A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
In Q2 FY2026, Invitation Homes (INVH) reported a 9.7% YoY revenue increase to $747.55M and a 55.3% surge in net income to $218.85M, driven by its new homebuilding segment and $132.31M in net gains from property sales.
Revenue
$747.55M
+9.71% YoY
EPS (Diluted)
$0.37
+60.87% YoY
Filed · Source: SEC EDGAR 10-Q filing
Invitation Homes (INVH) reported Q2 FY2026 revenue of $747.55M, up 9.7% year over year. The company posted net income of $218.85M, up 55.3% from a year earlier, with diluted EPS of $0.37. INVH's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
INVH delivered strong Q2 FY2026 financial results with revenue growing 9.7% YoY to $747.55M and net income rising 55.3% to $218.85M, supported by property sale gains and the acquisition of ResiBuilt.
Last 4 quarters: 4 beats
Adjusted (non-GAAP) EPS of $0.51 versus the $0.18 analyst consensus — a +186.5% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $0.37.
Following the acquisition of ResiBuilt Homes, LLC on January 14, 2026, INVH expanded into fee homebuilding, generating $49.46M in homebuilding revenues and $42.22M in homebuilding cost of sales during Q2 FY2026.
Source: 10-Q Item 2 MD&A, p.45, 53
Rental revenues and other property income rose 2.9% YoY to $678.35M in Q2 FY2026, supported by a 1.1% increase in average monthly rent per occupied home to $2,460 and a total portfolio average occupancy rate of 95.9%.
Source: 10-Q Item 2 MD&A, p.53
Same Store average occupancy reached 97.1%, while Same Store renewal lease rates grew 3.3% and new lease rates grew 1.1%. However, average days to re-resident increased from 40 days to 46 days YoY.
Source: 10-Q Item 2 MD&A, p.53
Net gains on property sales expanded by 184.0% YoY to $132.31M in Q2 FY2026 compared to $46.59M in Q2 FY2025, serving as the primary growth driver for net income.
Source: 10-Q Item 2 MD&A, p.53
INVH carries $8.53B in long-term debt against $9.05B in stockholders' equity, resulting in a debt-to-equity ratio of 1.03x. Elevated debt levels subject the company to sustained interest expenses ($93.99M in Q2 FY2026) and exposure to interest rate fluctuations.
Source: 10-Q Balance Sheet (XBRL)
Stockholders' equity contracted 6.3% YoY to $9.05B, driven in part by significant capital returns including $547.28M in cumulative YTD share buybacks and $363.84M in dividends paid. Continued aggressive capital deployment could reduce balance sheet flexibility.
Source: 10-Q Cash Flow Statement (XBRL)
Cumulative year-to-date operating cash flow decreased 0.9% YoY to $676.66M. Sluggish cash flow growth relative to expanding revenue indicates ongoing cost pressures in property operating, personnel, and administrative expenses.
Source: 10-Q Cash Flow Statement (XBRL)
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
See the INVH earnings preview — expected date, analyst estimates and what to watch →
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $747.55M | $681.4M | +9.71% |
Net Income | $218.85M | $140.89M | +55.34% |
EPS (Basic) | $0.37 | $0.23 | +60.87% |
EPS (Diluted) | $0.37 | $0.23 | +60.87% |
Invitation Homes delivered $747.55M in total revenues (+9.7% YoY) and $218.85M in net income (+55.3% YoY) in Q2 FY2026. Growth was propelled by the addition of the ResiBuilt homebuilding business ($49.46M revenue) and $132.31M in net gains from home sales.
INVH's total revenue grew by 9.7% YoY to $747.55M in Q2 FY2026. This performance was supported by a 2.9% rise in core rental revenues to $678.35M alongside $49.46M in homebuilding revenue from ResiBuilt.
The portfolio maintained solid fundamentals with average occupancy at 95.9% and Same Store occupancy at 97.1%. Average monthly rent per occupied home rose 1.1% YoY to $2,460, with Same Store renewal rates increasing by 3.3%.
INVH holds $18.45B in total assets, $8.53B in long-term debt, and $9.05B in stockholders' equity, resulting in a debt-to-equity ratio of 1.03x. The company holds $75.79M in cash and generated $676.66M in operating cash flow year-to-date.
Expected release date, analyst estimates & what to watch
Invitation Homes (INVH) delivered solid Q1 FY2026 revenue growth of 8.8% to $734.1M, but net income dipped 3.2% to $160.5M as rising liabilities and a significant $447.2M share buyback program reshaped the balance sheet.
Invitation Homes (INVH) delivered solid FY2025 results with revenue growing 4.2% to $2.73B and net income surging 29.5% to $588M, supported by strong operating cash flow of $1.21B, though the balance sheet reflects modest leverage increases and a slight equity decline.