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Public Storage

Public Storage (PSA) Q4 2025 Earnings

Reported Feb 12, 2026 at 4:14 PM ET · SEC Source

Q4 25 EPS

$2.60

BEAT +4.38%

Est. $2.49

Q4 25 Revenue

$1.22B

BEAT +0.41%

Est. $1.21B

vs S&P Since Q4 25

+3.9%

BEATING MARKET

PSA +13.3% vs S&P +9.4%

Full Year 2025 Results

FY 25 EPS

$9.01

FY 25 Revenue

$4.82B

Market Reaction

Did PSA Beat Earnings? Q4 2025 Results

Public Storage delivered a beat on both top and bottom lines in Q4 2025, with earnings per share of $2.60 topping the $2.49 consensus by 4.38% and revenue of $1.22 billion edging past estimates by 0.41%, up 3.3% year over year. The headline GAAP EPS … Read more Public Storage delivered a beat on both top and bottom lines in Q4 2025, with earnings per share of $2.60 topping the $2.49 consensus by 4.38% and revenue of $1.22 billion edging past estimates by 0.41%, up 3.3% year over year. The headline GAAP EPS figure, however, reflected a 19% decline from the year-ago period, almost entirely attributable to a $122.82 million foreign currency gain recorded in Q4 2024 that did not recur, a distinction management was quick to draw. The more meaningful operating metric, Core FFO per share, rose 1.2% to $4.26, underscoring steady operational performance even as Same Store NOI margin compressed to 75.2% from 76.2% amid a 7.8% spike in property taxes. Offsetting softer same-store results, the company's non-same-store portfolio of 606 properties posted 18.7% revenue growth, powered by an aggressive $945.60 million full-year acquisition program. The quarter also brought a notable leadership transition, with CFO Tom Boyle set to succeed retiring CEO Joe Russell in April 2026. Looking ahead, dividend-focused investors will note that 2026 guidance calls for Core FFO per share of $16.35 to $17.00, with Same Store NOI growth projected between -3.9% and -0.5%.

Key Takeaways

  • • Strong existing customer performance paired with solid new move-in execution drove year-end occupancy improvement of 0.5% year-over-year
  • • Non-Same Store pool revenue grew 18.7% and NOI grew 20.0% in Q4
  • • Realized annual rental income per occupied square foot increased 0.2% year-over-year to $22.53
  • • Positive Same Store revenue growth achieved in 56% of markets by revenues, up from 49% in Q4 2024
  • • Same Store NOI margin of 78.4% before indirect costs
24/7 Wall St

PSA YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

PSA Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“Public Storage's fourth quarter results reflect differentiated strategies that continue to drive our performance. As industry fundamentals stabilize, new competitive supply declines, and acquisition market activity increases, we are well-positioned to capitalize on the opportunities ahead. With the launch of PS4.0, we are building on that foundation by elevating the customer and employee experience, accelerating value creation, and unlocking the next phase of long-term growth for Public Storage.”

— Joe Russell, Q4 2025 Earnings Press Release

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