Extra Space Storage
EXR · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
Extra Space Storage reported revenue of $129M in the fiscal year ended Dec 2025, up 7.1% from the year before. Operating income was $1.4B, an operating margin of 1091.1%, and net income was $974M. Operating cash flow of $1.9B less capital expenditure of $562M left free cash flow of $1.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $66M | $84M | $102M | $121M | $129M |
| Cost of revenue | $369M | $435M | $612M | $832M | $918M |
| Gross profit | −$302M | −$351M | −$510M | −$711M | −$789M |
| Operating income | $976M | $1.1B | $1.2B | $1.3B | $1.4B |
| Interest expense | $166M | $219M | $419M | – | – |
| Pre-tax income | $859M | $901M | $817M | $853M | $941M |
| Income tax | $20M | $21M | $22M | $33M | $42M |
| Net income | $828M | $861M | $803M | $855M | $974M |
| Diluted EPS | 6.19 | 6.41 | 4.74 | 4.03 | 4.59 |
| Diluted shares | 140M | 142M | 169M | 212M | 212M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $71M | $93M | $99M | $138M | $139M |
| Net PP&E | $29M | $43M | $49M | $50M | $65M |
| Goodwill | $0 | $171M | $171M | $171M | $171M |
| Total assets | $10.5B | $12.2B | $27.5B | $28.8B | $29.3B |
| Total liabilities | $6.7B | $8.1B | $12B | $14B | $14.9B |
| Shareholders' equity | $3.1B | $3.3B | $14.4B | $13.9B | $13.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $952M | $1.2B | $1.4B | $1.9B | $1.9B |
| Capital expenditure | – | $1.2B | $136M | $479M | $562M |
| Free cash flow | – | $45M | $1.3B | $1.4B | $1.3B |
| Depreciation & amortisation | $242M | $288M | $506M | $783M | $715M |
| Stock-based compensation | $17M | $21M | $26M | $29M | $36M |
| Acquisitions | $0 | $157M | $0 | $0 | – |
| Share buybacks | $0 | $63M | $0 | $0 | $150M |
| Dividends paid | $601M | $805M | $1B | $1.4B | $1.4B |
| Dividend per share | 4.50 | 6.00 | 6.48 | 6.48 | 6.48 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 26.6% | 21.6% | 18.5% | 7.1% |
| Operating income growth (YoY) | – | 7.6% | 11.4% | 13.1% | 6.8% |
| EPS growth (YoY) | – | 3.6% | −26.1% | −15.0% | 13.9% |
| Gross margin | −456.3% | −418.9% | −500.1% | −588.1% | −609.1% |
| Operating margin | 1472.8% | 1251.9% | 1147.4% | 1095.0% | 1091.1% |
| Net margin | 1249.0% | 1025.8% | 787.6% | 707.2% | 752.3% |
| Return on equityBlank when equity is negative | 26.6% | 26.4% | 5.6% | 6.1% | 7.3% |
| Free cash flow margin | – | 53.5% | 1242.2% | 1165.3% | 995.1% |
| Cash conversion (CFO ÷ net income) | 1.15x | 1.44x | 1.75x | 2.21x | 1.90x |
| Interest cover | 5.87x | 4.79x | 2.79x | – | – |
Recent filings
More in Real Estate Investment Trusts
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.