Short answer
Invitation Homes (INVH) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $2.7B (+4.2% year over year) and net income of $588M.
- Top risk flagged: Regulatory/legal risk: compliance with REIT distribution requirement; must distribute at least 90% of taxable income annually
FY2025 key financial metrics · XBRL
- Revenue
- $2.7B
- +4.2% YoY
- Net income
- $588M
- +29.5% YoY
- EPS (diluted)
- $0.96
- +29.7% YoY
- ROE
- 6.2%
- +1.5 pp YoY
- Operating cash flow
- $1.2B
- +11.5% YoY
Source: XBRL data from the Invitation Homes (INVH) FY2025 10-K on SEC EDGAR. USD.
Invitation Homes FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Owner and operator of single-family homes for lease across 16 U.S. markets, focusing on high-quality, renovated homes with local market expertise
- New development segment: January 2026 acquisition of ResiBuilt, adding in-house land development and homebuilding capabilities for single-family rental communities
- Strategic shift: Launch of developer lending program in May 2025 to finance homebuilders, supporting new housing supply and complementing acquisition strategy
- Portfolio scale: Owns 86,192 homes wholly and 8,006 jointly, manages 15,866 homes, averaging ~5,000 homes per core market as of year-end 2025
- Resident-centric platform enhanced by proprietary technology (mobile apps, AI leasing assistant) and comprehensive ProCare service model emphasizing resident orientation and maintenance
Management Discussion & Analysis
- Revenue not explicitly stated; net income available to common stockholders increased 29.5% YoY to $586.96M from $453.16M in 2024
- Operating margin implied by EBITDAre $1.51B on revenue not given; net income margin improved from 0.74 to 0.96 per diluted share
- Single operating segment; No segment revenue breakdown provided
- Adjusted FFO $1.00B, slightly up from $986.24M in prior year; recurring capex $173.47M; no dividend or buyback amounts disclosed
- No explicit forward guidance; discussion highlights contracts and risks tied to hurricane damages and legal settlements impacting prior periods
Risk Factors
- Regulatory/legal risk: compliance with REIT distribution requirement; must distribute at least 90% of taxable income annually
- Macroeconomic risk: interest rate volatility threatens cash flow, risking debt service payments and potential default on secured loans
- Operational risk: increased capital expenditures by $23.4M in 2025 due to 999 home count growth and maintenance cost increases
- Market disruption risk: decreased proceeds from home sales by $87.1M due to selling 145 fewer homes in 2025 vs 2024
- Financial risk: $1.605B undrawn balance on revolving credit facility as short-term liquidity backup for potential cash flow shortfalls
Generated from the filing text; verify against the original. How to read a 10-K
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