FirmAtlas
Company handbook · EXR · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
EXR · CIK 1289490 · LATEST FILING: 10-Q JUN '26 · FILED JUL 31, 2026
EXTRA SPACE STORAGE INC.
$139.61
+1.92 (+1.39%)
Close, Oct 16, 2026 · 52-week $126–159
Last fiscal year
EXTRA SPACE STORAGE INC. reported revenue of $129M for the year ended Dec 31, 2025 (FY25), up 7.1% from FY24. Net income was $974M, operating cash flow $1.9B and free cash flow $1.3B. Source: 10-K filed Feb 20, 2026.
Market cap
$29.5B
P/E
30.8
EV/EBITDA
13.8x
P/B
2.2
Div yield
4.64%
ROIC
9.8%
Revenue 1Y
7.1%/yr
EPS 1Y
13.9%/yr
Shares 1Y
−0.4%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJoseph D. Margolis
HQSalt Lake City, UT
AuditorErnst & Young LLP
Employees8,393
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
6.3%
−5.3%
5.3%
−8.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$3.9B deployed
Capex
$1.0B
26.4%
Dividends
$2.7B
69.8%
Buybacks
$150M
3.8%
Operating cash flow over the period: $3.7B. Total debt changed by $0M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (2-for-1 split after FY22).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
121
129+7.1%
135
YoY
+7.1%
Gross profit
(711)
(789)n/m
(802)
Gross margin
−588.1%
−609.1%−21.1 pp
—
Operating income
1,323
1,413+6.8%
1,410
Operating margin
1095.0%
1091.1%−3.9 pp
—
EBITDA
2,106
2,128+1.0%
—
EBITDA margin
1742.9%
1643.4%−99.5 pp
—
Interest expense
499
565+13.1%
—
Interest coverage
4.22x
3.77x−0.45x
—
Net income
855
974+14.0%
958
YoY
+14.0%
Net margin
707.2%
752.3%+45.1 pp
—
EPS (diluted, $)
4.03
4.59+13.9%
4.53
YoY
+13.9%
Balance sheet
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,887
1,850−2.0%
1,901
Net income
900
1,023+13.6%
—
Depreciation & amortization
783
715−8.7%
—
Stock-based compensation
29
36+22.6%
—
Working capital & other
175
77−56.1%
—
Cash from investing
(1,647)
(814)n/m
—
Capex
(479)
(562)n/m
—
Acquisitions
0
—
—
Other investing
(1,168)
(252)n/m
—
Cash from financing
(202)
(1,036)n/m
—
Debt raised
8,686
16,183+86.3%
—
Debt repaid
(8,724)
(17,249)n/m
—
Dividends
(1,375)
(1,374)n/m
—
Buybacks
0
(150)n/m
—
Other financing
1,211
1,553+28.2%
—
Net change in cash
38
(0.1)−100.3%
—
Free cash flow (OCF − capex)
1,408
1,288−8.5%
1,519
Where the cash went
Operating cash flow
1,887
1,850−2.0%
1,901
Reinvested in the business
479
562+17.3%
—
% of operating cash flow
25.4%
30.4%
Capex
479
562+17.3%
382
Acquisitions
0
—
—
Free cash flow
1,408
1,288−8.5%
1,519
YoY
−8.5%
Returned to shareholders
1,375
1,524+10.8%
—
% of free cash flow
97.6%
118.3%
Dividends
1,375
1,374−0.1%
—
Buybacks
0
150n/m
—
FCF conversion (FCF ÷ net income)
164.8%
132.3%−32.5 pp
—
Buyback yield
—
0.5%
—
Returns & ratios
ROIC (all capital)
8.9%
9.8%+0.9 pp
—
ROIC (operating)
2524.4%
2337.8%−186.6 pp
—
Net debt / EBITDA
0.17x
—
—
Debt / equity
0.04x
—
—
ROE
6.1%
7.3%+1.1 pp
—
ROA
3.0%
3.3%+0.4 pp
—
NOPAT
1,271
1,350+6.2%
—
Invested capital (operating)
50
65+29.4%
—
Invested capital (all)
14,304
13,290−7.1%
—
Reinvestment rate
—
1.1%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
33
34
34
35
vs year-ago quarter
Gross profit
(203)
(197)
(205)
(197)
Gross margin
−623.7%
−580.9%
−607.2%
−563.9%
Operating income
279
371
368
392
Net income
166
287
241
263
vs year-ago quarter
Net margin
510.2%
845.5%
715.2%
754.8%
EPS (diluted, $)
0.78
1.36
1.14
1.25
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
29,233
29,264
29,099
29,660
Cash & equivalents
116
143
143
700
Shareholders’ equity
13,618
13,433
13,332
13,258
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
457
368
490
586
Capex
13
270
12
87
Free cash flow
444
98
477
500
vs year-ago quarter