Filing Flows › Invitation Homes (INVH) › Q1 2025
Invitation Homes (INVH) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
Invitation Homes (INVH) reported revenue of $674M for the first quarter 2025 (Q1 2025), +4% from a year earlier and +2% from the quarter before. Operating margin was 14.6%, net earnings $166M (24.7% of revenue).
Invitation Homes, Q1 2025: revenue $674M (+4% year over year), operating margin 14.6%, net earnings $166M, operating cash flow $301M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $674M | +2% | +4% |
| Operating profit | $98.7M | +130% | +8% |
| Net earnings | $166M | +16% | +16% |
| Operating cash flow | $301M | +126% | +13% |
| Free cash flow | $293M | +135% | +14% |
What changed
Revenue was $674.5M in Q1 2025, up 4% year over year and up 2% from the previous quarter.
Operating profit was $98.7M, a 14.6% margin (up 0.4 points year over year). Of the extra revenue versus a year earlier, 25% reached operating profit, above the 14% margin then. Total costs grew 4% against revenue growth of 4%. The fastest-growing cost line was General & admin (+26%). Net earnings were $165.7M, up 16% year over year. The effective tax rate was 0.0%. Non-operating items added $67.6M, 41% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $300.5M (up 13% year over year), 181% of net earnings. Non-cash charges added back $183.8M of depreciation and amortization and $10.2M of share-based compensation. Working capital and other items used $59.7M. Capital expenditures of $7.2M left free cash flow of $293.3M.
Questions
What was Invitation Homes' revenue in the first quarter 2025?
Invitation Homes (INVH) reported revenue of $674M for the first quarter 2025 (Q1 2025), +4% from a year earlier and +2% from the quarter before.
Was Invitation Homes profitable in the first quarter 2025?
Operating profit was $98.7M (14.6% of revenue) and net earnings $166M.
Source: Invitation Homes 10-Q on SEC EDGAR.