Public Storage
Real EstateNYSE:PSA · New York Stock Exchange
+$1.23 today
Vol 0.70M · Avg 1.08M
Income Statement
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Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Earnings Waterfall
Revenue to Net Income
Key Ratios
Analysis
$4.9B of revenue converted into $1.9B of net income for the selected period. Gross margin is 60.6% and net margin is 39.1%, showing how much revenue survives after costs and taxes. EPS is $9.69, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.8B +2.7% | $4.7B +3.9% | $4.5B +8.0% | $4.2B +22.4% | $3.4B | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $3.6B +187.8% | $1.3B +9.6% | $1.1B +9.0% | $1.1B +14.4% | $920.6M | $725.6M | $804.0M | $882.4M |
| Gross Profit | $1.2B -65.0% | $3.4B +2.0% | $3.4B +7.7% | $3.1B +25.4% | $2.5B | $8.9B | $7.6B | $6.2B |
| Gross Margin | 25.0% -48.2pp | 73.2% -1.4pp | 74.6% -0.2pp | 74.8% +1.8pp | 73.0% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 | $0 | $0 -100.0% | $17.5M +108.7% | $8.4M | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $106.7M +0.0% | $106.7M +32.3% | $80.6M +12.5% | $71.7M -5.7% | $76.0M | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | -$1.1B -184.9% | $1.2B +17.7% | $1.1B +9.5% | $959.8M +21.6% | $789.4M | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $1.2B +2.0% | $1.1B +16.5% | $970.1M +9.2% | $888.1M +24.5% | $713.4M | $374.2M | $1.2B | $631.8M |
| EBITDA | $3.2B -7.4% | $3.5B +4.9% | $3.3B -38.2% | $5.4B +94.7% | $2.8B | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 67.3% -7.4pp | 74.7% +0.7pp | 74.0% -55.3pp | 129.2% +48.0pp | 81.3% | 5.6% | 46.3% | 42.0% |
| Operating Income | $2.3B +2.4% | $2.2B -5.1% | $2.3B +6.9% | $2.2B +27.2% | $1.7B | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 46.7% -0.1pp | 46.9% -4.5pp | 51.3% -0.5pp | 51.9% +1.9pp | 49.9% | 16.6% | 24.1% | 22.0% |
| Interest Income | $36.6M -18.0% | $44.7M -31.1% | $64.8M +211.3% | $20.8M +69.2% | $12.3M | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $304.5M +5.9% | $287.4M +42.9% | $201.1M +47.5% | $136.3M +50.2% | $90.8M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | -$464.5M -314.4% | -$112.1M +24.3% | -$148.1M -106.7% | $2.2B +730.7% | $266.2M | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $1.8B -14.3% | $2.1B -3.8% | $2.2B -50.4% | $4.4B +122.1% | $2.0B | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 37.1% -7.4pp | 44.5% -3.6pp | 48.1% -56.7pp | 104.7% +47.0pp | 57.7% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | -$7.2M -254.8% | $4.7M -56.9% | $10.8M -24.5% | $14.3M +15.9% | $12.4M | $1.3B | -$1.6B | $745.2M |
| Net Income | $1.8B -13.9% | $2.1B -3.6% | $2.1B -50.6% | $4.3B +122.7% | $2.0B | $4.9B | $4.8B | $4.7B |
| Net Margin | 37.0% -7.1pp | 44.1% -3.4pp | 47.6% -56.4pp | 104.0% +46.8pp | 57.2% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $9 -15.4% | $11 -3.9% | $11 -53.0% | $24 +138.5% | $10 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $9 -15.3% | $11 -3.8% | $11 -52.9% | $24 +138.1% | $10 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $175.4M +0.1% | $175.4M -0.1% | $175.5M +0.1% | $175.3M +0.2% | $174.9M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $175.9M -0.1% | $176.0M -0.1% | $176.1M -0.1% | $176.3M +0.4% | $175.6M | $1.2B | $924.4M | $678.0M |
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How much revenue does PSA generate?
Public Storage (PSA) reported $4.82B of revenue in fiscal 2025.
Is PSA profitable?
Public Storage (PSA) reported $1.78B of net income, with a net margin of 37.0%.
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