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PSA · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 2.6% y/y to $1.23B, operating margin 37.9% vs 41.6%, net income $500M (+39.5% y/y).
Net income allocable to Public Storage shareholders
$500M
up 39.5% y/y
Total revenues
$1,233M
up 2.6% y/y
Operating income
$467M
down 6.7% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Total revenues | $1,233 · +2.6% |
| Self-storage cost of operations | $308 · +8.1% |
| Ancillary cost of operations | $36.3 · +9.0% |
| Depreciation and amortization | $288 · +1.6% |
| Real estate acquisition and development expense | $5.2 · +104% |
| General and administrative | $44.4 · +72.5% |
| Interest expense | $84.8 · +18.4% |
| Operating income | $467 · −6.7% · 37.9% margin |
| Interest and other income (expense) | $16.9 · +32.0% |
| Equity in earnings (loss) of unconsolidated real estate entity | $4.9 · vs −$2.2 |
| Foreign currency exchange gain (loss) | $17.2 · vs −$146 |
| Income before income taxes | $506 · +38.7% |
| Income tax provision | $2.7 · −16.2% · 0.5% effective rate |
| Allocation to noncontrolling interests | $3 · −0.5% |
| Net income allocable to Public Storage shareholders | $500 · +39.5% · $2.55/sh · 40.6% margin |
Verdict: revenue grew 2.6% y/y to $1.23B, operating margin 37.9% vs 41.6%, net income $500M (+39.5% y/y).
Public Storage entered into an agreement to acquire PS Canada for US$1.2 billion.
Source and notation
Source: Public Storage press release, 8-K EX-99.1 of 07/29/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against SEC XBRL.
Open as an image: PSA, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “PSA Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/psa/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/psa/q2-2026"><img src="https://whoreportstoday.com/t/psa/q2-2026/sankey.png" alt="PSA Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/psa/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/psa/q2-2026">PSA Q2 2026 earnings chart (Who Reports Today)</a>
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- Core FFO per share was $4.17 vs $4.28 a year earlier, and net income per share was $2.55 vs $1.76.
- Operating income was $467M, a 37.9% margin vs 41.6% a year earlier.
- The effective tax rate was 0.5% vs 0.9% a year earlier.
- Diluted EPS was $2.55 vs $1.76 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
PSA — a self-storage real estate investment trust that owns and operates storage facilities across the United States and rents units to households and businesses.
It reports one segment, Self-Storage Operations, which earns rent from its facilities; ancillary income comes from tenant goods insurance, merchandise sales and third-party property management, and it also holds a 35% stake in the European operator Shurgard. · Source: annual report (Form 10-K, SEC)
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