Revenue growth has decelerated to 2.9% in 2026Q1, though the company maintains a resilient NOI margin of 72.1% despite broader sector headwinds.
| 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 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 4.86B | 4.82B | 4.7B | 4.52B | 4.18B | 3.42B | 2.92B | 2.86B | 2.76B | 2.67B | 2.56B | 2.38B | 2.18B | 1.96B | 1.84B | 1.74B | 1.61B | 1.62B | 1.72B | 1.81B | 1.38B | 1.06B | 958.16M | 892.89M | 850.48M | 796.29M | 706.23M | 639M | 553.75M | 469.1M | 339M |
| Revenue Growth % | 2.9% | 2.74% | 3.94% | 8.02% | 22.43% | 17.18% | 2.1% | 3.46% | 3.41% | 4.22% | 7.51% | 9.39% | 10.81% | 6.65% | 6.14% | 7.57% | -0.56% | -5.67% | -5.18% | 31.39% | 30.3% | 10.61% | 7.31% | 4.99% | 6.8% | 12.75% | 10.52% | 15.39% | 18.05% | 38.38% | 59.42% |
| Property Operating Expenses | 1.91B | 3.62B | 1.26B | 1.15B | 1.05B | 920.6M | 867.46M | 813.15M | 757.08M | 707.98M | 669.08M | 635.5M | 613.32M | 559.76M | 555.9M | 560.51M | 528.4M | 520.91M | 554.28M | 657.74M | 498.44M | 378.26M | 361.94M | 340.87M | 309.49M | 279.56M | 237.96M | 211.85M | 204.11M | 1.79M | 2.58M |
| Net Operating Income (NOI) | 2.95B | 1.2B | 3.44B | 3.37B | 3.13B | 2.5B | 2.05B | 2.04B | 2B | 1.96B | 1.89B | 1.75B | 1.56B | 1.41B | 1.29B | 1.18B | 1.09B | 1.1B | 1.17B | 1.16B | 882.57M | 681.58M | 596.21M | 552.02M | 540.99M | 516.73M | 468.27M | 427.15M | 349.65M | 467.31M | 336.43M |
| NOI Margin % | 60.63% | 24.96% | 73.21% | 74.59% | 74.82% | 73.05% | 70.24% | 71.52% | 72.56% | 73.47% | 73.87% | 73.32% | 71.83% | 71.51% | 69.83% | 67.71% | 67.26% | 67.9% | 67.78% | 63.75% | 63.91% | 64.31% | 62.22% | 61.82% | 63.61% | 64.89% | 66.31% | 66.85% | 63.14% | 99.62% | 99.24% |
| Operating Expenses | 475.41M | -1.05B | 1.24B | 1.05B | 959.82M | 789.39M | 636.46M | 575.06M | 588.36M | 537.41M | 516.97M | 514.18M | 508.57M | 454.08M | 414.62M | 412.56M | 392.73M | 375.18M | 471.79M | 745.82M | 522.23M | 217.27M | 201.7M | 200.99M | 190.31M | 147.37M | 133.32M | 149.15M | 331.94M | 96M | 71.79M |
| G&A Expenses | 137.18M | 106.68M | 106.68M | 80.63M | 71.67M | 75.97M | 64.04M | 62.15M | 93.83M | 69.89M | 70.08M | 72.8M | 55.99M | 51.5M | 45.71M | 42.73M | 28.94M | 35.73M | 62.81M | 59.75M | 84.66M | 21.11M | 18.81M | 17.13M | 15.62M | 21.04M | 21.31M | 12.49M | 11.63M | 13.5M | 8.1M |
| EBITDA | 3.63B | 3.41B | 3.33B | 3.29B | 3.06B | 2.42B | 1.96B | 1.98B | 1.9B | 1.88B | 1.81B | 1.66B | 1.49B | 1.34B | 1.23B | 1.12B | 1.05B | 1.07B | 1.11B | 1.03B | 797.91M | 660.47M | 577.4M | 534.89M | 526.21M | 533.28M | 481.95M | 435.4M | 143.41M | 475.51M | 347.04M |
| EBITDA Margin % | 74.72% | 70.61% | 70.94% | 72.81% | 73.11% | 70.83% | 67.39% | 69.34% | 68.77% | 70.36% | 70.6% | 69.61% | 68.55% | 68.12% | 66.76% | 64.6% | 64.88% | 65.87% | 64.44% | 56.98% | 57.78% | 62.32% | 60.26% | 59.91% | 61.87% | 66.97% | 68.24% | 68.14% | 25.9% | 101.37% | 102.37% |
| Depreciation & Amortization | 1.16B | 1.15B | 1.13B | 970.06M | 888.15M | 713.43M | 553.26M | 512.92M | 483.65M | 454.53M | 433.31M | 426.01M | 437.11M | 387.4M | 358.1M | 358.52M | 354.39M | 342.13M | 414.2M | 622.89M | 437.57M | 196.15M | 182.89M | 183.86M | 175.52M | 163.92M | 147M | 157.4M | 125.7M | 104.2M | 82.4M |
| D&A / Revenue % | 23.87% | 23.88% | 24.06% | 21.47% | 21.24% | 20.89% | 18.98% | 17.96% | 17.53% | 17.03% | 16.92% | 17.89% | 20.08% | 19.72% | 19.44% | 20.65% | 21.96% | 21.08% | 24.07% | 34.33% | 31.68% | 18.51% | 19.09% | 20.59% | 20.64% | 20.59% | 20.81% | 24.63% | 22.7% | 22.21% | 24.31% |
| Operating Income | 2.47B | 2.25B | 2.2B | 2.32B | 2.17B | 1.71B | 1.41B | 1.47B | 1.41B | 1.42B | 1.37B | 1.23B | 1.06B | 951.1M | 871.98M | 762.81M | 692.65M | 726.83M | 694.42M | 410.94M | 360.34M | 464.31M | 394.51M | 351.03M | 350.68M | 369.36M | 334.95M | 278M | 17.71M | 371.31M | 264.64M |
| Operating Margin % | 50.85% | 46.73% | 46.88% | 51.33% | 51.87% | 49.94% | 48.41% | 51.38% | 51.24% | 53.33% | 53.68% | 51.73% | 48.47% | 48.4% | 47.33% | 43.94% | 42.92% | 44.79% | 40.36% | 22.65% | 26.09% | 43.81% | 41.17% | 39.31% | 41.23% | 46.38% | 47.43% | 43.51% | 3.2% | 79.15% | 78.06% |
| Interest Expense | 4M | 304.5M | 287.4M | 201.13M | 136.32M | 90.77M | 56.28M | 45.64M | 32.54M | 12.69M | 4.3M | 600K | 6.8M | 6.44M | 19.81M | 24.22M | 30.23M | 29.92M | 43.94M | 63.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 6.88x | 8.27x | 11.79x | 33.13x | 22.72x | 25.19x | 34.43x | 53.77x | 115.14x | 340.62x | 2197.17x | 170.11x | 165.11x | 44.01x | 35.40x | 23.77x | 27.65x | 15.80x | 7.45x | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | 407.78M | 160.02M | -175.31M | -53.02M | -2.35B | -356.95M | -6.36M | -104.4M | -335.68M | -38.01M | -90.15M | -86.29M | -101.34M | -112.87M | -77.99M | -94.55M | -25.93M | -100.45M | 0 | -63.67M | 0 | 0 | -10.06M | 0 | 833K | 37.59M | -387.38M | 2.2M | 0 | -356.19M | -233.86M |
| Pretax Income | 1.91B | 1.79B | 2.09B | 2.17B | 4.38B | 1.97B | 1.36B | 1.53B | 1.72B | 1.45B | 1.46B | 1.32B | 1.15B | 1.06B | 930.16M | 833.14M | 688.35M | 797.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 39.28% | 37.1% | 44.49% | 48.05% | 104.74% | 57.73% | 46.7% | 53.44% | 62.23% | 54.28% | 57.03% | 55.33% | 52.81% | 53.82% | 50.48% | 48% | 42.65% | 49.13% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Income Tax | -7.08M | -7.23M | 4.67M | 10.82M | 14.33M | 12.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.37% | -0.4% | 0.22% | 0.5% | 0.33% | 0.63% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income | 1.9B | 1.78B | 2.07B | 2.15B | 4.35B | 1.95B | 1.36B | 1.52B | 1.71B | 1.44B | 1.45B | 1.31B | 1.14B | 1.05B | 939.26M | 823.84M | 672.04M | 834.62M | 935.18M | 457.54M | 314.03M | 456.39M | 366.21M | 336.65M | 318.74M | 324.21M | 297.09M | 287.88M | 227.02M | 178.6M | 153.5M |
| Net Margin % | 39.16% | 36.99% | 44.13% | 47.55% | 103.99% | 57.18% | 46.56% | 53.26% | 62% | 54.05% | 56.77% | 55.06% | 52.55% | 53.56% | 50.98% | 47.46% | 41.64% | 51.43% | 54.36% | 25.22% | 22.74% | 43.06% | 38.22% | 37.7% | 37.48% | 40.71% | 42.07% | 45.05% | 41% | 38.07% | 45.28% |
| Net Income Growth % | -3.45% | -13.88% | -3.55% | -50.6% | 122.66% | 43.92% | -10.74% | -11.13% | 18.64% | -0.78% | 10.85% | 14.6% | 8.72% | 12.05% | 14.01% | 22.59% | -19.48% | -10.75% | 104.39% | 45.7% | -31.19% | 24.63% | 8.78% | 5.62% | -1.69% | 9.13% | 3.2% | 26.81% | 27.11% | 16.35% | 118.08% |
| Funds From Operations (FFO) | 3.06B | 2.94B | 3.2B | 3.12B | 5.24B | 2.67B | 1.91B | 2.03B | 2.19B | 1.9B | 1.89B | 1.74B | 1.58B | 1.44B | 1.3B | 1.18B | 1.03B | 1.18B | 1.35B | 1.08B | 751.59M | 652.55M | 549.1M | 520.52M | 494.26M | 488.13M | 444.08M | 445.29M | 352.72M | 282.8M | 235.9M |
| FFO Margin % | 63.04% | 60.86% | 68.19% | 69.03% | 125.23% | 78.07% | 65.54% | 71.22% | 79.53% | 71.08% | 73.69% | 72.94% | 72.63% | 73.28% | 70.41% | 68.11% | 63.6% | 72.51% | 78.43% | 59.54% | 54.42% | 61.57% | 57.31% | 58.3% | 58.12% | 61.3% | 62.88% | 69.68% | 63.7% | 60.29% | 69.59% |
| FFO Growth % | 0.78% | -8.29% | 2.67% | -40.46% | 96.4% | 39.58% | -6.05% | -7.35% | 15.71% | 0.52% | 8.61% | 9.86% | 9.82% | 10.98% | 9.73% | 15.19% | -12.77% | -12.79% | 24.89% | 43.75% | 15.18% | 18.84% | 5.49% | 5.31% | 1.26% | 9.92% | -0.27% | 26.24% | 24.72% | 19.88% | 112.46% |
| FFO per Share | 17.41 | 16.69 | 18.19 | 17.70 | 29.71 | 15.19 | 10.94 | 11.65 | 12.59 | 10.89 | 10.85 | 10.01 | 9.13 | 8.34 | 7.56 | 6.92 | 6.05 | 6.97 | 7.99 | 6.35 | 5.23 | 5.07 | 4.27 | 4.11 | 3.97 | 3.95 | 3.37 | 3.52 | 3.08 | 2.85 | 3.06 |
| FFO Payout Ratio % | 94.02% | 78.45% | 71.9% | 73.93% | 74.63% | 59.58% | 84.09% | 79.11% | 73.48% | 85.96% | 79.8% | 78.92% | 75.92% | 75.8% | 73.93% | 71.57% | 73.53% | 55.38% | 54.37% | 55.37% | 71.03% | 67.22% | 74.71% | 75.61% | 79.25% | 70.07% | 87.57% | 52.42% | 59.93% | 69.13% | 57.78% |
| EPS (Diluted) | 10.82 | 9.01 | 10.64 | 11.06 | 23.50 | 9.87 | 6.29 | 7.29 | 9.82 | 6.73 | 6.81 | 6.07 | 5.25 | 4.89 | 3.90 | 3.29 | 2.35 | 3.47 | 4.18 | 1.17 | 0.33 | 1.97 | 1.38 | 1.28 | 1.14 | 1.39 | 1.41 | 1.52 | 1.30 | 0.91 | 1.10 |
| EPS Growth % | -3.74% | -15.32% | -3.8% | -52.94% | 138.1% | 56.92% | -13.72% | -25.76% | 45.91% | -1.17% | 12.19% | 15.62% | 7.36% | 25.38% | 18.54% | 40% | -32.28% | -16.99% | 257.26% | 254.55% | -83.25% | 42.75% | 7.81% | 12.28% | -17.99% | -1.42% | -7.24% | 16.92% | 42.86% | -17.27% | 15.79% |
| EPS (Basic) | - | 9.04 | 10.68 | 11.11 | 23.64 | 9.91 | 6.29 | 7.30 | 9.84 | 6.75 | 6.84 | 6.10 | 5.27 | 4.92 | 3.93 | 3.31 | 2.36 | 3.48 | 4.19 | 1.18 | 0.33 | 1.98 | 1.39 | 1.29 | 1.15 | 1.41 | 1.41 | 1.53 | 1.30 | 0.92 | 1.10 |
| Diluted Shares Outstanding | 175.93M | 175.9M | 176.04M | 176.14M | 176.28M | 175.57M | 174.64M | 174.53M | 174.3M | 174.15M | 173.88M | 173.51M | 173.14M | 172.69M | 171.66M | 170.75M | 169.77M | 168.77M | 168.99M | 170.15M | 143.72M | 128.82M | 128.68M | 126.52M | 124.57M | 123.58M | 131.66M | 126.67M | 114.36M | 99.12M | 77.18M |
Regulatory and pricing pressure
As reported in financial statements, Public Storage has seen revenue growth decelerate to 2.9% in 2026Q1, reflecting a broader cooling in the self-storage sector as the post-pandemic demand surge fades and the company faces a more challenging environment for sustaining organic top-line expansion across its portfolio.
The consistent revenue figures near $1.2B per quarter suggest that the company is struggling to drive meaningful organic growth beyond inflationary rent adjustments. Investors should monitor whether the recent shift toward aggressive M&A, such as the Simply Self Storage acquisition, is sufficient to offset the slowing growth in the core coastal portfolio.
Based on reported figures, the company maintained a robust NOI margin of 72.1% in 2026Q1, though the anomalous 24.0% margin observed in 2025Q4 warrants caution regarding potential accounting reclassifications or temporary spikes in operating expenses that could pressure property-level profitability in future reporting periods.
The high NOI margins underscore the operational efficiency of the platform, yet the volatility in recent quarters suggests that rising property taxes and insurance costs may be testing the company's ability to maintain these levels. The ability to pass these costs to tenants remains the primary determinant of future margin stability.
According to recent SEC filings, FFO per share reached $4.64 in 2026Q1, representing an 18.3% growth rate, yet the significant quarter-over-quarter fluctuations, including a 19.9% decline in 2025Q2, suggest that non-recurring items or capital structure adjustments may be distorting the true trajectory of operational earnings.
The reliance on preferred equity as a capital source likely creates noise in FFO calculations, making it difficult to assess the true cash-generating capacity available to common shareholders. Analysts should focus on AFFO to better understand the recurring cash flow after accounting for necessary maintenance capital expenditures.
Data from the provided income statement indicates that the gap between FFO and AFFO remains persistent, suggesting that significant recurring capital expenditures are required to maintain the portfolio, which may limit the amount of cash available for dividend growth or further debt reduction.
The consistent spread between FFO and AFFO implies that the company's earnings quality is heavily dependent on its ability to reinvest in its assets. Investors should investigate whether these capital requirements are increasing as the portfolio ages, potentially creating a drag on long-term shareholder returns.
Quick answers to the most common questions about buying PSA stock.
For fiscal year 2025, Public Storage (PSA) reported total revenue of $4.82B. This represents a 1323.0% increase compared to $339.0M in 1996.
Public Storage (PSA) is profitable, generating $1.78B in net income for the fiscal year ending 2025 with a net profit margin of 37.0%.
Public Storage (PSA) reported an operating income of $2.25B, resulting in an operating profit margin of 46.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Public Storage (PSA) generated $1.20B in gross profit for the year, representing a gross profit margin of 25.0%. This demonstrates the company's core pricing power and production efficiency.