Invitation Homes Q2 2026: revenue up 9.7%, but home sales lift profit
Invitation Homes' second quarter of 2026 was steady rather than spectacular: revenue rose 9.7% to $747.6 million and GAAP earnings per share jumped, yet the rental core barely moved. Read it in two layers — the rental business, where same-store NOI grew 1.5%, and the homebuilding and home-selling activity that flattered reported profit.
1 · Expected vs. Actual
Free preview belowGAAP diluted earnings per share were $0.37 versus $0.23, and Core FFO per share rose 5.0% to $0.51 while AFFO per share rose 5.9% to $0.44. The quality caveat is large: $132.3 million of the $218.8 million earned for common stockholders came from gains on selling homes, not from collecting rent. The consensus estimate in our data is $0.18 per share, so the GAAP figure is roughly double it, though the two may not be measured on the same basis.
Total revenue was $747.6 million, up 9.7% from $681.4 million a year earlier. Almost none of that growth came from the rental core: rental revenues of $603.0 million rose about 1.8%, while homebuilding revenues of $49.5 million appeared from nothing after the ResiBuilt acquisition. Our structured feed first showed revenue of $49.5 million — that was only the homebuilding line, not the company total.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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