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EXRExtra Space Storage

Real estate · REIT · NYSE
EXR quote by TradingView
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FY2025 at a glance

Sales up 3.7%, free cash flow down to $1.3B

XBRL, from each 10-K
RevenueStatements ↓
$3.4B
from $3.3B in FY2024
FY2016FY2025
Net incomeStatements ↓
$974.0M
from $854.7M in FY2024
FY2016FY2025
Free cash flowStatements ↓
$1.3B
from $1.4B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$4.59
from $4.03 in FY2024
FY2016FY2025
Operating marginStatements ↓
41.8%
from 40.6% in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (38, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)4.92Sales (ttm)3.5BNet income (ttm)1.0BSales growth+3.7%EPS growth+13.9%Sales Q/Q+3.6%
Free cash flow1.6BGross margin-Oper. margin43.8%Net margin29.9%FCF margin44.7%ROE8.1%
ROA3.6%R&D / sales-Dividend6.48Debt/Eq-Curr. ratio-Cash114.8M
Op. cash flow (ttm)1.9BEBITDA2.1BEBITDA margin63.0%Interest cover2.50ROIC10.5%Payout ratio141.2%
Tax rate4.4%Stock pay / sales1.1%Shares out.208.7MShares Y/Y+0.1%Book / share61.55Cash / share0.55
Sales / share16.66Asset turnover0.12Sales 3Y CAGR+20.6%Sales 5Y CAGR+20.0%EPS 3Y CAGR-10.5%EPS 5Y CAGR+4.3%
Employees8,393Sales / employee414K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth slowed to +3.7%+27.2% → +3.7% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

EXR against Real estate peers

Ten years, side by side → · All 30 →
GrowthProfitBalanceCleanInsiders
EXRPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 30 companies, the better end on the right. Hover a dot for the company.

Sales growth
+3.7%21st of 29 · median +5.1%
Net margin
29.9%11th of 29 · median 21.7%
Return on equity
8.1%11th of 27 · median 7.8%
Free cash flow margin
44.7%3rd of 12 · median 24.1%
EXR and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
EXR Extra Space Storage$3.5B +3.7%-29.9%8.1%44.7%-
CCI Crown Castle$4.1B -4.4%-20.1%-42.2%-
CSGP CoStar Group$3.7B +18.7%78.3%4.9%2.2%11.5%0.13
BXP BXP, Inc.$3.5B +2.2%59.1%8.4%5.8%-0.15
DOC Healthpeak Properties$3.1B +4.5%-12.3%4.8%12.3%1.19
INVH Invitation Homes$2.9B +4.2%-23.5%7.7%-0.99
Where each dollar goes

From $1.6B of sales to $827.6M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $1.2BRevenue to Cost of revenue: $368.6MGross profit to Operating profit: $976.0MGross profit to Operating expenses: $232.8MOperating profit to Net profit: $827.6MOperating profit to Tax & other: $148.3M Revenue: $1.6B Revenue$1.6B +16% Y/Y Gross profit: $1.2B · 77% margin Gross profit$1.2B77% margin Cost of revenue: $368.6M · 23% of revenue Cost of revenue$368.6M23% of revenue Operating profit: $976.0M · 62% margin Operating profit$976.0M62% margin +47% Y/Y Operating expenses: $232.8M · 15% of revenue Operating expenses$232.8M15% of revenue Net profit: $827.6M · 52% margin Net profit$827.6M52% margin +72% Y/Y Tax & other: $148.3M · 9% of revenue Tax & other$148.3M9% of revenue

Swipe sideways for the whole flow →

From $1.9B of sales to $860.7M of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $1.5BRevenue to Cost of revenue: $435.3MGross profit to Operating profit: $1.1BGross profit to Operating expenses: $438.4MOperating profit to Net profit: $860.7MOperating profit to Tax & other: $189.7M Revenue: $1.9B Revenue$1.9B +22% Y/Y Gross profit: $1.5B · 77% margin Gross profit$1.5B77% margin Cost of revenue: $435.3M · 23% of revenue Cost of revenue$435.3M23% of revenue Operating profit: $1.1B · 55% margin Operating profit$1.1B55% margin +8% Y/Y Operating expenses: $438.4M · 23% of revenue Operating expenses$438.4M23% of revenue Net profit: $860.7M · 45% margin Net profit$860.7M45% margin +4% Y/Y Tax & other: $189.7M · 10% of revenue Tax & other$189.7M10% of revenue

Swipe sideways for the whole flow →

From $2.6B of sales to $803.2M of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $1.9BRevenue to Cost of revenue: $612.0MGross profit to Operating profit: $1.2BGross profit to Operating expenses: $778.1MOperating profit to Net profit: $803.2MOperating profit to Tax & other: $366.9M Revenue: $2.6B Revenue$2.6B +33% Y/Y Gross profit: $1.9B · 76% margin Gross profit$1.9B76% margin Cost of revenue: $612.0M · 24% of revenue Cost of revenue$612.0M24% of revenue Operating profit: $1.2B · 46% margin Operating profit$1.2B46% margin +11% Y/Y Operating expenses: $778.1M · 30% of revenue Operating expenses$778.1M30% of revenue Net profit: $803.2M · 31% margin Net profit$803.2M31% margin −7% Y/Y Tax & other: $366.9M · 14% of revenue Tax & other$366.9M14% of revenue

Swipe sideways for the whole flow →

From $3.3B of sales to $854.7M of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $2.4BRevenue to Cost of revenue: $831.6MGross profit to Operating profit: $1.3BGross profit to Operating expenses: $1.1BOperating profit to Net profit: $854.7MOperating profit to Tax & other: $468.7M Revenue: $3.3B Revenue$3.3B +27% Y/Y Gross profit: $2.4B · 74% margin Gross profit$2.4B74% margin Cost of revenue: $831.6M · 26% of revenue Cost of revenue$831.6M26% of revenue Operating profit: $1.3B · 41% margin Operating profit$1.3B41% margin +13% Y/Y Operating expenses: $1.1B · 34% of revenue Operating expenses$1.1B34% of revenue Net profit: $854.7M · 26% margin Net profit$854.7M26% margin +6% Y/Y Tax & other: $468.7M · 14% of revenue Tax & other$468.7M14% of revenue

Swipe sideways for the whole flow →

From $3.4B of sales to $974.0M of profit

FY2025, from the 10-K income statement
Revenue to Gross profit: $2.5BRevenue to Cost of revenue: $918.1MGross profit to Operating profit: $1.4BGross profit to Operating expenses: $1.0BOperating profit to Net profit: $974.0MOperating profit to Tax & other: $438.7M Revenue: $3.4B Revenue$3.4B +4% Y/Y Gross profit: $2.5B · 73% margin Gross profit$2.5B73% margin Cost of revenue: $918.1M · 27% of revenue Cost of revenue$918.1M27% of revenue Operating profit: $1.4B · 42% margin Operating profit$1.4B42% margin +7% Y/Y Operating expenses: $1.0B · 31% of revenue Operating expenses$1.0B31% of revenue Net profit: $974.0M · 29% margin Net profit$974.0M29% margin +14% Y/Y Tax & other: $438.7M · 13% of revenue Tax & other$438.7M13% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3
  • ✓
    Net margin above the peer median29.9% vs 21.7%
  • !
    Return on equity below 15%8.1%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 36.9% → 28.8%

Cash and shareholders

3 of 4
  • ✓
    Free cash flow positive in every one of 4 years$1.3B last year
  • !
    Share count up over 5 years+63.5%
  • ✓
    Dividend per share up over 5 years$3.60 → $6.48
  • ✓
    Cash from operations above net income$1.9B vs $974.0M
Free cash flow, FY2016 to FY2025: 44.9M → 1.3B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 3.4B Net income 974.0M
FY2016 revenue 991.9M · Revenues, 0001628280-19-001968 FY2016 net income 366.1M · NetIncomeLoss, 0001628280-19-001968 991.9M FY2016 FY2017 revenue 1.1B · Revenues, 0001628280-20-002202 FY2017 net income 479.0M · NetIncomeLoss, 0001628280-20-002202 1.1B FY2017 FY2018 revenue 1.2B · Revenues, 0001628280-21-003458 FY2018 net income 415.3M · NetIncomeLoss, 0001628280-21-003458 1.2B FY2018 FY2019 revenue 1.3B · Revenues, 0001628280-22-004274 FY2019 net income 420.0M · NetIncomeLoss, 0001628280-22-004274 1.3B FY2019 FY2020 revenue 1.4B · Revenues, 0001628280-23-005628 FY2020 net income 481.8M · NetIncomeLoss, 0001628280-23-005628 1.4B FY2020 FY2021 revenue 1.6B · Revenues, 0001628280-24-008044 FY2021 net income 827.6M · NetIncomeLoss, 0001628280-24-008044 1.6B FY2021 FY2022 revenue 1.9B · Revenues, 0001628280-25-009060 FY2022 net income 860.7M · NetIncomeLoss, 0001628280-25-009060 1.9B FY2022 FY2023 revenue 2.6B · Revenues, 0001289490-26-000011 FY2023 net income 803.2M · NetIncomeLoss, 0001289490-26-000011 2.6B FY2023 FY2024 revenue 3.3B · Revenues, 0001289490-26-000011 FY2024 net income 854.7M · NetIncomeLoss, 0001289490-26-000011 3.3B FY2024 FY2025 revenue 3.4B · Revenues, 0001289490-26-000011 FY2025 net income 974.0M · NetIncomeLoss, 0001289490-26-000011 3.4B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

EXR's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue3.4B
FY2016: 991.9MFY2017: 1.1BFY2018: 1.2BFY2019: 1.3BFY2020: 1.4BFY2021: 1.6BFY2022: 1.9BFY2023: 2.6BFY2024: 3.3BFY2025: 3.4B FY2017FY2019FY2021FY2023FY2025
Net income974.0M
FY2016: 366.1MFY2017: 479.0MFY2018: 415.3MFY2019: 420.0MFY2020: 481.8MFY2021: 827.6MFY2022: 860.7MFY2023: 803.2MFY2024: 854.7MFY2025: 974.0M FY2017FY2019FY2021FY2023FY2025
Free cash flow1.3B
FY2016: -FY2017: -FY2018: -FY2019: -FY2020: -FY2021: -FY2022: 44.9MFY2023: 1.3BFY2024: 1.4BFY2025: 1.3B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)4.59
FY2016: 2.91FY2017: 3.76FY2018: 3.27FY2019: 3.24FY2020: 3.71FY2021: 6.19FY2022: 6.41FY2023: 4.74FY2024: 4.03FY2025: 4.59 FY2017FY2019FY2021FY2023FY2025
Dividend per share6.48
FY2016: 2.93FY2017: 3.12FY2018: 3.36FY2019: 3.56FY2020: 3.60FY2021: 4.50FY2022: 6.00FY2023: 6.48FY2024: 6.48FY2025: 6.48 FY2017FY2019FY2021FY2023FY2025
Diluted shares211.9M
FY2016: 125.9MFY2017: 134.2MFY2018: 133.2MFY2019: 136.4MFY2020: 129.6MFY2021: 140.0MFY2022: 141.7MFY2023: 169.2MFY2024: 211.6MFY2025: 211.9M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Self Storage Operations 2.9B85.7% +3.3%
Tenant Reinsurance 352.9M10.4% +6.0%

10-K 0001289490-26-000011, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue991.9M1.1B1.2B1.3B1.4B1.6B1.9B2.6B3.3B3.4B
Cost of revenue250.0M272.0M291.7M336.1M360.6M368.6M435.3M612.0M831.6M918.1M
SG&A81.8M79.0M81.3M89.4M96.6M102.2M129.3M146.4M167.4M186.3M
Operating income458.3M654.4M619.7M635.0M666.1M976.0M1.1B1.2B1.3B1.4B
Interest expense133.5M153.5M178.4M22.7M17.2M166.2M219.2M419.0M499.4M564.7M
Pretax income330.8M502.5M441.9M451.2M509.0M859.5M900.7M817.2M852.7M940.8M
Income tax15.8M3.6M9.2M11.3M13.8M20.3M20.9M21.6M33.5M41.6M
Net income366.1M479.0M415.3M420.0M481.8M827.6M860.7M803.2M854.7M974.0M
EPS (diluted)2.913.763.273.243.716.196.414.744.034.59
Diluted shares125.9M134.2M133.2M136.4M129.6M140.0M141.7M169.2M211.6M211.9M
Depreciation & amortization182.6M193.3M209.1M219.9M-241.9M288.3M506.1M783.0M715.2M
EBITDA640.9M847.7M828.8M854.8M-1.2B1.3B1.7B2.1B2.1B
Operating margin46.2%59.2%51.8%48.5%49.1%61.9%54.6%45.7%40.6%41.8%
Net margin36.9%43.3%34.7%32.1%35.5%52.5%44.7%31.4%26.2%28.8%
Revenue growth-+11.4%+8.3%+9.3%+3.6%+16.3%+22.0%+33.1%+27.2%+3.7%
EPS growth-+29.2%-13.0%-0.9%+14.5%+66.8%+3.6%-26.1%-15.0%+13.9%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash43.9M55.7M57.5M65.7M109.1M71.1M92.9M99.1M138.2M138.9M
Property & equipment-----29.1M42.8M48.7M50.4M65.2M
Goodwill-----0170.8M170.8M170.8M170.8M
Total assets7.1B7.5B7.8B8.5B9.4B10.5B12.2B27.5B28.8B29.3B
Total debt-604.3M------500.0M-
Total liabilities4.5B4.7B5.1B5.6B6.5B6.7B8.1B12.0B14.0B14.9B
Shareholders' equity2.2B2.4B2.4B2.5B2.5B3.1B3.3B14.4B13.9B13.4B
Retained earnings-339.3M-253.3M-262.9M-301.0M-354.9M-128.2M-135.9M-379.0M-899.3M-1.4B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow539.3M597.4M677.8M707.7M771.2M952.4M1.2B1.4B1.9B1.9B
Capital spending------1.2B135.6M479.1M561.7M
Free cash flow------44.9M1.3B1.4B1.3B
Stock-based pay (added back)8.0M9.6M11.2M13.1M16.3M17.3M21.4M26.5M29.0M35.5M
Dividends paid367.8M393.0M424.9M458.1M467.8M601.0M805.3M1.0B1.4B1.4B
Buybacks--0067.9M063.0M00149.5M
Acquisitions995.8M574.9M--00157.3M00-
Debt raised--1.4B2.2B3.3B5.7B5.2B7.1B8.7B16.2B
Debt repaid1.1B1.1B1.1B2.0B2.0B5.5B4.2B7.1B8.7B17.2B
Investing cash flow-1.0B-353.1M-443.9M-621.6M-955.4M-837.5M-1.6B-1.8B-1.6B-814.2M
Financing cash flow460.8M-216.0M-247.3M-88.0M241.5M-166.7M431.9M423.1M-202.3M-1.0B
Dividend per share2.933.123.363.563.604.506.006.486.486.48

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)8.0M9.6M11.2M13.1M16.3M17.3M21.4M26.5M29.0M35.5M
Stock-based pay / revenue0.8%0.9%0.9%1.0%1.2%1.1%1.1%1.0%0.9%1.1%
Operating lease cost---20.3M28.7M29.3M32.2M35.8M42.6M64.3M
Operating lease cash paid---19.2M25.0M24.0M25.4M29.2M29.7M49.8M
Right-of-use assets--0264.6M252.2M227.9M221.7M227.2M689.8M732.2M
Operating lease liabilities--0274.8M263.5M233.4M229.0M236.5M705.8M761.1M
Finance lease liabilities---4.8M55.0M124.5M145.6M143.6M141.8M140.5M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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