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How Public Storage (PSA) makes money
Public Storage (PSA) made $1.4B of revenue in the third quarter 2026 (Q3 2026), +12% from a year earlier. Self-storage facilities brought in $1.3B (92%); Ancillary operations brought in $112M (8%). Of every dollar of revenue, 23¢ was left as operating profit, 27¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Self-storage facilities | $1.3B | 91.8% | +10% | +10% |
| Ancillary operations | $112M | 8.2% | +21% | +32% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $1.4B | 100.0% |
| Operating profit | $317M | 23.2% |
| Net earnings | $367M | 26.9% |
| Operating cash flow | $709M | 51.9% |
| Free cash flow | $633M | 46.3% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $1.4B | +12% |
| Q2 2026 | $1.2B | +3% |
| Q1 2026 | $1.2B | +3% |
| Q4 2025 | $1.2B | +3% |
| Q3 2025 | $1.2B | +3% |
| Q2 2025 | $1.2B | +2% |
| Q1 2025 | $1.2B | +2% |
From Public Storage's 10-Q filed Oct 26, 2026 (on EDGAR).
Questions
How does Public Storage make money?
Public Storage (PSA) made $1.4B of revenue in the third quarter 2026 (Q3 2026), +12% from a year earlier. Self-storage facilities brought in $1.3B (92%); Ancillary operations brought in $112M (8%). Of every dollar of revenue, 23¢ was left as operating profit, 27¢ was left as net earnings.
What is Public Storage's biggest business?
Self-storage facilities: $1.3B in the third quarter 2026, 92% of revenue, +10% from a year earlier.
What is Public Storage's profit margin?
Net earnings were $367M, 26.9% of revenue, in the third quarter 2026; the operating margin was 23.2%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.