Extra Space Storage (EXR) financial statements
Extra Space Storage reported revenue of $129M in fiscal 2025, up 14.0% a year over 9 years.
Net income was $974M and the operating margin 1091.1%, against 1150.3% in 2016.
Free cash flow was $1.3B, and the company returned $1.4B in dividends and $150M in net buybacks.
The diluted share count rose 68% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Extra Space Storage's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $40M | $39M | $42M | $50M | $52M | $66M | $84M | $102M | $121M | $129M |
| Cost of revenue | $250M | $272M | $292M | $336M | $361M | $369M | $435M | $612M | $832M | $918M |
| Gross profit | -$210M | -$233M | -$250M | -$286M | -$308M | -$302M | -$351M | -$510M | -$711M | -$789M |
| Selling, general and admin | $82M | $79M | $81M | $89M | $97M | $102M | $129M | $146M | $167M | $186M |
| Operating income | $458M | $654M | $620M | $635M | $666M | $976M | $1.1B | $1.2B | $1.3B | $1.4B |
| Interest expense | $133M | $154M | $178M | $23M | $17M | $166M | $219M | $419M | — | — |
| Pre-tax income | $331M | $503M | $442M | $451M | $509M | $859M | $901M | $817M | $853M | $941M |
| Income tax | $16M | $4M | $9M | $11M | $14M | $20M | $21M | $22M | $33M | $42M |
| Net income | $366M | $479M | $415M | $420M | $482M | $828M | $861M | $803M | $855M | $974M |
| EPS (diluted) | $2.91 | $3.76 | $3.27 | $3.24 | $3.71 | $6.19 | $6.41 | $4.74 | $4.03 | $4.59 |
| Diluted shares | 126M | 134M | 133M | 136M | 130M | 140M | 142M | 169M | 212M | 212M |
| Gross margin | -527.5% | -590.7% | -598.6% | -573.6% | -591.8% | -456.3% | -418.9% | -500.1% | -588.1% | -609.1% |
| Operating margin | 1150.3% | 1661.8% | 1484.1% | 1272.7% | 1277.9% | 1472.8% | 1251.9% | 1147.4% | 1095.0% | 1091.1% |
| Net margin | 918.9% | 1216.4% | 994.5% | 841.8% | 924.2% | 1249.0% | 1025.8% | 787.6% | 707.2% | 752.3% |
Balance sheet
Fiscal years, from Extra Space Storage's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $44M | $56M | $57M | $66M | $109M | $71M | $93M | $99M | $138M | $139M |
| Property, plant and equipment | — | — | — | — | — | $29M | $43M | $49M | $50M | $65M |
| Goodwill | — | — | — | — | — | $0 | $171M | $171M | $171M | $171M |
| Total assets | $7.1B | $7.5B | $7.8B | $8.5B | $9.4B | $10.5B | $12.2B | $27.5B | $28.8B | $29.3B |
| Total liabilities | $4.5B | $4.7B | $5.1B | $5.6B | $6.5B | $6.7B | $8.1B | $12.0B | $14.0B | $14.9B |
| Shareholders' equity | $2.2B | $2.4B | $2.4B | $2.5B | $2.5B | $3.1B | $3.3B | $14.4B | $13.9B | $13.4B |
| Net debt | -$44M | -$56M | -$57M | -$66M | -$109M | -$71M | -$93M | -$99M | -$138M | -$139M |
Cash flow
Fiscal years, from Extra Space Storage's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $539M | $597M | $678M | $708M | $771M | $952M | $1.2B | $1.4B | $1.9B | $1.9B |
| Capital spending | — | — | — | — | — | — | $1.2B | $136M | $479M | $562M |
| Free cash flow | — | — | — | — | — | — | $45M | $1.3B | $1.4B | $1.3B |
| Stock-based compensation | $8M | $10M | $11M | $13M | $16M | $17M | $21M | $26M | $29M | $36M |
| Dividends paid | $368M | $393M | $425M | $458M | $468M | $601M | $805M | $1.0B | $1.4B | $1.4B |
| Share buybacks (net) | — | — | $0 | $0 | -$68M | $0 | -$63M | $0 | $0 | -$150M |
| Net borrowing | -$1.1B | -$1.1B | $303M | $236M | $1.3B | $207M | $980M | $24M | -$39M | -$1.1B |
| Free cash flow margin | — | — | — | — | — | — | 53.5% | 1242.2% | 1165.3% | 995.1% |
| Dividends per share | $2.92 | $2.93 | $3.19 | $3.36 | $3.61 | $4.29 | $5.68 | $6.18 | $6.50 | $6.49 |
Questions
What was Extra Space Storage's revenue in 2025?
$129M in fiscal 2025, from its 10-K filing.
How much free cash flow does Extra Space Storage generate?
$1.3B in fiscal 2025 (operating cash flow minus capital spending).
From Extra Space Storage's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.