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Sentiment · FY2026 Q2
Invitation Homes reported 8.8% revenue growth in Q1 2026 but core FFO per share was roughly flat year-over-year with AFFO down 2.6%, pressured by tough Q1 2025 comps and elevated expenses. Management maintained full-year 2026 guidance, noting operating performance was tracking closely to internal expectations. The company completed its $500 million buyback and authorized a new $500 million program, while new lease rates turned positive in April with occupancy reaching 97.1%. The disposition strategy ran well ahead of expectations as supply moderation began to materialize in third-party data.
Demand | Capital Allocation | Pricing | Competitive Dynamics | Guidance Reliability | Cost Pressure | Revenue Growth | M&A | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 5 | 4 | 3 | 1 | 1 | 4 | 2 |
| 2025Q1 | 7 | 4 | 2 | 2 | 2 | 4 | 1 | |
| 2025Q2 | 5 | 6 | 5 | 3 | 3 | 2 | 2 | 2 |
| 2025Q3 | 8 | 4 | 4 | 5 | 2 | 1 | ||
| 2025Q4 | 4 | 3 | 4 | 3 | 3 | 2 | 1 | |
| 2026Q1 | 3 | 5 | 4 | 3 | 2 | 1 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 6 | 7 | 5 | 8 | 4 | 3 |
| Capital Allocation | 5 | 4 | 6 | 4 | 3 | 5 |
| Pricing | 4 | 2 | 5 | 4 | 4 | 4 |
| Competitive Dynamics | 3 | 2 | 3 | 5 | 3 | 3 |
| Guidance Reliability | 1 | 2 | 3 | 2 | 3 | 2 |
| Cost Pressure | 1 | 4 | 2 | 2 | 1 | |
| Revenue Growth | 4 | 1 | 2 | 1 | ||
| M&A | 2 | 2 | 1 | 1 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $659M | +5.6% | $0.23 | +9.5% | 28.2% | 21.7% | $81M |
| FY2025 Q1 | $674M | +4.4% | $0.27 | +17.4% | 27.8% | 24.6% | $250M |
| FY2025 Q2 | $681M | +4.3% | $0.23 | +91.7% | 28.2% |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| John Pawlowski | Green Street | 10 (20%) |
| Ami Probandt | UBS | 8 (13%) |
| Jamie Feldman | Wells Fargo |
| 20.7% |
| $323M |
| FY2025 Q3 | $688M | +4.2% | $0.22 | +46.7% | 59.7% | 19.9% | $505M |
| FY2025 Q4 | $685M | +4.0% | $0.24 | +4.3% | 27.3% | 21.1% | $70M |
| FY2026 Q1 | $734M | +8.8% | $0.26 | -3.7% | 10.8% | 21.9% | $236M |
| FY2026 Q2 | $748M | +9.7% | $0.37 | +60.9% | 24.6% | 29.3% | $270M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Jana Galan | Bank of America | 7 (14%) |
| Eric Wolfe | Citigroup | 7 (43%) |
| Jesse Lederman | Zelman & Associates | 7 (29%) |
| Brad Heffern | RBC Capital Markets | 7 (14%) |
| Austin Wurschmidt | KeyBanc Capital Markets | 6 (33%) |
| Haendel St. Juste | Mizuho Securities | 6 (17%) |
| Steve Sakwa | Evercore ISI | 6 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| UBS | 2 | 10 (20%) |
| Green Street | 1 | 10 (20%) |
| Wells Fargo | 2 | 8 (13%) |
| Bank of America | 1 | 7 (14%) |
| KBW | 2 | 7 (14%) |
| RBC Capital Markets | 1 | 7 (14%) |
| Citigroup | 1 | 7 (43%) |
| Zelman & Associates | 1 | 7 (29%) |
What INVH and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Meanwhile, the ResiBuilt acquisition we closed in January has moved quickly from integration to production, delivering over 300 homes to third-party buyers during the quarter.”
Invitation Homes' January acquisition of homebuilder ResiBuilt is now in production as a fee builder, delivering 300+ homes to third-party buyers.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
INVH Invitation Homes | 6 | +8.8% | |
| AVB AvalonBay Communities | 6 | +3.3% | |
| CPT Camden Property Trust | 5 | +0.1% | |
| ESS Essex Property Trust | 5 | +1.5% | |
| MAA Mid-America Apartment Communities | 5 | +0.8% | |
| UDR UDR, Inc. | 5 | +0.9% | |
| VMRK Vivmark Residential | 5 | +2.5% |