Public Storage (PSA) 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	$2.53	$2.45	-3.2%	—	$1.2B	—
Q1 26	$2.55	$2.72	+6.7%	—	$1.2B	—
Q3 25	$2.54	$2.62	+3.1%	—	$1.2B	—
Q2 25	$2.55	$2.58	+1.2%	—	$1.2B	—
Q1 25	$2.39	$2.42	+1.3%	—	$1.2B	—
Q4 24	$2.56	$2.51	-2.0%	—	$1.2B	—
Q3 24	$2.6	$2.56	-1.5%	—	$1.2B	—
Q2 24	$2.62	$2.59	-1.1%	—	$1.2B	—
Q1 24	$2.45	$2.39	-2.4%	—	$1.2B	—
Q4 23	$2.7	$2.53	-6.3%	—	$1.2B	—
Q3 23	$2.81	$3.2	+13.9%	—	$1.1B	—
Q2 23	$2.91	$3	+3.1%	—	$1.1B	—
Q1 23	$2.69	$2.65	-1.5%	—	$1.1B	—
Q4 22	$2.65	$2.06	-22.3%	—	$1.1B	—
Q3 22	$2.73	$3.3	+20.9%	—	$1.1B	—
Q2 22	$2.54	$3.42	+34.6%	—	$1B	—

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	—	$9.04	—	—	$4.8B	—
FY24	—	$10.7	—	—	$4.7B	—
FY23	—	$11.1	—	—	$4.5B	—
FY22	—	$23.6	—	—	$4.2B

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	$2.6B	$2.7B	$2.8B	$2.9B	$2.9B	$3.4B	$4.2B	$4.5B	$4.7B	$4.8B
YoY change	+7.51%	+4.22%	+3.41%	+3.46%	+2.1%	+17.2%	+22.4%	+8.02%	+3.94%	+2.74%

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	2.6B	2.7B	2.8B	2.9B	2.9B	3.4B	4.2B	4.5B	4.7B	4.8B
Cost of revenue	669.1M	708M	757.1M	813.2M	867.5M	920.6M	1.1B	1.1B	1.3B	1.3B
Gross profit	1.9B	2B	2B	2B	2B	2.5B	3.1B	3.4B	3.4B	3.5B
Gross margin	73.9%	73.5%	72.6%	71.5%	70.2%	73%	74.8%	74.6%	73.2%	72.8%
Research & development	9.7M	8.2M	5.4M	6.8M	10.8M	8.4M	17.5M	—	—	—
Selling, general & administrative	70.1M	69.9M	93.8M	62.1M	64M	76M	71.7M	80.6M	106.7M	101.8M
Operating expenses	79.8M	78.1M	99.3M	69M	74.9M	84.4M	89.2M	80.6M	106.7M	101.8M
Operating income	1.4B	1.4B	1.4B	1.5B	1.4B	1.7B	2.2B	2.3B	2.2B	2.3B
Operating margin	53.7%	53.3%	51.2%	51.4%	48.4%	49.9%	51.9%	51.3%	46.9%	46.9%
Non-operating income, net	75M	19.2M	311.1M	77.7M	-16M	344.6M	2.3B	-11.8M	130.6M	-202.8M
Pretax income	1.5B	1.4B	1.7B	1.5B	1.4B	2B	4.4B	2.2B	2.1B	1.8B
Income tax	—	—	—	—	—	12.4M	14.3M	10.8M	4.7M	-7.2M
Net income	1.5B	1.4B	1.7B	1.5B	1.4B	2B	4.4B	2.2B	2.1B	1.8B
Net margin	57%	54.3%	62.2%	53.4%	46.7%	57.4%	104.4%	47.8%	44.4%	37.3%
EBITDA	1.9B	2B	2.2B	2.1B	2.1B	2.7B	3.2B	3.4B	3.4B	3.5B
EPS	6.84	6.75	8.56	7.3	6.29	9.91	23.6	11.1	10.7	9.04
Diluted EPS	6.81	6.73	8.54	7.29	6.29	9.87	23.5	11.1	10.6	9.01

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	1.1B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B
Cost of revenue	288.9M	290.8M	324.5M	301M	321.7M	310.8M	331.8M	318M	330.9M	329.3M	339.9M	344.1M
Gross profit	854.9M	869M	832.7M	872.2M	866.1M	866.7M	851.3M	883.1M	893.2M	886.5M	877.8M	888.8M
Gross margin	74.7%	74.9%	72%	74.3%	72.9%	73.6%	72%	73.5%	73%	72.9%	72.1%	72.1%
Research & development	4.8M	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	20.7M	23.1M	21.3M	26.6M	26.2M	32.5M	25.2M	24.7M	27.4M	25.3M	30.4M	44.4M
Operating expenses	25.5M	23.1M	21.3M	26.6M	26.2M	32.5M	25.2M	24.7M	27.4M	25.3M	30.4M	44.4M
Operating income	595.4M	580.5M	526.2M	562.2M	559.5M	553.2M	543.4M	575.2M	575.4M	565.7M	556.7M	556.6M
Operating margin	52.1%	50%	45.5%	47.9%	47.1%	47%	45.9%	47.9%	47%	46.5%	45.7%	45.2%
Non-operating income, net	53.9M	-70.4M	46.1M	21.3M	-61.9M	125.1M	-67.1M	-147M	11.5M	861K	46.9M	25.1M
Pretax income	619.5M	452.7M	513.2M	523.3M	435.6M	617M	412.2M	364.7M	517.6M	495.3M	530.9M	505.7M
Income tax	2.8M	—	1.5M	2.1M	2.5M	-1.4M	1.4M	3.2M	2.8M	-14.7M	1.6M	2.7M
Net income	616.6M	441.9M	511.7M	521.2M	433.1M	618.4M	410.8M	361.4M	514.8M	510.1M	529.4M	502.9M
Net margin	53.9%	38.1%	44.2%	44.4%	36.5%	52.5%	34.7%	30.1%	42.1%	42%	43.5%	40.8%
EBITDA	873.5M	889.1M	830.4M	869.3M	860.1M	853.8M	843.9M	869.8M	884.3M	882.3M	867.8M	863.1M
EPS	3.21	2.22	2.61	2.67	2.17	3.22	2.04	0.35	2.63	2.6	2.72	2.56
Diluted EPS	3.2	2.21	2.6	2.66	2.16	3.21	2.04	0.35	2.62	2.6	2.71	2.55

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	38.7B	36.3B	35.2B	37.1B	40.3B	65.5B	49.1B	53.5B	52.5B	45.5B	53.2B
Enterprise value	38.9B	37.3B	36.3B	38.6B	42.6B	72.2B	55.2B	62.3B	61.4B	55.5B	64.9B
Shares outstanding	173.1M	173.6M	174M	174.3M	174.5M	174.9M	175.3M	175.5M	175.4M	175.4M	175.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	26.5	25.1	20.5	24.3	29.6	33.4	11.2	24.8	25.2	25.3	27.1
P/S	15.1	13.6	12.8	13	13.8	19.2	11.7	11.8	11.2	9.44	10.8
P/B	4.1	4.05	3.85	4.09	4.7	6.95	4.83	5.3	5.35	4.87	10.3
EV/EBITDA	20.7	18.9	16.7	18.6	20.6	27.1	17.2	18.3	18	15.9	18.9
EV/Sales	15.2	14	13.1	13.5	14.6	21.1	13.2	13.8	13.1	11.5	13.2
Earnings yield	3.78%	3.99%	4.88%	4.11%	3.38%	2.99%	8.89%	4.04%	3.97%	3.95%	3.69%
FCF yield	4.12%	5.1%	5.46%	5.07%	4.65%	3.47%	5.41%	5.2%	5.16%	6.36%	4.39%
PEG	—	—	—	—	—	—	—	—	—	—	0.04

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	73.9%	73.5%	72.6%	71.5%	70.2%	73%	74.8%	74.6%	73.2%	72.8%	72.1%
Operating margin	53.7%	53.3%	51.2%	51.4%	48.4%	49.9%	51.9%	51.3%	46.9%	46.9%	45.7%
Net margin	57%	54.3%	62.2%	53.4%	46.7%	57.4%	104.4%	47.8%	44.4%	37.3%	41.6%
ROE	15.5%	16.2%	18.8%	16.8%	15.9%	20.8%	42.9%	21.4%	21.2%	19.2%	21.9%
ROA	14.4%	13.5%	15.7%	13.4%	11.5%	11.3%	24.9%	10.9%	10.6%	8.89%	6.98%
ROIC	—	—	—	—	—	10.5%	13.3%	12.2%	11.7%	11.7%	11.7%
Return on tangible assets	15%	14.1%	16.3%	13.9%	11.9%	11.7%	25.6%	11.3%	10.9%	9.12%	10.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.62	1.29	0.97	1.07	0.65	1.52	1.51	0.62	0.76	0.75	0.22
Quick ratio	0.62	1.29	0.97	1.07	0.65	1.52	1.51	0.62	0.76	0.75	0.66
Debt / equity	0.04	0.16	0.15	0.21	0.3	0.79	0.68	0.9	0.95	1.1	1.1
Debt / assets	0.04	0.13	0.13	0.17	0.22	0.43	0.39	0.46	0.47	0.51	0.51
Net debt / EBITDA	0.11	0.51	0.48	0.72	1.11	2.53	1.9	2.57	2.61	2.85	2.84
Interest coverage	340.6	115.1	53.8	34.4	25.2	22.7	33.1	11.8	8.27	6.88	7.29
Effective tax rate	—	—	—	—	—	0.63%	0.33%	0.5%	0.22%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	14.8	15.4	15.9	16.4	16.7	19.5	23.9	25.7	26.8	27.5	28
EPS (basic)	6.84	6.75	8.56	7.3	6.29	9.91	23.6	11.1	10.7	9.04	9.04
EPS (diluted)	6.81	6.73	8.54	7.29	6.29	9.87	23.5	11.1	10.6	9.01	10.5
Book value per share	54.5	51.6	52.6	52.1	49.2	53.9	58	57.6	56	53.2	27.6
FCF per share	9.21	10.7	11.1	10.8	10.7	13	15.2	15.9	15.4	16.5	16.2
Cash per share	1.06	2.5	2.08	2.35	1.48	4.2	4.42	2.11	2.55	1.81	1.48
Capex per share	1.56	1.95	1.95	—	—	—	—	—	—	1.65	1.76

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	10.5%	12.7%	12.3%	—	—	—	—	—	—	6%	6.35%
Capex / operating cash flow	13.9%	17.4%	16%	—	—	—	—	—	—	9.08%	9.79%
Payout ratio	103.1%	112.6%	93.9%	105.4%	118%	81.1%	89.5%	106.7%	110.4%	128.2%	114.5%
Dividend yield	3.89%	4.49%	4.58%	4.33%	3.99%	2.43%	7.96%	4.31%	4.38%	5.06%	4.21%

Yield

4.21%

trailing twelve months

Frequency

Quarterly

Last dividend

$3.00

ex-dividend Sep 15, 2026

Payout ratio

115%

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	$3.00
Jun 15, 2026	$3.00
Mar 16, 2026	$3.00

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	$1.1B	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B
YoY change	+5.12%	+6.55%	+5.76%	+4.77%	+3.84%	+1.51%	+2.24%	+2.38%	+3.05%	+3.26%	+2.92%	+2.65%

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	183.7M	433.4M	361.2M	409.7M	257.6M	734.6M	775.3M	370M	447.4M	318.1M
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	183.7M	433.4M	361.2M	409.7M	257.6M	734.6M	775.3M	370M	447.4M	460.2M
Property, plant & equipment	230.3M	264.4M	285.3M	141.9M	188.1M	272.5M	373M	345.5M	308.1M	194.4M
Goodwill & intangibles	425.4M	429.9M	419.7M	411.9M	409.3M	605.8M	465M	774.5M	564.4M	503.2M
Total assets	10.1B	10.7B	10.9B	11.4B	11.8B	17.4B	17.6B	19.8B	19.8B	20.2B
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	297.9M	337.2M	371.3M	383.3M	394.7M	482.1M	514.7M	599M	588.2M	612.9M
Long-term debt	390.7M	1.4B	1.4B	1.9B	2.5B	7.5B	6.9B	9.1B	9.4B	10.3B
Total liabilities	688.7M	1.8B	1.8B	2.3B	3.2B	8B	7.4B	9.7B	9.9B	10.9B
Shareholders' equity	9.4B	9B	9.1B	9.1B	8.6B	9.4B	10.2B	10.1B	9.8B	9.3B
Total debt	390.7M	1.4B	1.4B	1.9B	2.5B	7.5B	6.9B	9.1B	9.4B	10.3B
Net debt	207.1M	997.9M	1.1B	1.5B	2.3B	6.7B	6.1B	8.7B	8.9B	9.9B

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	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	629.8M	370M	271.6M	542.3M	599M	447.4M	287.2M	1.1B	296.5M	318.1M	134.6M	259.9M
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	629.8M	370M	271.6M	542.3M	599M	447.4M	287.2M	1.1B	296.5M	460.2M	277.1M	433.2M
Property, plant & equipment	457.1M	345.5M	389.3M	380.7M	310.5M	308.1M	240.7M	257.3M	267.8M	194.4M	202.7M	260.1M
Goodwill & intangibles	828.6M	774.5M	702.9M	641.6M	589.1M	564.4M	526.4M	506.9M	539.1M	503.2M	466.4M	456M
Total assets	19.9B	19.8B	19.6B	19.8B	19.8B	19.8B	19.6B	20.5B	20.1B	20.2B	19.9B	20.1B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	—	325M	—
Total current liabilities	644.2M	599M	504.2M	584.6M	619.4M	588.2M	520.5M	624.8M	664.4M	612.9M	823.4M	651.7M
Long-term debt	9B	9.1B	9.1B	9.4B	9.5B	9.4B	9.4B	10.4B	10B	10.3B	9.7B	10.2B
Total liabilities	9.7B	9.7B	9.6B	10B	10.1B	9.9B	9.9B	11.1B	10.7B	10.9B	10.5B	10.8B
Shareholders' equity	10.2B	10.1B	10B	9.8B	9.7B	9.8B	9.7B	9.5B	9.4B	9.3B	9.3B	9.3B
Total debt	9B	9.1B	9.1B	9.4B	9.5B	9.4B	9.4B	10.4B	10B	10.3B	10B	10.2B
Net debt	8.4B	8.7B	8.8B	8.9B	8.9B	8.9B	9.1B	9.3B	9.7B	9.9B	9.9B	9.9B

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	1.5B	1.4B	1.7B	1.5B	1.4B	2B	4.4B	2.2B	2.1B	1.8B
Depreciation & amortization	433.3M	454.5M	483.6M	512.9M	553.3M	713.4M	888.1M	970.1M	1.1B	1.2B
Stock-based compensation	37.5M	37.5M	69.9M	25.8M	33.4M	59.8M	56.7M	41.6M	44.7M	39.9M
Change in working capital	—	—	—	—	—	-44.1M	-29.6M	-16.4M	-45M	-24.6M
Operating cash flow	1.9B	1.9B	2.1B	2.1B	2B	2.7B	5.3B	3.2B	3.2B	3.2B
Capital expenditure	-269.9M	-338.5M	-338.8M	—	—	—	—	—	—	-289.4M
Investing cash flow	-287.5M	-338.5M	-338.8M	—	7.5M	0	2.6B	-2.2B	-10M	-420.6M
Dividends paid	-1.5B	-1.6B	-1.6B	-1.6B	-1.6B	-1.6B	-3.9B	-2.3B	-2.3B	-2.3B
Share repurchases	-862.5M	-922.5M	0	-1.1B	-1.2B	-1.2B	0	0	-200M	0
Financing cash flow	-1.1B	-978.1M	-1.6B	-1.1B	-1.1B	3.4B	-4.2B	-166.1M	-2.1B	-1.6B
Net change in cash	515M	629.6M	167.4M	963.5M	897.2M	6.1B	3.7B	831.7M	1.1B	1.1B
Free cash flow	1.6B	1.9B	1.9B	1.9B	1.9B	2.3B	2.7B	2.8B	2.7B	2.9B

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	616.6M	441.9M	511.7M	521.2M	433.1M	618.4M	410.8M	361.4M	514.8M	510.1M	529.4M	502.9M
Depreciation & amortization	238.7M	287.5M	285.2M	283.3M	280.3M	280.9M	282.7M	283.2M	290.4M	295.5M	290.7M	287.8M
Stock-based compensation	9.5M	10.3M	10.3M	10.8M	10.9M	12.6M	10.3M	10.6M	9.5M	9.5M	11.9M	12.8M
Change in working capital	-21.3M	24.4M	-16.2M	10.1M	-39.1M	273K	8.7M	-31.5M	10.4M	-12.3M	20.7M	-88.3M
Operating cash flow	847.2M	774.3M	793.8M	828.1M	687.9M	915.6M	715.2M	872.7M	875.1M	733.6M	694.8M	868.4M
Capital expenditure	—	—	—	—	—	—	—	-55.3M	-75.9M	-100.1M	-69.5M	-65.1M
Investing cash flow	—	0	—	—	—	0	-23.6M	-99.6M	-90.9M	-148.5M	-69.5M	-65.1M
Dividends paid	-576.3M	-576.5M	-576.8M	-574.6M	-574.9M	-575.7M	-575.8M	-575.8M	-575.9M	-575.8M	-576.2M	-576.2M
Share repurchases	0	—	—	—	0	0	—	—	0	0	—	—
Financing cash flow	1.6B	-614.6M	-577.2M	-1.4B	-559.9M	-508.6M	-578.8M	283M	-987.3M	-347.6M	-757M	-396.2M
Net change in cash	2.5B	159.8M	216.6M	-555.9M	128M	407M	112.8M	1.1B	-203.1M	237.5M	-131.7M	407.2M
Free cash flow	750.8M	653.6M	561.1M	793.3M	688.4M	665.4M	647.1M	817.4M	799.1M	633.5M	625.3M	803.4M

Public Storage 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