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Public Storage (PSA) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 26, 2026 · Public Storage (PSA) Q3 2026 earnings results →

Q3 2026 Revenue up 12% year over year to $1.4B · 27¢ of every $1 of revenue kept as net profit · operating margin 23.2%

Public Storage made $1.4B in Q3 2026 (+12% Y/Y): Self-storage facilities $1.3B, Ancillary operations $112M. Operating margin 23.2%, net earnings $367M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 26, 2026.

Revenue$1.4B
Year over year+12%
Operating margin23.2%
Net earnings$367M
Operating cash flow$709M

Drawing the Sankey…

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Public Storage Q3 2026 revenue breakdown: Sankey diagram of revenue (Self-storage facilities, Ancillary operations), costs, profit and cash flow
Public Storage Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.4B in Q3 2026, up 12% year over year and up 11% from the previous quarter. Self-storage facilities was the largest line at 92% of revenue. Self-storage facilities added $0.12B year over year (up 10%), 81% of the total change.

Operating profit was $0.32B, a 23.2% margin (down 17.0 points year over year). Operating profit fell $0.17B even though revenue rose $0.14B versus Q3 2025, so costs grew faster than sales. Total costs grew 43% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+44%). Net earnings were $0.37B, down 28% year over year. The effective tax rate was -4.1%.

Operating cash flow was $0.71B (down 19% year over year), 187% of net income including minority interests. Non-cash charges added back $0.41B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.09B. Capital expenditures of $0.08B left free cash flow of $0.63B.

Quarterly history

Public Storage revenue by quarterPublic Storage revenue by quarter$1.2BQ1 2025$1.2BQ2 2025$1.2BQ3 2025$1.2BQ4 2025$1.2BQ1 2026$1.2BQ2 2026$1.4BQ3 2026
Public Storage net earnings by quarterPublic Storage net earnings by quarter$408MQ1 2025$358MQ2 2025$511MQ3 2025$507MQ4 2025$526MQ1 2026$500MQ2 2026$367MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 26, 2026$1.4B+12%23.2%$367M$709M
Q2 202610-QJul 29, 2026$1.2B+3%37.9%$500M$868M
Q1 202610-QApr 27, 2026$1.2B+3%38.9%$526M$695M
Q4 202510-KFeb 12, 2026$1.2B+3%39.2%$507M$734M
Q3 202510-QOct 29, 2025$1.2B+3%40.2%$511M$875M
Q2 202510-QJul 30, 2025$1.2B+2%41.6%$358M$873M
Q1 202510-QApr 30, 2025$1.2B+2%39.2%$408M$705M

Charts

Public Storage: revenue growth, year over year and quarter over quarterPublic Storage: revenue growth, year over year and quarter over quarterY/YQ/Q+2%Q1 2025+2%+2%Q2 2025+3%+2%Q3 2025+3%-1%Q4 2025+3%+0%Q1 2026+3%+1%Q2 2026+12%+11%Q3 2026
Latest (Q3 2026): Y/Y +12%, Q/Q +11%.
Public Storage: where the cash came from (+) and went (−), TTM to Q3 2026Public Storage: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$3.0BOther investing−$1.6BNet borrowing (+) / repaid (−)$1.2BAcquisitions−$1.0BOther financing−$1.0BCash drawn (+) / kept (−)−$264MCapital spending−$263MPartners−$35.2MShares issued$24.4MTaxes on employees’ shares−$8.1M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Public Storage: profit against cash, quarter by quarterPublic Storage: profit against cash, quarter by quarterNet incomeOperating cash flow$618M$769MQ4 2024$411M$705MQ1 2025$361M$873MQ2 2025$515M$875MQ3 2025$510M$734MQ4 2025$529M$695MQ1 2026$503M$868MQ2 2026$378M$709MQ3 2026
Latest (Q3 2026): Net income $378M, Operating cash flow $709M.
Public Storage: diluted shares by fiscal yearPublic Storage: diluted shares by fiscal year175MFY2020176MFY2021176MFY2022176MFY2023176MFY2024176MFY2025
+0.7% since FY2020: more shares outstanding (issuance, stock pay).
Public Storage: long-term debt falling due (FY2025)Public Storage: long-term debt falling due (FY2025)$1.2B2026$1.2B2027$1.2B2028$1.0B2029$1.3B2030$4.5BLater
Cash $318M, short-term investments —, long-term debt $10.3B at 2025-12-31.
Public Storage in its industry: growth against margin (213 companies, SIC 6798)Public Storage in its industry: growth against margin (213 companies, SIC 6798)revenue growth, year over year →↑ operating marginmedian +5%median 23%WELLAMTEQIXPLDIRMDLRWYVTRSPGBSTTRITMOLINEHSTVici Properties L.P.VICIHoward Hughes CorpCCIBoston Properties Ltd PartnershipEXRDOCAvalonbay Communities IncCXWAHRSBACCOLDARERHPHHHLAMRRayonier, L.P.Mid-America Apartments, L.P.SUIMAAKIMKimco Realty OP, LLCSTWDOUTEssex Portfolio LPWPCVornado Realty LPGLPIUDRREGELSPEBSVCAPLESWDRRYNDHCBrixmor Operating Partnership LPRLJStore Capital LLCOHIFederal Realty OP LPFRTDRHCubeSmart, L.P.HRCUBEAHTSL Green Operating Partnership, L.P.SLGKilroy Realty, L.P.KRCJANDEIMACCUZMPT Operating Partnership, L.P.MPTNNNSBRAREXRSTAGADCCDPEPREGPFirst Industrial LPESRTKRGPECOESBAKite Realty Group, L.P.INNCTREIRTEPRTAres Industrial Real Estate Income Trust Inc.SKTZARECBLJBGSHGITBrandywine Operating Partnership, L.P.JLL Income Property Trust, Inc.BNLNHISAFELTCAmerican Assets Trust, L.P.GNLCMRFAATNHPBHRAKRABRDEACLDTLXPBRSPIVTFCPTSMAVinebrook Homes Trust, Inc.Fortress Net Lease REITBFSFBRTUMHALXNTSTFortress Credit Realty Income TrustNXRTCSRNuveen Global Cities REIT, Inc.North Haven Net REITKBSRCottonwood Communities, Inc.CTOSterling Real Estate TrustARIBrookfield Real Estate Income Trust Inc.CLPRXRNSTRWINREPMTNew Mountain Net Lease TrustTRTXJ.P. Morgan Real Estate Income Trust, Inc.ONLCHCTExchangeRight Income FundPSTLCMCTUHTRCFSPCFTR-PAInvesco Real Estate Income Trust Inc.BRTStarwood Credit Real Estate Income TrustWHLRGTJ REIT, Inc.ACRPINEApollo Realty Income Solutions, Inc.NXDTBHMFVRBlackRock Monticello Debt Real Estate Investment TrustLightstone Value Plus REIT I, Inc.Rise Companies CorpSculptor Diversified Real Estate Income Trust, Inc.Lightstone Value Plus REIT II, Inc.Cohen & Steers Income Opportunities REIT, Inc.ACRETCILANDLightstone Value Plus REIT V, Inc.NLCPSACHModiv Industrial, Inc.Fidelity Core Real Estate FundEQT Exeter Real Estate Income Trust, Inc.STSRFPIHighlands REIT, Inc.PRXASITCRreef Property Trust, Inc.LTSVSEVNLightstone Value Plus REIT III, Inc.SGSTFREVSFranklin BSP Real Estate Debt, Inc.BMNMFundrise eREIT, LLCCDR-PBCHMIPrincipal Credit Real Estate Income TrustICR-PANLOPSUNSMKZRGBCSSTLYCPTSQFTSummit Healthcare REIT, IncSELFTPTSGIPRLOANIHTMDRRStratCap Digital Infrastructure REIT, Inc.PWPSA (+12%, 23%)
Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Public Storage

This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to our 2026 guidance and all underlying assumptions, our expected acquisition, disposition, development, and redevelopment activity, supply and demand for our self-storage facilities, information relating to operating trends in our markets, expectations regarding operating expenses, including property tax changes, expectations regarding the impacts from inflation and changes in macroeconomic conditions, our strategic priorities, expectations with respect to financing activities, rental rates, zoning, cap rates, and yields, leasing expectations, our credit ratings, and all other statements other than statements of historical fact.

In its own words, from its 10-K, filed Feb 12, 2026.

Public Storage against its Real Estate Investment Trusts peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +12% against the peers' median +12%. Operating margin: 23.2% against the peers' median 20.6%.

CompanyQuarterRevenueY/YOp. margin
PSA Public StorageQ3 2026$1.4B+12%23.2%
WELL WelltowerQ3 2026$3.7B+38%9.1%
AMT American TowerQ3 2026$2.8B+2%45.6%
EQIX EquinixQ3 2026$2.6B+11%23.3%
PLD PrologisQ1 2026$2.3B+7%52.7%
IRM Iron MountainQ3 2026$2.0B+14%20.6%
DLR Digital Realty TrustQ3 2026$1.9B+21%15.9%
WY WeyerhaeuserQ3 2026$1.9B+8%5.4%
VTR VentasQ3 2026$1.8B+23%2.9%

Source: Public Storage 10-Q on SEC EDGAR · CIK 1393311 · Real Estate Investment Trusts

13F: who owns PSA and who is buying

Largest holders of PSA (13F)Largest holders of PSA (13F)Vanguard Group$6.6BBlackRock$5.5BVanguard Portfolio Management LLC$4.3BVanguard Capital Management LLC$3.3BState Street$3.2BCapital International Investors$3.0BPrice T Rowe Associates$1.8BCohen & Steers$1.7BGeode Capital Management, LLC$1.4BCharles Schwab Investment Managem…$1.1B
Funds' net buying of PSA by quarter (13F)Funds' net buying of PSA by quarter (13F)$325M2024-09−$359M2024-12−$292M2025-03−$33.5M2025-06−$426M2025-09$509M2025-12$1.4B2026-03$1.5B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on PSA

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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