CubeSmart (CUBE) financial statements
CubeSmart reported revenue of $1.1B in fiscal 2025, up 9.1% a year over 8 years.
Net income was $334M.
The diluted share count rose 28% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from CubeSmart's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $559M | $598M | $644M | $679M | $823M | $1.0B | $1.1B | $1.1B | $1.1B |
| Cost of revenue | $166M | $182M | $197M | $210M | $224M | $252M | $293M | $295M | $318M | $351M |
| Gross profit | — | $377M | $401M | $434M | $456M | $570M | $716M | $756M | $748M | $772M |
| Selling, general and admin | $33M | $35M | $38M | $39M | $41M | $48M | $55M | $57M | $60M | $65M |
| Operating income | $143M | $196M | $220M | $232M | $258M | $291M | $351M | $497M | $483M | $449M |
| Interest expense | $50M | $57M | $62M | — | — | — | — | — | — | — |
| Net income | $88M | $134M | $164M | $169M | $166M | $223M | $291M | $411M | $391M | $334M |
| EPS (diluted) | $0.45 | $0.74 | $0.88 | $0.88 | $0.85 | $1.09 | $1.29 | $1.82 | $1.72 | $1.46 |
| Diluted shares | 180M | 181M | 185M | 192M | 195M | 205M | 226M | 226M | 227M | 229M |
| Gross margin | — | 67.5% | 67.1% | 67.4% | 67.1% | 69.4% | 71.0% | 71.9% | 70.2% | 68.7% |
| Operating margin | — | 35.0% | 36.8% | 36.0% | 37.9% | 35.3% | 34.8% | 47.3% | 45.3% | 40.0% |
| Net margin | — | 24.0% | 27.4% | 26.3% | 24.4% | 27.2% | 28.8% | 39.1% | 36.7% | 29.7% |
Balance sheet
Fiscal years, from CubeSmart's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $3M | $5M | $4M | $55M | $4M | $11M | $6M | $7M | $72M | $6M |
| Total assets | $3.5B | $3.5B | $3.8B | $4.0B | $4.8B | $6.5B | $6.3B | $6.2B | $6.4B | $6.6B |
| Long-term debt | — | — | — | — | $118M | $210M | $61M | $18M | — | $379M |
| Total liabilities | $1.8B | $1.9B | $2.0B | $2.2B | $2.7B | $3.5B | $3.4B | $3.3B | $3.4B | $3.9B |
| Shareholders' equity | $1.7B | $1.6B | $1.7B | $1.8B | $1.8B | $2.9B | $2.8B | $2.8B | $2.9B | $2.7B |
| Net debt | -$3M | -$5M | -$4M | -$55M | $114M | $199M | $55M | $12M | -$72M | $373M |
Cash flow
Fiscal years, from CubeSmart's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $263M | $292M | $304M | $332M | $351M | $449M | $591M | $611M | $631M | $609M |
| Capital spending | — | $81M | $228M | $118M | — | — | — | — | $42M | — |
| Free cash flow | — | $211M | $77M | $213M | — | — | — | — | $589M | — |
| Stock-based compensation | $5M | $6M | $6M | $7M | $7M | $8M | $9M | $10M | $11M | $12M |
| Dividends paid | $149M | $195M | $221M | $244M | $256M | $274M | $387M | $442M | $462M | $476M |
| Share buybacks (net) | — | — | — | — | — | — | — | — | — | -$32M |
| Free cash flow margin | — | 37.8% | 12.8% | 33.2% | — | — | — | — | 55.2% | — |
| Dividends per share | $0.83 | $1.07 | $1.19 | $1.27 | $1.31 | $1.34 | $1.71 | $1.95 | $2.03 | $2.08 |
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What was CubeSmart's revenue in 2025?
$1.1B in fiscal 2025, from its 10-K filing.
From CubeSmart's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.