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Public Storage cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$633M in Q3 2026 · $2.7B over twelve months

Operating cash flow$709M
Capital spending−$76.3M
Free cash flow+$633M
Cash / net income1.9×

Analysis

In Q3 2026, Public Storage generated $709M of operating cash flow and spent $76.3M on capital projects, leaving free cash flow of $633M. That is $148M less than in Q3 2025 ($780M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.0B; the largest uses were other investing ($1.6B), acquisitions ($1.0B), other financing ($1.0B); besides operations, cash came from net borrowing (+) / repaid (−) ($1.2B), shares issued ($24.4M); the cash balance rose by $264M.

Operating cash flow was $709M against net income of $378M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$413M, accrued liabilities −$80.4M, prepaid and other assets +$39.8M.

Free cash flow

Public Storage: free cash flow by quarterPublic Storage: free cash flow by quarter$689MQ4 2024$639MQ1 2025$796MQ2 2025$780MQ3 2025$661MQ4 2025$637MQ1 2026$812MQ2 2026$633MQ3 2026
Operating cash flow less capital spending.
Public Storage: operating cash flow against capital spendingPublic Storage: operating cash flow against capital spendingOperating cash flowCapital spending$769M$79.7MQ4 2024$705M$66.5MQ1 2025$873M$76.7MQ2 2025$875M$94.9MQ3 2025$734M$72.7MQ4 2025$695M$57.7MQ1 2026$868M$56.0MQ2 2026$709M$76.3MQ3 2026
Latest (Q3 2026): Operating cash flow $709M, Capital spending $76.3M.

Capital allocation, year by year

Public Storage: where the cash came from (up) and went (down), by fiscal yearPublic Storage: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $2.5BFY2021: Net borrowing $5.0BFY2021: Shares issued $1.2BFY2021: Capital spending −$282M$8.8BFY2021FY2022: Operating cash flow $3.1BFY2022: Net borrowing −$513MFY2022: Shares issued $278MFY2022: Capital spending −$314M$3.4BFY2022FY2023: Operating cash flow $3.2BFY2023: Net borrowing $2.2BFY2023: Shares issued $53.1MFY2023: Capital spending −$364MFY2023: Acquisitions −$2.2B$5.5BFY2023FY2024: Operating cash flow $3.1BFY2024: Net borrowing $343MFY2024: Shares issued $108MFY2024: Capital spending −$327MFY2024: Buybacks −$200M$3.6BFY2024FY2025: Operating cash flow $3.2BFY2025: Net borrowing $705MFY2025: Shares issued $9.4MFY2025: Capital spending −$311M$3.9BFY2025
Over these 5 years operating cash flow totalled $15.2B; the largest uses were acquisitions ($2.2B) and capital spending ($1.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$560M
Debt$12.2B
Net debt$11.6B
Due within a year$1.2B

Public Storage funds itself: free cash flow was $2.7B over the last twelve months, and $560M of cash and investments stands against $12.2B of debt ($1.2B due within a year, 0.5× covered by cash).

Public Storage: debt maturities by year (FY2025)Public Storage: debt maturities by year (FY2025)$1.2BYear 1$1.2BYear 2$1.2BYear 3$1.0BYear 4$1.3BYear 5$4.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $560M of cash and investments now.

Where the cash came from and went

Public Storage: sources (+) and uses (−) of cash, Q3 2026Public Storage: sources (+) and uses (−) of cash, Q3 2026Other investing−$2.0BNet borrowing (+) / repaid (−)$982MOperating cash flow$709MOther financing$666MCash drawn (+) / kept (−)−$300MCapital spending−$76.3MPartners−$24.5MShares issued$794KTaxes on employees’ shares−$42K
Public Storage: sources (+) and uses (−) of cash, TTM to Q3 2026Public Storage: sources (+) and uses (−) of cash, 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 profit to cash

Public Storage: net income to operating cash flow, Q3 2026Public Storage: net income to operating cash flow, Q3 2026Net income$378MDepreciation & amortization$413MStock-based pay$10.5MAccrued liabilities−$80.4MPrepaid and other assets$39.8MOperating cash flow$709M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$709M−$76.3M—$982M$794K−$300M$633M
Q2 2026$868M−$56.0M—−$34K$15.8M−$125M$812M
Q1 2026$695M−$57.7M—−$175M$7.8M$183M$637M
Q4 2025$734M−$72.7M$815M$238M−$65K−$21.6M$661M
Q3 2025$875M−$94.9M—−$400M$1.7M$808M$780M
Q2 2025$873M−$76.7M—−$32K$4.6M−$817M$796M
Q1 2025$705M−$66.5M—−$33K$3.2M$160M$639M
Q4 2024$769M−$79.7M—−$32K$45.8M$152M$689M

Public Storage: income statement and cash flow

Public Storage, Q3 2026: revenue $1.4B (+12% year over year), operating margin 23.2%. The chart follows the revenue to costs, profit and cash.

Public Storage: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.