Filing Flows › Extra Space Storage (EXR) › Q2 2025
Extra Space Storage (EXR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 1, 2025
Extra Space Storage (EXR) reported revenue of $842M for the second quarter 2025 (Q2 2025), +4% from a year earlier and +3% from the quarter before. Operating margin was 44.4%, net earnings $250M (29.7% of revenue).
Extra Space Storage, Q2 2025: revenue $842M (+4% year over year), operating margin 44.4%, net earnings $250M, operating cash flow $544M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $842M | +3% | +4% |
| Operating profit | $374M | -4% | +23% |
| Net earnings | $250M | -8% | +34% |
| Operating cash flow | $544M | +13% | -0.3% |
| Free cash flow | $382M | +11% | -25% |
What changed
Revenue was $841.6M in Q2 2025, up 4% year over year and up 3% from the previous quarter.
Operating profit was $374.0M, a 44.4% margin (up 6.8 points year over year). Of the extra revenue versus a year earlier, 224% reached operating profit, above the 38% margin then. Total costs fell 8% while revenue rose 4%. The fastest-growing cost line was Cost of revenue (+16%). Net earnings were $249.7M, up 34% year over year. The effective tax rate was 4.2%.
Operating cash flow was $543.9M (roughly flat year over year), 207% of net income including minority interests. Non-cash charges added back $177.3M of depreciation and amortization and $8.5M of share-based compensation. Working capital and other items added $95.4M. Capital expenditures of $161.7M left free cash flow of $382.1M.
Questions
What was Extra Space Storage's revenue in the second quarter 2025?
Extra Space Storage (EXR) reported revenue of $842M for the second quarter 2025 (Q2 2025), +4% from a year earlier and +3% from the quarter before.
Was Extra Space Storage profitable in the second quarter 2025?
Operating profit was $374M (44.4% of revenue) and net earnings $250M.