Filing Flows › Public Storage (PSA) › Q1 2025
Public Storage (PSA) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
Public Storage (PSA) reported revenue of $1.2B for the first quarter 2025 (Q1 2025), +2% from a year earlier and +0.5% from the quarter before. Operating margin was 39.2%, net earnings $408M (34.5% of revenue).
Public Storage, Q1 2025: revenue $1.2B (+2% year over year), operating margin 39.2%, net earnings $408M, operating cash flow $705M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | +0.5% | +2% |
| Operating profit | $464M | -2% | +2% |
| Net earnings | $408M | -34% | -20% |
| Operating cash flow | $705M | -8% | +6% |
| Free cash flow | $639M | -7% | +10% |
What changed
Revenue was $1.2B in Q1 2025, up 2% year over year and roughly flat from the previous quarter. Self-storage facilities was the largest line at 93% of revenue. Self-storage facilities added $0.02B year over year (up 2%), 65% of the total change.
Operating profit was $0.46B, a 39.2% margin (down 0.1 points year over year). Of the extra revenue versus a year earlier, 36% reached operating profit, below the 39% margin then. Total costs grew 2% against revenue growth of 2%. The fastest-growing cost line was General & admin (+18%). Net earnings were $0.41B, down 20% year over year. The effective tax rate was 0.3%.
Operating cash flow was $0.71B (up 6% year over year), 172% of net earnings. Non-cash charges added back $0.28B of depreciation and amortization and $0.01B of share-based compensation. Capital expenditures of $0.07B left free cash flow of $0.64B.
Questions
What was Public Storage's revenue in the first quarter 2025?
Public Storage (PSA) reported revenue of $1.2B for the first quarter 2025 (Q1 2025), +2% from a year earlier and +0.5% from the quarter before.
Was Public Storage profitable in the first quarter 2025?
Operating profit was $464M (39.2% of revenue) and net earnings $408M.
Source: Public Storage 10-Q on SEC EDGAR.