How does Public Storage (PSA) make money?

Public Storage (PSA) generates revenue primarily from Self Storage Operations, which accounted for 92.9% of total revenue in TTM through Q1 2026. The company reported $4.86B in revenue and converted 39.2% of it into net profit, equivalent to roughly $1.90B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Public Storage (PSA)?

Public Storage (PSA) reported a gross profit margin of 60.6% in TTM through Q1 2026, equivalent to $2.95B in gross profit on $4.86B 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 Public Storage (PSA)?

Public Storage (PSA) reported an operating profit margin of 50.8% in TTM through Q1 2026, equivalent to $2.47B 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 Public Storage (PSA)?

Public Storage (PSA) reported a net profit margin of 39.2% in TTM through Q1 2026, equivalent to $1.90B 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 Public Storage (PSA) profitable?

Yes. Public Storage (PSA) reported $1.90B in net income for TTM through Q1 2026, with a net profit margin of 39.2%. 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 Public Storage (PSA) spend on capital expenditures?

Public Storage (PSA) spent $111.59M on capital expenditures (CapEx) during TTM through Q1 2026, roughly 2.3% 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 Public Storage (PSA) generate?

Public Storage (PSA) generated $3.06B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 63.1%. 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 are the main business segments of Public Storage (PSA)?

Public Storage (PSA) reports revenue across 2 reportable product segments, led by Self Storage Operations at 92.9% 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 Public Storage Makes Money: 2026 Visual Revenue Map

Public Storage (PSA) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported April 27, 2026).

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

Public Storage (PSA) 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 Public Storage (PSA) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Self Storage Operations	$4.51B	92.9%
Ancillary Operations	$344.13M	7.1%
Total	$4.86B	100%

Self Storage Operations$4.51B
Ancillary Operations$344.13M
Total$4.86B

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Public Storage (PSA) reports revenue across 2 operating segments; the largest segment was Self Storage Operations at 92.9%, followed by Ancillary Operations (7.1%).

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