What is a cash flow waterfall?

A cash flow waterfall is a bar chart that walks from operating cash flow through capital expenditure to free cash flow, then shows how the remaining cash is allocated — acquisitions, buybacks, dividends, debt, and other financing — ending at the net change in cash. Each step is colour-coded: green bars add to the running total, red bars subtract.

How does Invitation Homes (INVH) spend its free cash flow?

For TTM through Q1 2026, Invitation Homes generated $1.2B of operating cash flow and $1.13B of free cash flow — a free cash flow margin of 94.6% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Invitation Homes (INVH) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Invitation Homes's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Invitation Homes (INVH) Cash Flow Waterfall

Operating CF

$1.2B

Capex

-$64.9M

Free Cash Flow

$1.13B

FCF Margin

+94.6%

Cash flow waterfall for Invitation Homes (INVH) — TTM through Q1 2026

Free cash flow: $1.13B

Note: Other Investing is large — driven mainly by purchases or sales of investments.

Cash flow breakdown for Invitation Homes (INVH) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.2B	$1.2B
Capital Expenditure	-$64.9M	$1.13B
Free Cash Flow	$1.13B	$1.13B
Acquisitions	-$177M	$956M
Other Investing	-$348M	$608M
Share Buybacks	-$496M	$113M
Dividends Paid	-$719M	-$607M
Net Debt Change	$680M	$73.6M
Other Financing & FX	-$19.2M	$54.3M
Net Cash Increase	$54.3M	$54.3M

Operating Cash Flow$1.2B
Capital Expenditure-$64.9M
Free Cash Flow$1.13B
Acquisitions-$177M
Other Investing-$348M
Share Buybacks-$496M
Dividends Paid-$719M
Net Debt Change$680M
Other Financing & FX-$19.2M
Net Cash Increase$54.3M

Want to see what drove the FCF change?Free Cash Flow Bridge

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Invitation Homes (INVH) Key Financials

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Income Statement

Balance Sheet

Profitability

Operating Margin31.2%

Cash Flow

Capital Return

Forecast & Valuation

Operations

Employees100.0

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