PSA (Public Storage) Stock Financials & Earnings | Market Cap Arena

PSA (Public Storage) Stock Financials & Earnings | Market Cap Arena

PSAPublic Storage

Mkt Cap$54B

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

Revenue (TTM)$4.8B

Net Income (TTM)$1.8B

EPS (TTM)$9.02

Free Cash Flow (TTM)$3.1B

Gross Margin60.5%

Op. Margin52.6%

Net Margin37.0%

FCF Margin64.0%

P/S Ratio (TTM)11.3x

P/E Ratio (TTM)30.5x

YoY Rev Growth+2.7%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$1.1B	$806M	$567M
Q2 23	$1.1B	$840M	$598M
Q3 23	$1.1B	$855M	$595M
Q4 23	$1.2B	$869M	$580M
Q1 24	$1.2B	$833M	$526M
Q2 24	$1.2B	$872M	$562M
Q3 24	$1.2B	$866M	$560M
Q4 24	$1.2B	$867M	$553M
Q1 25	$1.2B	$851M	$543M
Q2 25	$1.2B	$883M	$575M
Q3 25	$1.2B	$893M	$864M
Q4 25	$1.2B	$292M	$557M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	12.7x	12.5x
Q2 23	12.4x	12.7x
Q3 23	12.2x	25.7x
Q4 23	12.1x	25.3x
Q1 24	11.9x	25.4x
Q2 24	11.7x	26.2x
Q3 24	11.6x	28.7x
Q4 24	11.6x	26.3x
Q1 25	11.5x	27.6x
Q2 25	11.5x	30.1x
Q3 25	11.4x	28.8x
Q4 25	11.3x	30.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$697M	$600M
Q2 23	$882M	$781M
Q3 23	$876M	$751M
Q4 23	$792M	$654M
Q1 24	$666M	$561M
Q2 24	$895M	$793M
Q3 24	$799M	$688M
Q4 24	$769M	$665M
Q1 25	$705M	$647M
Q2 25	$873M	$817M
Q3 25	$875M	$988M
Q4 25	$734M	$634M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$97M
Q2 23	$102M
Q3 23	$125M
Q4 23	$138M
Q1 24	$104M
Q2 24	$102M
Q3 24	$110M
Q4 24	$103M
Q1 25	$58M
Q2 25	$55M
Q3 25	$113M
Q4 25	$100M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+12.4%	+4.1%
Q2 23	+8.5%	+3.8%
Q3 23	+5.1%	+4.0%
Q4 23	+6.6%	+11.5%
Q1 24	+5.8%	+19.8%
Q2 24	+4.8%	+17.1%
Q3 24	+3.8%	+14.6%
Q4 24	+1.5%	+7.7%
Q1 25	+2.2%	+1.4%
Q2 25	+2.4%	+2.5%
Q3 25	+3.1%	-42.8%
Q4 25	+3.3%	+5.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$10M	0.9%
Q2 23	$12M	1.1%
Q3 23	$10M	0.8%
Q4 23	$10M	0.9%
Q1 24	$10M	0.9%
Q2 24	$11M	0.9%
Q3 24	$11M	0.9%
Q4 24	$13M	1.1%
Q1 25	$10M	0.9%
Q2 25	$11M	0.9%
Q3 25	$9M	0.8%
Q4 25	$10M	0.8%

OpEx Breakdown

Quarter	R&D	G&A
Q1 23	$5M	$17M
Q2 23	$3M	$20M
Q3 23	$5M	$21M
Q4 23	—	$23M
Q1 24	—	$21M
Q2 24	—	$27M
Q3 24	—	$26M
Q4 24	—	$33M
Q1 25	—	$25M
Q2 25	—	$25M
Q3 25	—	$29M
Q4 25	—	$27M

Revenue Segments

Quarter	Ancillary Operations	Self Storage Operations
Q1 23	$62M	$1.0B
Q2 23	$64M	$1.1B
Q3 23	$65M	$1.1B
Q4 23	$67M	$1.1B
Q1 24	$71M	$1.1B
Q2 24	$73M	$1.1B
Q3 24	$78M	$1.1B
Q2 25	$82M	$1.1B
Q3 25	$85M	$1.1B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$695M	$0	$695M
Q2 23	$652M	$0	$652M
Q3 23	$630M	$0	$630M
Q4 23	$370M	$0	$370M
Q1 24	$272M	$0	$272M
Q2 24	$542M	$0	$542M
Q3 24	$599M	$0	$599M
Q4 24	$447M	$0	$447M
Q1 25	$287M	$0	$287M
Q2 25	$1.1B	$0	$1.1B
Q3 25	$296M	$0	$296M
Q4 25	$318M	$0	$318M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	176M	+0.0%
Q2 23	176M	-0.0%
Q3 23	176M	-0.0%
Q4 23	176M	-0.3%
Q1 24	176M	+0.4%
Q2 24	176M	-0.2%
Q3 24	176M	-0.1%
Q4 24	176M	+0.0%
Q1 25	176M	+0.0%
Q2 25	176M	-0.0%
Q3 25	176M	-0.0%
Q4 25	176M	-0.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$411K	5K
FY 15	$449K	5K
FY 16	$466K	6K
FY 17	$485K	6K
FY 18	$493K	6K
FY 19	$484K	6K
FY 20	$540K	5K
FY 21	$589K	6K
FY 22	$709K	6K
FY 23	$729K	6K
FY 24	$796K	6K
FY 25	$836K	6K