Filing Flows › Public Storage (PSA) › Q3 2025
Public Storage (PSA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Public Storage (PSA) reported revenue of $1.2B for the third quarter 2025 (Q3 2025), +3% from a year earlier and +2% from the quarter before. Operating margin was 40.2%, net earnings $511M (41.8% of revenue).
Public Storage, Q3 2025: revenue $1.2B (+3% year over year), operating margin 40.2%, net earnings $511M, operating cash flow $875M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | +2% | +3% |
| Operating profit | $492M | -2% | +2% |
| Net earnings | $511M | +43% | +19% |
| Operating cash flow | $875M | +0.3% | +10% |
| Free cash flow | $780M | -2% | +9% |
What changed
Revenue was $1.2B in Q3 2025, up 3% 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 $0.03B year over year (up 3%), 79% of the total change.
Operating profit was $0.49B, a 40.2% margin (down 0.5 points year over year). Of the extra revenue versus a year earlier, 24% reached operating profit, below the 41% margin then. Total costs grew 4% against revenue growth of 3%. Net earnings were $0.51B, up 19% year over year. The effective tax rate was 0.5%.
Operating cash flow was $0.88B (up 10% year over year), 170% 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 $0.09B left free cash flow of $0.78B.
Questions
What was Public Storage's revenue in the third quarter 2025?
Public Storage (PSA) reported revenue of $1.2B for the third quarter 2025 (Q3 2025), +3% from a year earlier and +2% from the quarter before.
Was Public Storage profitable in the third quarter 2025?
Operating profit was $492M (40.2% of revenue) and net earnings $511M.
Source: Public Storage 10-Q on SEC EDGAR.