Direct Answer
Extra Space Storage reports revenue across 2 business segments in its fiscal 2025 Form 10-K. Self Storage Operations is the largest, with $2.9 billion of revenue (86% of the total), followed by Tenant Reinsurance at $353 million (10%).
How Does Extra Space Storage Make Money?
Self Storage Operations supplies 86% of revenue, so Extra Space Storage's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Tenant Reinsurance grew fastest (+6.0%) and Self Storage Operations slowest (+3.3%), so the revenue mix tilts toward Tenant Reinsurance while that gap lasts.
| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Self Storage Operations | $2.9 billion | $2.8 billion | 85.7% | 3.3% |
| Tenant Reinsurance | $353 million | $333 million | 10.4% | 6.0% |
Which Extra Space Storage Segments Earn the Most?
| Segment | FY2025 segment operating income | Segment margin |
|---|---|---|
| Self Storage Operations | $2.0 billion | 68.3% |
| Tenant Reinsurance | $284 million | 80.5% |
Segment operating income is the profit measure Extra Space Storage reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Extra Space Storage more safely than against another company.
What the Segment Figures Do Not Show
The rows above add up to 96% of Extra Space Storage's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value Extra Space Storage reported in the segment note and revenue disclosures of its Form 10-K filed February 20, 2026 (accession 0001289490-26-000011), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are Extra Space Storage's business segments?
In its fiscal 2025 Form 10-K, Extra Space Storage reports revenue for Self Storage Operations and Tenant Reinsurance.
Which part of Extra Space Storage brings in the most revenue?
Self Storage Operations, with $2.9 billion of revenue in fiscal 2025, or 86% of the total.
Where does Extra Space Storage report its segment results?
In the segment note to the financial statements in its Form 10-K, most recently filed February 20, 2026, alongside management's discussion of each segment's results.