IRT Financials Independence Realty Trust, Inc.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Nov 4, 2026, 11:12 UTC Overview →

Growth & profitability

Revenue has grown 25.4% per year over the past 5 years.
Net income has grown faster than revenue (30.8% vs 25.4% per year).
Free cash flow has declined 8.5% per year over the past 5 years.

Financial health

Total debt ($2.3B) exceeds cash ($24M); net debt is $2.3B.
Total debt has grown slower than revenue (19.3% vs 25.4% per year).

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 273.0% of earnings.
The dividend has grown 22.4% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$658M	$57M	0.0%	0.0%	1.6%	0.9%	—	$2.3B	$24M
2024	$640M	$39M	0.0%	0.0%	1.1%	0.6%	—	$2.3B	$21M
2023	$661M	-$17M	0.0%	0.0%	-0.5%	-0.3%	—	$2.5B	$23M
2022	$629M	$117M	0.0%	0.0%	3.3%	1.8%	—	$2.6B	$16M
2021	$250M	$45M	0.0%	0.0%	1.3%	0.7%	$52M	$2.7B	$36M
2020	$212M	$15M	0.0%	0.0%	2.1%	0.9%	$75M	$946M	$9M
2019	$203M	$46M	96.2%	0.0%	7.5%	2.8%	$75M	$986M	$10M
2018	$191M	$26M	96.4%	27.1%	4.2%	1.6%	$68M	$985M	$9M
2017	$161M	$30M	96.3%	28.2%	4.8%	2.1%	—	$778M	$9M
2016	$153M	—	96.8%	25.9%	0.0%	0.0%	—	$744M	$21M
2015	$110M	—	0.0%	9.3%	0.0%	0.0%	—	$967M	$38M
2014	$49M	$3M	0.0%	17.4%	1.2%	0.4%	—	$417M	$15M
2013	$20M	$615000	0.0%	24.7%	0.8%	0.3%	—	$103M	$3M
2012	$17M	-$123000	0.0%	22.4%	-4.0%	-0.1%	—	$92M	$3M
2011	$9M	-$112000	0.0%	15.7%	-128.7%	-0.1%	—	—	$1M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$172M	$25M	0.0%	0.0%	0.8%	0.4%	—	$2.4B	$16M
Jun '26	$167M	$3M	0.0%	0.0%	0.1%	0.1%	—	$2.4B	$23M
Mar '26	$165M	-$68000	0.0%	0.0%	-0.0%	-0.0%	—	$2.4B	$23M
Dec '25	$167M	$33M	0.0%	0.0%	1.0%	0.6%	—	$2.3B	$24M
Sep '25	$167M	$7M	0.0%	0.0%	0.2%	0.1%	—	$2.3B	$23M
Jun '25	$162M	$8M	0.0%	0.0%	0.2%	0.1%	—	$2.2B	$19M
Mar '25	$161M	$8M	0.0%	0.0%	0.2%	0.1%	—	$2.3B	$29M
Dec '24	$161M	-$1M	0.0%	0.0%	-0.0%	-0.0%	—	$2.3B	$21M
Sep '24	$160M	$12M	0.0%	0.0%	0.4%	0.2%	—	$2.3B	$18M
Jun '24	$158M	$10M	0.0%	0.0%	0.3%	0.2%	—	$2.3B	$21M
Mar '24	$161M	$18M	0.0%	0.0%	0.5%	0.3%	—	$2.3B	$21M
Dec '23	$167M	-$41M	0.0%	0.0%	-1.2%	-0.6%	—	$2.5B	$23M
Sep '23	$169M	$4M	0.0%	0.0%	0.1%	0.1%	—	$2.7B	$17M
Jun '23	$164M	$11M	0.0%	0.0%	0.3%	0.2%	—	$2.7B	$14M
Mar '23	$161M	$9M	0.0%	0.0%	0.2%	0.1%	—	$2.6B	$12M
Dec '22	$163M	$34M	0.0%	0.0%	0.9%	0.5%	—	$2.6B	$16M
Sep '22	$161M	$16M	0.0%	0.0%	0.5%	0.2%	—	$2.7B	$24M
Jun '22	$155M	-$7M	0.0%	0.0%	-0.2%	-0.1%	—	$2.6B	$11M
Mar '22	$150M	$75M	0.0%	0.0%	2.1%	1.2%	—	$2.5B	$24M
Dec '21	$77M	$29M	0.0%	0.0%	0.8%	0.4%	-$21M	$2.7B	$36M

Valuation over time

How the market has priced IRT against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 32.3× (Mar '23) to 61.8× (Nov '26).
The price-to-sales ratio has fallen from 6.0× (Mar '23) to 5.3× (Nov '26).
The dividend yield has risen from 2.8% (Mar '23) to 4.4% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is IRT growing its revenue and profit?

Over the past 5 years, Independence Realty Trust, Inc.'s revenue has grown 25.4% per year, and net income grown 30.8% per year. These are computed facts, not advice.

How much debt does IRT have?

As of FY2025, Independence Realty Trust, Inc. reported $2.3B of total debt against $24M of cash.

What is IRT's profit margin?

In FY2025, gross margin was —, operating margin —, and net margin 8.6%.

What is IRT's P/E ratio?

Independence Realty Trust, Inc.'s P/E (TTM) is 56.62 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the IRT stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 61.8× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.