Public Storage (PSA) FY2024 results: revenue $4.7 billion, up 3.9% on the year
Public Storage (PSA) reported revenue of $4.7 billion for fiscal 2024, the year ended 31 December 2024, up 3.9% on the year before. Net income was $2.1 billion, down 3.6%, and diluted earnings per share $10.64. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2025.
Revenue
$4.7 billion
+3.9% on the year
FY2017FY2024
Operating margin
40.4%
46.3% a year earlier
FY2017FY2024
Net income
$2.1 billion
-3.6% on the year
FY2017FY2024
Diluted EPS
$10.64
-3.8% on the year
FY2017FY2024
this yearthe year beforeHover a bar for its figure.
$ 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
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
3,128
3,247
3,117
-3.6%
Capital expenditure
327
364
314
-10.3%
Free cash flow
2,801
2,882
2,804
-2.8%
Free cash flow margin
59.7%
63.8%
67.0%
Cash from investing
-1,003
-3,539
1,120
Cash from financing
-2,079
-113
-4,193
Depreciation and amortisation
1,130
970
888
+16.5%
Share-based compensation
44.7
41.6
56.7
+7.7%
Buybacks
200
0.0
0.0
Dividend per share
$12.00
$12.00
$21.15
0.0%
Diluted shares, weighted
176m
176m
176m
-0.1%
Shares outstanding at period end
n/a
176m
175m
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
9,713
10,013
10,073
-3.0%
Non-controlling interest
101
93.8
93.4
+7.8%
Redeemable equity
0.0
0.0
0.0
Debt
9,353
9,103
6,871
+2.7%
Other liabilities
588
599
515
-1.8%
Total liabilities and equity
19,755
19,809
17,552
-0.3%
Goodwill
166
166
166
0.0%
Intangible assets
97.5
203
47.9
-51.9%
Cash and equivalents
447
370
775
+20.9%
Other assets
19,044
19,071
16,563
-0.1%
Total assets
19,755
19,809
17,552
-0.3%
10-K for the year ended 31 December 2024, filed 24 February 2025: the filing.