AI Takeaway
PSA delivered modest revenue growth of 2.7% to $4.82B in FY2025, but net income fell 13.9% to $1.78B, weighed down by rising long-term debt and higher investing outflows, while operating cash flow remained resilient at $3.19B.
Revenue
$4.82B
++2.74% YoY
EPS (Basic)
$9.04
-15.36% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
PSA grew total revenue by 2.7% year-over-year to $4.82B in FY2025 (from $4.70B in FY2024), reflecting continued demand for self-storage facilities and incremental rental rate improvements across its portfolio.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Net income dropped 13.9% to $1.78B from $2.07B in the prior year, suggesting meaningful increases in operating costs, interest expense on higher debt, or non-cash charges that offset top-line growth.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Operating cash flow increased 1.9% to $3.19B, demonstrating the underlying cash-generative strength of PSA's self-storage business model, supported by $1.15B in depreciation and amortization.
Source: Source: 10-K Cash Flow Statement (XBRL Financial Data)
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Upgrade to unlockLong-term debt increased 9.6% to $10.25B in FY2025, raising PSA's debt-to-equity ratio to 1.18x. In a higher-for-longer interest rate environment, refinancing costs could further compress net income and free cash flow.
Source: Source: 10-K Balance Sheet (XBRL Financial Data)
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Upgrade to unlockReported EPS of $2.60 versus the $2.52 analyst consensus — a +3.0% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $4.82B | $4.7B | +2.74% |
Net Income | $1.78B | $2.07B | -13.88% |
EPS (Basic) | $9.04 | $10.68 | -15.36% |
EPS (Diluted) | $9.01 | $10.64 | -15.32% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $20.21B | $19.75B | +2.30% |
Total Liabilities | $10.87B | $9.94B | +9.31% |
Stockholders' Equity | $9.25B | $9.71B | -4.78% |
Cash & Equivalents | $318.1M | $447.42M | -28.90% |
Long-Term Debt | $10.25B | $9.35B | +9.63% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $3.19B | $3.13B | +1.86% |
Investing Cash Flow | $-1.69B | $-1B | -68.07% |
Financing Cash Flow | $-1.63B | $-2.08B | +21.55% |
Share Buybacks | $0 | $200M | -100.00% |
D&A | $1.15B | $1.13B | +1.95% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Net Margin | 37.0% | — | — |
ROE | 19.3% | — | — |
ROA | 8.8% | — | — |
Debt to Equity | $1.175 | — | — |
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PSA grew revenue 2.7% to $4.82B in FY2025, but net income fell sharply by 13.9% to $1.78B. The divergence between revenue growth and earnings decline suggests rising costs, higher interest expense on growing debt, or other non-operating charges weighed heavily on profitability.
PSA's net income fell 13.9% to $1.78B despite a 2.7% revenue increase, likely driven by higher interest costs as long-term debt rose 9.6% to $10.25B and investing outflows surged 68.1% to -$1.69B. The net margin compressed to 37.0% from a higher prior-year level, reflecting these increased financial burdens.
PSA's balance sheet shows total assets of $20.2B and strong operating cash flow of $3.19B, but leverage has increased with long-term debt at $10.25B and a debt-to-equity ratio of 1.18x. Cash reserves declined 28.9% to $318M, and share buybacks were suspended entirely, suggesting the company is prioritizing debt management and capital investment over shareholder returns.
PSA did not repurchase any shares in FY2025, a complete reversal from the $200M in buybacks executed in FY2024. Dividend activity is not separately detailed in the available XBRL data, but as a REIT, PSA is required to distribute at least 90% of taxable income to shareholders.
PSA's basic EPS fell 15.4% to $9.04 in FY2025 from $10.68 in FY2024, and diluted EPS declined 15.3% to $9.01 from $10.64. The EPS decline slightly outpaced the 13.9% drop in net income, suggesting a modest increase in the weighted average share count during the year.