Extra Space Storage

Real Estate Self-Storage REITs Salt Lake City, Utah Last filing Feb 20, 2026 · FY2025

                    Revenue
                    FY2025
                
$3.4B
                    3y CAGR +20.6%
                    
                    P93
                    
                    +3.7%
                    
                    Net income
                    FY2025
                
$974.0M
                    Net margin +28.8%
                    
                    P66
                    
                    +14.0%
                    
                    Total assets
                    FY2025
                
$29.3B
                    ROA +3.3%
                    
                    P45
                    
                    +1.4%
                    
                    Operating cash flow
                    FY2025
                
$1.9B
                    FCF margin +23.1%
                    
                    P76
                    
                    -2.0%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

15 accounts · 3 years

Total assets $29.3B

Total liabilities $14.9B

Shareholders equity $13.4B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	0.5%	0.5%	0.4%
Real Estate	87.9%	87.6%	90.3%
Other Noncurrent Assets	11.6%	11.9%	9.4%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Long Term Debt	37.3%	34.5%	33.0%
Other Noncurrent Liabilities	13.7%	14.0%	10.9%
Total Liabilities	51.1%	48.5%	43.9%
Equity
Total Stockholders Equity	45.9%	48.3%	52.4%
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	50.8%	51.4%	53.7%
Retained Earnings	-5.0%	-3.1%	-1.4%
Accumulated Other Comprehensive Income	-0.0%	0.0%	0.1%
Other Equity	3.0%	3.2%	3.7%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

15 accounts · 3 years

Revenue $3.4B

Operating income $1.4B

Net income $974.0M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	11.5%	11.3%	9.3%
Expenses Property Operating Expenses	3.1%	2.9%	2.2%
Expenses Depreciation and Amortization	2.4%	2.7%	1.8%
Expenses Selling,General and Administrative	0.6%	0.6%	0.5%
Expenses Other Operating Expenses	0.5%	0.5%	0.5%
Other Income Expense Operating Income	4.8%	4.6%	4.3%
Other Income Expense Interest Expense	2.2%	2.1%	1.6%
Other Income Expense Other Income/expense	0.6%	0.4%	0.3%
Other Income Expense Income Before Tax	3.2%	3.0%	3.0%
Income Tax Income Tax Expense	0.1%	0.1%	0.1%
net Income Other Items Below Tax	0.3%	0.1%	0.0%
net Income net Income	3.3%	3.0%	2.9%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	0.7%	0.7%	0.6%

Cash Flow Statement

Operating, investing, and financing flows

15 accounts · 3 years

Operating cash flow $1.9B

Investing cash flow $-814.2M

Financing cash flow $-1.0B

Account	2025	2024	2023
CashFlow
Operating Activities net Cash From Operating Activities	6.3%	6.5%	5.1%
Operating Activities net Income	3.5%	3.1%	3.1%
Operating Activities Depreciation and Amortization	2.4%	2.7%	1.8%
Operating Activities Stock Based Compensation	0.1%	0.1%	0.1%
Operating Activities Other Non Cash Items	0.4%	0.7%	0.1%
Investing Activities Capital Expenditures	-3.7%	-2.7%	-5.8%
Investing Activities Other Investing Activities	0.9%	-3.0%	-0.8%
Investing Activities net Cash From Investing Activities	-2.8%	-5.7%	-6.6%
Financing Activities Proceeds From Debt	60.9%	34.6%	31.6%
Financing Activities Repayment of Debt	-58.9%	-30.2%	-25.8%
Financing Activities Dividends Paid	-4.9%	-5.0%	-4.0%
Financing Activities Repurchase of Common Stock	-0.5%	0.0%	0.0%
Financing Activities Other Financing Activities	-0.1%	-0.1%	-0.2%
Financing Activities net Cash From Financing Activities	-3.5%	-0.7%	1.5%
Cash Reconciliation net Change In Cash	-0.0%	0.1%	0.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	—	—	—
Operating margin	+41.8%	+40.6%	+45.7%
Net margin	+28.8%	+26.2%	+31.4%
FCF margin	+23.1%	+34.0%	-7.8%
Growth
Revenue CAGR (3y)	+20.6%	+27.3%	+23.6%
Returns
ROE	+7.3%	+6.1%	+5.6%
ROA	+3.3%	+3.0%	+2.9%
ROIC	+5.6%	+5.4%	+4.9%
Liquidity
Current ratio	—	—	—
Quick ratio	—	—	—
Leverage
D/E	1.11x	1.00x	0.84x
Interest coverage	2.22x	2.22x	2.67x
Efficiency
Asset turnover	0.12x	0.11x	0.09x
Cash conversion cycle	—	—	—

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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