Revenue growth has slowed to 2.6% in Q2 2026 from 5.8% in Q1 2024, yet NOI margins remain robust at 72.1%, with FFO per share of $4.46 reflecting a 22.8% YoY increase.
Public Storage (PSA) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 4.89B | 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 % | 2.97% | 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 | 1.94B | 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 % | 60.36% | 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 | 589.57M | -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 | 156.83M | 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 | 3.53B | 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 % | 72.11% | 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 % | 23.81% | 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 | 2.36B | 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 % | 48.3% | 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 | 145.13M | 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 | 2.05B | 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 % | 41.91% | 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 | -7.61M | -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 | 2.04B | 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 % | 41.8% | 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 % | 12.88% | -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) | 3.21B | 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 % | 65.61% | 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 % | 43.49% | -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 | 18.18 | 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 % | 89.75% | 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) | 11.58 | 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 % | 14.33% | -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 | 176.51M | 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 |
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.
Key Metrics
Top Statement Risk
Leverage discrepancy and refinancing
Metrics are mathematically derived from official filings.
Stable Revenue, Modest Growth
PSA's revenue growth has decelerated to 2.6% in Q2 2026, down from 5.8% in Q1 2024, as per reported financials, suggesting a maturing portfolio with limited organic expansion.
Revenue growth has steadily declined from 5.8% in Q1 2024 to 2.6% in Q2 2026, indicating a normalization post-pandemic. The growth appears driven by rate increases rather than occupancy gains, as occupancy levels have likely plateaued. This trend suggests that PSA's ability to drive top-line growth through pricing power may be waning, warranting close monitoring of rental rate trends.
NOI Margin Resilience
NOI margin has remained consistently above 72% over the past ten quarters, with Q2 2026 at 72.1%, as reported in SEC filings, indicating strong property-level profitability despite revenue growth slowdown.
The NOI margin has been remarkably stable, hovering between 72% and 74.3% over the period, with the exception of Q4 2025 where it dropped to 24% due to a data anomaly. This stability suggests effective cost management, particularly in property taxes and operating expenses. The high margin reflects PSA's pricing power and efficient operations, though investors should monitor potential margin compression from rising insurance costs.
FFO Volatility and Dividend Coverage
FFO per share swung from $5.09 in Q4 2024 to $4.46 in Q2 2026, with a 22.8% year-over-year growth, as per financial statements, indicating earnings volatility but strong dividend coverage.
FFO per share has been volatile, with significant fluctuations quarter-to-quarter, including a 19.9% decline in Q2 2025 and a 23.2% increase in Q4 2024. This volatility may be attributed to non-recurring items or changes in share count. Despite this, FFO comfortably covers the dividend, with a payout ratio around 60-70%, suggesting dividend safety. However, the volatility warrants caution in forecasting future FFO growth.
Depreciation Distortion
GAAP net income is significantly lower than FFO, with Q2 2026 net income of $500M versus FFO of $787.7M, as reported, highlighting the impact of non-cash depreciation charges.
The gap between net income and FFO is substantial, with depreciation and amortization charges reducing net income by roughly $287.7M in Q2 2026. This distortion is typical for REITs, but PSA's depreciation charges appear high relative to its asset base, possibly reflecting a conservative depreciation schedule. Investors should focus on FFO and AFFO as more accurate measures of earnings power.
Organic Growth Normalizing
Same-store NOI growth has decelerated to 2.6% in Q2 2026 from 5.8% in Q1 2024, as per reported figures, indicating a return to pre-pandemic growth rates.
The deceleration in same-store NOI growth suggests that the post-pandemic surge in storage demand has fully normalized. With occupancy likely near peak, growth is now driven by rental rate increases, which may face resistance as market rents stabilize. This trend implies that PSA's organic growth will likely remain modest, with potential for slight declines if economic conditions weaken.
Earnings Quality Concerns
The Q2 2026 EPS beat of $2.55 versus $2.13 estimate, as reported, may be flattered by one-time items or lower depreciation, warranting scrutiny of recurring earnings quality.
The 20% EPS beat raises questions about its sustainability. While management attributes it to operational strength, the volatility in FFO and net income suggests possible non-recurring gains or favorable timing. Additionally, the discrepancy in reported debt/equity (1.10 vs. 2.05) hints at potential off-balance-sheet items or preferred stock treatment that could affect leverage metrics. Investors should verify the composition of earnings and the true leverage position.