Extra Space Storage Inc
NYSE: EXR · REAL ESTATE · REIT - INDUSTRIAL
Updated 2026-06-05
Extra Space Storage Inc (EXR) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $197.26M | $238.87M | $273.25M | $280.48M | $281.50M | $329.83M | $420.25M | $532.27M | $657.70M | $794.62M | $1.00B | $1.12B | $1.21B | $1.32B | $1.38B | $1.61B | $1.97B | $2.62B | $3.34B | $3.38B |
| Revenue growth (YoY) | — | +21.1% | +14.4% | +2.6% | +0.4% | +17.2% | +27.4% | +26.7% | +23.6% | +20.8% | +26.4% | +11.5% | +8.1% | +9.0% | +4.5% | +16.8% | +22.1% | +33.0% | +27.6% | +1.2% |
| Cost of revenue | $64.34M | $155.07M | $89.59M | $88.94M | $92.67M | $101.62M | $127.25M | $157.65M | $183.83M | $206.47M | $252.69M | $276.74M | $301.25M | $340.32M | $358.77M | $379.30M | $423.35M | $594.00M | $790.79M | $2.42B |
| Gross profit | $132.92M | $238.87M | $183.66M | $191.54M | $188.83M | $228.21M | $293.01M | $374.61M | $473.87M | $588.15M | $752.08M | $843.60M | $909.81M | $979.41M | $1.02B | $1.23B | $1.54B | $2.02B | $2.55B | $960.17M |
| Gross margin | 67.4% | 100.0% | 67.2% | 68.3% | 67.1% | 69.2% | 69.7% | 70.4% | 72.1% | 74.0% | 74.9% | 75.3% | 75.1% | 74.2% | 74.0% | 76.4% | 78.5% | 77.3% | 76.3% | 28.4% |
| R&D | — | — | $1.73M | $19.01M | $1.24M | $2.90M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| SG&A | $35.60M | $36.72M | $40.43M | $46.02M | $44.43M | $49.68M | $50.45M | $54.25M | $60.94M | $67.76M | $77.81M | $78.96M | $81.26M | $89.42M | $96.59M | $102.19M | $129.25M | $146.41M | $167.40M | $186.34M |
| Operating income | $59.65M | $83.80M | $91.94M | $71.89M | $90.81M | $115.48M | $157.24M | $213.48M | $278.47M | $294.66M | $449.84M | $541.61M | $619.70M | $634.96M | $666.14M | $975.95M | $1.05B | $1.17B | $1.32B | $1.49B |
| Operating margin | 30.2% | 35.1% | 33.6% | 25.6% | 32.3% | 35.0% | 37.4% | 40.1% | 42.3% | 37.1% | 44.8% | 48.3% | 51.2% | 48.1% | 48.3% | 60.6% | 53.4% | 44.7% | 39.6% | 44.1% |
| EBITDA | $96.82M | $39.80M | $54.42M | $145.40M | $144.40M | $174.75M | $242.55M | $320.37M | $404.08M | $509.87M | $661.40M | $750.23M | $812.40M | $864.88M | $894.87M | $1.11B | $1.37B | $1.79B | $2.26B | $2.41B |
| EBITDA margin | 49.1% | 16.7% | 19.9% | 51.8% | 51.3% | 53.0% | 57.7% | 60.2% | 61.4% | 64.2% | 65.8% | 67.0% | 67.1% | 65.5% | 64.9% | 68.9% | 69.6% | 68.5% | 67.7% | 71.5% |
| EBIT | $59.65M | $0.00 | $4.85M | $93.00M | $94.05M | $116.74M | $168.10M | $225.14M | $289.01M | $376.41M | $478.84M | $556.94M | $603.35M | $645.03M | $670.43M | $867.55M | $1.08B | $1.29B | $1.48B | $1.70B |
| Interest expense | $50.95M | $61.02M | $64.61M | $69.82M | $65.78M | $69.06M | $72.29M | $73.03M | $84.01M | $98.99M | $138.46M | $158.61M | $183.12M | $191.27M | $172.30M | $166.18M | $219.17M | $437.82M | $595.07M | $635.13M |
| Income tax | $-37.67M | $-1.51M | $51.99M | $4.30M | $4.16M | $1.16M | $5.41M | $9.98M | $7.57M | $11.15M | $15.85M | $3.63M | $9.24M | $11.31M | $13.81M | $20.32M | $20.93M | $21.56M | $33.48M | — |
| Effective tax rate | 165.3% | -4.4% | 52.6% | 11.9% | 13.6% | 2.2% | 4.4% | 5.5% | 4.1% | 5.6% | 4.1% | 0.8% | 2.2% | 2.6% | 2.8% | 2.4% | 2.4% | 2.6% | 3.8% | 0.0% |
| Net income | $14.88M | $36.09M | $46.89M | $31.98M | $26.33M | $50.45M | $117.31M | $172.08M | $178.35M | $189.47M | $366.13M | $479.01M | $415.29M | $419.97M | $481.78M | $827.65M | $860.69M | $803.20M | $854.68M | $974.00M |
| Net income growth (YoY) | — | +142.6% | +29.9% | -31.8% | -17.7% | +91.6% | +132.5% | +46.7% | +3.6% | +6.2% | +93.2% | +30.8% | -13.3% | +1.1% | +14.7% | +71.8% | +4.0% | -6.7% | +6.4% | +14.0% |
| Profit margin | 7.5% | 15.1% | 17.2% | 11.4% | 9.4% | 15.3% | 27.9% | 32.3% | 27.1% | 23.8% | 36.4% | 42.8% | 34.3% | 31.8% | 34.9% | 51.4% | 43.8% | 30.7% | 25.6% | 28.8% |
Frequently asked questions
What is Extra Space Storage Inc's revenue?
Extra Space Storage Inc's trailing twelve-month revenue is $3.48B, and consensus projects about $4.13B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is EXR?
In its most recent fiscal year, EXR ran a gross margin of 28.43%, an operating margin of 44.09%, and a net margin of 28.84%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does EXR generate?
EXR produced $1.83B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is EXR's balance sheet healthy?
EXR holds $138.92M in cash and equivalents against $12.01B in long-term debt, on $13.43B of shareholder equity. That debt is best read against the cash flow the business throws off each year.