Public Storage (PSA) FY2016 results: revenue $2.6 billion, up 7.5% on the year
Public Storage (PSA) reported revenue of $2.6 billion for fiscal 2016, the year ended 31 December 2016, up 7.5% on the year before. Net income was $1.5 billion, up 10.9%, and diluted earnings per share $6.81. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2017.
Revenue
$2.6 billion
+7.5% on the year
FY2009FY2016
Operating margin
53.7%
51.7% a year earlier
FY2009FY2016
Net income
$1.5 billion
+10.9% on the year
FY2009FY2016
Diluted EPS
$6.81
+12.2% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
2,561
2,382
2,177
+7.5%
Cost of revenue
669
636
613
+5.3%
Gross profit
1,891
1,746
1,564
+8.3%
Gross margin
73.9%
73.3%
71.8%
Operating income
1,374
1,232
1,055
+11.6%
Operating margin
53.7%
51.7%
48.5%
Interest expense
4.2
0.6
6.8
+590.2%
Income tax
0.0
0.0
0.0
Net income
1,454
1,311
1,144
+10.9%
Net margin
56.8%
55.1%
52.6%
Diluted EPS
$6.81
$6.07
$5.25
+12.2%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
1,945
1,748
1,604
+11.3%
Capital expenditure
81.4
65.6
81.0
+24.2%
Free cash flow
1,864
1,683
1,523
+10.8%
Free cash flow margin
72.8%
70.7%
69.9%
Cash from investing
-699
-456
n/a
Cash from financing
-1,149
-1,391
n/a
Depreciation and amortisation
433
426
437
+1.7%
Share-based compensation
37.5
32.6
29.5
+15.1%
Dividends paid
n/a
n/a
968
Dividend per share
$7.30
$6.50
$5.60
+12.3%
Diluted shares, weighted
174m
174m
173m
+0.2%
Shares outstanding at period end
173m
173m
172m
+0.2%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
9,412
9,171
9,481
+2.6%
Non-controlling interest
29.7
27.0
26.4
+10.2%
Debt
391
319
64.4
+22.5%
Other liabilities
298
262
247
+13.9%
Total liabilities and equity
10,130
9,778
9,819
+3.6%
Goodwill
175
175
175
0.0%
Cash and equivalents
184
104
188
+76.1%
Other assets
9,772
9,499
9,456
+2.9%
Total assets
10,130
9,778
9,819
+3.6%
10-K for the year ended 31 December 2016, filed 1 March 2017: the filing.