EXR Extra Space Storage margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 65

Gross margin

70.8%

Operating margin

40.9%

EBITDA margin

67.8%

Net margin

27.8%

The Extra Space Storage shows a gross margin of 70.8%, an operating margin of 40.9%, an EBITDA margin of 67.8%, and a net margin of 27.8%. EBITDA margin drove the decline across the available margins, decreasing by 3 percentage points.

EXR margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Extra Space Storage's margins averaged 71.85% gross, 41.95% operating, 68.38% EBITDA, and 27.89% net. Each of the four current margins is below its three-year average.

EXR margin expansion

Year-over-year margin changes in percentage points

EBITDA margin led the decline, falling by 3 percentage points, while the other available margins also decreased.

Gross margin expansion

-0.4pp

Operating margin expansion

-2.8pp

EBITDA margin expansion

-3pp

Net margin expansion

-1.7pp

EXR Gross margin

The average gross margin for Extra Space Storage was 71.85% across the past 3 years. Compared with its three-year average, Extra Space Storage's current gross margin is 70.8% and is 1.1 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 41.95%. The current operating margin stands at 40.9%, 1.1 percentage points below 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 68.38% across the last 3 years. Extra Space Storage currently reports an EBITDA margin of 67.8%, 0.6 percentage points below 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 27.89%. The current net margin of 27.8% is 0.1 percentage points below 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 70.8%, EXR stands higher than the Real Estate sector, the industry and its peers average. Looking at the Real Estate sector average of 63%, Extra Space Storage's gross margin is 12% higher.

EXR margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Extra Space Storage's gross margin?

As of Jun 30, 2026, EXR has a gross margin of 70.8%.

What is Extra Space Storage's operating margin?

For the period ending Jun 30, 2026, EXR recorded an operating margin of 40.9%.

What is Extra Space Storage's EBITDA margin?

As of Jun 30, 2026, EXR has an EBITDA margin of 67.8%.

What is Extra Space Storage's net margin?

For the period ending Jun 30, 2026, EXR recorded a net margin of 27.8%.

What are the average margins of EXR?

Across the last 3 years, EXR averaged 71.9% gross, 42.0% operating, 68.4% EBITDA, and 27.9% 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.