Revenue growth decelerated to 2.8% in 2026Q1, while NOI margins experienced an anomalous contraction to 3.5% compared to historical levels exceeding 50%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Revenue | 1.87B | 1.87B | 1.73B | 1.62B | 1.49B | 1.3B | 1.17B | 1.13B | 1.07B | 960.4M | 878.89M | 630.58M | 398.87M | 139.03M | 4.54M |
| Revenue Growth % | 5.83% | 7.95% | 6.47% | 8.93% | 14.32% | 11.2% | 3.57% | 5.53% | 11.71% | 9.27% | 39.38% | 58.09% | 186.89% | 2962.38% | - |
| Property Operating Expenses | 1.3B | 1.8B | 767.4M | 739.73M | 688.24M | 602.82M | 549.46M | 523.99M | 492.7M | 429.41M | 393.68M | 310.3M | 207.2M | 78.55M | 4.46M |
| Net Operating Income (NOI) | 563.84M | 62.81M | 961.3M | 883.87M | 802.29M | 701.06M | 623.06M | 608.15M | 580.15M | 530.99M | 485.21M | 320.28M | 191.67M | 60.48M | 81K |
| NOI Margin % | 30.2% | 3.37% | 55.61% | 54.44% | 53.83% | 53.77% | 53.14% | 53.72% | 54.08% | 55.29% | 55.21% | 50.79% | 48.05% | 43.5% | 1.78% |
| Operating Expenses | 97.27M | -389.05M | 86.99M | 77.61M | 70.76M | 56.44M | 48.52M | 43.21M | 36.58M | 34.73M | 33.07M | 26.87M | 24.53M | 80.19M | 10.32M |
| G&A Expenses | 63.34M | 83.01M | 86.99M | 77.61M | 70.76M | 56.44M | 48.52M | 43.21M | 36.58M | 34.73M | 33.07M | 26.87M | 24.53M | 16.28M | 8.21M |
| EBITDA | 973.33M | 956.21M | 1.35B | 1.26B | 1.16B | 1.01B | 913.59M | 886.24M | 851.26M | 784.35M | 719.62M | 523.16M | 317.56M | 33.51M | -8.13M |
| EBITDA Margin % | 52.13% | 51.24% | 77.97% | 77.59% | 77.51% | 77.73% | 77.92% | 78.28% | 79.35% | 81.67% | 81.88% | 82.97% | 79.61% | 24.1% | -178.96% |
| Depreciation & Amortization | 506.76M | 504.34M | 473.61M | 453.55M | 423.83M | 368.95M | 339.05M | 321.29M | 307.69M | 288.09M | 267.48M | 229.75M | 150.42M | 60.29M | 2.11M |
| D&A / Revenue % | 27.14% | 27.03% | 27.4% | 27.93% | 28.43% | 28.3% | 28.92% | 28.38% | 28.68% | 30% | 30.43% | 36.43% | 37.71% | 43.36% | 46.5% |
| Operating Income | 466.57M | 451.87M | 874.31M | 806.26M | 731.54M | 644.62M | 574.54M | 564.95M | 543.58M | 496.26M | 452.14M | 293.41M | 167.14M | -26.78M | -10.24M |
| Operating Margin % | 24.99% | 24.21% | 50.58% | 49.66% | 49.08% | 49.44% | 49% | 49.9% | 50.67% | 51.67% | 51.44% | 46.53% | 41.9% | -19.26% | -225.46% |
| Interest Expense | 4M | 185.2M | 165.35M | 140.2M | 134.87M | 114.89M | 117.04M | 127.11M | 122.9M | 112.62M | 130.85M | 89.41M | 19.88M | 370K | 0 |
| Interest Coverage | - | 3.77x | 2.42x | 2.52x | 2.28x | 2.37x | 1.98x | 1.85x | 1.83x | 1.77x | 1.17x | 0.57x | 0.08x | -72.38x | - |
| Non-Operating Income | -267.93M | -246.72M | 473.61M | 453.55M | 423.83M | 372.85M | 343.15M | 329.29M | 318.69M | 297.29M | 298.68M | 242.85M | 165.52M | 0 | 0 |
| Pretax Income | 533.52M | 513.39M | 468.14M | 432.14M | 310.02M | 210.56M | 154.83M | 156.26M | 112.44M | 76.49M | 10.45M | -47.95M | -33.09M | -20.07M | -10.24M |
| Pretax Margin % | 28.57% | 27.51% | 27.08% | 26.62% | 20.8% | 16.15% | 13.2% | 13.8% | 10.48% | 7.96% | 1.19% | -7.6% | -8.3% | -14.44% | -225.46% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 470.45M | 452.97M | 412.43M | 380.17M | 273.14M | 189.09M | 140.37M | 141.04M | 108.27M | 81M | 6.7M | -62.3M | -48.06M | -32.31M | -10.24M |
| Net Margin % | 25.19% | 24.27% | 23.86% | 23.42% | 18.32% | 14.5% | 11.97% | 12.46% | 10.09% | 8.43% | 0.76% | -9.88% | -12.05% | -23.24% | -225.46% |
| Net Income Growth % | 13.88% | 9.83% | 8.49% | 39.19% | 44.45% | 34.71% | -0.47% | 30.26% | 33.67% | 1109.84% | 110.75% | -29.64% | -48.73% | -215.66% | - |
| Funds From Operations (FFO) | 977.21M | 957.32M | 886.04M | 833.72M | 696.97M | 558.04M | 479.43M | 462.33M | 415.96M | 369.09M | 274.17M | 167.45M | 102.36M | 27.98M | -8.13M |
| FFO Margin % | 52.33% | 51.3% | 51.25% | 51.35% | 46.76% | 42.8% | 40.89% | 40.84% | 38.77% | 38.43% | 31.2% | 26.55% | 25.66% | 20.12% | -178.96% |
| FFO Growth % | 38.43% | 8.04% | 6.28% | 19.62% | 24.9% | 16.4% | 3.7% | 11.15% | 12.7% | 34.62% | 63.74% | 63.59% | 265.88% | 444.32% | - |
| FFO per Share | 2.68 | 2.58 | 2.41 | 2.30 | 1.99 | 1.71 | 1.56 | 1.54 | 1.41 | 1.40 | 1.17 | 0.80 | 0.52 | 0.23 | -0.11 |
| FFO Payout Ratio % | 34.53% | 48.08% | 43.29% | 38.32% | 36.23% | 26.21% | 12.74% | 12.94% | 14.03% | 10.54% | 17.57% | 25.16% | 38.78% | 4.15% | 0% |
| EPS (Diluted) | 1.29 | 1.18 | 1.08 | 1.01 | 0.71 | 0.41 | 0.28 | 0.29 | 0.08 | -0.08 | -0.14 | -0.40 | -0.34 | -0.36 | -1.42 |
| EPS Growth % | 13.89% | 9.26% | 6.93% | 42.25% | 73.17% | 46.43% | -3.45% | 264.32% | 194.99% | 40.14% | 65% | -17.65% | 5.56% | 74.65% | - |
| EPS (Basic) | - | 1.18 | 1.08 | 1.01 | 0.72 | 0.42 | 0.28 | 0.29 | 0.08 | -0.08 | -0.14 | -0.40 | -0.34 | -0.36 | -1.42 |
| Diluted Shares Outstanding | 364.5M | 370.91M | 367.99M | 362.48M | 349.79M | 325.52M | 307.07M | 299.92M | 294.27M | 264.25M | 234.01M | 210.6M | 196.35M | 123.59M | 72.23M |
Development pipeline execution risk
As reported in recent financial filings, AMH achieved a revenue growth rate of 2.8% in 2026Q1, reflecting a deceleration from the 8.4% peak observed in 2025Q1, suggesting that the company's aggressive expansion strategy is encountering a more normalized demand environment across its core Sunbelt markets.
The transition from rapid top-line expansion to a more measured pace suggests that the company is shifting focus toward stabilizing its built-to-rent portfolio. Investors should monitor whether this revenue trajectory can be sustained without relying on outsized rent increases in supply-constrained submarkets.
Based on the provided quarterly data, the company's NOI margin experienced a significant contraction to 3.5% in 2026Q1, a sharp deviation from the historical 50% plus range, which warrants further investigation into potential changes in property-level expense accounting or non-recurring operational charges.
This sudden compression in reported NOI margins appears inconsistent with the company's operational history and may indicate a shift in how property-level costs are being classified. Analysts should scrutinize whether this reflects structural margin degradation or merely a temporary accounting adjustment related to the development pipeline.
According to the latest earnings data, AMH reported FFO of $258.6 million in 2026Q1, representing a 9.0% year-over-year growth, which suggests that the company's core earnings power remains resilient even as property-level margins appear to face significant, potentially accounting-driven, headwinds in the most recent period.
The divergence between the reported NOI margin compression and the continued growth in FFO per share suggests that the underlying cash flow generation remains robust. Investors should focus on the FFO trajectory as the primary indicator of dividend safety rather than the volatile NOI margin figures.
As indicated by the company's pivot toward a built-to-rent strategy, the reliance on internal development may mask true operating expenses through the capitalization of overhead, which could potentially inflate earnings metrics and obscure the true cost of maintaining the aging portion of the existing portfolio.
The shift toward development-heavy growth introduces significant execution risk that is not present in acquisition-based models. Analysts should remain cautious regarding the potential for capitalized costs to eventually flow through the income statement as higher maintenance requirements as the new-build portfolio matures.
Quick answers to the most common questions about buying AMH stock.
For fiscal year 2025, American Homes 4 Rent (AMH) reported total revenue of $1.87B. This represents a 41005.0% increase compared to $4.5M in 2012.
American Homes 4 Rent (AMH) is profitable, generating $453.0M in net income for the fiscal year ending 2025 with a net profit margin of 24.3%.
American Homes 4 Rent (AMH) reported an operating income of $451.9M, resulting in an operating profit margin of 24.2%. This margin reflects the operational efficiency of the business before interest and taxes.
American Homes 4 Rent (AMH) generated $62.8M in gross profit for the year, representing a gross profit margin of 3.4%. This demonstrates the company's core pricing power and production efficiency.