Filing Flows › Public Storage (PSA) › Q3 2026
Public Storage (PSA) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 26, 2026
Public Storage (PSA) reported revenue of $1.4B for the third quarter 2026 (Q3 2026), +12% from a year earlier and +11% from the quarter before. Operating margin was 23.2%, net earnings $367M (26.9% of revenue).
Public Storage, Q3 2026: revenue $1.4B (+12% year over year), operating margin 23.2%, net earnings $367M, operating cash flow $709M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.4B | +11% | +12% |
| Operating profit | $317M | -32% | -36% |
| Net earnings | $367M | -27% | -28% |
| Operating cash flow | $709M | -18% | -19% |
| Free cash flow | $633M | -22% | -19% |
What changed
Revenue was $1.4B in Q3 2026, up 12% year over year and up 11% from the previous quarter. Self-storage facilities was the largest line at 92% of revenue. Self-storage facilities added $0.12B year over year (up 10%), 81% of the total change.
Operating profit was $0.32B, a 23.2% margin (down 17.0 points year over year). Operating profit fell $0.17B even though revenue rose $0.14B versus Q3 2025, so costs grew faster than sales. Total costs grew 43% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+44%). Net earnings were $0.37B, down 28% year over year. The effective tax rate was -4.1%.
Operating cash flow was $0.71B (down 19% year over year), 187% of net income including minority interests. Non-cash charges added back $0.41B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.09B. Capital expenditures of $0.08B left free cash flow of $0.63B.
Questions
What was Public Storage's revenue in the third quarter 2026?
Public Storage (PSA) reported revenue of $1.4B for the third quarter 2026 (Q3 2026), +12% from a year earlier and +11% from the quarter before.
Was Public Storage profitable in the third quarter 2026?
Operating profit was $317M (23.2% of revenue) and net earnings $367M.
Source: Public Storage 10-Q on SEC EDGAR.