Jun 2026 (Q2 FY26) — Jul 30, 2026
Public Storage Q2 FY26 — Strong Operational Momentum and Strategic Acquisitions Drive Future Growth
Read the full callPublic Storage (PSA) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Public Storage earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,233 | +2.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 37.9 | −3.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 500 | +39.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
5 of 5 judged targets kept · 24 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Los Angeles state-of-emergency drag on same-store revenue (FY25) | approximately 100 basis points | Dec 2024 | we lost about 70 basis points of same-store revenue growth in '25, another 50 net this year. | Achieved |
| Core FFO per share (FY26) | $16.35 to $17.00 per share, midpoint $16.68 | Dec 2025 | For core FFO, a we are raising forecast to $16.75 to $17.05 with a midpoint of $16.90. This is an increase of 1.4% or $0.22 per share versus our prior forecast. | Revised Up |
| Non-same-store pool NOI growth (FY26) | 16% year-over-year growth, before factoring in future transaction activity | Dec 2025 | Outside of the same-store pool, NOI growth of 22% in our non-same-store pool and ancillary growth of 15% continued to lift results. | On Track |
24 of Public Storage's 29 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 26 more targets are in the full ledger.
Claimed
- Successfully closed the NSA transaction, integrating 1,100 stores and 575,000 units onto Public Storage systems overnight.
- Announced the acquisition of Public Storage Canada for $1.2 billion, providing strategic entry into an underpenetrated market with significant embedded upside.
- Raised full-year 2026 Core FFO guidance to a midpoint of $16.90 per share, an increase of $0.22 per share from prior forecast.
- Same-store revenue and NOI growth of -0.6% and -2.2% respectively in Q2, both ahead of internal expectations.
- Average move-in rents turned positive at +1.6% in Q2 (first time since 2021), with occupancy at 92.5% (+0.2% year-over-year).
Qualified
- Core FFO in Q2 was down year-over-year, driven by higher financing costs and G&A.
- Same-store revenue and NOI growth remained negative in Q2 at -0.6% and -2.2% respectively.
- Certain Sunbelt markets continue to lag, with Q2 NOI down (e.g., Tampa -10%, Atlanta -6%).
Price
$295.69 −0.88% · −$2.62
Performance −3.9% 1Y
1Y: $307.61 on 17 Oct 2025 → $295.69. High $330.47 (28 Jul 2026), low $258.44 (2 Jan 2026).
- Previous close
- $298.31
- 52-week range
- $258.44 – $330.47
- One year
- −5.17%
Overview
- Symbol
- PSA
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
5 of 5 judged targets kept · 24 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Los Angeles state-of-emergency drag on same-store revenue (FY25) | approximately 100 basis points | Dec 2024 | we lost about 70 basis points of same-store revenue growth in '25, another 50 net this year. | Achieved |
| Core FFO per share (FY26) | $16.35 to $17.00 per share, midpoint $16.68 | Dec 2025 | For core FFO, a we are raising forecast to $16.75 to $17.05 with a midpoint of $16.90. This is an increase of 1.4% or $0.22 per share versus our prior forecast. | Revised Up |
| Non-same-store pool NOI growth (FY26) | 16% year-over-year growth, before factoring in future transaction activity | Dec 2025 | Outside of the same-store pool, NOI growth of 22% in our non-same-store pool and ancillary growth of 15% continued to lift results. | On Track |
Claimed
- Successfully closed the NSA transaction, integrating 1,100 stores and 575,000 units onto Public Storage systems overnight.
- Announced the acquisition of Public Storage Canada for $1.2 billion, providing strategic entry into an underpenetrated market with significant embedded upside.
- Raised full-year 2026 Core FFO guidance to a midpoint of $16.90 per share, an increase of $0.22 per share from prior forecast.
- Same-store revenue and NOI growth of -0.6% and -2.2% respectively in Q2, both ahead of internal expectations.
- Average move-in rents turned positive at +1.6% in Q2 (first time since 2021), with occupancy at 92.5% (+0.2% year-over-year).
Qualified
- Core FFO in Q2 was down year-over-year, driven by higher financing costs and G&A.
- Same-store revenue and NOI growth remained negative in Q2 at -0.6% and -2.2% respectively.
- Certain Sunbelt markets continue to lag, with Q2 NOI down (e.g., Tampa -10%, Atlanta -6%).
The full ledger
Open Public Storage’s full ledger
A free account opens 5 company ledgers a month. All 29 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
Public Storage Q1 FY26 — PS 4.0 Era Launched with NSA Acquisition and Better-Than-Expected Results
Read the full callDec 2025 (Q4 FY25) — Feb 13, 2026
Public Storage Q4 FY25 — PS4.0 Strategic Vision and Leadership Transition
Read the full callEvery analysed call
Public Storage earnings calls (PSA)
Financials
What the filings say
Net profit, year on year: +39% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,188 | 1,177 | 1,183 | 1,201 | 1,224 | 1,216 | 1,218 | 1,233 |
| Expenses | 705 | 703 | 719 | 701 | 733 | 740 | 743 | 766 |
| Operating profit | — | — | 464 | 500 | — | — | 474 | 467 |
| Operating margin | — | — | 39.2% | 41.6% | — | — | 39.0% | 37.9% |
| Interest | 74 | 72 | 72 | 72 | 80 | 81 | 80 | 85 |
| Profit before tax | 436 | 617 | 412 | 365 | 518 | 495 | 531 | 506 |
| Tax rate | 0.6% | −0.2% | 0.3% | 0.9% | 0.6% | −3.0% | 0.3% | 0.5% |
| Net profit | 430 | 615 | 408 | 358 | 511 | 507 | 526 | 500 |
| EPS ($ per share) | 2.17 | — | 2.04 | 1.76 | 2.63 | — | 2.72 | 2.56 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 17 | 17 | 17 | 18 | 18 | 18 | 18 | 18 |
| Reserves | -577 | -666 | -915 | -550 | -110 | -268 | -699 | -1,219 |
| Total liabilities | 1,784 | 2,286 | 3,240 | 7,957 | 7,386 | 9,702 | 9,941 | 10,867 |
| Total assets | 10,928 | 11,365 | 11,817 | 17,381 | 17,552 | 19,809 | 19,755 | 20,209 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,064 | 2,068 | 2,043 | 2,544 | 3,117 | 3,247 | 3,128 | 3,186 |
| Cash from investing | -516 | -897 | -1,118 | -5,564 | 1,120 | -3,539 | -1,003 | -1,685 |
| Cash from financing | -1,620 | -1,121 | -1,076 | 3,498 | -4,193 | -113 | -2,079 | -1,631 |
| Net cash flow | -72 | 50 | -151 | 479 | 44 | -405 | 47 | -129 |
| Capital expenditure | -322 | -625 | -792 | -5,047 | -758 | -473 | -267 | -946 |
| Free cash flow | 1,742 | 1,443 | 1,251 | -2,504 | 2,359 | 2,773 | 2,861 | 2,241 |
PSA revenue by segment
Ancillary Operations grew from 7% to 8% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Self Storage Operations | 93% | 93% | 93% | 93% | 93% | 93% | 93% | 92% | +1.9% |
| Ancillary Operations | 7% | 7% | 7% | 7% | 7% | 7% | 7% | 8% | +12.7% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
PSA operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Change vs prior quarter |
|---|---|---|---|
| Properties Non-same-store | 500+Our outsized non-same-store portfolio of over 500 properties is poised to be a strong contributor again in 2025 with $454 million of NOI assumed at the midpoint.Source: earnings call transcript | 520Revenue growth in our non-same-store pool, which comprises 520 properties and 21% of our portfolio, accelerated to nearly 11%, as it continues to be an engine of growth.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
28 filings between Dec 30, 2025 and Oct 6, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$771.7K
2 sales by 1 insider
Compensation
not trading decisions- 18
- Award — granted as compensation
- 1
- Tax withheld — shares kept back by the company to cover tax
Also filed: 7 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Vitan Nathaniel A. | — | $771.7K | Aug 13, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 6, 2026 | SPOGLI RONALD P Director | Award | 6 | $1.8K |
| Oct 6, 2026 | HAVNER RONALD L JR Director | Award | 4 | $1.3K |
| Sep 30, 2026 | Mitra Shankh Director | Award | 339 | $95.9K |
| Sep 30, 2026 | WILLIAMS PAUL S Director | Award | 52 | $14.7K |
| Aug 13, 2026 | Vitan Nathaniel A. Chief Legal Officer | Sale | 1,414 | $463.1K |
| Jun 30, 2026 | Mitra Shankh Director | Award | 305 | $97.1K |
| Jun 30, 2026 | SPOGLI RONALD P Director | Award | 6 | $1.8K |
| Jun 30, 2026 | WILLIAMS PAUL S Director | Award | 46 | $14.6K |
| Jun 30, 2026 | HAVNER RONALD L JR Director | Award | 4 | $1.3K |
| Jun 12, 2026 | Vitan Nathaniel A. Chief Legal Officer | Sale | 950 | $308.6K |
| Apr 14, 2026 | HAVNER RONALD L JR Director | Gift | 734 | $0 |
| Apr 10, 2026 | POLADIAN AVEDICK BARUYR Director | Gift | 2,000 | $0 |
| Apr 10, 2026 | POLADIAN AVEDICK BARUYR Director | Gift | 2,000 | $0 |
| Apr 10, 2026 | POLADIAN AVEDICK BARUYR Director | Gift | 2,000 | $0 |
| Apr 10, 2026 | POLADIAN AVEDICK BARUYR Director | Gift | 2,000 | $0 |
| Apr 10, 2026 | POLADIAN AVEDICK BARUYR Director | Gift | 2,000 | $0 |
| Apr 10, 2026 | POLADIAN AVEDICK BARUYR Director | Gift | 2,000 | $0 |
| Apr 1, 2026 | HAVNER RONALD L JR Director | Tax withheld | 266 | $73.5K |
| Mar 31, 2026 | Mitra Shankh Director | Award | 128 | $34.7K |
| Mar 31, 2026 | WILLIAMS PAUL S Director | Award | 54 | $14.6K |
| Mar 31, 2026 | SPOGLI RONALD P Director | Award | 7 | $1.8K |
| Mar 31, 2026 | HAVNER RONALD L JR Director | Award | 5 | $1.2K |
| Mar 31, 2026 | REYES JOHN Director | Award | 123 | $33.3K |
| Dec 31, 2025 | Mitra Shankh Director | Award | 128 | $33.2K |
| Dec 31, 2025 | REYES JOHN Director | Award | 128 | $33.2K |
| Dec 31, 2025 | WILLIAMS PAUL S Director | Award | 77 | $20.0K |
| Dec 30, 2025 | HAVNER RONALD L JR Director | Award | 5 | $1.2K |
| Dec 30, 2025 | SPOGLI RONALD P Director | Award | 7 | $1.7K |
| Sep 30, 2025 | Mitra Shankh Director | Award | 115 | $33.2K |
| Sep 30, 2025 | HAVNER RONALD L JR Director | Award | 4 | $1.2K |
| Sep 30, 2025 | WILLIAMS PAUL S Director | Award | 70 | $20.2K |
| Sep 30, 2025 | SPOGLI RONALD P Director | Award | 6 | $1.7K |
| Sep 30, 2025 | REYES JOHN Director | Award | 115 | $33.2K |
| Aug 8, 2025 | PETHERBRIDGE LUKE J Director | Purchase | 700 | $199.0K |
| Jun 30, 2025 | WILLIAMS PAUL S Director | Award | 68 | $20.0K |
| Jun 30, 2025 | Mitra Shankh Director | Award | 113 | $33.2K |
| Jun 30, 2025 | REYES JOHN Director | Award | 113 | $33.2K |
| Jun 27, 2025 | SPOGLI RONALD P Director | Award | 6 | $1.7K |
| Jun 27, 2025 | HAVNER RONALD L JR Director | Award | 4 | $1.2K |
| May 8, 2025 | HAVNER RONALD L JR Director | Gift | 734 | $0 |
| Apr 1, 2025 | HAVNER RONALD L JR Director | Tax withheld | 266 | $79.5K |
| Mar 31, 2025 | Mitra Shankh Director | Award | 111 | $33.2K |
| Mar 31, 2025 | REYES JOHN Director | Award | 111 | $33.2K |
| Mar 31, 2025 | WILLIAMS PAUL S Director | Award | 67 | $20.1K |
| Mar 28, 2025 | HAVNER RONALD L JR Director | Award | 4 | $1.2K |
| Mar 28, 2025 | SPOGLI RONALD P Director | Award | 6 | $1.7K |
| Dec 31, 2024 | SPOGLI RONALD P Director | Award | 4 | $1.2K |
| Dec 31, 2024 | HAVNER RONALD L JR Director | Award | 101 | $30.2K |
| Dec 31, 2024 | HAVNER RONALD L JR Director | Award | 3 | $883 |
| Dec 31, 2024 | REYES JOHN Director | Award | 111 | $33.2K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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