Public Storage (PSA) FY2018 results: revenue $2.8 billion, up 3.2% on the year
Public Storage (PSA) reported revenue of $2.8 billion for fiscal 2018, the year ended 31 December 2018, up 3.2% on the year before. Net income was $1.7 billion, up 18.6%, and diluted earnings per share $8.54. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$2.8 billion
+3.2% on the year
FY2011FY2018
Operating margin
50.0%
53.3% a year earlier
FY2011FY2018
Net income
$1.7 billion
+18.6% on the year
FY2011FY2018
Diluted EPS
$8.54
+26.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
2,754
2,669
2,561
+3.2%
Cost of revenue
740
708
669
+4.5%
Gross profit
2,015
1,961
1,891
+2.8%
Gross margin
73.1%
73.5%
73.9%
Operating income
1,376
1,423
1,374
-3.3%
Operating margin
50.0%
53.3%
53.7%
Interest expense
32.5
12.7
4.2
+156.4%
Income tax
n/a
0.0
0.0
Net income
1,711
1,442
1,454
+18.6%
Net margin
62.1%
54.0%
56.8%
Diluted EPS
$8.54
$6.73
$6.81
+26.9%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
2,062
1,976
1,945
+4.3%
Capital expenditure
141
121
81.4
+16.9%
Free cash flow
1,921
1,855
1,864
+3.5%
Free cash flow margin
69.7%
69.5%
72.8%
Cash from investing
-516
-737
-699
Cash from financing
-1,620
-992
-1,149
Depreciation and amortisation
484
455
433
+6.4%
Share-based compensation
69.9
37.5
37.5
+86.3%
Dividend per share
$8.00
$8.00
$7.30
0.0%
Diluted shares, weighted
174m
174m
174m
+0.1%
Shares outstanding at period end
174m
174m
173m
+0.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
9,119
8,940
9,412
+2.0%
Non-controlling interest
25.2
24.4
29.7
+3.7%
Redeemable equity
0.0
n/a
n/a
Debt
1,412
1,431
391
-1.3%
Other liabilities
371
337
298
+10.1%
Total liabilities and equity
10,928
10,733
10,130
+1.8%
Goodwill
175
175
175
0.0%
Intangible assets
16.5
21.5
n/a
-23.3%
Cash and equivalents
361
433
184
-16.7%
Other assets
10,376
10,103
9,772
+2.7%
Total assets
10,928
10,733
10,130
+1.8%
10-K for the year ended 31 December 2018, filed 27 February 2019: the filing.