Public Storage (PSA) FY2015 results: revenue $2.4 billion, up 9.4% on the year
Public Storage (PSA) reported revenue of $2.4 billion for fiscal 2015, the year ended 31 December 2015, up 9.4% on the year before. Net income was $1.3 billion, up 14.6%, and diluted earnings per share $6.07. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2016.
Revenue
$2.4 billion
+9.4% on the year
FY2008FY2015
Operating margin
51.7%
48.5% a year earlier
FY2008FY2015
Net income
$1.3 billion
+14.6% on the year
FY2008FY2015
Diluted EPS
$6.07
+15.6% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
2,382
2,177
1,965
+9.4%
Cost of revenue
636
613
560
+3.6%
Gross profit
1,746
1,564
1,405
+11.7%
Gross margin
73.3%
71.8%
71.5%
Operating income
1,232
1,055
951
+16.7%
Operating margin
51.7%
48.5%
48.4%
Interest expense
0.6
6.8
6.4
-91.0%
Income tax
0.0
0.0
0.0
Net income
1,311
1,144
1,052
+14.6%
Net margin
55.1%
52.6%
53.6%
Diluted EPS
$6.07
$5.25
$4.89
+15.6%
$ million except per share. Read moreFree 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
1,748
1,604
1,430
+9.0%
Capital expenditure
65.6
81.0
69.4
-19.0%
Free cash flow
1,683
1,523
1,361
+10.5%
Free cash flow margin
70.7%
69.9%
69.3%
Cash from investing
-456
n/a
-1,412
Cash from financing
-1,391
n/a
-16.2
Depreciation and amortisation
426
437
387
-2.5%
Share-based compensation
32.6
29.5
n/a
+10.3%
Dividends paid
n/a
968
887
Dividend per share
$6.50
$5.60
$5.15
+16.1%
Diluted shares, weighted
174m
173m
173m
+0.2%
Shares outstanding at period end
173m
172m
172m
+0.3%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
9,171
9,481
8,792
-3.3%
Non-controlling interest
27.0
26.4
27.1
+2.4%
Debt
319
64.4
839
+395.6%
Other liabilities
262
247
218
+5.8%
Total liabilities and equity
9,778
9,819
9,876
-0.4%
Goodwill
175
175
175
0.0%
Cash and equivalents
104
188
19.2
-44.4%
Other assets
9,499
9,456
9,682
+0.5%
Total assets
9,778
9,819
9,876
-0.4%
10-K for the year ended 31 December 2015, filed 29 February 2016: the filing.