Filing Flows › Extra Space Storage (EXR) › Q3 2025
Extra Space Storage (EXR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 31, 2025
Extra Space Storage (EXR) reported revenue of $858M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +2% from the quarter before. Operating margin was 32.5%, net earnings $166M (19.3% of revenue).
Extra Space Storage, Q3 2025: revenue $858M (+4% year over year), operating margin 32.5%, net earnings $166M, operating cash flow $457M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $858M | +2% | +4% |
| Operating profit | $279M | -25% | -8% |
| Net earnings | $166M | -34% | -14% |
| Operating cash flow | $457M | -16% | -2% |
| Free cash flow | $426M | +11% | +37% |
What changed
Revenue was $858.5M in Q3 2025, up 4% year over year and up 2% from the previous quarter.
Operating profit was $279.1M, a 32.5% margin (down 4.2 points year over year). Operating profit fell $23.6M even though revenue rose $33.7M versus a year earlier, so costs grew faster than sales. Total costs grew 11% against revenue growth of 4%. The fastest-growing cost line was Cost of revenue (+13%). Net earnings were $166.0M, down 14% year over year. The effective tax rate was 6.4%.
Operating cash flow was $457.1M (down 2% year over year), 263% of net income including minority interests. Non-cash charges added back $177.5M of depreciation and amortization and $7.1M of share-based compensation. Working capital and other items added $98.6M. Capital expenditures of $31.5M left free cash flow of $425.6M.
Questions
What was Extra Space Storage's revenue in the third quarter 2025?
Extra Space Storage (EXR) reported revenue of $858M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +2% from the quarter before.
Was Extra Space Storage profitable in the third quarter 2025?
Operating profit was $279M (32.5% of revenue) and net earnings $166M.