EarningsQ2 2026 Earnings Report
MX:INVH Q2 2026 EPS Results
Actual EPS$6.28
Consensus EPS$2.90
Beat/MissBeat by +$3.38
One Year Ago EPS$3.90
MX:INVH Q2 2026 Revenue Results
Actual Revenue$12.73B
Expected Revenue$12.41B
Beat/MissBeat by +$321.36M
YoY Revenue Growth+8.63%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeAfter Close
Conference CallWednesday, July 29, 2026
MX:INVH Upcoming Earnings
Invitation Homes's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:INVH Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented multiple clear operational and financial positives: high occupancy (>97%), reaccelerating lease rate growth (blended 2.7% in Q2, 3.4% preliminary July), YoY FFO/AFFO per share growth (+5% and ~+6%), disciplined expense control (controllables -1% YoY), strong liquidity (> $1.5B), active capital recycling (Q2 dispositions of ~$309M) and aggressive share buybacks ($600M year-to-date). Management also raised full-year FFO/AFFO guidance and reported improved deal flow after resolution of legislative uncertainty. Key risks noted were temporary delays in ResiBuilt contributions, elevated supply in some markets, seasonal execution risk in H2 around turnover and uncertainty on property taxes and forward builder pipeline. Overall, positive operational momentum and a strong balance sheet outweigh the manageable near-term headwinds.Company Guidance
Strong Occupancy and Leasing Momentum
Average occupancy remained above 97% in Q2 (97.1%) with July occupancy at 96.5%. New lease rate growth accelerated month-over-month through June; Q2 blended lease rent growth was 2.7% and preliminary July blended growth was 3.4%. Renewal rent growth averaged 3.3% in Q2, accelerated to 3.7% in June and 4.3% in July.
Earnings Per Share Growth and Raised Guidance
Second quarter core FFO per share was $0.51, up 5% year-over-year; AFFO per share was $0.44, up nearly 6% year-over-year. Management raised full-year guidance with midpoints for core FFO and AFFO per share increased by $0.01 to $1.95 and $1.65, respectively.
Positive Operating Results (NOI and Revenue)
Same-store NOI grew 1.5% year-over-year, driven by 1.6% core revenue growth. Turnover improved 50 basis points year-over-year to 5.7%.
Expense Discipline
Controllable (day-to-day) expenses were down 1% year-over-year; fixed costs (property taxes, insurance) increased only 3.5% year-over-year, both tracking in line with expectations.
Strong Capital Allocation — Dispositions and Share Repurchases
Sold 657 wholly owned homes in Q2 for gross proceeds of approximately $309 million and bought 196 homes for about $74 million. Increased full-year disposition guidance midpoint by $300 million to $850 million. Executed $100 million of share repurchases in Q2 and $600 million year-to-date since program start (22.8 million shares repurchased at an average $26.30 per share).
Improved Balance Sheet and Liquidity
Revolver balance reduced from $560 million to $280 million in Q2; net debt to trailing 12-month adjusted EBITDA at 5.4x (just below the 5.5x–6.0x target range). Available liquidity exceeded $1.5 billion as of quarter end.
Favorable Capital Markets Activity
Issued $500 million of senior notes maturing in 2032 at a 4.95% coupon in July and used proceeds to prepay approximately half of a $988 million securitization tranche, strengthening the capital structure (pro forma impacts disclosed).
Growth in Development and Lending Channels
Construction loan commitments totaled just under $350 million with roughly 10% funded; these loans typically yield in the high single digits. ResiBuilt pipeline has reaccelerated after earlier disruption; value-add service income (part of other property income) was up ~9% year-over-year and other property income year-to-date up ~5%.
Early Signs of Acquisition Market Thaw
Following passage of the ROAD to Housing Act, management reported increased seller activity and some smaller portfolios coming to market, providing additional potential levers for accretive capital deployment.
MX:INVH Earnings History
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