What is Extra Space Storage Inc's earnings per share (EPS)?

Extra Space Storage Inc (EXR) reported diluted earnings per share of $4.59 for fiscal year 2025. This represents a 13.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Extra Space Storage Inc Financials

EXR

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Extra Space Storage Inc (EXR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI EXR FY2025 2026-05-01

Asset-heavy cash generation supports large shareholder payouts, leaving cash balances lean and the model dependent on recurring property cash flow.

FY2025 dividends paid of $1.37B were higher than net income of $974M, which helps explain why retained earnings stayed negative even while the company remained profitable. Operating cash flow still covered those payouts better than accounting earnings, showing the business is managed around recurring cash collection more than reported profit.

From FY2023 to FY2025, revenue growth came with margin compression: gross margin slipped from 76.1% to 72.8%, so added scale raised profit dollars without making each new revenue dollar more lucrative. That pattern fits a lower-margin mix or higher operating cost intensity more than simple fixed-cost absorption.

FY2025 ended with just $139M of cash against $29.3B of assets, so day-to-day flexibility comes more from steady cash conversion than from a large cash reserve. Because operating cash flow stayed above net income, the earnings stream looks more cash-backed than the income statement alone suggests.

Financial Health Signals

Financial Profile 61/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Extra Space Storage Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

100

Extra Space Storage Inc has an operating margin of 41.8%, meaning the company retains $42 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 40.6% the prior year.

Growth

Extra Space Storage Inc's revenue grew a modest 3.7% year-over-year to $3.4B. This slow but positive growth earns a score of 58/100.

Leverage

Extra Space Storage Inc carries a low D/E ratio of 1.11, meaning only $1.11 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 79/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

100

Extra Space Storage Inc converts 38.1% of revenue into free cash flow ($1.3B). This strong cash generation earns a score of 100/100.

Returns

Extra Space Storage Inc generates a 7.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 26/100. This is up from 6.1% the prior year.

Piotroski F-Score Neutral

6/9

Extra Space Storage Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.90x

For every $1 of reported earnings, Extra Space Storage Inc generates $1.90 in operating cash flow ($1.9B OCF vs $974.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$3.4B

YoY+3.7%

5Y CAGR+20.0%

Extra Space Storage Inc generated $3.4B in revenue in fiscal year 2025. This represents an increase of 3.7% from the prior year.

EBITDA

$2.1B

YoY+1.0%

10Y CAGR+17.4%

Extra Space Storage Inc's EBITDA was $2.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1.0% from the prior year.

Net Income

$974.0M

YoY+14.0%

5Y CAGR+15.1%

10Y CAGR+17.8%

Extra Space Storage Inc reported $974.0M in net income in fiscal year 2025. This represents an increase of 14.0% from the prior year.

EPS (Diluted)

$4.59

YoY+13.9%

5Y CAGR+4.3%

10Y CAGR+11.4%

Extra Space Storage Inc earned $4.59 per diluted share (EPS) in fiscal year 2025. This represents an increase of 13.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$1.3B

YoY-8.5%

Extra Space Storage Inc generated $1.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 8.5% from the prior year.

Cash & Debt

$138.9M

YoY+0.5%

5Y CAGR+4.9%

10Y CAGR+6.2%

Extra Space Storage Inc held $138.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$6.48

YoY+0.0%

5Y CAGR+12.5%

10Y CAGR+11.2%

Extra Space Storage Inc paid $6.48 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding

211M

YoY-0.4%

5Y CAGR+10.0%

10Y CAGR+5.5%

Extra Space Storage Inc had 211M shares outstanding in fiscal year 2025. This represents a decrease of 0.4% from the prior year.

Margins & Returns

Gross Margin

72.8%

YoY-1.7pp

5Y CAGR-0.6pp

Extra Space Storage Inc's gross margin was 72.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.7 percentage points from the prior year.

Operating Margin

41.8%

YoY+1.2pp

5Y CAGR-7.3pp

Extra Space Storage Inc's operating margin was 41.8% in fiscal year 2025, reflecting core business profitability. This is up 1.2 percentage points from the prior year.

Net Margin

28.8%

YoY+2.6pp

5Y CAGR-6.7pp

Extra Space Storage Inc's net profit margin was 28.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.6 percentage points from the prior year.

Return on Equity

7.2%

YoY+1.1pp

5Y CAGR-11.7pp

10Y CAGR-1.8pp

Extra Space Storage Inc's ROE was 7.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$149.5M

5Y CAGR+17.1%

Extra Space Storage Inc spent $149.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$561.7M

YoY+17.3%

Extra Space Storage Inc invested $561.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 17.3% from the prior year.

EXR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$3.4B+3.7%	$3.3B+27.2%	$2.6B+33.1%	$1.9B+22.0%	$1.6B+16.3%	$1.4B
Cost of Revenue	$918.1M+10.4%	$831.6M+35.9%	$612.0M+40.6%	$435.3M+18.1%	$368.6M+2.2%	$360.6M
Gross Profit	$2.5B+1.4%	$2.4B+24.5%	$1.9B+30.9%	$1.5B+23.2%	$1.2B+21.4%	$995.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$186.3M+11.3%	$167.4M+14.3%	$146.4M+13.3%	$129.3M+26.5%	$102.2M+5.8%	$96.6M
Operating Income	$1.4B+6.8%	$1.3B+13.1%	$1.2B+11.4%	$1.1B+7.6%	$976.0M+46.5%	$666.1M
Interest Expense	N/A	N/A	$419.0M+91.2%	$219.2M+31.9%	$166.2M+868.9%	$17.2M
Income Tax	$41.6M+24.1%	$33.5M+55.3%	$21.6M+3.0%	$20.9M+3.0%	$20.3M+47.2%	$13.8M
Net Income	$974.0M+14.0%	$854.7M+6.4%	$803.2M-6.7%	$860.7M+4.0%	$827.6M+71.8%	$481.8M
EPS (Diluted)	$4.59+13.9%	$4.03-15.0%	$4.74-26.1%	$6.41+3.6%	$6.19+66.8%	$3.71

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$856.0M-0.2%	$857.5M-0.1%	$858.5M+2.0%	$841.6M+2.6%	$820.0M-0.2%	$821.9M-0.4%	$824.8M+1.7%	$810.7M
Cost of Revenue	$238.3M+3.0%	$231.5M-1.7%	$235.5M+3.5%	$227.6M+1.8%	$223.6M+1.1%	$221.1M+5.8%	$209.0M+6.2%	$196.9M
Gross Profit	$617.7M-1.3%	$626.0M+0.5%	$623.0M+1.5%	$614.0M+2.9%	$596.4M-0.7%	$600.8M-2.4%	$615.8M+0.3%	$613.8M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$46.5M-10.5%	$51.9M+19.5%	$43.5M-3.3%	$45.0M-2.2%	$46.0M+4.4%	$44.0M+10.8%	$39.8M-0.4%	$39.9M
Operating Income	$367.6M-0.9%	$370.9M+32.9%	$279.1M-25.4%	$374.0M-3.8%	$388.7M+2.3%	$380.0M+25.5%	$302.7M-0.7%	$304.8M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$10.8M+20.3%	$9.0M-25.0%	$12.0M+2.8%	$11.6M+29.4%	$9.0M+49.0%	$6.0M-44.4%	$10.9M+10.3%	$9.8M
Net Income	$241.0M-16.2%	$287.4M+73.1%	$166.0M-33.5%	$249.7M-7.8%	$270.9M+3.2%	$262.5M+35.9%	$193.2M+3.9%	$185.9M
EPS (Diluted)	$1.14	N/A	$0.78-33.9%	$1.18-7.8%	$1.28	N/A	$0.91+3.4%	$0.88

EXR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$29.3B+1.4%	$28.8B+5.1%	$27.5B+125.7%	$12.2B+16.2%	$10.5B+11.5%	$9.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$138.9M+0.5%	$138.2M+39.5%	$99.1M+6.7%	$92.9M+30.6%	$71.1M-34.8%	$109.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$142.1M+9.5%	$129.7M-3.7%	$134.7M+56.8%	$85.9M+3.5%	$83.0M	N/A
Goodwill	$170.8M0.0%	$170.8M0.0%	$170.8M0.0%	$170.8M	$0	N/A
Total Liabilities	$14.9B+6.8%	$14.0B+16.2%	$12.0B+48.9%	$8.1B+20.9%	$6.7B+3.5%	$6.5B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$13.4B-3.7%	$13.9B-3.1%	$14.4B+341.5%	$3.3B+4.6%	$3.1B+22.3%	$2.5B
Retained Earnings	-$1.4B-61.1%	-$899.3M-137.3%	-$379.0M-179.0%	-$135.9M-5.9%	-$128.2M+63.9%	-$354.9M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$29.1B-0.6%	$29.3B+0.1%	$29.2B-0.5%	$29.4B+1.3%	$29.0B+0.5%	$28.8B+2.8%	$28.1B+1.1%	$27.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$139.0M0.0%	$138.9M+24.1%	$111.9M-10.5%	$125.0M+4.6%	$119.6M-13.5%	$138.2M+55.4%	$88.9M+15.5%	$77.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$115.4M-18.8%	$142.1M+6.8%	$133.1M-1.3%	$134.8M+16.2%	$116.1M-10.6%	$129.7M+15.1%	$112.7M-31.3%	$164.1M
Goodwill	$170.8M0.0%	$170.8M0.0%	$170.8M0.0%	$170.8M0.0%	$170.8M0.0%	$170.8M0.0%	$170.8M0.0%	$170.8M
Total Liabilities	$14.9B-0.4%	$14.9B+1.4%	$14.7B+0.3%	$14.7B+3.3%	$14.2B+1.6%	$14.0B+6.7%	$13.1B+3.7%	$12.6B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$13.3B-0.7%	$13.4B-1.4%	$13.6B-1.3%	$13.8B-0.7%	$13.9B-0.4%	$13.9B-0.5%	$14.0B-1.1%	$14.2B
Retained Earnings	-$1.6B-7.1%	-$1.4B-15.6%	-$1.3B-16.5%	-$1.1B-10.6%	-$972.7M-8.2%	-$899.3M-10.0%	-$817.9M-22.5%	-$667.7M

EXR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.9B-2.0%	$1.9B+34.6%	$1.4B+13.3%	$1.2B+30.0%	$952.4M+23.5%	$771.2M
Capital Expenditures	$561.7M+17.3%	$479.1M+253.3%	$135.6M-88.6%	$1.2B	N/A	N/A
Free Cash Flow	$1.3B-8.5%	$1.4B+11.2%	$1.3B+2723.0%	$44.9M	N/A	N/A
Investing Cash Flow	-$814.2M+50.6%	-$1.6B+9.4%	-$1.8B-10.3%	-$1.6B-96.8%	-$837.5M+12.3%	-$955.4M
Financing Cash Flow	-$1.0B-412.2%	-$202.3M-147.8%	$423.1M-2.0%	$431.9M+359.0%	-$166.7M-169.0%	$241.5M
Dividends Paid	$1.4B-0.1%	$1.4B+31.4%	$1.0B+29.9%	$805.3M+34.0%	$601.0M+28.5%	$467.8M
Share Buybacks	$149.5M	$0	$0-100.0%	$63.0M	$0-100.0%	$67.9M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$489.9M+33.2%	$367.8M-19.5%	$457.1M-15.9%	$543.9M+13.0%	$481.4M+17.9%	$408.3M-12.8%	$468.4M-14.1%	$545.2M
Capital Expenditures	$12.4M-95.1%	$251.0M+1839.1%	$12.9M-92.0%	$161.7M+18.9%	$136.0M-47.3%	$258.1M+63.1%	$158.2M+472.4%	$27.6M
Free Cash Flow	$477.5M+308.9%	$116.8M-73.7%	$444.2M+16.2%	$382.1M+10.6%	$345.4M+130.0%	$150.2M-51.6%	$310.1M-40.1%	$517.6M
Investing Cash Flow	-$47.5M+59.2%	-$116.6M-39.7%	-$83.4M+69.4%	-$272.2M+20.4%	-$342.0M+55.5%	-$769.4M-582.5%	-$112.7M+76.6%	-$482.7M
Financing Cash Flow	-$442.1M-97.1%	-$224.3M+41.9%	-$386.2M-45.2%	-$266.0M-66.6%	-$159.6M-138.9%	$410.1M+219.6%	-$342.8M-842.1%	-$36.4M
Dividends Paid	$342.8M+0.1%	$342.4M-0.4%	$343.8M0.0%	$343.9M-0.1%	$344.2M+0.1%	$344.0M+0.2%	$343.4M0.0%	$343.4M
Share Buybacks	$1.4M-99.0%	$140.9M	$0-100.0%	$8.6M	$0	$0	$0	N/A

EXR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	72.8%-1.7pp	74.5%-1.6pp	76.1%-1.3pp	77.4%+0.8pp	76.6%+3.2pp	73.4%
Operating Margin	41.8%+1.2pp	40.6%-5.1pp	45.7%-8.9pp	54.6%-7.3pp	61.9%+12.8pp	49.1%
Net Margin	28.8%+2.6pp	26.2%-5.1pp	31.4%-13.4pp	44.7%-7.7pp	52.5%+17.0pp	35.5%
Return on Equity	7.2%+1.1pp	6.1%+0.5pp	5.6%-20.8pp	26.4%-0.2pp	26.6%+7.7pp	18.9%
Return on Assets	3.3%+0.4pp	3.0%+0.0pp	2.9%-4.1pp	7.1%-0.8pp	7.9%+2.8pp	5.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.11+0.1	1.00+0.2	0.84-1.6	2.48+0.3	2.15-0.4	2.54
FCF Margin	38.1%-5.1pp	43.2%-6.2pp	49.5%+47.2pp	2.3%	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	72.2%-0.8pp	73.0%+0.4pp	72.6%-0.4pp	73.0%+0.2pp	72.7%-0.4pp	73.1%-1.6pp	74.7%-1.0pp	75.7%
Operating Margin	42.9%-0.3pp	43.3%+10.7pp	32.5%-11.9pp	44.4%-3.0pp	47.4%+1.2pp	46.2%+9.5pp	36.7%-0.9pp	37.6%
Net Margin	28.1%-5.4pp	33.5%+14.2pp	19.3%-10.3pp	29.7%-3.4pp	33.0%+1.1pp	31.9%+8.5pp	23.4%+0.5pp	22.9%
Return on Equity	1.8%-0.3pp	2.1%+0.9pp	1.2%-0.6pp	1.8%-0.1pp	1.9%+0.1pp	1.9%+0.5pp	1.4%+0.1pp	1.3%
Return on Assets	0.8%-0.1pp	1.0%+0.4pp	0.6%-0.3pp	0.9%-0.1pp	0.9%+0.0pp	0.9%+0.2pp	0.7%+0.0pp	0.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.120.0	1.11+0.0	1.08+0.0	1.07+0.0	1.02+0.0	1.00+0.1	0.94+0.0	0.89
FCF Margin	55.8%+42.2pp	13.6%-38.1pp	51.7%+6.3pp	45.4%+3.3pp	42.1%+23.9pp	18.3%-19.3pp	37.6%-26.2pp	63.8%

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Frequently Asked Questions

What is Extra Space Storage Inc's annual revenue?

Extra Space Storage Inc (EXR) reported $3.4B in total revenue for fiscal year 2025. This represents a 3.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Extra Space Storage Inc's revenue growing?

Extra Space Storage Inc (EXR) revenue grew by 3.7% year-over-year, from $3.3B to $3.4B in fiscal year 2025.

Is Extra Space Storage Inc profitable?

Yes, Extra Space Storage Inc (EXR) reported a net income of $974.0M in fiscal year 2025, with a net profit margin of 28.8%.

What is Extra Space Storage Inc's EBITDA?

Extra Space Storage Inc (EXR) had EBITDA of $2.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Extra Space Storage Inc's gross margin?

Extra Space Storage Inc (EXR) had a gross margin of 72.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Extra Space Storage Inc's operating margin?

Extra Space Storage Inc (EXR) had an operating margin of 41.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Extra Space Storage Inc's net profit margin?

Extra Space Storage Inc (EXR) had a net profit margin of 28.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Extra Space Storage Inc pay dividends?

Yes, Extra Space Storage Inc (EXR) paid $6.48 per share in dividends during fiscal year 2025.

What is Extra Space Storage Inc's return on equity (ROE)?

Extra Space Storage Inc (EXR) has a return on equity of 7.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Extra Space Storage Inc's free cash flow?

Extra Space Storage Inc (EXR) generated $1.3B in free cash flow during fiscal year 2025. This represents a -8.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Extra Space Storage Inc's operating cash flow?

Extra Space Storage Inc (EXR) generated $1.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Extra Space Storage Inc's total assets?

Extra Space Storage Inc (EXR) had $29.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Extra Space Storage Inc's capital expenditures?

Extra Space Storage Inc (EXR) invested $561.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Extra Space Storage Inc buy back shares?

Yes, Extra Space Storage Inc (EXR) spent $149.5M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Extra Space Storage Inc have outstanding?

Extra Space Storage Inc (EXR) had 211M shares outstanding as of fiscal year 2025.

What is Extra Space Storage Inc's debt-to-equity ratio?

Extra Space Storage Inc (EXR) had a debt-to-equity ratio of 1.11 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Extra Space Storage Inc's return on assets (ROA)?

Extra Space Storage Inc (EXR) had a return on assets of 3.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Extra Space Storage Inc's Piotroski F-Score?

Extra Space Storage Inc (EXR) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Extra Space Storage Inc's earnings high quality?

Extra Space Storage Inc (EXR) has an earnings quality ratio of 1.90x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Extra Space Storage Inc?

Extra Space Storage Inc (EXR) scores 61 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.