Extra Space Storage (EXR) Q1 FY2026 earnings: revenue $856 million, up 4.4% on the year

Extra Space Storage Inc. (EXR) reported revenue of $856 million for Q1 FY2026, the quarter ended 31 March 2026, up 4.4% on the same quarter a year earlier. Net income was $241 million, down 11.0% on the year, and diluted earnings per share $1.14. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2026.

Revenue

$856 million

+4.4% on the year · -0.2% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

42.9%

47.4% a year earlier

Q2 FY2024Q1 FY2026

Net income

$241 million

-11.0% on the year · -16.2% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$1.14

-10.9% on the year · -16.2% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 raised, 2 lowered, 14 kept.

Core FFO rose 2.0% per share: Core FFO was $2.04 per diluted share, up 2.0% from $2.00 a year earlier. FFO was $1.97 per diluted share, against $1.93.
Same-store NOI up 1.2%: Same-store revenue rose 1.7% to $678.6 million and same-store NOI rose 1.2% to $476.7 million, with same-store operating expenses up 2.7%.
Third-party management platform added stores: The company added 84 stores (60 net) to its third-party management platform. It managed 1,916 stores for third parties and 408 in joint ventures, 2,324 in total.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	856	857	820	-0.2%	+4.4%
Cost of revenue	238	231	224	+3.0%	+6.6%
Gross profit	618	626	596	-1.3%	+3.6%
Gross margin	72.2%	73.0%	72.7%
Operating income	368	371	389	-0.9%	-5.4%
Operating margin	42.9%	43.3%	47.4%
Pre-tax income	247	248	274	-0.2%	-9.8%
Income tax	10.8	9.0	9.0	+20.3%	+20.0%
Effective tax rate	4.4%	3.6%	3.3%
Net income	241	287	271	-16.2%	-11.0%
Net margin	28.2%	33.5%	33.0%
Diluted EPS	$1.14	$1.36	$1.28	-16.2%	-10.9%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	490	368	481	+33.2%	+1.8%
Capital expenditure	12.4	251	136	-95.1%	-90.9%
Free cash flow	477	117	345	+308.9%	+38.3%
Free cash flow margin	55.8%	13.6%	42.1%
Cash from investing	-47.5	-117	-342
Cash from financing	-442	-224	-160
Depreciation and amortisation	186	180	180	+3.2%	+3.0%
Share-based compensation	7.6	n/a	7.2		+6.1%
Buybacks	1.4	141	0.0	-99.0%
Dividends paid	343	342	344	+0.1%	-0.4%
Dividend per share	$1.62	n/a	$1.62		0.0%
Diluted shares, weighted	220m	212m	212m	+4.0%	+3.9%
Shares outstanding at period end	211m	211m	212m	+0.0%	-0.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	13,332	13,433	13,887	-0.7%	-4.0%
Non-controlling interest	880	891	892	-1.2%	-1.3%
Debt	13,171	13,231	12,542	-0.5%	+5.0%
Other liabilities	1,716	1,709	1,674	+0.4%	+2.5%
Total liabilities and equity	29,099	29,264	28,994	-0.6%	+0.4%
Fixed assets	62.0	65.2	50.0	-4.9%	+24.0%
Goodwill	171	171	171	0.0%	0.0%
Intangible assets	6.6	11.6	26.5	-42.8%	-74.9%
Cash and equivalents	139	139	120	+0.0%	+16.2%
Other assets	28,721	28,878	28,627	-0.5%	+0.3%
Total assets	29,099	29,264	28,994	-0.6%	+0.4%

Questions

What was Extra Space Storage's revenue in Q1 FY2026?

Extra Space Storage (EXR) reported revenue of $856 million for Q1 FY2026, the quarter ended 31 March 2026, up 4.4% on the same quarter a year earlier.

How much did Extra Space Storage earn in Q1 FY2026?

Net income for Q1 FY2026 was $241 million, down 11.0% on the year, and diluted earnings per share $1.14.

When did Extra Space Storage report Q1 FY2026 results?

Extra Space Storage filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 1 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026 †	Q3 FY2026
Revenue	427	444	475	499	507	503	511	748	798	800	811	825	822	820	842	858	857	856	874	890
Cost of revenue	94.3	104	104	115	113	117	115	185	195	205	197	209	221	224	228	235	231	238	232	239
Gross profit	333	340	371	384	394	386	397	563	603	595	614	616	601	596	614	623	626	618	642	651
Gross margin	78%	77%	78%	77%	78%	77%	78%	75%	76%	74%	76%	75%	73%	73%	73%	73%	73%	72%	73%	73%
Operating income	312	235	276	270	270	264	273	300	333	336	305	303	380	389	374	279	371	368	392	392
Operating margin	73%	53%	58%	54%	53%	52%	53%	40%	42%	42%	38%	37%	46%	47%	44%	33%	43%	43%	45%	44%
Interest expense	45.6	42.5	47.5	56.2	72.9	80.1	86.4	123	130	133	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	279	212	243	232	214	203	208	191	215	216	188	184	265	274	258	161	248	247	272	268
Tax rate	1%	1%	2%	3%	3%	2%	3%	4%	2%	3%	5%	6%	2%	3%	5%	7%	4%	4%	4%	4%
Net income	268	204	232	221	204	196	202	188	216	213	186	193	262	271	250	166	287	241	263	248
Net margin	63%	46%	49%	44%	40%	39%	40%	25%	27%	27%	23%	23%	32%	33%	30%	19%	34%	28%	30%	28%
Diluted EPS	$2.01	$1.51	$1.73	$1.65	$1.52	$1.46	$1.50	$0.96	$1.02	$1.01	$0.88	$0.91	$1.24	$1.28	$1.18	$0.78	$1.36	$1.14	$1.25	$1.17
Operating cash flow	223	287	353	308	290	282	348	408	365	466	545	468	408	481	544	457	368	490	586	467
Capital expenditure	13.5	186	221	639	147	13.1	32.9	18.6	71.0	35.1	27.6	158	257	136	162	12.9	251	12.4	54.0	8.1
Free cash flow	210	102	132	-331	143	269	315	390	294	430	518	310	150	345	382	444	117	477	532	459
Buybacks	0.0	n/a	n/a	0.0	n/a	n/a	n/a	0.0	n/a	n/a	n/a	0.0	n/a	0.0	8.6	0.0	141	1.4	0.0	327
Dividends paid	167	203	201	201	201	220	219	265	342	344	343	343	344	344	344	344	342	343	342	341
Shares outstanding	134m	134m	134m	134m	134m	135m	135m	211m	211m	212m	212m	212m	212m	212m	212m	212m	211m	211m	211m	209m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 1 May 2026: the filing.