EXR Extra Space Storage margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 68

Gross margin

70.9%

Operating margin

43.8%

EBITDA margin

69.9%

Net margin

29.9%

The Extra Space Storage shows a gross margin of 70.9%, an operating margin of 43.8%, an EBITDA margin of 69.9%, and a net margin of 29.9%. Net margin drove the improvement across the available margins, increasing by 1.5 percentage points.

EXR margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Extra Space Storage's margins averaged 71.78% gross, 42.1% operating, 68.51% EBITDA, and 28.06% net. For Extra Space Storage, operating, EBITDA, and net margins are above their three-year averages, while gross margin is below its three-year average.

EXR margin expansion

Year-over-year margin changes in percentage points

All available margins expanded year over year, led by net margin with an increase of 1.5 percentage points.

Gross margin expansion

0.2pp

Operating margin expansion

1.3pp

EBITDA margin expansion

0.9pp

Net margin expansion

1.5pp

EXR Gross margin

The average gross margin for Extra Space Storage was 71.78% across the past 3 years. Compared with its three-year average, Extra Space Storage's current gross margin is 70.9% and is 0.9 percentage points below its three-year average. The gross margin for Extra Space Storage moved between 70.6% in Mar 2026 and 73.8% in Dec 2023.

EXR Operating margin

Across the last 3 years, Extra Space Storage's operating margin averaged 42.1%. The current operating margin stands at 43.8%, 1.7 percentage points above its three-year average. Operating margin was highest at 45.7% in Dec 2023 and lowest at 39.5% in Sep 2024.

EXR EBITDA margin

Extra Space Storage recorded an average EBITDA margin of 68.51% across the last 3 years. Extra Space Storage currently reports an EBITDA margin of 69.9%, 1.4 percentage points above its three-year average. The highest EBITDA margin for Extra Space Storage was 70.8% in Jun 2025, while the lowest was 66.4% in Jun 2024.

EXR Net margin

Across the last 3 years, Extra Space Storage's net margin averaged 28.06%. The current net margin of 29.9% is 1.8 percentage points above its three-year average. Net margin was highest at 31.4% in Dec 2023 and lowest at 25% in Sep 2024.

EXR margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 70.9%, EXR stands higher than the Real Estate sector, the industry and its peers average. Looking at the Real Estate sector average of 60.8%, Extra Space Storage's gross margin is 17% higher.

EXR margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Extra Space Storage's gross margin?

As of Sep 30, 2026, EXR has a gross margin of 70.9%.

What is Extra Space Storage's operating margin?

For the period ending Sep 30, 2026, EXR recorded an operating margin of 43.8%.

What is Extra Space Storage's EBITDA margin?

As of Sep 30, 2026, EXR has an EBITDA margin of 69.9%.

What is Extra Space Storage's net margin?

For the period ending Sep 30, 2026, EXR recorded a net margin of 29.9%.

What are the average margins of EXR?

Across the last 3 years, EXR averaged 71.8% gross, 42.1% operating, 68.5% EBITDA, and 28.1% net.

What are the highest historical margins of EXR?

Over this 5-year history, EXR peaked at 75.8% gross in Jun 2022, 61.9% operating in Dec 2021, 79.6% EBITDA in Dec 2021, and 52.5% net in Dec 2021.

What are the lowest historical margins of EXR?

Across the 5-year period, EXR posted its lowest margins at 70.6% gross in Mar 2026, 39.5% operating in Sep 2024, 66.4% EBITDA in Jun 2024, and 25% net in Sep 2024.