Cubesmart income statement CUBE

Annual Quarterly

In fiscal 2025, which ended Dec 31, 2025, Cubesmart reported revenue of $1.1 billion, up 5.3% from the year before. Net income was $331.3 million, a profit margin of 29.5%. Diluted earnings per share were $1.46. Over the twelve months ended Mar 31, 2026, revenue was $1.1 billion and net income was $325.3 million. Across the 7 fiscal years shown, revenue grew from $643.9 million in fiscal 2019 to $1.1 billion in fiscal 2025, about 9.7% a year.

USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.

Line	FY 2026 Mar 31, 2026	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018	FY 2017 Dec 31, 2017	FY 2016 Dec 31, 2016
Revenue	1,132 +5.0%	1,123 +5.3%	1,066 +1.5%	1,050 +4.0%	1,010 +22.7%	823 +21.1%	679 +5.5%	644	—	—	—
Cost of revenue	359 +10.8%	351 +10.6%	318 +7.8%	295 +0.5%	293 +16.3%	252 +12.7%	224 +6.6%	210 +6.5%	197 +8.5%	182 +9.4%	166 +8.3%
Gross profit	773 +2.6%	772 +3.1%	748 -0.9%	756 +5.5%	716 +25.6%	570 +25.2%	456 +4.9%	434	—	—	—
Selling, general and administrative	66 +9.4%	65 +8.4%	60 +4.6%	57 +4.4%	55 +14.3%	48 +15.4%	41 +7.4%	39 +2.2%	38 +8.5%	35 +5.9%	33 +15.7%
Operating income	—	—	—	—	—	—	—	—	—	196 +36.9%	143 +32.5%
Net income	325 -15.7%	331 -15.5%	392 -5.0%	412 +41.0%	292 +26.7%	231 +37.7%	168 -1.9%	171 +3.2%	165 +22.0%	136 +53.4%	88 +12.2%
Net income to common	327 -15.1%	334 -14.7%	391 -4.8%	411 +41.0%	291 +30.3%	223 +34.9%	166 -2.1%	169 +3.2%	164 +22.0%	134 +68.0%	80 +11.5%
Basic EPS	1.43 -15.7%	1.46 -15.6%	1.73 -4.9%	1.82 +41.1%	1.29 +17.3%	1.10 +29.4%	0.85 -4.5%	0.89 +0.0%	0.89 +20.3%	0.74 +64.4%	0.45 +4.7%
Diluted EPS	1.43 -15.6%	1.46 -15.1%	1.72 -5.5%	1.82 +41.1%	1.29 +18.3%	1.09 +28.2%	0.85 -3.4%	0.88 +0.0%	0.88 +18.9%	0.74 +64.4%	0.45 +7.1%
Weighted average shares, basic	229 +0.6%	229 +1.0%	226 +0.4%	225 +0.2%	225 +10.3%	204 +5.0%	194 +1.7%	191 +3.4%	185 +2.3%	181 +1.3%	178 +5.7%
Weighted average shares, diluted	229 +0.5%	229 +0.9%	227 +0.4%	226 +0.2%	226 +10.2%	205 +5.2%	195 +1.8%	192 +3.3%	185 +2.2%	181 +1.1%	180 +5.5%
Other measures
Depreciation and amortization	265 +21.5%	263 +25.4%	210 +2.1%	205 -34.7%	315 +35.5%	232 +48.2%	157 -4.3%	164 +14.1%	143 -1.6%	146 -10.0%	162 +6.6%
EBITDA	—	—	—	—	—	—	—	—	—	341 +12.0%	305 +17.4%
Margins
Gross margin	68.33%	68.71%	70.20%	71.93%	70.95%	69.35%	67.07%	67.43%	—	—	—
Profit margin	28.74%	29.50%	36.75%	39.27%	28.97%	28.06%	24.68%	26.52%	—	—	—

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. The first column is the trailing twelve months through the latest quarter. More on our methodology.

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Company profile

Industry: Real Estate Investment Trusts (SIC 6798)
Listed as: CUBE (NYSE)
Fiscal year ends: December 31
Incorporated in: MD
Headquarters: Malvern, PA
SEC filer status: Large accelerated filer
SEC CIK: 1298675
Former names: U-Store-It Trust (until Aug 30, 2011)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.