What is Public Storage's earnings per share (EPS)?

Public Storage (PSA) reported diluted earnings per share of $9.01 for fiscal year 2025. This represents a -15.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Public Storage Financials

PSA

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Public Storage (PSA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Neutral

4/9

Public Storage passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.79x

For every $1 of reported earnings, Public Storage generates $1.79 in operating cash flow ($3.2B OCF vs $1.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$4.8B

YoY+2.7%

5Y CAGR+10.6%

10Y CAGR+7.3%

Public Storage generated $4.8B in revenue in fiscal year 2025. This represents an increase of 2.7% from the prior year.

EBITDA

N/A

Net Income

$1.8B

YoY-13.9%

5Y CAGR+5.6%

10Y CAGR+3.1%

Public Storage reported $1.8B in net income in fiscal year 2025. This represents a decrease of 13.9% from the prior year.

EPS (Diluted)

$9.01

YoY-15.3%

5Y CAGR+7.5%

10Y CAGR+4.0%

Public Storage earned $9.01 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 15.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$318.1M

YoY-28.9%

5Y CAGR+4.3%

10Y CAGR+11.8%

Public Storage held $318.1M in cash against $10.3B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

176M

5Y CAGR+0.1%

10Y CAGR+0.1%

Public Storage had 176M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

37.0%

YoY-7.1pp

5Y CAGR-9.6pp

10Y CAGR-18.1pp

Public Storage's net profit margin was 37.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 7.1 percentage points from the prior year.

Return on Equity

19.3%

YoY-2.0pp

5Y CAGR+3.4pp

10Y CAGR+5.0pp

Public Storage's ROE was 19.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

YoY-100.0%

Public Storage spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures

N/A

PSA Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$4.8B+2.7%	$4.7B+3.9%	$4.5B+8.0%	$4.2B+22.4%	$3.4B+17.2%	$2.9B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$106.7M0.0%	$106.7M+32.3%	$80.6M+12.5%	$71.7M-5.7%	$76.0M-8.7%	$83.2M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$304.5M+5.9%	$287.4M+42.9%	$201.1M+47.5%	$136.3M+50.2%	$90.8M+61.3%	$56.3M
Income Tax	-$7.2M-254.8%	$4.7M-56.9%	$10.8M-24.5%	$14.3M+15.9%	$12.4M	N/A
Net Income	$1.8B-13.9%	$2.1B-3.6%	$2.1B-50.6%	$4.3B+122.7%	$2.0B+43.9%	$1.4B
EPS (Diluted)	$9.01-15.3%	$10.64-3.8%	$11.06-52.9%	$23.50+138.1%	$9.87+56.9%	$6.29

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$1.2B-0.7%	$1.2B+1.9%	$1.2B+1.5%	$1.2B+0.5%	$1.2B-0.9%	$1.2B+1.2%	$1.2B+1.4%	$1.2B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$27.0M-6.2%	$28.8M+11.9%	$25.7M+2.2%	$25.2M-22.6%	$32.5M+24.2%	$26.2M-1.4%	$26.6M+24.6%	$21.3M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$81.2M+1.9%	$79.7M+11.3%	$71.6M-0.6%	$72.0M-0.2%	$72.1M-2.9%	$74.3M+1.4%	$73.2M+8.1%	$67.8M
Income Tax	-$14.7M-620.1%	$2.8M-12.6%	$3.2M+127.2%	$1.4M+203.9%	-$1.4M-155.2%	$2.5M+19.9%	$2.1M+40.3%	$1.5M
Net Income	$507.1M-0.8%	$511.1M+42.6%	$358.4M-12.1%	$407.8M-33.7%	$614.6M+42.8%	$430.3M-16.9%	$518.1M+1.8%	$508.9M
EPS (Diluted)	N/A	$2.62+48.9%	$1.76-13.7%	$2.04	N/A	$2.16-18.8%	$2.66+2.3%	$2.60

PSA Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$20.2B+2.3%	$19.8B-0.3%	$19.8B+12.9%	$17.6B+1.0%	$17.4B+47.1%	$11.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$318.1M-28.9%	$447.4M+20.9%	$370.0M-52.3%	$775.3M+5.5%	$734.6M+185.2%	$257.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$165.8M0.0%	$165.8M0.0%	$165.8M0.0%	$165.8M0.0%	$165.8M0.0%	$165.8M
Total Liabilities	$10.9B+9.3%	$9.9B+2.5%	$9.7B+31.4%	$7.4B-7.2%	$8.0B+145.6%	$3.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$10.3B+9.6%	$9.4B+2.7%	$9.1B+32.5%	$6.9B-8.1%	$7.5B+193.7%	$2.5B
Total Equity	$9.2B-4.8%	$9.7B-3.0%	$10.0B-0.6%	$10.1B+7.9%	$9.3B+9.1%	$8.6B
Retained Earnings	-$1.2B-74.4%	-$699.1M-160.9%	-$267.9M-143.0%	-$110.2M+80.0%	-$550.4M+39.8%	-$914.8M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$20.2B+0.5%	$20.1B-2.1%	$20.5B+4.7%	$19.6B-0.7%	$19.8B-0.2%	$19.8B+0.1%	$19.8B+0.9%	$19.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$318.1M+7.3%	$296.5M-73.2%	$1.1B+284.6%	$287.2M-35.8%	$447.4M-25.3%	$599.0M+10.5%	$542.3M+99.6%	$271.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$165.8M0.0%	$165.8M0.0%	$165.8M0.0%	$165.8M0.0%	$165.8M0.0%	$165.8M0.0%	$165.8M0.0%	$165.8M
Total Liabilities	$10.9B+1.5%	$10.7B-3.2%	$11.1B+11.3%	$9.9B0.0%	$9.9B-1.5%	$10.1B+1.1%	$10.0B+4.3%	$9.6B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$10.3B+2.1%	$10.0B-3.8%	$10.4B+10.8%	$9.4B+0.8%	$9.4B-1.3%	$9.5B+0.8%	$9.4B+3.7%	$9.1B
Total Equity	$9.2B-0.7%	$9.3B-0.6%	$9.4B-2.0%	$9.6B-1.5%	$9.7B+1.1%	$9.6B-1.0%	$9.7B-2.4%	$9.9B
Retained Earnings	-$1.2B-6.0%	-$1.2B-6.0%	-$1.1B-25.1%	-$867.4M-24.1%	-$699.1M+5.2%	-$737.5M-24.4%	-$592.7M-76.4%	-$336.0M

PSA Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$3.2B+1.9%	$3.1B-3.6%	$3.2B+4.2%	$3.1B+22.6%	$2.5B+24.5%	$2.0B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$1.7B-68.1%	-$1.0B+71.7%	-$3.5B-415.9%	$1.1B+120.1%	-$5.6B-397.8%	-$1.1B
Financing Cash Flow	-$1.6B+21.5%	-$2.1B-1740.6%	-$112.9M+97.3%	-$4.2B-219.9%	$3.5B+425.2%	-$1.1B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0-100.0%	$200.0M	$0	$0	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$733.6M-16.2%	$875.1M+0.3%	$872.7M+23.8%	$705.1M-8.3%	$768.6M-3.8%	$798.8M-10.8%	$895.3M+34.5%	$665.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$364.3M+47.7%	-$696.0M-105.7%	-$338.3M-18.1%	-$286.5M+30.4%	-$411.6M-93.0%	-$213.3M-11.6%	-$191.1M-2.4%	-$186.6M
Financing Cash Flow	-$347.6M+64.8%	-$987.3M-448.9%	$283.0M+148.9%	-$578.8M-13.8%	-$508.6M+9.2%	-$559.9M-29.3%	-$432.9M+25.0%	-$577.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	$0	N/A	N/A	$0	$0	N/A	N/A

PSA Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	37.0%-7.1pp	44.1%-3.4pp	47.5%-56.4pp	104.0%+46.8pp	57.2%+10.6pp	46.6%
Return on Equity	19.3%-2.0pp	21.3%-0.1pp	21.4%-21.7pp	43.2%+22.2pp	20.9%+5.1pp	15.9%
Return on Assets	8.8%-1.7pp	10.5%-0.4pp	10.8%-13.9pp	24.8%+13.5pp	11.2%-0.3pp	11.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.11+0.1	0.96+0.1	0.91+0.2	0.68-0.1	0.80+0.5	0.30
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	41.7%-0.0pp	41.8%+11.9pp	29.8%-4.6pp	34.5%-17.7pp	52.2%+16.0pp	36.2%-7.9pp	44.2%+0.2pp	44.0%
Return on Equity	5.5%0.0pp	5.5%+1.7pp	3.8%-0.4pp	4.3%-2.1pp	6.3%+1.8pp	4.5%-0.9pp	5.3%+0.2pp	5.1%
Return on Assets	2.5%-0.0pp	2.5%+0.8pp	1.7%-0.3pp	2.1%-1.0pp	3.1%+0.9pp	2.2%-0.5pp	2.6%+0.0pp	2.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.11+0.0	1.08-0.0	1.11+0.1	0.99+0.0	0.96-0.0	0.99+0.0	0.97+0.1	0.91
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Public Storage's annual revenue?

Public Storage (PSA) reported $4.8B in total revenue for fiscal year 2025. This represents a 2.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Public Storage's revenue growing?

Public Storage (PSA) revenue grew by 2.7% year-over-year, from $4.7B to $4.8B in fiscal year 2025.

Is Public Storage profitable?

Yes, Public Storage (PSA) reported a net income of $1.8B in fiscal year 2025, with a net profit margin of 37.0%.

How much debt does Public Storage have?

As of fiscal year 2025, Public Storage (PSA) had $318.1M in cash and equivalents against $10.3B in long-term debt.

What is Public Storage's net profit margin?

Public Storage (PSA) had a net profit margin of 37.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Public Storage's return on equity (ROE)?

Public Storage (PSA) has a return on equity of 19.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Public Storage's operating cash flow?

Public Storage (PSA) generated $3.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Public Storage's total assets?

Public Storage (PSA) had $20.2B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Public Storage have outstanding?

Public Storage (PSA) had 176M shares outstanding as of fiscal year 2025.

What is Public Storage's debt-to-equity ratio?

Public Storage (PSA) had a debt-to-equity ratio of 1.11 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Public Storage's return on assets (ROA)?

Public Storage (PSA) had a return on assets of 8.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Public Storage's Piotroski F-Score?

Public Storage (PSA) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Public Storage's earnings high quality?

Public Storage (PSA) has an earnings quality ratio of 1.79x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.