10-Q · May 1, 2026
Extra Space Storage reported Q1 2026 results with revenue of $733,213,000, slightly below estimates of $750,434,400, but recorded a diluted EPS of $2.04, outperforming expectations of $2.01. Core FFO increased by 2.0%…
Earnings analysis · 10-Q
EXR earnings analysis
Filed October 30, 2026 · Our reading of the company's report
The latest report
Results were mixed: reported revenue was $760.837 million while EPS was $2.17, above the $2.10 consensus estimate. The supplied 10-Q excerpt does not provide current-quarter gross margin, operating margin, free cash…
Read full summary
Results were mixed: reported revenue was $760.837 million while EPS was $2.17, above the $2.10 consensus estimate. The supplied 10-Q excerpt does not provide current-quarter gross margin, operating margin, free cash flow, balance-sheet balances, segment results, or quantitative guidance, limiting assessment of operating and liquidity trends. Leverage and interest-rate sensitivity remain material, with $13.6 billion of total face-value debt and a projected $27.8 million annual earnings and cash-flow impact from a 100-basis-point SOFR move.
Reported figures
- Earnings per share
- $2.17
What stood out
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EPS beat despite revenue miss
The reported quarterly EPS metric was $2.17, above the $2.10 consensus estimate by $0.07, while reported revenue was $760.837 million.
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Share repurchases continued
The company repurchased 2,390,497 shares during September 2026 at an average price of $136.85 per share, supporting per-share results.
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Disclosure controls remained effective
As of September 30, 2026, management reported that disclosure controls were effective at the reasonable assurance level.
What to watch
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Material interest-rate exposure
The company had approximately $13.6 billion of total face-value debt, including approximately $2.8 billion subject to variable interest rates. A 100-basis-point SOFR increase would raise annual interest expense by approximately $27.8 million.
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Uncertain litigation exposure
The company stated that litigation outcomes cannot be determined with certainty and that future judgments or settlements could materially adversely affect results in a particular period.
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No new risk-factor changes disclosed
The 10-Q states that there were no material changes to the risk factors disclosed in the 2025 Form 10-K; therefore, no newly identified risk-factor change was disclosed.
Management's outlook
The supplied 10-Q text does not include quantitative revenue or EPS guidance; outlook information appears to have been provided in the October 27, 2026 earnings release/call.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.