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AI核心结论
EXR delivered solid FY2025 results with revenue growing 3.7% to $3.38B and net income surging 14.0% to $974M, while maintaining a strong 41.8% operating margin despite rising costs.
营业收入
$3.38B
同比 ++3.70%
每股收益（基本）
$4.59
同比 ++13.90%
营业利润
$1.41B
同比 ++6.75%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Extra Space Storage (EXR) FY2025 营收 $3.38B，同比增长 3.7%。 净利润 $974M，同比增长 14.0%，稀释每股收益 $4.59。
EXR grew total revenue by 3.7% year-over-year to $3.38B in FY2025 (from $3.26B in FY2024), reflecting continued demand for self-storage facilities and management fee income across its expanded portfolio.
来源: Source: 10-K Income Statement, Financial Data
Net income grew 14.0% to $974M in FY2025 versus $855M in FY2024, with EPS (basic and diluted) rising 13.9% to $4.59, suggesting improved profitability and potentially favorable non-operating items or tax efficiencies.
来源: Source: 10-K Income Statement, Financial Data
Cost of revenue increased 10.4% to $918M in FY2025 from $832M in FY2024, outpacing revenue growth of 3.7%, which compressed gross profit margins and signals rising property operating expenses or integration costs.
来源: Source: 10-K Income Statement, Financial Data
Investing cash outflows narrowed significantly to -$814M in FY2025 from -$1.65B in FY2024, a 50.6% improvement, suggesting EXR moderated acquisition activity after a period of heavy expansion.
来源: Source: 10-K Cash Flow Statement, Financial Data
EXR initiated share buybacks of $149.5M in FY2025 (versus $0 in FY2024), while financing cash flows turned sharply negative at -$1.04B versus -$202M in FY2024, reflecting a shift toward returning capital to shareholders.
来源: Source: 10-K Cash Flow Statement, Financial Data
Cost of revenue grew 10.4% in FY2025, significantly outpacing revenue growth of 3.7%, which could pressure gross margins if this trend continues. Sustained cost inflation in property operations, labor, or maintenance could erode profitability over time.
来源: Source: 10-K Income Statement, Financial Data
EXR's debt-to-equity ratio stands at 1.11x, and total liabilities increased 6.8% to $14.94B while stockholders' equity declined 3.7% to $13.43B. Rising interest rates or refinancing needs could increase debt service costs and strain cash flows.
来源: Source: 10-K Balance Sheet, Financial Data
Stockholders' equity fell 3.7% to $13.43B in FY2025 from $13.95B in FY2024, even as net income was strong, suggesting significant dividend distributions or other equity reductions. This trend, if sustained, could weaken the balance sheet over time.
来源: Source: 10-K Balance Sheet, Financial Data
Operating cash flow decreased 2.0% to $1.85B in FY2025 from $1.89B in FY2024, despite higher net income. This divergence may reflect working capital changes or non-cash adjustments, and a continued decline could limit EXR's ability to fund dividends and growth.
来源: Source: 10-K Cash Flow Statement, Financial Data
EXR has been an active acquirer, as evidenced by heavy investing outflows in prior years (-$1.65B in FY2024). Integrating large portfolios of self-storage properties carries operational and financial risks, including cost overruns and underperformance of acquired assets.
来源: Source: 10-K Cash Flow Statement, Financial Data
FY2025 实际 EPS $1.36，分析师一致预期 $1.18，超预期 +15.1%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $3.38B | $3.26B | +3.70% |
营业成本 | $918.15M | $831.57M | +10.41% |
营业利润 | $1.41B | $1.32B | +6.75% |
净利润 | $974M | $854.68M | +13.96% |
每股收益（基本） | $4.59 | $4.03 | +13.90% |
每股收益（稀释） | $4.59 | $4.03 | +13.90% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $29.26B | $28.85B | +1.44% |
总负债 | $14.94B | $13.99B | +6.80% |
股东权益 | $13.43B | $13.95B | -3.69% |
现金及等价物 | $138.92M | $138.22M | +0.50% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.85B | $1.89B | -1.97% |
投资活动现金流 | $-814.21M | $-1.65B | +50.56% |
筹资活动现金流 | $-1.04B | $-202.29M | -412.19% |
股票回购 | $149.55M | $0 | — |
折旧及摊销 | $715.18M | $783.02M | -8.66% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 41.8% | 40.6% | +1.19% |
净利率 | 28.8% | — | — |
净资产收益率 | 7.3% | — | — |
总资产收益率 | 3.3% | — | — |
资产负债率 | $1.112 | — | — |
EXR had a strong FY2025, with revenue rising 3.7% to $3.38B and net income jumping 14.0% to $974M. EPS grew 13.9% to $4.59, and the company maintained an impressive 41.8% operating margin.
The standout takeaways from EXR's FY2025 results are the 14% net income growth to $974M and the improvement in operating margin to 41.8%. However, cost of revenue grew 10.4%—nearly three times faster than revenue—which is a trend worth watching, and total liabilities rose 6.8% to $14.94B.
Yes, EXR initiated share buybacks in FY2025, repurchasing $149.5M worth of shares compared to $0 in FY2024. This shift toward capital returns contributed to the sharp increase in financing cash outflows to -$1.04B from -$202M in the prior year.
Based on the financial data, key risks include rising operating costs (cost of revenue up 10.4%), increased leverage with a debt-to-equity ratio of 1.11x and total liabilities of $14.94B, and a 3.7% decline in stockholders' equity to $13.43B. A slight 2.0% decline in operating cash flow despite higher net income also warrants attention.
EXR's financial health appears solid, with $1.85B in operating cash flow, a 41.8% operating margin, and net income of $974M. However, rising costs, growing liabilities, and declining stockholders' equity are areas investors should monitor closely going forward.