Filing Flows › Public Storage (PSA) › Q2 2026
Public Storage (PSA) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 29, 2026
Public Storage (PSA) reported revenue of $1.2B for the second quarter 2026 (Q2 2026), +3% from a year earlier and +1% from the quarter before. Operating margin was 37.9%, net earnings $500M (40.6% of revenue).
Public Storage, Q2 2026: revenue $1.2B (+3% year over year), operating margin 37.9%, net earnings $500M, operating cash flow $868M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | +1% | +3% |
| Operating profit | $467M | -2% | -7% |
| Net earnings | $500M | -5% | +39% |
| Operating cash flow | $868M | +25% | -0.5% |
| Free cash flow | $812M | +28% | +2% |
What changed
Revenue was $1.2B in Q2 2026, up 3% year over year and up 1% from the previous quarter. Self-storage facilities was the largest line at 92% of revenue. Self-storage facilities added $0.02B year over year (up 2%), 67% of the total change.
Operating profit was $0.47B, a 37.9% margin (down 3.8 points year over year). Operating profit fell $0.03B even though revenue rose $0.03B versus Q2 2025, so costs grew faster than sales. Total costs grew 9% against revenue growth of 3%. The fastest-growing cost line was General & admin (+72%). Net earnings were $0.50B, up 39% year over year. The effective tax rate was 0.5%.
Operating cash flow was $0.87B (roughly flat year over year), 173% 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 added $0.06B. Capital expenditures of $0.06B left free cash flow of $0.81B.
Questions
What was Public Storage's revenue in the second quarter 2026?
Public Storage (PSA) reported revenue of $1.2B for the second quarter 2026 (Q2 2026), +3% from a year earlier and +1% from the quarter before.
Was Public Storage profitable in the second quarter 2026?
Operating profit was $467M (37.9% of revenue) and net earnings $500M.
Source: Public Storage 10-Q on SEC EDGAR.