Public Storage (PSA) financial statements
Public Storage reported revenue of $4.8B in fiscal 2025, up 7.3% a year over 9 years.
Net income was $1.8B and the operating margin 40.0%, against 53.7% in 2016.
Free cash flow was $3.1B.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Public Storage's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.6B | $2.7B | $2.8B | $2.9B | $2.9B | $3.4B | $4.2B | $4.5B | $4.7B | $4.8B |
| Cost of revenue | $669M | $708M | $740M | — | — | — | — | — | — | — |
| Gross profit | $1.9B | $2.0B | $2.0B | — | — | — | — | — | — | — |
| Selling, general and admin | $84M | $83M | $105M | $62M | $83M | $76M | $72M | $81M | $107M | $107M |
| Operating income | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.6B | $2.0B | $2.1B | $1.9B | $1.9B |
| Interest expense | $4M | $13M | $33M | $46M | $56M | $91M | $136M | $201M | $287M | $304M |
| Pre-tax income | — | — | — | — | — | $2.0B | $4.4B | $2.2B | $2.1B | $1.8B |
| Income tax | $0 | $0 | — | — | — | $12M | $14M | $11M | $5M | -$7M |
| Net income | $1.5B | $1.4B | $1.7B | $1.5B | $1.4B | $2.0B | $4.3B | $2.1B | $2.1B | $1.8B |
| EPS (diluted) | $6.81 | $6.73 | $8.54 | $7.29 | $6.29 | $9.87 | $23.50 | $11.06 | $10.64 | $9.01 |
| Diluted shares | 174M | 174M | 174M | 175M | 175M | 176M | 176M | 176M | 176M | 176M |
| Gross margin | 73.9% | 73.5% | 73.0% | — | — | — | — | — | — | — |
| Operating margin | 53.7% | 53.3% | 50.1% | 49.8% | 46.5% | 46.9% | 47.9% | 46.3% | 40.4% | 40.0% |
| Net margin | 56.8% | 54.0% | 62.0% | 53.3% | 46.6% | 57.2% | 104.0% | 47.6% | 44.1% | 37.0% |
Balance sheet
Fiscal years, from Public 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 | $184M | $433M | $361M | $410M | $258M | $735M | $775M | $370M | $447M | $318M |
| Goodwill | $175M | $175M | $175M | $175M | $166M | $166M | $166M | $166M | $166M | $166M |
| Total assets | $10.1B | $10.7B | $10.9B | $11.4B | $11.8B | $17.4B | $17.6B | $19.8B | $19.8B | $20.2B |
| Total liabilities | $689M | $1.8B | $1.8B | $2.3B | $3.2B | $8.0B | $7.4B | $9.7B | $9.9B | $10.9B |
| Shareholders' equity | $9.4B | $8.9B | $9.1B | $9.1B | $8.6B | $9.3B | $10.1B | $10.0B | $9.7B | $9.2B |
| Net debt | -$184M | -$433M | -$361M | -$410M | -$258M | -$735M | -$775M | -$370M | -$447M | -$318M |
Cash flow
Fiscal years, from Public Storage's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.9B | $2.0B | $2.1B | $2.1B | $2.0B | $2.5B | $3.1B | $3.2B | $3.1B | $3.2B |
| Capital spending | $81M | $122M | $140M | -$17M | -$10M | $30M | $51M | $65M | $54M | $71M |
| Free cash flow | $1.9B | $1.9B | $1.9B | $2.1B | $2.1B | $2.5B | $3.1B | $3.2B | $3.1B | $3.1B |
| Stock-based compensation | $37M | $38M | $70M | $26M | $33M | $60M | $57M | $42M | $45M | $40M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | -$200M | $0 |
| Free cash flow margin | 72.8% | 69.4% | 69.7% | 73.0% | 70.4% | 73.6% | 73.3% | 70.4% | 65.5% | 64.6% |
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Open PSA in InvestinglyQuestions
What was Public Storage's revenue in 2025?
$4.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Public Storage generate?
$3.1B in fiscal 2025 (operating cash flow minus capital spending).
From Public Storage's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.