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EXR

Latest: Q2 FY26 · Thesis page →
Revenue$874.2M+3.9% YoY
Net income$263.5M+5.5% YoY
Free cash flow—YoY n/a
Gross margin—

Revenue vs Net income

Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.

■ Revenue   ■ Net income
$0$314.7M$629.4M$944.1MQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Margin trend

Gross, operating and net margin. Margins are derived from reported dollars.

● Gross margin   ● Operating margin   ● Net margin
15%27%39%52%Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Revenue YoY growth

Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).

+4%+4%+4%+4%Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26

Income statement

From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.

Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue$824.8M$821.9M$820.0M$841.6M$858.5M$857.5M$856.0M$874.2M
YoY————+4.1%+4.3%+4.4%+3.9%
Cost of goods sold$209.0M$221.1M$223.6M$227.6M$235.5M$231.5M$238.3M$231.7M
YoY————+12.7%+4.7%+6.6%+1.8%
Gross profit————————
YoY————————
Research & development————————
YoY————————
Selling, general & administrative————————
YoY————————
Operating income$302.7M$380.0M$388.7M$374.0M$279.1M$370.9M$367.6M$392.2M
YoY————-7.8%-2.4%-5.4%+4.9%
Pretax income————————
YoY————————
Income tax$10.9M$6.0M$9.0M$11.6M$12.0M$9.0M$10.8M$12.1M
YoY————+10.1%+50.0%+20.0%+4.3%
Net income$193.2M$262.5M$270.9M$249.7M$166.0M$287.4M$241.0M$263.5M
YoY————-14.1%+9.5%-11.0%+5.5%
EPS — basic$0.91—$1.28$1.18$0.78—$1.14$1.25
YoY————-14.3%—-10.9%+5.9%
EPS — diluted$0.91—$1.28$1.18$0.78—$1.14$1.25
YoY————-14.3%—-10.9%+5.9%
Weighted shares — basic211.7M—211.9M211.9M212.0M—210.9M211.0M
Weighted shares — diluted220.3M—212.1M211.9M221.3M—220.3M220.4M

Balance sheet

Point-in-time values at each quarter (or fiscal year) end.

Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Cash & equivalents$88.9M$138.2M$119.6M$125.0M$111.9M$138.9M$139.0M$695.2M
YoY————+25.9%+0.5%+16.2%+456.2%
Marketable securities (current)————————
YoY————————
Accounts receivable————————
YoY————————
Inventory————————
YoY————————
Total current assets————————
YoY————————
Total assets$28.1B$28.8B$29.0B$29.4B$29.2B$29.3B$29.1B$29.7B
YoY————+4.2%+1.4%+0.4%+1.0%
Total current liabilities————————
YoY————————
Total liabilities$13.1B$14.0B$14.2B$14.7B$14.7B$14.9B$14.9B$15.5B
YoY————+12.5%+6.8%+4.7%+5.4%
Total equity$14.0B$13.9B$13.9B$13.8B$13.6B$13.4B$13.3B$13.3B
YoY————-2.8%-3.7%-4.0%-3.9%
Shares outstanding212.0M212.0M212.2M212.3M212.2M211.2M211.2M211.3M
YoY————+0.1%-0.4%-0.5%-0.5%

Cash flow

Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.

Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Operating cash flow$468.4M$408.3M$481.4M$543.9M$457.1M$367.8M$489.9M$586.4M
YoY————-2.4%-9.9%+1.8%+7.8%
Capital expenditures————————
YoY————————
Free cash flow————————
YoY————————
Dividends paid————————
YoY————————
Share repurchases$0$0$0$8.6M$0$140.9M$1.4M$0
YoY———————-100.0%

Margins & ratios

Derived from the reported dollars above — no separate source.

Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Gross margin————————
Operating margin36.7%46.2%47.4%44.4%32.5%43.3%42.9%44.9%
Net margin23.4%31.9%33.0%29.7%19.3%33.5%28.2%30.1%
Free cash flow margin————————
Effective tax rate————————
Current ratio————————
Total liabilities / equity0.94x1.00x1.02x1.07x1.08x1.11x1.12x1.17x

Peer comparison — latest full year

Same sector (Real Estate), sorted by revenue. All figures from the same EDGAR XBRL snapshot.

TickerRevenueRevenue YoYGross marginOperating marginNet marginFCF margin
EXR FY25 · this stock$3.4B+3.7%—41.8%28.8%—
CBRE FY25$40.5B+13.4%—4.3%2.9%—
EQIX FY25$9.2B+5.4%—20.0%14.6%—
AMT FY20$8.0B+6.1%—35.9%—35.4%
SPG FY25$6.4B+6.7%—49.9%——
DLR FY25$6.1B+10.0%—10.8%21.4%—
O FY25$5.7B+9.1%——18.4%—
PSA FY25$4.8B+2.7%——37.0%—
CCI FY25$4.3B-4.4%—48.7%10.4%—
VICI FY25$4.0B+4.1%——69.3%—
SBAC FY25$2.8B+5.1%75.5%47.7%37.4%37.9%

Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.