Public Storage (PSA) Cash Flow Statement
Where PSA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.19B +1.9% vs 2024
- Capital expenditures
- $289.4M 6.0% of revenue
- Free cash flow
- $2.90B 60.1% margin
- Returned to shareholders
- $2.30B 80% of free cash flow
- Change in cash
- −$129.3M cash at year-end $318.1M
Cash from operations
$3.19B
Capital expenditures
−$289.4M
Acquisitions & other
−$1.40B
Dividends
−$2.30B
Net borrowing (repayment)
+$704.9M
Other financing
−$51.0M
Currency & other
+$18.8M
Change in cash
−$129.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PSA operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
PSA cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.95B2016 | $3.19B2025 | +5.6%/yr | |
| Capital expenditures | $351.4M2016 | $289.4M2025 | −2.1%/yr | |
| Free cash flow | $1.59B2016 | $2.90B2025 | +6.9%/yr | |
| Free cash flow margin | 62.3%2016 | 60.1%2025 | −2.2 pts | |
| Operating cash flow / net income | 1.332016 | 1.772025 | +0.44 | |
| Stock-based compensation | $37.5M2016 | $39.9M2025 | +0.7%/yr | |
| Dividends paid | $1.51B2016 | $2.30B2025 | +4.8%/yr | |
| Share buybacks (net) | $862.5M2016 | $02025 | −100.0% | |
| Capex / revenue | 13.7%2016 | 6.0%2025 | −7.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PSA cash flow by activity
OperatingInvestingFinancingChange in cash
PSA net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PSA cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.80B | $2.08B | $2.16B | $4.37B | $1.96B | $1.36B | $1.53B | $1.72B | $1.45B | $1.46B |
| Depreciation & amortization | $1.15B | $1.13B | $970.1M | $888.1M | $713.4M | $553.3M | $512.9M | $483.6M | $454.5M | $433.3M |
| Stock-based compensation | $39.9M | $44.7M | $41.6M | $56.7M | $59.8M | $33.4M | $25.8M | $69.9M | $37.5M | $37.5M |
| Change in working capital | $1.8M | −$29.8M | $18.9M | −$2.19B | −$183.0M | −$163.6M | $36.5M | −$106.2M | $210.4M | $43.0M |
| Other non-cash items | $195.9M | −$100.9M | $56.0M | $0 | −$6.4M | $258.6M | −$33.3M | −$100.9M | −$178.1M | −$28.9M |
| Cash from operating activities | $3.19B | $3.13B | $3.25B | $3.12B | $2.54B | $2.04B | $2.07B | $2.06B | $1.97B | $1.95B |
| Investing activities | ||||||||||
| Capital expenditures | −$289.4M | −$420.0M | −$461.1M | −$459.8M | −$270.2M | −$170.0M | −$187.3M | −$141.0M | −$120.6M | −$351.4M |
| Investments (net) | — | −$1.00B | −$3.54B | $2.64B | $16.3M | $1.8M | $762,000 | $54.2M | $6.1M | $998,000 |
| Acquisitions & other investing | −$1.40B | $420.0M | $461.1M | −$1.06B | −$5.31B | −$949.5M | −$710.8M | −$429.1M | −$622.6M | −$348.8M |
| Cash from investing activities | −$1.69B | −$1.00B | −$3.54B | $1.12B | −$5.56B | −$1.12B | −$897.4M | −$515.9M | −$737.1M | −$699.1M |
| Financing activities | ||||||||||
| Dividends paid | −$2.30B | −$2.30B | −$2.31B | −$3.91B | −$1.59B | −$1.61B | −$1.61B | −$1.61B | −$1.63B | −$1.51B |
| Share repurchases & issuance (net) | $9.4M | −$200.0M | −$53.1M | $279.8M | −$1.18B | −$1.22B | −$1.05B | −$12.3M | −$922.5M | −$862.5M |
| Net borrowing (repayment) | $704.9M | $342.5M | $2.17B | −$513.5M | $5.04B | $543.1M | $495.0M | −$1.8M | $990.4M | $77.2M |
| Shares issued | $9.4M | $107.6M | $38.5M | $278.1M | $1.24B | $1.22B | $1.09B | $12.5M | $0 | $0 |
| Other financing | −$51.0M | −$26.8M | $34.1M | −$329.2M | −$18.0M | −$13.3M | −$49.7M | −$5.3M | $570.3M | $1.14B |
| Cash from financing activities | −$1.63B | −$2.08B | −$112.9M | −$4.19B | $3.50B | −$1.08B | −$1.12B | −$1.62B | −$992.2M | −$1.15B |
| Summary | ||||||||||
| Net change in cash | −$129.3M | $47.0M | −$404.8M | $43.9M | $478.7M | −$151.0M | $49.5M | −$72.0M | $243.5M | $97.0M |
| Cash at end of period | $318.1M | $447.4M | $400.4M | $805.2M | $761.3M | $282.6M | $433.6M | $384.0M | $456.1M | $212.6M |
| Free cash flow | $2.90B | $2.71B | $2.79B | $2.66B | $2.27B | $1.87B | $1.88B | $1.92B | $1.85B | $1.59B |
| Free cash flow margin | 60.1% | 57.7% | 61.7% | 63.5% | 66.6% | 64.2% | 65.9% | 69.7% | 69.4% | 62.3% |
| Capex / revenue | 6.0% | 8.9% | 10.2% | 11.0% | 7.9% | 5.8% | 6.6% | 5.1% | 4.5% | 13.7% |
| Operating cash flow / net income | 1.77 | 1.50 | 1.50 | 0.71 | 1.30 | 1.50 | 1.36 | 1.20 | 1.36 | 1.33 |
| 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 | $502.9M | $529.4M | $510.1M | $514.8M | $361.4M | $410.8M | $618.4M | $433.1M | $521.2M | $511.7M | $441.9M | $616.6M |
| Depreciation & amortization | $287.8M | $290.7M | $295.5M | $290.4M | $283.2M | $282.7M | $280.9M | $280.3M | $283.3M | $285.2M | $287.5M | $238.7M |
| Stock-based compensation | $12.8M | $11.9M | $9.5M | $9.5M | $10.6M | $10.3M | $12.6M | $10.9M | $10.8M | $10.3M | $10.3M | $9.5M |
| Change in working capital | $56.5M | −$96.7M | −$53.3M | $61.3M | $64.5M | −$70.7M | −$19.9M | $3.3M | $87.2M | −$100.4M | −$18.9M | $62.0M |
| Other non-cash items | $8.5M | −$40.5M | −$28.3M | −$801,000 | $153.0M | $72.0M | −$123.4M | $71.1M | −$7.3M | −$41.3M | $70.9M | −$51.2M |
| Cash from operating activities | $868.4M | $694.8M | $733.6M | $875.1M | $872.7M | $705.1M | $768.6M | $798.8M | $895.3M | $665.6M | $791.7M | $875.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$69.5M | −$69.5M | −$100.1M | −$113.3M | −$55.3M | −$58.0M | −$103.2M | −$110.4M | −$102.0M | −$104.5M | −$138.0M | −$124.9M |
| Investments (net) | — | — | — | −$696.0M | −$338.3M | −$286.5M | −$411.6M | −$213.3M | −$191.1M | −$186.6M | −$490.2M | −$2.50B |
| Acquisitions & other investing | −$277.4M | −$77.8M | −$264.2M | $113.3M | $55.3M | $58.0M | $103.2M | $110.4M | $102.0M | $104.5M | $138.0M | $124.9M |
| Cash from investing activities | −$347.0M | −$147.3M | −$364.3M | −$696.0M | −$338.3M | −$286.5M | −$411.6M | −$213.3M | −$191.1M | −$186.6M | −$490.2M | −$2.50B |
| Financing activities | ||||||||||||
| Dividends paid | −$576.2M | −$580.5M | −$575.8M | −$1.15B | −$575.8M | −$575.8M | −$575.7M | −$574.9M | −$574.6M | −$576.8M | −$576.5M | −$576.3M |
| Share repurchases & issuance (net) | $2.8M | −$2.8M | $9.4M | $9.5M | $7.8M | $3.2M | −$92.4M | −$679,000 | −$200.0M | −$5.3M | −$22.0M | $2.18B |
| Net borrowing (repayment) | $167.4M | −$175.0M | $238.5M | −$400.0M | $866.5M | −$33,000 | −$32,000 | −$31,000 | — | — | — | $2.18B |
| Shares issued | $15.8M | $7.8M | $0 | $1.7M | $4.6M | $3.2M | $76.7M | $20.6M | $2.6M | $7.8M | $0 | $1.0M |
| Other financing | −$6.0M | $19.6M | −$19.7M | $553.3M | −$20.0M | −$9.3M | $82.9M | −$4.9M | $339.1M | −$2.9M | $37.1M | −$2.18B |
| Cash from financing activities | −$396.2M | −$731.0M | −$347.6M | −$987.3M | $283.0M | −$578.8M | −$508.6M | −$559.9M | −$432.9M | −$577.2M | −$561.4M | $1.60B |
| Summary | ||||||||||||
| Net change in cash | $125.3M | −$183.5M | $21.6M | −$808.1M | $817.4M | −$160.2M | −$151.6M | $25.5M | $271.3M | −$98.2M | −$260.0M | −$21.7M |
| Cash at end of period | $259.9M | $134.6M | $318.1M | $296.5M | $1.10B | $287.2M | $447.4M | $599.0M | $573.5M | $302.2M | $400.4M | $660.4M |
| Free cash flow | $937.9M | $625.3M | $633.5M | $988.4M | $817.4M | $647.1M | $665.4M | $688.4M | $793.3M | $561.1M | $653.6M | $750.8M |
| Free cash flow margin | 76.1% | 51.3% | 52.1% | 80.8% | 68.1% | 54.7% | 56.5% | 58.0% | 67.6% | 48.5% | 56.4% | 65.6% |
| Capex / revenue | 5.6% | 5.7% | 8.2% | 9.3% | 4.6% | 4.9% | 8.8% | 9.3% | 8.7% | 9.0% | 11.9% | 10.9% |
| Operating cash flow / net income | 1.73 | 1.31 | 1.44 | 1.70 | 2.41 | 1.72 | 1.24 | 1.84 | 1.72 | 1.30 | 1.79 | 1.42 |
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.
PSA cash generation
In fiscal 2025 (ended December 31, 2025), Public Storage generated $3.2 billion of cash from operations (up 1.9%) and spent $289.4 million on capital expenditures, leaving free cash flow of $2.9 billion, 60.1% of revenue. It returned $2.3 billion to shareholders through dividends ($2.3 billion) and net share buybacks ($0). Cash and equivalents fell by $129.3 million over the year.
Related: PSA income statement, PSA balance sheet, PSA dividend history. See the PSA stock overview for the latest quote and news.
PSA cash flow FAQ
What is Public Storage's free cash flow?
Public Storage's free cash flow was $2.9 billion in fiscal 2025: $3.2 billion of operating cash flow minus $289.4 million of capital expenditures It was $2.7 billion a year earlier..
How much cash does Public Storage generate from operations?
Public Storage generated $3.2 billion of cash from operating activities in fiscal 2025, 1.77 times its net income of $1.8 billion.
How much does Public Storage spend on capital expenditures?
Public Storage spent $289.4 million on capital expenditures in fiscal 2025, 6.0% of revenue, compared with $420.0 million the year before.
How much does Public Storage pay in dividends?
Public Storage paid $2.3 billion in dividends in fiscal 2025, 79.5% of free cash flow.