Q3 2026 Revenue up 4% year over year to $890M · 28¢ of every $1 of revenue kept as net profit · operating margin 44.0%
Extra Space Storage made $890M in Q3 2026 (+4% Y/Y). Operating margin 44.0%, net earnings $248M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.
Revenue$890M
Year over year+4%
Operating margin44.0%
Net earnings$248M
Operating cash flow$467M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $889.8M in Q3 2026, up 4% year over year and up 2% from the previous quarter.
Operating profit was $391.9M, a 44.0% margin (up 11.5 points year over year). Of the extra revenue versus Q3 2025, 360% reached operating profit, above the 33% margin then. Total costs fell 14% while revenue rose 4%. Net earnings were $247.8M, up 49% year over year. The effective tax rate was 4.4%.
Operating cash flow was $467.1M (up 2% year over year), 180% of net income including minority interests. Non-cash charges added back $189.6M of depreciation and amortization and $8.9M of share-based compensation. Capital expenditures of $36.9M left free cash flow of $430.2M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 30, 2026
$890M
+4%
44.0%
$248M
$467M
Q2 2026
10-Q
Jul 31, 2026
$874M
+4%
44.9%
$263M
$586M
Q1 2026
10-Q
May 1, 2026
$856M
+4%
42.9%
$241M
$490M
Q4 2025
10-K
Feb 20, 2026
$857M
+4%
43.3%
$287M
$368M
Q3 2025
10-Q
Oct 31, 2025
$858M
+4%
32.5%
$166M
$457M
Q2 2025
10-Q
Aug 1, 2025
$842M
+4%
44.4%
$250M
$544M
Q1 2025
10-Q
May 2, 2025
$820M
+3%
47.4%
$271M
$481M
Charts
Latest (Q3 2026): Y/Y +4%, Q/Q +2%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income $259M, Operating cash flow $467M.+63.5% since FY2020: more shares outstanding (issuance, stock pay).Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Extra Space Storage Inc. (“we,” “our,” “us” or the “Company”) is a fully integrated, self-administered and self-managed real estate investment trust (“REIT”) formed as a Maryland corporation on April 30, 2004. We closed our initial public offering (“IPO”) on August 17, 2004. Our common stock is traded on the New York Stock Exchange under the symbol “EXR.” We were formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977. These companies were reorganized after the consummation of our IPO and various formation transactions. Our executive management team and board of directors have extensive experience and ownership positions in the Company.
In its own words, from its 10-K, filed Feb 20, 2026.
Extra Space Storage against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +11%. Operating margin: 44.0% against the peers' median 20.6%.