Public Storage filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $5.0 billion, a 5.2% increase on the year before. That growth rate was up 2.2 percentage points on the rate a quarter earlier.

What stands out in the filings

Net income rose 0.4% over the year while free cash flow fell 17.5%. Reported profit and cash are moving at different speeds.

Profit and margins

Earnings rose while cash flow fell, telling different stories. The trailing net margin was 37.8%. Net income over the twelve months was $1.9 billion, which rose 0.4% on the year before.

Where the cash went

Operating cash flow over the twelve months was $3.0 billion, down 6.7% on the year before. Capital spending, estimated from depreciation because the company no longer reports it in a standard form, was about $1.3 billion. Free cash flow, operating cash flow less that estimate, was about $1.7 billion.

Share count

The average diluted share count rose 1.4% over the year.

Against its own history

Set against the company’s own record: today’s free-cash-flow margin of 34.2% is below every one of the company’s own past quarterly readings, which have ranged from 41.0% to 73.1%. Today’s twelve-month revenue growth rate of 5.2% is higher than 42% of past readings (−3.1% to 24.2%).

Guidance

The company gave its full-year 2026 guidance for revenue growth for Same Store of -0.7% to 0.3%, and for expense growth for Same Store of 2% to 3%. The company raised its full-year 2026 guidance for net operating income growth (adjusted) for Same Store to a range of -2% to -0.3%, and for non-same store net operating income (adjusted) for Non-Same Store to a range of $343,000.0 thousand to $357,000.0 thousand.

What it means for our valuation

These trends feed directly into what the shares are worth in our model. In our model, growth 5 percentage points lower would lower the value by 43.9%, and 5 percentage points higher would raise it by 57.4%. A free-cash-flow margin 1 percentage point lower would lower it by 4.4%.

What to watch

The next filing will show whether the trends above continue, slow or reverse.