CubeSmart Financial Statements
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CubeSmart revenue and earnings
In fiscal 2025, CubeSmart generated $1.12 billion in revenue, up 5.3% from fiscal 2024, its 15th consecutive year of revenue growth. Net income was $331.3 million (-15.5% year over year), for a net margin of 29.5% versus a median of 29.0% in the prior 5 years. Gross margin was 68.7% (down from 70.2%).
Diluted earnings per share came in at $1.46, down from $1.72. Over the last 5 fiscal years, CUBE's revenue has grown at a 10.6% compound annual rate.
Summary generated from market data by MetaCap's automated system. Methodology
CubeSmart income statement (annual)
| Fiscal year (USD) | FY 20252025-12-31 | FY 20242024-12-31 | FY 20232023-12-31 | FY 20222022-12-31 | FY 20212021-12-31 | FY 20202020-12-31 | FY 20192019-12-31 | FY 20182018-12-31 | FY 20172017-12-31 | FY 20162016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1.12B | 1.07B | 1.05B | 1.01B | 822.56M | 679.18M | 643.91M | 597.94M | 558.94M | 510.04M |
| Revenue growth (YoY) | +5.33% | +1.51% | +4.03% | +22.74% | +21.11% | +5.48% | +7.69% | +6.98% | +9.59% | +14.74% |
| Cost of Revenue | 351.40M | 317.75M | 294.78M | 293.26M | 252.10M | 223.63M | 209.74M | 196.87M | 181.51M | 165.85M |
| Gross Profit | 771.71M | 748.48M | 755.55M | 716.36M | 570.46M | 455.54M | 434.18M | 401.08M | 377.44M | 344.19M |
| Operating Expenses | — | — | — | — | — | — | — | — | 181.72M | 201.24M |
| Operating Income | — | — | — | — | — | — | — | — | 195.72M | 142.95M |
| Interest Expense | — | — | — | — | — | — | — | 62.13M | 56.95M | 50.40M |
| Other Income (Expense) | 2.72M | 1.16M | 6.28M | -10.36M | -10.82M | -240.00K | 1.42M | 206.00K | 872.00K | 1.06M |
| Net Income | 331.32M | 391.88M | 412.44M | 292.47M | 230.81M | 167.61M | 170.77M | 163.89M | 134.29M | 87.91M |
| Net Income growth (YoY) | -15.46% | -4.98% | +41.02% | +26.71% | +37.71% | -1.85% | +4.20% | +22.04% | +52.76% | +13.12% |
| EPS (Basic) | 1.46 | 1.73 | 1.82 | 1.29 | 1.10 | 0.85 | 0.89 | 0.89 | 0.74 | 0.45 |
| EPS (Diluted) | 1.46 | 1.72 | 1.82 | 1.29 | 1.09 | 0.85 | 0.88 | 0.88 | 0.74 | 0.45 |
| Shares Outstanding (Basic) | 228.73M | 226.35M | 225.42M | 224.93M | 203.83M | 194.15M | 190.87M | 184.65M | 180.53M | 178.25M |
| Shares Outstanding (Diluted) | 229.16M | 227.15M | 226.24M | 225.88M | 205.01M | 194.94M | 191.58M | 185.50M | 181.45M | 179.53M |
| EBITDA | — | — | — | — | — | — | — | — | 341.40M | 304.82M |
| Gross Margin | 68.71% | 70.20% | 71.93% | 70.95% | 69.35% | 67.07% | 67.43% | 67.08% | 67.53% | 67.48% |
| Operating Margin | — | — | — | — | — | — | — | — | 35.02% | 28.03% |
| Net Margin | 29.50% | 36.75% | 39.27% | 28.97% | 28.06% | 24.68% | 26.52% | 27.41% | 24.03% | 17.23% |
This table shows 10 annual periods of CubeSmart's income statement, from FY 2025 back to FY 2016, across 16 line items including revenue, cost of revenue, gross profit. Values in USD; B = billions, M = millions. Fiscal periods follow CUBE's reporting calendar. What is a income statement?