Public Storage (PSA) financials

NYSE · Real Estate · REIT - Industrial · 5,770 employees · CEO H. Thomas Boyle

Price: $332.68
Market cap: $62.1B
Enterprise value: $73.8B Data as of 2026-11-14
Last report: Q3 '26 filed 2026-10-26
Next report: 2027-02-11 EPS est. $2.21

Revenue (TTM)$5.03B+5.2% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)38.1%-14.9 pp vs a year agoOperating income $1.92B

Net income (TTM)$1.9B+0.4% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$2.76B-11.3% vs a year agoCapex $241M

Diluted EPS (TTM)$9.55-0.8% vs a year agoSum of the last 4 quarters

Net cash-$11.6B-19.3% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $62.1B
Revenue: $5.03B
Revenue growth: +7%
Profit margin: 37.8%
P/E: 34.8×
P/S: 12.3×
EV / EBITDA: 21.9×
Free cash flow: $2.76B
Net income: $1.9B
Revenue estimate: $5.18B
Earnings: 2027-02-11
Dividend: $3.00

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-26): revenue beat by 1.9%, EPS missed by 32.1%Revenue $1.37B vs $1.34B expected (+1.9%); EPS $1.69 vs $2.49 (-32.1%).
Revenue growth accelerating: 11.6% year on yearQ3 '26 revenue $1.37B, against an average of 3.0% over the four quarters before.
Operating margin 38.1% (TTM), -14.9 pp on a year agoOperating income grew -24.4% while revenue grew 5.2%.
Capex 4.8% of revenue (a year ago 2.2%)$241M invested in the last 4 quarters (+133.3% on a year earlier). Free cash flow $2.76B = 145.5% of net income.
Returned $1.76B to shareholders = 63.8% of free cash flowBuybacks $2.8M (a year earlier $0), dividends $1.76B, stock-based pay $44.8M (TTM).
Diluted share count up 5.2% in a year185M diluted shares in Q3 '26, 176M a year earlier.
Net debt $11.6BCash + short-term investments $560M, debt incl. leases $12.2B; a year ago net debt $9.75B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$1.37B	$1.22B	+11.6%
Gross margin	72.4%	73.0%	-0.6 pp
Operating income	$419M	$864M	-51.5%
Operating margin	30.7%	70.6%	-39.9 pp
Net income	$367M	$511M	-28.2%
Diluted EPS	$1.69	$2.62	-35.5%
Operating cash flow	$709M	$875M	-19.0%
Capex	$141M	-$113M	+224.0%
Free cash flow	$568M	$988M	-42.5%
R&D	$0	$0	–
Stock-based compensation	$10.5M	$9.46M	+11.4%

Reported vs consensus

2026-10-26

	Actual	Consensus	vs consensus
Revenue	$1.37B	$1.34B	+1.9%
EPS (as estimated)	$1.69	$2.49	-32.1%

From the report of 2026-10-26 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share of listed	TTM	TTM y/y	12 quarters
Self Storage Operations	$1.25B	+10.1%	91.8%	$4.65B	–
Ancillary Operations	$112M	+31.5%	8.2%	$382M	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Operating income	y/y	TTM operating income
Self Storage Operations	$921M	+9.1%	$3.41B
Ancillary Operations	$68.4M	+40.1%	$235M

Operating income by segment

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $3.01B
Capex: -$241M
Buybacks: -$2.8M
Dividends: -$1.76B
Acquisitions: -$1.64B
Net debt issued: $1.91B
Stock-based compensation: $44.8M
Free cash flow: $2.76B
Returned to shareholders / FCF: 63.8%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	34.8×	26.8×	11.9× – 37.8×
EV / EBITDA	21.9×	17.9×	10.2× – 26.0×
EV / Sales	14.7×	14.5×	11.5× – 21.1×
Price / FCF	22.5×	20.3×	15.7× – 28.8×
Price / Book	4.2×	5.5×	4.9× – 7.0×
FCF yield	4.4%	5.1%	3.5% – 6.4%
Return on invested capital	6.7%	11.5%	10.0% – 12.7%
Return on equity	18.0%	25.2%	19.3% – 43.2%

Analysts

Consensus target $323.38 (-2.8%)
range $294.00 – $351.00 · rating Hold

Strong buy1

Buy10

Hold23

Sell2

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$5.18B	+7.3%	$9.19	+2.0%	36.2×	5
FY2027	$5.66B	+9.4%	$9.11	-0.9%	36.5×	6
FY2028	$5.89B	+4.1%	$9.61	+5.5%	34.6×	7
FY2029	$6.55B	+11.1%	$9.76	+1.6%	34.1×	2
FY2030	$7.37B	+12.5%	$10.54	+8.0%	31.6×	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 229 figures Public Storage tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accrued Liabilities	$1B	$664M	+50.9%	$613M	$588M	+4.2%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$1.85M	-$48.4M	+103.8%	-$47.8M	-$72M	+33.6%
Additional Paid in Capital	$11.4B	$6.14B	+84.9%	$6.15B	$6.12B	+0.5%
Amortization of Debt Issuance Costs	$3.2M	$2.64M	+21.4%	$10.3M	$9.73M	+6.4%
Amortization of Intangible Assets	$15.5M2026-06-30	$20.5M	-24.4%	$94M	$118M	-20.1%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3.38M	572K	+490.6%	572K	139K	+312.4%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$11.8M	$10.4M	+13.5%	$43.5M	$49.3M	-11.7%
Assets	$29B	$20.1B	+44.2%	$20.2B	$19.8B	+2.3%
Business Acquisition, Pro Forma Net Income (Loss)	–	–	–	$1.08B2013-12-31	$902M	+19.6%
Business Acquisition, Pro Forma Revenue	–	–	–	$2.05B2013-12-31	$1.93B	+6.6%
Business Combination, Integration Related Costs	$115M	$0	–	–	–	–
Cash and Cash Equivalents, at Carrying Value	$560M	$296M	+89.0%	$318M	$447M	-28.9%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$560M	$296M	+89.0%	$318M	$447M	-28.9%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$300M	-$808M	+137.2%	-$129M	$47M	-374.9%
Commercial Paper	$200M	–	–	–	–	–
Common Stock, Dividends, Per Share, Declared	$3.00	$3.00	0.0%	$12.00	$12.00	0.0%
Common Stock, Par or Stated Value Per Share	$0.10	$0.10	0.0%	$0.10	$0.10	0.0%
Common Stock, Shares Authorized	650M	650M	0.0%	650M	650M	0.0%
Common Stock, Shares, Issued	187M	175M	+6.5%	176M	175M	+0.1%
Common Stock, Value, Issued	$18.7M	$17.5M	+6.5%	$17.6M	$17.5M	+0.1%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$12.6M	$3.71M	+239.9%	$12.7M	$12.4M	+2.8%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$415M	$504M	-17.8%	$1.81B	$2.07B	-12.5%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$427M	$508M	-15.9%	$1.82B	$2.08B	-12.4%
Construction in Progress Expenditures Incurred but Not yet Paid	$3.12M	-$22.3M	+114.0%	$19.1M	$47.2M	-59.5%
Contractual Obligation	$171M	$156M	+9.6%	$169M	$195M	-13.1%
Contractual Obligation, to be Paid, Remainder of Fiscal Year	$17M	$29.2M	-41.8%	–	–	–
Contractual Obligation, to be Paid, Year One	$135M	$123M	+9.8%	$155M	$166M	-6.5%
Contractual Obligation, to be Paid, Year Two	$19.1M	$4M	+377.5%	$14.1M	$28.8M	-51.0%
Costs and Expenses	$1.05B	$733M	+43.2%	$2.89B	$2.8B	+3.4%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$80.4M	$53.2M	+51.1%	$56.6M	$52.3M	+8.1%
Debt, Weighted Average Interest Rate	3.6%	3.0%	+20.0%	3.2%	3.1%	+3.2%
Depreciation	$313M	$263M	+19.0%	$1.05B	$1B	+4.4%
Depreciation, Depletion and Amortization	$413M	$290M	+42.1%	$1.15B	$1.13B	+2.0%
Development in Process	$322M	$268M	+20.3%	$194M	$308M	-36.9%
Dilutive Securities, Effect on Basic Earnings Per Share	$804K	$0	–	–	–	–
Dividends	$561M2026-08-04	–	–	–	–	–
Dividends Payable	$583M	–	–	–	–	–
Dividends Payable, Amount Per Share	$3.002026-08-04	–	–	–	–	–
Dividends, Preferred Stock	$54.1M	$48.7M	+11.0%	$195M	$195M	0.0%
Dividends, Preferred Stock, Cash	$48.7M2026-06-30	$48.7M	0.0%	$195M	$195M	0.0%
Earnings Per Share, Basic	$1.70	$2.63	-35.4%	$9.04	$10.68	-15.4%
Earnings Per Share, Diluted	$1.69	$2.62	-35.5%	$9.01	$10.64	-15.3%
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	–	–	–	$376M	$439M	-14.3%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	–	–	–	21.0%	21.0%	0.0%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	–	–	–	$8.67M	$24.4M	-64.4%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	–	–	–	0.5%	1.2%	-58.3%
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount	–	–	–	$1.78M	$1.56M	+13.6%
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent	–	–	–	0.1%	0.1%	0.0%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount	–	–	–	-$10.3M	-$6.13M	-68.6%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent	–	–	–	-0.6%	-0.3%	-100.0%
Effective Income Tax Rate Reconciliation, Percent	–	–	–	-0.4%	0.2%	-300.0%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	–	–	–	$6.95M	$2.69M	+158.3%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	–	–	–	0.4%	0.1%	+300.0%
Effective Income Tax Rate Reconciliation, Tax Credit, Amount	–	–	–	$16.6M	$17.8M	-6.7%
Effective Income Tax Rate Reconciliation, Tax Credit, Percent	–	–	–	0.9%	0.9%	0.0%
Equity Method Investment, Underlying Equity in Net Assets	$152M	–	–	–	–	–
Equity Method Investments	$883M	–	–	–	–	–
Financing Receivable, after Allowance for Credit Loss	$445M	–	–	$142M	$9.98M	+1,324.5%
Finite-Lived Intangible Asset, Expected Amortization, after Year Five	$3.02M2025-12-31	$3.28M	-7.9%	$3.02M	$3.28M	-7.9%
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	$127M	$22.5M	+464.0%	–	–	–

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-14