Analyst Consensus ?
ConsensusHold34 ratings
Bullish1853.0%
Neutral1544.1%
Bearish12.9%
Invitation Homes Inc. · INVH · FY2026 Q1 · Calendar Q2 2026
INVH Q1 2026: Earnings Beat, Occupancy Hits 97.1%, New $500M Buyback
Invitation Homes delivered a Q1 2026 earnings beat with EPS of $0.26 versus $0.18 consensus and revenue of $734 million versus $690 million estimated. Occupancy climbed to 97.1% in April as new-lease rent growth turned positive, reinforcing demand for single-family rentals amid high mortgage rates and home prices. The company completed its entire $500 million buyback authorization and launched a fresh $500 million program, retiring over 19 million shares at an average price of $25.86. The ResiBuilt integration is gaining traction, delivering more than 300 homes to third-party buyers in its first three months, while construction lending commitments reached $279 million. Management maintained full-year 2026 guidance and expressed confidence in the peak leasing season. Key risks include expense growth of 5.7% outpacing guidance, Sunbelt supply pressure, and regulatory uncertainty around…
Reported After market closeNYSEReal Estate
$17.63B market cap
100quality score
Company context
Snapshot as of publicationInvitation Homes stands as the nation's foremost provider of single-family rental properties, catering to evolving lifestyle needs by delivering contemporary, well-maintained residences. These homes boast desirable attributes such as convenient proximity to employment centers and reputable educational institutions. The company's central tenet, "Together with you, we make a house a home," underscores its dedication to fostering environments where individuals and families can genuinely prosper, supported by a personalized service model that continually elevates the tenant experience.
Earnings scorecard
Reported versus consensus
Reported EPS
$0.26
Consensus $0
EPS surprise
+46.3%
Reported versus consensus
Reported revenue
$734.1M
Consensus $689.9M
Revenue surprise
+6.4%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$29.67Previous close
$27Low
$36.44Average
$50High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Jul 14, 2026 |
| UBS | Buy | Buy | Maintain | Jul 8, 2026 |
| Wells Fargo | Overweight | Equal Weight | Upgrade | Jun 24, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Jun 18, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jun 17, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jun 15, 2026 |
| CFRA | Sell | Hold | Downgrade | May 28, 2026 |
| Raymond James | Outperform | Market Perform | Upgrade | May 18, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | May 4, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | May 1, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | May 1, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Mar 9, 2026 |
| Citigroup | Buy | Buy | Maintain | Feb 25, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Feb 24, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Feb 20, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Feb 20, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Nov 18, 2025 |
| B of A Securities | Neutral | Neutral | Maintain | Nov 12, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | May 6, 2025 |
| Keefe, Bruyette& Woods | Market Perform | Market Perform | Maintain | May 5, 2025 |
| Deutsche Bank | Hold | Buy | Downgrade | Jan 21, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Dec 12, 2024 |
| Jefferies | Buy | Hold | Upgrade | Jan 2, 2024 |
| BTIG | Neutral | Buy | Downgrade | Aug 17, 2023 |
| Credit Suisse | Neutral | Outperform | Downgrade | Jan 9, 2023 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Nov 30, 2022 |
| Berenberg | Hold | Buy | Downgrade | Aug 16, 2021 |
| Zelman | Hold | Buy | Downgrade | Jun 24, 2021 |
| Janney Capital | Buy | Buy | Maintain | Jun 18, 2020 |
| B. Riley Securities | Buy | Buy | Maintain | Jun 16, 2020 |
| B. Riley FBR | Buy | Buy | Maintain | Jun 16, 2020 |
| Keefe Bruyette & Woods | Market Perform | Outperform | Downgrade | Jul 19, 2019 |
| Baird | Outperform | Outperform | Maintain | Mar 29, 2018 |
| BTIG Research | Buy | Buy | Maintain | Oct 9, 2017 |
Named analyst price targets
Upside is calculated against the persisted previous close $29.67. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Analyst unavailable | $33 | $29.05 | +11.2% | Jun 24, 2026 |
| Scotiabank | Nicholas Yulico | $30 | $28.64 | +1.1% | Jun 18, 2026 |
| Mizuho Securities | Analyst unavailable | $31 | $29 | +4.5% | Jun 17, 2026 |
| BMO Capital | Juan Sanabria | $35 | $29.68 | +18.0% | Jun 15, 2026 |
| CFRA | Analyst unavailable | $27 | $29.41 | -9.0% | May 27, 2026 |
| Scotiabank | Analyst unavailable | $29 | $29.05 | -2.3% | May 21, 2026 |
| UBS | Analyst unavailable | $32 | $28.62 | +7.9% | May 19, 2026 |
| Raymond James | Buck Horne | $32 | $27.93 | +7.9% | May 18, 2026 |
| Evercore ISI | Analyst unavailable | $32 | $28.76 | +7.9% | May 1, 2026 |
| Compass Point | Analyst unavailable | $30 | $27.23 | +1.1% | Apr 28, 2026 |
| Barclays | Analyst unavailable | $32 | $27.13 | +7.9% | Apr 27, 2026 |
| Morgan Stanley | Adam Kramer | $33 | $25.97 | +11.2% | Mar 9, 2026 |
| Oppenheimer | Tyler Batory | $31 | $25.38 | +4.5% | Feb 24, 2026 |
| Evercore ISI | Analyst unavailable | $31 | $26 | +4.5% | Feb 20, 2026 |
| KeyBanc | Analyst unavailable | $34 | $25.68 | +14.6% | Feb 20, 2026 |
| UBS | Analyst unavailable | $40 | $27.29 | +34.8% | Jan 21, 2026 |
| UBS | Analyst unavailable | $28 | $26.52 | -5.6% | Jan 14, 2026 |
| Barclays | Richard Hightower | $33 | $26.14 | +11.2% | Jan 13, 2026 |
| UBS | Michael Goldsmith | $35 | $26.41 | +18.0% | Jan 8, 2026 |
| Mizuho Securities | Analyst unavailable | $27 | $26.41 | -9.0% | Jan 8, 2026 |
| Barclays | Analyst unavailable | $34 | $28.14 | +14.6% | Nov 25, 2025 |
| Scotiabank | Nicholas Yulico | $31 | $27.89 | +4.5% | Nov 10, 2025 |
| Oppenheimer | Tyler Batory | $38 | $28.36 | +28.1% | Nov 4, 2025 |
| Evercore ISI | Analyst unavailable | $33 | $28.14 | +11.2% | Oct 31, 2025 |
| Mizuho Securities | Analyst unavailable | $30 | $28.6 | +1.1% | Oct 21, 2025 |
| Wells Fargo | Analyst unavailable | $31 | $27.9 | +4.5% | Oct 13, 2025 |
| Evercore ISI | Analyst unavailable | $35 | $30.21 | +18.0% | Sep 15, 2025 |
| RBC Capital | Analyst unavailable | $35 | $34.01 | +18.0% | Feb 28, 2025 |
| Barclays | Richard Hightower | $36 | $30.52 | +21.3% | Jan 24, 2025 |
| CFRA | Kenneth Leon | $38 | $35.66 | +28.1% | Sep 25, 2024 |
| Bank of America Securities | Jeffrey Spector | $37 | $36.5 | +24.7% | Sep 24, 2024 |
| Goldman Sachs | Julien Blouin | $46 | $37.27 | +55.0% | Sep 4, 2024 |
| Wells Fargo | James Feldman | $38 | $36.15 | +28.1% | Aug 26, 2024 |
| RBC Capital | Brad Heffern | $37 | $34.12 | +24.7% | Jul 26, 2024 |
| Evercore ISI | Steve Sakwa | $37 | $34.12 | +24.7% | Jul 26, 2024 |
| Deutsche Bank | Derek Johnston | $41 | $33.21 | +38.2% | Jul 24, 2024 |
| Evercore ISI | Steve Sakwa | $36 | $34.62 | +21.3% | Mar 18, 2024 |
| Oppenheimer | Tyler Batory | $35 | $29.32 | +18.0% | Oct 30, 2023 |
| Jefferies | Linda Tsai | $31 | $29.64 | +4.5% | Jan 2, 2023 |
| Barclays | Anthony Powell | $39 | $31.15 | +31.4% | Dec 13, 2022 |
| Goldman Sachs | Analyst unavailable | $35 | $32.18 | +18.0% | Dec 8, 2022 |
| Goldman Sachs | Analyst unavailable | $45 | $39.72 | +51.7% | Aug 16, 2022 |
| Mizuho Securities | Analyst unavailable | $44 | $36.09 | +48.3% | Jul 6, 2022 |
| Jefferies | Analyst unavailable | $41 | $35.58 | +38.2% | Jun 30, 2022 |
| Raymond James | Analyst unavailable | $44 | $34.05 | +48.3% | Jun 23, 2022 |
| Credit Suisse | Analyst unavailable | $47 | $43.08 | +58.4% | Apr 25, 2022 |
| Jefferies | Analyst unavailable | $48 | $43.83 | +61.8% | Apr 20, 2022 |
| BTIG | James Sullivan | $50 | $40.68 | +68.5% | Nov 15, 2021 |
| Raymond James | Buck Horne | $48 | $41.11 | +61.8% | Nov 3, 2021 |
| Goldman Sachs | Chandni Luthra | $47 | $40.08 | +58.4% | Sep 23, 2021 |
| Barclays | Anthony Powell | $46 | $41.54 | +55.0% | Sep 1, 2021 |
| B.Riley Financial | Craig Kucera | $46 | $39.25 | +55.0% | Aug 17, 2021 |
| Credit Suisse | Sam Choe | $41 | $37.44 | +38.2% | Jun 10, 2021 |
Track every rating change on INVH the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
+2.5%
Event window
SPY move
+1.0%
Same window
Abnormal move
+1.5%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
+1.7%
Up to 20 sessions
INVHSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
EPS of $0.26 beat the $0.18 consensus by 46.3%, and revenue of $734 million exceeded the $690 million estimate by 6.4%. Occupancy improved from 96.3% to 97.1% in April with new-lease rent growth turning positive. The company completed its full $500 million share repurchase and authorized a new $500 million program, retiring over 19 million shares at an average of $25.86. ResiBuilt delivered over 300 homes in its first three months. Construction lending commitments grew to $279 million. Liquidity decreased from $1.7 billion to $1.3 billion and net debt/EBITDA rose from 5.3x to 5.6x. The forward third-party development pipeline was reduced to just over $200 million.
Guidance delta
Management maintained full-year 2026 guidance, consistent with the prior quarter. Occupancy target remains 96.3% and AFFO range holds at $1.60 to $1.68 per share. No upward or downward revision was announced.
Key takeaways
- Occupancy improved to the mid-96% range and rose to 97.1% in April, indicating strong leasing momentum
- Renewal rent growth remained robust at approximately 3.7% while new-lease rent growth returned to positive territory
- Aggressive capital return via share repurchases, with over 19 million shares retired at an average price of $25.86
- Forward pipeline of third-party development reduced to just over $200 million, reflecting a disciplined build strategy
- Balance sheet remains strong with $1.3 billion liquidity and net debt/EBITDA at 5.6x
Management priorities
- Continue aggressive share repurchases under the new $500 million authorization
- Scale the ResiBuilt fee-build business and pursue additional joint-venture projects
- Grow construction lending commitments as development pipelines progress
- Maintain disciplined capital allocation between buybacks, development, and selective acquisitions
- Advocate for housing-affordability legislation and monitor regulatory developments
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-31T06:52:16.818803+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T06:52:16.816019+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.