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Public Storage (PSA) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 27, 2026
Public Storage (PSA) reported revenue of $1.2B for the first quarter 2026 (Q1 2026), +3% from a year earlier and +0.2% from the quarter before. Operating margin was 38.9%, net earnings $526M (43.2% of revenue).
Public Storage, Q1 2026: revenue $1.2B (+3% year over year), operating margin 38.9%, net earnings $526M, operating cash flow $695M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | +0.2% | +3% |
| Operating profit | $474M | -0.4% | +2% |
| Net earnings | $526M | +4% | +29% |
| Operating cash flow | $695M | -5% | -1% |
| Free cash flow | $637M | -4% | -0.2% |
What changed
Revenue was $1.2B in Q1 2026, up 3% 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 $0.03B year over year (up 2%), 73% of the total change.
Operating profit was $0.47B, a 38.9% margin (down 0.3 points year over year). Of the extra revenue versus Q1 2025, 30% reached operating profit, below the 39% margin then. Total costs grew 3% against revenue growth of 3%. The fastest-growing cost line was General & admin (+21%). Net earnings were $0.53B, up 29% year over year. The effective tax rate was 0.3%.
Operating cash flow was $0.69B (down 1% year over year), 131% of net earnings. Non-cash charges added back $0.29B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.14B. Capital expenditures of $0.06B left free cash flow of $0.64B.
Questions
What was Public Storage's revenue in the first quarter 2026?
Public Storage (PSA) reported revenue of $1.2B for the first quarter 2026 (Q1 2026), +3% from a year earlier and +0.2% from the quarter before.
Was Public Storage profitable in the first quarter 2026?
Operating profit was $474M (38.9% of revenue) and net earnings $526M.
Source: Public Storage 10-Q on SEC EDGAR.