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

FY2025 annual

Revenue $4.8B +2.7% YoY

Net Income $1.8B -13.9% YoY

EPS (Diluted) $9.01 -15.3% YoY

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

Public Storage (PSA) reported $4.8B in revenue for fiscal year 2025, up 2.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI PSA FY2025 2026-04-27

Stable operating cash flow is carrying an asset-heavy business even as leverage rises and accounting returns drift lower.

From FY2023 to FY2025, operating cash flow stayed near $3.2B even as net income fell from $2.15B to $1.78B. That divergence lines up with rising depreciation and interest expense, which suggests the core asset base is still producing cash while reported earnings are being compressed more by capital intensity and financing cost than by weaker cash generation.

Revenue reached $4.82B in FY2025, but selling and administrative expense stayed around $107M, so overhead is not the main reason returns are softening. The squeeze is happening later in the income stack, where a larger asset base and higher borrowing costs absorb more of each revenue dollar.

The balance sheet has moved toward debt-funded expansion: debt to equity rose from 0.9x in FY2023 to 1.1x in FY2025 while cash finished at $318M against long-term debt of $10.25B. That means day-to-day financial flexibility depends less on cash on hand and more on the business’s ability to keep converting operations into cash.

Financial Health Signals

Financial health score not available

Public Storage does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

4/6

Public Storage passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 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.

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.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

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.

Shares Outstanding

176M

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

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks

YoY-100.0%

Public Storage repurchased no shares in fiscal year 2025. This represents a decrease of 100.0% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

PSA Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PSA annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$4.9B	$4.8B+2.7%	$4.7B+3.9%	$4.5B+8.0%	$4.2B+22.4%	$3.4B+17.2%	$2.9B+2.1%	$2.9B+3.5%	$2.8B+3.4%	$2.7B+4.2%	$2.6B+7.5%	$2.4B+9.4%	$2.2B+10.8%	$2.0B+6.6%	$1.8B+6.1%	$1.7B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$739.7M+4.5%	$708.0M+5.8%	$669.1M+5.3%	$635.5M+3.6%	$613.3M+9.6%	$559.8M	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$2.0B+2.8%	$2.0B+3.7%	$1.9B+8.3%	$1.7B+11.7%	$1.6B+11.3%	$1.4B	N/A	N/A
SG&A Expenses	$130.5M	$106.7M0.0%	$106.7M+32.3%	$80.6M+12.5%	$71.7M-5.7%	$76.0M-8.7%	$83.2M+33.9%	$62.1M-40.7%	$104.7M+26.3%	$82.9M-0.9%	$83.7M-5.1%	$88.2M+23.4%	$71.5M+7.2%	$66.7M+17.3%	$56.8M+8.4%	$52.4M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$1.4B+3.5%	$1.4B+11.6%	$1.2B+16.7%	$1.1B+11.0%	$951.1M+9.1%	$872.0M+14.3%	$762.8M
Interest Expense	$325.7M	$304.5M+5.9%	$287.4M+42.9%	$201.1M+47.5%	$136.3M+50.2%	$90.8M+61.3%	$56.3M+23.3%	$45.6M+40.3%	$32.5M+156.4%	$12.7M+201.4%	$4.2M+590.2%	$610K-91.0%	$6.8M+5.2%	$6.4M-67.5%	$19.8M-18.2%	$24.2M
Income Tax	-$7.6M	-$7.2M-254.8%	$4.7M-56.9%	$10.8M-24.5%	$14.3M+15.9%	$12.4M	N/A	N/A	N/A	$0	$0	$0	$0	$0	N/A	N/A
Net Income	$2.0B	$1.8B-13.9%	$2.1B-3.6%	$2.1B-50.6%	$4.3B+122.7%	$2.0B+43.9%	$1.4B-10.7%	$1.5B-11.1%	$1.7B+18.6%	$1.4B-0.8%	$1.5B+10.9%	$1.3B+14.6%	$1.1B+8.7%	$1.1B+12.1%	$939.3M+14.0%	$823.8M
EPS (Diluted)	—	$9.01-15.3%	$10.64-3.8%	$11.06-52.9%	$23.50+138.1%	$9.87+56.9%	$6.29-13.7%	$7.29-14.6%	$8.54+26.9%	$6.73-1.2%	$6.81+12.2%	$6.07+15.6%	$5.25+7.4%	$4.89+25.4%	$3.90+18.5%	$3.29

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$1.2B+1.2%	$1.2B+0.2%	$1.2B-0.7%	$1.2B+1.9%	$1.2B+1.5%	$1.2B+0.5%	$1.2B-0.9%	$1.2B
SG&A Expenses	$44.4M+46.2%	$30.4M+12.5%	$27.0M-6.2%	$28.8M+11.9%	$25.7M+2.2%	$25.2M-22.6%	$32.5M+24.2%	$26.2M
Operating Income	$466.7M-1.6%	$474.3M	N/A	N/A	$500.0M+7.8%	$464.0M	N/A	N/A
Interest Expense	$84.8M+6.0%	$80.0M-1.4%	$81.2M+1.9%	$79.7M+11.3%	$71.6M-0.6%	$72.0M-0.2%	$72.1M-2.9%	$74.3M
Income Tax	$2.7M+73.1%	$1.6M+110.7%	-$14.7M-620.1%	$2.8M-12.6%	$3.2M+127.2%	$1.4M+203.9%	-$1.4M-155.2%	$2.5M
Net Income	$500.0M-5.0%	$526.3M+3.8%	$507.1M-0.8%	$511.1M+42.6%	$358.4M-12.1%	$407.8M-33.7%	$614.6M+42.8%	$430.3M
EPS (Diluted)	$2.55-5.9%	$2.71	N/A	$2.62+48.9%	$1.76-13.7%	$2.04	N/A	$2.16

Not reported in any period shown, so not listed: R&D Expenses.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

PSA Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PSA annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$20.2B+2.3%	$19.8B-0.3%	$19.8B+12.9%	$17.6B+1.0%	$17.4B+47.1%	$11.8B+4.0%	$11.4B+4.0%	$10.9B+1.8%	$10.7B+5.9%	$10.1B+3.6%	$9.8B-0.4%	$9.8B-0.6%	$9.9B+12.3%	$8.8B-1.6%	$8.9B
Cash & Equivalents	$318.1M-28.9%	$447.4M+20.9%	$370.0M-52.3%	$775.3M+5.5%	$734.6M+185.2%	$257.6M-37.1%	$409.7M+13.4%	$361.2M-16.7%	$433.4M+135.9%	$183.7M+76.1%	$104.3M-44.4%	$187.7M+879.2%	$19.2M+11.2%	$17.2M-87.6%	$139.0M
Goodwill	$165.8M0.0%	$165.8M0.0%	$165.8M0.0%	$165.8M0.0%	$165.8M0.0%	$165.8M-5.0%	$174.6M0.0%	$174.6M0.0%	$174.6M0.0%	$174.6M0.0%	$174.6M0.0%	$174.6M0.0%	$174.6M0.0%	$174.6M0.0%	$174.6M
Total Liabilities	$10.9B+9.3%	$9.9B+2.5%	$9.7B+31.4%	$7.4B-7.2%	$8.0B+145.6%	$3.2B+41.7%	$2.3B+28.2%	$1.8B+0.8%	$1.8B+156.8%	$688.7M+18.6%	$580.6M+86.4%	$311.5M-70.5%	$1.1B+57.7%	$670.5M+10.1%	$609.3M
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+33.8%	$1.9B+34.7%	$1.4B-1.3%	$1.4B+266.3%	$390.7M	N/A	N/A	N/A	N/A	N/A
Total Equity	$9.2B-4.8%	$9.7B-3.0%	$10.0B-0.6%	$10.1B+7.9%	$9.3B+9.1%	$8.6B-5.6%	$9.1B-0.6%	$9.1B+2.0%	$8.9B-5.0%	$9.4B+2.6%	$9.2B-3.3%	$9.5B+7.8%	$8.8B+8.6%	$8.1B-2.3%	$8.3B
Retained Earnings	-$1.2B-74.4%	-$699.1M-160.9%	-$267.9M-143.0%	-$110.2M+80.0%	-$550.4M+39.8%	-$914.8M-37.4%	-$665.6M-15.3%	-$577.4M+14.6%	-$675.7M-38.6%	-$487.6M-12.2%	-$434.6M-16.0%	-$374.8M-17.7%	-$318.5M-14.0%	-$279.5M-7.7%	-$259.6M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$20.1B+1.3%	$19.9B-1.8%	$20.2B+0.5%	$20.1B-2.1%	$20.5B+4.7%	$19.6B-0.7%	$19.8B-0.2%	$19.8B
Cash & Equivalents	$259.9M+93.1%	$134.6M-57.7%	$318.1M+7.3%	$296.5M-73.2%	$1.1B+284.6%	$287.2M-35.8%	$447.4M-25.3%	$599.0M
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	$10.8B+2.9%	$10.5B-3.1%	$10.9B+1.5%	$10.7B-3.2%	$11.1B+11.3%	$9.9B0.0%	$9.9B-1.5%	$10.1B
Long-Term Debt	$10.2B+4.9%	$9.7B-5.3%	$10.3B+2.1%	$10.0B-3.8%	$10.4B+10.8%	$9.4B+0.8%	$9.4B-1.3%	$9.5B
Total Equity	$9.2B-0.4%	$9.2B-0.3%	$9.2B-0.7%	$9.3B-0.6%	$9.4B-2.0%	$9.6B-1.5%	$9.7B+1.1%	$9.6B
Retained Earnings	-$1.3B-6.0%	-$1.3B-4.1%	-$1.2B-6.0%	-$1.2B-6.0%	-$1.1B-25.1%	-$867.4M-24.1%	-$699.1M+5.2%	-$737.5M

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.

PSA Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PSA annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$3.2B	$3.2B+1.9%	$3.1B-3.6%	$3.2B+4.2%	$3.1B+22.6%	$2.5B+24.5%	$2.0B-1.2%	$2.1B+0.2%	$2.1B+4.6%	$2.0B+1.4%	$1.9B+11.3%	$1.7B+9.0%	$1.6B+12.1%	$1.4B+11.3%	$1.3B+6.8%	$1.2B
Investing Cash Flow	-$1.6B	-$1.7B-68.1%	-$1.0B+71.7%	-$3.5B-415.9%	$1.1B+120.1%	-$5.6B-397.8%	-$1.1B-24.6%	-$897.4M-73.9%	-$515.9M+30.0%	-$737.1M-5.4%	-$699.1M-53.3%	-$456.1M	N/A	-$1.4B-386.3%	-$290.5M-257.0%	-$81.4M
Financing Cash Flow	-$2.5B	-$1.6B+21.5%	-$2.1B-1740.6%	-$112.9M+97.3%	-$4.2B-219.9%	$3.5B+425.2%	-$1.1B+4.0%	-$1.1B+30.8%	-$1.6B-63.2%	-$992.2M+13.6%	-$1.1B+17.4%	-$1.4B	N/A	-$16.2M+98.6%	-$1.1B+22.3%	-$1.4B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$967.9M+9.1%	$887.1M+17.7%	$753.9M+21.3%	$621.4M
Share Buybacks	N/A	$0-100.0%	$200.0M	$0	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$868.4M+25.0%	$694.8M-5.3%	$733.6M-16.2%	$875.1M+0.3%	$872.7M+23.8%	$705.1M-8.3%	$768.6M-3.8%	$798.8M
Investing Cash Flow	-$347.0M-135.5%	-$147.3M+59.6%	-$364.3M+47.7%	-$696.0M-105.7%	-$338.3M-18.1%	-$286.5M+30.4%	-$411.6M-93.0%	-$213.3M
Financing Cash Flow	-$396.2M+45.8%	-$731.0M-110.3%	-$347.6M+64.8%	-$987.3M-448.9%	$283.0M+148.9%	-$578.8M-13.8%	-$508.6M+9.2%	-$559.9M
Share Buybacks	N/A	N/A	$0	$0	N/A	N/A	$0	$0

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.

PSA Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

PSA annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	73.0%-0.5pp	73.5%-0.4pp	73.9%+0.6pp	73.3%+1.5pp	71.8%+0.3pp	71.5%	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	53.3%-0.4pp	53.7%+2.0pp	51.7%+3.3pp	48.5%+0.1pp	48.4%+1.1pp	47.3%+3.4pp	43.9%
Net Margin	37.0%-7.1pp	44.1%-3.4pp	47.5%	104.0%	57.2%+10.6pp	46.6%-6.7pp	53.3%-8.7pp	62.0%+8.0pp	54.0%-2.7pp	56.8%+1.7pp	55.1%+2.5pp	52.5%-1.0pp	53.6%+2.6pp	51.0%+3.5pp	47.5%
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%-0.9pp	16.8%-2.0pp	18.8%+2.6pp	16.1%+0.7pp	15.4%+1.1pp	14.3%+2.2pp	12.1%+0.1pp	12.0%+0.4pp	11.6%+1.7pp	9.9%
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%-1.9pp	13.4%-2.3pp	15.7%+2.2pp	13.4%-0.9pp	14.3%+0.9pp	13.4%+1.8pp	11.7%+1.0pp	10.7%0.0pp	10.7%+1.5pp	9.2%
Debt-to-Equity	1.11+0.1x	0.96+0.1x	0.91+0.2x	0.68-0.1x	0.80+0.5x	0.30+0.1x	0.21+0.1x	0.150.0x	0.16+0.1x	0.040.0x	0.060.0x	0.03-0.1x	0.120.0x	0.080.0x	0.07

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Margin	37.9%-1.1pp	39.0%	N/A	N/A	41.6%+2.4pp	39.2%	N/A	N/A
Net Margin	40.6%-2.7pp	43.2%+1.5pp	41.7%0.0pp	41.8%+11.9pp	29.8%-4.6pp	34.5%-17.7pp	52.2%+16.0pp	36.2%
Return on Equity	5.4%-0.3pp	5.7%+0.2pp	5.5%0.0pp	5.5%+1.7pp	3.8%-0.4pp	4.3%-2.1pp	6.3%+1.8pp	4.5%
Return on Assets	2.5%-0.2pp	2.6%+0.1pp	2.5%0.0pp	2.5%+0.8pp	1.7%-0.3pp	2.1%-1.0pp	3.1%+0.9pp	2.2%
Debt-to-Equity	1.11+0.1x	1.05-0.1x	1.110.0x	1.080.0x	1.11+0.1x	0.990.0x	0.960.0x	0.99

Not reported in any period shown, so not listed: Current Ratio, FCF Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.

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Where Public Storage Ranks

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 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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.