← Who reports today · Real Estate
How Extra Space Storage (EXR) makes money: Q2 2026 revenue breakdown
The quarter in brief
Revenue grew 3.9% y/y to $874M, operating margin 44.9% vs 44.4%, net income $263M (+5.5% y/y).
Key growth driver: Property rental — the fastest-growing revenue line: $746, +4% y/y. · by the Q2 2026 report
Net income attributable to common stockholders
$263M
up 5.5% y/y
Total revenues
$874M
up 3.9% y/y
Income from operations
$392M
up 4.9% y/y
Next report
not announced yet
How does Extra Space Storage make money?
Extra Space Storage brought in $874 million of revenue in Q2 2026, up 3.9% year over year. The largest source was Property rental: $746 million, or 85% of the total, followed by Tenant reinsurance ($93.1M, 11%) and Management fees and other income ($34.9M, 4%). Net income for the quarter was $263 million, up 5.5% year over year.
Revenue by source, Q2 2026
- Property rental$746M · 85% · +3.5%
- Tenant reinsurance$93.1M · 11% · +5.1%
- Management fees and other income$34.9M · 4% · +8.9%
Shares of $874M total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Property rental | $746 · +3.5% |
| Tenant reinsurance | $93.1 · +5.1% |
| Management fees and other income | $34.9 · +8.9% |
| Total revenues | $874 · +3.9% |
| Property operations | $232 · +1.8% |
| Depreciation and amortization | $186 · +4.7% |
| General and administrative | $47.3 · +5.3% |
| Tenant reinsurance expenses | $17.3 · +2.2% |
| Income from operations | $392 · +4.9% · 44.9% margin |
| Interest income | $38.8 · −7.7% |
| Interest expense | $147 · +0.4% |
| Non-cash interest expense (amortization of discount on senior notes) | $12.7 · +8.2% |
| Income before equity in earnings and income tax | $272 · +5.2% |
| Income tax expense | $12.1 · +3.7% · 4.4% effective rate |
| Equity in earnings and dividend income from unconsolidated real estate entities | $15.8 · −3.0% |
| Gain on sale of a joint venture interest | $0.6 · vs $0 |
| Net income allocated to noncontrolling interests | $12.4 · −4.4% |
| Net income attributable to common stockholders | $263 · +5.5% · $1.25/sh · 30.1% margin |
Verdict: revenue grew 3.9% y/y to $874M, operating margin 44.9% vs 44.4%, net income $263M (+5.5% y/y).
Diluted EPS $1.25, up 5.9%; FFO $2.07 per diluted share and Core FFO $2.15, up 4.9% (non-GAAP, company definitions); same-store occupancy 94.2%; quarterly dividend $1.62 per share.
Source and notation
Source: Extra Space Storage earnings release, 8-K EX-99 of 07/28/2026 (SEC EDGAR). REIT layout: total revenues as reported; property expenses, depreciation, interest and other items lead to net income (a REIT pays little or no income tax). FFO is a non-GAAP measure: it appears only in the text, as defined by the company, never in the chart. The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
- Same-store revenue increased by 2.4% and same-store expense decreased by 0.5%, so same-store net operating income rose 3.5%.
- The third-party management platform keeps growing: 67 stores were added in the quarter, and Extra Space managed 2,373 stores for third parties and joint ventures as of June 30, 2026.
- Purchased 17 operating stores and a joint venture partner's interest for a total cost of $90.7 million and originated $140.6 million of bridge loans.
- Operating income was $392M, a 44.9% margin vs 44.4% a year earlier.
- The effective tax rate was 4.4% vs 4.5% a year earlier.
- Diluted EPS was $1.25 vs $1.18 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
Extra Space Storage Inc. is an American real estate investment trust headquartered in Salt Lake City, Utah that invests in self storage facilities. · Text: Wikipedia, CC BY-SA 4.0, abridged
The company rents storage units, including climate controlled units, drive-up units, lockers, boat storage, RV storage and business storage under the brands Extra Space Storage, Life Storage, and Storage Express. As of April 29, 2025 the company owned and/or operated 3,714 locations in 43 states, and Washington, D.C. comprising approximately 2.6 million units 283.4 million square feet of net rentable space. It is the largest owner of self storage units in the United States and the largest self storage property manager.
Company guidance
Same quarter a year ago (ended September 30, 2025): revenue $858M, EPS (GAAP) $0.78
How we calculate
Year-ago figures are GAAP, from the company's SEC filings (XBRL); EPS is diluted.
EXR earnings history: past report dates
| Jul 28, 2026 Tue | 4:46 pmafter market close | Jun 30, 2026 | $874M+4% y/y | $1.25+6% y/y |
| Apr 28, 2026 Tue | 4:26 pmafter market close | Mar 31, 2026 | $856M+4% y/y | $1.14−11% y/y |
| Feb 19, 2026 Thu | 4:35 pmafter market close | Dec 31, 2025 | ≈$857M+4% y/y | ≈$1.35+10% y/y |
| Oct 29, 2025 Wed | 4:25 pmafter market close | Sep 30, 2025 | $858M+4% y/y | $0.78−14% y/y |
| Jul 30, 2025 Wed | 4:20 pmafter market close | Jun 30, 2025 | $842M+4% y/y | $1.18+34% y/y |
| Apr 29, 2025 Tue | 4:38 pmafter market close | Mar 31, 2025 | $820M+3% y/y | $1.28+27% y/y |
| Feb 25, 2025 Tue | 4:28 pmafter market close | Dec 31, 2024 | ≈$822M+3% y/y | ≈$1.23+50% y/y |
| Oct 29, 2024 Tue | 4:22 pmafter market close | Sep 30, 2024 | $825M+10% y/y | $0.91−5% y/y |
| Jul 30, 2024 Tue | 4:49 pmafter market close | Jun 30, 2024 | $811M+59% y/y | $0.88−41% y/y |
| Apr 30, 2024 Tue | 4:25 pmafter market close | Mar 31, 2024 | $800M+59% y/y | $1.01−31% y/y |
| Feb 27, 2024 Tue | 4:17 pmafter market close | Dec 31, 2023 | ≈$798M+57% y/y | ≈$0.82−46% y/y |
| Nov 7, 2023 Tue | 4:22 pmafter market close | Sep 30, 2023 | $748M+50% y/y | $0.96−42% y/y |
| Aug 3, 2023 Thu | 4:21 pmafter market close | Jun 30, 2023 | $511M+8% y/y | $1.50−13% y/y |
| May 2, 2023 Tue | 4:23 pmafter market close | Mar 31, 2023 | $503M+13% y/y | $1.46−3% y/y |
| Feb 22, 2023 Wed | 4:21 pmafter market close | Dec 31, 2022 | ≈$507M+19% y/y | ≈$1.52−24% y/y |
| Nov 1, 2022 Tue | 4:15 pmafter market close | Sep 30, 2022 | $499M+21% y/y | $1.65+18% y/y |
| Aug 2, 2022 Tue | 4:38 pmafter market close | Jun 30, 2022 | $475M+25% y/y | $1.73+38% y/y |
| May 3, 2022 Tue | 4:15 pmafter market close | Mar 31, 2022 | $444M+24% y/y | $1.51−1% y/y |
| Feb 23, 2022 Wed | 4:28 pmafter market close | Dec 31, 2021 | ≈$427M+21% y/y | ≈$2.00+65% y/y |
| Oct 27, 2021 Wed | 4:21 pmafter market close | Sep 30, 2021 | $412M+20% y/y | $1.40+59% y/y |
| Jul 27, 2021 Tue | 4:49 pmafter market close | Jun 30, 2021 | $379M+16% y/y | $1.25+56% y/y |
| Apr 28, 2021 Wed | 4:50 pmafter market close | Mar 31, 2021 | $359M+8% y/y | $1.53+84% y/y |
| Feb 22, 2021 Mon | 4:21 pmafter market close | Dec 31, 2020 | ≈$353M+5% y/y | ≈$1.21+41% y/y |
| Nov 4, 2020 Wed | 4:31 pmafter market close | Sep 30, 2020 | $343M+2% y/y | $0.88+6% y/y |
| Aug 4, 2020 Tue | 4:32 pmafter market close | Jun 30, 2020 | $327M+1% y/y | $0.80−1% y/y |
| May 6, 2020 Wed | 4:18 pmafter market close | Mar 31, 2020 | $332M+7% y/y | $0.83+12% y/y |
| Feb 18, 2020 Tue | 4:16 pmafter market close | Dec 31, 2019 | $336M+9% y/y | $0.86+7% y/y |
| Oct 29, 2019 Tue | 7:25 pmafter market close | Sep 30, 2019 | $338M+10% y/y | $0.83−19% y/y |
| Jul 30, 2019 Tue | 4:29 pmafter market close | Jun 30, 2019 | $324M+9% y/y | $0.81+8% y/y |
| Apr 30, 2019 Tue | 4:25 pmafter market close | Mar 31, 2019 | $312M+9% y/y | $0.74+6% y/y |
| Feb 20, 2019 Wed | 4:14 pmafter market close | Dec 31, 2018 | $307M+9% y/y | $0.80−53% y/y |
| Oct 30, 2018 Tue | 4:39 pmafter market close | Sep 30, 2018 | $307M+8% y/y | $1.02+38% y/y |
| Jul 31, 2018 Tue | 4:23 pmafter market close | Jun 30, 2018 | $297M+8% y/y | $0.75+9% y/y |
| May 1, 2018 Tue | 4:56 pmafter market close | Mar 31, 2018 | $285M+9% y/y | $0.70+9% y/y |
| Feb 20, 2018 Tue | 4:18 pmafter market close | Dec 31, 2017 | $282M+8% y/y | $1.69+160% y/y |
| Nov 1, 2017 Wed | 4:24 pmafter market close | Sep 30, 2017 | $284M+10% y/y | $0.74−20% y/y |
| Aug 1, 2017 Tue | 4:28 pmafter market close | Jun 30, 2017 | $276M+13% y/y | $0.69+5% y/y |
| Feb 21, 2017 Tue | 4:39 pmafter market close | Dec 31, 2016 | $261M+16% y/y | $0.65+829% y/y |
| Oct 26, 2016 Wed | 4:49 pmafter market close | Sep 30, 2016 | $257M+30% y/y | $0.93+60% y/y |
| Jul 27, 2016 Wed | 4:26 pmafter market close | Jun 30, 2016 | $244M+31% y/y | $0.66+40% y/y |
| May 2, 2016 Mon | 4:32 pmafter market close | Mar 31, 2016 | $229M+32% y/y | $0.66+43% y/y |
| Feb 23, 2016 Tue | 4:37 pmafter market close | Dec 31, 2015 | $226M+37% y/y | $0.07−82% y/y |
| Oct 28, 2015 Wed | 5:14 pmafter market close | Sep 30, 2015 | $197M+17% y/y | $0.58+23% y/y |
| Jul 29, 2015 Wed | 4:51 pmafter market close | Jun 30, 2015 | $186M+16% y/y | $0.47+31% y/y |
| Apr 29, 2015 Wed | 4:16 pmafter market close | Mar 31, 2015 | $173M+13% y/y | $0.46+44% y/y |
| Feb 19, 2015 Thu | 6:22 pmafter market close | Dec 31, 2014 | $165M+16% y/y | $0.39−42% y/y |
| Oct 29, 2014 Wed | 4:45 pmafter market close | Sep 30, 2014 | $169M+27% y/y | $0.47+81% y/y |
| Jul 30, 2014 Wed | 4:05 pmafter market close | Jun 30, 2014 | $161M+27% y/y | $0.36+16% y/y |
| Apr 28, 2014 Mon | 4:00 pmafter market close | Mar 31, 2014 | $153M+28% y/y | $0.32+14% y/y |
| Feb 20, 2014 Thu | 4:48 pmafter market close | Dec 31, 2013 | $142M+25% y/y | $0.67+103% y/y |
| Oct 28, 2013 Mon | 4:00 pmafter market close | Sep 30, 2013 | $133M+21% y/y | $0.26−30% y/y |
| Aug 1, 2013 Thu | 4:06 pmafter market close | Jun 30, 2013 | $126M+33% y/y | $0.31+41% y/y |
| Apr 29, 2013 Mon | 6:12 ambefore market open | Mar 31, 2013 | $119M+31% y/y | $0.28+33% y/y |
| Feb 21, 2013 Thu | 4:06 pmafter market close | Dec 31, 2012 | $114M+22% y/y | $0.33+94% y/y |
| Oct 29, 2012 Mon | 2:32 pmduring market hours | Sep 30, 2012 | $110M+31% y/y | $0.37+131% y/y |
| Jul 30, 2012 Mon | 4:01 pmafter market close | Jun 30, 2012 | $95M+22% y/y | $0.22+83% y/y |
| Apr 30, 2012 Mon | 4:05 pmafter market close | Mar 31, 2012 | $91M+22% y/y | $0.21+133% y/y |
| Feb 21, 2012 Tue | 4:00 pmafter market close | Dec 31, 2011 | $93M | $0.17 |
| Oct 27, 2011 Thu | 4:02 pmafter market close | Sep 30, 2011 | $84M | $0.16 |
| Jul 28, 2011 Thu | 4:17 pmafter market close | Jun 30, 2011 | $78M | $0.12 |
| Apr 27, 2011 Wed | 4:05 pmafter market close | Mar 31, 2011 | $74M | $0.09 |
Show all 61 reports since 2011Show fewer
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Companies that file the 8-K late in the evening publish the release the next morning: the date is that morning, before market open, and the evening filing time is not shown. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Extra Space Storage: 15-year financials
| 2025 | 3,378 | 1,413 | 974 | 1,289 | 1,374 |
| 2024 | 3,257 | 1,323 | 855 | 1,408 | 1,375 |
| 2023 | 2,560 | 1,170 | 803 | 1,267 | 1,046 |
| 2022 | 1,924 | 1,050 | 861 | 44.9 | 805 |
| 2021 | 1,577 | 976 | 828 | — | 601 |
| 2020 | 1,356 | 666 | 482 | — | 468 |
| 2019 | 1,309 | 635 | 420 | — | 458 |
| 2018 | 1,197 | 620 | 415 | — | 425 |
| 2017 | 1,105 | 654 | 479 | — | 393 |
| 2016 | 992 | 458 | 366 | — | 368 |
| 2015 | 782 | 295 | 190 | — | 269 |
| 2014 | 647 | 279 | 178 | — | 210 |
| 2013 | 521 | 214 | 172 | — | 163 |
| 2012 | 409 | 157 | 117 | — | 88.3 |
| 2011 | 330 | 116 | 50.4 | — | 52 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP)*.
How we calculate
Figures are annual report lines; if a year was later restated (discontinued operations, mergers), we use the latest filing that shows it. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing. The table starts in 2011; where the listed issuer changed (holding reorganization, redomicile), earlier years come from the predecessor’s filings.
Shareholders’ equity at Jun 30, 2026: $13.3B (45% of total assets). Compare with other S&P 500 companies →
Included in screener lists: S&P 500 companies with revenue growth 10 years in a row · S&P 500 companies that paid dividends 10 years without a gap
Extra Space Storage (EXR) earnings: FAQ
How does Extra Space Storage make money?
Extra Space Storage brought in $874 million of revenue in Q2 2026, up 3.9% year over year. The largest source was Property rental: $746 million, or 85% of the total, followed by Tenant reinsurance ($93.1M, 11%) and Management fees and other income ($34.9M, 4%). Net income for the quarter was $263 million, up 5.5% year over year.
When is EXR's next earnings date?
We have not yet seen an announcement of the date from Extra Space Storage (EXR). Based on last year's report on Oct 29, 2025, the next report is expected around Oct 28, 2026.
What time does EXR report earnings?
Extra Space Storage usually reports after market close: its latest results release was filed with the SEC at 4:46 pm ET on Jul 28, 2026.
When did EXR last report earnings?
Extra Space Storage reported Q2 2026 results on Jul 28, 2026.
Where can I find Extra Space Storage's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to EXR's filings; this page breaks the latest report down in a Sankey chart.
What was EXR's net income in Q2 2026?
Extra Space Storage reported net income of $263M for Q2 2026 (+5.5% year over year), under US GAAP.
Does Extra Space Storage pay dividends?
Yes. In 2025, Extra Space Storage paid $1,374M in dividends on its common stock, per its 10-K. Earlier years are in the 15-year table above.
How has Extra Space Storage's revenue changed since 2011?
Per its 10-K filings, revenue grew 10.2x: $330M in 2011 and $3,378M in 2025. The latest year is the highest in the table. Year-by-year figures are in the table above.
New to earnings reports? Start with how to read an earnings report.
More reports: FRT · Q2 2026 · HST · Q2 2026 · INVH · Q2 2026 · IRM · Q2 2026 · KIM · Q2 2026 · MAA · Q2 2026 · O · Q2 2026 · PLD · Q3 2026 · PSA · Q2 2026 · REG · Q2 2026 · all reports