10-Q · July 29, 2026
Public Storage generated approximately $1.233 billion of Q2 revenue, up about $31.8 million year over year, while calculated consolidated gross margin declined to 72.1% from roughly 73.5% as operating costs grew faster…
Earnings analysis · 10-Q
PSA earnings analysis
Filed October 26, 2026 · Our reading of the company's report
The latest report
Public Storage reported $4.34 of EPS, beating the $4.27 consensus estimate, while revenue of $1.254 billion fell short of the $1.300 billion estimate. The filing provides limited quarterly income-statement,…
Read full summary
Public Storage reported $4.34 of EPS, beating the $4.27 consensus estimate, while revenue of $1.254 billion fell short of the $1.300 billion estimate. The filing provides limited quarterly income-statement, balance-sheet, cash-flow, and segment detail in the supplied extract, so current margins and free cash flow cannot be assessed. The key incremental risk is integrating NSA and PS Canada, alongside increased transaction-related securities issuance and ongoing variable-rate debt and refinancing exposure.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $4.34
What stood out
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EPS beat despite revenue shortfall
Reported EPS was $4.34 versus the $4.27 consensus estimate, a $0.07 or approximately 1.6% beat. Revenue was $1.254 billion, below the $1.300 billion estimate by $46 million.
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Acquisitions expanded the operating platform
Public Storage OP, L.P. issued 4,125,017 OP Units in connection with the NSA acquisition and 2,762,108 OP Units in connection with the PS Canada acquisition during the three months ended September 30, 2026.
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Transaction financing preserved common shares
The company issued 660,371 Series T-1 preferred units to former holders of NSA OP, L.P.’s Series A-1 preferred units during the quarter, supporting transaction consideration without a reported common-share repurchase.
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Controls remained effective
Management concluded that disclosure controls and procedures were effective at a reasonable assurance level as of September 30, 2026, and reported no material changes to internal control over financial reporting during the quarter.
What to watch
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Acquisition integration risk
The company specifically added a risk that it may not successfully integrate NSA and PS Canada or realize anticipated synergies. The filing identifies potential cost savings, systems, employee-retention and execution issues, and states that benefits could take longer to realize or cost more than expected.
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Interest-rate and refinancing exposure
The company is exposed to interest-rate changes on its unsecured credit facility and other variable-rate debt, as well as refinancing risk on fixed-rate debt. The filing notes additional interest-rate and cross-currency swaps and debt issuances during the nine months ended September 30, 2026, although it states market risk had not changed materially from the 2025 10-K otherwise.
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Acquisition-related issuance and dilution
The quarter included 4,125,017 OP Units for NSA, 2,762,108 OP Units for PS Canada, and 660,371 Series T-1 preferred units, increasing the securities issued in connection with acquisitions and potentially contributing to dilution or higher financing complexity.
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No current share repurchase plan
The filing states that 10,551,219 common shares remained available for repurchase as of September 30, 2026, but management had no current plans to repurchase shares, limiting near-term capital-return support from buybacks.
Management's outlook
The supplied 10-Q text does not provide explicit quantitative revenue or EPS guidance. Prior 2026 Core FFO guidance of $16.90-$17.10 was disclosed in the October 26, 2026 8-K, not in the extracted 10-Q text.
Earlier filings 4
10-Q · April 27, 2026
Public Storage reported Q1 2026 revenue of $1,128,125,000 (up 2.3% vs Q1 2025) and diluted EPS of $2.71 (up $0.67, +32.8% vs $2.04 in Q1 2025). Same-store revenues were essentially flat ($1,000,833,000 vs…
10-K · February 12, 2026
Public Storage (PSA) emphasizes scale, brand and technology as its primary moat, operating 3,171 consolidated facilities (229 million net rentable sq ft) and claiming ~9% of U.S. self-storage square footage at December…
10-Q · October 29, 2025
Public Storage reported quarter revenues of $1,224,043,000 (up $36,285,000 or 3.1% year‑over‑year) and diluted EPS of $2.62 (up $0.46 or 21.3% YoY). Operating margin was essentially stable at 46.7% (down ~0.2ppt YoY)…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.