Public Storage financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Public Storage files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,561	2,669	2,760	2,855	2,915	3,416	4,182	4,518	4,696	4,824
Cost of revenue	669	708	740
Gross profit	1,891	1,961	2,015
General and administrative	83.7	82.9	105	62.1	83.2	76	71.7	80.6	107	107
Operating income	1,374	1,423
Interest expense	4.21	12.7	32.5	45.6	56.3	90.8	136	201	287	304
Pre-tax income						1,972	4,381	2,171	2,089	1,790
Income tax	0	0				12.4	14.3	10.8	4.67	-7.23
Net income to minority interests					4.01	6.38	17.1	11.8	12.4	12.7
Net income	1,454	1,442	1,711	1,521	1,357	1,953	4,349	2,148	2,072	1,784
EBITDA	1,808	1,878
EPS, basic	6.84	6.75	8.56	7.30	6.29	9.91	23.64	11.11	10.68	9.04
EPS, diluted	6.81	6.73	8.54	7.29	6.29	9.87	23.50	11.06	10.64	9.01
Shares, basic (weighted)	173	174	174	174	174	175	175	175	175	175
Shares, diluted (weighted)	174	174	174	175	175	176	176	176	176	176
Dividend per share	7.30	8.00	8.00	8.00	8.00	8.00	21.15	12.00	12.00	12.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	184	433	361	410	258	735	775	370	447	318
Lease right-of-use assets				38.7
Goodwill	175	175	175	175	166	166	166	166	166	166
Intangible assets		21.5	16.5	12.5	20	118	47.9	203	97.5	66.9
Total assets	10,130	10,733	10,928	11,365	11,817	17,381	17,552	19,809	19,755	20,209
Total liabilities	689	1,769	1,784	2,286	3,240	7,957	7,386	9,702	9,941	10,867
Total debt	391	1,431	1,412	1,902	2,545	7,475	6,871	9,103	9,353	10,254
Paid-in capital	5,610	5,648	5,718	5,711	5,707	5,822	5,896	5,981	6,116	6,148
Retained earnings	-488	-676	-577	-666	-915	-550	-110	-268	-699	-1,219
Other comprehensive income	-95.1	-75.1	-64.1	-64.9	-43.4	-53.6	-80.3	-67.2	-72	-47.8
Shareholders' equity	9,412	8,940	9,119	9,063	8,559	9,335	10,073	10,013	9,713	9,248
Minority interests	29.7	24.4	25.3	16.8	18	20.1	93.4	93.8	101	93.7
Total equity	9,442	8,964	9,145	9,080	8,577	9,355	10,167	10,107	9,814	9,342
Total liabilities and equity	10,130	10,733	10,928	11,365	11,817	17,381	17,552	19,809	19,755	20,209
Shares outstanding	173	174	174	174	175	175	175	176

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,460	1,448	1,717	1,526	1,361	1,960	4,366	2,160	2,084	1,797
Depreciation and amortization	433	455	484	513	553	713	888	970	1,130	1,152
Stock-based compensation	37.5	37.5	69.9	25.8	33.4	59.8	56.7	41.6	44.7	39.9
Cash from operations	1,945	1,973	2,064	2,068	2,043	2,544	3,117	3,247	3,128	3,186
Capital expenditures	-81.4	-121	-141	-187
Acquisitions						0	0	-2,178	0	0
Cash from investing	-699	-737	-516	-897	-1,118	-5,564	1,120	-3,539	-1,003	-1,685
Stock issued	25.5	42.5	12.5	33.6	12.7	95.9	0	0	60.3	0
Share buybacks							0	0	-200	0
Cash from financing	-1,149	-992	-1,620	-1,121	-1,076	3,498	-4,193	-113	-2,079	-1,631
Exchange rate effect					-0.43	0.51	0	0
Net change in cash	97	243	-72	49.5	-151	479	43.9	-405	47	-129
Free cash flow	1,864	1,852	1,923	1,880
Interest paid	9.4	16.8	36.3	48.3	52.7	74.2	128	146	269	273
Income taxes paid						12.7	11.3	11.1	6.88	6.35

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $287.97 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	41.9%	Pre-tax income / revenue.
Net margin	41.8%	Net income / revenue.
Operating cash flow margin	64.9%	Cash from operations / revenue.
Effective tax rate	-0.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	22.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.2%	Net income / average total assets.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	23.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-13.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-25.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	5.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-15.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-27.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	7.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	1.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-17.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	8.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-4.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	1.11x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	50.6%	Total debt / total assets.
Liabilities / assets	53.8%	Total liabilities / total assets.
Net debt	$9.92B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	1.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$8.98B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.24x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$11.58	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$27.71	Revenue / diluted weighted shares.
Operating cash flow per share	$17.97	Cash from operations / diluted weighted shares.
Book value per share	$52.07	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$50.88	Tangible book value / shares outstanding.
Cash per share	$1.47	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$50.57B	Share price x shares outstanding.
Enterprise value	$60.49B	Market cap + total debt - cash - short-term investments.
P/E	24.7x	Market cap / net income. Only when net income is positive.
P/S	10.3x	Market cap / revenue.
P/B	5.50x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.63x	Market cap / tangible book value, when positive.
P/OCF	15.9x	Market cap / cash from operations, when positive.
EV/Sales	12.4x	Enterprise value / revenue.
Earnings yield	4.0%	Net income / market cap (the inverse of P/E).

What was Public Storage's revenue in fiscal 2025?

Public Storage reported revenue of $4.82B for fiscal 2025, 2.7% higher than the year before.

Was Public Storage profitable in fiscal 2025?

Yes. Net income was $1.78B, a net margin of 37%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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