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Public Storage (PSA) Financials

Public Storage logo
$292.16 -10.87 (-3.59%)
Closing price 05/15/2026 03:59 PM Eastern
Extended Trading
$292.20 +0.04 (+0.02%)
As of 05/15/2026 05:09 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Public Storage

Annual Income Statements for Public Storage

This table shows Public 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		 1,053 1,184 1,172 1,489 1,273 1,098 1,732 4,142 1,949 1,873 1,586
Consolidated Net Income / (Loss)		 1,318 1,460 1,448 1,717 1,526 1,361 1,960 4,366 2,160 2,084 1,797
Net Income / (Loss) Continuing Operations		 1,318 1,460 1,448 1,717 1,526 1,361 1,960 4,366 2,160 2,084 1,797
Total Pre-Tax Income 		1,318 1,460 1,448 1,717 1,526 1,281 1,972 4,381 2,171 2,089 1,790
Total Operating Income		 1,232 1,370 1,410 1,382 1,421 1,411 1,693 2,141 2,293 2,186 2,236
Total Gross Profit		 1,746 1,891 1,961 2,002 2,042 2,048 2,495 3,129 3,370 3,438 3,514
Total Revenue		 2,382 2,561 2,669 2,760 2,855 2,915 3,416 4,182 4,518 4,696 4,824
Operating Revenue		 2,236 - 2,669 2,760 2,855 2,915 3,416 4,182 4,518 4,696 4,824
Total Cost of Revenue		 636 669 708 757 813 867 921 1,053 1,148 1,258 1,310
Operating Cost of Revenue		 636 669 708 757 813 867 921 1,053 1,148 1,258 1,310
Total Operating Expenses		 514 521 550 621 621 636 802 989 1,077 1,252 1,278
Selling, General & Admin Expense		 88 84 83 105 62 83 76 72 81 107 107
Depreciation Expense		 426 433 455 484 513 553 713 888 970 1,130 1,152
Other Operating Expenses / (Income)		 - 4.21 13 33 46 - 13 29 26 16 20
Total Other Income / (Expense), net		 86 90 38 336 104 -130 279 2,240 -122 -97 -446
Interest Expense		 0.61 - - - - 56 91 136 201 287 304
Interest & Investment Income		 67 72 94 128 96 22 244 2,276 113 87 73
Other Income / (Expense), net		 19 18 -56 208 8.17 -96 125 100 -34 104 -214
Income Tax Expense		 - - - - - - 12 14 11 4.67 -7.23
Preferred Stock Dividends Declared		 254 265 266 216 243 255 215 194 195 195 195
Net Income / (Loss) Attributable to Noncontrolling Interest		 11 6.86 6.25 6.19 5.12 7.56 6.38 30 12 17 17
Basic Earnings per Share		 $6.10 $6.84 $6.75 $8.56 $7.30 $6.29 $9.91 $23.64 $11.11 $10.68 $9.04
Weighted Average Basic Shares Outstanding		 172.70M 173.09M 173.61M 173.97M 174.29M 174.49M 174.86M 175.26M 175.47M 175.35M 175.45M
Diluted Earnings per Share		 $6.07 $6.81 $6.73 $8.54 $7.29 $6.29 $9.87 $23.50 $11.06 $10.64 $9.01
Weighted Average Diluted Shares Outstanding		 173.51M 173.88M 174.15M 174.30M 174.53M 174.64M 175.57M 176.28M 176.14M 176.04M 175.90M
Weighted Average Basic & Diluted Shares Outstanding		 172.70M 173.09M 173.61M 173.97M 174.29M 174.49M 175.46M 175.76M 175.69M 175.42M 175.51M
Cash Dividends to Common per Share		 $6.50 $7.30 $8.00 $8.00 $8.00 $8.00 $8.00 $21.15 $12.00 $12.00 $12.00

Quarterly Income Statements for Public Storage

This table shows Public 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		 563 390 459 468 381 564 358 309 461 457 477
Consolidated Net Income / (Loss)		 617 442 512 521 433 618 411 361 515 510 529
Net Income / (Loss) Continuing Operations		 617 442 512 521 433 618 411 361 515 510 529
Total Pre-Tax Income 		619 444 513 523 436 617 412 365 518 495 531
Total Operating Income		 590 546 522 559 557 547 464 572 571 557 474
Total Gross Profit		 855 869 833 872 866 867 851 883 893 887 878
Total Revenue		 1,144 1,160 1,157 1,173 1,188 1,177 1,183 1,201 1,224 1,216 1,218
Operating Revenue		 1,144 1,160 1,157 1,173 1,188 1,177 1,183 1,201 1,224 1,216 1,218
Total Cost of Revenue		 289 291 324 301 322 311 332 318 331 329 340
Operating Cost of Revenue		 289 291 324 301 322 311 332 318 331 329 340
Total Operating Expenses		 265 323 310 313 309 320 315 311 322 329 324
Selling, General & Admin Expense		 21 23 21 27 26 33 25 26 29 27 30
Depreciation Expense		 239 288 285 283 280 281 283 283 290 296 291
Other Operating Expenses / (Income)		 5.06 13 3.72 2.91 2.53 6.35 7.42 2.54 2.84 6.75 2.43
Total Other Income / (Expense), net		 29 -101 -9.31 -36 -121 70 -124 -207 -54 -62 -23
Interest Expense		 58 69 68 73 74 72 72 72 80 81 80
Interest & Investment Income		 40 21 20 25 23 19 17 11 25 21 15
Other Income / (Expense), net		 48 -54 38 12 -70 123 -69 -146 1.40 -1.31 42
Income Tax Expense		 2.83 2.36 1.48 2.08 2.49 -1.37 1.43 3.24 2.83 -15 1.57
Preferred Stock Dividends Declared		 49 49 49 49 49 49 49 49 49 49 49
Net Income / (Loss) Attributable to Noncontrolling Interest		 3.35 7.49 3.81 4.17 2.81 2.67 3.00 3.77 3.71 5.38 3.91
Basic Earnings per Share		 $3.21 $2.22 $2.61 $2.67 $2.17 $3.23 $2.04 $1.76 $2.63 $2.61 $2.72
Weighted Average Basic Shares Outstanding		 175.50M 175.47M 175.70M 175.47M 175.04M 175.35M 175.42M 175.44M 175.46M 175.45M 175.52M
Diluted Earnings per Share		 $3.20 $2.21 $2.60 $2.66 $2.16 $3.22 $2.04 $1.76 $2.62 $2.59 $2.71
Weighted Average Diluted Shares Outstanding		 176.15M 176.14M 176.35M 176.01M 175.87M 176.04M 175.94M 175.92M 175.88M 175.90M 175.93M
Weighted Average Basic & Diluted Shares Outstanding		 175.84M 175.69M 175.72M 175.02M 175.11M 175.42M 175.43M 175.45M 175.46M 175.51M 175.55M
Cash Dividends to Common per Share		 $3.00 - $3.00 $3.00 - - $3.00 $3.00 - - $3.00

Annual Cash Flow Statements for Public Storage

This table details how cash moves in and out of Public 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		 -99 97 243 -72 50 -151 479 44 -405 47 -129
Net Cash From Operating Activities		 1,748 1,945 1,973 2,064 2,068 2,043 2,544 3,117 3,247 3,128 3,186
Net Cash From Continuing Operating Activities		 1,748 1,945 1,973 2,064 2,068 2,043 2,544 3,117 3,247 3,128 3,186
Net Income / (Loss) Continuing Operations		 1,318 1,460 1,448 1,717 1,526 1,361 1,960 4,366 2,160 2,084 1,797
Consolidated Net Income / (Loss)		 1,318 1,460 1,448 1,717 1,526 1,361 1,960 4,366 2,160 2,084 1,797
Depreciation Expense		 426 433 455 484 513 553 713 888 970 1,130 1,152
Amortization Expense		 - - - - - - - - 7.97 9.73 10
Non-Cash Adjustments To Reconcile Net Income		 4.58 52 70 -137 29 128 -147 -2,143 77 -68 221
Changes in Operating Assets and Liabilities, net		 - - - - - - 18 6.16 31 -28 6.70
Net Cash From Investing Activities		 -456 -699 -737 -516 -897 -1,118 -5,564 1,120 -3,539 -1,003 -1,685
Net Cash From Continuing Investing Activities		 -456 -699 -737 -516 -897 -1,118 -5,587 1,120 -3,539 -1,003 -1,669
Purchase of Property, Plant & Equipment		 - -498 -406 -340 -285 -189 -5,341 -241 -225 -180 -71
Acquisitions		 - - - - - - 0.00 0.00 -2,291 0.00 0.00
Purchase of Investments		 - - - -181 -438 -792 - -758 -473 -267 -946
Sale and/or Maturity of Investments		 15 1.00 6.10 146 12 26 36 15 51 22 8.15
Other Investing Activities, net		 -228 -202 -337 -141 -187 -162 -282 -532 -601 -576 -660
Net Cash From Financing Activities		 -1,391 -1,149 -992 -1,620 -1,121 -1,076 3,498 -4,193 -113 -2,079 -1,631
Net Cash From Continuing Financing Activities		 -1,391 -1,149 -992 -1,620 -1,121 -1,076 3,498 -4,193 -113 -2,079 -1,631
Repayment of Debt		 - -36 -1.70 -1.78 -1.92 -2.02 -2.22 -513 -17 -809 -652
Repurchase of Common Equity		 - - - - - - - 0.00 0.00 -200 0.00
Payment of Dividends		 -1,378 -1,513 -1,638 -1,620 -1,615 -1,612 -1,596 -3,943 -2,320 -2,317 -2,331
Issuance of Debt		 247 114 992 0.00 497 545 5,039 0.00 2,181 1,151 1,356
Issuance of Common Equity		 31 29 45 14 38 15 98 37 56 111 14
Other Financing Activities, net		 -21 -15 -29 -12 -47 -11 -14 -17 -14 -14 -19
Cash Interest Paid		 - - - - - - 74 128 146 269 273
Cash Income Taxes Paid		 - - - - - - 13 11 11 6.88 6.35

Quarterly Cash Flow Statements for Public Storage

This table details how cash moves in and out of Public 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		 -22 -260 -98 271 26 -152 -160 817 -808 22 -183
Net Cash From Operating Activities		 876 792 666 895 799 769 705 873 875 734 695
Net Cash From Continuing Operating Activities		 876 792 666 895 799 769 705 873 879 734 695
Net Income / (Loss) Continuing Operations		 617 442 512 521 433 618 411 361 515 510 529
Consolidated Net Income / (Loss)		 617 442 512 521 433 618 411 361 515 510 529
Depreciation Expense		 239 288 285 283 280 281 283 283 290 296 291
Amortization Expense		 - - - - - - 2.47 - - 2.76 2.68
Non-Cash Adjustments To Reconcile Net Income		 -45 71 -34 0.93 79 -114 80 160 9.17 -24 -37
Changes in Operating Assets and Liabilities, net		 66 -8.64 -98 90 5.90 -16 -70 68 57 -50 -91
Net Cash From Investing Activities		 -2,501 -490 -187 -191 -213 -412 -287 -338 -696 -364 -147
Net Cash From Continuing Investing Activities		 -2,501 -490 -187 -191 -213 -412 -287 -338 -696 -348 -147
Purchase of Property, Plant & Equipment		 -72 -59 -38 -51 -53 -38 -22 -16 -21 -21 -90
Sale and/or Maturity of Investments		 0.10 48 2.42 13 3.57 2.37 2.60 0.25 1.05 4.25 0.67
Other Investing Activities, net		 -140 -194 -151 -132 -140 -154 -126 -160 -165 -200 -58
Net Cash From Financing Activities		 1,604 -561 -577 -433 -560 -509 -579 283 -987 -348 -731
Net Cash From Continuing Financing Activities		 1,604 -561 -577 -433 -560 -509 -579 283 -987 -348 -731
Repayment of Debt		 -0.03 -0.03 -0.04 -808 -0.03 -0.03 -0.03 -0.03 -400 -251 -504
Payment of Dividends		 -580 -580 -581 -578 -579 -579 -580 -580 -590 -581 -581
Issuance of Debt		 2,181 - - - - - 0.00 - - 490 325
Issuance of Common Equity		 2.95 23 9.13 2.66 21 78 4.34 6.13 2.74 0.80 8.68
Other Financing Activities, net		 -0.64 -3.91 -5.33 -0.29 -1.87 -6.78 -2.77 -9.33 -0.43 -5.98 20
Cash Interest Paid		 20 56 76 56 79 59 83 57 81 52 92
Cash Income Taxes Paid		 2.15 0.22 1.52 4.62 0.43 0.30 0.23 6.14 -0.05 0.49 0.36

Annual Balance Sheets for Public Storage

This table presents Public 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		 9,778 10,130 10,733 10,928 11,365 11,817 17,381 17,552 19,809 19,755 20,209
Total Current Assets		 104 184 433 361 410 258 0.00 775 370 447 318
Cash & Equivalents		 104 184 433 361 410 258 - 775 370 447 318
Plant, Property, & Equipment, net		 8,339 8,692 8,966 9,157 9,666 10,220 15,035 15,665 18,041 18,053 18,610
Plant, Property & Equipment, gross		 13,205 13,963 14,666 15,297 16,289 17,373 22,808 24,219 27,465 28,479 30,078
Accumulated Depreciation		 4,867 5,271 5,700 6,140 6,623 7,152 7,773 8,554 9,424 10,426 11,468
Total Noncurrent Assets		 1,335 1,254 1,334 1,410 1,290 1,338 2,346 1,112 1,398 1,255 1,280
Long-Term Investments		 809 689 724 784 768 773 829 276 390 382 389
Noncurrent Note & Lease Receivables		 - - - - - - - - - 9.98 142
Goodwill		 211 213 215 210 206 205 303 233 387 282 252
Other Noncurrent Operating Assets		 315 352 395 416 316 361 1,215 604 621 580 498
Total Liabilities & Shareholders' Equity		 9,778 10,130 10,733 10,928 11,365 11,817 17,381 17,552 19,809 19,755 20,209
Total Liabilities		 581 689 1,769 1,784 2,286 3,240 7,957 7,386 9,702 9,941 10,867
Total Current Liabilities		 262 298 337 371 383 395 482 515 599 588 613
Accrued Expenses		 262 298 337 371 383 395 482 515 599 588 613
Total Noncurrent Liabilities		 319 391 1,431 1,412 1,902 2,845 7,475 6,871 9,103 9,353 10,254
Long-Term Debt		 319 391 1,431 1,412 1,902 2,545 7,475 6,871 9,103 9,353 10,254
Other Noncurrent Operating Liabilities		 - - - - 0.00 300 - - - - 0.00
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		 9,198 9,442 8,964 9,145 9,080 8,577 9,355 10,167 10,107 9,814 9,342
Total Preferred & Common Equity		 9,171 9,412 8,940 9,119 9,063 8,559 9,335 10,073 10,013 9,713 9,248
Preferred Stock		 4,055 4,368 4,025 4,025 4,065 3,793 4,100 4,350 4,350 4,350 4,350
Total Common Equity		 5,116 5,044 4,915 5,094 4,998 4,766 5,235 5,723 5,663 5,363 4,898
Common Stock		 5,619 5,627 5,666 5,736 5,728 5,725 5,839 5,914 5,998 6,134 6,165
Retained Earnings		 -435 -488 -676 -577 -666 -915 -550 -110 -268 -699 -1,219
Accumulated Other Comprehensive Income / (Loss)		 -69 -95 -75 -64 -65 -43 -54 -80 -67 -72 -48
Noncontrolling Interest		 27 30 24 25 17 18 20 93 94 101 94

Quarterly Balance Sheets for Public Storage

This table presents Public 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		 17,560 19,876 19,809 19,617 19,789 19,803 19,755 19,615 20,541 20,114 19,850
Total Current Assets		 652 630 370 272 542 599 447 287 1,105 296 135
Cash & Equivalents		 652 630 370 272 542 599 447 287 1,105 296 135
Plant, Property, & Equipment, net		 15,714 17,809 18,041 17,927 17,894 17,922 18,053 18,159 18,174 18,512 18,476
Plant, Property & Equipment, gross		 24,681 26,997 27,465 27,598 27,815 28,094 28,479 28,841 29,112 29,711 30,214
Accumulated Depreciation		 8,967 9,188 9,424 9,672 9,921 10,172 10,426 10,682 10,938 11,199 11,737
Total Noncurrent Assets		 1,195 1,437 1,398 1,419 1,353 1,283 1,255 1,170 1,263 1,306 1,240
Long-Term Investments		 277 278 390 389 374 397 382 374 388 384 384
Noncurrent Note & Lease Receivables		 - - - - - - - - - - 143
Goodwill		 212 414 387 351 321 295 282 263 253 270 233
Other Noncurrent Operating Assets		 706 745 621 679 658 590 590 532 622 653 480
Total Liabilities & Shareholders' Equity		 17,560 19,876 19,809 19,617 19,789 19,803 19,755 19,615 20,541 20,114 19,850
Total Liabilities		 7,402 9,674 9,702 9,572 9,985 10,093 9,941 9,945 11,065 10,707 10,531
Total Current Liabilities		 508 644 599 504 585 619 588 521 625 664 498
Accrued Expenses		 508 644 599 504 585 619 588 521 625 664 498
Total Noncurrent Liabilities		 6,894 9,030 9,103 9,068 9,401 9,474 9,353 9,425 10,440 10,043 10,032
Long-Term Debt		 6,894 9,030 9,103 9,068 9,401 9,474 9,353 9,425 10,440 10,043 9,707
Other Noncurrent Operating Liabilities		 - - - - - - - - - - 325
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		 10,159 10,202 10,107 10,045 9,804 9,710 9,814 9,670 9,476 9,407 9,320
Total Preferred & Common Equity		 10,066 10,108 10,013 9,949 9,707 9,610 9,713 9,566 9,372 9,312 9,224
Preferred Stock		 4,350 4,350 4,350 4,350 4,350 4,350 4,350 4,350 4,350 4,350 4,350
Total Common Equity		 5,716 5,758 5,663 5,599 5,357 5,260 5,363 5,216 5,022 4,962 4,874
Common Stock		 5,958 5,969 5,998 6,009 6,024 6,050 6,134 6,142 6,149 6,161 6,203
Retained Earnings		 -167 -131 -268 -336 -593 -737 -699 -867 -1,085 -1,150 -1,269
Accumulated Other Comprehensive Income / (Loss)		 -75 -81 -67 -75 -74 -53 -72 -58 -41 -48 -59
Noncontrolling Interest		 93 94 94 97 96 100 101 104 104 95 95

Annual Metrics And Ratios for Public Storage

This table displays calculated financial ratios and metrics derived from Public 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		 9.39% 7.51% 4.22% 3.41% 3.46% 2.10% 17.18% 22.44% 8.02% 3.94% 2.74%
EBITDA Growth		 12.69% 8.65% -0.73% 14.61% -6.29% -3.83% 35.54% 23.57% 3.20% 5.90% -7.15%
EBIT Growth		 19.03% 11.01% -2.49% 17.37% -10.05% -8.03% 38.31% 23.21% 0.81% 1.37% -11.70%
NOPAT Growth		 16.73% 11.22% 2.93% -2.05% 2.87% -0.71% 19.21% 26.83% 6.91% -4.40% 2.95%
Net Income Growth		 14.59% 10.83% -0.82% 18.55% -11.16% -10.78% 43.96% 122.81% -50.53% -3.50% -13.79%
EPS Growth		 15.62% 12.19% -1.17% 26.89% -14.64% -13.72% 56.92% 138.10% -52.94% -3.80% -15.32%
Operating Cash Flow Growth		 9.03% 11.27% 1.42% 4.60% 0.19% -1.20% 24.51% 22.55% 4.15% -3.65% 1.86%
Free Cash Flow Firm Growth		 320.15% -26.89% 11.64% 6.72% -14.85% 9.34% -482.09% 151.60% -108.22% 1,358.79% -26.21%
Invested Capital Growth		 -1.77% 4.14% 3.11% 1.88% 4.17% 2.92% 59.25% -0.52% 15.41% -0.61% 3.01%
Revenue Q/Q Growth		 2.44% 1.67% 0.79% 0.93% 0.99% 0.79% 0.00% 0.00% 1.60% 0.38% 0.80%
EBITDA Q/Q Growth		 3.00% 3.00% -1.28% 10.69% -8.96% 1.29% 289.78% 260.90% 3.47% 5.28% -2.72%
EBIT Q/Q Growth		 4.43% 3.55% -2.29% 14.31% -12.52% 1.33% 0.00% 0.00% 2.13% 8.44% -5.33%
NOPAT Q/Q Growth		 4.48% 1.81% -0.22% 0.05% -0.09% 3.84% 0.00% 0.00% -2.11% 0.28% 1.20%
Net Income Q/Q Growth		 1.29% 3.58% -1.68% 12.95% -11.63% -2.48% 0.00% 0.00% 1.26% 9.25% -5.68%
EPS Q/Q Growth		 1.68% 4.45% -1.75% 15.25% -13.83% -2.93% 0.00% 0.00% 1.28% 10.49% -6.54%
Operating Cash Flow Q/Q Growth		 -0.79% 1.50% 0.26% 1.07% 0.38% 0.62% 9.29% 0.24% 1.73% -0.73% -1.09%
Free Cash Flow Firm Q/Q Growth		 14.15% 4.23% -6.80% 92.61% -41.97% 33.85% -34.89% 183.61% 32.12% -0.74% 3.48%
Invested Capital Q/Q Growth		 2.51% 2.21% 3.05% -3.16% 4.65% 2.06% 22.93% 1.67% 0.69% 0.82% 0.63%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 73.32% 73.87% 73.47% 72.56% 71.52% 70.24% 73.05% 74.82% 74.59% 73.21% 72.85%
EBITDA Margin		 70.40% 71.15% 67.77% 75.12% 68.03% 64.08% 74.12% 74.81% 71.47% 72.82% 66.00%
Operating Margin		 51.73% 53.52% 52.86% 50.06% 49.78% 48.41% 49.56% 51.19% 50.75% 46.55% 46.35%
EBIT Margin		 52.52% 54.23% 50.74% 57.59% 50.07% 45.10% 53.23% 53.57% 49.99% 48.76% 41.91%
Profit (Net Income) Margin		 55.33% 57.04% 54.28% 62.23% 53.44% 46.70% 57.37% 104.40% 47.81% 44.39% 37.25%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 106.29% 99.37% 99.67% 99.50% 99.78% 100.40%
Interest Burden Percent		 105.35% 105.18% 106.97% 108.06% 106.73% 97.42% 108.45% 195.52% 96.12% 91.25% 88.53%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.63% 0.33% 0.50% 0.22% -0.40%
Return on Invested Capital (ROIC)		 14.19% 15.60% 15.50% 14.82% 14.79% 14.19% 12.86% 13.31% 13.25% 11.86% 12.06%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.44% -1.14% -20.98% 138.95% 35.84% 9.73% 19.66% 49.13% 11.54% 10.71% 7.10%
Return on Net Nonoperating Assets (RNNOA)		 -0.10% 0.07% 0.24% 4.15% 1.95% 1.23% 8.91% 31.26% 8.06% 9.07% 6.70%
Return on Equity (ROE)		 14.09% 15.67% 15.74% 18.97% 16.74% 15.42% 21.77% 44.58% 21.31% 20.93% 18.76%
Cash Return on Invested Capital (CROIC)		 15.98% 11.55% 12.44% 12.95% 10.70% 11.30% -32.85% 13.83% -1.06% 12.47% 9.10%
Operating Return on Assets (OROA)		 12.77% 13.95% 12.98% 14.67% 12.82% 11.34% 12.46% 12.83% 12.09% 11.57% 10.12%
Return on Assets (ROA)		 13.45% 14.67% 13.89% 15.86% 13.69% 11.74% 13.42% 25.00% 11.56% 10.54% 8.99%
Return on Common Equity (ROCE)		 7.74% 8.54% 8.52% 10.48% 9.27% 8.53% 12.10% 24.94% 11.97% 11.58% 10.05%
Return on Equity Simple (ROE_SIMPLE)		 14.37% 15.52% 16.20% 18.83% 16.83% 15.90% 20.99% 43.34% 21.57% 21.46% 0.00%
Net Operating Profit after Tax (NOPAT)		 1,232 1,370 1,410 1,382 1,421 1,411 1,682 2,134 2,281 2,181 2,245
NOPAT Margin		 51.73% 53.52% 52.86% 50.06% 49.78% 48.41% 49.25% 51.02% 50.49% 46.44% 46.54%
Net Nonoperating Expense Percent (NNEP)		 12.75% 16.75% 36.49% -124.13% -21.05% 4.46% -6.80% -35.82% 1.71% 1.14% 4.96%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 12.52% 11.87% 11.38% 11.46%
Cost of Revenue to Revenue		 26.68% 26.13% 26.53% 27.44% 28.48% 29.76% 26.95% 25.18% 25.41% 26.79% 27.15%
SG&A Expenses to Revenue		 3.70% 3.27% 3.11% 3.79% 2.18% 2.85% 2.22% 1.71% 1.78% 2.27% 2.21%
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		 21.59% 20.35% 20.61% 22.50% 21.74% 21.83% 23.49% 23.64% 23.84% 26.66% 26.49%
Earnings before Interest and Taxes (EBIT)		 1,251 1,389 1,354 1,589 1,429 1,315 1,818 2,241 2,259 2,289 2,022
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,677 1,822 1,809 2,073 1,942 1,868 2,532 3,129 3,229 3,419 3,184
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.99 5.66 5.66 5.51 6.13 7.25 11.03 7.92 9.11 9.78 9.30
Price to Tangible Book Value (P/TBV)		 6.25 5.91 5.92 5.75 6.39 7.57 11.71 8.26 9.78 10.32 9.80
Price to Revenue (P/Rev)		 12.86 11.16 10.43 10.17 10.73 11.85 16.91 10.84 11.42 11.17 9.44
Price to Earnings (P/E)		 29.09 24.13 23.76 18.85 24.07 31.46 33.33 10.95 26.46 28.00 28.72
Dividend Yield		 3.67% 4.43% 5.00% 4.97% 4.56% 4.05% 2.43% 8.19% 4.09% 4.01% 4.62%
Earnings Yield		 3.44% 4.14% 4.21% 5.31% 4.15% 3.18% 3.00% 9.13% 3.78% 3.57% 3.48%
Enterprise Value to Invested Capital (EV/IC)		 3.97 3.63 3.48 3.44 3.62 3.95 4.27 3.48 3.49 3.57 3.15
Enterprise Value to Revenue (EV/Rev)		 14.33 12.69 12.05 11.74 12.41 13.68 20.08 13.30 14.25 13.93 12.34
Enterprise Value to EBITDA (EV/EBITDA)		 20.35 17.83 17.78 15.62 18.25 21.35 27.09 17.77 19.93 19.13 18.70
Enterprise Value to EBIT (EV/EBIT)		 27.28 23.40 23.75 20.38 24.80 30.33 37.72 24.82 28.50 28.57 29.44
Enterprise Value to NOPAT (EV/NOPAT)		 27.69 23.71 22.80 23.44 24.94 28.26 40.77 26.06 28.21 29.99 26.51
Enterprise Value to Operating Cash Flow (EV/OCF)		 19.52 16.70 16.30 15.69 17.14 19.52 26.96 17.84 19.82 20.91 18.68
Enterprise Value to Free Cash Flow (EV/FCFF)		 24.60 32.04 28.42 26.81 34.46 35.46 0.00 25.08 0.00 28.51 35.16
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.03 0.04 0.16 0.15 0.21 0.30 0.79 0.68 0.90 0.95 1.10
Long-Term Debt to Equity		 0.03 0.04 0.16 0.15 0.21 0.30 0.79 0.68 0.90 0.95 1.10
Financial Leverage		 -0.07 -0.06 -0.01 0.03 0.05 0.13 0.45 0.64 0.70 0.85 0.94
Leverage Ratio		 1.05 1.07 1.13 1.20 1.22 1.31 1.62 1.78 1.84 1.99 2.09
Compound Leverage Factor		 1.10 1.12 1.21 1.29 1.31 1.28 1.76 3.49 1.77 1.81 1.85
Debt to Total Capital		 3.35% 3.97% 13.77% 13.38% 17.32% 22.88% 44.24% 40.33% 47.39% 48.80% 52.33%
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		 3.35% 3.97% 13.77% 13.38% 17.32% 22.88% 44.24% 40.33% 47.39% 48.80% 52.33%
Preferred Equity to Total Capital		 42.61% 44.42% 38.72% 38.13% 37.01% 34.10% 24.26% 25.53% 22.64% 22.70% 22.20%
Noncontrolling Interests to Total Capital		 0.28% 0.30% 0.23% 0.24% 0.15% 0.16% 0.52% 0.55% 0.49% 0.53% 0.48%
Common Equity to Total Capital		 53.75% 51.30% 47.28% 48.26% 45.51% 42.86% 30.98% 33.59% 29.48% 27.98% 25.00%
Debt to EBITDA		 0.19 0.21 0.79 0.68 0.98 1.36 2.95 2.20 2.82 2.74 3.22
Net Debt to EBITDA		 -0.35 -0.26 0.15 0.13 0.37 0.81 2.63 1.86 2.58 2.49 3.00
Long-Term Debt to EBITDA		 0.19 0.21 0.79 0.68 0.98 1.36 2.95 2.20 2.82 2.74 3.22
Debt to NOPAT		 0.26 0.29 1.01 1.02 1.34 1.80 4.44 3.22 3.99 4.29 4.57
Net Debt to NOPAT		 -0.48 -0.35 0.19 0.19 0.51 1.07 3.95 2.73 3.66 3.91 4.25
Long-Term Debt to NOPAT		 0.26 0.29 1.01 1.02 1.34 1.80 4.44 3.22 3.99 4.29 4.57
Altman Z-Score		 32.24 25.52 10.03 10.10 8.63 6.89 4.82 4.35 3.76 3.73 2.98
Noncontrolling Interest Sharing Ratio		 45.09% 45.49% 45.89% 44.73% 44.62% 44.70% 44.44% 44.06% 43.84% 44.65% 46.43%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.40 0.62 1.29 0.97 1.07 0.65 0.00 1.51 0.62 0.76 0.52
Quick Ratio		 0.40 0.62 1.29 0.97 1.07 0.65 0.00 1.51 0.62 0.76 0.52
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,387 1,014 1,132 1,208 1,028 1,124 -4,296 2,217 -182 2,294 1,693
Operating Cash Flow to CapEx		 720.43% 390.93% 486.08% 606.90% 726.30% 1,078.54% 47.63% 1,293.10% 1,445.75% 1,734.36% 4,493.40%
Free Cash Flow to Firm to Interest Expense		 2,273.35 0.00 0.00 0.00 0.00 19.98 -47.33 16.26 -0.91 7.98 5.56
Operating Cash Flow to Interest Expense		 2,866.03 0.00 0.00 0.00 0.00 36.30 28.02 22.87 16.14 10.88 10.46
Operating Cash Flow Less CapEx to Interest Expense		 2,468.21 0.00 0.00 0.00 0.00 32.93 -30.81 21.10 15.03 10.26 10.23
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.24 0.26 0.26 0.25 0.26 0.25 0.23 0.24 0.24 0.24 0.24
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		 0.28 0.30 0.30 0.30 0.30 0.29 0.27 0.27 0.27 0.26 0.26
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 8,603 8,960 9,238 9,412 9,805 10,091 16,070 15,987 18,450 18,337 18,889
Invested Capital Turnover		 0.27 0.29 0.29 0.30 0.30 0.29 0.26 0.26 0.26 0.26 0.26
Increase / (Decrease) in Invested Capital		 -155 356 279 174 393 287 5,979 -83 2,463 -113 552
Enterprise Value (EV)		 34,118 32,486 32,164 32,383 35,444 39,878 68,584 55,610 64,360 65,409 59,524
Market Capitalization		 30,631 28,571 27,841 28,066 30,637 34,553 57,750 45,347 51,573 52,435 45,533
Book Value per Share		 $29.54 $29.08 $28.24 $29.22 $28.61 $27.26 $29.85 $32.59 $32.21 $30.62 $27.92
Tangible Book Value per Share		 $28.32 $27.86 $27.01 $28.01 $27.43 $26.09 $28.13 $31.26 $30.00 $29.01 $26.48
Total Capital		 9,517 9,832 10,396 10,557 10,982 11,122 16,899 17,038 19,210 19,167 19,596
Total Debt		 319 391 1,431 1,412 1,902 2,545 7,475 6,871 9,103 9,353 10,254
Total Long-Term Debt		 319 391 1,431 1,412 1,902 2,545 7,475 6,871 9,103 9,353 10,254
Net Debt		 -595 -482 274 267 725 1,514 6,647 5,820 8,343 8,523 9,547
Capital Expenditures (CapEx)		 243 498 406 340 285 189 5,341 241 225 180 71
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -262 -298 -337 -371 -383 -395 -482 -515 -599 -588 -613
Debt-free Net Working Capital (DFNWC)		 -157 -114 96 -10 26 -137 -482 261 -229 -141 -295
Net Working Capital (NWC)		 -157 -114 96 -10 26 -137 -482 261 -229 -141 -295
Net Nonoperating Expense (NNE)		 -86 -90 -38 -336 -104 50 -277 -2,233 121 96 448
Net Nonoperating Obligations (NNO)		 -595 -482 274 267 725 1,514 6,647 5,820 8,343 8,523 9,547
Total Depreciation and Amortization (D&A)		 426 433 455 484 513 553 713 888 970 1,130 1,162
Debt-free, Cash-free Net Working Capital to Revenue		 -10.98% -11.64% -12.64% -13.45% -13.42% -13.54% -14.11% -12.31% -13.26% -12.53% -12.70%
Debt-free Net Working Capital to Revenue		 -6.60% -4.46% 3.60% -0.36% 0.93% -4.70% -14.11% 6.23% -5.07% -3.00% -6.11%
Net Working Capital to Revenue		 -6.60% -4.46% 3.60% -0.36% 0.93% -4.70% -14.11% 6.23% -5.07% -3.00% -6.11%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $6.10 $6.84 $6.75 $8.56 $7.30 $0.00 $9.91 $23.64 $11.11 $10.68 $9.04
Adjusted Weighted Average Basic Shares Outstanding		 172.70M 173.09M 173.61M 173.97M 174.29M 174.49M 174.86M 175.26M 175.47M 175.35M 175.45M
Adjusted Diluted Earnings per Share		 $6.07 $6.81 $6.73 $8.54 $7.29 $0.00 $9.87 $23.50 $11.06 $10.64 $9.01
Adjusted Weighted Average Diluted Shares Outstanding		 173.51M 173.88M 174.15M 174.30M 174.53M 174.49M 175.57M 176.28M 176.14M 176.04M 175.90M
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		 173.27M 173.64M 174.22M 174.50M 174.76M 174.49M 175.46M 175.76M 175.69M 175.42M 175.51M
Normalized Net Operating Profit after Tax (NOPAT)		 862 959 987 967 995 988 1,682 2,134 2,281 2,181 1,565
Normalized NOPAT Margin		 36.21% 37.46% 37.00% 35.05% 34.85% 33.89% 49.25% 51.02% 50.49% 46.44% 32.45%
Pre Tax Income Margin		 55.33% 57.04% 54.28% 62.23% 53.44% 43.93% 57.73% 104.74% 48.05% 44.49% 37.10%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2,050.52 0.00 0.00 0.00 0.00 23.36 20.03 16.44 11.23 7.97 6.64
NOPAT to Interest Expense		 2,019.69 0.00 0.00 0.00 0.00 25.07 18.53 15.65 11.34 7.59 7.37
EBIT Less CapEx to Interest Expense		 1,652.70 0.00 0.00 0.00 0.00 19.99 -38.80 14.67 10.11 7.34 6.41
NOPAT Less CapEx to Interest Expense		 1,621.87 0.00 0.00 0.00 0.00 21.71 -40.30 13.88 10.23 6.96 7.14
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 104.60% 103.62% 113.07% 94.32% 105.88% 118.41% 81.42% 90.30% 107.40% 111.18% 129.72%
Augmented Payout Ratio		 104.60% 103.62% 113.07% 94.32% 105.88% 118.41% 81.42% 90.30% 107.40% 120.77% 129.72%

Quarterly Metrics And Ratios for Public Storage

This table displays calculated financial ratios and metrics derived from Public 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		 - - - - - - - - - - 175,506,447.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 175,506,447.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 2.72
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 5.12% 6.55% 5.76% 4.77% 3.84% 1.51% 2.24% 2.38% 3.05% 3.26% 2.92%
EBITDA Growth		 -0.70% 16.12% 11.82% 4.81% -12.51% 22.03% -11.35% -17.10% 12.47% -10.38% 18.98%
EBIT Growth		 -3.65% 10.61% 4.84% -3.70% -23.71% 36.26% -16.68% -25.55% 17.59% -17.00% 30.60%
NOPAT Growth		 4.78% -6.97% -6.72% -5.94% -5.76% 1.00% 2.53% 1.69% 2.58% 4.69% 2.27%
Net Income Growth		 -77.80% 6.50% -1.68% -10.32% -29.76% 39.93% -19.72% -30.66% 18.85% -17.51% 28.87%
EPS Growth		 -79.19% 6.76% -1.89% -11.33% -32.50% 45.70% -21.54% -33.83% 21.30% -19.57% 32.84%
Operating Cash Flow Growth		 -5.54% 7.51% -4.49% 1.46% -8.78% -2.91% 5.93% -2.52% 9.55% -4.56% -1.46%
Free Cash Flow Firm Growth		 3.82% -388.07% -59.54% 89.66% 134.31% 134.43% 146.87% 126.78% -102.10% -96.74% -17.30%
Invested Capital Growth		 16.53% 15.41% 10.15% 13.42% -0.74% -0.61% -0.10% 0.75% 3.20% 3.01% 0.41%
Revenue Q/Q Growth		 2.15% 1.40% -0.23% 1.38% 1.24% -0.87% 0.49% 1.51% 1.91% -0.67% 0.16%
EBITDA Q/Q Growth		 7.50% -11.17% 8.21% 1.07% -10.27% 23.90% -21.10% -5.49% 21.73% -1.01% -5.21%
EBIT Q/Q Growth		 7.50% -22.99% 13.46% 1.94% -14.83% 37.54% -30.22% -8.91% 34.51% -2.91% -7.12%
NOPAT Q/Q Growth		 -0.78% -7.65% -5.00% 6.94% -0.60% -1.03% -2.54% 6.06% 0.27% 1.01% -17.59%
Net Income Q/Q Growth		 6.10% -28.34% 15.80% 1.86% -16.90% 42.76% -33.57% -12.02% 42.43% -0.92% 3.79%
EPS Q/Q Growth		 6.67% -30.94% 17.65% 2.31% -18.80% 49.07% -36.65% -13.73% 48.86% -1.15% 4.63%
Operating Cash Flow Q/Q Growth		 -0.76% -9.59% -15.93% 34.51% -10.78% -3.77% -8.27% 23.78% 0.27% -16.17% -5.29%
Free Cash Flow Firm Q/Q Growth		 87.05% 4.50% 38.39% -36.15% 142.96% -4.17% -16.38% -22.21% -103.37% 248.48% 1,747.43%
Invested Capital Q/Q Growth		 13.64% 0.69% 0.01% -0.89% -0.55% 0.82% 0.53% -0.05% 1.88% 0.63% -2.01%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 74.74% 74.93% 71.96% 74.34% 72.92% 73.61% 71.95% 73.52% 72.97% 72.92% 72.08%
EBITDA Margin		 76.68% 67.17% 73.12% 72.89% 64.60% 80.74% 63.40% 59.02% 70.50% 70.26% 66.49%
Operating Margin		 51.61% 47.04% 45.15% 47.68% 46.89% 46.45% 45.30% 47.59% 46.67% 45.83% 38.95%
EBIT Margin		 55.80% 42.38% 48.47% 48.74% 41.00% 56.89% 39.50% 35.44% 46.78% 45.72% 42.40%
Profit (Net Income) Margin		 53.91% 38.10% 44.22% 44.43% 36.47% 52.52% 34.72% 30.09% 42.06% 41.95% 43.47%
Tax Burden Percent		 99.54% 99.47% 99.71% 99.60% 99.43% 100.22% 99.65% 99.11% 99.45% 102.97% 99.70%
Interest Burden Percent		 97.05% 90.38% 91.49% 91.52% 89.46% 92.12% 88.20% 85.66% 90.39% 89.10% 102.83%
Effective Tax Rate		 0.46% 0.53% 0.29% 0.40% 0.57% -0.22% 0.35% 0.89% 0.55% -2.97% 0.30%
Return on Invested Capital (ROIC)		 13.42% 12.28% 11.72% 12.79% 11.95% 11.88% 11.56% 12.20% 12.02% 12.23% 10.21%
ROIC Less NNEP Spread (ROIC-NNEP)		 13.84% 10.85% 11.59% 12.29% 10.49% 12.72% 10.12% 9.85% 11.42% 11.53% 10.84%
Return on Net Nonoperating Assets (RNNOA)		 9.35% 7.58% 8.63% 8.90% 8.75% 10.77% 8.81% 8.91% 10.66% 10.87% 10.25%
Return on Equity (ROE)		 22.77% 19.86% 20.34% 21.69% 20.70% 22.65% 20.37% 21.11% 22.68% 23.11% 20.47%
Cash Return on Invested Capital (CROIC)		 -1.58% -1.06% 3.08% 0.26% 12.66% 12.47% 12.00% 11.27% 8.85% 9.10% 11.80%
Operating Return on Assets (OROA)		 13.29% 10.25% 11.96% 12.09% 9.67% 13.50% 9.51% 8.35% 11.22% 11.04% 10.44%
Return on Assets (ROA)		 12.84% 9.21% 10.91% 11.02% 8.60% 12.47% 8.36% 7.09% 10.08% 10.13% 10.70%
Return on Common Equity (ROCE)		 12.81% 11.15% 11.38% 12.03% 11.45% 12.54% 11.18% 11.37% 12.13% 12.38% 10.87%
Return on Equity Simple (ROE_SIMPLE)		 21.10% 0.00% 21.63% 21.55% 19.85% 0.00% 20.73% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 588 543 521 557 554 548 534 567 568 574 473
NOPAT Margin		 51.37% 46.79% 45.02% 47.49% 46.63% 46.55% 45.15% 47.17% 46.41% 47.20% 38.83%
Net Nonoperating Expense Percent (NNEP)		 -0.42% 1.42% 0.12% 0.50% 1.45% -0.83% 1.44% 2.35% 0.60% 0.71% -0.63%
Return On Investment Capital (ROIC_SIMPLE)		 - 2.82% - - - 2.86% 2.80% 2.84% 2.92% 2.93% 2.49%
Cost of Revenue to Revenue		 25.26% 25.07% 28.04% 25.66% 27.08% 26.39% 28.05% 26.48% 27.03% 27.08% 27.92%
SG&A Expenses to Revenue		 1.81% 2.00% 1.84% 2.27% 2.21% 2.76% 2.13% 2.14% 2.35% 2.22% 2.49%
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		 23.13% 27.89% 26.81% 26.66% 26.02% 27.16% 26.65% 25.93% 26.31% 27.08% 26.57%
Earnings before Interest and Taxes (EBIT)		 638 492 561 572 487 670 467 426 573 556 516
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 877 779 846 855 767 951 750 709 863 854 810
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 7.73 9.11 9.01 9.44 12.11 9.78 10.06 10.25 10.21 9.30 9.75
Price to Tangible Book Value (P/TBV)		 8.33 9.78 9.61 10.04 12.83 10.32 10.60 10.79 10.80 9.80 10.24
Price to Revenue (P/Rev)		 10.01 11.42 11.01 10.91 13.61 11.17 11.12 10.84 10.59 9.44 9.78
Price to Earnings (P/E)		 23.15 26.46 26.00 26.88 37.51 28.00 29.63 31.93 29.93 28.72 27.90
Dividend Yield		 4.35% 4.09% 4.18% 4.17% 3.30% 4.01% 4.01% 4.09% 4.15% 4.62% 4.43%
Earnings Yield		 4.32% 3.78% 3.85% 3.72% 2.67% 3.57% 3.37% 3.13% 3.34% 3.48% 3.58%
Enterprise Value to Invested Capital (EV/IC)		 3.11 3.49 3.43 3.47 4.21 3.57 3.57 3.52 3.44 3.15 3.31
Enterprise Value to Revenue (EV/Rev)		 12.83 14.25 13.82 13.70 16.38 13.93 13.92 13.66 13.47 12.34 12.59
Enterprise Value to EBITDA (EV/EBITDA)		 18.28 19.93 19.08 18.91 23.59 19.13 19.78 20.42 19.70 18.70 18.47
Enterprise Value to EBIT (EV/EBIT)		 25.80 28.50 27.71 28.06 36.29 28.57 29.93 31.65 30.20 29.44 28.55
Enterprise Value to NOPAT (EV/NOPAT)		 24.48 28.21 28.21 28.74 35.23 29.99 29.95 29.43 29.07 26.51 27.13
Enterprise Value to Operating Cash Flow (EV/OCF)		 17.88 19.82 19.69 19.66 24.31 20.91 20.75 20.63 20.02 18.68 19.26
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 116.61 1,409.36 33.15 28.51 29.70 31.37 39.42 35.16 28.06
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.89 0.90 0.90 0.96 0.98 0.95 0.97 1.10 1.07 1.10 1.04
Long-Term Debt to Equity		 0.89 0.90 0.90 0.96 0.98 0.95 0.97 1.10 1.07 1.10 1.04
Financial Leverage		 0.68 0.70 0.74 0.72 0.83 0.85 0.87 0.90 0.93 0.94 0.95
Leverage Ratio		 1.84 1.84 1.84 1.87 1.99 1.99 1.99 2.09 2.09 2.09 2.08
Compound Leverage Factor		 1.78 1.67 1.68 1.71 1.78 1.83 1.76 1.79 1.89 1.86 2.14
Debt to Total Capital		 46.95% 47.39% 47.44% 48.95% 49.38% 48.80% 49.36% 52.42% 51.63% 52.33% 51.02%
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		 46.95% 47.39% 47.44% 48.95% 49.38% 48.80% 49.36% 52.42% 51.63% 52.33% 51.02%
Preferred Equity to Total Capital		 22.62% 22.64% 22.76% 22.65% 22.68% 22.70% 22.78% 21.84% 22.37% 22.20% 22.86%
Noncontrolling Interests to Total Capital		 0.49% 0.49% 0.51% 0.50% 0.52% 0.53% 0.55% 0.52% 0.49% 0.48% 0.50%
Common Equity to Total Capital		 29.94% 29.48% 29.29% 27.90% 27.42% 27.98% 27.32% 25.22% 25.51% 25.00% 25.62%
Debt to EBITDA		 2.89 2.82 2.73 2.80 2.92 2.74 2.84 3.29 3.07 3.22 2.93
Net Debt to EBITDA		 2.60 2.58 2.53 2.53 2.61 2.49 2.64 2.82 2.86 3.00 2.77
Long-Term Debt to EBITDA		 2.89 2.82 2.73 2.80 2.92 2.74 2.84 3.29 3.07 3.22 2.93
Debt to NOPAT		 3.87 3.99 4.04 4.26 4.36 4.29 4.30 4.74 4.53 4.57 4.31
Net Debt to NOPAT		 3.49 3.66 3.75 3.84 3.90 3.91 3.99 4.06 4.22 4.25 4.08
Long-Term Debt to NOPAT		 3.87 3.99 4.04 4.26 4.36 4.29 4.30 4.74 4.53 4.57 4.31
Altman Z-Score		 3.08 3.47 3.45 3.32 4.05 3.46 3.41 3.04 3.07 2.74 2.93
Noncontrolling Interest Sharing Ratio		 43.73% 43.84% 44.04% 44.53% 44.67% 44.65% 45.15% 46.16% 46.53% 46.43% 46.86%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.98 0.62 0.54 0.93 0.97 0.76 0.55 1.77 0.45 0.52 0.27
Quick Ratio		 0.98 0.62 0.54 0.93 0.97 0.76 0.55 1.77 0.45 0.52 0.27
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -2,011 -1,921 -1,180 -1,606 690 661 553 430 -15 22 398
Operating Cash Flow to CapEx		 1,216.84% 1,332.06% 1,746.76% 1,758.66% 1,508.68% 2,000.94% 5,403.20% 5,455.79% 4,178.84% 3,505.29% 769.56%
Free Cash Flow to Firm to Interest Expense		 -34.47 -28.00 -17.41 -21.93 9.29 9.17 7.68 6.01 -0.18 0.27 4.97
Operating Cash Flow to Interest Expense		 15.01 11.54 9.82 12.22 10.76 10.66 9.79 12.19 10.98 9.04 8.68
Operating Cash Flow Less CapEx to Interest Expense		 13.77 10.67 9.26 11.53 10.04 10.12 9.61 11.96 10.72 8.78 7.55
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.24 0.24 0.25 0.25 0.24 0.24 0.24 0.24 0.24 0.24 0.25
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		 0.27 0.27 0.27 0.28 0.26 0.26 0.26 0.26 0.26 0.26 0.27
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 18,324 18,450 18,452 18,288 18,187 18,337 18,434 18,424 18,770 18,889 18,508
Invested Capital Turnover		 0.26 0.26 0.26 0.27 0.26 0.26 0.26 0.26 0.26 0.26 0.26
Increase / (Decrease) in Invested Capital		 2,599 2,463 1,701 2,163 -136 -113 -19 136 583 552 75
Enterprise Value (EV)		 57,057 64,360 63,300 63,478 76,611 65,409 65,717 64,877 64,487 59,524 61,175
Market Capitalization		 44,491 51,573 50,446 50,547 63,684 52,435 52,500 51,475 50,680 45,533 47,541
Book Value per Share		 $32.75 $32.21 $31.86 $30.49 $30.05 $30.62 $29.74 $28.63 $28.28 $27.92 $27.77
Tangible Book Value per Share		 $30.39 $30.00 $29.86 $28.66 $28.37 $29.01 $28.24 $27.18 $26.75 $26.48 $26.44
Total Capital		 19,232 19,210 19,113 19,204 19,184 19,167 19,095 19,917 19,450 19,596 19,027
Total Debt		 9,030 9,103 9,068 9,401 9,474 9,353 9,425 10,440 10,043 10,254 9,707
Total Long-Term Debt		 9,030 9,103 9,068 9,401 9,474 9,353 9,425 10,440 10,043 10,254 9,707
Net Debt		 8,122 8,343 8,407 8,484 8,477 8,523 8,763 8,948 9,363 9,547 9,189
Capital Expenditures (CapEx)		 72 59 38 51 53 38 13 16 21 21 90
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -644 -599 -504 -585 -619 -588 -521 -625 -664 -613 -498
Debt-free Net Working Capital (DFNWC)		 -14 -229 -233 -42 -20 -141 -233 480 -368 -295 -364
Net Working Capital (NWC)		 -14 -229 -233 -42 -20 -141 -233 480 -368 -295 -364
Net Nonoperating Expense (NNE)		 -29 101 9.28 36 121 -70 123 205 53 64 -56
Net Nonoperating Obligations (NNO)		 8,122 8,343 8,407 8,484 8,477 8,523 8,763 8,948 9,363 9,547 9,189
Total Depreciation and Amortization (D&A)		 239 288 285 283 280 281 283 283 290 298 293
Debt-free, Cash-free Net Working Capital to Revenue		 -14.49% -13.26% -11.01% -12.62% -13.24% -12.53% -11.02% -13.16% -13.88% -12.70% -10.26%
Debt-free Net Working Capital to Revenue		 -0.33% -5.07% -5.08% -0.91% -0.44% -3.00% -4.94% 10.10% -7.69% -6.11% -7.49%
Net Working Capital to Revenue		 -0.33% -5.07% -5.08% -0.91% -0.44% -3.00% -4.94% 10.10% -7.69% -6.11% -7.49%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.21 $2.22 $2.61 $2.67 $2.17 $3.23 $2.04 $1.76 $2.63 $2.61 $2.72
Adjusted Weighted Average Basic Shares Outstanding		 175.50M 175.47M 175.70M 175.47M 175.04M 175.35M 175.42M 175.44M 175.46M 175.45M 175.52M
Adjusted Diluted Earnings per Share		 $3.20 $2.21 $2.60 $2.66 $2.16 $3.22 $2.04 $1.76 $2.62 $2.59 $2.71
Adjusted Weighted Average Diluted Shares Outstanding		 176.15M 176.14M 176.35M 176.01M 175.87M 176.04M 175.94M 175.92M 175.88M 175.90M 175.93M
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		 175.84M 175.69M 175.72M 175.02M 175.11M 175.42M 175.43M 175.45M 175.46M 175.51M 175.55M
Normalized Net Operating Profit after Tax (NOPAT)		 588 543 521 557 554 383 534 567 568 390 473
Normalized NOPAT Margin		 51.37% 46.79% 45.02% 47.49% 46.63% 32.51% 45.15% 47.17% 46.41% 32.08% 38.83%
Pre Tax Income Margin		 54.16% 38.30% 44.35% 44.60% 36.68% 52.40% 34.84% 30.36% 42.29% 40.74% 43.60%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 10.94 7.17 8.28 7.81 6.56 9.29 6.49 5.94 7.19 6.85 6.45
NOPAT to Interest Expense		 10.07 7.91 7.69 7.61 7.46 7.60 7.42 7.91 7.13 7.07 5.91
EBIT Less CapEx to Interest Expense		 9.71 6.30 7.71 7.11 5.85 8.75 6.31 5.72 6.92 6.59 5.32
NOPAT Less CapEx to Interest Expense		 8.84 7.04 7.12 6.91 6.75 7.07 7.24 7.69 6.87 6.81 4.78
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 100.44% 107.40% 107.88% 110.88% 121.50% 111.18% 116.80% 127.17% 122.26% 129.72% 121.70%
Augmented Payout Ratio		 100.44% 107.40% 107.88% 110.88% 121.50% 120.77% 116.80% 127.17% 122.26% 129.72% 121.70%

Financials Breakdown Chart

Key Financial Trends

Public Storage (NYSE: PSA) shows rising revenue and solid cash flow in 2025, alongside a steady dividend, but carries a high and persistent debt load. Below are the key trends drawn from PSA’s quarterly statements over the last four years.

  • Revenue growth: Operating revenue rose to $1,215,792,000 in Q4 2025, up from $1,077,427,000 in Q4 2024 (roughly 13% year-over-year).
  • Robust cash flow from operations: Net cash from continuing operating activities in 2025 was strong, with quarterly figures such as $733,587,000 (Q4 2025), $878,918,000 (Q3 2025), and $872,708,000 (Q2 2025).
  • Steady dividend per share: Quarterly cash dividends per share remained at $3.00 across 2025 (notably in Q1–Q3 data shown), supporting income investors.
  • Operating profitability remains solid: Total Operating Income in 2025 stayed in the mid-$500M range, with $557,234,000 in Q4 2025 and $571,209,000 in Q3 2025.
  • Asset base ticks up modestly: Total assets rose from about $19.75B in Q4 2024 to about $20.11B by Q4 2025.
  • Debt levels remain elevated but stable: Long-term debt hovered around the $10.0B level, rising from about $9.35B (Q4 2024) to about $10.44B (Q2 2025) and roughly $10.04B by Q3–Q4 2025.
  • EPS trends in a narrow band: Diluted earnings per share in 2025 generally ranged in the $2.59–$2.63 area per quarter.
  • Net income to common shareholders declined in Q4 2025: $456,979,000 in Q4 2025 versus $618,361,000 in Q4 2024.
  • Financing activities show cash outflows: Net cash from financing activities in Q4 2025 was negative at $347,643,000, reflecting ongoing dividend and debt-related outlays.
  • Investing activities remain cash‑negative: Net cash from investing activities in Q4 2025 was negative by $364,309,000, indicating continued capital deployment.
05/17/26 06:52 AM ETAI Generated. May Contain Errors.

Public Storage Financials - Frequently Asked Questions

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

Public Storage's net income appears to be on an upward trend, with a most recent value of $1.80 billion in 2025, rising from $1.32 billion in 2015. The previous period was $2.08 billion in 2024. View Public Storage's forecast to see where analysts expect Public Storage to go next.

Public Storage's total operating income in 2025 was $2.24 billion, based on the following breakdown:
  • Total Gross Profit: $3.51 billion
  • Total Operating Expenses: $1.28 billion

Over the last 10 years, Public Storage's total revenue changed from $2.38 billion in 2015 to $4.82 billion in 2025, a change of 102.5%.

Public Storage's total liabilities were at $10.87 billion at the end of 2025, a 9.3% increase from 2024, and a 1,771.7% increase since 2015.

In the past 10 years, Public Storage's cash and equivalents has ranged from $0.00 in 2021 to $775.25 million in 2022, and is currently $318.10 million as of their latest financial filing in 2025.

Over the last 10 years, Public Storage's book value per share changed from 29.54 in 2015 to 27.92 in 2025, a change of -5.5%.


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Financial statements for NYSE:PSA last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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