Filing Flows › Invitation Homes (INVH) › Q2 2025
Invitation Homes (INVH) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Invitation Homes (INVH) reported revenue of $681M for the second quarter 2025 (Q2 2025), +4% from a year earlier and +1% from the quarter before. Operating margin was 14.9%, net earnings $141M (20.7% of revenue).
Invitation Homes, Q2 2025: revenue $681M (+4% year over year), operating margin 14.9%, net earnings $141M, operating cash flow $382M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $681M | +1% | +4% |
| Operating profit | $102M | +3% | +15% |
| Net earnings | $141M | -15% | +93% |
| Operating cash flow | $382M | +27% | +3% |
| Free cash flow | $374M | +28% | +3% |
What changed
Revenue was $681.4M in Q2 2025, up 4% year over year and up 1% from the previous quarter.
Operating profit was $101.8M, a 14.9% margin (up 1.4 points year over year). Of the extra revenue versus a year earlier, 49% reached operating profit, above the 13% margin then. Total costs grew 3% against revenue growth of 4%. Net earnings were $140.9M, up 93% year over year. The effective tax rate was 0.0%. Non-operating items added $39.6M, 28% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $382.5M (up 3% year over year), 271% of net earnings. Non-cash charges added back $186.1M of depreciation and amortization and $8.5M of share-based compensation. Working capital and other items added $46.5M. Capital expenditures of $8.1M left free cash flow of $374.4M.
Questions
What was Invitation Homes' revenue in the second quarter 2025?
Invitation Homes (INVH) reported revenue of $681M for the second quarter 2025 (Q2 2025), +4% from a year earlier and +1% from the quarter before.
Was Invitation Homes profitable in the second quarter 2025?
Operating profit was $102M (14.9% of revenue) and net earnings $141M.
Source: Invitation Homes 10-Q on SEC EDGAR.