CubeSmart (CUBE) Income Statement
CUBE 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCUBE revenue and net income
Where CUBE's revenue goes
2025Each bar shows an amount and its share of revenue. CUBE kept 29.7% of revenue as net income.
CUBE profit margins
CUBE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +5.3% | +3.6% | +10.6% | +9.7% |
| Gross profit | −65.9% | −29.1% | −11.6% | −1.3% |
| Operating income | −7.1% | +8.5% | +1.6% | +15.3% |
| Net income | −14.7% | +4.6% | +15.0% | +15.7% |
| EPS (diluted) | +1.7% | +9.6% | +15.8% | +17.5% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CUBE quarterly EPS vs estimates
CubeSmart beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.65).
CUBE income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.12B | $1.07B | $1.05B | $1.01B | $822.6M | $679.4M | $655.0M | $597.9M | $558.9M | $510.0M |
| Cost of revenue | $867.7M | $317.8M | $294.8M | $293.3M | $252.1M | $206.7M | $198.2M | $196.9M | $181.5M | $165.8M |
| Gross profit | $255.4M | $748.5M | $755.6M | $716.4M | $570.5M | $472.6M | $456.8M | $401.1M | $377.4M | $344.2M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $64.7M | $85.7M | $81.5M | $77.0M | $68.8M | $58.3M | $50.1M | $48.0M | $44.4M | $42.2M |
| Total operating expenses | −$193.5M | $265.4M | $258.3M | $365.2M | $279.9M | $58.3M | $50.1M | $181.1M | $180.4M | $194.7M |
| Operating income | $448.9M | $483.1M | $497.3M | $351.1M | $290.6M | $414.3M | $406.7M | $220.0M | $195.7M | $143.0M |
| Interest income | — | — | — | — | — | — | $64.2M | $65.3M | $61.0M | $55.6M |
| Interest expense | $114.1M | $90.8M | $97.3M | $93.3M | $78.4M | $75.9M | $72.5M | $62.1M | $57.0M | $50.4M |
| Income before taxes | $331.3M | $391.9M | $412.4M | $292.5M | $230.8M | $167.6M | $170.8M | $165.5M | $135.6M | $88.4M |
| Income taxes | — | $391.2M | $1.7M | $93.3M | $100.2M | $77.8M | $86.7M | $7.6M | $57.8M | $49.3M |
| Net income | $333.8M | $391.2M | $410.8M | $291.3M | $223.5M | $165.6M | $169.1M | $163.9M | $134.3M | $87.9M |
| EBITDA | $703.6M | $692.5M | $710.9M | $607.0M | $471.0M | $417.0M | $409.6M | $373.3M | $342.6M | $303.2M |
| EPS (diluted) | $1.75 | $1.72 | $1.81 | $1.33 | $1.03 | $0.84 | $0.87 | $0.83 | $0.76 | $0.47 |
| Gross margin | 22.7% | 70.2% | 71.9% | 71.0% | 69.4% | 69.6% | 69.7% | 67.1% | 67.5% | 67.5% |
| Operating margin | 40.0% | 45.3% | 47.3% | 34.8% | 35.3% | 61.0% | 62.1% | 36.8% | 35.0% | 28.0% |
| Net margin | 29.7% | 36.7% | 39.1% | 28.8% | 27.2% | 24.4% | 25.8% | 27.4% | 24.0% | 17.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $286.5M | $281.9M | $282.7M | $285.1M | $282.3M | $273.0M | $267.7M | $270.9M | $266.2M | $261.4M | $266.7M | $267.9M |
| Cost of revenue | $96.0M | $212.9M | $538.4M | $90.8M | $155.5M | $82.9M | $75.7M | $81.9M | $83.1M | $127.8M | $46.8M | $77.5M |
| Gross profit | $190.5M | $69.0M | −$255.7M | $194.2M | $126.8M | $190.1M | $192.0M | $189.0M | $183.1M | $133.7M | $219.9M | $190.3M |
| Sales, general & admin | $34.4M | $17.2M | $17.2M | $16.5M | $14.9M | $16.1M | $18.8M | $14.3M | $14.6M | $15.6M | $38.5M | $14.1M |
| Total operating expenses | $73.1M | −$44.2M | −$366.8M | $83.2M | $14.9M | $75.2M | $67.9M | $65.5M | $65.7M | $15.6M | $38.5M | $64.0M |
| Operating income | $117.4M | $113.2M | $111.1M | $111.0M | $111.9M | $114.9M | $124.1M | $123.5M | $117.5M | $118.0M | $181.5M | $126.3M |
| Interest expense | $31.5M | $30.9M | $29.5M | $139.8M | $29.1M | $26.1M | $22.4M | $22.8M | $22.8M | $22.9M | $23.7M | $23.2M |
| Income before taxes | $89.5M | $82.9M | $77.7M | $82.4M | $82.4M | $88.7M | $101.9M | $101.0M | $94.2M | $94.9M | $113.1M | $103.1M |
| Income taxes | — | — | — | $528,000 | — | — | $101.9M | −$553,000 | $222,000 | $331,000 | $200.1M | −$102.6M |
| Net income | $89.6M | $82.9M | $78.7M | $82.9M | $83.0M | $89.2M | $101.9M | $100.8M | $94.0M | $94.5M | $112.7M | $102.6M |
| EBITDA | $177.9M | $176.1M | $174.3M | $179.7M | $179.2M | $175.2M | $155.7M | $175.9M | $169.9M | $170.6M | $182.5M | $154.1M |
| EPS (diluted) | $0.63 | $0.36 | $0.64 | $0.36 | $0.36 | $0.39 | $0.45 | $0.44 | $0.41 | $0.42 | $0.50 | $0.45 |
| Gross margin | 66.5% | 24.5% | −90.5% | 68.1% | 44.9% | 69.6% | 71.7% | 69.8% | 68.8% | 51.1% | 82.5% | 71.1% |
| Operating margin | 41.0% | 40.2% | 39.3% | 38.9% | 39.6% | 42.1% | 46.3% | 45.6% | 44.1% | 45.2% | 68.0% | 47.1% |
| Net margin | 31.3% | 29.4% | 27.8% | 29.1% | 29.4% | 32.7% | 38.1% | 37.2% | 35.3% | 36.2% | 42.2% | 38.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CUBE's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CUBE financial results
In fiscal year 2025 (ended December 31, 2025), CubeSmart reported revenue of $1.1 billion, up 5.3% from the year before. It had net income of $333.8 million (down 14.7%), a net profit margin of 29.7%. Diluted earnings per share came to $1.75. Over five years revenue grew at an average rate of 10.6% a year.
See the CUBE stock overview for the latest quote and news, or the CUBE chart for price history and technical indicators.
CUBE income statement FAQ
What is CubeSmart's annual revenue?
CubeSmart reported total revenue of $1.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 5.3% from $1.1 billion the previous year.
Is CubeSmart profitable?
Yes. CubeSmart reported net income of $333.8 million in fiscal 2025, a net profit margin of 29.7%; its operating margin was 40.0%.
What is CubeSmart's gross margin?
CubeSmart's gross margin was 22.7% in fiscal 2025: for every $100 of revenue, CubeSmart kept $23 after the direct cost of its products and services.
How fast is CubeSmart growing?
Revenue grew 10.6% a year on average over the last five fiscal years, from $679.4 million to $1.1 billion.
What are CubeSmart's earnings per share?
CubeSmart earned $1.75 per diluted share in fiscal 2025, compared with $1.72 a year earlier.
When will CubeSmart report its next earnings?
CubeSmart is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 after the market closes.
When does CubeSmart's fiscal year end?
CubeSmart's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.