CubeSmart Financials
CubeSmart (CUBE) reported $1.1B in revenue for fiscal year 2025, up 5.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
CUBE's high-margin, asset-heavy operations convert revenue into cash, but capital returns and reinvestment keep liquidity consistently lean.
Cash generation is stronger than earnings: operating cash flow of$609M was far above net income of$331M in the latest year, not just as a one-period spike. Because the same relationship held in FY2024 and receivables stayed minimal, earnings are being dampened by noncash asset charges more than by slow collections or one-off working-capital releases.
Recent growth has been lower-quality than the headline revenue line suggests. Profitability per dollar of sales narrowed as gross margin slipped from
Liquidity is deliberately thin: year-end cash was only
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of CubeSmart's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for CubeSmart, and counted as zero in the overall score.
Not available for CubeSmart, and counted as zero in the overall score.
CubeSmart passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, CubeSmart generates $1.84 in operating cash flow ($608.5M OCF vs $331.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
CubeSmart generated $1.1B in revenue in fiscal year 2025. This represents an increase of 5.3% from the prior year.
CubeSmart reported $331.3M in net income in fiscal year 2025. This represents a decrease of 15.5% from the prior year.
CubeSmart earned $1.46 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 15.1% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
CubeSmart held $5.8M in cash as of fiscal year 2025; long-term debt is not reported for that period.
CubeSmart paid $2.09 per share in dividends in fiscal year 2025. This represents an increase of 2.0% from the prior year.
Not reported for fiscal year 2025.
Margins & Returns
CubeSmart's gross margin was 68.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.5 percentage points from the prior year.
CubeSmart's net profit margin was 29.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 7.3 percentage points from the prior year.
CubeSmart's ROE was 12.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
CubeSmart spent $31.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
CUBE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.1B+5.3% | $1.1B+1.5% | $1.1B+4.0% | $1.0B+22.7% | $822.6M+21.1% | $679.2M+5.5% | $643.9M+7.7% | $597.9M+7.0% | $558.9M | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | $358.5M | $351.4M+10.6% | $317.8M+7.8% | $294.8M+0.5% | $293.3M+16.3% | $252.1M+12.7% | $223.6M+63.8% | $136.5M-30.7% | $196.9M+8.5% | $181.5M+9.4% | $165.8M+8.3% | $153.2M+15.4% | $132.7M+12.2% | $118.2M+14.2% | $103.5M+18.2% | $87.6M |
| Gross Profit | $773.5M | $771.7M+3.1% | $748.5M-0.9% | $755.6M+5.5% | $716.4M+25.6% | $570.5M+25.2% | $455.5M-10.2% | $507.4M+26.5% | $401.1M+6.3% | $377.4M | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $65.8M | $64.7M+8.4% | $59.7M+4.6% | $57.0M+4.4% | $54.6M+14.3% | $47.8M+15.4% | $41.4M+7.4% | $38.6M+2.2% | $37.7M+8.5% | $34.7M+5.9% | $32.8M+15.7% | $28.4M-0.2% | $28.4M-3.9% | $29.6M+13.1% | $26.1M+5.8% | $24.7M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $195.7M+36.9% | $143.0M+32.5% | $107.9M+32.3% | $81.5M+49.8% | $54.4M+128.9% | $23.8M-35.3% | $36.8M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $62.1M+9.1% | $57.0M+13.0% | $50.4M+15.2% | $43.7M-6.6% | $46.8M+15.8% | $40.4M+0.3% | $40.3M+23.0% | $32.8M |
| Net Income | $325.3M | $331.3M-15.5% | $391.9M-5.0% | $412.4M+41.0% | $292.5M+26.7% | $230.8M+37.7% | $167.6M-1.9% | $170.8M+4.2% | $163.9M+22.0% | $134.3M+52.8% | $87.9M+13.1% | $77.7M+194.6% | $26.4M-36.4% | $41.4M+2181.1% | $1.8M+556.5% | -$398K |
| EPS (Diluted) | — | $1.46-15.1% | $1.72-5.5% | $1.82+41.1% | $1.29+18.3% | $1.09+28.2% | $0.85-3.4% | $0.880.0% | $0.88+18.9% | $0.74+64.4% | $0.45+7.1% | $0.42+200.0% | $0.14-46.2% | $0.26+966.7% | -$0.03-50.0% | -$0.02 |
Not reported in any period shown, so not listed: R&D Expenses, Income Tax.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CUBE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.6B+3.9% | $6.4B+2.7% | $6.2B-1.6% | $6.3B-3.4% | $6.5B+37.0% | $4.8B+18.6% | $4.0B+7.4% | $3.8B+5.9% | $3.5B+2.0% | $3.5B+11.9% | $3.1B+11.4% | $2.8B+18.1% | $2.4B+9.7% | $2.2B+14.6% | $1.9B |
| Cash & Equivalents | $5.8M-91.9% | $71.6M+996.5% | $6.5M+7.6% | $6.1M-45.6% | $11.1M+210.1% | $3.6M-93.5% | $54.9M+1357.4% | $3.8M-28.5% | $5.3M+77.2% | $3.0M-95.3% | $62.9M+2067.1% | $2.9M-8.7% | $3.2M-29.3% | $4.5M-50.4% | $9.1M |
| Accounts Receivable | $9.7M-6.5% | $10.4M+16.0% | $8.9M+12.8% | $7.9M-2.6% | $8.1M+39.7% | $5.8M-8.7% | $6.4M+12.6% | $5.7M+3.2% | $5.5M+24.0% | $4.4M-63.4% | $12.1M+185.7% | $4.2M-14.5% | $5.0M-51.4% | $10.2M+177.7% | $3.7M |
| Total Liabilities | $3.9B+12.2% | $3.4B+2.9% | $3.3B-2.4% | $3.4B-3.4% | $3.5B+32.1% | $2.7B+24.4% | $2.2B+9.1% | $2.0B+6.7% | $1.9B+5.5% | $1.8B+26.3% | $1.4B+8.3% | $1.3B+4.7% | $1.2B+10.5% | $1.1B+33.9% | $830.9M |
| Total Equity | $2.7B-5.3% | $2.9B+2.6% | $2.8B-1.0% | $2.8B-1.6% | $2.9B+56.7% | $1.8B+1.8% | $1.8B+5.2% | $1.7B+4.9% | $1.6B-1.6% | $1.7B+0.7% | $1.6B+13.5% | $1.4B+32.6% | $1.1B+10.4% | $989.8M+3.5% | $955.9M |
| Retained Earnings | -$1.6B-12.0% | -$1.4B-5.2% | -$1.3B-3.4% | -$1.3B-6.8% | -$1.2B-25.0% | -$974.8M-11.2% | -$876.6M-10.7% | -$791.9M-8.6% | -$729.3M-10.7% | -$658.6M-12.6% | -$584.7M-12.6% | -$519.2M-17.8% | -$440.8M-7.5% | -$410.2M-19.9% | -$342.0M |
Not reported in any period shown, so not listed: Current Assets, Inventory, Goodwill, Current Liabilities, Long-Term Debt.
CUBE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $611.0M | $608.5M-3.6% | $631.1M+3.3% | $611.1M+3.3% | $591.5M+31.7% | $449.2M+28.0% | $351.0M+5.8% | $331.8M+9.0% | $304.3M+4.3% | $291.9M+10.9% | $263.3M+21.2% | $217.3M+30.9% | $166.0M+16.2% | $142.9M+20.6% | $118.4M+40.4% | $84.3M |
| Capital Expenditures | N/A | N/A | $42.2M | N/A | N/A | N/A | N/A | $118.3M-48.0% | $227.5M+182.1% | $80.7M | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | $588.9M | N/A | N/A | N/A | N/A | $213.5M+177.9% | $76.8M-63.6% | $211.3M | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$125.7M | -$571.3M-228.4% | -$174.0M-85.4% | -$93.8M-92.4% | -$48.8M+97.4% | -$1.9B-262.2% | -$511.4M-36.1% | -$375.7M-16.6% | -$322.3M-114.4% | -$150.3M+73.1% | -$559.3M-49.3% | -$374.6M+28.3% | -$522.7M-84.7% | -$282.9M-4.0% | -$271.9M+38.5% | -$442.1M |
| Financing Cash Flow | -$491.6M | -$104.6M+73.0% | -$387.7M+25.2% | -$518.0M+5.3% | -$547.1M-138.8% | $1.4B+1203.7% | $108.2M+12.9% | $95.9M+528.6% | $15.2M+110.6% | -$143.3M-165.3% | $219.4M+1.0% | $217.3M-39.0% | $356.4M+156.9% | $138.7M-6.8% | $148.9M-58.7% | $361.0M |
| Dividends Paid | $478.3M | $476.3M+3.1% | $461.8M+4.4% | $442.2M+14.2% | $387.1M+41.4% | $273.8M+6.9% | $256.3M+5.1% | $243.9M+10.2% | $221.3M+13.5% | $195.0M+30.6% | $149.3M+39.4% | $107.1M+41.2% | $75.8M+28.2% | $59.2M+48.8% | $39.8M+42.8% | $27.8M |
| Share Buybacks | N/A | $31.9M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CUBE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.7%-1.5pp | 70.2%-1.7pp | 71.9%+1.0pp | 71.0%+1.6pp | 69.3%+2.3pp | 67.1%-11.7pp | 78.8%+11.7pp | 67.1%-0.5pp | 67.5% | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 35.0% | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 29.5%-7.3pp | 36.8%-2.5pp | 39.3%+10.3pp | 29.0%+0.9pp | 28.1%+3.4pp | 24.7%-1.8pp | 26.5%-0.9pp | 27.4%+3.4pp | 24.0% | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | 12.2%-1.5pp | 13.7%-1.1pp | 14.7%+4.4pp | 10.3%+2.3pp | 8.0%-1.1pp | 9.2%-0.3pp | 9.5%-0.1pp | 9.6%+1.3pp | 8.2%+2.9pp | 5.3%+0.6pp | 4.7%+2.9pp | 1.8%-2.0pp | 3.8%+3.6pp | 0.2%+0.2pp | 0.0% |
| Return on Assets | 5.0%-1.1pp | 6.1%-0.5pp | 6.6%+2.0pp | 4.6%+1.1pp | 3.5%0.0pp | 3.5%-0.7pp | 4.2%-0.1pp | 4.4%+0.6pp | 3.8%+1.3pp | 2.5%0.0pp | 2.5%+1.6pp | 0.9%-0.8pp | 1.8%+1.7pp | 0.1%+0.1pp | 0.0% |
| Debt-to-Equity | 1.42+0.2x | 1.200.0x | 1.190.0x | 1.210.0x | 1.24-0.2x | 1.47+0.3x | 1.200.0x | 1.160.0x | 1.14+0.1x | 1.06+0.2x | 0.850.0x | 0.89-0.2x | 1.130.0x | 1.12+0.3x | 0.87 |
| FCF Margin | N/A | 55.2% | N/A | N/A | N/A | N/A | 33.1%+20.3pp | 12.8%-24.9pp | 37.8% | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Current Ratio.
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Where CubeSmart Ranks
Frequently Asked Questions
What is CubeSmart's annual revenue?
CubeSmart (CUBE) reported $1.1B in total revenue for fiscal year 2025. This represents a 5.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is CubeSmart's revenue growing?
CubeSmart (CUBE) revenue grew by 5.3% year-over-year, from $1.1B to $1.1B in fiscal year 2025.
Is CubeSmart profitable?
Yes, CubeSmart (CUBE) reported a net income of $331.3M in fiscal year 2025, with a net profit margin of 29.5%.
What is CubeSmart's gross margin?
CubeSmart (CUBE) had a gross margin of 68.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is CubeSmart's net profit margin?
CubeSmart (CUBE) had a net profit margin of 29.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does CubeSmart pay dividends?
Yes, CubeSmart (CUBE) paid $2.09 per share in dividends during fiscal year 2025.
What is CubeSmart's return on equity (ROE)?
CubeSmart (CUBE) has a return on equity of 12.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is CubeSmart's operating cash flow?
CubeSmart (CUBE) generated $608.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are CubeSmart's total assets?
CubeSmart (CUBE) had $6.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What is CubeSmart's debt-to-equity ratio?
CubeSmart (CUBE) had a debt-to-equity ratio of 1.42 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is CubeSmart's return on assets (ROA)?
CubeSmart (CUBE) had a return on assets of 5.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is CubeSmart's Piotroski F-Score?
CubeSmart (CUBE) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are CubeSmart's earnings high quality?
CubeSmart (CUBE) has an earnings quality ratio of 1.84x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is CubeSmart?
CubeSmart (CUBE) scores 39 out of 100 on our Financial Health Score, indicating weak standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.