Stock research

Public Storage (PSA) Stock Research

Public Storage is the largest owner and operator of self-storage facilities in the United States.

For the fiscal year ended December 31, 2025, Public Storage reported revenue of $4.8B and net income of $1.8B, with operating cash flow of $3.2B. Source: Form 10-K filed February 12, 2026

SEC data as of

Revenue
$4.8B
FY ending 2025-12-31
Net income
$1.8B
FY ending 2025-12-31
Diluted EPS
$9.01
Net margin
37.0%

Reported SEC XBRL figures. Each metric’s period and original filing are listed below.

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About Public Storage

Its flexible month-to-month leases let it reprice rents quickly as demand shifts.

Exchange
NYSE: PSA
Sector
Real Estate
SEC industry
Real Estate Investment Trusts (SIC 6798)
Fiscal year end
December 31
Headquarters
Glendale, California
Founded
1972

PSA key financials

Reported figures from Public Storage's filings, pulled directly from SEC XBRL data rather than a third-party terminal. Each row links to the filing it came from.

MetricValuePeriodSource
Revenue$4.8B2025-01-01 – 2025-12-31SEC filing
Net income$1.8B2025-01-01 – 2025-12-31SEC filing
Operating cash flow$3.2B2025-01-01 – 2025-12-31SEC filing
Diluted EPS$9.012025-01-01 – 2025-12-31SEC filing
Net margin37.0%2025-01-01 – 2025-12-31SEC filing
Shares outstanding176MAs of 2026-02-05SEC filing

Values are as tagged by the issuer in XBRL. Revenue for banks and insurers is net of interest expense where that is the reported line. Fiscal years that do not follow the calendar are shown by their period-end date. No price, market cap, or valuation multiple is shown because Yield Theory does not republish unlicensed market data.

Diluted EPS is the earnings figure behind the price-to-earnings ratio; the P/E multiple compression calculator shows how a change in that multiple moves a share price. Shares outstanding multiplied by the share price gives market capitalization.

What investors should watch in PSA

Public Storage sits in Real Estate. REITs across offices, data centers, industrial, and residential — the most rate-sensitive corner of the equity market. We have not yet written company-specific drivers for PSA; the forces that matter most for the sector are:

  • ◆Long-term interest rates and cap rates
  • ◆Occupancy and rent growth by property type
  • ◆Data-center demand from AI workloads
  • ◆Refinancing walls and commercial credit

Key questions for the PSA thesis

Each question starts with what the filings show, then why it matters. None of these is a rating or a forecast.

Does PSA's reported profit turn into cash?

Operating cash flow was $3.2B, 1.79 times net income of $1.8B, for the fiscal year ended December 31, 2025.

Cash from operations exceeded reported earnings. Non-cash charges such as depreciation, amortization and stock-based compensation usually explain the gap; the cash-flow statement shows which.

Form 10-K filed February 12, 2026

How much of PSA's revenue is left as profit?

Net income was 37.0% of revenue for the fiscal year ended December 31, 2025, based on revenue and net income reported for the same period.

Net margin reflects the business model as much as execution, so compare it with companies in the same SEC industry and read the income statement for one-time items before treating it as a run rate.

Form 10-K filed February 12, 2026

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The thesis, the numbers behind it, and what would break it. Full access is $39 a month.

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Congressional trading in PSA

PoliticianTrade dateTypeOwnerAmountSource
Alan Armstrong2026-03-27PurchaseSelf$1,001 - $15,000Filing #fda235b3-bad7-4637-8fa1-053f354d929c
Virginia Foxx2026-01-12SaleSelf$1,001 - $15,000Filing #20033947
Gilbert Cisneros2025-12-19SaleSelf$1,001 - $15,000Filing #20033762
Gilbert Cisneros2025-08-05SaleSelf$1,001 - $15,000Filing #20031022
Virginia Foxx2024-12-06PurchaseSelf$1,001 - $15,000Filing #20026516

All verified PSA congressional disclosures

Congressional disclosures are delayed, range-based records—not real-time signals or proof of motive. See the source-linked tracker for scope and limitations.

PSA — frequently asked questions

What does Public Storage do?

Public Storage is the largest owner and operator of self-storage facilities in the United States.

What were PSA's latest reported annual revenue and net income?

For the fiscal year ended December 31, 2025, Public Storage reported revenue of $4.8B and net income of $1.8B, with operating cash flow of $3.2B. The figures come from Public Storage's SEC XBRL filings.

When does Public Storage's fiscal year end?

The SEC lists Public Storage's fiscal year end as December 31.

Do members of Congress trade PSA?

The current verified House and Senate snapshot contains 5 transaction rows for PSA, each linked to the original filing.

Where is Public Storage headquartered?

Public Storage is headquartered in Glendale, California and was founded in 1972.

Is PSA a good investment?

This page does not rate PSA as a buy or sell. It sets out what Public Storage reports, what investors should watch and the questions a thesis has to answer, with links to the SEC filings. It is research, not investment advice.

This page is independent research and educational information, not investment advice or a recommendation to buy or sell any security. Company facts are compiled from public sources. Do your own research.

What do the PSA numbers leave unanswered?

Financials describe the business. The next question is which assumptions an investment thesis depends on. Explore the member reports below for analysis of catalysts, risks, and what would change the view. $39/month or $249/year.

$39/mo or $249/yr · cancel future renewals anytime · sources included