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REITs · Real Estate · Fiscal year ends Dec 31
CubeSmart reported revenue of $1.1B in the fiscal year ended Dec 2025, up 5.3% from the year before. Operating income was $449M, an operating margin of 40.0%, and net income was $331M. Operating cash flow of $609M less capital expenditure of $28M left free cash flow of $580M.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 823 | 1,010 | 1,050 | 1,066 | 1,123 |
| Cost of revenue | 252 | 293 | 295 | 318 | 351 |
| Gross profit | 570 | 716 | 756 | 748 | 772 |
| Operating incomederived: revenue − total costs | 291 | 351 | 497 | 483 | 449 |
| Net income | 231 | 292 | 412 | 392 | 331 |
| Diluted EPS | 1.09 | 1.29 | 1.82 | 1.72 | 1.46 |
| Diluted shares | 205 | 226 | 226 | 227 | 229 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 11.1 | 6.1 | 6.5 | 71.6 | 5.8 |
| Total assets | 6,548 | 6,326 | 6,225 | 6,394 | 6,643 |
| Deferred revenue | 37.1 | 38.8 | 38.5 | 38.9 | 41.6 |
| Total liabilities | 3,550 | 3,428 | 3,344 | 3,440 | 3,861 |
| Shareholders' equity | 2,872 | 2,826 | 2,799 | 2,872 | 2,719 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 449 | 591 | 611 | 631 | 609 |
| Capital expenditure | 69.9 | 24.4 | 47.5 | 30.0 | 28.1 |
| Free cash flow | 379 | 567 | 564 | 601 | 580 |
| Depreciation & amortisation | 232 | 315 | 205 | 210 | 263 |
| Stock-based compensation | 8.1 | 9.1 | 10.1 | 11.5 | 11.5 |
| Acquisitions | 1,679 | – | – | 57.2 | – |
| Share buybacks | – | – | – | – | 31.9 |
| Dividends paid | 274 | 387 | 442 | 462 | 476 |
| Dividend per share | 1.45 | 1.78 | 1.98 | 2.05 | 2.09 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 22.7% | 4.0% | 1.5% | 5.3% |
| Operating income growth (YoY) | – | 20.8% | 41.6% | −2.8% | −7.1% |
| EPS growth (YoY) | – | 18.3% | 41.1% | −5.5% | −15.1% |
| Gross margin | 69.4% | 71.0% | 71.9% | 70.2% | 68.7% |
| Operating margin | 35.3% | 34.8% | 47.3% | 45.3% | 40.0% |
| Net margin | 28.1% | 29.0% | 39.3% | 36.8% | 29.5% |
| Return on equityBlank when equity is negative | 8.0% | 10.3% | 14.7% | 13.6% | 12.2% |
| Free cash flow margin | 46.1% | 56.2% | 53.7% | 56.4% | 51.7% |
| Cash conversion (CFO ÷ net income) | 1.95x | 2.02x | 1.48x | 1.61x | 1.84x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.