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Financials · CUBE

CubeSmart (CUBE) financials

For the twelve months ended Mar 31, 2026, CubeSmart reported $1.13B of revenue and $327.47M of net income.

Revenue, TTM
$1.13B
Revenue growth, YoY
+5.0%
Net income, TTM
$327.47M
Net income growth, YoY
-15.1%
Net margin
28.9%
EPS, diluted, TTM
$1.43
EPS growth, YoY
-15.4%
Cash
$7.26M
P/E
30.70
P/S
8.88
Market cap
$10.05B
Annual revenue$1.12B
FY2016FY2025
Annual net income$333.78M
FY2016FY2025
Annual free cash flow$588.87M
FY2017FY2024

CUBE revenue and earnings growth

CUBE revenueQ1 2026$281.93M

Quarter YoY
+3.3%
QoQ
-0.3%
FY YoY
+5.3%
5Y CAGR
+10.6%
10Y CAGR
+9.7%

CUBE revenue was $281.93M in fiscal Q1 2026 (ended Mar 31, 2026), up 3.3% from a year earlier and down 0.3% from the prior quarter. For the full fiscal 2025 it was $1.12B, up 5.3% from fiscal 2024. Compound annual growth was +10.6% over 5 years and +9.7% over 10 years. It rose in each of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

CUBE net incomeQ1 2026$82.89M

Quarter YoY
-7.1%
QoQ
+5.3%
FY YoY
-14.7%
5Y CAGR
+15.0%
10Y CAGR
+15.7%

CUBE net income was $82.89M in fiscal Q1 2026 (ended Mar 31, 2026), down 7.1% from a year earlier and up 5.3% from the prior quarter. For the full fiscal 2025 it was $333.78M, down 14.7% from fiscal 2024. Compound annual growth was +15.0% over 5 years and +15.7% over 10 years. It rose in 7 of the last 10 fiscal years.

CUBE EPSQ1 2026$0.36

Quarter YoY
-7.7%
QoQ
+2.9%
FY YoY
-15.1%
5Y CAGR
+11.4%
10Y CAGR
+13.3%

CUBE diluted EPS was $0.36 in fiscal Q1 2026 (ended Mar 31, 2026), down 7.7% from a year earlier and up 2.9% from the prior quarter. For the full fiscal 2025 it was $1.46, down 15.1% from fiscal 2024. Compound annual growth was +11.4% over 5 years and +13.3% over 10 years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$1.12B$1.07B$1.05B$1.01B$822.56M$679.18M$643.91M$597.94M$558.94M$510.04M
Cost of revenue$351.40M$317.75M$294.78M$293.26M$252.10M$223.63M$209.74M$196.87M$181.51M$165.85M
Gross profit$771.71M$748.48M$755.55M$716.36M$570.46M$455.54M$434.18M$401.08M$377.44M$344.19M
Selling, general and admin$64.66M$59.66M$57.04M$54.62M$47.81M$41.42M$38.56M$37.71M$34.74M$32.82M
Operating income--------$195.72M$142.95M
Net income$333.78M$391.18M$410.76M$291.26M$223.48M$165.62M$169.12M$163.89M$134.29M$87.91M
EPS, basic$1.46$1.73$1.82$1.29$1.10$0.85$0.89$0.89$0.74$0.45
EPS, diluted$1.46$1.72$1.82$1.29$1.09$0.85$0.88$0.88$0.74$0.45
Diluted shares229.2M227.2M226.2M225.9M205.0M194.9M191.6M185.5M181.4M179.5M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$5.78M$77.66M$8.22M$8.93M$13.32M$6.23M$58.44M$6.48M$9.16M$10.87M
Total assets$6.64B$6.39B$6.23B$6.33B$6.55B$4.78B$4.03B$3.75B$3.55B$3.48B
Total liabilities$3.86B$3.44B$3.34B$3.43B$3.55B$2.69B$2.16B$1.98B$1.86B$1.76B
Shareholders' equity$2.72B$2.90B$2.82B$2.84B$2.89B$1.84B$1.81B$1.72B$1.64B$1.66B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$608.51M$631.07M$611.14M$591.47M$449.19M$351.03M$331.77M$304.33M$291.91M$263.27M
Capital expenditures-$42.20M----$118.30M$227.52M$80.65M-
Free cash flow-$588.87M----$213.47M$76.82M$211.26M-
Investing cash flow-$571.32M-$173.96M-$93.82M-$48.77M-$1.85B-$511.44M-$375.66M-$322.26M-$150.30M-$559.29M
Financing cash flow-$104.62M-$387.67M-$518.03M-$547.09M$1.41B$108.20M$95.86M$15.25M-$143.32M$219.41M
Dividends paid$476.31M$461.77M$442.22M$387.11M$273.84M$256.25M$243.86M$221.33M$195.01M$149.28M
Share repurchases$31.92M---------
Stock-based compensation$11.54M$11.49M$10.09M$9.08M$8.09M$7.14M$6.69M$5.57M$5.59M$4.85M
Depreciation and amortization$263.12M$209.77M$205.38M$314.51M$232.05M$156.57M$163.55M$143.35M$145.68M$161.87M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY5.3%1.5%4.0%22.7%21.1%5.5%7.7%7.0%9.6%14.7%
Net income growth, YoY-14.7%-4.8%41.0%30.3%34.9%-2.1%3.2%22.0%52.8%13.1%
EPS growth, YoY-15.1%-5.5%41.1%18.3%28.2%-3.4%0.0%18.9%64.4%7.1%
Gross margin68.7%70.2%71.9%71.0%69.4%67.1%67.4%67.1%67.5%67.5%
Operating margin--------35.0%28.0%
Net margin29.7%36.7%39.1%28.8%27.2%24.4%26.3%27.4%24.0%17.2%
Free cash flow margin-55.2%----33.2%12.8%37.8%-
Return on equity12.3%13.5%14.6%10.3%7.7%9.0%9.4%9.5%8.2%5.3%
Return on assets5.0%6.1%6.6%4.6%3.4%3.5%4.2%4.4%3.8%2.5%

Source: XBRL data CubeSmart files with the SEC, latest filing dated May 1, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

CUBE peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
CUBE$1.13B+5.0%$327.47M28.9%$10.05B
WELL$13.79B+39.2%$1.67B12.1%$181.46B
PLD$8.95B+6.7%$3.71B41.5%$124.09B
EQIX$10.06B+11.1%$1.65B16.4%$104.38B
AMT$11.01B+5.3%$3.31B30.1%$87.65B
SPG$7.15B+16.2%$4.51B63.0%$75.39B
DLR$6.34B+12.6%$1.38B21.7%$68.13B
PSA$5.03B+5.2%$1.90B37.8%$63.18B
O$6.21B+10.8%$1.36B21.8%$56.58B

CUBE FAQ

8 questions
  • What is CUBE revenue?
    CubeSmart (CUBE) reported $1.13B of revenue for the twelve months ended Mar 31, 2026. That is up 5.0% from the year before. Revenue for fiscal 2025 was $1.12B.
  • Is CUBE profitable?
    Yes. CubeSmart earned $327.47M in net income for the twelve months ended Mar 31, 2026, a net margin of 28.9%.
  • How much cash and debt does CUBE have?
    CubeSmart reported $7.26M in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is CUBE revenue growing?
    CubeSmart's revenue changed +5.3% in fiscal 2025, to $1.12B. Its compound annual growth rate was +10.6% over 5 years and +9.7% over 10 years.
  • What is CUBE gross margin?
    CubeSmart's gross profit was $773.46M on $1.13B of revenue for the twelve months ended Mar 31, 2026, a gross margin of 68.3%.
  • What is CUBE earnings per share?
    Diluted earnings per share were $1.43 for the twelve months ended Mar 31, 2026, from SEC filings, restated for any stock split those filings show.
  • When did CUBE last report financial results?
    The latest statements here come from CubeSmart's 10-Q filed on May 1, 2026, covering the period ended Mar 31, 2026.
  • Where does this CUBE financial data come from?
    Quantisnow builds these statements from the structured XBRL data CubeSmart files with the SEC. It is provided for information only and is not investment advice.