Public Storage (PSA) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Revenue | 1.22B | 1.22B | 1.22B | 1.2B | 1.18B | 1.18B | 1.19B | 1.17B | 1.16B | 1.16B | 1.14B | 1.12B | 1.09B | 1.09B | 1.09B | 1.03B | 973.45M | 924.32M | 894.93M | 829.32M |
| Revenue Growth % | 2.92% | 3.26% | 3.05% | 2.38% | 2.24% | 1.51% | 3.84% | 4.77% | 5.76% | 6.55% | 5.12% | 8.5% | 12.41% | 17.77% | 21.59% | 24.45% | 26.87% | 21.77% | 21.83% | 16.32% |
| Property Operating Expenses | 340M | 923.83M | 330.85M | 318M | 331.85M | 310.77M | 321.7M | 301.04M | 324.48M | 290.83M | 288.94M | 279.88M | 288.29M | 259.66M | 277.04M | 255.2M | 261.01M | 236.85M | 236.73M | 218.59M |
| Net Operating Income (NOI) | 877.74M | 291.97M | 893.19M | 883.09M | 851.34M | 866.65M | 866.06M | 872.17M | 832.74M | 869.04M | 854.88M | 839.89M | 805.94M | 828.88M | 811.09M | 776.85M | 712.44M | 687.46M | 658.2M | 610.73M |
| NOI Margin % | 72.08% | 24.01% | 72.97% | 73.52% | 71.95% | 73.61% | 72.92% | 74.34% | 71.96% | 74.93% | 74.74% | 75.01% | 73.65% | 76.15% | 74.54% | 75.27% | 73.19% | 74.38% | 73.55% | 73.64% |
| Operating Expenses | 403.46M | -264.77M | 28.78M | 307.93M | 307.9M | 313.44M | 306.54M | 309.92M | 306.54M | 288.55M | 259.48M | 241.9M | 238.61M | 259.88M | 250.27M | 247.54M | 245.2M | 227.55M | 220.23M | 200.47M |
| G&A Expenses | 56.69M | 26.99M | 28.78M | 24.71M | 25.18M | 32.55M | 26.21M | 26.58M | 21.34M | 23.11M | 20.73M | 19.77M | 16.96M | 20.46M | 21.38M | 21.78M | 17.5M | 15.62M | 25.49M | 22.51M |
| EBITDA | 765M | 852.28M | 1.15B | 858.38M | 826.15M | 834.11M | 839.84M | 845.59M | 811.4M | 868.01M | 834.14M | 820.12M | 788.98M | 795.54M | 781.59M | 748.01M | 689.37M | 665.2M | 626.51M | 582.99M |
| EBITDA Margin % | 62.82% | 70.1% | 94.34% | 71.47% | 69.82% | 70.84% | 70.71% | 72.07% | 70.12% | 74.84% | 72.93% | 73.24% | 72.1% | 73.08% | 71.83% | 72.48% | 70.82% | 71.97% | 70.01% | 70.3% |
| Depreciation & Amortization | 290.72M | 295.55M | 290.36M | 283.22M | 282.71M | 280.89M | 280.33M | 283.34M | 285.2M | 287.52M | 238.75M | 222.13M | 221.65M | 226.54M | 220.77M | 218.71M | 222.13M | 205.29M | 188.55M | 172.73M |
| D&A / Revenue % | 23.87% | 24.31% | 23.72% | 23.58% | 23.89% | 23.86% | 23.6% | 24.15% | 24.65% | 24.79% | 20.87% | 19.84% | 20.26% | 20.81% | 20.29% | 21.19% | 22.82% | 22.21% | 21.07% | 20.83% |
| Operating Income | 474.28M | 556.73M | 864.41M | 575.16M | 543.44M | 553.22M | 559.51M | 562.25M | 526.2M | 580.48M | 595.4M | 597.99M | 567.33M | 569.01M | 560.82M | 529.31M | 467.24M | 459.91M | 437.96M | 410.26M |
| Operating Margin % | 38.95% | 45.79% | 70.62% | 47.89% | 45.93% | 46.99% | 47.11% | 47.92% | 45.47% | 50.05% | 52.05% | 53.4% | 51.85% | 52.27% | 51.54% | 51.29% | 48% | 49.76% | 48.94% | 49.47% |
| Interest Expense | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Interest Coverage | 5.66x | 7.10x | 7.50x | 6.09x | 6.72x | 9.55x | 6.87x | 8.15x | 8.57x | 7.60x | 11.62x | 16.33x | 15.50x | 12.48x | 82.44x | 20.94x | 16.59x | 21.88x | 21.71x | 19.72x |
| Non-Operating Income | 21.55M | -19.78M | 267.11M | 138.9M | 59.21M | -135.91M | 49.63M | -34.27M | -54.76M | 59.16M | -82.43M | -23.77M | 7.71M | 117.93M | -2.25B | -160.53M | -82.18M | -191.9M | -77.4M | -23.46M |
| Pretax Income | 530.94M | 495.33M | 517.6M | 364.65M | 412.22M | 616.99M | 435.63M | 523.28M | 513.18M | 452.72M | 619.48M | 583.68M | 523.52M | 414.93M | 2.78B | 656.89M | 516.29M | 622.02M | 491.63M | 411.73M |
| Pretax Margin % | 43.6% | 40.74% | 42.29% | 30.36% | 34.84% | 52.4% | 36.68% | 44.6% | 44.35% | 39.03% | 54.16% | 52.13% | 47.84% | 38.12% | 255.31% | 63.65% | 53.04% | 67.3% | 54.93% | 49.65% |
| Income Tax | 1.57M | -14.72M | 2.83M | 3.24M | 1.43M | -1.37M | 2.49M | 2.08M | 1.48M | 10.82M | 2.83M | 2.52M | 3.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.3% | -2.97% | 0.55% | 0.89% | 0.35% | -0.22% | 0.57% | 0.4% | 0.29% | 2.39% | 0.46% | 0.43% | 0.59% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 526.27M | 507.07M | 511.06M | 358.42M | 407.79M | 614.61M | 430.33M | 518.13M | 508.95M | 439.29M | 613.3M | 578.03M | 517.71M | 412.36M | 2.77B | 653.85M | 513.94M | 619.71M | 490.09M | 410.43M |
| Net Margin % | 43.22% | 41.71% | 41.75% | 29.84% | 34.47% | 52.2% | 36.23% | 44.16% | 43.98% | 37.87% | 53.62% | 51.62% | 47.31% | 37.88% | 254.47% | 63.35% | 52.8% | 67.05% | 54.76% | 49.49% |
| Net Income Growth % | 29.05% | -17.5% | 18.76% | -30.82% | -19.88% | 39.91% | -29.83% | -10.36% | -1.69% | 6.53% | -77.85% | -11.6% | 0.73% | -33.46% | 465% | 59.31% | 18.68% | 76.42% | 50.86% | 30.33% |
| Funds From Operations (FFO) | 817M | 802.62M | 801.43M | 641.63M | 690.51M | 895.5M | 710.66M | 801.47M | 794.15M | 726.82M | 852.05M | 800.16M | 739.36M | 638.9M | 2.99B | 872.56M | 736.07M | 825M | 678.64M | 583.15M |
| FFO Margin % | 67.09% | 66.02% | 65.47% | 53.42% | 58.36% | 76.06% | 59.83% | 68.31% | 68.63% | 62.66% | 74.49% | 71.46% | 67.57% | 58.69% | 274.76% | 84.55% | 75.62% | 89.26% | 75.83% | 70.32% |
| FFO Growth % | 18.32% | -10.37% | 12.77% | -19.94% | -13.05% | 23.21% | -16.59% | 0.16% | 7.41% | 13.76% | -71.5% | -8.3% | 0.45% | -22.56% | 340.55% | 49.63% | 26.93% | 67.45% | 46.51% | 28.86% |
| FFO per Share | 4.64 | 4.56 | 4.56 | 3.65 | 3.92 | 5.09 | 4.04 | 4.55 | 4.50 | 4.14 | 4.84 | 4.54 | 4.20 | 3.63 | 16.96 | 4.95 | 4.17 | 4.69 | 3.86 | 3.32 |
| FFO Payout Ratio % | 70.52% | 71.74% | 143.7% | 89.75% | 83.39% | 64.29% | 80.89% | 71.69% | 72.63% | 79.31% | 67.64% | 72.02% | 77.94% | 62.59% | 90.61% | 45.83% | 54.29% | 48.37% | 58.57% | 67.95% |
| EPS (Diluted) | 2.71 | 2.60 | 2.62 | 1.76 | 2.04 | 3.21 | 2.16 | 2.66 | 2.60 | 2.22 | 3.20 | 3.00 | 2.65 | 2.06 | 15.38 | 3.42 | 2.63 | 3.17 | 2.52 | 1.97 |
| EPS Growth % | 33.1% | -19% | 21.3% | -33.83% | -21.69% | 44.59% | -32.5% | -11.33% | -1.89% | 7.77% | -79.19% | -12.28% | 0.76% | -35.02% | 510.32% | 73.6% | 19% | 89.82% | 78.72% | 39.72% |
| EPS (Basic) | 2.72 | 2.60 | 2.63 | 1.76 | 2.04 | 3.22 | 2.17 | 2.67 | 2.61 | 2.22 | 3.21 | 3.01 | 2.67 | 2.07 | 15.47 | 3.44 | 2.65 | 3.19 | 2.53 | 1.98 |
| Diluted Shares Outstanding | 175.93M | 175.86M | 175.88M | 175.92M | 175.94M | 175.93M | 175.87M | 176.01M | 176.35M | 175.67M | 176.15M | 176.21M | 176.23M | 176.14M | 176.33M | 176.31M | 176.34M | 176.08M | 175.81M | 175.55M |