Filing Flows › Extra Space Storage (EXR) › Q1 2026
Extra Space Storage (EXR) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 1, 2026
Extra Space Storage (EXR) reported revenue of $856M for the first quarter 2026 (Q1 2026), +4% from a year earlier and -0.2% from the quarter before. Operating margin was 42.9%, net earnings $241M (28.2% of revenue).
Extra Space Storage, Q1 2026: revenue $856M (+4% year over year), operating margin 42.9%, net earnings $241M, operating cash flow $490M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $856M | -0.2% | +4% |
| Operating profit | $368M | -0.9% | -5% |
| Net earnings | $241M | -16% | -11% |
| Operating cash flow | $490M | +33% | +2% |
| Free cash flow | $463M | +297% | +27% |
What changed
Revenue was $856.0M in Q1 2026, up 4% year over year and roughly flat from the previous quarter.
Operating profit was $367.6M, a 42.9% margin (down 4.5 points year over year). Operating profit fell $21.2M even though revenue rose $36.0M versus Q1 2025, so costs grew faster than sales. Total costs grew 13% against revenue growth of 4%. The fastest-growing cost line was Other operating costs (+26%). Net earnings were $241.0M, down 11% year over year. The effective tax rate was 4.1%.
Operating cash flow was $489.9M (up 2% year over year), 194% of net income including minority interests. Non-cash charges added back $185.8M of depreciation and amortization and $7.6M of share-based compensation. Working capital and other items added $44.0M. Capital expenditures of $26.4M left free cash flow of $463.4M.
Questions
What was Extra Space Storage's revenue in the first quarter 2026?
Extra Space Storage (EXR) reported revenue of $856M for the first quarter 2026 (Q1 2026), +4% from a year earlier and -0.2% from the quarter before.
Was Extra Space Storage profitable in the first quarter 2026?
Operating profit was $368M (42.9% of revenue) and net earnings $241M.