Public Storage

Real Estate Self-Storage REITs Glendale, California Last filing Feb 12, 2026 · FY2025

                    Revenue
                    FY2025
                
$4.8B
                    3y CAGR +4.9%
                    
                    P30
                    
                    +2.7%
                    
                    Net income
                    FY2025
                
$1.8B
                    Net margin +37.0%
                    
                    P80
                    
                    -13.9%
                    
                    Total assets
                    FY2025
                
$20.2B
                    ROA +8.8%
                    
                    P94
                    
                    +2.3%
                    
                    Operating cash flow
                    FY2025
                
$3.2B
                    
                    +1.9%

19 yrs · FY2007–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 revenue.

Balance Sheet

Assets, liabilities, and equity

19 accounts · 10 years

Total assets $20.2B

Total liabilities $10.9B

Shareholders equity $9.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	6.6%	9.5%	8.2%	18.5%	21.5%	8.8%	14.4%	13.1%	17.2%	7.6%
Other Current Assets	6.3%	6.0%	6.1%	5.5%	6.1%	5.9%	6.1%	4.8%	5.2%	5.1%
Goodwill	3.4%	3.5%	3.7%	4.0%	4.9%	6.0%	6.1%	6.3%	6.9%	7.3%
Intangible Assets	1.4%	2.1%	4.5%	1.1%	3.5%	0.4%	0.4%	0.6%	1.2%	2.2%
Other Noncurrent Assets	6.3%	6.0%	6.1%	5.5%	6.1%	5.9%	6.1%	4.8%	5.2%	5.1%
Total Assets	418.9%	420.7%	438.5%	419.7%	508.8%	405.4%	398.1%	396.0%	427.2%	421.1%
Liabilities
Accrued Liabilities	12.7%	12.5%	13.3%	12.3%	14.1%	13.5%	13.4%	13.5%	13.4%	12.4%
Current Portion of Long Term Debt	212.6%	199.2%	201.5%	164.3%	218.8%	87.3%	66.6%	51.2%	57.0%	16.2%
Total Current Liabilities	225.3%	211.7%	214.8%	176.6%	233.0%	111.1%	80.1%	64.6%	70.4%	28.6%
Long Term Debt	212.6%	199.2%	201.5%	164.3%	218.8%	87.3%	66.6%	51.2%	57.0%	16.2%
Total Liabilities	225.3%	211.7%	214.8%	176.6%	233.0%	111.1%	80.1%	64.6%	70.4%	28.6%
Equity
Preferred Stock	90.2%	92.6%	96.3%	104.0%	120.0%	130.1%	142.4%	145.9%	160.2%	181.5%
Common Stock	0.4%	0.4%	0.4%	0.4%	0.5%	0.6%	0.6%	0.6%	0.7%	0.7%
Additional Paid In Capital	127.4%	130.3%	132.4%	141.0%	170.4%	195.8%	200.0%	207.2%	224.8%	233.2%
Retained Earnings	-25.3%	-14.9%	-5.9%	-2.6%	-16.1%	-31.4%	-23.3%	-20.9%	-26.9%	-20.3%
Accumulated Other Comprehensive Income	-1.0%	-1.5%	-1.5%	-1.9%	-1.6%	-1.5%	-2.3%	-2.3%	-3.0%	-4.0%
Noncontrolling Interest	1.9%	2.2%	2.1%	2.2%	0.6%	0.6%	0.6%	0.9%	1.0%	1.2%
Total Stockholders Equity	191.7%	206.8%	221.6%	240.9%	273.3%	293.6%	317.4%	330.5%	355.8%	391.2%
Total Liabilitiesand Equity	418.9%	420.7%	438.5%	419.7%	508.8%	405.4%	398.1%	396.0%	427.2%	421.1%

Income Statement

Revenue, expense, and profitability

16 accounts · 10 years

Revenue $4.8B

Operating income $1.4B

Net income $1.8B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	60.0%	59.6%	53.7%	52.1%	53.1%	53.5%	50.2%	26.8%	28.2%	27.8%
Expenses Selling,General and Administrative	2.2%	2.3%	1.8%	1.7%	2.2%	2.9%	2.2%	3.8%	3.3%	3.5%
Expenses Depreciation and Amortization	23.9%	24.1%	21.5%	21.2%	20.9%	19.0%	18.0%	17.5%	18.1%	18.0%
Expenses Share Based Compensation	0.8%	1.0%	0.9%	1.4%	1.8%	1.1%	0.9%	2.5%	1.5%	1.6%
Expenses Restructuring and Asset Impairment	0.1%	—	—	—	—	—	—	—	—	—
Expenses Operating Expenses	60.0%	59.6%	53.7%	52.1%	53.1%	53.5%	50.2%	49.9%	50.1%	49.5%
Other Income Expense Interest Expense	6.3%	6.1%	4.5%	3.3%	2.7%	1.9%	1.6%	1.2%	0.5%	0.2%
Other Income Expense Income Before Tax	37.1%	44.5%	48.1%	104.7%	57.7%	—	—	—	—	—
Income Tax Income Tax Expense	-0.1%	0.1%	0.2%	0.3%	0.4%	—	—	—	0.0%	0.0%
net Income net Income	37.0%	44.1%	47.6%	104.0%	57.2%	46.6%	53.3%	62.0%	57.4%	60.4%
net Income Comprehensive Income	37.5%	44.0%	47.8%	103.4%	56.9%	47.3%	53.2%	62.4%	58.2%	59.3%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	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%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	3.6%	3.7%	3.9%	4.2%	5.1%	6.0%	6.1%	6.3%	6.9%	7.2%
Earnings Per Share Weighted Average Shares Diluted	3.6%	3.7%	3.9%	4.2%	5.1%	6.0%	6.1%	6.3%	6.9%	7.2%

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 10 years

Operating cash flow $3.2B

Investing cash flow $-1.7B

Financing cash flow $-1.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	37.0%	44.1%	47.6%	104.0%	57.2%	46.6%	53.3%	62.0%	57.4%	60.4%
Operating Activities Depreciation and Amortization	23.9%	24.1%	21.5%	21.2%	20.9%	19.0%	18.0%	17.5%	18.1%	18.0%
Operating Activities Stock Based Compensation	0.8%	1.0%	0.9%	1.4%	1.8%	1.1%	0.9%	2.5%	1.5%	1.6%
Operating Activities Deferred Income Taxes	-0.1%	0.1%	0.2%	0.3%	0.4%	—	—	—	0.0%	0.0%
Operating Activities Other Non Cash Items	0.1%	0.0%	0.3%	0.4%	0.1%	—	—	—	—	—
Operating Activities net Cash From Operating Activities	66.1%	66.6%	71.9%	74.5%	74.5%	70.1%	72.4%	74.8%	78.5%	80.9%
Investing Activities Business Acquisitions	0.0%	0.0%	48.2%	0.0%	0.0%	—	—	—	—	—
Investing Activities net Cash From Investing Activities	-34.9%	-21.4%	-78.3%	26.8%	-162.9%	-38.3%	-31.4%	-18.7%	-29.3%	-29.1%
Financing Activities Proceeds From Debt	28.1%	24.5%	48.3%	0.0%	147.5%	18.7%	17.4%	—	39.5%	4.7%
Financing Activities Repayment of Debt	13.5%	17.2%	0.2%	12.3%	0.1%	0.1%	0.1%	0.1%	0.1%	1.5%
Financing Activities Repurchase of Common Stock	0.0%	4.3%	0.0%	0.0%	25.6%	52.1%	36.8%	—	36.7%	35.9%
Financing Activities Proceeds From Stock Issuance	0.2%	1.0%	1.2%	0.8%	2.8%	0.4%	1.2%	0.5%	1.7%	1.1%
Financing Activities Tax Withholding On Stock Based Compensation	0.2%	0.3%	0.3%	0.4%	0.4%	0.4%	—	—	—	—
Financing Activities net Cash From Financing Activities	-33.8%	-44.3%	-2.5%	-100.3%	102.4%	-36.9%	-39.3%	-58.7%	-39.5%	-47.8%
Cash Reconciliation net Change In Cash	-2.7%	1.0%	-9.0%	1.0%	14.0%	-5.2%	1.7%	-2.6%	9.7%	4.0%
Cash Reconciliation Cash At Beginning of Period	6.6%	9.5%	8.9%	19.3%	22.3%	9.7%	15.2%	13.9%	18.2%	8.8%
Cash Reconciliation Cash At End of Period	6.6%	9.5%	8.9%	19.3%	22.3%	9.7%	15.2%	13.9%	18.2%	8.8%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+40.0%	+40.4%	+46.3%	+47.9%	+46.9%	+46.5%	+49.8%	+73.2%	+71.8%	+72.2%
Operating margin	—	—	—	—	—	—	—	—	+56.6%	+57.1%
Net margin	+37.0%	+44.1%	+47.6%	+104.0%	+57.2%	+46.6%	+53.3%	+62.0%	+57.4%	+60.4%
FCF margin	—	—	—	—	—	—	+65.9%	+69.7%	+73.7%	+77.5%
Growth
Revenue CAGR (3y)	+4.9%	+11.2%	+15.7%	+13.6%	+7.4%	+5.1%	+5.9%	+7.3%	+7.0%	+9.2%
Returns
ROE	+19.3%	+21.3%	+21.5%	+43.2%	+20.9%	+15.9%	+16.8%	+18.8%	+16.1%	+15.4%
ROA	+8.8%	+10.5%	+10.8%	+24.8%	+11.2%	+11.5%	+13.4%	+15.7%	+13.4%	+14.3%
ROIC	—	—	—	—	—	—	—	—	+12.5%	+13.7%
Liquidity
Current ratio	—	—	—	—	—	—	—	—	—	—
Quick ratio	—	—	—	—	—	—	—	—	—	—
Leverage
D/E	1.18x	1.02x	0.97x	0.73x	0.85x	0.38x	0.25x	0.20x	0.20x	0.07x
Interest coverage	—	—	—	—	—	—	—	—	112.15x	326.48x
Efficiency
Asset turnover	0.24x	0.24x	0.23x	0.24x	0.20x	0.25x	0.25x	0.25x	0.23x	0.24x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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Public Storage

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