Public Storage (PSA) FY2017 results: revenue $2.7 billion, up 4.2% on the year
Public Storage (PSA) reported revenue of $2.7 billion for fiscal 2017, the year ended 31 December 2017, up 4.2% on the year before. Net income was $1.4 billion, down 0.8%, and diluted earnings per share $6.73. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2018.
Revenue
$2.7 billion
+4.2% on the year
FY2010FY2017
Operating margin
53.3%
53.7% a year earlier
FY2010FY2017
Net income
$1.4 billion
-0.8% on the year
FY2010FY2017
Diluted EPS
$6.73
-1.2% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
2,669
2,561
2,382
+4.2%
Cost of revenue
708
669
636
+5.8%
Gross profit
1,961
1,891
1,746
+3.7%
Gross margin
73.5%
73.9%
73.3%
Operating income
1,423
1,374
1,232
+3.5%
Operating margin
53.3%
53.7%
51.7%
Interest expense
12.7
4.2
0.6
+201.4%
Income tax
0.0
0.0
0.0
Net income
1,442
1,454
1,311
-0.8%
Net margin
54.0%
56.8%
55.1%
Diluted EPS
$6.73
$6.81
$6.07
-1.2%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
1,976
1,945
1,748
+1.6%
Capital expenditure
121
81.4
65.6
+48.1%
Free cash flow
1,855
1,864
1,683
-0.5%
Free cash flow margin
69.5%
72.8%
70.7%
Cash from investing
-737
-699
-456
Cash from financing
-992
-1,149
-1,391
Depreciation and amortisation
455
433
426
+4.9%
Share-based compensation
37.5
37.5
32.6
+0.2%
Dividend per share
$8.00
$7.30
$6.50
+9.6%
Diluted shares, weighted
174m
174m
174m
+0.2%
Shares outstanding at period end
174m
173m
173m
+0.3%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
8,940
9,412
9,171
-5.0%
Non-controlling interest
24.4
29.7
27.0
-18.1%
Debt
1,431
391
319
+266.3%
Other liabilities
337
298
262
+13.2%
Total liabilities and equity
10,733
10,130
9,778
+5.9%
Goodwill
175
175
175
0.0%
Intangible assets
21.5
n/a
n/a
Cash and equivalents
433
184
104
+135.9%
Other assets
10,103
9,772
9,499
+3.4%
Total assets
10,733
10,130
9,778
+5.9%
10-K for the year ended 31 December 2017, filed 1 March 2018: the filing.