Filing Flows › Public Storage (PSA) › Q2 2026 › vs Q1 2026
Public Storage (PSA) Q2 2026 vs Q1 2026 (quarter over quarter)
Public Storage's revenue rose $15.1M (+1%) from $1.2B in Q1 2026 to $1.2B in Q2 2026. The biggest changes: Self-storage facilities +$11.8M (+1%); Ancillary operations +$3.3M (+4%). Operating margin 37.9% against 38.9% (-1.1 pts).
Public Storage, Q2 2026: revenue $1.2B (+3% year over year), operating margin 37.9%, net earnings $500M, operating cash flow $868M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 37.9% | 38.9% | -1.1 pts |
| Net margin | 40.6% | 43.2% | -2.7 pts |
| Free cash flow margin | 65.9% | 52.3% | +13.6 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Self-storage facilities | $1.1B | $1.1B | $11.8M | +1% |
| Ancillary operations | $92.9M | $89.6M | $3.3M | +4% |
| Revenue | $1.2B | $1.2B | $15.1M | +1% |
| Other income, net | $39.0M | $56.7M | −$17.7M | -31% |
| Operating profit | $467M | $474M | −$7.6M | -2% |
| Costs & expenses | $766M | $743M | $22.7M | +3% |
| Pre-tax earnings | $506M | $531M | −$25.3M | -5% |
| General & admin | $44.4M | $30.4M | $14.0M | +46% |
| Other operating costs | $722M | $713M | $8.7M | +1% |
| Net earnings | $500M | $526M | −$26.3M | -5% |
| Minority interests | $3.0M | $3.1M | −$124K | -4% |
| Income tax | $2.7M | $1.6M | $1.1M | +73% |
| Depreciation & amortization | $288M | $291M | −$3.0M | -1% |
| Share-based compensation | $12.8M | $11.9M | $902K | +8% |
| Working capital & other | $67.9M | −$134M | $202M | — |
| Operating cash flow | $868M | $695M | $174M | +25% |
| Free cash flow (OCF − capex) | $812M | $637M | $175M | +28% |
| Capital expenditures | $56.0M | $57.7M | −$1.7M | -3% |
Questions
How much did Public Storage's revenue grow quarter over quarter in Q2 2026?
Public Storage's revenue rose $15.1M (+1%) from $1.2B in Q1 2026 to $1.2B in Q2 2026.
What drove Public Storage's revenue change in Q2 2026?
Self-storage facilities +$11.8M (+1%); Ancillary operations +$3.3M (+4%).