Extra Space Storage Inc. (EXR) Cash Flow Statement
Where EXR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.85B −2.0% vs 2024
- Capital expenditures
- $21.1M 0.6% of revenue
- Free cash flow
- $1.83B 54.2% margin
- Returned to shareholders
- $1.52B 83% of free cash flow
- Change in cash
- −$123,000 cash at year-end $143.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
EXR operating cash flow, capex and free cash flow
EXR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $539.3M2016 | $1.85B2025 | +14.7%/yr | |
| Capital expenditures | $5.0M2016 | $21.1M2025 | +17.5%/yr | |
| Free cash flow | $534.3M2016 | $1.83B2025 | +14.7%/yr | |
| Free cash flow margin | 53.2%2016 | 54.2%2025 | +1.0 pts | |
| Operating cash flow / net income | 1.362016 | 1.812025 | +0.45 | |
| Stock-based compensation | $8.0M2016 | $35.5M2025 | +17.9%/yr | |
| Dividends paid | $367.8M2016 | $1.37B2025 | +15.8%/yr | |
| Share buybacks (net) | $02016 | $149.5M2025 | — | |
| Capex / revenue | 0.5%2016 | 0.6%2025 | +0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EXR cash flow by activity
EXR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
EXR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.02B | $900.2M | $802.0M | $921.2M | $877.8M | $517.6M | $451.1M | $447.1M | $514.2M | $397.1M |
| Depreciation & amortization | $715.2M | $783.0M | $506.1M | $288.3M | $241.9M | $224.4M | $219.9M | $209.1M | $193.3M | $182.6M |
| Stock-based compensation | $35.5M | $22.9M | $26.6M | $21.4M | $17.3M | $16.3M | $13.1M | $11.2M | $9.6M | $8.0M |
| Change in working capital | −$21.2M | $57.8M | −$558,000 | $36.1M | −$22.4M | $17.9M | $707,000 | $15.5M | −$28.9M | $8.7M |
| Other non-cash items | $98.1M | $123.5M | $68.4M | −$28.8M | −$162.1M | −$5.0M | $22.9M | −$5.0M | −$90.8M | −$57.1M |
| Cash from operating activities | $1.85B | $1.89B | $1.40B | $1.24B | $952.4M | $771.2M | $707.7M | $677.8M | $597.4M | $539.3M |
| Investing activities | ||||||||||
| Capital expenditures | −$21.1M | −$20.5M | −$116.2M | −$22.8M | −$3.7M | −$7.1M | −$7.8M | −$4.3M | −$7.8M | −$5.0M |
| Investments (net) | — | −$1.65B | −$2.04B | −$1.65B | −$23.1M | −$540.5M | −$28.1M | −$54.1M | $26.9M | $14.5M |
| Acquisitions & other investing | −$793.1M | $20.5M | $340.2M | $22.8M | −$810.8M | −$407.8M | −$585.7M | −$385.5M | −$388.7M | −$1.04B |
| Cash from investing activities | −$814.2M | −$1.65B | −$1.82B | −$1.65B | −$837.5M | −$955.4M | −$621.6M | −$443.9M | −$369.6M | −$1.03B |
| Financing activities | ||||||||||
| Dividends paid | −$1.37B | −$1.38B | −$1.05B | −$805.3M | −$601.0M | −$467.8M | −$458.1M | −$424.9M | −$393.0M | −$367.8M |
| Share repurchases & issuance (net) | −$149.5M | −$2.0M | −$5.4M | −$67.5M | $5.71B | −$67.9M | $2.22B | $1.41B | $1.5M | $1.90B |
| Net borrowing (repayment) | $584.5M | $1.26B | $1.57B | $1.38B | $206.7M | $1.26B | $202.3M | $202.2M | $1.30B | $760.4M |
| Shares issued | $0 | $365,000 | $0 | $0 | $273.2M | $103.5M | $198.8M | $90.2M | $0 | $0 |
| Other financing | −$96.8M | −$87.2M | −$99.2M | −$71.7M | −$5.76B | −$588.6M | −$2.25B | −$1.53B | −$1.12B | −$1.83B |
| Cash from financing activities | −$1.04B | −$202.3M | $423.1M | $431.9M | −$166.7M | $241.5M | −$88.0M | −$247.3M | −$216.0M | $460.8M |
| Summary | ||||||||||
| Net change in cash | −$123,000 | $38.2M | $6.2M | $21.5M | −$51.8M | $57.3M | −$2.0M | −$13.4M | $11.8M | −$31.9M |
| Cash at end of period | $143.2M | $143.3M | $99.1M | $97.7M | $76.2M | $128.0M | $70.7M | $72.7M | $55.7M | $43.9M |
| Free cash flow | $1.83B | $1.87B | $1.29B | $1.22B | $948.8M | $764.1M | $699.9M | $673.5M | $589.6M | $534.3M |
| Free cash flow margin | 54.2% | 55.9% | 49.2% | 61.8% | 58.9% | 55.4% | 53.0% | 55.6% | 52.6% | 53.2% |
| Capex / revenue | 0.6% | 0.6% | 4.4% | 1.2% | 0.2% | 0.5% | 0.6% | 0.4% | 0.7% | 0.5% |
| Operating cash flow / net income | 1.81 | 2.10 | 1.75 | 1.34 | 1.09 | 1.49 | 1.57 | 1.52 | 1.16 | 1.36 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $275.9M | $252.4M | $300.9M | $188.1M | $262.7M | $270.9M | $262.1M | $202.9M | $185.5M | $212.8M | $215.8M | $198.9M |
| Depreciation & amortization | $185.6M | $185.8M | $180.1M | $177.5M | $177.3M | $180.4M | $196.2M | $195.0M | $194.8M | $197.0M | $196.1M | $152.3M |
| Stock-based compensation | $8.8M | $7.6M | $12.8M | $7.1M | $8.5M | $7.2M | $8.5M | $8.2M | $280,000 | $5.9M | $7.2M | $7.0M |
| Change in working capital | $96.6M | $29.7M | −$87.7M | −$14.8M | $72.9M | $29.7M | −$51.7M | −$1.5M | $87.8M | $23.1M | −$85.4M | $47.3M |
| Other non-cash items | $19.4M | $14.3M | −$38.2M | $99.3M | $22.5M | −$6.7M | −$6.8M | $63.6M | $76.9M | $26.8M | $30.7M | $2.9M |
| Cash from operating activities | $586.4M | $489.9M | $367.8M | $457.1M | $543.9M | $481.4M | $408.3M | $468.4M | $545.2M | $465.6M | $364.5M | $408.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$37.1M | −$103.7M | −$5.4M | −$8.4M | −$4.1M | −$4.3M | −$4.8M | −$6.1M | −$3.0M | −$42.4M | −$40.1M | −$3.6M |
| Investments (net) | — | — | — | −$83.4M | −$272.2M | −$342.0M | −$769.4M | −$112.7M | −$482.7M | −$282.1M | −$182.2M | −$8.1M |
| Acquisitions & other investing | −$91.2M | $56.2M | −$111.1M | $8.4M | $4.1M | $4.3M | $4.8M | $6.1M | $3.0M | $42.4M | $40.1M | −$1.62B |
| Cash from investing activities | −$128.3M | −$47.5M | −$116.6M | −$83.4M | −$272.2M | −$342.0M | −$769.4M | −$112.7M | −$482.7M | −$282.1M | −$182.2M | −$1.64B |
| Financing activities | ||||||||||||
| Dividends paid | −$342.0M | −$342.8M | −$342.4M | −$343.8M | −$343.9M | −$344.2M | −$344.0M | −$343.4M | −$343.4M | −$344.2M | −$342.3M | −$265.3M |
| Share repurchases & issuance (net) | −$6.0M | −$1.4M | −$140.9M | −$1.2M | −$8.6M | $0 | −$2.0M | −$366,000 | −$226,000 | $592,000 | −$377,000 | −$5.0M |
| Net borrowing (repayment) | — | −$75.0M | $278.8M | −$9.7M | $101.9M | $213.6M | $782.0M | $23.4M | — | — | — | $1.34B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $592,000 | $0 | $0 |
| Other financing | $446.3M | −$22.9M | −$19.8M | −$31.4M | −$15.4M | −$29.0M | −$26.0M | −$22.4M | $307.3M | $109.8M | $42.3M | −$33.2M |
| Cash from financing activities | $98.4M | −$442.1M | −$224.3M | −$386.2M | −$266.0M | −$159.6M | $410.1M | −$342.8M | −$36.4M | −$233.2M | −$300.3M | $1.04B |
| Summary | ||||||||||||
| Net change in cash | $556.5M | $225,000 | $26.9M | −$13.1M | $5.6M | −$20.3M | $49.0M | $12.8M | $26.2M | −$48.2M | −$117.1M | $170.2M |
| Cash at end of period | $699.9M | $143.4M | $143.2M | $111.9M | $128.7M | $123.0M | $143.3M | $94.3M | $81.5M | $50.8M | $99.1M | $223.1M |
| Free cash flow | $549.3M | $386.1M | $362.4M | $465.5M | $539.7M | $477.1M | $403.5M | $462.3M | $542.2M | $423.1M | $324.4M | $404.8M |
| Free cash flow margin | 62.8% | 45.1% | 39.5% | 59.9% | 64.1% | 56.8% | 48.0% | 54.1% | 65.5% | 51.9% | 39.9% | 53.1% |
| Capex / revenue | 4.2% | 12.1% | 0.6% | 1.1% | 0.5% | 0.5% | 0.6% | 0.7% | 0.4% | 5.2% | 4.9% | 0.5% |
| Operating cash flow / net income | 2.13 | 1.94 | 1.22 | 2.43 | 2.07 | 1.78 | 1.56 | 2.31 | 2.94 | 2.19 | 1.69 | 2.05 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
EXR cash generation
In fiscal 2025 (ended December 31, 2025), Extra Space generated $1.9 billion of cash from operations (down 2.0%) and spent $21.1 million on capital expenditures, leaving free cash flow of $1.8 billion, 54.2% of revenue. It returned $1.5 billion to shareholders through dividends ($1.4 billion) and net share buybacks ($149.5 million). Cash and equivalents fell by $0.1 million over the year.
Related: EXR income statement, EXR balance sheet, EXR dividend history. See the EXR stock overview for the latest quote and news.
EXR cash flow FAQ
What is Extra Space's free cash flow?
Extra Space's free cash flow was $1.8 billion in fiscal 2025: $1.9 billion of operating cash flow minus $21.1 million of capital expenditures It was $1.9 billion a year earlier..
How much cash does Extra Space generate from operations?
Extra Space generated $1.9 billion of cash from operating activities in fiscal 2025, 1.81 times its net income of $1.0 billion.
How much does Extra Space spend on capital expenditures?
Extra Space spent $21.1 million on capital expenditures in fiscal 2025, 0.6% of revenue, compared with $20.5 million the year before.
How much stock does Extra Space buy back?
Extra Space spent $149.5 million on net share repurchases in fiscal 2025.
How much does Extra Space pay in dividends?
Extra Space paid $1.4 billion in dividends in fiscal 2025, 75.1% of free cash flow.