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Extra Space Storage

EXR NYSE Self-Storage REITs Financials FY2016–FY2025

Extra Space Storage's revenue rose 3.7% to $3.4 billion in fiscal 2025. Its operating margin was 41.8%, up from 40.6% a year earlier. Free cash flow was $1.7 billion, down 2.9%. It paid out $1.5 billion in dividends and buybacks, 89% of free cash flow. The diluted share count rose 0.1%.

Last close · Oct 23, 2026

$143.41

0.2%
Value it Compare
Revenue Total sales reported in the income statement.
$3.4B
3.7% vs prior year
Operating margin Operating income as a share of revenue.
41.8%
1.2 pts
Net income Profit after all expenses, interest and tax.
$974M
14.0%
Free cash flow Cash from operations minus capital spending.
$1.7B
2.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$31.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
31.7x
On $4.53 EPS (TTM)

About these figures. Extra Space's filings don't tag a total for its debt in the SEC's structured data, only some of its parts, so debt and the ratios built on it are left blank. Capital spending is Extra Space's development and redevelopment of its properties; purchases of existing properties, which include some improvements, aren't included. Extra Space's 2020 depreciation and amortization is taken from its other label for the same line.

What Extra Space Storage does

No business description yet.

Legal name
EXTRA SPACE STORAGE INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001289490-26-000011
0001289490

Revenue and margins

Extra Space Storage had $3.4B of revenue in fiscal 2025, up 3.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 5.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.7B in fiscal 2025, 50.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Extra Space Storage returned $1.5B to shareholders in fiscal 2025, 89% of free cash flow. The diluted share count rose 0.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Extra Space Storage yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 211.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 31.7x · peers 31.5x · sector 27.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably Extra Space Storage can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $71.1M$92.9M$99.1M$138M$139M
Interest coverage 5.9x4.8x2.8x2.7x2.5x
Total assets $10.5B$12.2B$27.5B$28.8B$29.3B
Total liabilities $6.7B$8.1B$12.0B$14.0B$14.9B
Shareholders' equity $3.1B$3.3B$14.4B$13.9B$13.4B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$1.6M

2 insiders

Of sales under plans

68%

$1.1M

DateInsiderTradeSharesPriceValueFiling
Jun 11, 2026 Gwyn Goodson McNealEVP/Chief Legal Officer Sold 3,300 $150.00 $0.5M Form 4
Mar 13, 2026 Joseph D MargolisChief Executive Officer, Director Sold plan 7,500 $142.08 $1.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — —
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✓ ✕ ✕
F-score — / 9— / 9— / 9
Accruals ratio −3.0%−3.7%−3.0%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Extra Space Storage EXR $31.6B 3.7% 41.8% 50.5% — 31.7x —
Public Storage PSA $54.7B 2.7% — — 11.0% 29.6x — Compare →
Newmark Group NMRK $2.9B 20.3% 7.1% 4.3% 8.6% 14.4x 7 Compare →
BXP BXP $9.9B 2.2% — — — 33.4x — Compare →
CoStar Group CSGP $13.7B 18.7% −2.2% 3.8% −0.6% 188.4x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $992M $1.1B $1.2B $1.3B $1.4B $1.6B $1.9B $2.6B $3.3B $3.4B
Gross profit $742M $833M $905M $972M $996M $1.2B $1.5B $1.9B $2.4B $2.5B
Operating income $458M $654M $620M $635M $666M $976M $1.1B $1.2B $1.3B $1.4B
Interest expense $134M $154M $178M $22.7M $17.2M $166M $219M $419M $499M $565M
Pretax income $331M $503M $442M $451M $509M $860M $901M $817M $853M $941M
Income tax $15.8M $3.6M $9.2M $11.3M $13.8M $20.3M $20.9M $21.6M $33.5M $41.6M
Net income $366M $479M $415M $420M $482M $828M $861M $803M $855M $974M
Diluted EPS $2.91 $3.76 $3.27 $3.24 $3.71 $6.19 $6.41 $4.74 $4.03 $4.59
Diluted shares 0.13B 0.13B 0.13B 0.14B 0.13B 0.14B 0.14B 0.17B 0.21B 0.21B
Cash flow
Cash from operations $539M $597M $678M $708M $771M $952M $1.2B $1.4B $1.9B $1.9B
Capital expenditure $23.3M $31.7M $60.7M $53.7M $67.3M $56.2M $62.0M $100M $129M $143M
Free cash flow $516M $566M $617M $654M $704M $896M $1.2B $1.3B $1.8B $1.7B
Depreciation and amortization $183M $193M $209M $220M $224M $242M $288M $506M $783M $715M
Stock-based compensation $8.0M $9.6M $11.2M $13.1M $16.3M $17.3M $21.4M $26.5M $29.0M $35.5M
Acquisitions $996M $575M $0.0M $0.0M $0.0M $0.0M $157M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $67.9M $0.0M $63.0M $0.0M $0.0M $150M
Dividends paid $368M $393M $425M $458M $468M $601M $805M $1.0B $1.4B $1.4B
Dividends and buybacks $368M $393M $425M $458M $536M $601M $868M $1.0B $1.4B $1.5B
Balance sheet
Cash and short-term investments $43.9M $55.7M $57.5M $65.7M $109M $71.1M $92.9M $99.1M $138M $139M
Finance lease liabilities $0.0M $0.0M $0.0M $4.8M $55.0M $125M $146M $144M $142M $141M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — — — — — $29.1M $42.8M $48.7M $50.4M $65.2M
Total assets $7.1B $7.5B $7.8B $8.5B $9.4B $10.5B $12.2B $27.5B $28.8B $29.3B
Total liabilities $4.5B $4.7B $5.1B $5.6B $6.5B $6.7B $8.1B $12.0B $14.0B $14.9B
Shareholders' equity $2.2B $2.4B $2.4B $2.5B $2.5B $3.1B $3.3B $14.4B $13.9B $13.4B
Margins
Gross margin 74.8% 75.4% 75.6% 74.3% 73.4% 76.6% 77.4% 76.1% 74.5% 72.8%
Operating margin 46.2% 59.2% 51.8% 48.5% 49.1% 61.9% 54.6% 45.7% 40.6% 41.8%
EBITDA margin 64.6% 76.7% 69.3% 65.3% 65.7% 77.2% 69.6% 65.5% 64.7% 63.0%
Net margin 36.9% 43.4% 34.7% 32.1% 35.5% 52.5% 44.7% 31.4% 26.2% 28.8%
FCF margin 52.0% 51.2% 51.6% 50.0% 51.9% 56.8% 61.1% 50.9% 54.0% 50.5%
Returns
Return on equity 16.9% 20.9% 17.4% 17.0% 18.9% 29.2% 27.0% 9.1% 6.0% 7.1%
Return on assets 5.6% 6.6% 5.4% 5.1% 5.4% 8.3% 7.6% 4.1% 3.0% 3.4%
Growth
Revenue growth — 11.4% 8.3% 9.4% 3.7% 16.3% 22.0% 33.1% 27.2% 3.7%
Net income growth 93.2% 30.8% −13.3% 1.1% 14.7% 71.8% 4.0% −6.7% 6.4% 14.0%
EPS growth 86.5% 29.2% −13.0% −0.9% 14.5% 66.9% 3.6% −26.1% −15.0% 13.9%
FCF growth 51.6% 9.6% 9.1% 6.0% 7.6% 27.3% 31.2% 10.7% 35.1% −2.9%
Share count change −0.8% 6.5% −0.7% 2.5% −5.0% 8.1% 1.2% 19.4% 25.0% 0.1%
Financial health
Interest coverage 3.4x 4.3x 3.5x 28.0x 38.8x 5.9x 4.8x 2.8x 2.7x 2.5x
Capital allocation
Capex / revenue 2.4% 2.9% 5.1% 4.1% 5.0% 3.6% 3.2% 3.9% 4.0% 4.2%
Stock comp / revenue 0.8% 0.9% 0.9% 1.0% 1.2% 1.1% 1.1% 1.0% 0.9% 1.1%
Payouts / FCF 71.3% 69.5% 68.9% 70.1% 76.1% 67.1% 73.8% 80.4% 78.2% 89.3%
Quality scores
Accruals ratio −2.6% −1.6% −3.4% −3.5% −3.2% −1.3% −3.3% −3.0% −3.7% −3.0%

Source: SEC EDGAR XBRL filings (CIK 0001289490). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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