Extra Space Storage Inc. stock research
FY2025 Q1
Extra Space Storage (EXR) Gross Margin — Quarter Ended Mar 31, 2025
Revenue was substantially outweighed by cost of revenue, resulting in a deeply negative gross profit and gross margin. The gap between revenue and cost widened sequentially and compared to the same quarter last year.
Gross margin takeaway
Quarter ended Mar 31, 2025 · FY2025 Q1
Revenue was substantially outweighed by cost of revenue, resulting in a deeply negative gross profit and gross margin. The gap between revenue and cost widened sequentially and compared to the same quarter last year.
- Cost of revenue grew faster than revenue relative to both the prior quarter and the year-ago quarter, exerting the most observable downward pressure on gross margin.
- Compared to the prior quarter, gross margin weakened slightly; versus the same quarter one year earlier, gross margin deteriorated more notably.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
-623.4%
Gross profit
-$192.7M
Revenue
$30.9M
Cost of revenue
$223.6M
Quarter-over-quarter change
-9.4 pts
Year-over-year change
-45.1 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2024 | $29.9M | -$167.0M | $196.9M | -559.5% |
| Sep 30, 2024 | $29.9M | -$179.2M | $209.0M | -599.5% |
| Dec 31, 2024 | $31.0M | -$190.1M | $221.1M | -614.0% |
| Mar 31, 2025 | $30.9M | -$192.7M | $223.6M | -623.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2024
-9.4 pts
Year-over-year change
Mar 31, 2024
-45.1 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Cost of revenue grew faster than revenue relative to both the prior quarter and the year-ago quarter, exerting the most observable downward pressure on gross margin.
Compared to the prior quarter, gross margin weakened slightly; versus the same quarter one year earlier, gross margin deteriorated more notably.
Monitor whether cost of revenue continues to increase at a pace that outpaces revenue growth.