SmartStop Self Storage REIT, Inc. (SMA) Income Statement
SMA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSMA revenue and net income
Where SMA's revenue goes
2025Each bar shows an amount and its share of revenue. SMA kept −0.6% of revenue as net income.
SMA profit margins
SMA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +18.6% | +10.9% | +17.8% | — |
| Gross profit | −83.5% | −44.1% | −19.5% | — |
| Operating income | −14.7% | −3.6% | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | −7.2% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SMA quarterly EPS vs estimates
SmartStop Self Storage REIT beat the analyst EPS estimate in 2 of the last 7 quarters. Next report: November 4, 2026 (estimate $0.50).
SMA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Revenue | $281.1M | $237.0M | $233.0M | $206.3M | $168.8M | $124.0M |
| Cost of revenue | $255.1M | $137.2M | $74.5M | $57.4M | $53.9M | $46.9M |
| Gross profit | $26.1M | $157.7M | $158.5M | $148.9M | $114.9M | $77.1M |
| Sales, general & admin | $38.2M | $29.9M | $27.5M | $28.3M | $23.3M | $16.5M |
| Total operating expenses | −$33.0M | $88.5M | $87.9M | $83.0M | $98.4M | $98.3M |
| Operating income | $59.0M | $69.2M | $70.6M | $65.9M | $16.5M | −$21.1M |
| Interest income | $4.4M | $3.2M | $3.4M | $1.8M | $110,942 | — |
| Interest expense | $59.9M | $72.3M | $61.8M | $41.5M | $33.4M | $36.1M |
| Income before taxes | $164,000 | −$4.4M | $9.1M | $21.1M | −$21.4M | −$57.0M |
| Income taxes | $1.9M | $1.5M | −$2.6M | −$555,000 | −$1.8M | −$5.8M |
| Net income | −$1.5M | −$5.6M | $9.8M | $18.8M | −$16.9M | −$44.3M |
| EBITDA | $133.3M | $124.0M | $131.1M | $127.2M | $65.4M | $21.1M |
| EPS (diluted) | $0.16 | −$0.15 | $0.10 | $0.20 | −$0.21 | −$0.74 |
| Gross margin | 9.3% | 66.5% | 68.0% | 72.2% | 68.1% | 62.2% |
| Operating margin | 21.0% | 29.2% | 30.3% | 31.9% | 9.8% | −17.0% |
| Net margin | −0.6% | −2.4% | 4.2% | 9.1% | −10.0% | −35.7% |
| 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 | $79.3M | $78.3M | $1.4M | $1.5M | $66.8M | $725,000 | $60.6M | $60.2M | $59.2M | $57.0M | $57.6M | $58.7M |
| Cost of revenue | $71.1M | $73.5M | $13.3M | $12.5M | $27.2M | $22.0M | $20.4M | $21.2M | $19.9M | $19.9M | $18.4M | $19.1M |
| Gross profit | $8.2M | $4.8M | −$11.9M | −$11.0M | $39.6M | −$21.3M | $40.4M | $39.6M | $39.3M | $37.2M | $39.2M | $39.7M |
| Sales, general & admin | $9.9M | $9.1M | $8.2M | $10.4M | $11.7M | $7.8M | $7.5M | $7.2M | $7.8M | $7.4M | $7.5M | $6.3M |
| Total operating expenses | −$13.8M | −$10.8M | −$15.3M | −$17.1M | $29.4M | −$16.4M | $22.4M | $21.9M | $21.6M | $21.2M | $22.2M | $21.5M |
| Operating income | $22.0M | $15.6M | $3.3M | $6.2M | $10.3M | −$4.8M | $17.8M | $17.7M | $17.7M | $16.0M | $17.0M | $18.1M |
| Interest income | $2.1M | $2.0M | $1.4M | $1.5M | $723,000 | $725,000 | $872,000 | $1.0M | $667,000 | $684,000 | — | — |
| Interest expense | $13.3M | $13.1M | $13.3M | $12.5M | $12.0M | $22.0M | $19.4M | $19.1M | $17.3M | $16.6M | $16.3M | $15.9M |
| Income before taxes | $12.5M | $10.5M | $3.3M | $6.2M | −$4.5M | −$4.8M | $239,000 | −$3.0M | −$358,000 | −$1.3M | $666,848 | $1.9M |
| Income taxes | $379,000 | $331,000 | $363,000 | $615,000 | $318,000 | $606,000 | $391,000 | $404,000 | $347,000 | $342,000 | −$1.7M | −$1.1M |
| Net income | $11.2M | $9.6M | $2.8M | $5.2M | −$4.6M | −$5.0M | −$291,000 | −$3.1M | −$713,000 | −$1.5M | $2.0M | $2.5M |
| EBITDA | $45.5M | $43.7M | $36.7M | $37.9M | $24.9M | $33.9M | $34.2M | $30.2M | $30.7M | $28.9M | $31.6M | $32.6M |
| EPS (diluted) | $0.49 | $0.09 | $0.15 | $0.47 | −$0.15 | −$0.31 | −$0.15 | — | — | — | — | — |
| Gross margin | 10.3% | 6.2% | −862.6% | −715.2% | 59.3% | −2,937.5% | 66.6% | 65.9% | 66.4% | 65.1% | 68.1% | 67.5% |
| Operating margin | 27.7% | 20.0% | 240.8% | 401.2% | 15.4% | −669.0% | 29.4% | 29.4% | 29.9% | 28.0% | 29.5% | 30.9% |
| Net margin | 14.2% | 12.2% | 201.0% | 340.3% | −6.9% | −683.2% | −0.5% | −5.1% | −1.2% | −2.7% | 3.5% | 4.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SMA's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SMA financial results
In fiscal year 2025 (ended December 31, 2025), SmartStop Self Storage REIT reported revenue of $281.1 million, up 18.6% from the year before. It had a net loss of $1.5 million, a net profit margin of −0.6%. Diluted earnings per share came to $0.16. Over five years revenue grew at an average rate of 17.8% a year.
See the SMA stock overview for the latest quote and news, or the SMA chart for price history and technical indicators.
SMA income statement FAQ
What is SmartStop Self Storage REIT's annual revenue?
SmartStop Self Storage REIT reported total revenue of $281.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 18.6% from $237.0 million the previous year.
Is SmartStop Self Storage REIT profitable?
No. SmartStop Self Storage REIT reported a net loss of $1.5 million in fiscal 2025, a net profit margin of −0.6%; its operating margin was 21.0%.
What is SmartStop Self Storage REIT's gross margin?
SmartStop Self Storage REIT's gross margin was 9.3% in fiscal 2025: for every $100 of revenue, SmartStop Self Storage REIT kept $9 after the direct cost of its products and services.
How fast is SmartStop Self Storage REIT growing?
Revenue grew 17.8% a year on average over the last five fiscal years, from $124.0 million to $281.1 million.
What are SmartStop Self Storage REIT's earnings per share?
SmartStop Self Storage REIT earned $0.16 per diluted share in fiscal 2025, compared with $-0.15 a year earlier.
When will SmartStop Self Storage REIT report its next earnings?
SmartStop Self Storage REIT is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does SmartStop Self Storage REIT's fiscal year end?
SmartStop Self Storage REIT's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.