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Side-by-side financial comparison of APA Corporation (APA) and Public Storage (PSA). Click either name above to swap in a different company.
APA Corporation is the larger business by last-quarter revenue ($2.3B vs $1.2B, roughly 1.9× Public Storage). Public Storage runs the higher net margin — 41.7% vs 19.2%, a 22.5% gap on every dollar of revenue. On growth, Public Storage posted the faster year-over-year revenue change (3.3% vs -11.7%). Over the past eight quarters, Public Storage's revenue compounded faster (2.5% CAGR vs -9.5%).
APA Corporation, a holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston.
Public Storage, headquartered in Glendale, California, is a real estate investment trust that invests in self storage. It is the largest brand of self-storage services in the US and owns approximately 9% of the self storage square footage in the U.S. As of December 31, 2024, the company operated 3,073 self-storage facilities containing an aggregate of 221 million net rentable square feet of space.
APA vs PSA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.3B | $1.2B |
| Net Profit | $446.0M | $507.1M |
| Gross Margin | — | — |
| Operating Margin | — | 40.7% |
| Net Margin | 19.2% | 41.7% |
| Revenue YoY | -11.7% | 3.3% |
| Net Profit YoY | — | -17.5% |
| EPS (diluted) | $1.26 | $2.59 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.3B | $1.2B | ||
| Q2 25 | $2.3B | $1.2B | ||
| Q1 25 | $2.7B | $1.2B | ||
| Q4 24 | $2.9B | $1.2B | ||
| Q3 24 | $2.7B | $1.2B | ||
| Q2 24 | $2.8B | $1.2B |
| Q1 26 | $446.0M | — | ||
| Q4 25 | $331.0M | $507.1M | ||
| Q3 25 | $205.0M | $511.1M | ||
| Q2 25 | $603.0M | $358.4M | ||
| Q1 25 | $418.0M | $407.8M | ||
| Q4 24 | $425.0M | $614.6M | ||
| Q3 24 | $-223.0M | $430.3M | ||
| Q2 24 | $541.0M | $518.1M |
| Q1 26 | — | — | ||
| Q4 25 | 32.5% | 40.7% | ||
| Q3 25 | 33.7% | 42.3% | ||
| Q2 25 | 31.8% | 30.4% | ||
| Q1 25 | 31.9% | 34.8% | ||
| Q4 24 | 31.4% | 52.4% | ||
| Q3 24 | -5.2% | 36.7% | ||
| Q2 24 | 34.4% | 44.6% |
| Q1 26 | 19.2% | — | ||
| Q4 25 | 15.0% | 41.7% | ||
| Q3 25 | 9.0% | 41.8% | ||
| Q2 25 | 26.0% | 29.8% | ||
| Q1 25 | 15.4% | 34.5% | ||
| Q4 24 | 14.6% | 52.2% | ||
| Q3 24 | -8.1% | 36.2% | ||
| Q2 24 | 19.0% | 44.2% |
| Q1 26 | $1.26 | — | ||
| Q4 25 | $0.79 | $2.59 | ||
| Q3 25 | $0.57 | $2.62 | ||
| Q2 25 | $1.67 | $1.76 | ||
| Q1 25 | $0.96 | $2.04 | ||
| Q4 24 | $0.97 | $3.22 | ||
| Q3 24 | $-0.60 | $2.16 | ||
| Q2 24 | $1.46 | $2.66 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $293.0K | $318.1M |
| Total DebtLower is stronger | $4.3M | $10.3B |
| Stockholders' EquityBook value | — | $9.2B |
| Total Assets | $18.1M | $20.2B |
| Debt / EquityLower = less leverage | — | 1.11× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $293.0K | — | ||
| Q4 25 | $516.0M | $318.1M | ||
| Q3 25 | $475.0M | $296.5M | ||
| Q2 25 | $107.0M | $1.1B | ||
| Q1 25 | $67.0M | $287.2M | ||
| Q4 24 | $625.0M | $447.4M | ||
| Q3 24 | $64.0M | $599.0M | ||
| Q2 24 | $160.0M | $542.3M |
| Q1 26 | $4.3M | — | ||
| Q4 25 | $4.3B | $10.3B | ||
| Q3 25 | $4.3B | $10.0B | ||
| Q2 25 | $4.3B | $10.4B | ||
| Q1 25 | $5.2B | $9.4B | ||
| Q4 24 | $6.0B | $9.4B | ||
| Q3 24 | $6.4B | $9.5B | ||
| Q2 24 | $6.7B | $9.4B |
| Q1 26 | — | — | ||
| Q4 25 | $6.1B | $9.2B | ||
| Q3 25 | $6.0B | $9.3B | ||
| Q2 25 | $5.9B | $9.4B | ||
| Q1 25 | $5.4B | $9.6B | ||
| Q4 24 | $5.3B | $9.7B | ||
| Q3 24 | $5.1B | $9.6B | ||
| Q2 24 | $5.4B | $9.7B |
| Q1 26 | $18.1M | — | ||
| Q4 25 | $17.8B | $20.2B | ||
| Q3 25 | $17.7B | $20.1B | ||
| Q2 25 | $18.1B | $20.5B | ||
| Q1 25 | $18.5B | $19.6B | ||
| Q4 24 | $19.4B | $19.8B | ||
| Q3 24 | $19.4B | $19.8B | ||
| Q2 24 | $20.2B | $19.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.70× | 1.11× | ||
| Q3 25 | 0.72× | 1.08× | ||
| Q2 25 | 0.73× | 1.11× | ||
| Q1 25 | 0.96× | 0.99× | ||
| Q4 24 | 1.13× | 0.96× | ||
| Q3 24 | 1.25× | 0.99× | ||
| Q2 24 | 1.24× | 0.97× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $554.0M | $733.6M |
| Free Cash FlowOCF − Capex | $477.0M | — |
| FCF MarginFCF / Revenue | 20.5% | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.24× | 1.45× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $554.0M | — | ||
| Q4 25 | $808.0M | $733.6M | ||
| Q3 25 | $1.5B | $875.1M | ||
| Q2 25 | $1.2B | $872.7M | ||
| Q1 25 | $1.1B | $705.1M | ||
| Q4 24 | $1.0B | $768.6M | ||
| Q3 24 | $1.3B | $798.8M | ||
| Q2 24 | $877.0M | $895.3M |
| Q1 26 | $477.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | 20.5% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | 1.24× | — | ||
| Q4 25 | 2.44× | 1.45× | ||
| Q3 25 | 7.12× | 1.71× | ||
| Q2 25 | 1.96× | 2.43× | ||
| Q1 25 | 2.62× | 1.73× | ||
| Q4 24 | 2.44× | 1.25× | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | 1.62× | 1.73× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APA
| Oil revenues | $1.6B | 71% |
| Purchased oil and gas sales | $385.0M | 17% |
| Natural gas revenues | $157.0M | 7% |
| Natural gas liquids revenues | $141.0M | 6% |
PSA
| Self Storage Operations | $1.1B | 93% |
| Ancillary Operations | $86.9M | 7% |
