Public Storage (PSA) Income Statement
PSA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPSA revenue and net income
Where PSA's revenue goes
2025Each bar shows an amount and its share of revenue. PSA kept 37.0% of revenue as net income.
PSA profit margins
PSA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2.7% | +4.9% | +10.6% | +7.3% |
| Gross profit | −65.0% | −27.3% | −10.1% | −3.6% |
| Operating income | +2.4% | −0.3% | +9.8% | +6.2% |
| Net income | −13.9% | −25.7% | +5.6% | +3.1% |
| EPS (diluted) | +1.7% | −3.6% | +10.2% | +5.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PSA quarterly EPS vs estimates
Public Storage beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 26, 2026 (estimate $4.27).
PSA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.82B | $4.70B | $4.52B | $4.18B | $3.42B | $2.92B | $2.86B | $2.76B | $2.67B | $2.56B |
| Cost of revenue | $3.62B | $1.26B | $1.15B | $1.05B | $920.6M | $867.5M | $813.2M | $757.1M | $708.0M | $669.1M |
| Gross profit | $1.20B | $3.44B | $3.37B | $3.13B | $2.50B | $2.05B | $2.04B | $2.00B | $1.96B | $1.89B |
| Research & development | — | — | $0 | $17.5M | $8.4M | $10.8M | $6.8M | $5.4M | $8.2M | $9.7M |
| Sales, general & admin | $106.7M | $106.7M | $80.6M | $114.7M | $76.0M | $64.0M | $62.1M | $93.8M | $69.9M | $70.1M |
| Total operating expenses | −$1.05B | $1.24B | $1.05B | $1.00B | $789.4M | $636.5M | $575.1M | $588.4M | $537.4M | $517.0M |
| Operating income | $2.25B | $2.20B | $2.32B | $2.27B | $1.71B | $1.41B | $1.47B | $1.41B | $1.42B | $1.37B |
| Interest income | $36.6M | $44.7M | $64.8M | $20.8M | $12.3M | $22.3M | $28.4M | $26.4M | $18.8M | $15.1M |
| Interest expense | $304.5M | $287.4M | $201.1M | $136.3M | $90.8M | $56.3M | $45.6M | $32.5M | $12.7M | $4.3M |
| Income before taxes | $1.79B | $2.09B | $2.17B | $4.37B | $1.97B | $1.36B | $1.53B | $1.72B | $1.45B | $1.46B |
| Income taxes | −$7.2M | $4.7M | $10.8M | $2.21B | $12.4M | $140.8M | $120.3M | $337.6M | $94.6M | $67.8M |
| Net income | $1.78B | $2.07B | $2.15B | $4.35B | $1.95B | $1.36B | $1.52B | $1.71B | $1.44B | $1.45B |
| EBITDA | $3.25B | $3.51B | $3.34B | $3.16B | $2.78B | $1.97B | $2.08B | $2.23B | $1.92B | $1.90B |
| EPS (diluted) | $10.22 | $10.05 | $11.18 | $11.42 | $9.87 | $6.28 | $7.29 | $7.67 | $6.74 | $6.81 |
| Gross margin | 25.0% | 73.2% | 74.6% | 74.8% | 73.0% | 70.2% | 71.5% | 72.6% | 73.5% | 73.9% |
| Operating margin | 46.7% | 46.9% | 51.3% | 54.4% | 49.9% | 48.4% | 51.4% | 51.2% | 53.3% | 53.7% |
| Net margin | 37.0% | 44.1% | 47.6% | 104.0% | 57.2% | 46.6% | 53.3% | 62.0% | 54.0% | 56.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.23B | $1.22B | $1.22B | $1.22B | $1.20B | $1.18B | $1.18B | $1.19B | $1.17B | $1.16B | $1.16B | $1.14B |
| Cost of revenue | $344.1M | $340.0M | $923.8M | $330.9M | $318.0M | $331.8M | $310.8M | $321.7M | $301.0M | $324.5M | $290.8M | $288.9M |
| Gross profit | $888.8M | $877.7M | $292.0M | $893.2M | $883.1M | $851.3M | $866.7M | $866.1M | $872.2M | $832.7M | $869.0M | $854.9M |
| Research & development | — | — | — | — | — | — | — | — | — | — | $12.8M | $4.8M |
| Sales, general & admin | $44.4M | $56.7M | $27.0M | $28.8M | $24.7M | $25.2M | $32.5M | $26.2M | $26.6M | $21.3M | $23.1M | $20.7M |
| Total operating expenses | $422.1M | $403.5M | −$264.8M | $28.8M | $307.9M | $307.9M | $313.4M | $306.5M | $309.9M | $306.5M | $288.6M | $259.5M |
| Operating income | $466.7M | $474.3M | $556.7M | $864.4M | $575.2M | $543.4M | $553.2M | $559.5M | $562.2M | $526.2M | $580.5M | $595.4M |
| Interest income | $8.7M | $7.3M | $10.0M | $10.3M | $212.7M | $7.9M | $10.8M | $12.2M | $13.0M | $8.6M | $11.2M | $32.3M |
| Interest expense | $84.8M | $80.0M | $81.2M | $79.7M | $71.6M | $72.0M | $72.1M | $74.3M | $73.2M | $67.8M | $68.6M | $58.4M |
| Income before taxes | $505.7M | $530.9M | $495.3M | $517.6M | $364.7M | $412.2M | $617.0M | $435.6M | $523.3M | $513.2M | $452.7M | $619.5M |
| Income taxes | $2.7M | $1.6M | −$14.7M | $2.8M | $3.2M | $1.4M | −$1.4M | $2.5M | $2.1M | $1.5M | $10.8M | $2.8M |
| Net income | $500.0M | $526.3M | $507.1M | $511.1M | $358.4M | $407.8M | $614.6M | $430.3M | $518.1M | $508.9M | $439.3M | $613.3M |
| EBITDA | $878.2M | $743.5M | $872.1M | $887.7M | $719.5M | $766.9M | $970.0M | $790.2M | $879.9M | $866.2M | $808.8M | $916.6M |
| EPS (diluted) | $4.17 | $2.47 | $2.60 | $2.62 | $2.58 | $2.42 | $2.51 | $2.56 | $2.59 | $2.39 | $2.21 | $3.20 |
| Gross margin | 72.1% | 72.1% | 24.0% | 73.0% | 73.5% | 72.0% | 73.6% | 72.9% | 74.3% | 72.0% | 74.9% | 74.7% |
| Operating margin | 37.9% | 38.9% | 45.8% | 70.6% | 47.9% | 45.9% | 47.0% | 47.1% | 47.9% | 45.5% | 50.0% | 52.1% |
| Net margin | 40.6% | 43.2% | 41.7% | 41.8% | 29.8% | 34.5% | 52.2% | 36.2% | 44.2% | 44.0% | 37.9% | 53.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PSA's financial statements (latest annual report filed February 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PSA financial results
In fiscal year 2025 (ended December 31, 2025), Public Storage reported revenue of $4.8 billion, up 2.7% from the year before. It had net income of $1.8 billion (down 13.9%), a net profit margin of 37.0%. Diluted earnings per share came to $10.22. Over five years revenue grew at an average rate of 10.6% a year.
See the PSA stock overview for the latest quote and news, or the PSA chart for price history and technical indicators.
PSA income statement FAQ
What is Public Storage's annual revenue?
Public Storage reported total revenue of $4.8 billion for fiscal year 2025, which ended on December 31, 2025. That was up 2.7% from $4.7 billion the previous year.
Is Public Storage profitable?
Yes. Public Storage reported net income of $1.8 billion in fiscal 2025, a net profit margin of 37.0%; its operating margin was 46.7%.
What is Public Storage's gross margin?
Public Storage's gross margin was 25.0% in fiscal 2025: for every $100 of revenue, Public Storage kept $25 after the direct cost of its products and services.
How fast is Public Storage growing?
Revenue grew 10.6% a year on average over the last five fiscal years, from $2.9 billion to $4.8 billion.
What are Public Storage's earnings per share?
Public Storage earned $10.22 per diluted share in fiscal 2025, compared with $10.05 a year earlier.
When will Public Storage report its next earnings?
Public Storage is expected to report results for the quarter ending September 30, 2026 on October 26, 2026 after the market closes.
When does Public Storage's fiscal year end?
Public Storage's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 12, 2026.