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Extra Space Storage cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$430M in Q3 2026 · $1.6B over twelve months

Operating cash flow$467M
Capital spending−$36.9M
Free cash flow+$430M
Cash / net income1.8×

Analysis

In Q3 2026, Extra Space Storage generated $467M of operating cash flow and spent $36.9M on capital projects, leaving free cash flow of $430M. That is $4.6M more than in Q3 2025 ($426M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.9B; the largest uses were dividends ($1.4B), real estate bought ($620M), buybacks ($470M); besides operations, cash came from net borrowing (+) / repaid (−) ($468M), other investing ($357M); the cash balance rose by $3.4M.

Operating cash flow was $467M against net income of $259M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$190M, other liabilities −$54.2M, payables +$16.2M.

Free cash flow

Extra Space Storage: free cash flow by quarterExtra Space Storage: free cash flow by quarter$150MQ4 2024$364MQ1 2025$382MQ2 2025$426MQ3 2025$84.9MQ4 2025$463MQ1 2026$532MQ2 2026$430MQ3 2026
Operating cash flow less capital spending.
Extra Space Storage: operating cash flow against capital spendingExtra Space Storage: operating cash flow against capital spendingOperating cash flowCapital spending$408M$258MQ4 2024$481M$117MQ1 2025$544M$162MQ2 2025$457M$31.5MQ3 2025$368M$283MQ4 2025$490M$26.4MQ1 2026$586M$54.0MQ2 2026$467M$36.9MQ3 2026
Latest (Q3 2026): Operating cash flow $467M, Capital spending $36.9M.

Capital allocation, year by year

Extra Space Storage: where the cash came from (up) and went (down), by fiscal yearExtra Space Storage: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $952MFY2021: Net borrowing $207MFY2021: Shares issued $278MFY2021: Asset sales $573MFY2021: Capital spending −$56.2MFY2021: Dividends −$601M$2.0BFY2021FY2022: Operating cash flow $1.2BFY2022: Net borrowing $980MFY2022: Asset sales $39.4MFY2022: Capital spending −$1.2BFY2022: Acquisitions −$157MFY2022: Buybacks −$63.0MFY2022: Dividends −$805M$2.3BFY2022FY2023: Operating cash flow $1.4BFY2023: Net borrowing $24.0MFY2023: Asset sales $2.1MFY2023: Capital spending −$136MFY2023: Dividends −$1.0B$1.4BFY2023FY2024: Operating cash flow $1.9BFY2024: Net borrowing −$38.5MFY2024: Shares issued $365KFY2024: Asset sales $125MFY2024: Capital spending −$479MFY2024: Dividends −$1.4B$2.0BFY2024FY2025: Operating cash flow $1.9BFY2025: Net borrowing −$1.1BFY2025: Asset sales $368MFY2025: Capital spending −$562MFY2025: Buybacks −$150MFY2025: Dividends −$1.4B$2.2BFY2025
Over these 5 years operating cash flow totalled $7.3B; the largest uses were dividends ($5.2B) and capital spending ($2.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$115M
Debtnone
Net cash$115M

Extra Space Storage funds itself: free cash flow was $1.6B over the last twelve months, with $115M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Extra Space Storage: sources (+) and uses (−) of cash, Q3 2026Extra Space Storage: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$580MOperating cash flow$467MDividends−$341MBuybacks−$327MNet borrowing (+) / repaid (−)−$197MOther financing−$57.1MReal estate bought−$47.6MCapital spending−$36.9MOther investing−$30.6MPartners−$15.3MAsset & business sales$4.5M
Extra Space Storage: sources (+) and uses (−) of cash, TTM to Q3 2026Extra Space Storage: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.9BDividends−$1.4BReal estate bought−$620MBuybacks−$470MNet borrowing (+) / repaid (−)$468MCapital spending−$357MOther investing$357MAsset & business sales$217MOther financing−$73.0MPartners−$62.7MCash drawn (+) / kept (−)−$3.4M

From profit to cash

Extra Space Storage: net income to operating cash flow, Q3 2026Extra Space Storage: net income to operating cash flow, Q3 2026Net income$259MDepreciation & amortization$190MStock-based pay$8.9MPayables$16.2MPrepaid and other assets$6.5MOther liabilities−$54.2MOperating cash flow$467M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$467M−$36.9M−$327M−$341M−$197M$580M$430M
Q2 2026$586M−$54.0M—−$342M$461M−$557M$532M
Q1 2026$490M−$26.4M−$1.4M−$343M−$75.0M−$225K$463M
Q4 2025$368M−$283M−$141M−$342M$279M−$26.9M$84.9M
Q3 2025$457M−$31.5M—−$344M−$1.7B$12.5M$426M
Q2 2025$544M−$162M−$8.6M−$344M$952M−$5.6M$382M
Q1 2025$481M−$117M—−$344M−$636M$20.3M$364M
Q4 2024$408M−$258M—−$344M$482M−$49.0M$150M

Extra Space Storage: income statement and cash flow

Extra Space Storage, Q3 2026: revenue $890M (+4% year over year), operating margin 44.0%. The chart follows the revenue to costs, profit and cash.

Extra Space Storage: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.