Extra Space Storage Inc. stock research
FY2025 Q2
Extra Space Storage (EXR) Gross Margin — Quarter Ended Jun 30, 2025
Revenue increased compared to both the prior quarter and the same quarter last year, while cost of revenue also rose. Gross profit remained negative and gross margin weakened relative to both periods.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
Revenue increased compared to both the prior quarter and the same quarter last year, while cost of revenue also rose. Gross profit remained negative and gross margin weakened relative to both periods.
- The most observable driver is the increase in cost of revenue, which outpaced the growth in revenue, leading to a larger negative gross profit and a weaker gross margin.
- Compared to the prior quarter, revenue improved while gross margin improved slightly. Versus the same quarter last year, revenue was higher but gross margin was lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
-610.4%
Gross profit
-$195.6M
Revenue
$32.0M
Cost of revenue
$227.6M
Quarter-over-quarter change
+13.1 pts
Year-over-year change
-50.9 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 |
|---|---|---|---|---|
| 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% |
| Jun 30, 2025 | $32.0M | -$195.6M | $227.6M | -610.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
+13.1 pts
Year-over-year change
Jun 30, 2024
-50.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most observable driver is the increase in cost of revenue, which outpaced the growth in revenue, leading to a larger negative gross profit and a weaker gross margin.
Compared to the prior quarter, revenue improved while gross margin improved slightly. Versus the same quarter last year, revenue was higher but gross margin was lower.
Monitor the trend in cost of revenue relative to revenue, as its growth continues to pressure gross margin.