Analyst Consensus ?
ConsensusHold34 ratings
Bullish1132.3%
Neutral2161.8%
Bearish25.9%
1 unmapped firm rating excluded from the percentages.
Public Storage · PSA · FY2025 Q4 · Calendar Q1 2026
Public Storage pairs PS4.0 strategy with softer 2026 FFO outlook
The supplied analysis supports a mixed view: Public Storage has a credible growth and efficiency plan centered on PS Next, acquisitions, development, and lending, but the near-term outlook is tempered by modest same-store contraction and lower 2026 core FFO guidance. The evidence does not establish that earnings growth will accelerate over the next year.
Reported After market closeNYSEReal Estate
$53.11B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.60
Consensus $2.49
EPS surprise
+4.4%
Reported versus consensus
Reported revenue
$1.22B
Consensus $1.21B
Revenue surprise
+0.2%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+2.7%
Event window
SPY move
+0.1%
Same window
Abnormal move
+2.7%
Stock minus SPY
Volume
1.5×
Versus trailing sessions
Subsequent drift
-3.5%
Up to 20 sessions
PSASPY benchmark
Ask FN2 about PSA FY2025 Q4
Transcript, numbers and history already loaded
Why did PSA rise 2.7% after beating EPS estimates in FY2025 Q4?What changed in PSA's guidance and outlook in FY2025 Q4?Give me the bull and bear case for PSA after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management introduced the PS4.0 framework alongside a CEO transition, while the current analysis shows 2026 core FFO guidance below 2025 reported core FFO. The emphasis also shifted toward using non-same-store growth, acquisitions, development, lending, and AI-enabled operations to offset same-store pressure.
Guidance delta
Guidance sentiment shifted from raised in the prior-quarter analysis to lowered in the current analysis. The current analysis says 2026 core FFO guidance is $16.35-$17, versus $16.97 for 2025.
Key takeaways
- PS4.0 centers on PS Next, a value-creation engine, and an ownership culture.
- The current analysis describes modest same-store revenue and NOI declines, with non-same-store NOI supporting growth.
- Capital deployment remains active across acquisitions, development, and lending.
- AI-enabled pricing, conversion, and customer-experience tools are central to the operating plan.
- A strong balance sheet and liquidity were cited as support for continued investment.
Management priorities
- Roll out the PS Next operating platform and expand its AI capabilities
- Continue acquisitions, the development pipeline, and lending expansion
- Enhance third-party management and tenant insurance
- Align incentives with per-share earnings through the redesigned NEO program
- Evaluate international entry opportunities, particularly in Europe and Australia
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$284.79Current
$228Low
$320.86Average
$378High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Neutral | Neutral | Maintain | Sep 21, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Sep 21, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Sep 10, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Sep 2, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Sep 2, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 31, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 10, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jun 23, 2026 |
| Citigroup | Buy | Buy | Maintain | Jun 16, 2026 |
| Wells Fargo | Equal Weight | Overweight | Downgrade | Feb 5, 2026 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jan 26, 2026 |
| Argus Research | Hold | Hold | Maintain | Aug 14, 2025 |
| BMO Capital | Market Perform | Outperform | Downgrade | Jun 20, 2025 |
| B of A Securities | Buy | Buy | Maintain | May 13, 2025 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 2, 2024 |
| Jefferies | Buy | Buy | Maintain | Sep 18, 2024 |
| Raymond James | Strong Buy | Market Perform | Upgrade | Mar 28, 2024 |
| Goldman Sachs | Buy | Buy | Maintain | Jan 11, 2024 |
| Stifel | Buy | Buy | Maintain | Sep 13, 2023 |
| Berenberg | Hold | Hold | Maintain | Oct 7, 2021 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | May 11, 2020 |
| CFRA | Sell | Hold | Downgrade | Feb 28, 2020 |
| Bank of America | Neutral | Buy | Downgrade | Nov 19, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | Oct 30, 2019 |
| Baird | Neutral | Underperform | Upgrade | Aug 21, 2019 |
| Keybanc | Underweight | Upgrade | Jun 11, 2019 | |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| FBR Capital | Perform | Market Perform | Maintain | Jun 23, 2016 |
| BB&T Capital | Underweight | Underweight | Maintain | Nov 10, 2015 |
| Cantor Fitzgerald | Hold | Buy | Downgrade | Jun 19, 2015 |
| Macquarie | Neutral | Neutral | Maintain | Sep 10, 2013 |
| Imperial Capital | In Line | In Line | Maintain | Feb 25, 2013 |
| Deutsche Bank | Hold | Hold | Maintain | Jan 9, 2013 |
| ISI Group | Hold | Hold | Maintain | Aug 3, 2012 |
| Credit Suisse | Outperform | Neutral | Upgrade | Mar 15, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $284.79. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Evercore ISI | Analyst unavailable | $308 | $296.26 | +8.1% | Sep 21, 2026 |
| Barclays | Analyst unavailable | $351 | $294.6 | +23.2% | Sep 10, 2026 |
| Scotiabank | Analyst unavailable | $343 | $300.96 | +20.4% | Sep 2, 2026 |
| Mizuho Securities | Analyst unavailable | $319 | $302.86 | +12.0% | Sep 2, 2026 |
| Wells Fargo | Analyst unavailable | $311 | $306.99 | +9.2% | Sep 1, 2026 |
| Barclays | Analyst unavailable | $350 | $323.1 | +22.9% | Aug 19, 2026 |
| Scotiabank | Analyst unavailable | $346 | $327.18 | +21.5% | Aug 18, 2026 |
| RBC Capital | Brad Heffern | $318 | $322.02 | +11.7% | Jul 31, 2026 |
| UBS | Analyst unavailable | $326 | $319.35 | +14.5% | Jul 10, 2026 |
| Scotiabank | Analyst unavailable | $345 | $323.47 | +21.1% | Jul 8, 2026 |
| Evercore ISI | Analyst unavailable | $316 | $323.02 | +11.0% | Jul 6, 2026 |
| Truist Financial | Michael Lewis | $338 | $320.22 | +18.7% | Jun 23, 2026 |
| Mizuho Securities | Analyst unavailable | $316 | $304.47 | +11.0% | May 27, 2026 |
| UBS | Michael Goldsmith | $314 | $295.28 | +10.3% | May 18, 2026 |
| Barclays | Brendan Lynch | $349 | $308.98 | +22.5% | May 7, 2026 |
| Evercore ISI | Analyst unavailable | $306 | $300.42 | +7.4% | May 4, 2026 |
| Goldman Sachs | Analyst unavailable | $341 | $294.09 | +19.7% | Apr 29, 2026 |
| RBC Capital | Brad Heffern | $305 | $297.14 | +7.1% | Apr 29, 2026 |
| Barclays | Analyst unavailable | $352 | $309.22 | +23.6% | Apr 20, 2026 |
| William Blair | Analyst unavailable | $305 | $288.33 | +7.1% | Mar 16, 2026 |
| Goldman Sachs | Caitlin Burrows | $330 | $305 | +15.9% | Feb 20, 2026 |
| Evercore ISI | Analyst unavailable | $302 | $300.35 | +6.0% | Feb 17, 2026 |
| Wells Fargo | Eric Luebchow | $295 | $288.5 | +3.6% | Feb 5, 2026 |
| Deutsche Bank | Analyst unavailable | $285 | $293.89 | +0.1% | Jan 20, 2026 |
| Truist Financial | Analyst unavailable | $317 | $293.89 | +11.3% | Jan 20, 2026 |
| Barclays | Analyst unavailable | $331 | $276.33 | +16.2% | Jan 13, 2026 |
| UBS | Analyst unavailable | $276 | $265.68 | -3.1% | Jan 8, 2026 |
| Mizuho Securities | Ravi Vaidya | $285 | $276.63 | +0.1% | Dec 5, 2025 |
| Morgan Stanley | Analyst unavailable | $290 | $276.63 | +1.8% | Dec 5, 2025 |
| Evercore ISI | Analyst unavailable | $309 | $272.98 | +8.5% | Dec 1, 2025 |
| Truist Financial | Analyst unavailable | $315 | $274.38 | +10.6% | Nov 25, 2025 |
| Evercore ISI | Analyst unavailable | $315 | $275.38 | +10.6% | Nov 3, 2025 |
| Wells Fargo | Analyst unavailable | $330 | $302.24 | +15.9% | Oct 27, 2025 |
| Deutsche Bank | Analyst unavailable | $325 | $294.42 | +14.1% | Oct 13, 2025 |
| Evercore ISI | Analyst unavailable | $317 | $293.96 | +11.3% | Oct 3, 2025 |
| Evercore ISI | Analyst unavailable | $312 | $292.32 | +9.6% | Sep 15, 2025 |
| Barclays | Brendan Lynch | $354 | $308.21 | +24.3% | Mar 12, 2025 |
| Scotiabank | Analyst unavailable | $333 | $311.3 | +16.9% | Mar 5, 2025 |
| Deutsche Bank | Omotayo Okusanya | $299 | $288.99 | +5.0% | Jan 10, 2025 |
| BMO Capital | John Kim | $370 | $334.22 | +29.9% | Dec 4, 2024 |
| Goldman Sachs | Caitlin Burrows | $377 | $360.72 | +32.4% | Sep 18, 2024 |
| Wolfe Research | Eric Wolfe | $378 | $341.72 | +32.7% | Aug 29, 2024 |
| Evercore ISI | Steve Sakwa | $334 | $342.59 | +17.3% | Aug 28, 2024 |
| Scotiabank | Nicholas Yulico | $339 | $329.29 | +19.0% | Aug 22, 2024 |
| Bank of America Securities | Jeffrey Spector | $318 | $311.9 | +11.7% | Aug 5, 2024 |
| Truist Financial | Ki Bin Kim | $306 | $295.92 | +7.4% | Aug 1, 2024 |
| Scotiabank | Nicholas Yulico | $314 | $301.65 | +10.3% | Jul 19, 2024 |
| Barclays | Brendan Lynch | $327 | $288.67 | +14.8% | May 20, 2024 |
| Scotiabank | Nicholas Yulico | $289 | $288.1 | +1.5% | May 16, 2024 |
| Wells Fargo | Eric Luebchow | $310 | $280.64 | +8.9% | Apr 5, 2024 |
| Raymond James | Jonathan Hughes | $330 | $288.1 | +15.9% | Mar 28, 2024 |
| BMO Capital | John Kim | $330 | $277.31 | +15.9% | Mar 19, 2024 |
| Berenberg Bank | Keegan Carl | $357 | $329.03 | +25.4% | Nov 3, 2021 |
| Goldman Sachs | Caitlin Burrows | $335 | $309.55 | +17.6% | Aug 12, 2021 |
| Wells Fargo | Todd Stender | $228 | $281.09 | -19.9% | Jun 2, 2021 |
Track every rating change on PSA the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationPublic Storage (PSA), an esteemed Real Estate Investment Trust (REIT) and a constituent of both the S&P 500 and FT Global 500 indices, concentrates its operations on the acquisition, development, ownership, and management of self-storage properties. By September 30, 2020, the company's substantial holdings included 2,504 self-storage facilities located across 38 U.S. states, collectively providing around 171 million net rentable square feet. Additionally, Public Storage held an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR), an entity that owned and operated 239 self-storage sites under the Shurgard brand in seven Western European countries, encompassing approximately 13 million net rentable square feet. Concurrently, it maintained an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB), which, as of the same reporting date, managed roughly 28 million rentable square feet of commercial properties. The company's main office is situated in Glendale, California.
Historical context
All PSA earningsLatest beats and misses
Who reports nextBeat on EPS
- SNXFY2026 Q3 · September 24, 2026+20.9% EPS-9.9% move
- DRIFY2027 Q1 · September 24, 20260.0% EPS-3.0% move
- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
Get the PSA recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-29T02:01:01.461447+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-29T02:01:01.458637+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-29. For educational purposes only; not investment advice.