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Side-by-side financial comparison of Public Storage (PSA) and Travel & Leisure Co. (TNL). Click either name above to swap in a different company.
Public Storage is the larger business by last-quarter revenue ($1.2B vs $961.0M, roughly 1.3× Travel & Leisure Co.). Public Storage runs the higher net margin — 41.7% vs 8.2%, a 33.5% gap on every dollar of revenue. On growth, Public Storage posted the faster year-over-year revenue change (3.3% vs 2.9%). Over the past eight quarters, Public Storage's revenue compounded faster (2.5% CAGR vs -1.2%).
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.
Travel + Leisure Co. is an American timeshare company headquartered in Orlando, Florida. It develops, sells, and manages timeshare properties under several vacation ownership clubs, including Club Wyndham, WorldMark by Wyndham, Margaritaville Vacation Club, and Accor Vacation Club. The company provides timeshare exchange services, primarily through RCI, and travel clubs including Travel + Leisure GO.
PSA vs TNL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $961.0M |
| Net Profit | $507.1M | $79.0M |
| Gross Margin | — | — |
| Operating Margin | 40.7% | 16.5% |
| Net Margin | 41.7% | 8.2% |
| Revenue YoY | 3.3% | 2.9% |
| Net Profit YoY | -17.5% | 8.2% |
| EPS (diluted) | $2.59 | $1.22 |
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 | — | $961.0M | ||
| Q4 25 | $1.2B | $1.0B | ||
| Q3 25 | $1.2B | $1.0B | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $1.2B | $934.0M | ||
| Q4 24 | $1.2B | $970.0M | ||
| Q3 24 | $1.2B | $993.0M | ||
| Q2 24 | $1.2B | $985.0M |
| Q1 26 | — | $79.0M | ||
| Q4 25 | $507.1M | $-62.0M | ||
| Q3 25 | $511.1M | $111.0M | ||
| Q2 25 | $358.4M | $108.0M | ||
| Q1 25 | $407.8M | $73.0M | ||
| Q4 24 | $614.6M | $119.0M | ||
| Q3 24 | $430.3M | $97.0M | ||
| Q2 24 | $518.1M | $129.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 78.9% | ||
| Q3 25 | — | 98.8% | ||
| Q2 25 | — | 97.9% | ||
| Q1 25 | — | 97.5% | ||
| Q4 24 | — | 99.0% | ||
| Q3 24 | — | 97.3% | ||
| Q2 24 | — | 97.9% |
| Q1 26 | — | 16.5% | ||
| Q4 25 | 40.7% | -2.2% | ||
| Q3 25 | 42.3% | 20.5% | ||
| Q2 25 | 30.4% | 20.2% | ||
| Q1 25 | 34.8% | 16.7% | ||
| Q4 24 | 52.4% | 21.1% | ||
| Q3 24 | 36.7% | 19.0% | ||
| Q2 24 | 44.6% | 19.2% |
| Q1 26 | — | 8.2% | ||
| Q4 25 | 41.7% | -6.0% | ||
| Q3 25 | 41.8% | 10.6% | ||
| Q2 25 | 29.8% | 10.6% | ||
| Q1 25 | 34.5% | 7.8% | ||
| Q4 24 | 52.2% | 12.3% | ||
| Q3 24 | 36.2% | 9.8% | ||
| Q2 24 | 44.2% | 13.1% |
| Q1 26 | — | $1.22 | ||
| Q4 25 | $2.59 | $-0.92 | ||
| Q3 25 | $2.62 | $1.67 | ||
| Q2 25 | $1.76 | $1.62 | ||
| Q1 25 | $2.04 | $1.07 | ||
| Q4 24 | $3.22 | $1.70 | ||
| Q3 24 | $2.16 | $1.39 | ||
| Q2 24 | $2.66 | $1.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $318.1M | $254.0M |
| Total DebtLower is stronger | $10.3B | — |
| Stockholders' EquityBook value | $9.2B | — |
| Total Assets | $20.2B | $6.8B |
| Debt / EquityLower = less leverage | 1.11× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $254.0M | ||
| Q4 25 | $318.1M | $271.0M | ||
| Q3 25 | $296.5M | $240.0M | ||
| Q2 25 | $1.1B | $212.0M | ||
| Q1 25 | $287.2M | $188.0M | ||
| Q4 24 | $447.4M | $185.0M | ||
| Q3 24 | $599.0M | $194.0M | ||
| Q2 24 | $542.3M | $166.0M |
| Q1 26 | — | — | ||
| Q4 25 | $10.3B | $5.6B | ||
| Q3 25 | $10.0B | $5.6B | ||
| Q2 25 | $10.4B | $5.6B | ||
| Q1 25 | $9.4B | $5.7B | ||
| Q4 24 | $9.4B | $5.6B | ||
| Q3 24 | $9.5B | $5.6B | ||
| Q2 24 | $9.4B | $5.6B |
| Q1 26 | — | — | ||
| Q4 25 | $9.2B | $-981.0M | ||
| Q3 25 | $9.3B | $-821.0M | ||
| Q2 25 | $9.4B | $-852.0M | ||
| Q1 25 | $9.6B | $-903.0M | ||
| Q4 24 | $9.7B | $-881.0M | ||
| Q3 24 | $9.6B | $-862.0M | ||
| Q2 24 | $9.7B | $-885.0M |
| Q1 26 | — | $6.8B | ||
| Q4 25 | $20.2B | $6.8B | ||
| Q3 25 | $20.1B | $6.9B | ||
| Q2 25 | $20.5B | $6.8B | ||
| Q1 25 | $19.6B | $6.8B | ||
| Q4 24 | $19.8B | $6.7B | ||
| Q3 24 | $19.8B | $6.7B | ||
| Q2 24 | $19.8B | $6.7B |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | — | ||
| Q3 25 | 1.08× | — | ||
| Q2 25 | 1.11× | — | ||
| Q1 25 | 0.99× | — | ||
| Q4 24 | 0.96× | — | ||
| Q3 24 | 0.99× | — | ||
| Q2 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 | $733.6M | $38.0M |
| Free Cash FlowOCF − Capex | — | $0 |
| FCF MarginFCF / Revenue | — | 0.0% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.45× | 0.48× |
| TTM Free Cash FlowTrailing 4 quarters | — | $423.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $38.0M | ||
| Q4 25 | $733.6M | $124.0M | ||
| Q3 25 | $875.1M | $163.0M | ||
| Q2 25 | $872.7M | $232.0M | ||
| Q1 25 | $705.1M | $121.0M | ||
| Q4 24 | $768.6M | $98.0M | ||
| Q3 24 | $798.8M | $145.0M | ||
| Q2 24 | $895.3M | $174.0M |
| Q1 26 | — | $0 | ||
| Q4 25 | — | $92.0M | ||
| Q3 25 | — | $136.0M | ||
| Q2 25 | — | $195.0M | ||
| Q1 25 | — | $100.0M | ||
| Q4 24 | — | $75.0M | ||
| Q3 24 | — | $125.0M | ||
| Q2 24 | — | $153.0M |
| Q1 26 | — | 0.0% | ||
| Q4 25 | — | 9.0% | ||
| Q3 25 | — | 13.0% | ||
| Q2 25 | — | 19.2% | ||
| Q1 25 | — | 10.7% | ||
| Q4 24 | — | 7.7% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 15.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 2.1% |
| Q1 26 | — | 0.48× | ||
| Q4 25 | 1.45× | — | ||
| Q3 25 | 1.71× | 1.47× | ||
| Q2 25 | 2.43× | 2.15× | ||
| Q1 25 | 1.73× | 1.66× | ||
| Q4 24 | 1.25× | 0.82× | ||
| Q3 24 | 1.86× | 1.49× | ||
| Q2 24 | 1.73× | 1.35× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PSA
| Self Storage Operations | $1.1B | 93% |
| Ancillary Operations | $86.9M | 7% |
TNL
| Other | $452.0M | 47% |
| Service and membership fees | $396.0M | 41% |
| Consumer financing | $113.0M | 12% |
