Filing Flows › Invitation Homes (INVH) › Q3 2025
Invitation Homes (INVH) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Invitation Homes (INVH) reported revenue of $688M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +1% from the quarter before. Operating margin was 13.2%, net earnings $137M (19.9% of revenue).
Invitation Homes, Q3 2025: revenue $688M (+4% year over year), operating margin 13.2%, net earnings $137M, operating cash flow $395M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $688M | +1% | +4% |
| Operating profit | $91.0M | -11% | +31% |
| Net earnings | $137M | -3% | +44% |
| Operating cash flow | $395M | +3% | +26% |
| Free cash flow | $388M | +4% | +27% |
What changed
Revenue was $688.2M in Q3 2025, up 4% year over year and up 1% from the previous quarter.
Operating profit was $91.0M, a 13.2% margin (up 2.7 points year over year). Of the extra revenue versus a year earlier, 77% reached operating profit, above the 11% margin then. Total costs grew 1% against revenue growth of 4%. Net earnings were $136.7M, up 44% year over year. The effective tax rate was 0.0%. Non-operating items added $46.3M, 34% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $394.6M (up 26% year over year), 288% of net earnings. Non-cash charges added back $189.1M of depreciation and amortization and $1.9M of share-based compensation. Working capital and other items added $66.3M. Capital expenditures of $6.8M left free cash flow of $387.8M.
Questions
What was Invitation Homes' revenue in the third quarter 2025?
Invitation Homes (INVH) reported revenue of $688M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +1% from the quarter before.
Was Invitation Homes profitable in the third quarter 2025?
Operating profit was $91.0M (13.2% of revenue) and net earnings $137M.
Source: Invitation Homes 10-Q on SEC EDGAR.