10-K · February 20, 2026
AMH is a large, internally managed single-family rental REIT focused on growth through its AMH Development Program and in-house property management. As of December 31, 2025 the company owned 61,479 homes (56,756…
Earnings analysis · 10-Q
AMH earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
American Homes 4 Rent (AMH) reported Q1 2026 results with total revenue of $472.0 million and diluted EPS of $0.48, matching EPS estimates but beating revenue expectations. The company indicated strong performance…
Read full summary
American Homes 4 Rent (AMH) reported Q1 2026 results with total revenue of $472.0 million and diluted EPS of $0.48, matching EPS estimates but beating revenue expectations. The company indicated strong performance driven by rental rate increases despite higher operating costs, achieving a 2.8% year-over-year revenue growth. Management remains cautious about external regulatory pressures on institutional home ownership.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.48
What stood out
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Revenue Growth
Total revenue reached $472.0 million, a 2.8% increase from $459.3 million in 2025 Q1.
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Improved EPS Results
Q1 2026 diluted EPS stood at $0.48, matching analyst expectations.
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Occupancy Rates
Achieved average occupancy of 94.7%, maintaining high rental demand.
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Core NOI Increase
Core NOI for Same-Home properties rose to $245.9 million, a 3.8% increase year-over-year.
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Rising Rents
Average monthly realized rent increased to $2,329, a 3.0% increase from Q1 2025.
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Strong Cash Flow
Operating cash flow amounted to $203.1 million, despite a 9.1% decrease from last year.
What to watch
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Regulatory Pressures
New laws restricting institutional ownership of single-family homes could impede growth, as seen with recent Congressional proposals.
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Increased Operating Expenses
Property operating expenses rose by 0.7% to $168.7 million due to higher property tax expenses.
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Debt Exposure
Interest expenses increased by 6.2% to $48.2 million amid rising variable rate debt.
Management's outlook
Management anticipates continued challenges from potential regulatory changes.
Earlier filings 4
10-K · February 21, 2025
AMH (American Homes 4 Rent) emphasizes growth in single-family rental homes through an internal AMH Development Program, disciplined acquisitions (targeting homes priced $250,000–$600,000) and an in-house property…
10-K · February 23, 2024
AMH is a large, vertically integrated single-family rental REIT focused on acquiring, developing (AMH Development since 2017) and managing detached homes across 21 states. As of December 31, 2023 the company held 59,332…
10-Q · August 1, 2023
Q2 2023 results showed year-over-year top-line and EPS improvement driven by higher rents and sales gains; revenue was $395.548M (vs $361.876M in Q2 2022) and diluted EPS was $0.27 (vs $0.16). Operating cash generation…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.