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 8 filed · 0 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

19 accounts · 5 years

Total assets $20.2B

Total liabilities $10.9B

Shareholders equity $9.2B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$318.1M -28.9%	$447.4M 20.9%	$370.0M -52.3%	$775.3M 5.5%	$734.6M
Other Current Assets	$303.6M 7.6%	$282.2M 2.6%	$275.1M 19.2%	$230.8M 11.2%	$207.7M
Goodwill	$165.8M 0.0%	$165.8M 0.0%	$165.8M 0.0%	$165.8M 0.0%	$165.8M
Intangible Assets	$66.9M -31.4%	$97.5M -51.9%	$202.6M 323.4%	$47.9M -59.5%	$118.2M
Other Noncurrent Assets	$303.6M 7.6%	$282.2M 2.6%	$275.1M 19.2%	$230.8M 11.2%	$207.7M
Total Assets	$20.2B 2.3%	$19.8B -0.3%	$19.8B 12.9%	$17.6B 1.0%	$17.4B
Liabilities
Accrued Liabilities	$612.9M 4.2%	$588.2M -1.8%	$599.0M 16.4%	$514.7M 6.8%	$482.1M
Current Portion of Long Term Debt	$10.3B 9.6%	$9.4B 2.7%	$9.1B 32.5%	$6.9B -8.1%	$7.5B
Total Current Liabilities	$10.9B 9.3%	$9.9B 2.5%	$9.7B 31.4%	$7.4B -7.2%	$8.0B
Long Term Debt	$10.3B 9.6%	$9.4B 2.7%	$9.1B 32.5%	$6.9B -8.1%	$7.5B
Total Liabilities	$10.9B 9.3%	$9.9B 2.5%	$9.7B 31.4%	$7.4B -7.2%	$8.0B
Equity
Preferred Stock	$4.3B 0.0%	$4.3B 0.0%	$4.3B 0.0%	$4.3B 6.1%	$4.1B
Common Stock	$17.6M 0.1%	$17.5M -0.1%	$17.6M 0.2%	$17.5M 0.1%	$17.5M
Additional Paid In Capital	$6.1B 0.5%	$6.1B 2.3%	$6.0B 1.4%	$5.9B 1.3%	$5.8B
Retained Earnings	$-1.2B -74.4%	$-699.1M -160.9%	$-267.9M -143.0%	$-110.2M 80.0%	$-550.4M
Accumulated Other Comprehensive Income	$-47.8M 33.6%	$-72.0M -7.0%	$-67.2M 16.3%	$-80.3M -49.9%	$-53.6M
Noncontrolling Interest	$93.7M -7.3%	$101.0M 7.8%	$93.8M 0.4%	$93.4M 364.4%	$20.1M
Total Stockholders Equity	$9.2B -4.8%	$9.7B -3.0%	$10.0B -0.6%	$10.1B 7.9%	$9.3B
Total Liabilitiesand Equity	$20.2B 2.3%	$19.8B -0.3%	$19.8B 12.9%	$17.6B 1.0%	$17.4B

Income Statement

Revenue, expense, and profitability

16 accounts · 5 years

Revenue $4.8B

Operating income Not reported

Net income $1.8B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$4.8B 2.7%	$4.7B 3.9%	$4.5B 8.0%	$4.2B 22.4%	$3.4B
Expenses Cost of Revenue	$2.9B 3.4%	$2.8B 15.3%	$2.4B 11.4%	$2.2B 20.1%	$1.8B
Expenses Selling,General and Administrative	$106.7M 0.0%	$106.7M 32.3%	$80.6M 12.5%	$71.7M -5.7%	$76.0M
Expenses Depreciation and Amortization	$1.2B 2.0%	$1.1B 16.5%	$970.1M 9.2%	$888.1M 24.5%	$713.4M
Expenses Share Based Compensation	$39.9M -10.8%	$44.7M 7.7%	$41.6M -26.7%	$56.7M -5.2%	$59.8M
Expenses Restructuring and Asset Impairment	$4.9M	—	—	—	—
Expenses Operating Expenses	$2.9B 3.4%	$2.8B 15.3%	$2.4B 11.4%	$2.2B 20.1%	$1.8B
Other Income Expense Interest Expense	$304.5M 5.9%	$287.4M 42.9%	$201.1M 47.5%	$136.3M 50.2%	$90.8M
Other Income Expense Income Before Tax	$1.8B -14.3%	$2.1B -3.8%	$2.2B -50.4%	$4.4B 122.1%	$2.0B
Income Tax Income Tax Expense	$-7.2M -254.8%	$4.7M -56.9%	$10.8M -24.5%	$14.3M 15.9%	$12.4M
net Income net Income	$1.8B -13.9%	$2.1B -3.6%	$2.1B -50.6%	$4.3B 122.7%	$2.0B
net Income Comprehensive Income	$1.8B -12.5%	$2.1B -4.4%	$2.2B -50.0%	$4.3B 122.5%	$1.9B
Earnings Per Share Basic Eps	$9 -15.4%	$11 -3.9%	$11 -53.0%	$24 138.5%	$10
Earnings Per Share Diluted Eps	$9 -15.3%	$11 -3.8%	$11 -52.9%	$24 138.1%	$10
Earnings Per Share Weighted Average Shares Basic	$175.4M 0.1%	$175.4M -0.1%	$175.5M 0.1%	$175.3M 0.2%	$174.9M
Earnings Per Share Weighted Average Shares Diluted	$175.9M -0.1%	$176.0M -0.1%	$176.1M -0.1%	$176.3M 0.4%	$175.6M

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 5 years

Operating cash flow $3.2B

Investing cash flow $-1.7B

Financing cash flow $-1.6B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$1.8B -13.9%	$2.1B -3.6%	$2.1B -50.6%	$4.3B 122.7%	$2.0B
Operating Activities Depreciation and Amortization	$1.2B 2.0%	$1.1B 16.5%	$970.1M 9.2%	$888.1M 24.5%	$713.4M
Operating Activities Stock Based Compensation	$39.9M -10.8%	$44.7M 7.7%	$41.6M -26.7%	$56.7M -5.2%	$59.8M
Operating Activities Deferred Income Taxes	$-7.2M -254.8%	$4.7M -56.9%	$10.8M -24.5%	$14.3M 15.9%	$12.4M
Operating Activities Other Non Cash Items	$4.9M 191.4%	$1.7M -86.6%	$12.5M -17.6%	$15.2M 211.4%	$4.9M
Operating Activities net Cash From Operating Activities	$3.2B 1.9%	$3.1B -3.6%	$3.2B 4.2%	$3.1B 22.6%	$2.5B
Investing Activities Business Acquisitions	$0	$0 -100.0%	$2.2B	$0	$0
Investing Activities net Cash From Investing Activities	$-1.7B -68.1%	$-1.0B 71.7%	$-3.5B -415.9%	$1.1B 120.1%	$-5.6B
Financing Activities Proceeds From Debt	$1.4B 17.8%	$1.2B -47.2%	$2.2B	$0 -100.0%	$5.0B
Financing Activities Repayment of Debt	$651.5M -19.4%	$808.5M 9689.4%	$8.3M -98.4%	$513.5M 23051.3%	$2.2M
Financing Activities Repurchase of Common Stock	$0 -100.0%	$200.0M	$0	$0 -100.0%	$875.0M
Financing Activities Proceeds From Stock Issuance	$9.4M -80.1%	$47.3M -11.0%	$53.1M 50.6%	$35.3M -63.2%	$95.9M
Financing Activities Tax Withholding On Stock Based Compensation	$8.6M -31.7%	$12.7M -9.2%	$13.9M -17.1%	$16.8M 28.8%	$13.1M
Financing Activities net Cash From Financing Activities	$-1.6B 21.5%	$-2.1B -1740.6%	$-112.9M 97.3%	$-4.2B -219.9%	$3.5B
Cash Reconciliation net Change In Cash	$-129.3M -374.9%	$47.0M 111.6%	$-404.8M -1022.7%	$43.9M -90.8%	$478.7M
Cash Reconciliation Cash At Beginning of Period	$318.1M -28.9%	$447.4M 11.7%	$400.4M -50.3%	$805.2M 5.8%	$761.3M
Cash Reconciliation Cash At End of Period	$318.1M -28.9%	$447.4M 11.7%	$400.4M -50.3%	$805.2M 5.8%	$761.3M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+40.0%	+40.4%	+46.3%	+47.9%	+46.9%
Operating margin	—	—	—	—	—
Net margin	+37.0%	+44.1%	+47.6%	+104.0%	+57.2%
FCF margin	—	—	—	—	—
Growth
Revenue CAGR (3y)	+4.9%	+11.2%	+15.7%	+13.6%	+7.4%
Returns
ROE	+19.3%	+21.3%	+21.5%	+43.2%	+20.9%
ROA	+8.8%	+10.5%	+10.8%	+24.8%	+11.2%
ROIC	—	—	—	—	—
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—
Leverage
D/E	1.18x	1.02x	0.97x	0.73x	0.85x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.24x	0.24x	0.23x	0.24x	0.20x
Cash conversion cycle	—	—	—	—	—

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Public Storage

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