Filing Flows › Public Storage (PSA) › Q4 2025
Public Storage (PSA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 12, 2026
Public Storage (PSA) reported revenue of $1.2B for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and -0.7% from the quarter before. Operating margin was 39.2%, net earnings $507M (41.7% of revenue).
Public Storage, Q4 2025: revenue $1.2B (+3% year over year), operating margin 39.2%, net earnings $507M, operating cash flow $734M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | -0.7% | +3% |
| Operating profit | $476M | -3% | +0.3% |
| Net earnings | $507M | -0.8% | -17% |
| Operating cash flow | $734M | -16% | -5% |
| Free cash flow | $661M | -15% | -4% |
What changed
Revenue was $1.2B in Q4 2025, up 3% year over year and down 1% from the previous quarter. Self-storage facilities was the largest line at 93% of revenue.
Operating profit was $0.48B, a 39.2% margin (down 1.2 points year over year). Of the extra revenue versus a year earlier, 3% reached operating profit, below the 40% margin then. Total costs grew 5% against revenue growth of 3%. Net earnings were $0.51B, down 17% year over year. The effective tax rate was -3.0%.
Operating cash flow was $0.73B (down 5% year over year), 144% of net earnings. Non-cash charges added back $0.30B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.08B. Capital expenditures of $0.07B left free cash flow of $0.66B.
Questions
What was Public Storage's revenue in the fourth quarter 2025?
Public Storage (PSA) reported revenue of $1.2B for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and -0.7% from the quarter before.
Was Public Storage profitable in the fourth quarter 2025?
Operating profit was $476M (39.2% of revenue) and net earnings $507M.
Source: Public Storage 10-K on SEC EDGAR.