Operating 95,313 84,254 +13.1%
Show Equity Components breakouts
Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest · Reclassification Out Of Accumulated Other Comprehensive Income 2,689 10,787 -75.1%
Depreciation 193,142 183,146 +5.5%
Show Property Plant And Equipment By Type breakouts
Components of Properties 184,923 179,063 +3.3%
Fixed Assets 5,806 4,083 +42.2%
Asset Impairment Charges And Casualty Losses 4,345 4,683 -7.2%
Total Costs & Expenses 654,712 575,789 +13.7%
Gain Loss On Sale Of Properties 87,094 71,666 +21.5%
Income Loss From Equity Method Investments -3,085 -5,218 +40.9%
Other Non-Operating Income (Expense) -2,344 1,144 -304.9%
Net Income 161,065 166,282 -3.1%
Show Equity Components breakouts
Noncontrolling Interest 557 537 +3.7%
Parent 160,508 165,745 -3.2%
Retained Earnings 160,508 165,745 -3.2%
Net Income Loss Attributable To Noncontrolling Interest -557 -537 -3.7%
Net Income 160,508 165,745 -3.2%
Undistributed Earnings Loss Allocated To Participating Securities Basic -708 -228 -210.5%
Net Income Loss Available To Common Stockholders Basic 159,800 165,517 -3.5%
Net Income Loss Available To Common Stockholders Diluted 159,800 165,517 -3.5%
Wtd Avg Shares (Basic) 605,997,344 612,777,606 -1.1%
Wtd Avg Shares (Diluted) 606,233,573 613,361,880 -1.2%
EPS (Basic) 0.26 0.27 -3.7%
EPS (Diluted) 0.26 0.27 -3.7%
Comprehensive Income 172,544 136,096 +26.8%

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Current Assets
Cash & Cash Equivalents 114,129 84,387 +35.2%
Non-Current Assets
Goodwill 314,154
Show Business Acquisition breakouts
ResiBuilt Homes, LLC 314,154
Total Assets 18,701,141 18,578,092 +0.7%
Property, Plant & Equipment 56,388 43,995 +28.2%
Operating Lease Right-of-Use Assets 34,201 21,484 +59.2%
Intangible Assets 57,015
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 30,471
Property and asset management contracts 18,759
Trade Names 7,785
Other Assets
Investment Building And Building Improvements 17,794,164 17,305,856 +2.8%
Real Estate Investment Property At Cost 22,758,839 22,225,774 +2.4%
Show Collateral breakouts
Residential Real Estate · Secured Debt 1,937,379 1,902,325 +1.8%
Real Estate Investment Property Accumulated Depreciation -5,643,977 -5,022,452 -12.4%
Real Estate Investment Property Net 17,114,862 17,203,322 -0.5%
Show Collateral breakouts
Residential Real Estate · Secured Debt 1,301,990 1,336,270 -2.6%
Restricted Cash And Cash Equivalents 258,850 234,243 +10.5%
Show Restricted Cash And Cash Equivalents Cash And Cash Equivalents breakouts
Capital expenditures 1,707 1,623 +5.2%
Collections 6,859 7,931 -13.5%
Letters of credit 2,532 2,396 +5.7%
Property taxes 10,337 10,785 -4.2%
Resident security deposits 187,462 184,190 +1.8%
Special and other reserves 276 274 +0.7%
Tax deferred property exchange deposits 49,677 27,044 +83.7%
Equity Method Investments 250,572 241,882 +3.6%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
2020 Rockpoint JV 33,635 41,653 -19.2%
2022 Rockpoint JV 14,636 10,229 +43.1%
2024 Peregrine JV 15,935 3,226 +394.0%
FNMA 16,768 19,460 -13.8%
Pathway Operating Company 26,854 20,922 +28.4%
Pathway Property Company 110,422 109,052 +1.3%
Upward America JV 32,322 37,340 -13.4%
Other Assets 648,574 556,051 +16.6%
Non-Current Liabilities
Accounts Payable And Accrued Liabilities Current And Noncurrent 257,455 250,501 +2.8%
Total Liabilities 9,572,478 8,823,078 +8.5%
Long-Term Debt 8,802,370 8,103,480 +8.6%
Show Credit Facility breakouts
Unsecured Debt · Line Of Credit 2,456,807 2,447,764 +0.4%
Show Long-Term Debt Type breakouts
Revolving Credit Facility 560,000 470,000 +19.1%
Secured Debt 1,384,686 1,383,383 +0.1%
Senior Notes 4,400,877 3,802,333 +15.7%
Unsecured Debt 2,456,807 2,447,764 +0.4%
Other Liabilities
Secured Debt 1,384,686 1,383,383 +0.1%
Senior Notes 4,400,877 3,802,333 +15.7%
Unsecured Debt 2,456,807 2,447,764 +0.4%
Line Of Credit 560,000 470,000 +19.1%
Security Deposit Liability 187,066 183,684 +1.8%
Other Liabilities 325,587 285,413 +14.1%
Stockholders' Equity
Common Stock Value Outstanding 5,940 6,129 -3.1%
Additional Paid-In Capital 10,696,063 11,174,953 -4.3%
Retained Earnings -1,629,420 -1,493,971 -9.1%
Accumulated Other Comprehensive Income 18,451 31,320 -41.1%
Total Stockholders' Equity 9,091,034 9,718,431 -6.5%
Minority Interest 37,629 36,583 +2.9%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 9,128,663 9,755,014 -6.4%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 18,451 31,320 -41.1%
Additional Paid In Capital 10,696,063 11,174,953 -4.3%
Common Stock 5,940 6,129 -3.1%
Noncontrolling Interest 37,629 36,583 +2.9%
Parent 9,091,034 9,718,431 -6.5%
Retained Earnings -1,629,420 -1,493,971 -9.1%
Total Liabilities & Equity 18,701,141 18,578,092 +0.7%
Land 4,964,675 4,919,918 +0.9%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Stock-Based Compensation 10,700 10,157 +5.3%
Amortization of Financing Costs 8,052 4,982 +61.6%
Amortization Of Debt Discount Premium 900 781 +15.2%
Impairment Of Real Estate 469 63 +644.4%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 · Fair Value Measurements Nonrecurring 469 63 +644.4%
Unrealized Gain Loss On Derivatives 541 -3,731 +114.5%
Income Loss From Equity Method Investments Net Of Dividends Or Distributions 5,257 5,880 -10.6%
Other Non-Cash Items 4,499 1,062 +323.6%
Increase Decrease In Other Operating Assets -24,450 -28,033 +12.8%
Increase Decrease In Accounts Payable And Accrued Liabilities 20,047 23,689 -15.4%
Increase Decrease In Security Deposits 2,530 2,818 -10.2%
Increase Decrease In Other Operating Liabilities -2,611 5,086 -151.3%
Net Cash from Operations 293,047 300,516 -2.5%
Investing Activities
Payments To Acquire Residential Real Estate -71,552 -193,394 +63.0%
Payments To Acquire Other Productive Assets -57,045 -50,912 -12.0%
Proceeds From Sale Of Real Estate Heldforinvestment 185,161 162,672 +13.8%
Payments To Acquire Businesses Gross -91,076
Payments To Acquire Land -8,879
Payments To Acquire Equity Method Investments -3,677 -10,460 +64.8%
Proceeds From Real Estate And Real Estate Joint Ventures 2,409 4,303 -44.0%
Payments For Fundings Of Construction Loans -10,063
Other Investing Activities 2,438 -26,433 +109.2%
Net Cash from Investing -52,284 -114,224 +54.2%
Reclassification Of Inventory Real Estate Held For Sale 77,800 30,771 +152.8%
Capital Expenditures Incurred But Not Yet Paid Residential Property Capital Improvements 5,445 8,618 -36.8%
Capital Expenditures Incurred But Not Yet Paid Renovation Improvements 617 954 -35.3%
Reclassification Of Construction In Progress To Real Estate Assets 760
Business Combination Contingent Consideration Liability 8,500
Dividends Payable Current And Noncurrent 179,322 177,963 +0.8%
Increase Decrease In Fair Value Of Cash Flow Hedges 11,540 -26,014 +144.4%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 3,094 2,741 +12.9%
Right Of Use Asset Obtained In Exchange For Finance Lease Liability 5,545 178 +3015.2%
Financing Activities
Payments Of Dividends -184,518 -178,241 -3.5%
Payments To Minority Shareholders -639 -601 -6.3%
Share Repurchases -447,210
Tax Withholding for Share Compensation -3,951 -4,800 +17.7%
Proceeds From Lines Of Credit 415,000 100,000 +315.0%
Proceeds From Payments For Other Financing Activities -1,331 -671 -98.4%
Net Cash from Financing -222,649 -287,355 +22.5%
Supplemental
Interest Paid 101,751 91,627 +11.0%
Interest Costs Capitalized 172 770 -77.7%
Income Taxes Paid 78 -37 +310.8%
Operating Lease Payments 1,168 1,012 +15.4%
Finance Lease Principal Payments 1,331 671 +98.4%
Other Cash Flow
Net Change in Cash 18,114 -101,063 +117.9%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 372,979 318,630 +17.1%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

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