Invitation Homes Inc. · INVH · FY2026 Q3 · Calendar Q4 2026
Invitation Homes pairs steady rent growth with higher guidance
The quarter supports a constructive operating picture: renewal demand and operational efficiencies are supporting rent growth, while capital returns remain substantial. The counterweight is execution around supply, credit, taxes, and dispositions.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Relative to Q2, management reported 3% same-store blended rent growth, raised full-year Core FFO and disposition guidance, lowered expense-growth guidance, and authorized a new $500 million repurchase program. Pathway was consolidated, removing management-fee income while improving NOI.
Guidance delta
Management modestly raised full-year Core FFO and disposition-volume guidance and lowered expense-growth guidance versus the prior outlook.
Key takeaways
- Q3 same-store blended rent growth was 3%, supported by 4.3% renewal rent growth and a reported rent-versus-buy gap above $1,000 per month.
- Core FFO per share rose 2.4% year over year to $0.48, according to the supplied transcript analysis.
- The company repurchased nearly $1 billion in FY2026 and authorized a new $500 million repurchase program.
- Demand indicators remained healthy, but supply, mortgage rates, property taxes, and bad debt remain important watchpoints.
Management priorities
- Continue disciplined share repurchases tied to the stock discount.
- Centralize HOA and rent-collection functions and expand the resident CRM.
- Broaden ancillary services across additional markets.
- Monitor ROAD to Housing Act regulations while managing dispositions and redeploying capital.
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Analyst 52W Price Targets
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 29, 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 |
|---|---|---|---|---|
| Wells Fargo | Overweight | Overweight | Maintain | Oct 19, 2026 |
| Barclays | Overweight | Overweight | Maintain | Oct 14, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Oct 13, 2026 |
| UBS | Buy | Buy | Maintain | Oct 12, 2026 |
| Mizuho | Outperform | Neutral | Upgrade | Sep 21, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Sep 21, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Sep 17, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Aug 25, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Aug 5, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Aug 3, 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 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Mar 9, 2026 |
| Citigroup | Buy | Buy | Maintain | Feb 25, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Feb 20, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Feb 20, 2026 |
| 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 current price $26.64. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | James Feldman | $30 | $27.07 | +12.6% | Oct 19, 2026 |
| Barclays | Richard Hightower | $35 | $26.59 | +31.4% | Oct 14, 2026 |
| UBS | Michael Goldsmith | $31 | $26.47 | +16.4% | Oct 12, 2026 |
| Mizuho Securities | Analyst unavailable | $32 | $26.91 | +20.1% | Sep 21, 2026 |
| BTIG | Analyst unavailable | $32 | $26.91 | +20.1% | Sep 21, 2026 |
| Scotiabank | Analyst unavailable | $28 | $27.3 | +5.1% | Sep 17, 2026 |
| Oppenheimer | Tyler Batory | $33 | $30.4 | +23.9% | Aug 3, 2026 |
| Wells Fargo | Analyst unavailable | $33 | $29.05 | +23.9% | Jun 24, 2026 |
| Scotiabank | Nicholas Yulico | $30 | $28.64 | +12.6% | Jun 18, 2026 |
| Mizuho Securities | Analyst unavailable | $31 | $29 | +16.4% | Jun 17, 2026 |
| BMO Capital | Juan Sanabria | $35 | $29.68 | +31.4% | Jun 15, 2026 |
| CFRA | Analyst unavailable | $27 | $29.41 | +1.4% | May 27, 2026 |
| Scotiabank | Analyst unavailable | $29 | $29.05 | +8.9% | May 21, 2026 |
| UBS | Analyst unavailable | $32 | $28.62 | +20.1% | May 19, 2026 |
| Raymond James | Buck Horne | $32 | $27.93 | +20.1% | May 18, 2026 |
| Evercore ISI | Analyst unavailable | $32 | $28.76 | +20.1% | May 1, 2026 |
| Compass Point | Analyst unavailable | $30 | $27.23 | +12.6% | Apr 28, 2026 |
| Barclays | Analyst unavailable | $32 | $27.13 | +20.1% | Apr 27, 2026 |
| Morgan Stanley | Adam Kramer | $33 | $25.97 | +23.9% | Mar 9, 2026 |
| Oppenheimer | Tyler Batory | $31 | $25.38 | +16.4% | Feb 24, 2026 |
| Evercore ISI | Analyst unavailable | $31 | $26 | +16.4% | Feb 20, 2026 |
| KeyBanc | Analyst unavailable | $34 | $25.68 | +27.6% | Feb 20, 2026 |
| UBS | Analyst unavailable | $40 | $27.29 | +50.2% | Jan 21, 2026 |
| UBS | Analyst unavailable | $28 | $26.52 | +5.1% | Jan 14, 2026 |
| Barclays | Richard Hightower | $33 | $26.14 | +23.9% | Jan 13, 2026 |
| UBS | Michael Goldsmith | $35 | $26.41 | +31.4% | Jan 8, 2026 |
| Mizuho Securities | Analyst unavailable | $27 | $26.41 | +1.4% | Jan 8, 2026 |
| Barclays | Analyst unavailable | $34 | $28.14 | +27.6% | Nov 25, 2025 |
| Scotiabank | Nicholas Yulico | $31 | $27.89 | +16.4% | Nov 10, 2025 |
| Oppenheimer | Tyler Batory | $38 | $28.36 | +42.6% | Nov 4, 2025 |
| Evercore ISI | Analyst unavailable | $33 | $28.14 | +23.9% | Oct 31, 2025 |
| Mizuho Securities | Analyst unavailable | $30 | $28.6 | +12.6% | Oct 21, 2025 |
| Wells Fargo | Analyst unavailable | $31 | $27.9 | +16.4% | Oct 13, 2025 |
| Evercore ISI | Analyst unavailable | $35 | $30.21 | +31.4% | Sep 15, 2025 |
| RBC Capital | Analyst unavailable | $35 | $34.01 | +31.4% | Feb 28, 2025 |
| Barclays | Richard Hightower | $36 | $30.52 | +35.1% | Jan 24, 2025 |
| CFRA | Kenneth Leon | $38 | $35.66 | +42.6% | Sep 25, 2024 |
| Bank of America Securities | Jeffrey Spector | $37 | $36.5 | +38.9% | Sep 24, 2024 |
| Goldman Sachs | Julien Blouin | $46 | $37.27 | +72.7% | Sep 4, 2024 |
| Wells Fargo | James Feldman | $38 | $36.15 | +42.6% | Aug 26, 2024 |
| RBC Capital | Brad Heffern | $37 | $34.12 | +38.9% | Jul 26, 2024 |
| Evercore ISI | Steve Sakwa | $37 | $34.12 | +38.9% | Jul 26, 2024 |
| Deutsche Bank | Derek Johnston | $41 | $33.21 | +53.9% | Jul 24, 2024 |
| Evercore ISI | Steve Sakwa | $36 | $34.62 | +35.1% | Mar 18, 2024 |
| Oppenheimer | Tyler Batory | $35 | $29.32 | +31.4% | Oct 30, 2023 |
| Jefferies | Linda Tsai | $31 | $29.64 | +16.4% | Jan 2, 2023 |
| Barclays | Anthony Powell | $39 | $31.15 | +46.4% | Dec 13, 2022 |
| Goldman Sachs | Analyst unavailable | $35 | $32.18 | +31.4% | Dec 8, 2022 |
| Goldman Sachs | Analyst unavailable | $45 | $39.72 | +68.9% | Aug 16, 2022 |
| Mizuho Securities | Analyst unavailable | $44 | $36.09 | +65.2% | Jul 6, 2022 |
| Jefferies | Analyst unavailable | $41 | $35.58 | +53.9% | Jun 30, 2022 |
| Raymond James | Analyst unavailable | $44 | $34.05 | +65.2% | Jun 23, 2022 |
| Credit Suisse | Analyst unavailable | $47 | $43.08 | +76.4% | Apr 25, 2022 |
| Jefferies | Analyst unavailable | $48 | $43.83 | +80.2% | Apr 20, 2022 |
| BTIG | James Sullivan | $50 | $40.68 | +87.7% | Nov 15, 2021 |
| Raymond James | Buck Horne | $48 | $41.11 | +80.2% | Nov 3, 2021 |
| Goldman Sachs | Chandni Luthra | $47 | $40.08 | +76.4% | Sep 23, 2021 |
| Barclays | Anthony Powell | $46 | $41.54 | +72.7% | Sep 1, 2021 |
| B.Riley Financial | Craig Kucera | $46 | $39.25 | +72.7% | Aug 17, 2021 |
| Credit Suisse | Sam Choe | $41 | $37.44 | +53.9% | Jun 10, 2021 |
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Start freeCompany context
Snapshot as of publicationInvitation Homes Inc., an S&P 500 company, is the nation’s premier single-family home leasing and management company, helping to expand housing through new development and strategic partnerships. Their purpose, Unlock the Power of Home, reflects their commitment to address America’s housing needs by delivering high-quality living solutions and genuine care to those who choose the flexibility and value of leasing. Invitation Homes Inc. was incorporated in 6th June 2012 and is based in Dallas, United States.
Historical context
All INVH earningsReal Estate peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| EQIX Equinix, Inc. | FY2026 Q3 · Calendar Q4 2026 | +20.0% | +5.4% | Equinix raises guidance as AI demand drives capacity expansion |
| EXR Extra Space Storage Inc. | FY2026 Q3 · Calendar Q4 2026 | -1.7% | +0.1% | Extra Space Storage raises Core FFO guidance as occupancy holds at 94% |
Latest beats and misses
Who reports nextBeat on EPS
- ARFY2026 Q3 · October 28, 2026+22.3% EPS-2.2% move
- AEMFY2026 Q3 · October 28, 2026+5.7% EPS-3.9% move
- ORLYFY2026 Q3 · October 28, 2026+4.3% EPS-2.7% move
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- KGCFY2026 Q3 · October 28, 2026+8.7% EPS-6.1% move
- GENFY2027 Q2 · October 28, 2026+2.9% EPS+11.2% move
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Sources
- Earnings call transcript and parsed analysis · 2026-10-29T20:05:23.812436+00:00
- FN2 earnings calendar · 2026-10-29T01:23:20.584741+00:00
- Polygon adjusted daily market bars · 2026-10-29T21:10:47.435188+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-29T21:10:47.432401+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 · As of 2026-10-29. For educational purposes only; not investment advice.