CubeSmart (CUBE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.36	$0.39	+8.3%	—	$286.5M	—
Q1 26	$0.34	$0.36	+5.9%	—	$281.9M	—
Q4 25	$0.37	$0.34	-8.1%	—	$282.7M	—
Q2 25	$0.38	$0.36	-5.3%	—	$282.3M	—
Q1 25	$0.39	$0.39	0.0%	—	$273M	—
Q4 24	$0.46	$0.45	-2.2%	—	$267.7M	—
Q3 24	$0.45	$0.44	-2.2%	—	$270.9M	—
Q2 24	$0.43	$0.41	-4.7%	—	$266.2M	—
Q1 24	$0.42	$0.42	0.0%	—	$261.4M	—
Q4 23	$0.45	$0.5	+11.1%	—	$265.1M	—
Q3 23	$0.45	$0.45	0.0%	—	$267.9M	—
Q2 23	$0.42	$0.43	+2.4%	—	$260.8M	—
Q1 23	$0.33	$0.43	+30.3%	—	$256.5M	—
Q4 22	$0.3	$0.36	+20.0%	—	$261M	—
Q3 22	$0.28	$0.5	+78.6%	—	$261.4M	—
Q2 22	$0.25	$0.26	+4.0%	—	$248.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.46	—	—	$1.1B	—
FY24	—	$1.73	—	—	$1.1B	—
FY23	—	$1.82	—	—	$1.1B	—
FY22	—	$1.29	—	—	$1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$510M	$558.9M	$597.9M	$643.9M	$679.2M	$822.6M	$1B	$1.1B	$1.1B	$1.1B
YoY change	+14.7%	+9.59%	+6.98%	+7.69%	+5.48%	+21.1%	+22.7%	+4.03%	+1.51%	+5.33%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	510M	558.9M	597.9M	643.9M	679.2M	822.6M	1B	1.1B	1.1B	1.1B
Cost of revenue	165.8M	181.5M	196.9M	209.7M	223.6M	252.1M	293.3M	294.8M	317.8M	351.4M
Gross profit	344.2M	377.4M	401.1M	434.2M	455.5M	570.5M	716.4M	755.6M	748.5M	771.7M
Gross margin	67.5%	67.5%	67.1%	67.4%	67.1%	69.4%	71%	71.9%	70.2%	68.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	32.8M	34.7M	37.7M	38.6M	41.4M	47.8M	54.6M	57M	59.7M	64.7M
Operating expenses	32.8M	34.7M	37.7M	38.6M	41.4M	47.8M	54.6M	57M	59.7M	64.7M
Operating income	149.5M	197M	220M	232.1M	257.5M	290.6M	351.1M	497.3M	483.1M	448.9M
Operating margin	29.3%	35.2%	36.8%	36%	37.9%	35.3%	34.8%	47.3%	45.3%	40%
Non-operating income, net	-8.2M	-1.8M	9.9M	14M	-11.4M	26.8M	38.5M	12.4M	3.7M	1.5M
Pretax income	88.4M	135.6M	165.5M	170.8M	167.6M	230.8M	292.5M	412.4M	391.9M	331.3M
Income tax	—	—	—	—	—	—	—	—	—	—
Net income	88.4M	135.6M	165.5M	170.8M	167.6M	230.8M	292.5M	412.4M	391.9M	331.3M
Net margin	17.3%	24.3%	27.7%	26.5%	24.7%	28.1%	29%	39.3%	36.8%	29.5%
EBITDA	309.8M	342.2M	362.7M	408.2M	414.1M	537.1M	700.3M	710.9M	692.5M	712.2M
EPS	0.45	0.74	0.89	0.89	0.85	1.1	1.29	1.82	1.73	1.46
Diluted EPS	0.45	0.74	0.88	0.88	0.85	1.09	1.29	1.82	1.72	1.46

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	267.9M	265.1M	261.4M	266.2M	270.9M	267.7M	273M	282.3M	285.1M	282.7M	281.9M	286.5M
Cost of revenue	77.5M	71.3M	77M	83.1M	81.9M	75.7M	82.9M	89M	90.8M	88.6M	90.1M	96M
Gross profit	190.3M	193.8M	184.4M	183.1M	189M	192M	190.1M	193.3M	194.2M	194.1M	191.9M	190.5M
Gross margin	71.1%	73.1%	70.5%	68.8%	69.8%	71.7%	69.6%	68.5%	68.1%	68.7%	68.1%	66.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	14.1M	14M	15.6M	14.6M	14.3M	15.2M	16.1M	14.9M	16.5M	17.2M	17.2M	17.2M
Operating expenses	14.1M	14M	15.6M	14.6M	14.3M	15.2M	16.1M	14.9M	16.5M	17.2M	17.2M	17.2M
Operating income	126.3M	129.3M	118M	117.5M	123.5M	124.1M	114.9M	111.9M	111M	111.1M	113.2M	117.4M
Operating margin	47.1%	48.8%	45.2%	44.1%	45.6%	46.3%	42.1%	39.6%	38.9%	39.3%	40.2%	41%
Non-operating income, net	1M	7.5M	780K	513K	1.1M	1.2M	1.2M	853K	2M	-2.6M	412K	3.5M
Pretax income	103.1M	113.1M	94.9M	94.2M	101M	101.9M	88.7M	82.4M	82.4M	77.7M	82.8M	89.5M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	103.1M	113.1M	94.9M	94.2M	101M	101.9M	88.7M	82.4M	82.4M	77.7M	82.8M	89.5M
Net margin	38.5%	42.7%	36.3%	35.4%	37.3%	38.1%	32.5%	29.2%	28.9%	27.5%	29.4%	31.2%
EBITDA	177.3M	187.4M	169.5M	169M	175.9M	178.1M	175.2M	179.2M	179.7M	174.3M	175.1M	174.2M
EPS	0.46	—	0.42	0.42	0.45	—	0.39	0.36	0.36	—	0.36	0.4
Diluted EPS	0.45	—	0.42	0.41	0.44	—	0.39	0.36	0.36	—	0.36	0.39

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	4.8B	5.2B	5.3B	6B	6.5B	11.6B	—	10.4B	9.7B	8.2B	8.5B
Enterprise value	6.4B	6.9B	7B	7.9B	9B	14.8B	—	13.4B	12.7B	11.7B	12.1B
Shares outstanding	178.2M	180.5M	184.7M	190.9M	194.1M	203.8M	224.9M	225.4M	226.4M	228.7M	228.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	54	38.5	32	35.2	38.9	50.3	—	25.3	24.8	24.9	25.7
P/S	9.36	9.34	8.86	9.33	9.61	14.1	—	9.95	9.1	7.34	7.52
P/B	2.78	3.09	2.99	3.21	3.12	3.87	—	3.63	3.28	2.96	3.31
EV/EBITDA	20.5	20	19.4	19.3	21.6	27.6	—	18.9	18.3	16.4	17.2
EV/Sales	12.5	12.3	11.8	12.2	13.2	18	—	12.8	11.9	10.4	10.6
Earnings yield	1.85%	2.6%	3.12%	2.84%	2.57%	1.99%	—	3.95%	4.04%	4.02%	3.89%
FCF yield	5.52%	5.59%	5.74%	5.52%	5.38%	3.87%	—	5.85%	6.51%	7.38%	5.74%
PEG	—	—	—	—	—	—	—	—	—	—	2.32

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	67.5%	67.5%	67.1%	67.4%	67.1%	69.4%	71%	71.9%	70.2%	68.7%	66.5%
Operating margin	29.3%	35.2%	36.8%	36%	37.9%	35.3%	34.8%	47.3%	45.3%	40%	41.1%
Net margin	17.3%	24.3%	27.7%	26.5%	24.7%	28.1%	29%	39.3%	36.8%	29.5%	29.3%
ROE	5.15%	8.03%	9.34%	9.13%	8.02%	7.7%	10.1%	14.3%	13.3%	11.9%	12%
ROA	2.54%	3.83%	4.41%	4.24%	3.51%	3.52%	4.62%	6.63%	6.13%	4.99%	4.28%
Return on tangible assets	2.55%	3.83%	4.42%	4.25%	3.55%	3.58%	4.62%	6.63%	6.14%	4.99%	5.05%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.15	0.12	0.09	0.42	0.14	0.29	0.25	0.31	0.51	0.16	0.1
Quick ratio	0.15	0.12	0.09	0.42	0.14	0.29	0.25	0.31	0.51	0.16	0.17
Debt / equity	0.93	0.97	0.99	1.03	1.16	1.07	1.06	1.04	1.03	1.25	1.34
Debt / assets	0.46	0.46	0.47	0.48	0.51	0.49	0.48	0.48	0.48	0.52	0.54
Net debt / EBITDA	5.14	4.76	4.81	4.6	5.86	5.96	4.36	4.19	4.3	4.86	5.01
Interest coverage	2.75	3.38	3.66	3.35	3.21	3.94	4.14	5.43	5.31	3.9	3.79

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.86	3.1	3.24	3.37	3.5	4.04	4.49	4.66	4.71	4.91	5
EPS (basic)	0.45	0.74	0.89	0.89	0.85	1.1	1.29	1.82	1.73	1.46	1.46
EPS (diluted)	0.45	0.74	0.88	0.88	0.85	1.09	1.29	1.82	1.72	1.46	1.47
Book value per share	9.63	9.36	9.6	9.79	10.8	14.7	12.9	12.8	13	12.2	11.4
FCF per share	1.48	1.62	1.65	1.74	1.81	2.2	2.63	2.71	2.79	2.66	2.65
Cash per share	0.02	0.03	0.02	0.29	0.02	0.05	0.03	0.03	0.32	0.03	0.06

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	176.3%	143.8%	133.7%	142.8%	152.9%	122.2%	133.3%	107.9%	117.8%	143.8%	143.5%
Dividend yield	3.27%	3.74%	4.18%	4.06%	3.93%	2.43%	—	4.26%	4.76%	5.78%	5.67%

Yield

5.67%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.53

ex-dividend Jul 1, 2026

Payout ratio

144%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 1, 2026	$0.53
Apr 1, 2026	$0.53
Jan 2, 2026	$0.53

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$267.9M	$265.1M	$261.4M	$266.2M	$270.9M	$267.7M	$273M	$282.3M	$285.1M	$282.7M	$281.9M	$286.5M
YoY change	+2.47%	+1.59%	+1.9%	+2.07%	+1.13%	+0.98%	+4.45%	+6.05%	+5.24%	+5.59%	+3.26%	+1.48%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	3M	5.3M	3.8M	54.9M	3.6M	11.1M	6.1M	6.5M	71.6M	5.8M
Receivables	4.4M	5.5M	5.7M	6.4M	5.8M	8.1M	7.9M	8.9M	10.4M	9.7M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	30.1M	37.6M	38.3M	95.5M	51.4M	156.8M	108.4M	114.5M	197M	126.6M
Property, plant & equipment	—	—	—	41.7M	55.3M	54.7M	49.5M	50.5M	49.4M	48.4M
Goodwill & intangibles	8.3M	1.7M	8.1M	10.3M	57.8M	108.8M	1.2M	1.8M	10.3M	7.8M
Total assets	3.5B	3.5B	3.8B	4B	4.8B	6.5B	6.3B	6.2B	6.4B	6.6B
Accounts payable	93.8M	143.3M	149.9M	137.9M	159.1M	200M	214.4M	201.4M	229.6M	229.7M
Short-term debt	43.3M	81.7M	195.5M	—	117.8M	209.9M	60.9M	18.1M	—	378.8M
Total current liabilities	206.5M	301.9M	428.7M	227.9M	374.3M	546.9M	427M	373.8M	388.1M	771.6M
Long-term debt	1.6B	1.6B	1.6B	1.9B	2.3B	3B	3B	3B	3.1B	3.1B
Total liabilities	1.8B	1.9B	2B	2.2B	2.7B	3.5B	3.4B	3.3B	3.4B	3.9B
Shareholders' equity	1.7B	1.7B	1.8B	1.9B	2.1B	3B	2.9B	2.9B	3B	2.8B
Total debt	1.6B	1.6B	1.7B	1.9B	2.4B	3.2B	3.1B	3B	3.1B	3.5B
Net debt	1.6B	1.6B	1.7B	1.9B	2.4B	3.2B	3.1B	3B	3B	3.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	8M	6.5M	5.6M	5.7M	43.5M	71.6M	10.8M	8.7M	108.4M	5.8M	7.3M	14.3M
Receivables	8.6M	8.9M	7.9M	9.2M	9.9M	10.4M	9.1M	9.9M	9.8M	9.7M	8.9M	9.6M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	115.2M	114.5M	111.8M	116.8M	161.8M	197M	123.5M	136.4M	232.4M	126.6M	122.8M	142.2M
Property, plant & equipment	50.1M	50.5M	50.2M	49.9M	49.7M	49.4M	49.2M	48.9M	48.7M	48.4M	48.2M	46.7M
Goodwill & intangibles	0	1.8M	2M	1.3M	617K	10.3M	36.8M	26M	15.2M	7.8M	1.8M	1.1M
Total assets	6.2B	6.2B	6.2B	6.2B	6.2B	6.4B	6.7B	6.7B	6.8B	6.6B	6.6B	6.6B
Accounts payable	222.1M	201.4M	202.8M	230.3M	223.5M	229.6M	220.3M	237.4M	246.2M	229.7M	224.5M	241.8M
Short-term debt	15.2M	18.1M	18.4M	10.6M	—	—	382.4M	366.3M	—	378.8M	415.1M	450.8M
Total current liabilities	388.7M	373.8M	376.4M	397.5M	379.7M	388.1M	764.7M	766.6M	408.6M	771.6M	803.4M	857.1M
Long-term debt	3B	3B	3B	2.9B	2.9B	3.1B	3.1B	3.1B	3.5B	3.1B	3.1B	3.1B
Total liabilities	3.4B	3.3B	3.3B	3.3B	3.3B	3.4B	3.8B	3.8B	3.9B	3.9B	3.9B	3.9B
Shareholders' equity	2.9B	2.9B	2.9B	2.8B	2.9B	3B	2.9B	2.9B	2.9B	2.8B	2.7B	2.6B
Total debt	3B	3B	3B	3B	2.9B	3.1B	3.4B	3.4B	3.5B	3.5B	3.5B	3.5B
Net debt	3B	3B	3B	2.9B	2.9B	3B	3.4B	3.4B	3.4B	3.5B	3.5B	3.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	88.4M	135.6M	165.5M	170.8M	167.6M	230.8M	292.5M	412.4M	391.9M	331.3M
Depreciation & amortization	164.4M	148.3M	145.7M	166.4M	159.2M	240.2M	314.5M	205.4M	209.8M	263.1M
Stock-based compensation	4.8M	5.6M	5.6M	6.7M	7.1M	8.1M	9.1M	10.1M	11.5M	11.5M
Change in working capital	-3.2M	-9.3M	-9.2M	-9.5M	-15.5M	-5.3M	5M	-10.5M	-7.9M	-5.3M
Operating cash flow	253.3M	279.6M	306.8M	333.6M	318.2M	472M	619.9M	611.7M	604.9M	608.5M
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-11.2M	-358K	-19.2M	-246.2M	-7M	-1.7B	-21K	7.4M	-63.5M	-827K
Dividends paid	-155.8M	-195M	-221.3M	-243.9M	-256.3M	-282.1M	-389.8M	-445M	-461.8M	-476.3M
Share repurchases	-77.6M	0	0	-421K	-686K	-876K	-1.4M	-276K	—	-36M
Financing cash flow	207.8M	-143.6M	12.9M	-1.1B	-204.1M	1.5B	-1.3B	-562.7M	-396.6M	-106.8M
Net change in cash	449.9M	135.6M	300.5M	-979.2M	107.1M	259.5M	-711.7M	56.3M	144.8M	500.9M
Free cash flow	263.3M	291.9M	304.3M	331.8M	351M	449.2M	591.5M	611.1M	631.1M	608.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	103.1M	113.1M	94.9M	94.2M	101M	101.9M	88.7M	82.4M	82.4M	77.7M	82.8M	89.5M
Depreciation & amortization	51M	51.6M	51.7M	52M	52.2M	53.8M	60.4M	67.7M	67.9M	67.1M	62.5M	56.9M
Stock-based compensation	2.5M	2.6M	2.8M	2.9M	2.9M	2.9M	3.2M	2.5M	2.9M	2.9M	3.3M	3.3M
Change in working capital	8.8M	-1.8M	761K	-4.8M	-7.5M	3.6M	5.8M	-14.8M	4.2M	-474K	6.1M	-17.9M
Operating cash flow	165.2M	160.4M	150M	144.1M	148.6M	162.2M	158.1M	157.5M	168.2M	136.5M	148.8M	144.3M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	41.7M	-305K	-5K	-6K	-58.2M	-451.1M	451.1M	-452M	451.1M	-2.1M	0
Dividends paid	-110.6M	-113.4M	-115.3M	-115.3M	-115.4M	-115.9M	-119M	-119.1M	-119.1M	-119.1M	-121.1M	-120.6M
Share repurchases	-79K	-51K	-9K	-39K	—	—	-167K	-122K	-111K	-35.6M	-34.1M	-42.6M
Financing cash flow	-367M	-286.1M	-115.9M	-155.2M	-127M	-31.2M	262.2M	-136.3M	-46.2M	-186.4M	-126.3M	-134M
Net change in cash	-201.8M	-84M	33.8M	-11.1M	21.6M	72.7M	-30.9M	472.3M	-330M	401.3M	20.4M	10.3M
Free cash flow	166.1M	146M	150.2M	170.9M	145.4M	164.7M	146.3M	157.5M	161M	162M	148.8M	131.3M

CubeSmart Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement