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%
                    
                    P67
                    
                    +14.0%
                    
                    Total assets
                    FY2025
                
$29.3B
                    ROA +3.3%
                    
                    P45
                    
                    +1.4%
                    
                    Operating cash flow
                    FY2025
                
$1.9B
                    
                    -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

24 accounts · 5 years

Total assets $29.3B

Total liabilities $14.9B

Shareholders equity $13.4B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	0.5%	0.5%	0.4%	0.8%	0.7%
Accounts Receivable	0.5%	0.4%	0.5%	0.7%	—
Other Current Assets	1.8%	1.9%	2.2%	3.4%	1.5%
Property,Plant and Equipment	0.2%	0.2%	0.2%	0.4%	0.0%
Operating Lease Assets	2.5%	2.4%	0.8%	1.8%	2.2%
Goodwill	0.6%	0.6%	0.6%	1.4%	—
Intangible Assets	0.0%	0.1%	0.2%	1.2%	1.2%
Other Noncurrent Assets	1.8%	1.9%	2.2%	3.4%	1.5%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Operating Lease Liabilities	2.6%	2.4%	0.9%	1.9%	2.2%
Other Current Liabilities	1.8%	1.9%	1.4%	2.4%	2.8%
Total Current Liabilities	51.1%	48.5%	43.9%	66.5%	63.9%
Long Term Debt	0.0%	0.0%	0.0%	0.0%	0.0%
Operating Lease Liabilities Noncurrent	2.6%	2.4%	0.9%	1.9%	2.2%
Deferred Tax Liabilities	0.0%	0.2%	0.2%	0.4%	0.4%
Other Noncurrent Liabilities	1.8%	1.9%	1.4%	2.4%	2.8%
Total Liabilities	51.1%	48.5%	43.9%	66.5%	63.9%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	50.8%	51.4%	53.7%	27.5%	31.4%
Retained Earnings	-5.0%	-3.1%	-1.4%	-1.1%	-1.2%
Accumulated Other Comprehensive Income	-0.0%	0.0%	0.1%	0.4%	-0.4%
Total Stockholders Equity	45.9%	48.3%	52.4%	26.8%	29.8%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

17 accounts · 5 years

Revenue $3.4B

Operating income $1.4B

Net income $974.0M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	11.5%	11.3%	9.3%	15.8%	15.1%
Expenses Cost of Revenue	3.1%	2.9%	2.2%	3.6%	3.5%
Expenses Selling,General and Administrative	0.6%	0.6%	0.5%	1.1%	1.0%
Expenses Depreciation and Amortization	2.4%	2.7%	1.8%	2.4%	2.3%
Expenses Share Based Compensation	0.1%	0.1%	0.1%	0.2%	0.2%
Expenses Operating Expenses	6.5%	6.4%	5.1%	7.3%	7.1%
Other Income Expense Operating Income	4.8%	4.6%	4.3%	8.6%	9.3%
Other Income Expense Interest Income	0.6%	0.4%	0.3%	0.6%	0.5%
Other Income Expense Interest Expense	0.0%	0.0%	1.5%	1.8%	1.6%
Other Income Expense Income Before Tax	3.2%	3.0%	3.0%	7.4%	8.2%
Income Tax Income Tax Expense	0.1%	0.1%	0.1%	0.2%	0.2%
net Income net Income	3.3%	3.0%	2.9%	7.1%	7.9%
net Income Comprehensive Income	3.3%	2.9%	2.8%	7.8%	8.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.7%	0.7%	0.6%	1.1%	1.3%
Earnings Per Share Weighted Average Shares Diluted	0.7%	0.7%	0.6%	1.2%	1.3%

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 5 years

Operating cash flow $1.9B

Investing cash flow $-814.2M

Financing cash flow $-1.0B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	3.3%	3.0%	2.9%	7.1%	7.9%
Operating Activities Depreciation and Amortization	2.4%	2.7%	1.8%	2.4%	2.3%
Operating Activities Stock Based Compensation	0.1%	0.1%	0.1%	0.2%	0.2%
Operating Activities Deferred Income Taxes	0.0%	-0.0%	-0.0%	0.0%	0.0%
Operating Activities Changes In Operating Assets and Liabilities	-0.1%	0.2%	-0.0%	0.1%	-0.1%
Operating Activities Other Non Cash Items	-0.1%	0.2%	-0.0%	0.1%	-0.1%
Operating Activities net Cash From Operating Activities	6.3%	6.5%	5.1%	10.2%	9.1%
Investing Activities net Cash From Investing Activities	-2.8%	-5.7%	-6.6%	-13.5%	-8.0%
Financing Activities Proceeds From Debt	55.3%	30.1%	25.9%	42.6%	54.5%
Financing Activities Repayment of Debt	58.9%	30.2%	25.8%	34.6%	52.5%
Financing Activities Repurchase of Common Stock	0.5%	0.0%	0.0%	0.5%	0.0%
Financing Activities Dividends Paid	4.7%	4.8%	3.8%	6.6%	5.7%
Financing Activities net Cash From Financing Activities	-3.5%	-0.7%	1.5%	3.5%	-1.6%
Cash Reconciliation Effect of Exchange Rate On Cash	0.5%	0.5%	0.4%	0.8%	0.7%
Cash Reconciliation net Change In Cash	-0.0%	0.1%	0.0%	0.2%	-0.5%
Cash Reconciliation Cash At Beginning of Period	0.5%	0.5%	0.4%	0.8%	0.7%
Cash Reconciliation Cash At End of Period	0.5%	0.5%	0.4%	0.8%	0.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+72.8%	+74.5%	+76.1%	+77.4%	+76.6%
Operating margin	+41.8%	+40.6%	+45.7%	+54.6%	+61.9%
Net margin	+28.8%	+26.2%	+31.4%	+44.7%	+52.5%
FCF margin	—	—	—	—	—
Growth
Revenue CAGR (3y)	+20.6%	+27.3%	+23.6%	+13.7%	+9.6%
Returns
ROE	+7.3%	+6.1%	+5.6%	+26.4%	+26.6%
ROA	+3.3%	+3.0%	+2.9%	+7.1%	+7.9%
ROIC	+10.2%	+9.2%	+8.0%	+32.4%	+31.3%
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	0.02x	0.02x	0.02x	0.02x	—
Leverage
D/E	1.11x	1.00x	0.84x	2.48x	2.15x
Interest coverage	315.97x	280.25x	2.79x	4.79x	5.87x
Efficiency
Asset turnover	0.12x	0.11x	0.09x	0.16x	0.15x
Cash conversion cycle	—	—	—	—	—

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