Public Storage vs Toyota: Revenue, Profit and Business Model
Public Storage reported $4.8B of revenue in FY2025 and $1.8B of net income. Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B of net income.
Latest financial snapshot
Public Storage
- Latest revenue
- $4.8B (FY2025)
- Net income
- $1.8B
- Net margin
- 37.0%
- Revenue growth
- +7.3% a year, FY2016–FY2025
Toyota
- Latest revenue
- ~$339.6B (FY2026)
- Net income
- ~$25.8B
- Net margin
- 7.6%
- Revenue growth
- +6.0% a year, FY2016–FY2026
Financial summary
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.
Toyota
Toyota's fiscal 2026 showed record revenue alongside sharply lower profit. Sales revenues reached ~$340 billion (¥50.68 trillion) while operating margin narrowed to about 7.4% from 10.0% a year earlier, mostly because of roughly $9.25 billion (¥1.38 trillion) in U.S. tariff costs. North America swung to a much weaker profit, Japan remained the largest profit contributor, and financial services kept growing. For fiscal 2027, Toyota's August 2026 forecast calls for ~$362 billion (¥54.0 trillion) in revenue, ~$22.8 billion (¥3.4 trillion) in operating income and ~$21.8 billion (¥3.25 trillion) in net income, assuming 160 yen per dollar.
Revenue and profit by year
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 |
Toyota
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$339.6B | ~$25.8B | 7.6% | +5.5% | Source |
| FY2025 | ~$321.8B | ~$31.9B | 9.9% | +6.5% | Source |
| FY2024 | ~$302.1B | ~$33.1B | 11.0% | +21.4% | Source |
| FY2023 | ~$248.9B | ~$16.4B | 6.6% | +18.4% | Source |
| FY2022 | ~$210.2B | ~$19.1B | 9.1% | +15.3% | Source |
| FY2021 | ~$182.3B | ~$15B | 8.3% | -9.1% | Source |
| FY2020 | ~$200.5B | ~$13.9B | 6.9% | -1.0% | Source |
| FY2019 | ~$202.5B | ~$12.6B | 6.2% | +2.9% | Source |
| FY2018 | ~$196.8B | ~$16.7B | 8.5% | +6.5% | Source |
| FY2017 | ~$184.9B | ~$12.3B | 6.6% | -2.8% | Source |
| FY2016 | ~$190.3B | ~$15.5B | 8.1% | — | Source |
Where the revenue comes from
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.
Toyota
- Automotive~89%
Toyota, Lexus, Daihatsu and Hino vehicles, plus parts and service
- Financial services~9%
Retail loans, leases and dealer financing
- All other~2%
Housing-related, telecommunications and other businesses
Business model and strategy
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.
Toyota
How it makes money
Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux. A large financial services arm earns interest and lease income on loans and leases to Toyota buyers and dealers, and parts, service and other value-chain businesses add recurring revenue from the installed base of vehicles.
Growth strategy
Toyota's strategy centers on hybrid leadership, battery EV scaling, software improvement, localized manufacturing, Lexus and truck/SUV profitability, financial services, and disciplined capital allocation.
Competitive advantage
Toyota's advantage is manufacturing discipline, hybrid technology, global supplier relationships, brand trust, reliability, and scale. Those strengths are durable, but they must be paired with faster software and EV execution.
Questions about Public Storage vs Toyota
Which company has higher revenue — Public Storage or Toyota Motor Corporation?
Public Storage reported $4.8B (FY2025), while Toyota Motor Corporation reported ~$339.6B (FY2026). By last reported revenue, Toyota Motor Corporation is the larger business, with Public Storage reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Public Storage vs Toyota Motor Corporation?
Public Storage's market capitalisation stands at $55.4B, while Toyota Motor Corporation's is $258.0B. Toyota Motor Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Public Storage.
Which is more financially efficient — Public Storage or Toyota Motor Corporation?
Public Storage generates $836k / employee in revenue per employee, while Toyota Motor Corporation generates $905k / employee. Toyota Motor Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Public Storage and Toyota Motor Corporation make money?
Public Storage and Toyota Motor Corporation generate revenue in fundamentally different ways. 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. Toyota Motor Corporation: Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux.
Which company is valued higher relative to revenue — Public Storage or Toyota Motor Corporation?
On a price-to-sales (P/S) basis, Public Storage trades at 11.5x P/S and Toyota Motor Corporation at 0.8x P/S. Public Storage commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Toyota Motor Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Public Storage bigger than Toyota Motor Corporation?
By last reported revenue, Toyota Motor Corporation (~$339.6B (FY2026)) is the larger company compared to Public Storage ($4.8B (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 Public Storage vs Toyota overview