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Extra Space Storage (EXR) Financials

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$143.52 +1.27 (+0.89%)
As of 02:03 PM Eastern
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Annual Income Statements for Extra Space Storage

Annual Income Statements for Extra Space Storage

This table shows Extra Space Storage's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 189 366 479 415 420 482 828 861 803 855 974
Consolidated Net Income / (Loss)		 210 397 514 447 451 518 878 921 850 900 1,023
Net Income / (Loss) Continuing Operations		 -224 397 514 447 451 518 872 921 850 887 968
Total Pre-Tax Income 		-213 331 503 442 451 509 859 901 817 853 941
Total Operating Income		 295 458 654 620 635 666 976 1,050 1,170 1,323 1,413
Total Gross Profit		 -132 742 833 905 972 996 1,209 1,489 1,948 2,425 2,459
Total Revenue		 72 992 1,105 1,197 1,308 1,356 1,577 1,924 2,560 3,257 3,378
Operating Revenue		 72 992 1,105 1,197 1,308 1,356 1,577 1,924 2,560 3,257 3,378
Total Cost of Revenue		 204 250 272 292 336 361 369 435 612 832 918
Operating Cost of Revenue		 204 250 272 292 336 361 369 435 612 832 918
Total Operating Expenses		 81 292 179 285 337 329 233 438 778 1,102 1,047
Selling, General & Admin Expense		 68 82 79 81 89 97 102 129 146 167 186
Depreciation Expense		 - 183 193 209 220 224 242 288 506 783 715
Other Operating Expenses / (Income)		 13 16 -94 -5.10 28 8.42 -111 19 126 100 145
Impairment Charge		 - - - - - - - - 0.00 52 0.00
Total Other Income / (Expense), net		 0.15 -119 -152 -178 -184 -157 -116 -150 -353 -471 -472
Interest Expense		 3.31 138 159 183 191 172 166 219 438 595 635
Interest & Investment Income		 3.46 11 6.74 5.29 7.47 15 50 69 85 124 163
Income Tax Expense		 11 16 3.63 9.24 11 14 20 21 22 33 42
Other Gains / (Losses), net		 - 82 15 14 11 22 32 41 55 67 69
Other Adjustments to Consolidated Net Income / (Loss)		 - - - - - - - - - 14 55
Net Income / (Loss) Attributable to Noncontrolling Interest		 20 31 35 32 31 36 50 60 47 46 49
Basic Earnings per Share		 $1.58 $2.92 $3.79 $3.29 $3.27 $3.71 $6.20 $6.41 $4.74 $4.03 $4.59
Weighted Average Basic Shares Outstanding		 119.82M 125.09M 125.97M 126.09M 128.20M 129.54M 133.37M 134.05M 169.22M 211.58M 211.85M
Diluted Earnings per Share		 $1.56 $2.91 $3.76 $3.27 $3.24 $3.71 $6.19 $6.41 $4.74 $4.03 $4.59
Weighted Average Diluted Shares Outstanding		 126.92M 125.95M 134.16M 133.16M 136.43M 129.58M 140.02M 141.68M 169.22M 211.58M 211.85M
Weighted Average Basic & Diluted Shares Outstanding		 119.82M 125.09M 125.97M 126.09M 128.20M 129.54M 133.37M 134.99M 211.57M 212.00M 211.14M
Cash Dividends to Common per Share		 $2.24 $2.93 $3.12 $3.36 $3.56 $0.90 $4.50 $6.00 $6.48 $6.48 $6.48

Quarterly Income Statements for Extra Space Storage

This table shows Extra Space Storage's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 188 216 213 186 193 262 271 250 166 287 241
Consolidated Net Income / (Loss)		 199 227 224 195 203 278 285 263 174 301 252
Net Income / (Loss) Continuing Operations		 199 227 224 195 189 294 285 263 165 256 252
Total Pre-Tax Income 		191 215 216 188 184 265 274 258 161 248 247
Total Operating Income		 300 333 336 305 303 380 389 374 279 371 368
Total Gross Profit		 563 603 595 614 616 601 596 614 623 626 618
Total Revenue		 748 798 800 811 825 822 820 842 858 857 856
Operating Revenue		 748 798 800 811 825 822 820 842 858 857 856
Total Cost of Revenue		 185 195 205 197 209 221 224 228 235 231 238
Operating Cost of Revenue		 185 195 205 197 209 221 224 228 235 231 238
Total Operating Expenses		 263 269 259 309 313 221 208 240 344 255 250
Selling, General & Admin Expense		 37 39 44 40 40 44 46 45 43 52 47
Depreciation Expense		 152 196 197 195 195 196 180 177 177 180 186
Other Operating Expenses / (Income)		 73 34 19 74 26 -19 -19 18 123 -13 18
Total Other Income / (Expense), net		 -109 -118 -120 -117 -119 -115 -115 -116 -118 -123 -120
Interest Expense		 131 140 144 148 154 150 154 158 162 162 160
Interest & Investment Income		 22 22 24 31 35 35 39 42 44 39 40
Income Tax Expense		 6.94 4.32 6.74 9.84 11 6.04 8.99 12 12 8.97 11
Other Gains / (Losses), net		 15 16 15 17 16 - 20 16 16 17 16
Net Income / (Loss) Attributable to Noncontrolling Interest		 11 11 11 9.54 9.74 15 14 13 8.04 13 11
Basic Earnings per Share		 $0.96 $0.82 $1.01 $0.88 $0.91 $1.23 $1.28 $1.18 $0.78 $1.35 $1.14
Weighted Average Basic Shares Outstanding		 195.32M 169.22M 211.28M 211.58M 211.70M 211.58M 211.85M 211.94M 211.96M 211.85M 210.90M
Diluted Earnings per Share		 $0.96 $0.82 $1.01 $0.88 $0.91 $1.23 $1.28 $1.18 $0.78 $1.35 $1.14
Weighted Average Diluted Shares Outstanding		 195.33M 169.22M 220.02M 211.59M 220.30M 211.58M 212.05M 211.94M 221.30M 211.85M 220.32M
Weighted Average Basic & Diluted Shares Outstanding		 211.28M 211.57M 211.73M 211.93M 211.98M 212.00M 212.21M 212.25M 212.25M 211.14M 211.26M
Cash Dividends to Common per Share		 $1.62 - $1.62 $1.62 $1.62 - $1.62 $1.62 $1.62 - $1.62

Annual Cash Flow Statements for Extra Space Storage

This table details how cash moves in and out of Extra Space Storage's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 28 -49 28 -13 -1.96 57 -52 22 7.35 38 -0.12
Net Cash From Operating Activities		 367 539 597 678 708 771 952 1,238 1,402 1,887 1,850
Net Cash From Continuing Operating Activities		 367 539 597 678 708 771 952 1,238 1,402 1,887 1,850
Net Income / (Loss) Continuing Operations		 210 397 514 447 451 518 878 921 850 900 1,023
Consolidated Net Income / (Loss)		 210 397 514 447 451 518 878 921 850 900 1,023
Depreciation Expense		 133 183 193 209 220 224 242 288 506 783 715
Amortization Expense		 8.68 17 17 19 17 13 11 8.77 38 60 59
Non-Cash Adjustments To Reconcile Net Income		 6.23 -66 -99 -13 19 -1.79 -157 -18 11 96 67
Changes in Operating Assets and Liabilities, net		 9.43 8.67 -29 15 0.71 18 -21 38 -2.37 48 -14
Net Cash From Investing Activities		 -1,626 -1,049 -353 -444 -622 -955 -838 -1,648 -1,818 -1,647 -814
Net Cash From Continuing Investing Activities		 -1,626 -1,049 -353 -444 -622 -955 -838 -1,648 -1,818 -1,647 -814
Purchase of Property, Plant & Equipment		 -357 -1,091 -661 -431 -357 -327 -1,237 -1,314 -337 -671 -947
Sale of Property, Plant & Equipment		 0.80 61 312 52 11 107 745 249 170 309 481
Sale and/or Maturity of Investments		 45 60 45 74 158 10 83 284 142 156 538
Other Investing Activities, net		 -110 -23 -49 -140 -433 -445 -428 -710 -1,793 -1,441 -885
Net Cash From Financing Activities		 1,286 461 -216 -247 -88 241 -167 432 423 -202 -1,036
Net Cash From Continuing Financing Activities		 1,286 461 -216 -247 -88 241 -166 432 423 -202 -1,036
Repayment of Debt		 -1,551 -1,162 -1,116 -1,291 -2,012 -2,594 -5,511 -4,217 -7,128 -8,748 -17,281
Repurchase of Common Equity		 - - - 0.00 0.00 -68 0.00 -63 0.00 -0.52 -150
Payment of Dividends		 -294 -399 -425 -458 -492 -501 -640 -863 -1,106 -1,438 -1,437
Issuance of Debt		 2,685 1,900 1,326 1,413 2,214 3,297 5,707 5,584 8,663 9,986 17,833
Issuance of Common Equity		 447 123 0.20 90 199 104 273 0.00 0.00 0.37 0.00
Other Financing Activities, net		 -1.34 -2.01 -1.24 -1.39 3.06 3.76 4.57 -9.12 -5.49 -2.34 -1.45
Cash Interest Paid		 90 122 136 159 174 160 152 197 339 499 565

Quarterly Cash Flow Statements for Extra Space Storage

This table details how cash moves in and out of Extra Space Storage's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 170 -118 -50 26 13 49 -20 5.64 -12 27 0.23
Net Cash From Operating Activities		 408 365 466 545 468 408 481 544 457 368 490
Net Cash From Continuing Operating Activities		 403 365 466 545 468 408 481 544 457 368 490
Net Income / (Loss) Continuing Operations		 199 227 224 195 203 278 285 263 174 301 252
Consolidated Net Income / (Loss)		 199 227 224 195 203 278 285 263 174 301 252
Depreciation Expense		 152 196 197 195 195 196 180 177 177 180 186
Amortization Expense		 12 20 15 15 17 14 14 15 15 16 16
Non-Cash Adjustments To Reconcile Net Income		 -8.04 8.00 6.66 53 55 -28 -24 16 105 -27 6.17
Changes in Operating Assets and Liabilities, net		 48 -87 23 88 -1.49 -52 26 73 -15 -102 30
Net Cash From Investing Activities		 -1,278 -182 -282 -483 -113 -769 -342 -272 -83 -117 -48
Net Cash From Continuing Investing Activities		 -1,278 -182 -282 -483 -113 -769 -342 -272 -83 -117 -48
Purchase of Property, Plant & Equipment		 -74 -130 -98 -69 -210 -294 -213 -260 -130 -344 -77
Sale of Property, Plant & Equipment		 74 33 0.00 - 180 129 151 15 102 214 35
Sale and/or Maturity of Investments		 27 69 12 40 102 -13 40 6.38 92 400 41
Other Investing Activities, net		 -1,306 -154 -196 -453 -185 -591 -320 -34 -146 -386 -47
Net Cash From Financing Activities		 1,040 -300 -233 -36 -343 410 -160 -266 -386 -224 -442
Net Cash From Continuing Financing Activities		 1,040 -300 -233 -36 -343 410 -160 -266 -386 -224 -442
Repayment of Debt		 -1,395 -2,459 -2,153 -1,260 -2,662 -2,672 -4,629 -2,359 -5,823 -4,470 -4,249
Repurchase of Preferred Equity		 - - - - - - 0.00 - - - -6.00
Repurchase of Common Equity		 - - - - -0.03 - 0.00 - - -141 -1.44
Payment of Dividends		 -285 -354 -360 -359 -359 -359 -360 -359 -358 -360 -358
Issuance of Debt		 2,715 2,518 2,279 1,584 2,679 3,444 4,829 2,461 5,796 4,747 4,174
Other Financing Activities, net		 - - - - - - 0.00 - -1.17 - -1.66
Cash Interest Paid		 57 131 108 122 151 118 117 167 150 131 161

Annual Balance Sheets for Extra Space Storage

This table presents Extra Space Storage's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 6,071 7,091 7,461 7,848 8,532 9,396 10,474 12,167 27,456 28,848 29,264
Total Current Assets		 107 58 86 73 71 128 71 93 99 138 139
Cash & Equivalents		 76 44 56 57 66 109 71 93 99 138 139
Plant, Property, & Equipment, net		 0.00 0.00 0.00 7,492 7,697 7,894 0.00 9,998 24,556 24,588 25,004
Total Noncurrent Assets		 5,965 6,954 7,375 283 765 1,374 10,403 2,077 2,801 4,122 4,121
Long-Term Investments		 103 - 76 125 382 991 1,177 1,440 1,976 2,883 2,873
Other Noncurrent Operating Assets		 5,862 6,954 7,299 158 383 383 9,227 636 825 1,239 1,247
Total Liabilities & Shareholders' Equity		 6,071 7,091 7,461 7,848 8,532 9,396 10,474 12,167 27,456 28,848 29,264
Total Liabilities		 3,699 4,495 4,737 5,063 5,611 6,460 6,689 8,089 12,042 13,989 14,940
Total Current Liabilities		 83 101 96 101 111 130 142 172 335 347 358
Accounts Payable		 83 101 96 101 111 130 142 172 335 347 358
Total Noncurrent Liabilities		 740 453 4,641 4,930 5,499 6,330 6,546 7,918 11,708 13,642 14,582
Long-Term Debt		 660 365 4,554 4,781 5,046 3,463 4,637 6,043 9,743 11,311 12,151
Capital Lease Obligations		 - - - 0.00 275 263 - 229 237 706 761
Other Noncurrent Operating Liabilities		 80 88 87 150 178 2,603 1,909 1,646 1,728 1,625 1,670
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,373 2,596 2,724 2,785 2,922 2,936 3,786 4,078 15,414 14,859 14,324
Total Preferred & Common Equity		 2,089 2,245 2,351 2,414 2,540 2,548 3,116 3,260 14,391 13,948 13,433
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 2,089 2,245 2,351 2,414 2,540 2,548 3,116 3,260 14,391 13,948 13,433
Common Stock		 2,433 2,567 2,571 2,642 2,870 3,002 3,287 3,347 14,753 14,834 14,883
Retained Earnings		 -338 -339 -253 -263 -301 -355 -128 -136 -379 -899 -1,449
Accumulated Other Comprehensive Income / (Loss)		 -6.35 17 33 35 -29 -99 -43 49 17 13 -0.42
Noncontrolling Interest		 284 351 373 372 382 388 669 819 1,023 912 891

Quarterly Balance Sheets for Extra Space Storage

This table presents Extra Space Storage's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 12,365 27,626 27,456 27,480 27,762 28,063 28,848 28,994 29,368 29,233 29,099
Total Current Assets		 51 216 99 51 77 89 138 120 125 112 139
Cash & Equivalents		 51 216 99 51 77 89 138 120 125 112 139
Plant, Property, & Equipment, net		 0.00 24,557 24,556 24,495 24,341 24,385 24,588 24,684 25,100 24,927 24,927
Total Noncurrent Assets		 12,315 2,853 2,801 2,935 3,344 3,589 4,122 4,190 4,143 4,194 4,034
Long-Term Investments		 1,639 1,969 1,976 2,125 2,508 2,399 2,883 2,996 2,938 2,915 2,828
Other Noncurrent Operating Assets		 10,676 636 825 810 836 1,190 1,239 1,194 1,205 1,279 1,205
Total Liabilities & Shareholders' Equity		 12,365 27,626 27,456 27,480 27,762 28,063 28,848 28,994 29,368 29,233 29,099
Total Liabilities		 8,330 12,059 12,042 12,191 12,631 13,104 13,989 14,215 14,691 14,737 14,887
Total Current Liabilities		 212 1,053 335 338 382 389 347 359 438 473 375
Accounts Payable		 212 430 335 338 382 389 347 359 438 473 375
Total Noncurrent Liabilities		 8,118 11,006 11,708 11,853 12,249 12,716 13,642 13,856 14,253 14,264 14,512
Long-Term Debt		 6,219 9,053 9,743 9,888 10,229 10,516 11,311 11,543 11,779 11,861 12,094
Capital Lease Obligations		 - 242 237 233 229 706 706 705 743 758 770
Other Noncurrent Operating Liabilities		 1,898 1,711 1,728 1,733 1,791 1,493 1,625 1,609 1,731 1,645 1,648
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 4,035 15,567 15,414 15,289 15,131 14,959 14,859 14,779 14,677 14,496 14,213
Total Preferred & Common Equity		 3,256 14,537 14,391 14,297 14,173 14,011 13,948 13,887 13,791 13,618 13,332
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 3,256 14,537 14,391 14,297 14,173 14,011 13,948 13,887 13,791 13,618 13,332
Common Stock		 3,385 14,745 14,753 14,779 14,813 14,825 14,834 14,853 14,863 14,870 14,885
Retained Earnings		 -176 -253 -379 -510 -668 -818 -899 -973 -1,075 -1,253 -1,552
Accumulated Other Comprehensive Income / (Loss)		 47 45 17 28 27 3.34 13 6.20 3.20 1.34 0.31
Noncontrolling Interest		 780 1,030 1,023 992 958 948 912 892 886 879 880

Annual Metrics And Ratios for Extra Space Storage

This table displays calculated financial ratios and metrics derived from Extra Space Storage's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -88.88% 1,278.16% 11.41% 0.00% 0.00% 0.00% 16.31% 21.99% 33.06% 27.21% 3.70%
EBITDA Growth		 10.78% 52.56% 29.82% 286.02% 243.42% 234.17% 35.94% 9.69% 27.19% 26.41% 0.95%
EBIT Growth		 7.92% 58.41% 40.20% 235.98% 204.48% 198.91% 46.51% 7.63% 11.40% 13.09% 6.75%
NOPAT Growth		 -22.84% 111.55% 48.89% 290.20% 245.52% 237.46% 47.03% 7.67% 11.04% 11.60% 6.20%
Net Income Growth		 6.96% 89.51% 29.50% 0.00% 0.00% 0.00% 69.59% 4.94% -7.68% 5.85% 13.59%
EPS Growth		 1.96% 86.54% 29.21% 0.00% 0.00% 0.00% 66.85% 3.55% -26.05% -14.98% 13.90%
Operating Cash Flow Growth		 8.81% 46.81% 10.78% 0.00% 0.00% 0.00% 23.50% 30.00% 13.27% 34.58% -1.97%
Free Cash Flow Firm Growth		 -336.73% 54.65% 147.41% 1,252.66% -90.75% 237.46% -1,060.16% 90.11% -2,070.72% 105.50% 33.63%
Invested Capital Growth		 38.89% 18.71% 5.19% -100.00% 0.00% 0.00% 0.00% 22.88% 164.47% 2.30% 1.55%
Revenue Q/Q Growth		 -90.02% 302.68% 1.92% 245.37% 304.34% 519.10% 16.31% -35.75% 12.83% 0.75% 1.06%
EBITDA Q/Q Growth		 -2.15% 19.62% 16.39% 164.55% 363.64% 188.08% 89.34% -41.58% 13.02% 1.93% -1.08%
EBIT Q/Q Growth		 -7.31% 27.20% 22.97% 147.19% 292.08% 164.93% 50.43% -54.46% 5.78% 3.65% -0.64%
NOPAT Q/Q Growth		 -33.59% 69.87% 26.89% 166.00% 367.52% 190.24% 109.81% -36.45% 5.93% 3.68% -1.04%
Net Income Q/Q Growth		 -15.26% 24.71% 37.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.94% 5.93% 2.31%
EPS Q/Q Growth		 -17.46% 26.52% 37.73% 0.00% 0.00% 0.00% 0.00% 0.00% -12.87% 11.33% 2.68%
Operating Cash Flow Q/Q Growth		 0.01% 15.42% -0.89% 0.00% 0.00% 0.00% 0.00% 0.00% 5.60% 2.37% -2.14%
Free Cash Flow Firm Q/Q Growth		 -383.65% 63.33% 61.43% 600.65% -91.30% 190.24% -1,470.13% -138.13% 39.88% -11.77% 1.15%
Invested Capital Q/Q Growth		 28.78% 5.70% 5.78% -100.00% 0.00% 0.00% 0.00% 0.00% 0.08% 0.68% 0.57%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 -183.40% 74.79% 75.39% 75.62% 74.32% 73.41% 76.63% 77.38% 76.09% 74.47% 72.82%
EBITDA Margin		 606.90% 67.18% 78.29% 70.84% 66.61% 66.63% 77.88% 70.03% 66.94% 66.52% 64.76%
Operating Margin		 409.41% 46.21% 59.22% 51.79% 48.53% 49.12% 61.87% 54.59% 45.70% 40.63% 41.83%
EBIT Margin		 409.41% 47.06% 59.22% 51.79% 48.53% 49.12% 61.87% 54.59% 45.70% 40.63% 41.83%
Profit (Net Income) Margin		 291.14% 40.03% 46.54% 37.36% 34.48% 38.16% 55.65% 47.87% 33.22% 27.64% 30.27%
Tax Burden Percent		 -98.54% 120.02% 102.33% 101.18% 99.99% 101.68% 102.13% 102.28% 104.07% 105.57% 108.69%
Interest Burden Percent		 -72.16% 70.88% 76.79% 71.30% 71.05% 76.42% 88.07% 85.74% 69.84% 64.44% 66.59%
Effective Tax Rate		 0.00% 4.79% 0.72% 2.09% 2.51% 2.71% 2.36% 2.32% 2.64% 3.93% 4.42%
Return on Invested Capital (ROIC)		 4.21% 7.00% 9.36% 17.05% 0.00% 0.00% 26.56% 12.83% 7.09% 5.39% 5.62%
ROIC Less NNEP Spread (ROIC-NNEP)		 4.33% 5.95% 6.20% 9.78% 0.00% 0.00% 22.13% 10.25% 2.52% 1.00% 2.15%
Return on Net Nonoperating Assets (RNNOA)		 5.57% 8.98% 9.97% 15.78% 0.00% 0.00% 19.81% 10.60% 1.64% 0.56% 1.39%
Return on Equity (ROE)		 9.78% 15.98% 19.33% 32.83% 0.00% 0.00% 46.37% 23.43% 8.73% 5.95% 7.01%
Cash Return on Invested Capital (CROIC)		 -28.35% -10.11% 4.30% 217.05% 0.00% 0.00% -173.44% -7.70% -83.16% 3.11% 4.08%
Operating Return on Assets (OROA)		 5.64% 7.09% 8.99% 16.61% 0.00% 0.00% 18.63% 9.28% 5.91% 4.70% 4.86%
Return on Assets (ROA)		 4.01% 6.03% 7.07% 11.98% 0.00% 0.00% 16.76% 8.14% 4.29% 3.20% 3.52%
Return on Common Equity (ROCE)		 8.74% 13.94% 16.70% 57.42% 0.00% 0.00% 69.37% 18.99% 7.90% 5.57% 6.57%
Return on Equity Simple (ROE_SIMPLE)		 10.03% 17.69% 21.87% 18.52% 17.76% 20.32% 28.16% 28.26% 5.91% 6.45% 0.00%
Net Operating Profit after Tax (NOPAT)		 206 436 650 607 619 648 953 1,026 1,139 1,271 1,350
NOPAT Margin		 286.59% 43.99% 58.79% 50.71% 47.31% 47.79% 60.41% 53.32% 44.50% 39.04% 39.98%
Net Nonoperating Expense Percent (NNEP)		 -0.12% 1.05% 3.16% 7.27% 0.00% 0.00% 4.43% 2.58% 4.57% 4.39% 3.47%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 9.91% 4.49% 4.73% 4.96%
Cost of Revenue to Revenue		 283.40% 25.21% 24.61% 24.38% 25.68% 26.59% 23.37% 22.62% 23.91% 25.53% 27.18%
SG&A Expenses to Revenue		 94.15% 8.25% 7.15% 6.79% 6.83% 7.12% 6.48% 6.72% 5.72% 5.14% 5.52%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 112.25% 29.44% 16.17% 23.83% 25.79% 24.29% 14.76% 22.79% 30.39% 33.84% 30.99%
Earnings before Interest and Taxes (EBIT)		 295 467 654 620 635 666 976 1,050 1,170 1,323 1,413
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 437 666 865 848 872 904 1,228 1,347 1,714 2,167 2,187
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 4.63 5.29 9.00 5.55 2.26 2.27 2.06
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 4.63 5.29 9.00 5.55 2.26 2.27 2.06
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 8.98 9.94 17.79 9.41 12.70 9.74 8.18
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 27.99 27.97 33.91 21.04 40.49 37.10 28.38
Dividend Yield		 3.38% 4.87% 4.45% 4.47% 3.92% 3.45% 2.15% 4.44% 4.21% 4.33% 4.98%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 3.57% 3.57% 2.95% 4.75% 2.47% 2.70% 3.52%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 4.48 2.68 1.78 1.74 1.59
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 8.98 9.94 20.36 12.30 16.19 12.78 11.38
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 13.49 14.91 26.15 17.56 24.18 19.21 17.57
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 18.51 20.23 32.91 22.53 35.42 31.45 27.20
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 18.99 20.80 33.71 23.06 36.38 32.74 28.46
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 16.61 17.48 33.73 19.11 29.55 22.05 20.77
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 18.99 20.80 0.00 0.00 0.00 56.67 39.16
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.28 0.14 1.67 0.00 0.00 0.00 1.22 1.54 0.65 0.81 0.90
Long-Term Debt to Equity		 0.28 0.14 1.67 0.00 0.00 0.00 1.22 1.54 0.65 0.81 0.90
Financial Leverage		 1.29 1.51 1.61 1.61 0.00 0.00 0.90 1.03 0.65 0.56 0.65
Leverage Ratio		 2.44 2.65 2.74 2.74 0.00 0.00 2.77 2.88 2.03 1.86 1.99
Compound Leverage Factor		 -1.76 1.88 2.10 1.95 0.00 0.00 2.44 2.47 1.42 1.20 1.33
Debt to Total Capital		 21.76% 12.33% 62.57% 0.00% 0.00% 0.00% 55.05% 60.60% 39.30% 44.71% 47.41%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 21.76% 12.33% 62.57% 0.00% 0.00% 0.00% 55.05% 60.60% 39.30% 44.71% 47.41%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 9.35% 11.86% 5.13% 0.00% 0.00% 0.00% 7.95% 7.91% 4.03% 3.39% 3.27%
Common Equity to Total Capital		 68.89% 75.81% 32.30% 0.00% 0.00% 0.00% 37.00% 31.49% 56.67% 51.89% 49.32%
Debt to EBITDA		 1.51 0.55 5.26 0.00 0.00 0.00 3.77 4.65 5.82 5.55 5.90
Net Debt to EBITDA		 1.03 0.46 5.08 0.00 0.00 0.00 2.76 3.52 4.61 4.15 4.53
Long-Term Debt to EBITDA		 1.51 0.55 5.26 0.00 0.00 0.00 3.77 4.65 5.82 5.55 5.90
Debt to NOPAT		 3.20 0.84 7.01 0.00 0.00 0.00 4.87 6.11 8.76 9.45 9.56
Net Debt to NOPAT		 2.18 0.70 6.76 0.00 0.00 0.00 3.56 4.62 6.94 7.08 7.33
Long-Term Debt to NOPAT		 3.20 0.84 7.01 0.00 0.00 0.00 4.87 6.11 8.76 9.45 9.56
Altman Z-Score		 0.00 0.00 0.00 0.00 0.00 0.00 2.95 1.76 1.82 1.57 1.31
Noncontrolling Interest Sharing Ratio		 10.69% 12.78% 13.62% -74.92% 0.00% 0.00% -49.61% 18.92% 9.45% 6.39% 6.18%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.29 0.57 0.90 0.90 0.45 0.13 0.50 0.54 0.30 0.40 0.39
Quick Ratio		 0.92 0.43 0.58 0.00 0.00 0.00 0.50 0.54 0.30 0.40 0.39
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,389 -630 299 7,723 619 648 -6,222 -616 -13,362 734 981
Operating Cash Flow to CapEx		 103.04% 52.32% 171.25% 179.20% 204.53% 349.84% 193.50% 116.27% 839.41% 520.69% 396.48%
Free Cash Flow to Firm to Interest Expense		 -419.73 -4.55 1.88 42.17 3.24 3.76 -37.44 -2.81 -30.52 1.23 1.55
Operating Cash Flow to Interest Expense		 110.98 3.89 3.77 3.70 3.70 4.48 5.73 5.65 3.20 3.17 2.91
Operating Cash Flow Less CapEx to Interest Expense		 3.28 -3.55 1.57 1.64 1.89 3.20 2.77 0.79 2.82 2.56 2.18
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.01 0.15 0.15 0.32 0.00 0.00 0.30 0.17 0.13 0.12 0.12
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.15 0.13 0.14
Accounts Payable Turnover		 2.75 2.72 2.75 0.00 0.00 0.00 0.00 2.77 2.42 2.44 2.61
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 132.62 134.38 132.51 0.00 0.00 0.00 0.00 131.62 150.94 149.46 139.95
Cash Conversion Cycle (CCC)		 -132.62 -134.38 -132.51 0.00 0.00 0.00 0.00 -131.62 -150.94 -149.46 -139.95
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,699 6,765 7,116 0.00 0.00 0.00 7,175 8,817 23,318 23,855 24,224
Invested Capital Turnover		 0.01 0.16 0.16 0.34 0.00 0.00 0.44 0.24 0.16 0.14 0.14
Increase / (Decrease) in Invested Capital		 1,596 1,066 351 -7,116 0.00 0.00 7,175 1,642 14,501 537 369
Enterprise Value (EV)		 0.00 0.00 0.00 0.00 11,755 13,477 32,122 23,662 41,449 41,620 38,430
Market Capitalization		 0.00 0.00 0.00 0.00 11,755 13,477 28,063 18,105 32,522 31,713 27,639
Book Value per Share		 $16.92 $17.84 $18.66 $19.08 $19.61 $19.71 $23.28 $24.34 $68.11 $65.80 $63.29
Tangible Book Value per Share		 $16.92 $17.84 $18.66 $19.08 $19.61 $19.71 $23.28 $24.34 $68.11 $65.80 $63.29
Total Capital		 3,032 2,961 7,278 0.00 0.00 0.00 8,423 10,350 25,394 26,877 27,236
Total Debt		 660 365 4,554 0.00 0.00 0.00 4,637 6,272 9,980 12,017 12,912
Total Long-Term Debt		 660 365 4,554 0.00 0.00 0.00 4,637 6,272 9,980 12,017 12,912
Net Debt		 450 307 4,392 0.00 0.00 0.00 3,389 4,739 7,904 8,996 9,900
Capital Expenditures (CapEx)		 356 1,031 349 378 346 220 492 1,065 167 362 467
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -83 -101 -96 -8.31 -87 -821 -142 -172 -335 -347 -358
Debt-free Net Working Capital (DFNWC)		 24 -44 -10 -8.31 -87 -821 -71 -79 -235 -208 -219
Net Working Capital (NWC)		 24 -44 -10 -8.31 -87 -821 -71 -79 -235 -208 -219
Net Nonoperating Expense (NNE)		 -3.28 39 135 160 168 130 75 105 289 371 328
Net Nonoperating Obligations (NNO)		 3,326 4,169 4,392 0.00 0.00 0.00 3,389 4,739 7,904 8,996 9,900
Total Depreciation and Amortization (D&A)		 142 200 211 228 237 238 252 297 544 843 775
Debt-free, Cash-free Net Working Capital to Revenue		 -114.90% -10.22% -8.70% -0.69% -6.67% -60.54% -9.02% -8.92% -13.07% -10.64% -10.59%
Debt-free Net Working Capital to Revenue		 33.13% -4.40% -0.91% -0.69% -6.67% -60.54% -4.51% -4.10% -9.20% -6.40% -6.47%
Net Working Capital to Revenue		 33.13% -4.40% -0.91% -0.69% -6.67% -60.54% -4.51% -4.10% -9.20% -6.40% -6.47%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.58 $2.92 $3.79 $3.29 $0.00 $0.00 $0.00 $6.41 $4.74 $4.03 $4.59
Adjusted Weighted Average Basic Shares Outstanding		 119.82M 125.09M 125.97M 126.09M 128.20M 129.54M 133.37M 134.05M 169.22M 211.58M 211.85M
Adjusted Diluted Earnings per Share		 $1.56 $2.91 $3.76 $3.27 $0.00 $0.00 $0.00 $6.41 $4.74 $4.03 $4.59
Adjusted Weighted Average Diluted Shares Outstanding		 126.92M 125.95M 134.16M 133.16M 128.20M 129.54M 133.37M 141.68M 169.22M 211.58M 211.85M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 125.05M 125.91M 126.04M 127.30M 128.20M 129.54M 133.37M 134.99M 211.57M 212.00M 211.14M
Normalized Net Operating Profit after Tax (NOPAT)		 206 448 650 607 619 648 953 1,028 1,139 1,321 1,350
Normalized NOPAT Margin		 286.59% 45.16% 58.79% 50.71% 47.31% 47.79% 60.41% 53.40% 44.50% 40.56% 39.98%
Pre Tax Income Margin		 -295.44% 33.36% 45.48% 36.93% 34.48% 37.53% 54.49% 46.81% 31.92% 26.18% 27.85%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 89.02 3.37 4.13 3.38 3.32 3.87 5.87 4.79 2.67 2.22 2.22
NOPAT to Interest Expense		 62.31 3.15 4.10 3.31 3.24 3.76 5.73 4.68 2.60 2.14 2.13
EBIT Less CapEx to Interest Expense		 -18.68 -4.07 1.93 1.32 1.51 2.59 2.91 -0.07 2.29 1.61 1.49
NOPAT Less CapEx to Interest Expense		 -45.38 -4.29 1.90 1.25 1.43 2.48 2.77 -0.18 2.22 1.53 1.39
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 140.22% 100.43% 82.65% 102.48% 109.14% 96.87% 72.92% 93.70% 130.06% 159.76% 140.55%
Augmented Payout Ratio		 140.22% 100.43% 82.65% 102.48% 109.14% 109.98% 72.92% 100.54% 130.06% 159.81% 155.18%

Quarterly Metrics And Ratios for Extra Space Storage

This table displays calculated financial ratios and metrics derived from Extra Space Storage's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 211,137,672.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 211,137,672.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.14
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 49.94% 57.44% 58.94% 58.52% 10.26% 3.02% 2.56% 3.82% 4.08% 4.33% 4.39%
EBITDA Growth		 35.18% 56.12% 58.87% 44.71% 10.73% 7.47% 6.52% 10.06% -8.30% -4.09% -2.41%
EBIT Growth		 11.09% 23.70% 27.43% 11.50% 0.98% 13.96% 15.75% 22.71% -7.80% -2.41% -5.45%
NOPAT Growth		 10.27% 24.37% 26.13% 8.79% -1.39% 13.65% 15.56% 23.65% -9.30% -3.75% -6.51%
Net Income Growth		 -15.78% 3.61% 7.28% -9.24% 2.06% 22.16% 27.16% 34.44% -14.25% 8.30% -11.41%
EPS Growth		 -41.82% -46.05% -30.82% -41.33% -5.21% 50.00% 26.73% 34.09% -14.29% 9.76% -10.94%
Operating Cash Flow Growth		 32.77% 25.64% 65.30% 56.73% 14.67% 12.01% 3.40% -0.25% -2.40% -9.92% 1.76%
Free Cash Flow Firm Growth		 -8,883.25% -928.03% -73.30% -70.50% 99.53% 98.83% 97.91% 94.53% -24.63% 93.13% 150.81%
Invested Capital Growth		 0.00% 164.47% 171.88% 168.58% 1.69% 2.30% 2.91% 4.92% 1.66% 1.55% 0.83%
Revenue Q/Q Growth		 46.28% 6.65% 0.22% 1.39% 1.74% -0.35% -0.23% 2.64% 2.00% -0.12% -0.17%
EBITDA Q/Q Growth		 30.77% 18.25% -0.34% -6.09% 0.06% 14.77% -1.23% -2.97% -16.63% 20.07% 0.47%
EBIT Q/Q Growth		 9.68% 11.23% 0.71% -9.25% -0.66% 25.53% 2.29% -3.80% -25.36% 32.87% -0.89%
NOPAT Q/Q Growth		 8.82% 13.12% -0.44% -11.23% -1.37% 30.37% 1.24% -5.02% -27.65% 38.34% -1.66%
Net Income Q/Q Growth		 -7.64% 14.36% -1.47% -12.79% 3.85% 36.88% 2.56% -7.79% -33.76% 72.88% -16.10%
EPS Q/Q Growth		 -36.00% -14.58% 23.17% -12.87% 3.41% 35.16% 4.07% -7.81% -33.90% 73.08% -15.56%
Operating Cash Flow Q/Q Growth		 17.41% -10.75% 27.72% 17.12% -14.10% -12.83% 17.91% 12.97% -15.95% -19.54% 33.19%
Free Cash Flow Firm Q/Q Growth		 -177.25% 38.40% -1.33% 1.48% 99.23% -51.92% -81.16% -158.06% 82.45% 91.62% 1,439.03%
Invested Capital Q/Q Growth		 172.03% 0.08% -0.36% -0.99% 3.00% 0.68% 0.23% 0.94% -0.20% 0.57% -0.47%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 75.24% 75.55% 74.42% 75.71% 74.66% 73.10% 72.73% 72.95% 72.57% 73.01% 72.16%
EBITDA Margin		 62.11% 68.87% 68.48% 63.42% 62.37% 71.84% 71.12% 67.24% 54.96% 66.06% 66.49%
Operating Margin		 40.08% 41.80% 42.00% 37.59% 36.70% 46.24% 47.41% 44.43% 32.51% 43.25% 42.94%
EBIT Margin		 40.08% 41.80% 42.00% 37.59% 36.70% 46.24% 47.41% 44.43% 32.51% 43.25% 42.94%
Profit (Net Income) Margin		 26.58% 28.51% 28.03% 24.11% 24.61% 33.80% 34.75% 31.22% 20.27% 35.09% 29.49%
Tax Burden Percent		 104.25% 105.53% 103.83% 103.94% 110.40% 104.80% 103.99% 101.80% 108.11% 121.45% 102.09%
Interest Burden Percent		 63.63% 64.62% 64.26% 61.69% 60.72% 69.75% 70.48% 69.01% 57.67% 66.80% 67.27%
Effective Tax Rate		 3.64% 2.01% 3.12% 5.24% 5.91% 2.28% 3.28% 4.51% 7.43% 3.62% 4.36%
Return on Invested Capital (ROIC)		 7.52% 6.53% 7.32% 7.12% 4.75% 6.24% 6.37% 5.96% 4.21% 5.86% 5.84%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.19% 4.95% 5.69% 5.62% 3.76% 5.13% 5.31% 4.87% 3.29% 5.26% 4.80%
Return on Net Nonoperating Assets (RNNOA)		 2.05% 3.21% 3.67% 3.64% 2.03% 2.86% 3.01% 2.83% 2.05% 3.40% 3.15%
Return on Equity (ROE)		 9.57% 9.74% 10.98% 10.76% 6.78% 9.10% 9.39% 8.79% 6.26% 9.26% 8.99%
Cash Return on Invested Capital (CROIC)		 -190.77% -83.16% -84.85% -83.68% 3.54% 3.11% 2.74% 1.10% 4.06% 4.08% 4.69%
Operating Return on Assets (OROA)		 4.61% 5.40% 6.06% 5.91% 4.26% 5.35% 5.50% 5.15% 3.79% 5.03% 5.05%
Return on Assets (ROA)		 3.06% 3.68% 4.04% 3.79% 2.86% 3.91% 4.03% 3.62% 2.36% 4.08% 3.47%
Return on Common Equity (ROCE)		 8.67% 8.82% 9.98% 9.78% 6.34% 8.52% 8.80% 8.24% 5.87% 8.69% 8.44%
Return on Equity Simple (ROE_SIMPLE)		 5.80% 0.00% 6.05% 5.97% 6.07% 0.00% 6.92% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 289 327 325 289 285 371 376 357 258 357 352
NOPAT Margin		 38.62% 40.96% 40.69% 35.63% 34.54% 45.19% 45.85% 42.43% 30.10% 41.69% 41.06%
Net Nonoperating Expense Percent (NNEP)		 2.33% 1.57% 1.63% 1.51% 0.99% 1.11% 1.07% 1.09% 0.92% 0.60% 1.04%
Return On Investment Capital (ROIC_SIMPLE)		 - 1.29% - - - 1.38% 1.39% 1.31% 0.95% 1.31% 1.30%
Cost of Revenue to Revenue		 24.76% 24.45% 25.58% 24.29% 25.34% 26.90% 27.27% 27.05% 27.43% 26.99% 27.84%
SG&A Expenses to Revenue		 5.00% 4.94% 5.47% 4.92% 4.82% 5.36% 5.61% 5.34% 5.06% 6.06% 5.43%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 35.17% 33.75% 32.42% 38.12% 37.95% 26.86% 25.33% 28.52% 40.05% 29.75% 29.22%
Earnings before Interest and Taxes (EBIT)		 300 333 336 305 303 380 389 374 279 371 368
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 465 549 548 514 514 590 583 566 472 566 569
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.70 2.26 2.18 2.32 2.73 2.27 2.27 2.27 2.20 2.06 2.08
Price to Tangible Book Value (P/TBV)		 1.70 2.26 2.18 2.32 2.73 2.27 2.27 2.27 2.20 2.06 2.08
Price to Revenue (P/Rev)		 10.86 12.70 10.89 10.43 11.81 9.74 9.61 9.46 8.95 8.18 8.11
Price to Earnings (P/E)		 31.14 40.49 37.93 40.95 47.24 37.10 34.50 32.05 31.52 28.38 29.33
Dividend Yield		 5.45% 4.21% 4.41% 4.17% 3.60% 4.33% 4.36% 4.40% 4.60% 4.98% 4.94%
Earnings Yield		 3.21% 2.47% 2.64% 2.44% 2.12% 2.70% 2.90% 3.12% 3.17% 3.52% 3.41%
Enterprise Value to Invested Capital (EV/IC)		 1.43 1.78 1.72 1.81 2.02 1.74 1.74 1.73 1.68 1.59 1.60
Enterprise Value to Revenue (EV/Rev)		 14.72 16.19 14.02 13.22 14.81 12.78 12.66 12.58 12.08 11.38 11.27
Enterprise Value to EBITDA (EV/EBITDA)		 22.03 24.18 20.89 20.11 22.52 19.21 18.85 18.47 18.26 17.57 17.70
Enterprise Value to EBIT (EV/EBIT)		 30.20 35.42 32.23 32.76 37.49 31.45 30.16 28.80 28.40 27.20 27.64
Enterprise Value to NOPAT (EV/NOPAT)		 31.06 36.38 33.19 33.93 39.04 32.74 31.39 29.95 29.60 28.46 29.02
Enterprise Value to Operating Cash Flow (EV/OCF)		 25.15 29.55 25.24 23.40 25.96 22.05 21.81 21.89 21.36 20.77 20.69
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 57.51 56.67 64.21 160.75 41.62 39.16 34.15
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.64 0.65 0.66 0.69 0.75 0.81 0.83 0.85 0.87 0.90 0.91
Long-Term Debt to Equity		 0.60 0.65 0.66 0.69 0.75 0.81 0.83 0.85 0.87 0.90 0.91
Financial Leverage		 0.39 0.65 0.64 0.65 0.54 0.56 0.57 0.58 0.62 0.65 0.66
Leverage Ratio		 2.01 2.03 2.05 2.09 1.82 1.86 1.88 1.92 1.95 1.99 2.00
Compound Leverage Factor		 1.28 1.31 1.32 1.29 1.11 1.30 1.32 1.32 1.12 1.33 1.35
Debt to Total Capital		 38.92% 39.30% 39.83% 40.87% 42.87% 44.71% 45.32% 46.04% 46.54% 47.41% 47.51%
Short-Term Debt to Total Capital		 2.44% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 36.47% 39.30% 39.83% 40.87% 42.87% 44.71% 45.32% 46.04% 46.54% 47.41% 47.51%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 4.04% 4.03% 3.90% 3.74% 3.62% 3.39% 3.30% 3.26% 3.24% 3.27% 3.25%
Common Equity to Total Capital		 57.04% 56.67% 56.27% 55.39% 53.51% 51.89% 51.38% 50.70% 50.22% 49.32% 49.24%
Debt to EBITDA		 6.54 5.82 5.28 5.04 5.28 5.55 5.56 5.56 5.71 5.90 5.92
Net Debt to EBITDA		 5.10 4.61 4.15 3.79 4.11 4.15 4.15 4.20 4.34 4.53 4.55
Long-Term Debt to EBITDA		 6.13 5.82 5.28 5.04 5.28 5.55 5.56 5.56 5.71 5.90 5.92
Debt to NOPAT		 9.22 8.76 8.39 8.50 9.15 9.45 9.26 9.01 9.25 9.56 9.70
Net Debt to NOPAT		 7.19 6.94 6.59 6.40 7.12 7.08 6.91 6.80 7.03 7.33 7.47
Long-Term Debt to NOPAT		 8.64 8.76 8.39 8.50 9.15 9.45 9.26 9.01 9.25 9.56 9.70
Altman Z-Score		 1.29 1.72 1.64 1.67 1.85 1.46 1.43 1.37 1.29 1.19 1.19
Noncontrolling Interest Sharing Ratio		 9.41% 9.45% 9.17% 9.07% 6.48% 6.39% 6.26% 6.19% 6.20% 6.18% 6.11%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.21 0.30 0.15 0.20 0.23 0.40 0.33 0.29 0.24 0.39 0.37
Quick Ratio		 0.21 0.30 0.15 0.20 0.23 0.40 0.33 0.29 0.24 0.39 0.37
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -23,011 -14,175 -14,363 -14,150 -109 -166 -300 -774 -136 -11 152
Operating Cash Flow to CapEx		 0.00% 378.03% 476.75% 786.46% 1,555.57% 246.84% 772.87% 221.94% 1,587.81% 281.78% 1,169.50%
Free Cash Flow to Firm to Interest Expense		 -175.48 -101.09 -100.03 -95.62 -0.71 -1.11 -1.95 -4.90 -0.84 -0.07 0.95
Operating Cash Flow to Interest Expense		 3.11 2.60 3.24 3.68 3.04 2.73 3.13 3.44 2.83 2.27 3.06
Operating Cash Flow Less CapEx to Interest Expense		 3.12 1.91 2.56 3.22 2.85 1.62 2.73 1.89 2.65 1.47 2.80
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.12 0.13 0.14 0.16 0.12 0.12 0.12 0.12 0.12 0.12 0.12
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.13 0.15 0.00 0.00 0.13 0.13 0.13 0.13 0.14 0.14 0.14
Accounts Payable Turnover		 1.71 2.42 2.71 2.63 1.97 2.44 2.44 2.15 2.11 2.61 2.54
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 213.95 150.94 134.69 138.77 185.53 149.46 149.65 169.80 173.21 139.95 143.66
Cash Conversion Cycle (CCC)		 -213.95 -150.94 -134.69 -138.77 -185.53 -149.46 -149.65 -169.80 -173.21 -139.95 -143.66
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 23,300 23,318 23,234 23,004 23,694 23,855 23,910 24,136 24,088 24,224 24,109
Invested Capital Turnover		 0.19 0.16 0.18 0.20 0.14 0.14 0.14 0.14 0.14 0.14 0.14
Increase / (Decrease) in Invested Capital		 23,300 14,501 14,688 14,439 394 537 676 1,131 394 369 199
Enterprise Value (EV)		 33,403 41,449 40,039 41,736 47,870 41,620 41,503 41,633 40,385 38,430 38,463
Market Capitalization		 24,640 32,522 31,101 32,904 38,187 31,713 31,480 31,288 29,915 27,639 27,686
Book Value per Share		 $68.81 $68.11 $67.57 $66.98 $66.11 $65.80 $65.50 $64.99 $64.16 $63.29 $63.15
Tangible Book Value per Share		 $68.81 $68.11 $67.57 $66.98 $66.11 $65.80 $65.50 $64.99 $64.16 $63.29 $63.15
Total Capital		 25,485 25,394 25,409 25,589 26,181 26,877 27,026 27,199 27,115 27,236 27,076
Total Debt		 9,918 9,980 10,120 10,458 11,223 12,017 12,247 12,522 12,618 12,912 12,864
Total Long-Term Debt		 9,295 9,980 10,120 10,458 11,223 12,017 12,247 12,522 12,618 12,912 12,864
Net Debt		 7,733 7,904 7,945 7,874 8,735 8,996 9,132 9,458 9,591 9,900 9,897
Capital Expenditures (CapEx)		 -0.93 96 98 69 30 165 62 245 29 131 42
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -430 -335 -338 -382 -389 -347 -359 -438 -473 -358 -375
Debt-free Net Working Capital (DFNWC)		 -214 -235 -287 -305 -300 -208 -240 -313 -361 -219 -236
Net Working Capital (NWC)		 -837 -235 -287 -305 -300 -208 -240 -313 -361 -219 -236
Net Nonoperating Expense (NNE)		 90 99 101 93 82 94 91 94 84 57 99
Net Nonoperating Obligations (NNO)		 7,733 7,904 7,945 7,874 8,735 8,996 9,132 9,458 9,591 9,900 9,897
Total Depreciation and Amortization (D&A)		 165 216 212 209 212 210 194 192 193 196 202
Debt-free, Cash-free Net Working Capital to Revenue		 -18.96% -13.07% -11.83% -12.10% -12.03% -10.64% -10.97% -13.24% -14.15% -10.59% -10.98%
Debt-free Net Working Capital to Revenue		 -9.43% -9.20% -10.05% -9.66% -9.27% -6.40% -7.32% -9.46% -10.80% -6.47% -6.91%
Net Working Capital to Revenue		 -36.89% -9.20% -10.05% -9.66% -9.27% -6.40% -7.32% -9.46% -10.80% -6.47% -6.91%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.96 $0.82 $1.01 $0.88 $0.91 $1.23 $1.28 $1.18 $0.78 $1.35 $1.14
Adjusted Weighted Average Basic Shares Outstanding		 195.32M 169.22M 211.28M 211.58M 211.70M 211.58M 211.85M 211.94M 211.96M 211.85M 210.90M
Adjusted Diluted Earnings per Share		 $0.96 $0.82 $1.01 $0.88 $0.91 $1.23 $1.28 $1.18 $0.78 $1.35 $1.14
Adjusted Weighted Average Diluted Shares Outstanding		 195.33M 169.22M 220.02M 211.59M 220.30M 211.58M 212.05M 211.94M 221.30M 211.85M 220.32M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 211.28M 211.57M 211.73M 211.93M 211.98M 212.00M 212.21M 212.25M 212.25M 211.14M 211.26M
Normalized Net Operating Profit after Tax (NOPAT)		 289 327 325 289 334 371 341 357 258 357 352
Normalized NOPAT Margin		 38.62% 40.96% 40.69% 35.63% 40.44% 45.19% 41.63% 42.43% 30.10% 41.69% 41.06%
Pre Tax Income Margin		 25.50% 27.01% 26.99% 23.19% 22.29% 32.25% 33.41% 30.66% 18.75% 28.89% 28.88%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.29 2.38 2.34 2.06 1.97 2.54 2.53 2.37 1.73 2.29 2.30
NOPAT to Interest Expense		 2.20 2.33 2.27 1.95 1.85 2.48 2.45 2.26 1.60 2.21 2.20
EBIT Less CapEx to Interest Expense		 2.29 1.69 1.66 1.59 1.77 1.43 2.12 0.82 1.55 1.49 2.04
NOPAT Less CapEx to Interest Expense		 2.21 1.64 1.59 1.48 1.66 1.38 2.04 0.71 1.42 1.40 1.94
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 114.37% 130.06% 142.37% 160.69% 168.63% 159.76% 149.57% 139.75% 143.66% 140.55% 144.99%
Augmented Payout Ratio		 114.37% 130.06% 142.37% 160.75% 168.69% 159.81% 149.57% 140.59% 144.53% 155.18% 160.24%

Financials Breakdown Chart

Key Financial Trends

Here are notable multi-year trends from Extra Space Storage’s latest four-year quarterly statements. The bullets highlight factors that could influence the stock’s outlook for retail investors.

  • Operating revenue rose from about $506.7 million in Q4 2022 to about $857.5 million in Q4 2025, a gain of roughly 69%.
  • Consolidated net income increased from about $219.5 million in Q4 2022 to about $300.9 million in Q4 2025.
  • Latest quarter (Q4 2025) diluted earnings per share was $1.35, up from $1.23 in Q4 2024, signaling improved profitability per share.
  • Cash flow from continuing operating activities remains robust and positive across quarters, with examples such as about $543.9 million in Q2 2025, $457.1 million in Q3 2025, and $367.8 million in Q4 2025.
  • Cash dividends per share have remained stable at $1.62, supporting steady returns to shareholders.
  • The company continued to fund growth with sizable debt issuances in 2025, including about $4.75 billion in Q4 2025 and about $5.80 billion in Q3 2025, signaling aggressive expansion financing.
  • Long-term debt rose to about $11.86 billion by Q3 2025 (vs. about $11.54 billion in Q1 2025), indicating higher leverage but balanced by a strong equity base around $13.6–$13.8 billion.
  • Plant, Property & Equipment net increased to about $24.93 billion by Q3 2025 (vs. about $24.59 billion in Q4 2024), signaling ongoing expansion and capex activity.
  • Total liabilities rose to roughly $14.74 billion by Q3 2025, with current liabilities around $0.47 billion and total equity around $13.6–$13.8 billion, reflecting a larger balance-sheet footprint.
  • Interest expense rose to about $161.8 million in Q4 2025 from about $149.6 million in Q4 2024, reflecting higher financing costs as debt levels grow.
05/21/26 02:03 PM ETAI Generated. May Contain Errors.

Extra Space Storage Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Extra Space Storage's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Extra Space Storage's net income appears to be on an upward trend, with a most recent value of $1.02 billion in 2025, rising from $209.54 million in 2015. The previous period was $900.23 million in 2024. Find out what analysts predict for Extra Space Storage in the coming months.

Extra Space Storage's total operating income in 2025 was $1.41 billion, based on the following breakdown:
  • Total Gross Profit: $2.46 billion
  • Total Operating Expenses: $1.05 billion

Over the last 10 years, Extra Space Storage's total revenue changed from $71.97 million in 2015 to $3.38 billion in 2025, a change of 4,592.9%.

Extra Space Storage's total liabilities were at $14.94 billion at the end of 2025, a 6.8% increase from 2024, and a 303.9% increase since 2015.

In the past 10 years, Extra Space Storage's cash and equivalents has ranged from $43.86 million in 2016 to $138.92 million in 2025, and is currently $138.92 million as of their latest financial filing in 2025.

Over the last 10 years, Extra Space Storage's book value per share changed from 16.92 in 2015 to 63.29 in 2025, a change of 274.0%.


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Financial statements for NYSE:EXR last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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