Filing Flows › Invitation Homes (INVH) › Q4 2025
Invitation Homes (INVH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Invitation Homes (INVH) reported revenue of $685M for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and -0.4% from the quarter before. Operating margin was 14.0%, net earnings $145M (21.2% of revenue).
Invitation Homes, Q4 2025: revenue $685M (+4% year over year), operating margin 14.0%, net earnings $145M, operating cash flow $129M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $685M | -0.4% | +4% |
| Operating profit | $96.2M | +6% | +124% |
| Net earnings | $145M | +6% | +1% |
| Operating cash flow | $129M | -67% | -3% |
| Free cash flow | $122M | -68% | -2% |
What changed
Revenue was $685.2M in Q4 2025, up 4% year over year and roughly flat from the previous quarter.
Operating profit was $96.2M, a 14.0% margin (up 7.5 points year over year). Of the extra revenue versus a year earlier, 204% reached operating profit, above the 7% margin then. Total costs fell 4% while revenue rose 4%. Net earnings were $144.6M, up 1% year over year. The effective tax rate was 0.0%. Non-operating items added $48.9M, 34% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $128.7M (down 3% year over year), 89% of net earnings. Non-cash charges added back $189.9M of depreciation and $7.3M of share-based compensation. Working capital and other items used $213.6M. Capital expenditures of $6.3M left free cash flow of $122.4M.
Questions
What was Invitation Homes' revenue in the fourth quarter 2025?
Invitation Homes (INVH) reported revenue of $685M for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and -0.4% from the quarter before.
Was Invitation Homes profitable in the fourth quarter 2025?
Operating profit was $96.2M (14.0% of revenue) and net earnings $145M.
Source: Invitation Homes 10-K on SEC EDGAR.