How does Extra Space Storage (EXR) make money?

Extra Space Storage (EXR) generates revenue primarily from Self Storage Operations, which accounted for 89.1% of total revenue in TTM through Q1 2026. The company reported $3.39B in revenue and converted 27.8% of it into net profit, equivalent to roughly $944.10M in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Extra Space Storage (EXR)?

Extra Space Storage (EXR) reported a gross profit margin of 27.9% in TTM through Q1 2026, equivalent to $945.64M in gross profit on $3.39B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Extra Space Storage (EXR)?

Extra Space Storage (EXR) reported an operating profit margin of 43.3% in TTM through Q1 2026, equivalent to $1.47B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Extra Space Storage (EXR)?

Extra Space Storage (EXR) reported a net profit margin of 27.8% in TTM through Q1 2026, equivalent to $944.10M in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Extra Space Storage (EXR) profitable?

Yes. Extra Space Storage (EXR) reported $944.10M in net income for TTM through Q1 2026, with a net profit margin of 27.8%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Extra Space Storage (EXR) spend on capital expenditures?

Extra Space Storage (EXR) spent $104.91M on capital expenditures (CapEx) during TTM through Q1 2026, roughly 3.1% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Extra Space Storage (EXR) generate?

Extra Space Storage (EXR) generated $1.75B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 51.7%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of Extra Space Storage (EXR)?

Extra Space Storage (EXR) had an effective tax rate of 4.2% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of Extra Space Storage (EXR)?

Extra Space Storage (EXR) reports revenue across 2 reportable product segments, led by Self Storage Operations at 89.1% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How Extra Space Storage Makes Money: 2026 Visual Revenue Map

Extra Space Storage (EXR) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported May 1, 2026).

Extra Space Storage discloses geographic revenue only in annual filings. to view the full breakdown.

Extra Space Storage (EXR) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Extra Space Storage (EXR) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Self Storage Operations	$3.02B	89.1%
Tenant Reinsurance	$369.51M	10.9%
Total	$3.39B	100%

Self Storage Operations$3.02B
Tenant Reinsurance$369.51M
Total$3.39B

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Extra Space Storage (EXR) reports revenue across 2 operating segments; the largest segment was Self Storage Operations at 89.1%, followed by Tenant Reinsurance (10.9%).

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