Extra Space Storage vs Public Storage: Revenue, Profit and Business Model
Extra Space Storage had $3.4B of annual revenue in FY2025. Public Storage had $4.8B of annual revenue in FY2025 and $1.8B of net income.
Latest financial snapshot
Extra Space Storage
- Latest annual revenue
- $3.4B (FY2025)
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- +14.6% a year, FY2016–FY2025
Public Storage
- Latest annual revenue
- $4.8B (FY2025)
- Net income
- $1.8B
- Net margin
- 37.0%
- Revenue growth
- +7.3% a year, FY2016–FY2025
Financial summary
Extra Space Storage
Revenue grew from $1.92 billion in 2022 to $3.38 billion in 2025, mostly because of the Life Storage merger, then flattened as same-store rents softened during the 2024-2025 supply wave. FY2025 net income attributable to common stockholders was $972.3 million. Performance improved in 2026: Q2 revenue was $874.2 million versus $841.6 million a year earlier, same-store NOI rose 3.5%, ending same-store occupancy was 94.2%, and management raised full-year Core FFO guidance to $8.25-$8.40 per share. The quarterly dividend was $1.62 per share. Extra Space Storage is a massive real estate investment trust (REIT), operating as the largest self-storage operator in the US with a market valuation often exceeding $30 billion.
Public Storage
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 and profit by year
Extra Space Storage
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $3.4B | — | — | +3.7% | Source |
| FY2024 | $3.3B | — | — | +27.2% | Source |
| FY2023 | $2.6B | — | — | +33.1% | Source |
| FY2022 | $1.9B | — | — | +22.0% | Source |
| FY2021 | $1.6B | $827.6M | 52.5% | +16.3% | Source |
| FY2020 | $1.4B | $481.8M | 35.5% | +3.6% | Source |
| FY2019 | $1.3B | $420M | 32.1% | +9.3% | Source |
| FY2018 | $1.2B | $415.3M | 34.7% | +8.3% | Source |
| FY2017 | $1.1B | $479M | 43.3% | +11.4% | Source |
| FY2016 | $991.9M | $366.1M | 36.9% | — | Source |
Public Storage
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $4.8B | $1.8B | 37.0% | +2.7% | Source |
| FY2024 | $4.7B | $2.1B | 44.1% | +3.9% | Source |
| FY2023 | $4.5B | $2.1B | 47.6% | +8.0% | Source |
| FY2022 | $4.2B | $4.3B | 104.0% | +22.4% | Source |
| FY2021 | $3.4B | $2B | 57.2% | +17.2% | Source |
| FY2020 | $2.9B | $1.4B | 46.6% | +2.1% | Source |
| FY2019 | $2.9B | $1.5B | 53.3% | +3.5% | Source |
| FY2018 | $2.8B | $1.7B | 62.0% | +3.4% | Source |
| FY2017 | $2.7B | $1.4B | 54.0% | +4.2% | Source |
| FY2016 | $2.6B | $1.5B | 56.8% | — | Source |
Where the revenue comes from
Extra Space Storage
- Self-storage rental revenueMajority
Rent and related fees from owned and consolidated stores; the bulk of total revenue.
- Tenant reinsuranceMinority
Premiums from optional protection plans covering customers' stored goods.
- Management fees and other incomeMinority
Fees from third-party and joint-venture stores, plus interest from bridge loans.
Public Storage
- Self-storage rental revenueMajority
Rent from month-to-month storage leases across company-owned facilities.
- Ancillary revenueMinority
Tenant reinsurance premiums, merchandise sales and third-party management fees.
Business model and strategy
Extra Space Storage
How it makes money
Extra Space makes most of its money from monthly rent on storage units at stores it owns outright or through consolidated joint ventures. Leases are month-to-month, so pricing for new and existing customers can be adjusted frequently using the company's revenue-management systems.
Growth strategy
Extra Space grows through a mix of acquisitions, joint ventures and capital-light channels. The largest step was the 2023 Life Storage merger. Since then the company has leaned on its third-party management platform, adding 151 stores in the first half of 2026, and on bridge lending, originating $146.1 million of loans in that period.
Competitive advantage
Scale is the main advantage. With more than 4,400 stores and a third-party management business covering 1,964 stores as of mid-2026, Extra Space gathers pricing, demand and customer data across far more locations than independent owners.
Public Storage
How it makes money
Public Storage makes money by owning self-storage properties and renting units to households and small businesses, usually on month-to-month agreements. That short lease term lets it adjust move-in rates often and raise rents for existing tenants over time. Self-storage rent is the bulk of revenue.
Growth strategy
Under the PS4.0 plan announced in February 2026, Public Storage is pursuing growth through large acquisitions (NSA, closed July 2026; PS Canada, agreed in Q2 2026), smaller property purchases (44 facilities for $454.9 million year to date as of late July 2026), development and expansion of existing sites, and growth of its third-party management platform.
Competitive advantage
Public Storage's edge comes from scale and brand. Its orange-door brand is the most recognized in U.S. self-storage, which lowers customer acquisition costs online. A dense network of properties in major metros lets it share staff and marketing across sites, and its centralized revenue-management and digital rental tools can be applied to every facility it acquires.
Questions about Extra Space Storage vs Public Storage
Which company has higher revenue — Extra Space Storage Inc. or Public Storage?
Extra Space Storage Inc. had $3.4B (FY2025), while Public Storage had $4.8B (FY2025). By latest annual revenue, Public Storage is the larger business, with Extra Space Storage Inc. showing a smaller revenue base.
What is the market cap of Extra Space Storage Inc. vs Public Storage?
Extra Space Storage Inc.'s market capitalisation stands at $29.4B, while Public Storage's is $55.4B. Public Storage carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Extra Space Storage Inc..
How does revenue per employee compare for Extra Space Storage Inc. and Public Storage?
Extra Space Storage Inc. has $402k / employee in revenue per employee, while Public Storage has $836k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Extra Space Storage Inc. and Public Storage make money?
Extra Space Storage Inc. and Public Storage generate revenue in fundamentally different ways. Extra Space Storage Inc.: Extra Space makes most of its money from monthly rent on storage units at stores it owns outright or through consolidated joint ventures. Public Storage: Public Storage makes money by owning self-storage properties and renting units to households and small businesses, usually on month-to-month agreements.
Which company is valued higher relative to revenue — Extra Space Storage Inc. or Public Storage?
On a price-to-sales (P/S) basis, Extra Space Storage Inc. trades at 8.7x P/S and Public Storage at 11.5x P/S. Public Storage commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Extra Space Storage Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Extra Space Storage Inc. bigger than Public Storage?
By last reported revenue, Public Storage ($4.8B (FY2025)) is the larger company compared to Extra Space Storage Inc. ($3.4B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Extra Space Storage vs Public Storage overview