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Side-by-side financial comparison of Public Storage (PSA) and XPO, Inc. (XPO). Click either name above to swap in a different company.
XPO, Inc. is the larger business by last-quarter revenue ($2.0B vs $1.2B, roughly 1.7× Public Storage). Public Storage runs the higher net margin — 41.7% vs 2.9%, a 38.8% gap on every dollar of revenue. On growth, XPO, Inc. posted the faster year-over-year revenue change (4.7% vs 3.3%). Over the past eight quarters, Public Storage's revenue compounded faster (2.5% CAGR vs -0.1%).
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.
XPO, Inc., formerly XPO Logistics, is an American transportation company that conducts less-than-truckload shipping in North America. The company has headquarters in Greenwich, Connecticut, and has 592 locations globally. XPO is the second largest provider of less-than-truckload (LTL) services in North America, operating in 99 percent of all U.S. postal codes.
PSA vs XPO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $2.0B |
| Net Profit | $507.1M | $59.0M |
| Gross Margin | — | — |
| Operating Margin | 40.7% | 7.1% |
| Net Margin | 41.7% | 2.9% |
| Revenue YoY | 3.3% | 4.7% |
| Net Profit YoY | -17.5% | -21.3% |
| EPS (diluted) | $2.59 | $0.49 |
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.
| Q4 25 | $1.2B | $2.0B | ||
| Q3 25 | $1.2B | $2.1B | ||
| Q2 25 | $1.2B | $2.1B | ||
| Q1 25 | $1.2B | $2.0B | ||
| Q4 24 | $1.2B | $1.9B | ||
| Q3 24 | $1.2B | $2.1B | ||
| Q2 24 | $1.2B | $2.1B | ||
| Q1 24 | $1.2B | $2.0B |
| Q4 25 | $507.1M | $59.0M | ||
| Q3 25 | $511.1M | $82.0M | ||
| Q2 25 | $358.4M | $106.0M | ||
| Q1 25 | $407.8M | $69.0M | ||
| Q4 24 | $614.6M | $75.0M | ||
| Q3 24 | $430.3M | $95.0M | ||
| Q2 24 | $518.1M | $150.0M | ||
| Q1 24 | $508.9M | $67.0M |
| Q4 25 | 40.7% | 7.1% | ||
| Q3 25 | 42.3% | 7.8% | ||
| Q2 25 | 30.4% | 9.5% | ||
| Q1 25 | 34.8% | 7.7% | ||
| Q4 24 | 52.4% | 7.8% | ||
| Q3 24 | 36.7% | 8.6% | ||
| Q2 24 | 44.6% | 9.5% | ||
| Q1 24 | 44.3% | 6.8% |
| Q4 25 | 41.7% | 2.9% | ||
| Q3 25 | 41.8% | 3.9% | ||
| Q2 25 | 29.8% | 5.1% | ||
| Q1 25 | 34.5% | 3.5% | ||
| Q4 24 | 52.2% | 3.9% | ||
| Q3 24 | 36.2% | 4.6% | ||
| Q2 24 | 44.2% | 7.2% | ||
| Q1 24 | 44.0% | 3.3% |
| Q4 25 | $2.59 | $0.49 | ||
| Q3 25 | $2.62 | $0.68 | ||
| Q2 25 | $1.76 | $0.89 | ||
| Q1 25 | $2.04 | $0.58 | ||
| Q4 24 | $3.22 | $0.63 | ||
| Q3 24 | $2.16 | $0.79 | ||
| Q2 24 | $2.66 | $1.25 | ||
| Q1 24 | $2.60 | $0.56 |
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 | $310.0M |
| Total DebtLower is stronger | $10.3B | — |
| Stockholders' EquityBook value | $9.2B | $1.9B |
| Total Assets | $20.2B | $8.2B |
| Debt / EquityLower = less leverage | 1.11× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $318.1M | $310.0M | ||
| Q3 25 | $296.5M | $335.0M | ||
| Q2 25 | $1.1B | $225.0M | ||
| Q1 25 | $287.2M | $212.0M | ||
| Q4 24 | $447.4M | $246.0M | ||
| Q3 24 | $599.0M | $378.0M | ||
| Q2 24 | $542.3M | $250.0M | ||
| Q1 24 | $271.6M | $229.0M |
| Q4 25 | $10.3B | — | ||
| Q3 25 | $10.0B | — | ||
| Q2 25 | $10.4B | — | ||
| Q1 25 | $9.4B | — | ||
| Q4 24 | $9.4B | — | ||
| Q3 24 | $9.5B | — | ||
| Q2 24 | $9.4B | — | ||
| Q1 24 | $9.1B | — |
| Q4 25 | $9.2B | $1.9B | ||
| Q3 25 | $9.3B | $1.8B | ||
| Q2 25 | $9.4B | $1.8B | ||
| Q1 25 | $9.6B | $1.6B | ||
| Q4 24 | $9.7B | $1.6B | ||
| Q3 24 | $9.6B | $1.6B | ||
| Q2 24 | $9.7B | $1.5B | ||
| Q1 24 | $9.9B | $1.3B |
| Q4 25 | $20.2B | $8.2B | ||
| Q3 25 | $20.1B | $8.2B | ||
| Q2 25 | $20.5B | $8.1B | ||
| Q1 25 | $19.6B | $7.9B | ||
| Q4 24 | $19.8B | $7.7B | ||
| Q3 24 | $19.8B | $7.9B | ||
| Q2 24 | $19.8B | $7.7B | ||
| Q1 24 | $19.6B | $7.6B |
| 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× | — | ||
| Q1 24 | 0.91× | — |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 5.3% |
| Cash ConversionOCF / Net Profit | 1.45× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $733.6M | — | ||
| Q3 25 | $875.1M | $371.0M | ||
| Q2 25 | $872.7M | $247.0M | ||
| Q1 25 | $705.1M | $142.0M | ||
| Q4 24 | $768.6M | $189.0M | ||
| Q3 24 | $798.8M | $264.0M | ||
| Q2 24 | $895.3M | $210.0M | ||
| Q1 24 | $665.6M | $145.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | $215.0M | ||
| Q2 25 | — | $51.0M | ||
| Q1 25 | — | $-57.0M | ||
| Q4 24 | — | $23.0M | ||
| Q3 24 | — | $137.0M | ||
| Q2 24 | — | $20.0M | ||
| Q1 24 | — | $-161.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 10.2% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | -2.9% | ||
| Q4 24 | — | 1.2% | ||
| Q3 24 | — | 6.7% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | — | -8.0% |
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 7.4% | ||
| Q2 25 | — | 9.4% | ||
| Q1 25 | — | 10.2% | ||
| Q4 24 | — | 8.6% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | 9.1% | ||
| Q1 24 | — | 15.2% |
| Q4 25 | 1.45× | — | ||
| Q3 25 | 1.71× | 4.52× | ||
| Q2 25 | 2.43× | 2.33× | ||
| Q1 25 | 1.73× | 2.06× | ||
| Q4 24 | 1.25× | 2.52× | ||
| Q3 24 | 1.86× | 2.78× | ||
| Q2 24 | 1.73× | 1.40× | ||
| Q1 24 | 1.31× | 2.16× |
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% |
XPO
| North American LTL | $1.2B | 58% |
| European Transportation | $844.0M | 42% |
