Revenue growth has normalized to 1.9% in 2026Q1, while NOI margins have shown extreme volatility, swinging from 85.2% in 2024Q4 to -60.8% in 2025Q4.
| 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Revenue | 3.39B | 3.38B | 3.34B | 2.62B | 1.97B | 1.61B | 1.38B | 1.32B | 1.21B | 1.12B | 1B | 794.62M | 657.7M | 532.27M | 420.25M | 329.83M | 281.5M | 280.48M | 273.25M | 238.87M | 197.26M | 134.73M | 65.97M | 36.26M | 31.56M | 22.81M |
| Revenue Growth % | 0.9% | 1.19% | 27.64% | 33.04% | 22.11% | 16.77% | 4.46% | 8.97% | 8.1% | 11.5% | 26.45% | 20.82% | 23.57% | 26.65% | 27.42% | 17.17% | 0.36% | 2.64% | 14.4% | 21.09% | 46.42% | 104.22% | 81.93% | 14.9% | 38.33% | - |
| Property Operating Expenses | 2.45B | 2.42B | 790.79M | 594M | 423.35M | 379.3M | 358.77M | 340.32M | 301.25M | 276.74M | 252.69M | 206.47M | 183.83M | 157.65M | 127.25M | 101.62M | 92.67M | 88.94M | 89.59M | 0 | 64.34M | 30.56M | 16.96M | 0 | 0 | 0 |
| Net Operating Income (NOI) | 945.64M | 960.17M | 2.55B | 2.02B | 1.54B | 1.23B | 1.02B | 979.41M | 909.81M | 843.6M | 752.08M | 588.15M | 473.87M | 374.61M | 293.01M | 228.21M | 188.83M | 191.54M | 183.66M | 238.87M | 132.92M | 104.17M | 49.01M | 36.26M | 31.56M | 22.81M |
| NOI Margin % | 27.87% | 28.43% | 76.31% | 77.29% | 78.46% | 76.44% | 73.98% | 74.21% | 75.13% | 75.3% | 74.85% | 74.02% | 72.05% | 70.38% | 69.72% | 69.19% | 67.08% | 68.29% | 67.21% | 100% | 67.38% | 77.32% | 74.29% | 100% | 100% | 100% |
| Operating Expenses | -522.18M | -528.83M | 1.22B | 850.94M | 491.85M | 254.46M | 353.66M | 344.45M | 290.1M | 189.21M | 293.77M | 293.5M | 195.4M | 161.13M | 94.28M | 112.73M | 98.01M | 119.65M | 181.31M | 155.07M | 137.61M | 102.37M | 51.3M | 34.9M | 25.15M | 20.23M |
| G&A Expenses | 171.73M | 186.34M | 282.06M | 223.32M | 174.88M | 120.99M | 124.93M | 114.52M | 97.41M | 93.37M | 90.67M | 78.29M | 69.78M | 54.25M | 50.45M | 51.82M | 44.43M | 46.02M | 40.43M | 36.72M | 35.6M | 24.08M | 12.46M | 8.3M | 5.92M | 6.75M |
| EBITDA | 2.19B | 2.2B | 2.1B | 1.67B | 1.34B | 1.22B | 890.58M | 854.82M | 828.75M | 734.9M | 632.4M | 428.11M | 393.54M | 308.71M | 231.69M | 173.49M | 141.16M | 124.29M | 141.51M | 123.6M | 96.82M | 63.36M | 26.7M | 8.17M | 12.06M | 5.69M |
| EBITDA Margin % | 64.49% | 65.26% | 62.95% | 63.89% | 68.11% | 75.65% | 64.6% | 64.77% | 68.43% | 65.6% | 62.94% | 53.88% | 59.84% | 58% | 55.13% | 52.6% | 50.15% | 44.31% | 51.79% | 51.74% | 49.08% | 47.03% | 40.47% | 22.53% | 38.23% | 24.93% |
| Depreciation & Amortization | 720.62M | 715.18M | 777.72M | 500.68M | 288.32M | 241.88M | 224.44M | 219.86M | 209.05M | 193.3M | 182.56M | 133.46M | 115.08M | 95.23M | 74.45M | 58.01M | 50.35M | 52.4M | 49.57M | 39.8M | 37.17M | 31M | 15.55M | 6.8M | 5.65M | 3.1M |
| D&A / Revenue % | 21.23% | 21.17% | 23.3% | 19.15% | 14.67% | 15.03% | 16.28% | 16.66% | 17.26% | 17.25% | 18.17% | 16.8% | 17.5% | 17.89% | 17.72% | 17.59% | 17.89% | 18.68% | 18.14% | 16.66% | 18.84% | 23.01% | 23.57% | 18.77% | 17.91% | 13.61% |
| Operating Income | 1.47B | 1.49B | 1.32B | 1.17B | 1.05B | 975.95M | 666.14M | 634.96M | 619.7M | 541.61M | 449.84M | 294.66M | 278.47M | 213.48M | 157.24M | 115.48M | 90.81M | 71.89M | 91.94M | 83.8M | 59.65M | 32.35M | 11.15M | 1.36M | 6.41M | 2.58M |
| Operating Margin % | 43.25% | 44.09% | 39.65% | 44.75% | 53.44% | 60.63% | 48.32% | 48.11% | 51.17% | 48.34% | 44.77% | 37.08% | 42.34% | 40.11% | 37.42% | 35.01% | 32.26% | 25.63% | 33.65% | 35.08% | 30.24% | 24.01% | 16.9% | 3.76% | 20.32% | 11.32% |
| Interest Expense | 4M | 635.13M | 595.07M | 437.82M | 219.17M | 166.18M | 172.3M | 191.27M | 183.12M | 158.61M | 138.46M | 98.99M | 84.01M | 73.03M | 72.29M | 69.06M | 65.78M | 69.82M | 64.61M | 61.02M | 0 | 0 | 11.15M | 0 | 0 | 0 |
| Interest Coverage | - | 2.68x | 2.49x | 2.95x | 4.92x | 5.22x | 3.89x | 3.37x | 3.29x | 3.51x | 3.46x | 3.80x | 3.44x | 3.08x | 2.33x | 1.86x | 1.57x | 1.52x | 1.63x | 1.37x | - | - | 0.98x | - | - | - |
| Non-Operating Income | -1.06B | -210.23M | -158.67M | -121.57M | -28.64M | 108.4M | -4.29M | -10.07M | 16.36M | 97.46M | -20.54M | -81.75M | -10.54M | -11.65M | 0 | -13.16M | -12.5M | -34.36M | -13.66M | 0 | 0 | 0 | 251K | 0 | 0 | 0 |
| Pretax Income | 1.03B | 1.06B | 933.71M | 872.01M | 942.08M | 898.08M | 531.39M | 462.43M | 456.32M | 517.85M | 412.94M | 220.68M | 203.47M | 195.54M | 133.1M | 52.29M | 30.78M | 36.43M | 46.89M | 34.58M | 14.88M | -4.97M | -18.46M | 0 | 0 | 0 |
| Pretax Margin % | 30.45% | 31.51% | 27.97% | 33.35% | 47.93% | 55.79% | 38.55% | 35.04% | 37.68% | 46.22% | 41.1% | 27.77% | 30.94% | 36.74% | 31.67% | 15.85% | 10.94% | 12.99% | 17.16% | 14.48% | 7.54% | -3.69% | -27.99% | 0% | 0% | 0% |
| Income Tax | 43.36M | 41.56M | 33.48M | 21.56M | 20.93M | 20.32M | 13.81M | 11.31M | 9.24M | 3.63M | 15.85M | 11.15M | 7.57M | 9.98M | 5.41M | 1.16M | 4.16M | 4.3M | 51.99M | -1.51M | -37.67M | -47.73M | 33.13M | 19.69M | 15.95M | 7.51M |
| Effective Tax Rate % | 4.2% | 3.91% | 3.59% | 2.47% | 2.22% | 2.26% | 2.6% | 2.45% | 2.03% | 0.7% | 3.84% | 5.05% | 3.72% | 5.11% | 4.07% | 2.21% | 13.52% | 11.8% | 110.87% | -4.37% | -253.21% | 961.24% | -179.47% | - | - | - |
| Net Income | 944.1M | 974M | 854.68M | 803.2M | 860.69M | 827.65M | 481.78M | 419.97M | 415.29M | 479.01M | 366.13M | 189.47M | 178.35M | 172.08M | 117.31M | 50.45M | 26.33M | 31.98M | 46.89M | 36.09M | 14.88M | -4.97M | -18.46M | -18.33M | -9.54M | -4.92M |
| Net Margin % | 27.82% | 28.84% | 25.61% | 30.71% | 43.79% | 51.42% | 34.95% | 31.82% | 34.29% | 42.76% | 36.44% | 23.84% | 27.12% | 32.33% | 27.91% | 15.3% | 9.35% | 11.4% | 17.16% | 15.11% | 7.54% | -3.69% | -27.99% | -50.55% | -30.24% | -21.58% |
| Net Income Growth % | 3.51% | 13.96% | 6.41% | -6.68% | 3.99% | 71.79% | 14.72% | 1.13% | -13.3% | 30.83% | 93.23% | 6.23% | 3.65% | 46.69% | 132.53% | 91.6% | -17.66% | -31.8% | 29.91% | 142.63% | 399.56% | 73.1% | -0.72% | -92.1% | -93.79% | - |
| Funds From Operations (FFO) | 1.66B | 1.69B | 1.63B | 1.3B | 1.15B | 1.07B | 706.22M | 639.82M | 624.34M | 672.31M | 548.69M | 322.93M | 293.43M | 267.31M | 191.76M | 108.46M | 76.68M | 84.38M | 96.45M | 75.89M | 52.05M | 26.04M | -2.91M | -11.53M | -3.89M | -1.82M |
| FFO Margin % | 49.05% | 50.01% | 48.9% | 49.86% | 58.46% | 66.44% | 51.23% | 48.48% | 51.55% | 60.01% | 54.61% | 40.64% | 44.62% | 50.22% | 45.63% | 32.88% | 27.24% | 30.08% | 35.3% | 31.77% | 26.38% | 19.33% | -4.41% | -31.78% | -12.33% | -7.97% |
| FFO Growth % | -1.44% | 3.48% | 25.2% | 13.48% | 7.43% | 51.44% | 10.38% | 2.48% | -7.14% | 22.53% | 69.91% | 10.05% | 9.77% | 39.4% | 76.8% | 41.45% | -9.13% | -12.52% | 27.09% | 45.82% | 99.88% | 994.81% | 74.75% | -196.27% | -113.85% | - |
| FFO per Share | 7.56 | 7.97 | 7.72 | 7.71 | 8.11 | 7.64 | 5.45 | 4.69 | 4.69 | 5.01 | 4.36 | 2.54 | 2.42 | 2.39 | 1.80 | 1.12 | 0.83 | 0.93 | 1.18 | 1.08 | 0.88 | 0.73 | -0.19 | -2.78 | -1.06 | -0.30 |
| FFO Payout Ratio % | 82.47% | 81.36% | 84.23% | 80.25% | 70.09% | 56.19% | 66.23% | 71.6% | 68.06% | 58.46% | 67.04% | 83.39% | 71.6% | 60.98% | 46.04% | 47.97% | 45.6% | 38.87% | 82.03% | 79.93% | 96.07% | 132.82% | -362.89% | 0% | 0% | 0% |
| EPS (Diluted) | 4.29 | 4.59 | 4.03 | 4.74 | 6.41 | 6.19 | 3.71 | 3.24 | 3.12 | 3.76 | 2.91 | 1.56 | 1.53 | 1.53 | 1.14 | 0.54 | 0.30 | 0.37 | 0.61 | 0.53 | 0.27 | -0.14 | -1.21 | -4.43 | -2.60 | -0.82 |
| EPS Growth % | 2.09% | 13.9% | -14.98% | -26.05% | 3.55% | 66.85% | 14.51% | 3.85% | -17.02% | 29.21% | 86.54% | 1.96% | 0% | 34.21% | 111.11% | 80% | -18.92% | -39.34% | 15.09% | 96.3% | 292.86% | 88.43% | 72.69% | -70.38% | -217.07% | - |
| EPS (Basic) | - | 4.59 | 4.03 | 4.74 | 6.41 | 6.20 | 3.71 | 3.27 | 3.28 | 3.79 | 2.92 | 1.58 | 1.54 | 1.54 | 1.15 | 0.55 | 0.30 | 0.37 | 0.61 | 0.53 | 0.27 | -0.14 | -1.21 | -4.43 | -2.60 | -0.82 |
| Diluted Shares Outstanding | 220.32M | 211.85M | 211.58M | 169.22M | 141.68M | 140.02M | 129.58M | 136.43M | 133.16M | 134.16M | 125.95M | 126.92M | 121.44M | 111.69M | 106.52M | 96.68M | 92.05M | 91.08M | 81.91M | 70.5M | 59.29M | 35.48M | 15.28M | 4.14M | 3.67M | 6.04M |
Street rate pricing compression
As reported in recent financial statements, EXR's FFO per share experienced a notable contraction to $1.64 in 2025Q3, representing a 10.4% decline, which suggests that the company's earnings quality may be facing headwinds following the integration of large-scale merger activity and shifting market demand.
The fluctuation in FFO per share indicates that the company's reliance on aggressive rent increases may be reaching a ceiling in the current economic environment. Investors should monitor whether the recent volatility in FFO is a temporary integration friction or a structural shift in the company's ability to drive organic growth.
Based on the company's reported figures, NOI margins exhibited significant instability, plummeting to -60.8% in 2025Q4 from a peak of 85.2% in 2024Q4, which implies that property-level operating expenses or accounting adjustments are creating substantial pressure on the firm's core profitability metrics.
The extreme variance in NOI margins suggests that the company's cost structure is highly sensitive to operational scale and potential non-recurring expenses. This volatility makes it difficult to ascertain the true underlying profitability of the portfolio, necessitating a closer look at whether property tax or marketing costs are permanently eroding margins.
According to recent SEC filings, EXR's revenue growth has decelerated significantly from the 58.7% surge observed in 2024Q1 to a modest 1.9% in 2026Q1, indicating that the tailwinds from inorganic expansion are fading and the company is returning to a more normalized, organic growth trajectory.
The sharp decline in revenue growth rates suggests that the initial benefits of the Life Storage merger have been fully realized, leaving the company to contend with a more challenging pricing environment. Future revenue expansion will likely depend on the company's ability to optimize its existing unit base rather than relying on rapid portfolio acquisition.
Financial data indicates that EXR's bridge loan program, while potentially serving as an acquisition pipeline, introduces credit risk that is not captured in standard rental income metrics, as evidenced by the recent 5.4% year-over-year decline in FFO per share reported in 2026Q1.
While management frames these loans as a strategic advantage for future property acquisition, the potential for credit defaults or project delays could negatively impact cash flow. Investors should investigate the specific risk profile of these loans to determine if they represent a hidden liability during periods of economic contraction.
Quick answers to the most common questions about buying EXR stock.
For fiscal year 2025, Extra Space Storage Inc. (EXR) reported total revenue of $3.38B. This represents a 14704.7% increase compared to $22.8M in 2001.
Extra Space Storage Inc. (EXR) is profitable, generating $974.0M in net income for the fiscal year ending 2025 with a net profit margin of 28.8%.
Extra Space Storage Inc. (EXR) reported an operating income of $1.49B, resulting in an operating profit margin of 44.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Extra Space Storage Inc. (EXR) generated $960.2M in gross profit for the year, representing a gross profit margin of 28.4%. This demonstrates the company's core pricing power and production efficiency.