Filing Flows › Public Storage (PSA) › Q3 2026 › vs Q2 2026
Public Storage (PSA) Q3 2026 vs Q2 2026 (quarter over quarter)
Public Storage's revenue rose $133M (+11%) from $1.2B in Q2 2026 to $1.4B in Q3 2026. The biggest changes: Self-storage facilities +$114M (+10%); Ancillary operations +$19.1M (+21%). Operating margin 23.2% against 37.9% (-14.7 pts).
Public Storage, Q3 2026: revenue $1.4B (+12% year over year), operating margin 23.2%, net earnings $367M, operating cash flow $709M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 23.2% | 37.9% | -14.7 pts |
| Net margin | 26.9% | 40.6% | -13.7 pts |
| Free cash flow margin | 46.3% | 65.9% | -19.6 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Self-storage facilities | $1.3B | $1.1B | $114M | +10% |
| Ancillary operations | $112M | $92.9M | $19.1M | +21% |
| Revenue | $1.4B | $1.2B | $133M | +11% |
| Other income, net | $46.4M | $39.0M | $7.4M | +19% |
| Operating profit | $317M | $467M | −$150M | -32% |
| Costs & expenses | $1.0B | $766M | $283M | +37% |
| Pre-tax earnings | $363M | $506M | −$142M | -28% |
| General & admin | $38.3M | $44.4M | −$6.1M | -14% |
| Other operating costs | $1.0B | $722M | $289M | +40% |
| Income tax benefit | $15.0M | −$2.7M | $17.8M | — |
| Net earnings | $367M | $500M | −$133M | -27% |
| Minority interests | $11.4M | $3.0M | $8.4M | +284% |
| Depreciation & amortization | $413M | $288M | $125M | +43% |
| Share-based compensation | $10.5M | $12.8M | −$2.3M | -18% |
| Working capital & other | $81.2M | −$67.9M | $149M | — |
| Operating cash flow | $709M | $868M | −$160M | -18% |
| Free cash flow (OCF − capex) | $633M | $812M | −$180M | -22% |
| Capital expenditures | $76.3M | $56.0M | $20.2M | +36% |
Questions
How much did Public Storage's revenue grow quarter over quarter in Q3 2026?
Public Storage's revenue rose $133M (+11%) from $1.2B in Q2 2026 to $1.4B in Q3 2026.
What drove Public Storage's revenue change in Q3 2026?
Self-storage facilities +$114M (+10%); Ancillary operations +$19.1M (+21%).