Company file · EXR
Extra Space Storage
Extra Space Storage's revenue rose 3.7% in FY2025, to $3.4B, and net income rose 14.0% to $974M
Revenue rose 3.7% to $3.4B in FY2025, from $3.3B in FY2024. Net income rose 14.0% to $974M. Self Storage Operations was the largest segment, at 86% of revenue.
Key facts
Extra Space Storage (NYSE: EXR) closed fiscal 2025 on Dec 31, 2025 with revenue of $3.4B, up 3.7% from a year before; net income came to $974M, up 14.0%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $890M, up 3.6% on the same stretch of the prior year, and net income of $248M. Sources: 10-K for fiscal 2025 (filed Feb 20, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 30, 2026).
Source: 10-K FY2025, filed Feb 20, 2026
Source: 10-Q filed May 1, 2026 · 10-Q filed Jul 31, 2026 · 10-Q filed Oct 30, 2026
How it makes money
By segment in FY2025: Self Storage Operations (86%) and Tenant Reinsurance (10%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $3.4B.
By segment, FY2025
Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Extra Space Storage 10-Q for the quarter ended Sep 30, 2026, filed Oct 30, 2026
The bull case and the bear case
The bull case
- Revenue rose 3.7% in FY2025 to $3.4B, from $3.3B a year earlier. 10-K, FY2025
- Net income rose 14.0% in FY2025 to $974M, from $855M. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $890M, up 3.6% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $248M, up 49.3% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Operating cash flow fell 2.0% in FY2025 to $1.9B. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include interest rates; occupancy and rents; property markets. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Extra Space Storage is in the Self-Storage REITs industry, part of the real estate sector. The SEC files it under Real Estate Investment Trusts.
Extra Space Storage reports 2 segments: Self Storage Operations and Tenant Reinsurance.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the Self-Storage REITs industry. They are not a summary of Extra Space Storage’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Interest ratesHigher rates raise borrowing costs and can lower property values.
- Occupancy and rentsVacancies, tenant defaults and weaker rents reduce income.
- Property marketsLocal supply, demand and values vary by market and property type.
- Capital and developmentAcquisitions and developments need financing and may not earn what was planned.
- Regulation and taxesProperty, zoning and tax rules, including the rules for REIT status, affect results.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $2.6B | $3.3B | $3.4B |
| Net income | $803M | $855M | $974M |
| Operating cash flow | $1.4B | $1.9B | $1.9B |
| Cash & equivalents (year end) | $99M | $138M | $139M |
| Diluted shares | 169M | 212M | 212M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Risk factors (Item 1A)
- The cash flow statement
- Debt-to-equity ratio
- Merger and acquisition filings
- Capital expenditures (capex)
- One-time items: impairments, restructuring and gains
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.
What we left out
- Total debt: the company's filing data doesn't carry a consistent debt total for the years shown, so it isn't shown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 30, 2026 | Sep 30, 2026 |
| 10-Q | Jul 31, 2026 | Jun 30, 2026 |
| 10-Q | May 1, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 1, 2026 | Dec 31, 2025 |
| 10-K | Feb 20, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Extra Space Storage
How does Extra Space Storage make money?
Fiscal 2025 revenue: $3.4B. By segment in FY2025: Self Storage Operations (86%) and Tenant Reinsurance (10%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $3.4B. Source: 10-K for fiscal 2025, filed Feb 20, 2026.
What was Extra Space Storage's revenue in fiscal 2025?
$3.4B, up 3.7% from fiscal 2024 ($3.3B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $2.6B. Source: 10-K for fiscal 2025, filed Feb 20, 2026.
Is Extra Space Storage profitable?
Net income was $974M in fiscal 2025 (up 14.0%; fiscal 2024 was $855M). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $248M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 20, 2026.
What did Extra Space Storage report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $890M (up 3.6% from $858M) and net income $248M (up 49.3% from $166M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 30, 2026.
What are the main risks Extra Space Storage faces?
Extra Space Storage's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 20, 2026. Risks that are common among companies in the Self-Storage REITs industry include Interest rates; occupancy and rents; property markets; capital and development; regulation and taxes. The first: Higher rates raise borrowing costs and can lower property values. Source: 10-K, Item 1A Risk Factors.
Where do these Extra Space Storage numbers come from?
The 10-K filed Feb 20, 2026 (fiscal 2025) and the 10-Q filed Oct 30, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Extra Space Storage
- Citadel Advisors: 1,583,903 shares, reported value $230.1M at Jun 30, 2026 (+43.6% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Millennium Management: 1,415,100 shares, reported value $205.6M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 630,727 shares, reported value $91.6M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in EXR
- The editor holds no position in Extra Space Storage (EXR). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell EXR from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold EXR, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Extra Space StorageEXR | FY2025 | $3.4B | +3.7% | $974M |
| Public StoragePSA | FY2025 | $4.8B | +2.7% | $1.8B |
| WelltowerWELL | FY2025 | $10.8B | +35.6% | $962M |
| PrologisPLD | FY2025 | $8.8B | +7.2% | $3.3B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.