Filing Flows › Extra Space Storage (EXR) › Q4 2025
Extra Space Storage (EXR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
Extra Space Storage (EXR) reported revenue of $857M for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and -0.1% from the quarter before. Operating margin was 43.3%, net earnings $287M (33.5% of revenue).
Extra Space Storage, Q4 2025: revenue $857M (+4% year over year), operating margin 43.3%, net earnings $287M, operating cash flow $368M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $857M | -0.1% | +4% |
| Operating profit | $371M | +33% | -2% |
| Net earnings | $287M | +73% | +9% |
| Operating cash flow | $368M | -20% | -10% |
| Free cash flow | $117M | -73% | -22% |
What changed
Revenue was $857.5M in Q4 2025, up 4% year over year and roughly flat from the previous quarter.
Operating profit was $370.9M, a 43.3% margin (down 3.0 points year over year). Operating profit fell $9.2M even though revenue rose $35.6M versus a year earlier, so costs grew faster than sales. Total costs grew 10% against revenue growth of 4%. The fastest-growing cost line was General & admin (+18%). Net earnings were $287.4M, up 9% year over year. The effective tax rate was 2.9%.
Operating cash flow was $367.8M (down 10% year over year), 122% of net income including minority interests. Non-cash charges added back $180.1M of depreciation and amortization and $12.8M of share-based compensation. Working capital and other items used $126.0M. Capital expenditures of $251.0M left free cash flow of $116.8M.
Questions
What was Extra Space Storage's revenue in the fourth quarter 2025?
Extra Space Storage (EXR) reported revenue of $857M for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and -0.1% from the quarter before.
Was Extra Space Storage profitable in the fourth quarter 2025?
Operating profit was $371M (43.3% of revenue) and net earnings $287M.