Edwyn
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Revenue | $2,915 | $3,416 | $4,182 | $4,518 | $4,696 |
| Gross Profit | $1,355 | $1,590 | $1,990 | $2,091 | $1,898 |
| Operating Income | N/A | N/A | N/A | N/A | N/A |
| Net Income | $1,357 | $1,953 | $4,349 | $2,148 | $2,072 |
Over the past five years, Public Storage has exhibited a generally upward trend in revenue, growing from approximately USD 2.92 billion in 2020 to about USD 4.70 billion in 2024. Notably, the increase from 2021 to 2022 stands out with an annual growth rate exceeding 20% (roughly 22%), which suggests a period of robust business expansion or favorable market conditions supporting higher rental income and occupancy rates. Gross profit shows a similar upward progression through 2022, rising from around USD 1.35 billion to nearly USD 1.99 billion. However, the dip in gross profit in 2024 (down to approximately USD 1.90 billion from USD 2.09 billion in 2023) signals potential margin pressures or higher operational expenses affecting profitability. Net income trends are more volatile. After moderate growth between 2020 and 2021 (from roughly USD 1.36 billion to USD 1.95 billion), there is a striking jump in 2022, with net income surging to approximately USD 4.35 billion—a change of over 120% compared to 2021. This significant swing might reflect extraordinary income items, tax benefits, or adjustments not directly tied to operational performance, given that operating income is consistently reported as zero across all years. The sharp contraction from USD 4.35 billion in 2022 to about USD 2.15 billion in 2023 (a decline of nearly 50%) further emphasizes the non-recurring or one-off nature of these components. Overall, while revenue and gross profit growth suggest healthy market demand and operational scaling typical of the self-storage industry, the discrepancies in reported net income indicate that external or non-operational factors are likely at play. This mixed picture calls for further scrutiny of the underlying financial drivers to ensure sustainable long-term financial health.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.