Filing Flows › Public Storage (PSA) › Q3 2026 › vs Q3 2025
Public Storage (PSA) Q3 2026 vs Q3 2025 (year over year)
Public Storage's revenue rose $142M (+12%) from $1.2B in Q3 2025 to $1.4B in Q3 2026. The biggest changes: Self-storage facilities +$115M (+10%); Ancillary operations +$26.9M (+32%). Operating margin 23.2% against 40.2% (-17.0 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 23.2% | 40.2% | -17.0 pts |
| Net margin | 26.9% | 41.8% | -14.9 pts |
| Free cash flow margin | 46.3% | 63.7% | -17.4 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Self-storage facilities | $1.3B | $1.1B | $115M | +10% |
| Ancillary operations | $112M | $85.2M | $26.9M | +32% |
| Revenue | $1.4B | $1.2B | $142M | +12% |
| Other income, net | $46.4M | $26.1M | $20.3M | +78% |
| Operating profit | $317M | $492M | −$175M | -36% |
| Costs & expenses | $1.0B | $733M | $317M | +43% |
| Pre-tax earnings | $363M | $518M | −$154M | -30% |
| General & admin | $38.3M | $28.8M | $9.5M | +33% |
| Other operating costs | $1.0B | $704M | $307M | +44% |
| Income tax benefit | $15.0M | −$2.8M | $17.9M | — |
| Net earnings | $367M | $511M | −$144M | -28% |
| Minority interests | $11.4M | $3.7M | $7.7M | +208% |
| Depreciation & amortization | $413M | $290M | $122M | +42% |
| Share-based compensation | $10.5M | $9.5M | $1.1M | +11% |
| Working capital & other | $81.2M | −$64.2M | $145M | — |
| Operating cash flow | $709M | $875M | −$166M | -19% |
| Free cash flow (OCF − capex) | $633M | $780M | −$148M | -19% |
| Capital expenditures | $76.3M | $94.9M | −$18.6M | -20% |
Questions
How much did Public Storage's revenue grow year over year in Q3 2026?
Public Storage's revenue rose $142M (+12%) from $1.2B in Q3 2025 to $1.4B in Q3 2026.
What drove Public Storage's revenue change in Q3 2026?
Self-storage facilities +$115M (+10%); Ancillary operations +$26.9M (+32%).