Public Storage (PSA) Earnings History
Steady Earner40 years of earnings data (1986–2025) · Positive but moderate multi-year EPS trajectory
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Public Storage (PSA) Earnings Overview
As of October 23, 2026, Public Storage (PSA) reported trailing twelve-month net income of $2.04B, reflecting -15.3% year-over-year growth. The company earned $11.58 per diluted share over the past four quarters, with a net profit margin of 37.0%.
Looking at the long-term picture, PSA's 5-year EPS compound annual growth rate (CAGR) stands at +7.5%, showing solid earnings momentum. The company achieved its highest annual net income of $4.35B in fiscal 2022.
Public Storage maintains industry-leading profitability with a gross margin of 25.0%, operating margin of 46.7%, and net margin of 37.0%. This margin structure demonstrates strong pricing power and operational efficiency. View revenue history →
Compared to peers including EXR ($958M net income, 28.8% margin), CUBE ($334M net income, 29.7% margin), NSA ($79M net income, 9.8% margin), PSA has outperformed on profitability metrics. Compare PSA vs EXR →
PSA Earnings vs Peers
Earnings metrics vs comparable public companies
PSA Historical Earnings Data (1986–2025)
40 years| Fiscal Year | Net Income | YoY % | Operating Income | EPS (Diluted) | Net Margin | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $1.78B | -13.9% | $2.25B | $9.01 | 37.0% | 46.7% |
| 2024 | $2.07B | -3.6% | $2.20B | $10.64 | 44.1% | 46.9% |
| 2023 | $2.15B | -50.6% | $2.32B | $11.06 | 47.6% | 51.3% |
| 2022 | $4.35B | +122.7% | $2.17B | $23.50 | 104.0% | 51.9% |
| 2021 | $1.95B | +43.9% | $1.71B | $9.87 | 57.2% | 49.9% |
| 2020 | $1.36B | -10.7% | $1.41B | $6.29 | 46.6% | 48.4% |
| 2019 | $1.52B | -11.1% | $1.47B | $7.29 | 53.3% | 51.4% |
| 2018 | $1.71B | +18.6% | $1.41B | $9.82 | 62.0% | 51.2% |
| 2017 | $1.44B | -0.8% | $1.42B | $6.73 | 54.0% | 53.3% |
| 2016 | $1.45B | +10.9% | $1.37B | $6.81 | 56.8% | 53.7% |
| 2015 | $1.31B | +14.6% | $1.23B | $6.07 | 55.1% | 51.7% |
| 2014 | $1.14B | +8.7% | $1.06B | $5.25 | 52.6% | 48.5% |
| 2013 | $1.05B | +12.1% | $951M | $4.89 | 53.6% | 48.4% |
| 2012 | $939M | +14.0% | $872M | $3.90 | 51.0% | 47.3% |
| 2011 | $824M | +22.6% | $763M | $3.29 | 47.5% | 43.9% |
| 2010 | $672M | -19.5% | $693M | $2.35 | 41.6% | 42.9% |
| 2009 | $835M | -10.8% | $727M | $3.47 | 51.4% | 44.8% |
| 2008 | $935M | +104.4% | $694M | $4.18 | 54.4% | 40.4% |
| 2007 | $458M | +45.7% | $411M | $1.17 | 25.2% | 22.6% |
| 2006 | $314M | -31.2% | $360M | $0.33 | 22.7% | 26.1% |
| 2005 | $456M | +24.6% | $464M | $1.97 | 43.1% | 43.8% |
| 2004 | $366M | +8.8% | $395M | $1.38 | 38.2% | 41.2% |
| 2003 | $337M | +5.6% | $351M | $1.28 | 37.7% | 39.3% |
| 2002 | $319M | -1.7% | $351M | $1.14 | 37.5% | 41.2% |
| 2001 | $324M | +9.1% | $369M | $1.39 | 40.7% | 46.4% |
| 2000 | $297M | +3.2% | $335M | $1.41 | 42.1% | 47.4% |
| 1999 | $288M | +26.8% | $278M | $1.52 | 45.1% | 43.5% |
| 1998 | $227M | +27.1% | $18M | $1.30 | 41.0% | 3.2% |
| 1997 | $179M | +16.4% | $371M | $0.91 | 38.1% | 79.2% |
| 1996 | $154M | +118.1% | $265M | $1.10 | 45.3% | 78.1% |
| 1995 | $70M | +67.1% | $86M | $0.95 | 33.1% | 40.5% |
| 1994 | $42M | +50.4% | $58M | $1.05 | 28.6% | 39.7% |
| 1993 | $28M | +85.4% | $185M | $0.98 | 24.4% | 161.6% |
| 1992 | $15M | +25.8% | $112M | $0.90 | 21.6% | 159.7% |
| 1991 | $12M | +0.0% | $76M | $0.81 | 24.0% | 151.6% |
| 1990 | $12M | +8.1% | $47M | $1.04 | 34.8% | 136.8% |
| 1989 | $11M | -4.3% | $37M | $1.01 | 37.4% | 125.3% |
| 1988 | $12M | +10.5% | $40M | $1.06 | 38.9% | 132.9% |
| 1987 | $11M | +5.0% | $38M | $1.00 | 37.0% | 132.4% |
| 1986 | $10M | - | $30M | $1.05 | 43.1% | 128.4% |
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PSA — Frequently Asked Questions
Quick answers to the most common questions about buying PSA stock.
What is PSA earnings per share (EPS)?
PSA trailing twelve-month (TTM) diluted EPS is $11.58, reflecting -15.3% year-over-year growth. The 5-year EPS CAGR is +7.5%. Complete EPS history from 1986 to 2025 is available in the table on this page.
What is Public Storage's net income?
Public Storage (PSA) trailing twelve-month net income is $2.0B as of 2025. Earnings declined -15.3% year-over-year. Public Storage has been profitable for 40 consecutive years.
Is PSA profitable?
Yes, PSA is profitable with a TTM net income of $2.0B and a net profit margin of +37.0%. Public Storage has generated profits for 40 consecutive years.
What is PSA's earnings growth rate?
PSA compound annual EPS growth rates (CAGR): 1-Year: -15.3%, 3-Year: -27.4%, 5-Year: +7.5%, 10-Year: +4.0%. These figures measure the annualised rate of diluted EPS growth over each period, based on data from 1986 to 2025.
What are PSA's profit margins?
Public Storage net profit margin is +37.0%, operating margin is +46.7%, and gross margin is +25.0%. Above-average net margins reflect strong pricing power and competitive moat. Return on Equity is +18.6%.
Is PSA growing earnings?
PSA earnings are declining — EPS fell -15.3% year-over-year. TTM net income dropped to $2.0B. This contrasts with the 5-year CAGR of +7.5%.
What was PSA's best earnings year?
Public Storage's highest annual net income on record is $4.3B, achieved in fiscal year 2022. Earnings history on this page spans 1986 to 2025 and includes all annual and quarterly figures.
What were PSA's earnings last quarter?
PSA's most recent reported quarter was Q2 2026. Net income was $500M with diluted EPS of $2.55. For a full breakdown of all quarters, see the quarterly earnings table on this page.