--- canonical_url: https://www.stockexpertai.com/earnings/psa last_updated: 2026-05-05T21:20:12.301Z --- # Public Storage (PSA) Q4 FY2026 Earnings Preview > This content was automatically generated with FMP live data + Q1 FY2026 earnings call transcript. Generated: 2026-05-05T21:20:12.017Z. Educational tool, not investment advice. --- ## Quick Summary | Field | Value | Source | |---|---|---| | Price | $298.82 (▲ 1.17%) | fmp:quote | | Market Cap | $52.5B | fmp:profile | | 52w range | $256.54 – $313.51 | fmp:quote | | Earnings | Wed 29 Jul | fmp:earnings-history | | EPS estimate | $2.50 (-42% YoY) | fmp:earnings-estimate | | Revenue estimate | $1.2B | fmp:earnings-estimate | | Beat streak | 5/4 | fmp:earnings-history | | Rating | B+ (overall 3/5) | fmp:ratings | | Analyst median target | $305 (+2.1% upside) | fmp:price-target-consensus | | MoonshotScore | 51/100 | derived | | Council | 3/6 bullish | derived | | Munger verdict | Fairly Valued | derived | ## Public Storage — Q4 FY2026 Expectations Q4 consensus: revenue $1.2B^{[FMP est]}, EPS $2.50^{[FMP est]}. 5 consecutive quarters of beat^{[FMP earnings]}. ## Quick Take **Score:** B+ · **Stance:** HOLD · **Council:** 3/6 · **Moonshot:** 51 = MoonshotScore 51^{[9-pillar formula]} + Council 3/6^{[6-lens rule]}. Form 4: 0 transactions^{[FMP Form 4]}. ## Watchlist (6 metrics) ### 1. Same Store Revenue Growth Public Storage reported same store revenue and net operating income (NOI) growth of 0% and positive 0.4%, respectively, in the first quarter. > "Same store revenue and NOI growth in the quarter were flat and positive 0.4%, respectively." > — Joe Fisher, Investor Focus · Q1 FY2026 ### 2. PSNext Operating Platform Public Storage is strengthening customer experience, improving inventory pricing, and driving efficiency across the business through the PSNext operating platform. > "PSNext is an operating platform that is increasingly shaping how we serve customers, price inventory, manage demand, and drive efficiency across the business." > — H. Thomas Boyle, Investor Focus · Q1 FY2026 ### 3. PS 4.0 Strategic Vision Public Storage is focusing on creating value by combining the scale of its platform, the strength of its brand, and the quality of its portfolio with the PS 4.0 strategy. > "What PS 4.0 is really about is building the next phase of Public Storage around a simple idea: we have a unique opportunity to create value by combining the scale of our platform, the strength of our brand, the quality of our portfolio, our unique Own It culture, and increasingly the advantage of our data and analytics capabilities." > — H. Thomas Boyle, Investor Focus · Q1 FY2026 ### 4. NSA Acquisition Benefits The acquisition of National Storage Affiliates (NSA) provides Public Storage with a stronger platform, a deeper portfolio, and a broader opportunity for value creation. > "When I step back and look at the NSA acquisition, I do not see a bigger company; I see a stronger platform, a deeper portfolio, and a broader opportunity set for value creation." > — H. Thomas Boyle, Investor Focus · Q1 FY2026 ### 5. Value Creation Engine Public Storage is confident in the long-term fundamentals of storage and continues to invest to benefit the platform over time. > "We have confidence in the long-term fundamentals of storage and have the opportunity to invest today to benefit the platform over time." > — H. Thomas Boyle, Investor Focus · Q1 FY2026 ### 6. Expense Management Via PSNext Public Storage achieved negative growth in payroll, R&M, utilities, and marketing expenses thanks to PSNext. > "Away from property tax, PSNext helped drive negative growth in payroll, R&M, utilities, and marketing." > — Joe Fisher, Management Quote · Q1 FY2026 ## MoonshotScore Pillars | Pillar | Score | Level | Evidence | |---|---|---|---| | Revenue Growth | 1.0 | weak | Q1 vs Q2: growth slowing (+1.4%, below threshold) | | Gross Margin | 7.0 | strong | Q1: very high margin (72.1%, software/cloud territory) | | Operating Leverage | 4.0 | medium | op margin very strong (38.9%, scale leverage) | | Cash Runway | 10.0 | strong | FCF very strong ($0.6B, 9.0× CapEx) | | R&D Intensity | 3.0 | weak | low R&D investment (0.0%, weak innovation) | | Price Momentum | 7.0 | strong | RSI 51.6 balanced, 50d above | | News Sentiment | 4.0 | medium | mixed (37% buy) | **Formula:** sum(pillar.score) / (count * 10) * 100. Each pillar deterministic from FMP. Source maps in pillar.formula. ## Council (7-Lens) | Name | Stance | Context | |---|---|---| | Ray Dalio | bull | macro · target upside +2.1% | | Ken Griffin | bull | flow · 50d MA above | | Jim Simons | neutral | quant · RSI 52 | | Klarman | neutral | value · target upside +2.1% | | Buffett | bull | quality · ROE score 5/5 | | Munger | neutral | valuation · target upside +2.1% | **Formula:** Each lens uses deterministic rule on bundle data. Logged in member.contextTr. ## Munger Lens - **Verdict:** Fairly Valued - **Financial Health:** Moderate - **Margin of Safety:** Weak - **Interest Coverage:** Adequate - **ROIC vs WACC:** Healthy **Formula:** verdict=upside>25?Undervalued:>0?Fairly Valued:Overvalued. Each lens deterministic from FMP ratings + priceTarget. ## Technical Levels - **RSI(14):** 51.6 — dengeli — yön sinyali zayıf - **50d MA:** $294 — hisse %1.7 üstünde — kısa vadeli destek - **200d MA:** $286 — hisse %4.6 üstünde — uzun vadeli destek - **Volume (10d):** -30% ## Past Performance (4 Quarters) | Quarter | EPS Actual | EPS Estimate | Result | Reaction | |---|---|---|---|---| | Q2 FY25 | $4.28 | $4.23 | BEAT | -5.8% | | Q3 FY25 | $4.31 | $4.24 | BEAT | -2.9% | | Q4 FY25 | $2.60 | $2.49 | BEAT | +2.7% | | Q1 FY26 | $2.72 | $2.42 | +12.4% EPS | -2.7% | Q1 (April 28, 2026): EPS $2.72 vs $2.42 est^[FMP], +12.4% beat. D+1 movement: -2.7%^{[FMP D+1]}. Decline despite beat — market reacted to guidance, not numbers. ## 3 Scenarios ### Scenario A · Beat **Q4 EPS > $2.50 + CapEx discipline** Threshold: EPS > $2.50^{[FMP est]}. Target: Break above median target $305^{[FMP target]}; high target $352^[FMP] upper bound. ### Scenario B · In-Line **EPS ≈ $2.50 + CapEx < $69.5M** Threshold: EPS ≈ $2.50^{[FMP est]}, Q4 CapEx < $69.5M^[FMP]. Target: Consolidation in the band between current $299^[FMP] and median $305^[FMP]. ### Scenario C · Miss **EPS < $2.42 or CapEx ≥ $69.5M** Threshold: EPS < $2.42^{[FMP est×0.97]}. Target: Current $299 below SMA200 $286^[FMP], if rejection continues, $243^[derived] support activates. ## Risk Notes ### Primary segment below threshold Q1: EPS $2.72 vs $2.42 beat^[FMP], stock -2.7% D+1^[FMP]. ### Backlog concentration No RPO/backlog concentration disclosed in Q1 earnings call. ### Insider trading Form 4 data is marked in the table — this page does not generate assumptions for this stock. | Executive | Action | Amount | Date | |---|---|---|---| **Net:** — (0 transactions · 0 sells · 0 buys) · Q1 FY26 ### CapEx shock Q1 CapEx $69.5M^{[FMP cashflow]}. Q1 op margin 38.9%^{[FMP op margin]} — this level in Q4 is sensitive to CapEx revision risk. ## Wall Street Consensus - **Median target:** $305 (+2.1% upside vs current $299) - **High / Low:** $352 / $276 - **Buy / Hold / Sell:** 7 / 12 / 0 - **Analyst count:** 7 (last quarter), 40 all-time ## Additional Transcript Insights ### 1. PS_4.0_Strategic_Vision **Claim:** Public Storage is focusing on creating value by combining the scale of its platform, the strength of its brand, and the quality of its portfolio with the PS 4.0 strategy. **Evidence (transcript):** "What PS 4.0 is really about is building the next phase of Public Storage around a simple idea: we have a unique opportunity to create value by combining the scale of our platform, the strength of our brand, the quality of our portfolio, our unique Own It culture, and increasingly the advantage of our data and analytics capabilities." **Numbers:** — ### 2. NSA_Acquisition_Benefits **Claim:** The acquisition of National Storage Affiliates (NSA) provides Public Storage with a stronger platform, a deeper portfolio, and a broader opportunity for value creation. **Evidence (transcript):** "When I step back and look at the NSA acquisition, I do not see a bigger company; I see a stronger platform, a deeper portfolio, and a broader opportunity set for value creation." **Numbers:** — ### 3. PSNext_Operating_Platform **Claim:** Public Storage is strengthening customer experience, improving inventory pricing, and driving efficiency across the business through the PSNext operating platform. **Evidence (transcript):** "PSNext is an operating platform that is increasingly shaping how we serve customers, price inventory, manage demand, and drive efficiency across the business." **Numbers:** — ### 4. Value_Creation_Engine **Claim:** Public Storage is confident in the long-term fundamentals of storage and continues to invest to benefit the platform over time. **Evidence (transcript):** "We have confidence in the long-term fundamentals of storage and have the opportunity to invest today to benefit the platform over time." **Numbers:** — ### 5. Same_Store_Revenue_Growth **Claim:** Public Storage reported same store revenue and net operating income (NOI) growth of 0% and positive 0.4%, respectively, in the first quarter. **Evidence (transcript):** "Same store revenue and NOI growth in the quarter were flat and positive 0.4%, respectively." **Numbers:** 0%, 0.4% ### 6. Expense_Management_via_PSNext **Claim:** Public Storage achieved negative growth in payroll, R&M, utilities, and marketing expenses thanks to PSNext. **Evidence (transcript):** "Away from property tax, PSNext helped drive negative growth in payroll, R&M, utilities, and marketing." **Numbers:** — --- *Data source: FMP (live query, 2026-05-05), Q1 FY2026 earnings call transcript (Translated to EN with Gemini 2.0 Flash). Educational tool, not investment advice.*