Filing Flows › Public Storage (PSA) › Q2 2026 › vs Q2 2025
Public Storage (PSA) Q2 2026 vs Q2 2025 (year over year)
Public Storage's revenue rose $31.8M (+3%) from $1.2B in Q2 2025 to $1.2B in Q2 2026. The biggest changes: Self-storage facilities +$21.3M (+2%); Ancillary operations +$10.5M (+13%). Operating margin 37.9% against 41.6% (-3.8 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 37.9% | 41.6% | -3.8 pts |
| Net margin | 40.6% | 29.8% | +10.7 pts |
| Free cash flow margin | 65.9% | 66.3% | -0.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Self-storage facilities | $1.1B | $1.1B | $21.3M | +2% |
| Ancillary operations | $92.9M | $82.4M | $10.5M | +13% |
| Revenue | $1.2B | $1.2B | $31.8M | +3% |
| Other income, net | $39.0M | −$135M | $174M | — |
| Operating profit | $467M | $500M | −$33.3M | -7% |
| Costs & expenses | $766M | $701M | $65.1M | +9% |
| Pre-tax earnings | $506M | $365M | $141M | +39% |
| General & admin | $44.4M | $25.7M | $18.6M | +72% |
| Other operating costs | $722M | $675M | $46.5M | +7% |
| Net earnings | $500M | $358M | $142M | +39% |
| Minority interests | $3.0M | $3.0M | −$14K | -0.5% |
| Income tax | $2.7M | $3.2M | −$524K | -16% |
| Depreciation & amortization | $288M | $283M | $4.5M | +2% |
| Share-based compensation | $12.8M | $10.6M | $2.2M | +20% |
| Working capital & other | $67.9M | $220M | −$153M | -69% |
| Operating cash flow | $868M | $873M | −$4.3M | -0.5% |
| Free cash flow (OCF − capex) | $812M | $796M | $16.4M | +2% |
| Capital expenditures | $56.0M | $76.7M | −$20.6M | -27% |
Questions
How much did Public Storage's revenue grow year over year in Q2 2026?
Public Storage's revenue rose $31.8M (+3%) from $1.2B in Q2 2025 to $1.2B in Q2 2026.
What drove Public Storage's revenue change in Q2 2026?
Self-storage facilities +$21.3M (+2%); Ancillary operations +$10.5M (+13%).