Filing Flows › Extra Space Storage (EXR) › Q1 2025
Extra Space Storage (EXR) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 2, 2025
Extra Space Storage (EXR) reported revenue of $820M for the first quarter 2025 (Q1 2025), +3% from a year earlier and -0.2% from the quarter before. Operating margin was 47.4%, net earnings $271M (33.0% of revenue).
Extra Space Storage, Q1 2025: revenue $820M (+3% year over year), operating margin 47.4%, net earnings $271M, operating cash flow $481M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $820M | -0.2% | +3% |
| Operating profit | $389M | +2% | +16% |
| Net earnings | $271M | +3% | +27% |
| Operating cash flow | $481M | +18% | +3% |
| Free cash flow | $345M | +130% | -20% |
What changed
Revenue was $820.0M in Q1 2025, up 3% year over year and roughly flat from the previous quarter.
Operating profit was $388.7M, a 47.4% margin (up 5.4 points year over year). Of the extra revenue versus a year earlier, 259% reached operating profit, above the 42% margin then. Total costs fell 7% while revenue rose 3%. Net earnings were $270.9M, up 27% year over year. The effective tax rate was 3.1%.
Operating cash flow was $481.4M (up 3% year over year), 169% of net income including minority interests. Non-cash charges added back $180.4M of depreciation and amortization and $7.2M of share-based compensation. Capital expenditures of $136.0M left free cash flow of $345.4M.
Questions
What was Extra Space Storage's revenue in the first quarter 2025?
Extra Space Storage (EXR) reported revenue of $820M for the first quarter 2025 (Q1 2025), +3% from a year earlier and -0.2% from the quarter before.
Was Extra Space Storage profitable in the first quarter 2025?
Operating profit was $389M (47.4% of revenue) and net earnings $271M.