EXR (Extra Space Storage Inc.) Stock Financials & Earnings | Market Cap Arena

EXR (Extra Space Storage Inc.) Stock Financials & Earnings | Market Cap Arena

EXRExtra Space Storage Inc.

Mkt Cap$31B

Real Estate·REIT - Industrial·🇺🇸 United States·NYSE

Revenue (TTM)$3.4B

Net Income (TTM)$974M

EPS (TTM)$4.54

Free Cash Flow (TTM)$1.8B

Gross Margin28.4%

Op. Margin44.1%

Net Margin28.8%

FCF Margin54.6%

P/S Ratio (TTM)9.2x

P/E Ratio (TTM)31.9x

YoY Rev Growth+1.2%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$513M	$387M	$264M
Q2 23	$525M	$401M	$273M
Q3 23	$763M	$559M	$300M
Q4 23	$814M	$675M	$333M
Q1 24	$815M	$608M	$336M
Q2 24	$828M	$611M	$305M
Q3 24	$855M	$628M	$303M
Q4 24	$841M	$716M	$380M
Q1 25	$840M	$614M	$389M
Q2 25	$842M	$597M	$374M
Q3 25	$778M	$307M	$279M
Q4 25	$918M	-$559M	$447M

Valuation

Quarter	P/S	P/E
Q1 23	15.3x	36.5x
Q2 23	15.0x	37.8x
Q3 23	13.4x	39.3x
Q4 23	11.9x	38.7x
Q1 24	10.7x	37.9x
Q2 24	9.7x	38.7x
Q3 24	9.4x	38.5x
Q4 24	9.3x	36.4x
Q1 25	9.2x	34.1x
Q2 25	9.2x	31.9x
Q3 25	9.4x	32.6x
Q4 25	9.2x	31.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$282M	$278M
Q2 23	$348M	$346M
Q3 23	$408M	$405M
Q4 23	$365M	$358M
Q1 24	$466M	$459M
Q2 24	$545M	$542M
Q3 24	$468M	$462M
Q4 24	$408M	$403M
Q1 25	$481M	$477M
Q2 25	$544M	$540M
Q3 25	$457M	$466M
Q4 25	$368M	$362M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$4M
Q2 23	$2M
Q3 23	$4M
Q4 23	$6M
Q1 24	$7M
Q2 24	$3M
Q3 24	$6M
Q4 24	$5M
Q1 25	$4M
Q2 25	$4M
Q3 25	$8M
Q4 25	$5M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+13.4%	+14.9%
Q2 23	+8.1%	+19.9%
Q3 23	+49.6%	+92.9%
Q4 23	+57.2%	+93.7%
Q1 24	+58.7%	+91.6%
Q2 24	+57.8%	+108.2%
Q3 24	+12.0%	+19.2%
Q4 24	+3.3%	-4.1%
Q1 25	+3.1%	-5.7%
Q2 25	+1.7%	-10.6%
Q3 25	-9.0%	-9.7%
Q4 25	+9.3%	+2.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$5M	1.1%
Q2 23	$7M	1.3%
Q3 23	$7M	0.9%
Q4 23	$7M	0.9%
Q1 24	$6M	0.7%
Q2 24	$280K	0.0%
Q3 24	$8M	1.0%
Q4 24	$8M	1.0%
Q1 25	$7M	0.9%
Q2 25	$9M	1.0%
Q3 25	$7M	0.9%
Q4 25	$13M	1.4%

OpEx Breakdown

Quarter	G&A	S&M
Q1 23	$35M	—
Q2 23	$35M	—
Q3 23	$37M	—
Q4 23	$39M	$77M
Q1 24	$44M	$17M
Q2 24	$40M	—
Q3 24	$40M	—
Q4 24	$44M	$115M
Q1 25	$46M	$15M
Q2 25	$45M	—
Q3 25	$43M	—
Q4 25	$52M	—

Revenue Segments

Quarter	Self Storage Operations	Tenant Reinsurance
Q2 25	$721M	$89M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$48M	$0	$48M
Q2 23	$51M	$0	$51M
Q3 23	$216M	$0	$216M
Q4 23	$99M	$0	$99M
Q1 24	$51M	$0	$51M
Q2 24	$77M	$0	$77M
Q3 24	$89M	$0	$89M
Q4 24	$138M	$0	$138M
Q1 25	$120M	$0	$120M
Q2 25	$125M	$0	$125M
Q3 25	$112M	$0	$112M
Q4 25	$139M	$0	$139M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	143M	-0.3%
Q2 23	144M	+0.4%
Q3 23	195M	+36.1%
Q4 23	220M	+12.6%
Q1 24	220M	+0.0%
Q2 24	212M	-3.8%
Q3 24	220M	+4.1%
Q4 24	212M	-3.9%
Q1 25	212M	+0.1%
Q2 25	212M	-0.1%
Q3 25	212M	+0.0%
Q4 25	221M	+4.3%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$249K	3K
FY 15	$248K	3K
FY 16	$306K	3K
FY 17	$331K	3K
FY 18	$334K	4K
FY 19	$326K	4K
FY 20	$344K	4K
FY 21	$374K	4K
FY 22	$411K	5K
FY 23	$343K	8K
FY 24	$417K	8K
FY 25	$402K	8K