Direct Answer
Public Storage reports revenue across 2 business segments in its fiscal 2025 Form 10-K. Self Storage Operations is the largest, with $4.5 billion of revenue (93% of the total), followed by Ancillary Operations at $335 million (7%).
How Does Public Storage Make Money?
Self Storage Operations supplies 93% of revenue, so Public 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, Ancillary Operations grew fastest (+11.7%) and Self Storage Operations slowest (+2.1%), so the revenue mix tilts toward Ancillary Operations while that gap lasts.
| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Self Storage Operations | $4.5 billion | $4.4 billion | 93.1% | 2.1% |
| Ancillary Operations | $335 million | $300 million | 6.9% | 11.7% |
What Does Public Storage Sell?
Public Storage also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.
| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Self Storage Operations | $4.5 billion | $4.4 billion | 93.1% | 2.1% |
| Ancillary Operations | $335 million | $300 million | 6.9% | 11.7% |
What the Segment Figures Do Not Show
The rows above add up to 100% of Public 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 Public Storage reported in the segment note and revenue disclosures of its Form 10-K filed February 12, 2026 (accession 0001628280-26-007696), 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 Public Storage's business segments?
In its fiscal 2025 Form 10-K, Public Storage reports revenue for Self Storage Operations and Ancillary Operations.
Which part of Public Storage brings in the most revenue?
Self Storage Operations, with $4.5 billion of revenue in fiscal 2025, or 93% of the total.
Where does Public Storage report its segment results?
In the segment note to the financial statements in its Form 10-K, most recently filed February 12, 2026, alongside management's discussion of each segment's results.