Public Storage
Financial Performance
Public Storage Revenue & Financials
Revenue
$4.8B (FY2025)
Market Cap
$55.4B
Net Income
$1.8B
Employees
5,770
What is Public Storage's revenue?
Public Storage had $4.8B in revenue for fiscal year 2025, up 2.7% from 2024. Net income was $1.8B.
- Latest revenue
- $4.8B (FY2025)
- Year-over-year
- +2.7%
- Growth rate (CAGR)
- 7.3% over 9 years
- Peak revenue
- $4.8B (FY2025)
- Years of data
- 10
- Employees
- 5,770
- What is Public Storage's operating income?
- Public Storage reported operating income of $1.4B for fiscal year 2017. sec.gov
- How much profit does Public Storage make?
- Public Storage reported net income of $1.8B for fiscal year 2025. sec.gov
- How many employees does Public Storage have?
- Public Storage has about 5,770 employees.
Financial Analysis
Revenue grew from $2.56 billion in 2016 to $4.82 billion in 2025, helped by pandemic-era demand in 2021-2022 and acquisitions such as Simply Self Storage. Growth has since slowed: FY2025 revenue rose 2.7% and net income fell to $1.78 billion from $2.07 billion in 2024. In Q2 2026, Core FFO was $4.17 per share, down 2.6%, and same-store revenue declined 0.6%, yet management raised full-year 2026 Core FFO guidance to $16.75-$17.05 per share, citing first-half performance and accretion from the NSA and PS Canada deals. Public Storage is the absolute largest brand of self-storage services in the US and the world, operating as a massive Real Estate Investment Trust (REIT) with a valuation generally exceeding $50 billion.
Revenue Trend Analysis
YoY Change
+2.7%
9-Year CAGR
+7.3%
Peak Year
2025
Trend
Consistent Growth
Public Storage has 10 full fiscal year figures on this page, compounding at +7.3% annually over 9 years. The most recent year saw a 2.7% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $4.8B. Of 9 comparable year-over-year steps, 9 showed growth and 0 showed a decline.
Annual revenue history
Click any row to see year details.
Public Storage balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row.
| Fiscal Year | Operating cash flow | Total assets | Total liabilities | Shareholders' equity | Source |
|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $3.2B | $20.2B | $10.9B | $9.2B | Form 10-K |
| FY2024ended Dec 31, 2024 | $3.1B | $19.8B | $9.9B | $9.7B | Form 10-K |
| FY2023ended Dec 31, 2023 | $3.2B | $19.8B | $9.7B | $10B | Form 10-K |
| FY2022ended Dec 31, 2022 | $3.1B | $17.6B | $7.4B | $10.1B | Form 10-K |
| FY2021ended Dec 31, 2021 | $2.5B | $17.4B | $8B | $9.3B | Form 10-K |
| FY2020ended Dec 31, 2020 | $2B | $11.8B | $3.2B | $8.6B | Form 10-K |
| FY2019ended Dec 31, 2019 | $2.1B | $11.4B | $2.3B | $9.1B | Form 10-K |
| FY2018ended Dec 31, 2018 | $2.1B | $10.9B | $1.8B | $9.1B | Form 10-K |
| FY2017ended Dec 31, 2017 | $2B | $10.7B | $1.8B | $8.9B | Form 10-K |
| FY2016ended Dec 31, 2016 | $1.9B | $10.1B | $688.7M | $9.4B | Form 10-K |
Keep researching Public Storage
Public Storage Revenue and Financial FAQ
What was Public Storage's total revenue and net income for FY2025?
Public Storage reported FY2025 revenue of $4.824 billion and net income of $1.784 billion.
What were Public Storage's Q2 2026 results?
Q2 2026 Core FFO was $4.17 per share, down 2.6% year over year; net income was $2.55 per share and same-store revenue fell 0.6%.
What is Public Storage's 2026 guidance?
In July 2026 Public Storage raised its 2026 Core FFO guidance to $16.75-$17.05 per share.
What is Public Storage's market cap?
Public Storage's market capitalization was about $55 billion in late September 2026.
What unique role does cumulative preferred stock play in Public Storage's capital structure?
Public Storage is famous in corporate finance for issuing billions of dollars in perpetual, fixed-rate cumulative preferred stock. This provides permanent, low-cost capital with no debt maturity payoff cliffs, protecting common equity holders during banking and credit crises.
What is Public Storage’s annual revenue and earnings profile?
Public Storage generates between $4.5 billion and $4.8+ billion in annual gross revenues, producing over $3.2+ billion in high-margin Net Operating Income (NOI).
What is Core FFO and how does Public Storage perform on this metric?
Core Funds From Operations (Core FFO) per share is the benchmark earnings metric for REITs; Public Storage generates robust Core FFO typically exceeding $16 to $17+ per diluted share.
What is Public Storage’s dividend history and payout policy?
Public Storage pays a generous common stock dividend, often yielding 3.5%–4.5%, supported by an ultra-safe Core FFO payout ratio around 70% to 75% and supplemented by periodic special dividends.
What makes Public Storage’s balance sheet uniquely conservative?
Public Storage holds elite A2 / "A" credit ratings from Moody’s and S&P, maintaining one of the lowest net debt-to-EBITDA ratios (around 3.5x–4.0x) in the entire REIT industry, heavily utilizing low-cost cumulative preferred stock instead of high-risk senior debt.
What is Public Storage’s average portfolio occupancy rate?
Public Storage typically maintains portfolio-wide occupancy rates between 92% and 95%, optimizing between occupancy and aggressive rental rate maximization.
How does capital expenditure (CapEx) compare to other real estate sectors?
Self-storage has exceptionally low recurring maintenance CapEx—often less than 5% of Net Operating Income—compared to office or retail properties which require expensive tenant buildouts, brokerage commissions, and HVAC replacements.
What was the financial impact of the Simply Self Storage acquisition?
In 2023, Public Storage acquired Simply Self Storage for $2.2 billion from Blackstone Real Estate Income Trust (BREIT), adding 127 properties and 9 million square feet with immediate Core FFO accretion.
How does tenant reinsurance contribute to bottom-line profitability?
Public Storage’s tenant reinsurance business delivers hundreds of millions of dollars in virtually pure pre-tax profit annually, representing an exceptionally lucrative ancillary income stream.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Public Storage Revenue & Financials." CorpDigest, https://corpdigest.com/company/public-storage/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Public Storage reported $4.8B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/public-storage/financials" target="_blank" rel="noopener">CorpDigest — Public Storage financials</a></div>Related Financial Audits
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