Public Storage FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $4.8B |
| Gross margin | — not reported |
| Operating income | — not reported |
| Net income | $1.8B |
| Diluted EPS | $9.01 |
| Cash & equivalents | $318.1M |
| Total assets | $20.2B |
| Long-term debt | $10.3B |
Key takeaway
Same-store revenue was roughly flat in 2025 versus 2024, while same-store operating costs rose 1.8% ($16.6 million), pressuring same-store net operating income down $15.3 million.
🔒 4 more takeaways in the full analysis
Beneath the surface
Foreign currency exchange losses of $215.6 million (ForeignCurrencyTransactionGainLossBeforeTax) were the single biggest driver of the year-over-year earnings decline, tied to Euro-denominated notes payable — a non-operating, largely non-cash swing that masks otherwise solid same-store and acquisition performance.
🔒 4 more insights a headline reader would miss
This is the free preview. The full analysis explains every line item above and includes 8 more findings — plus insider trades, activist stakes, and 8-K events for PSA.
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