Extra Space Storage Inc. stock research
FY2025 Q3
Extra Space Storage (EXR) Gross Margin — Quarter Ended Sep 30, 2025
Revenue increased slightly from both the prior quarter and the same quarter last year, but cost of revenue rose more sharply, causing gross profit to be further negative and gross margin to decline. The gross margin remained deeply negative and worsened sequentially and year-over-year.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue increased slightly from both the prior quarter and the same quarter last year, but cost of revenue rose more sharply, causing gross profit to be further negative and gross margin to decline. The gross margin remained deeply negative and worsened sequentially and year-over-year.
- The primary observable driver was the faster growth in cost of revenue relative to revenue, which expanded the negative gap between revenue and gross profit.
- Compared with the immediately preceding quarter, gross margin weakened further; relative to the same quarter one year earlier, gross margin also declined.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
-623.7%
Gross profit
-$202.9M
Revenue
$32.5M
Cost of revenue
$235.5M
Quarter-over-quarter change
-13.3 pts
Year-over-year change
-24.2 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 |
|---|---|---|---|---|
| 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% |
| Sep 30, 2025 | $32.5M | -$202.9M | $235.5M | -623.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
-13.3 pts
Year-over-year change
Sep 30, 2024
-24.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The primary observable driver was the faster growth in cost of revenue relative to revenue, which expanded the negative gap between revenue and gross profit.
Compared with the immediately preceding quarter, gross margin weakened further; relative to the same quarter one year earlier, gross margin also declined.
Monitor cost control trends and liquidity position, as the company's filing discusses cash reserves that currently remain accessible but face uncertain future conditions.