Filing Flows › Public Storage (PSA) › Q2 2025
Public Storage (PSA) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Public Storage (PSA) reported revenue of $1.2B for the second quarter 2025 (Q2 2025), +2% from a year earlier and +2% from the quarter before. Operating margin was 41.6%, net earnings $358M (29.8% of revenue).
Public Storage, Q2 2025: revenue $1.2B (+2% year over year), operating margin 41.6%, net earnings $358M, operating cash flow $873M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | +2% | +2% |
| Operating profit | $500M | +8% | +3% |
| Net earnings | $358M | -12% | -31% |
| Operating cash flow | $873M | +24% | -3% |
| Free cash flow | $796M | +25% | -2% |
What changed
Revenue was $1.2B in Q2 2025, up 2% year over year and up 2% 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%), 68% of the total change.
Operating profit was $0.50B, a 41.6% margin (up 0.2 points year over year). Of the extra revenue versus a year earlier, 50% reached operating profit, above the 41% margin then. Total costs grew 2% against revenue growth of 2%. Net earnings were $0.36B, down 31% year over year. The effective tax rate was 0.9%.
Operating cash flow was $0.87B (down 3% year over year), 241% of net earnings. Non-cash charges added back $0.28B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.22B. Capital expenditures of $0.08B left free cash flow of $0.80B.
Questions
What was Public Storage's revenue in the second quarter 2025?
Public Storage (PSA) reported revenue of $1.2B for the second quarter 2025 (Q2 2025), +2% from a year earlier and +2% from the quarter before.
Was Public Storage profitable in the second quarter 2025?
Operating profit was $500M (41.6% of revenue) and net earnings $358M.
Source: Public Storage 10-Q on SEC EDGAR.