Public Storage (PSA) · Oct 26, 2026 · Earnings

Public Storage earnings beat; guidance rises on stronger occupancy

Beat — Core FFO $4.34 vs ~$4.27 published consensus

Public Storage earnings beat expectations, while higher occupancy and acquisitions lift 2026 guidance despite flat same-store revenue.

Public Storage is in a post-acquisition expansion phase, integrating National Storage Affiliates and entering Canada while applying its PS Next operating platform across a much larger portfolio. The NSA closing expanded the platform to more than 4,500 properties, while the company says PS Next is central to capturing integration and operating synergies.

The quarter beat the operating bar, but only narrowly. Core FFO was $4.34 per share, up 0.7% year over year and above the published pre-release consensus of roughly $4.27. Consolidated revenue was $1.366 billion, while same-store revenue and NOI each rose 0.5%; average occupancy improved to 92.2% from 91.9% (Quarterly results; Same Store Summary). Management explicitly characterized the performance as better than expected. 〔0〕

Metric	Q3 2026	Q3 2025 / prior	Change or expectation
Core FFO per share	$4.34	$4.31	+0.7%; versus ~$4.27 consensus
Net income per diluted share	$1.69	$2.62	-35.5%
Same-store revenue	$1.022B	$1.017B	+0.5%
Same-store NOI	$768.8M	$765.1M	+0.5%
Average occupancy	92.2%	91.9%	+0.3 percentage points
FAD	$688.6M	$718.1M	-4.1%
2026 Core FFO guidance	$16.90–$17.10	$16.75–$17.05	Range raised by $0.10 at both ends

The more important signal is the raised full-year outlook. Public Storage lifted its 2026 Core FFO range to $16.90–$17.10 and improved the same-store NOI range to negative 0.8% to positive 0.2%, from negative 2.0% to negative 0.3% previously (2026 Guidance). That is a meaningful change in the operating trajectory: same-store growth is still modest, but the company now expects stabilization rather than the deeper decline embedded in its prior plan.

Acquisitions are carrying the growth story, while the mature portfolio remains only modestly improved. Non-same-store revenue and NOI grew roughly 91% in the quarter, reflecting the NSA and PS Canada transactions as well as ongoing acquisitions, whereas nine-month same-store NOI was still down 0.5% (Operating Results; Self-storage NOI). The company also acquired 25 facilities for $258.4 million during the quarter.

The headline GAAP decline understates the operating result, but cash generation was less clean. Net income fell 35.5% per share because of higher depreciation, interest expense, and $114.6 million of transaction and integration costs tied to the expansion program; those costs are excluded from Core FFO (Income Statement; Reconciliation of Net Income to FFO and Core FFO). FAD nevertheless declined 4.1%, while net debt to EBITDA rose to 3.4x from 3.0x and the weighted average interest rate increased to 3.6% from 3.0% (Reconciliation of FFO to FAD; Capitalization). The balance sheet remains liquid, with approximately $4.1 billion of stated liquidity.

Bottom line: This was a modest earnings beat that matters more because management raised the full-year outlook and showed improving occupancy. The business is progressing through its acquisition-led expansion, but same-store growth and cash distribution capacity remain less robust than the Core FFO headline suggests.

What to watch next

Q3 earnings conference call, October 27, 2026

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Public Storage earnings beat; guidance rises on stronger occupancy

What to watch next

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