Filing Flows

Filing Flows › Companies › Invitation Homes › Cash flow

Invitation Homes cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$384M in Q3 2026 · $1.2B over twelve months

Operating cash flow$384M
Free cash flow+$384M
Cash / net income2.4×

Analysis

In Q3 2026, Invitation Homes generated $384M of operating cash flow. That is $3.9M less than in Q3 2025 ($388M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.2B; the largest uses were other investing ($1.0B), buybacks ($851M), dividends ($720M); besides operations, cash came from asset & business sales ($883M), net borrowing (+) / repaid (−) ($485M); the cash balance fell by $57.8M.

Operating cash flow was $384M against net income of $159M — 2.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$200M, payables +$76.7M, prepaid and other assets +$12.4M.

Free cash flow

Invitation Homes: free cash flow by quarterInvitation Homes: free cash flow by quarter$125MQ4 2024$293MQ1 2025$374MQ2 2025$388MQ3 2025$122MQ4 2025$293MQ1 2026$384MQ2 2026$384MQ3 2026
Operating cash flow less capital spending.
Invitation Homes: operating cash flow against capital spendingInvitation Homes: operating cash flow against capital spendingOperating cash flowCapital spending$133M$7.8MQ4 2024$301M$7.2MQ1 2025$382M$8.1MQ2 2025$395M$6.8MQ3 2025$129M$6.3MQ4 2025$293M$0Q1 2026$384M$0Q2 2026$384M$0Q3 2026
Latest (Q3 2026): Operating cash flow $384M, Capital spending $0.

Capital allocation, year by year

Invitation Homes: where the cash came from (up) and went (down), by fiscal yearInvitation Homes: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $908MFY2021: Net borrowing $1.9BFY2021: Shares issued $934MFY2021: Asset sales $232MFY2021: Capital spending −$77.4MFY2021: Dividends −$394M$4.0BFY2021FY2022: Operating cash flow $1.0BFY2022: Net borrowing $596MFY2022: Shares issued $98.4MFY2022: Asset sales $240MFY2022: Capital spending −$122MFY2022: Dividends −$539M$2.0BFY2022FY2023: Operating cash flow $1.1BFY2023: Net borrowing $787MFY2023: Asset sales $488MFY2023: Capital spending −$30.2MFY2023: Dividends −$638M$2.4BFY2023FY2024: Operating cash flow $1.1BFY2024: Net borrowing −$1.4BFY2024: Asset sales $585MFY2024: Capital spending −$30.6MFY2024: Dividends −$689M$1.7BFY2024FY2025: Operating cash flow $1.2BFY2025: Net borrowing $169MFY2025: Asset sales $498MFY2025: Capital spending −$28.3MFY2025: Buybacks −$53.2MFY2025: Dividends −$713M$1.9BFY2025
Over these 5 years operating cash flow totalled $5.3B; the largest uses were dividends ($3.0B) and net borrowing ($1.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$78.9M
Debt$8.7B
Net debt$8.7B

Invitation Homes funds itself: free cash flow was $1.2B over the last twelve months, and $78.9M of cash and investments stands against $8.7B of debt.

Invitation Homes: debt maturities by year (FY2025)Invitation Homes: debt maturities by year (FY2025)$988MYear 2$3.4BYear 3$450MYear 5$3.7BAfter year 5
Principal due in each year as disclosed in the annual report, against $78.9M of cash and investments now.

Where the cash came from and went

Invitation Homes: sources (+) and uses (−) of cash, Q3 2026Invitation Homes: sources (+) and uses (−) of cash, Q3 2026Other investing−$435MOperating cash flow$384MAsset & business sales$289MBuybacks−$250MNet borrowing (+) / repaid (−)$203MDividends−$178MCash drawn (+) / kept (−)−$10.6MOther financing−$2.1MPartners−$665KTaxes on employees’ shares−$361K
Invitation Homes: sources (+) and uses (−) of cash, TTM to Q3 2026Invitation Homes: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.2BOther investing−$1.0BAsset & business sales$883MBuybacks−$851MDividends−$720MNet borrowing (+) / repaid (−)$485MCash drawn (+) / kept (−)$57.8MOther financing−$7.7MTaxes on employees’ shares−$4.9MPartners−$3.0M

From profit to cash

Invitation Homes: net income to operating cash flow, Q3 2026Invitation Homes: net income to operating cash flow, Q3 2026Net income$159MDepreciation & amortization$200MStock-based pay$11.5MOther non-cash$8.4MPayables$76.7MPrepaid and other assets$12.4MOther liabilities$11.5MOperating cash flow$384M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$384M——−$250M−$178M$203M−$10.6M$384M
Q2 2026$384M——−$100M−$179M−$280M$45.7M$384M
Q1 2026$293M—−$91.1M−$447M−$184M$414M−$18.1M$293M
Q4 2025$129M−$6.3M—−$53.2M−$178M$145M$40.8M$122M
Q3 2025$395M−$6.8M——−$178M−$541M−$112M$388M
Q2 2025$382M−$8.1M——−$178M$68.2M$34.9M$374M
Q1 2025$301M−$7.2M——−$178M−$103M$101M$293M
Q4 2024$133M−$7.8M——−$171M−$811M$826M$125M

Invitation Homes: income statement and cash flow

Invitation Homes, Q3 2026: revenue $731M (+6% year over year), operating margin 9.2%. The chart follows the revenue to costs, profit and cash.

Invitation Homes: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.