Public Storage
PSA · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
Public Storage reported revenue of $4.8B in the fiscal year ended Dec 2025, up 2.7% from the year before. Net income was $1.8B. Net debt was $9.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.4B | $4.2B | $4.5B | $4.7B | $4.8B |
| Interest expense | $91M | $136M | $201M | $287M | $304M |
| Pre-tax income | $2B | $4.4B | $2.2B | $2.1B | $1.8B |
| Income tax | $12M | $14M | $11M | $5M | −$7M |
| Net income | $2B | $4.3B | $2.1B | $2.1B | $1.8B |
| Diluted EPS | 9.87 | 23.50 | 11.06 | 10.64 | 9.01 |
| Diluted shares | 176M | 176M | 176M | 176M | 176M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $735M | $775M | $370M | $447M | $318M |
| Goodwill | $166M | $166M | $166M | $166M | $166M |
| Total assets | $17.4B | $17.6B | $19.8B | $19.8B | $20.2B |
| Long-term debt | $7.5B | $6.9B | $9.1B | $9.4B | $10.3B |
| Total liabilities | $8B | $7.4B | $9.7B | $9.9B | $10.9B |
| Shareholders' equity | $9.3B | $10.1B | $10B | $9.7B | $9.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.5B | $3.1B | $3.2B | $3.1B | $3.2B |
| Depreciation & amortisation | $713M | $888M | $970M | $1.1B | $1.2B |
| Stock-based compensation | $60M | $57M | $42M | $45M | $40M |
| Acquisitions | $0 | $0 | $2.2B | $0 | $0 |
| Share buybacks | – | $0 | $0 | $200M | $0 |
| Dividend per share | 8.00 | 21.15 | 12.00 | 12.00 | 12.00 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 22.4% | 8.0% | 3.9% | 2.7% |
| EPS growth (YoY) | – | 138.1% | −52.9% | −3.8% | −15.3% |
| Net margin | 57.2% | 104.0% | 47.6% | 44.1% | 37.0% |
| Return on equityBlank when equity is negative | 20.9% | 43.2% | 21.5% | 21.3% | 19.3% |
| Cash conversion (CFO ÷ net income) | 1.30x | 0.72x | 1.51x | 1.51x | 1.79x |
| Debt ÷ equity | 0.80x | 0.68x | 0.91x | 0.96x | 1.11x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $6.7B | $6.1B | $8.7B | $8.9B | $9.9B |
Recent filings
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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.