The call presented a mix of stabilizing fundamentals and proactive strategic moves alongside near-term operational and market headwinds. Positives include steady full-year same-store NOI growth, high occupancy (96.8%), low turnover (22.8%), disciplined liquidity and capital allocation, the strategic ResiBuilt acquisition enabling in-house development, and modest FFO/AFFO growth. Offsetting these are weaker new-lease pricing (down ~4%), rising expense pressures (Q4 core expense +4%, insurance and property tax headwinds), elevated supply in certain Sunbelt markets, and only modest AFFO improvement to date. Management provided measured 2026 guidance and reiterated multi-year AFFO targets while retaining flexibility on repurchases and development activity.

Company Guidance

Invitation Homes' 2026 guidance calls for same‑store NOI growth of 0.3%–2.0% (driven by same‑store core revenue growth of 1.3%–2.5% and same‑store core expense growth of 3%–4%), assumes average occupancy of 96.3% at the midpoint and blended rent growth in the mid‑2% range, and incorporates roughly $550M of dispositions and ~$250M of anticipated wholly‑owned new home deliveries at the midpoint; this produces core FFO guidance of $1.90–$1.98 per share and AFFO guidance of $1.60–$1.68 per share. Management also reiterated a three‑year target of $0.14–$0.20 of incremental AFFO per share (about half expected from operational enhancements), and highlighted balance‑sheet flexibility with $1.7B of liquidity, year‑end net debt/adjusted EBITDA of 5.3x, ~94% of total debt fixed or swapped, ~90% of wholly‑owned homes unencumbered, no debt maturing before June 2027, and a $500M share repurchase authorization (3.6M shares repurchased, ~ $100M so far).

Solid Full-Year Same-Store NOI and Revenue Growth

Full-year 2025 same-store NOI grew 2.3% (above midpoint of guidance), driven by 2.4% core revenue growth for the year.

High Occupancy and Low Turnover

Full-year same-store average occupancy was 96.8% (at the high end of 2025 guidance) and turnover remained low at 22.8%, with average length of stay well over 3 years.

Strong Renewal Performance

Renewal rent growth remained robust at ~4.2% in Q4 (renewals represent ~75% of lease book), which materially offsets declines in new lease rates.

ResiBuilt Acquisition Expands In-House Development

Acquired ResiBuilt (70 employees added); ResiBuilt delivered >4,000 homes since 2018 and currently runs 23 active fee-built contracts with >2,000 home starts planned for 2026; Fee-Built business delivers >1,000 homes/year and offers ~1,500 developable lots across Atlanta, Charlotte and Orlando.

Conservative Balance Sheet and Liquidity

Year-end liquidity of $1.7 billion (cash + undrawn revolver); net debt to adjusted EBITDA of 5.3x; ~94% of debt fixed or swapped and ~90% of wholly owned homes unencumbered; no debt maturing before June 2027.

Positive Shareholder Capital Actions

Board authorized $500M share repurchase program; company repurchased ~3.6M shares for ~ $100M to date, and expects to continue opportunistic buybacks.

FFO / AFFO Stability

Q4 core FFO increased 1.3% YoY to $0.48 per share; full-year core FFO rose 1.7% to $1.91. AFFO was flat in Q4 at $0.41 and increased 1.8% for the full year to $1.63 per share.

Resident-Focused Programs and Outcomes

Over 160,000 residents enrolled in company-funded positive rent reporting; enrolled residents have seen an average credit score improvement of 50 points, supporting paths to homeownership.

Clear 2026 Guidance and Multi-Year AFFO Target

Provided 2026 guidance: same-store NOI growth 0.3%–2%; core revenue growth 1.3%–2.5%; core expense growth 3%–4%; core FFO guidance $1.90–$1.98 and AFFO $1.60–$1.68. Reaffirmed goal of $0.14–$0.20 incremental AFFO per share over next 3 years (about half from operational enhancements).

Invitation Homes (INVH) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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INVH Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 05, 2026	2026 (Q1)	0.19 / -	0.27	―	―	―
Feb 18, 2026	2025 (Q4)	0.18 / 0.24	0.23	4.35% (<+0.01)	―
Oct 29, 2025	2025 (Q3)	0.18 / 0.22	0.15	46.67% (+0.07)	―
Jul 30, 2025	2025 (Q2)	0.19 / 0.23	0.12	91.67% (+0.11)	―
Apr 30, 2025	2025 (Q1)	0.18 / 0.27	0.23	17.39% (+0.04)	―
Feb 26, 2025	2024 (Q4)	0.18 / 0.23	0.21	9.52% (+0.02)	―
Oct 30, 2024	2024 (Q3)	0.17 / 0.15	0.21	-28.57% (-0.06)	―
Jul 24, 2024	2024 (Q2)	0.19 / 0.12	0.22	-45.45% (-0.10)	―
Apr 30, 2024	2024 (Q1)	0.18 / 0.23	0.2	15.00% (+0.03)
Feb 13, 2024	2023 (Q4)	0.17 / 0.21	0.16	31.25% (+0.05)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

INVH Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 18, 2026	$26.84	$25.68	-4.32%
Oct 29, 2025	$27.17	$28.10	+3.42%
Jul 30, 2025	$30.73	$30.01	-2.33%
Apr 30, 2025	$33.18	$34.08	+2.69%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Invitation Homes Inc (INVH) report earnings?

Invitation Homes Inc (INVH) is schdueled to report earning on May 05, 2026, After Close (Confirmed).

What is Invitation Homes Inc (INVH) earnings time?

Invitation Homes Inc (INVH) earnings time is at May 05, 2026, After Close (Confirmed).

Where can I see when companies are reporting earnings?

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What companies are reporting earnings today?

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What is INVH EPS forecast?

INVH EPS forecast for the fiscal quarter 2026 (Q1) is 0.19.