Extra Space Storage Inc. (EXR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.15	$1.25	+8.7%	—	—	—
Q1 26	$1.1	$1.14	+3.6%	—	$856M	—
Q4 25	$1.15	$1.36	+18.3%	—	$857.5M	—
Q3 25	$1.19	$0.78	-34.5%	—	$858.5M	—
Q2 25	$1.18	$1.18	0.0%	—	$841.6M	—
Q1 25	$1.03	$1.28	+24.3%	—	$820M	—
Q4 24	$1.07	$1.24	+15.9%	—	$821.9M	—
Q3 24	$1.1	$0.91	-17.3%	—	$824.8M	—
Q2 24	$1.02	$0.88	-13.7%	—	$810.7M	—
Q1 24	$0.99	$1.01	+2.0%	—	$799.5M	—
Q4 23	$1.19	$1.04	-12.6%	—	$797.8M	—
Q3 23	$0.72	$0.96	+33.3%	—	$748M	—
Q2 23	$1.51	$1.5	-0.7%	—	$511.4M	—
Q1 23	$1.41	$1.46	+3.5%	—	$503.1M	—
Q4 22	$1.46	$1.52	+4.1%	—	$506.7M	—
Q3 22	$1.59	$1.65	+3.8%	—	$498.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.59	—	—	$3.4B	—
FY24	—	$4.03	—	—	$3.3B	—
FY23	—	$4.74	—	—	$2.6B	—
FY22	—	$6.41	—	—	$1.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$991.9M	$1.1B	$1.2B	$1.3B	$1.4B	$1.6B	$1.9B	$2.6B	$3.3B	$3.4B
YoY change	+26.8%	+11.4%	+8.29%	+9.35%	+3.65%	+16.3%	+22%	+33.1%	+27.2%	+3.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	991.9M	1.1B	1.2B	1.3B	1.4B	1.6B	1.9B	2.6B	3.3B	3.4B
Cost of revenue	265.6M	291.1M	317.4M	365.4M	387.1M	398.1M	468.9M	670.9M	905.5M	987M
Gross profit	726.3M	813.9M	879.2M	943M	969.1M	1.2B	1.5B	1.9B	2.4B	2.4B
Gross margin	73.2%	73.7%	73.5%	72.1%	71.5%	74.8%	75.6%	73.8%	72.2%	70.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	81.8M	79M	81.3M	89.4M	96.6M	102.2M	129.3M	146.4M	167.4M	186.3M
Operating expenses	81.8M	79M	81.3M	89.4M	96.6M	102.2M	129.3M	146.4M	167.4M	186.3M
Operating income	461.9M	541.6M	588.9M	633.8M	648.1M	835.2M	1B	1.2B	1.4B	1.5B
Operating margin	46.6%	49%	49.2%	48.4%	47.8%	52.9%	53.9%	48.3%	43%	44.1%
Non-operating income, net	78.4M	128.1M	45.3M	12.5M	40.4M	179.4M	54.1M	-11.9M	3.3M	47M
Pretax income	412.9M	517.8M	456.3M	462.4M	531.4M	898.1M	942.1M	872M	933.7M	1.1B
Income tax	15.8M	3.6M	9.2M	11.3M	13.8M	20.3M	20.9M	21.6M	33.5M	41.6M
Net income	397.1M	514.2M	447.1M	451.1M	517.6M	877.8M	921.2M	850.5M	900.2M	1B
Net margin	40%	46.5%	37.4%	34.5%	38.2%	55.6%	47.9%	33.2%	27.6%	30.3%
EBITDA	668.4M	757M	817.7M	872.4M	910.1M	1.2B	1.4B	1.9B	2.4B	2.4B
EPS	2.92	3.79	3.29	3.27	3.71	6.2	6.41	4.74	4.03	4.59
Diluted EPS	2.91	3.76	3.27	3.24	3.71	6.19	6.41	4.74	4.03	4.59

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	748M	797.8M	799.5M	810.7M	824.8M	821.9M	820M	841.6M	858.5M	857.5M	856M	—
Cost of revenue	204.3M	216.2M	223M	216.5M	226.5M	239.4M	240.7M	244.6M	253.3M	248.5M	256.2M	—
Gross profit	543.7M	581.6M	576.5M	594.1M	598.3M	582.5M	579.3M	597.1M	605.2M	609M	599.9M	—
Gross margin	72.7%	72.9%	72.1%	73.3%	72.5%	70.9%	70.6%	70.9%	70.5%	71%	70.1%	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	37.4M	39.4M	43.7M	39.9M	39.8M	44M	46M	45M	43.5M	51.9M	46.5M	—
Operating expenses	37.4M	39.4M	43.7M	39.9M	39.8M	44M	46M	45M	43.5M	51.9M	46.5M	—
Operating income	354M	346M	335.8M	359.4M	363.5M	342.3M	353M	374.8M	384.2M	376.9M	367.6M	—
Operating margin	47.3%	43.4%	42%	44.3%	44.1%	41.6%	43%	44.5%	44.8%	44%	42.9%	—
Non-operating income, net	-39.1M	3.7M	15M	-37.4M	-30.7M	56.5M	55.7M	15.4M	-80.1M	56M	16M	—
Pretax income	205.8M	231.7M	230.8M	205.3M	213.8M	283.8M	293.9M	274.4M	186M	309.8M	263.2M	—
Income tax	6.9M	4.3M	6.7M	9.8M	10.9M	6M	9M	11.6M	12M	9M	10.8M	—
Net income	198.9M	227.4M	224.1M	195.4M	202.9M	277.8M	284.9M	262.7M	174M	300.9M	252.4M	—
Net margin	26.6%	28.5%	28%	24.1%	24.6%	33.8%	34.7%	31.2%	20.3%	35.1%	29.5%	—
EBITDA	543.4M	580.6M	571.4M	602.7M	609.7M	592M	592.2M	610.4M	621M	612.6M	608.7M	—
EPS	0.96	1.02	1.01	0.88	0.91	1.24	1.28	1.18	0.26	1.36	0.38	1.25
Diluted EPS	0.96	1.02	1.01	0.88	0.91	1.24	1.28	1.18	0.26	1.36	0.38	1.25

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	9.7B	11B	11.4B	13.5B	15B	30.2B	19.7B	—	—	27.6B	29.1B
Enterprise value	13.9B	15.5B	16.2B	18.8B	20.9B	36.4B	27.2B	—	—	41.4B	42.8B
Shares outstanding	125.1M	126M	126.1M	128.2M	129.5M	133.4M	134.1M	169.2M	211.6M	211.9M	211.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	24.3	21.4	25.5	30	29	34.5	21.4	—	—	27	29.4
P/S	9.74	9.97	9.53	10.3	11.1	19.2	10.3	—	—	8.17	8.38
P/B	3.72	4.04	4.1	4.63	5.11	7.99	4.84	—	—	1.93	2.13
EV/EBITDA	20.8	20.5	19.8	21.5	23	31.4	18.9	—	—	17	18.5
EV/Sales	14	14	13.5	14.4	15.4	23.1	14.1	—	—	12.3	12.2
Earnings yield	4.11%	4.67%	3.92%	3.33%	3.45%	2.9%	4.67%	—	—	3.71%	3.4%
FCF yield	5.53%	5.35%	5.9%	5.17%	5.09%	3.14%	6.16%	—	—	6.63%	5.16%
PEG	—	—	—	—	—	—	—	—	—	—	4.96

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	73.2%	73.7%	73.5%	72.1%	71.5%	74.8%	75.6%	73.8%	72.2%	70.8%	70.8%
Operating margin	46.6%	49%	49.2%	48.4%	47.8%	52.9%	53.9%	48.3%	43%	44.1%	45.9%
Net margin	40%	46.5%	37.4%	34.5%	38.2%	55.6%	47.9%	33.2%	27.6%	30.3%	27.3%
ROE	15.3%	18.9%	16.1%	15.4%	17.6%	23.2%	22.6%	5.52%	6.06%	7.14%	6.95%
ROA	5.6%	6.89%	5.7%	5.29%	5.51%	8.38%	7.57%	3.1%	3.12%	3.49%	3.36%
ROIC	6.48%	7.45%	7.65%	7.56%	7.14%	8.24%	8.79%	4.54%	4.87%	5.08%	5.08%
Return on tangible assets	5.8%	7.13%	5.9%	5.46%	5.67%	8.41%	7.82%	3.17%	3.16%	3.53%	3.53%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.16	0.44	0.32	0.36	0.37	0.83	0.67	0.85	0.93	1.14	0.89
Quick ratio	0.16	0.44	0.32	0.36	0.37	0.83	0.67	0.85	0.93	1.14	1.14
Debt / equity	1.66	1.67	1.73	1.82	2.05	1.64	1.85	0.73	0.88	0.98	1.02
Debt / assets	0.61	0.61	0.61	0.62	0.64	0.59	0.62	0.41	0.45	0.48	0.48
Net debt / EBITDA	6.38	5.94	5.81	6.02	6.48	5.28	5.2	5.92	5.43	5.69	5.63
Interest coverage	3.98	4.26	3.49	3.42	4.08	6.4	5.3	2.99	2.57	2.68	2.68
Effective tax rate	3.84%	0.7%	2.03%	2.45%	2.6%	2.26%	2.22%	2.47%	3.59%	3.91%	3.91%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	7.93	8.77	9.49	10.2	10.5	11.8	14.4	15.1	15.4	15.9	16.6
EPS (basic)	2.92	3.79	3.29	3.27	3.71	6.2	6.41	4.74	4.03	4.59	4.59
EPS (diluted)	2.91	3.76	3.27	3.24	3.71	6.19	6.41	4.74	4.03	4.59	4.53
Book value per share	20.8	21.6	22.1	22.8	22.7	28.4	30.4	91.1	70.2	67.6	62.8
FCF per share	4.27	4.68	5.34	5.46	5.9	7.11	9.07	8.19	8.82	8.63	7.1
Cash per share	0.35	0.44	0.46	0.51	0.84	0.53	0.69	0.59	0.65	0.66	3.3
Capex per share	0.04	0.06	0.03	0.06	0.05	0.03	0.17	0.09	0.1	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.5%	0.71%	0.36%	0.59%	0.52%	0.23%	1.19%	0.62%	0.63%	—	—
Capex / operating cash flow	0.82%	1.12%	0.6%	1.16%	0.93%	0.34%	1.89%	1.19%	1.14%	—	—
Payout ratio	92.6%	76.4%	95%	101.5%	90.4%	68.5%	87.4%	123%	152.7%	134.4%	143.1%
Dividend yield	3.81%	3.57%	3.72%	3.38%	3.12%	1.99%	4.08%	—	—	4.98%	4.92%

Yield

4.92%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.62

ex-dividend Sep 15, 2026

Payout ratio

143%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$1.62
Jun 15, 2026	$1.62
Mar 16, 2026	$1.62

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$748M	$797.8M	$799.5M	$810.7M	$824.8M	$821.9M	$820M	$841.6M	$858.5M	$857.5M	$856M	—
YoY change	+49.9%	+57.4%	+58.9%	+58.5%	+10.3%	+3.02%	+2.56%	+3.82%	+4.08%	+4.33%	+4.39%	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	43.9M	55.7M	57.5M	65.7M	109.1M	71.1M	92.9M	99.1M	138.2M	138.9M
Receivables	—	—	—	—	—	83M	85.9M	134.7M	129.7M	142.1M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	74.4M	86M	72.7M	114.3M	421.8M	617.8M	792M	929.7M	1.7B	1.9B
Property, plant & equipment	—	—	—	264.6M	252.2M	257M	264.5M	275.9M	740.2M	797.3M
Goodwill & intangibles	247.9M	253.6M	264M	269.9M	274.3M	32.9M	384.8M	636.8M	386.6M	300.3M
Total assets	7.1B	7.5B	7.8B	8.5B	9.4B	10.5B	12.2B	27.5B	28.8B	29.3B
Accounts payable	101.4M	96.1M	101.5M	111.4M	130M	142.3M	171.7M	334.5M	346.5M	357.6M
Short-term debt	365M	94M	81M	158M	949M	535M	945M	682M	1.4B	1.2B
Total current liabilities	466.4M	195.9M	227.7M	314.6M	1.1B	740.9M	1.2B	1.1B	1.8B	1.7B
Long-term debt	3.9B	4.5B	4.7B	5.2B	5.1B	5.7B	6.6B	10.6B	11.7B	12.8B
Total liabilities	4.5B	4.7B	5.1B	5.6B	6.5B	6.7B	8.1B	12B	14B	14.9B
Shareholders' equity	2.6B	2.7B	2.8B	2.9B	2.9B	3.8B	4.1B	15.4B	14.9B	14.3B
Total debt	4.3B	4.6B	4.8B	5.3B	6B	6.2B	7.6B	11.3B	13B	14B
Net debt	4.3B	4.5B	4.8B	5.3B	5.9B	6.1B	7.5B	11.2B	12.9B	13.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Cash & short-term investments	50.6M	216.1M	99.1M	50.8M	77M	88.9M	138.2M	119.6M	125M	111.9M	138.9M	139M
Receivables	100M	—	—	—	—	—	—	—	—	133.1M	142.1M	115.4M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	811.2M	—	—	—	—	—	—	—	—	1.9B	1.9B	1.8B
Property, plant & equipment	262.7M	—	—	—	—	—	—	—	—	783.7M	797.3M	799.6M
Goodwill & intangibles	673M	—	—	—	—	—	—	—	—	1B	300.3M	992.9M
Total assets	12.4B	—	—	—	—	—	—	—	—	29.2B	29.3B	29.1B
Accounts payable	212.4M	—	—	—	—	—	—	—	—	472.8M	357.6M	374.8M
Short-term debt	275.3M	—	—	—	—	—	—	—	—	942M	1.2B	1.2B
Total current liabilities	556.8M	—	—	—	—	—	—	—	—	1.5B	1.7B	1.6B
Long-term debt	7.4B	—	—	—	—	—	—	—	—	12.7B	12.8B	12.8B
Total liabilities	8.3B	—	—	—	—	—	—	—	—	14.7B	14.9B	14.9B
Shareholders' equity	4B	—	—	—	—	—	—	—	—	14.5B	14.3B	14.2B
Total debt	7.7B	—	—	—	—	—	—	—	—	13.7B	14B	13.9B
Net debt	7.7B	—	—	—	—	—	—	—	—	13.5B	13.9B	13.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	397.1M	514.2M	447.1M	451.1M	517.6M	877.8M	921.2M	850.5M	900.2M	1B
Depreciation & amortization	182.6M	193.3M	209.1M	219.9M	224.4M	241.9M	288.3M	506.1M	783M	715.2M
Stock-based compensation	8M	9.6M	11.2M	13.1M	16.3M	17.3M	21.4M	26.6M	22.9M	35.5M
Change in working capital	-1.4M	-34.8M	25.4M	-29.6M	-84K	-31.5M	9M	-35.6M	56.8M	-21.2M
Operating cash flow	603.3M	699.7M	711.7M	672.2M	764.4M	1.1B	1.2B	1.3B	1.8B	1.9B
Capital expenditure	-5M	-7.8M	-4.3M	-7.8M	-7.1M	-3.7M	-22.8M	-16M	-20.5M	—
Investing cash flow	100K	19.7M	-9.3M	-229.7M	-612M	-120.7M	-334.3M	-1.4B	-992.7M	-92M
Dividends paid	-367.8M	-393M	-424.9M	-458.1M	-467.8M	-601M	-805.3M	-1B	-1.4B	-1.4B
Share repurchases	—	—	0	0	-67.9M	0	-67.5M	-5.4M	0	-149.5M
Financing cash flow	459.4M	-217.3M	-248.4M	-91.1M	236.7M	-171.3M	431.9M	423.1M	-202.3M	-1B
Net change in cash	1.1B	502.1M	454M	351.4M	389.1M	789.4M	1.3B	371M	596.8M	722.1M
Free cash flow	534.3M	589.6M	673.5M	699.9M	764.1M	948.8M	1.2B	1.4B	1.9B	1.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	198.9M	227.4M	224.1M	195.4M	202.9M	277.8M	284.9M	262.7M	174M	300.9M	252.4M	—
Depreciation & amortization	152.3M	196.1M	197M	194.8M	195M	196.2M	180.4M	177.3M	177.5M	180.1M	185.8M	—
Stock-based compensation	7M	7.2M	5.9M	280K	8.2M	8.5M	7.2M	8.5M	7.1M	12.8M	7.6M	—
Change in working capital	-49.3M	13.9M	22M	46.2M	-3M	-7.5M	24.7M	3.6M	-58.5M	12.3M	19.7M	—
Operating cash flow	307.4M	455.2M	456.1M	442.8M	411.6M	481.3M	503M	461.7M	457.1M	367.8M	489.9M	—
Capital expenditure	-3.6M	-6.5M	-6.6M	-3M	-6.1M	-4.8M	-4.3M	-4.1M	—	—	—	—
Investing cash flow	-1.2B	-25.2M	-155.2M	-382.9M	117.8M	-572.4M	-222.9M	19.5M	42.9M	60.1M	50.1M	—
Dividends paid	-265.3M	-342.3M	-344.2M	-343.4M	-343.4M	-344M	-344.2M	-343.9M	-343.8M	-342.4M	-342.8M	—
Share repurchases	0	-377K	0	0	0	0	—	-8.6M	0	-140.9M	-7.4M	—
Financing cash flow	1B	-300.3M	-233.2M	-30.7M	-348.6M	410.1M	-159.6M	-252.6M	-386.2M	-224.3M	-442.1M	-20.7M
Net change in cash	139.2M	129.7M	67.8M	29.3M	180.8M	319M	120.4M	228.6M	113.8M	203.6M	97.9M	-20.7M
Free cash flow	404.8M	358M	459M	542.2M	462.3M	403.5M	477.1M	539.7M	449.8M	362.4M	487M	—

Extra Space Storage Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement