EarningsQ3 2026 Earnings Report
MX:INVH Q3 2026 EPS Results
Actual EPS$5.10
Consensus EPS$3.42
Beat/MissBeat by +$1.68
One Year Ago EPS$4.15
MX:INVH Q3 2026 Revenue Results
Actual Revenue$13.86B
Expected Revenue$14.02B
Beat/MissMissed by -$161.08M
YoY Revenue Growth+5.71%
Earnings Announcement Details
QuarterQ3 2026
Date10/28/2026
TimeAfter Close
Conference CallWednesday, October 28, 2026
MX:INVH Upcoming Earnings
Invitation Homes's next earnings date is estimated for February 16, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:INVH Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly constructive. Highlights included improving blended and renewal rent growth, resilient demand and occupancy, substantial share repurchases, raised Core FFO and disposition guidance, strong liquidity, and progress on operational initiatives. These positives were tempered by negative new-lease growth, seasonal occupancy moderation, elevated controllable expenses, bad-debt seasonality, and uncertainty around shadow supply and transaction-market pricing.Company Guidance
Improved Same-Store Rent Growth and Core FFO
Third-quarter same-store blended rent growth was 3.0%, the company's best quarter of the year, increasing from 2.7% in the second quarter and 1.6% in the first quarter. Renewal rent growth was 4.3%, and Core FFO per share increased 2.4% year-over-year to $0.48.
Healthy Occupancy, Demand and Resident Retention
Third-quarter average occupancy was 96.4%, turnover declined 10 basis points to 6.2%, and the average resident stays more than 41 months. Lead and showing volumes were meeting or exceeding last year's levels, with healthy demand and conversion rates continuing into the fall.
Single-Family Leasing Affordability Advantage
Based on weighted John Burns data as of September, leasing a home was on average more than $1,000 per month cheaper than owning one. With the average resident staying more than 41 months, the company estimated that this represented savings of more than $42,000.
Strong Home Disposition Execution
The company sold 658 wholly owned homes in the third quarter for approximately $318 million of gross proceeds, at an average sale price of about $484,000 per home. Through September, it had sold $833 million against a revised full-year disposition guidance midpoint of $950 million.
Substantial Share Repurchases
The company repurchased approximately 8.9 million shares for $250 million in the third quarter. Since December and through the Tuesday before the call, it had repurchased approximately 37 million shares for $989 million at an average price of $26.78 per share, representing 6% of outstanding shares in less than one year.
New $500 Million Repurchase Authorization
The board authorized a new $500 million share repurchase program. Management intends to continue funding buybacks with home-sale proceeds when the stock trades at a meaningful discount to the value of the company's homes, subject to market conditions and balance-sheet discipline.
Raised Full-Year Core FFO and Same-Store NOI Guidance
The company raised full-year 2026 Core FFO per share guidance by one penny at the midpoint to a range of $1.94-$1.98 per share. It also slightly raised the midpoint of same-store NOI growth guidance to 1.2%.
Lowered Same-Store Expense Growth Guidance
Full-year same-store expense growth guidance was lowered by 30 basis points, mostly due to lower anticipated property tax expense. Property tax bills received thus far, including approximately 40% of Florida bills, were coming in better than originally expected.
Higher Disposition Guidance
The midpoint of wholly owned disposition guidance was raised by $100 million to a range of $900 million-$1 billion, reflecting strong execution of the disposition program during the year.
Strong Liquidity and Predominantly Fixed, Unsecured Debt
The company ended the quarter with $1.3 billion of available liquidity. Approximately 90% of total debt was unsecured, 90% was fixed rate or swapped to fixed rate, and approximately 90% of wholly owned homes were unencumbered. Net debt to adjusted EBITDA was 5.5x, within the 5.5-6 times target range.
Successful Debt Refinancing and Limited Near-Term Maturities
In July, the company issued $500 million of long five-year bonds with a 4.95% coupon and used the proceeds to prepay approximately half of its IH 2017-1 securitization. The remaining $500 million matures in June 2027, with no other debt maturing before then.
Progress Ahead of Schedule on Investor Day Initiatives
The company centralized its HOA management and rent collection functions, launched the first version of its enhanced resident CRM system, and continued expanding ancillary services. Management said the operational modernization program was ahead of schedule because accretion had not been expected until 2028, while the internet and media platform and washer-and-dryer program continued to expand.
Moderating Competitive Supply in Key Markets
Large single-family rental listings were down 13% year-over-year in August, including declines in Atlanta, Tampa and Phoenix. Build-to-rent deliveries peaked in 2024, and John Burns expects the pace to keep slowing through 2027 and 2028. In the company's markets, comparable supply was down slightly year-over-year.
Healthy Housing Demand and Favorable Migration Trends
Google Search data, Zillow's renter demand index, internal lead volumes and showing volumes were all up or healthy year-over-year. Management also cited favorable migration signals in Houston, Dallas, Austin, Tampa, Phoenix and Atlanta.
Attractive Joint Venture Portfolio Acquisition
The company closed on an approximately $80 million portfolio acquisition in a joint venture. Dallas Tanner said pricing was north of a six cap and that returns to Invitation Homes, including its share of property-management and asset-management fees, were substantially above that six.
Pathway Consolidation Expected to Be Financially Neutral
Following consolidation of the Pathway Homes assets, management expected management fee income to decline while NOI increased commensurately, with the overall P&L impact expected to be neutral. The company said it already effectively represented 100% of the equity in those assets.
Regulatory Framework Viewed as Generally Workable
Management's preliminary read of the proposed regulations under the 21st Century ROAD to Housing Act was that the framework was workable and generally in line with congressional intent. Invitation Homes said it could, for the most part, operate within the framework and would remain engaged in the comment process.
Strong Renewal Book and Lease Expiration Management
Renewals, which account for approximately 75% of the book, generally run at 3.5%-4.5% and were described as a reliable source of rent growth. The company targets approximately 55% of lease expirations in the first half of the year and 45% in the second half.
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