CUBE

MKT CAP:$9B

CubeSmart

Market Cap

$9B

Real Estate·REIT - Industrial·🇺🇸 United States·NYSE

Real Estate·REIT - Industrial·🇺🇸·NYSE

Stock Price

$39.09+$3.69 (+10.42%)

Apr 22, 2026

Company Details

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. Acc...

CEO

Christopher Marr

IPO Date

Oct 22, 2004

Website

www.cubesmart.com

Key Metrics TTM

Revenue

$1.1B

+4.0% YoY

Net Income

$357M

EPS (Diluted)

$1.56

Free Cash Flow

$651M

Revenue / Share

$4.83

Gross Margin

63.4%

Operating Margin

41.7%

Net Margin

32.2%

FCF Margin

58.8%

P/S

8.1x

P/E

25.3x

Earnings Reports

Q4 2025

Apr 30, 2026

PENDING

FY 2025

Feb 27, 2026

$1.1B+5.3%EPS $1.46

Q3 2025

Oct 31, 2025

$285M+5.2%EPS $0.36

Q2 2025

Aug 1, 2025

$282M+6.0%EPS $0.36

Q1 2025

May 2, 2025

$273M+4.4%EPS $0.39

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$213M	$149M	$137M
Q1 22	$239M	$168M	$154M
Q2 22	$249M	$176M	$162M
Q3 22	$262M	$186M	$172M
Q4 22	$262M	$212M	$177M
Q1 23	$257M	$186M	$172M
Q2 23	$262M	$187M	$172M
Q3 23	$268M	$190M	$126M
Q4 23	$267M	$220M	$181M
Q1 24	$261M	$134M	$118M
Q2 24	$266M	$183M	$117M
Q3 24	$271M	$189M	$124M
Q4 24	$268M	$192M	$124M
Q1 25	$273M	$190M	$115M
Q2 25	$282M	$127M	$112M
Q3 25	$285M	$194M	$111M

Valuation

Quarter	P/S	P/E
Q3 21	11.6x	40.1x
Q1 22	10.7x	41.7x
Q2 22	10.0x	38.7x
Q3 22	9.4x	30.4x
Q4 22	8.9x	31.0x
Q1 23	8.8x	25.7x
Q2 23	8.6x	23.1x
Q3 23	8.6x	23.8x
Q4 23	8.6x	22.0x
Q1 24	8.5x	22.1x
Q2 24	8.5x	22.3x
Q3 24	8.5x	22.5x
Q4 24	8.5x	23.1x
Q1 25	8.4x	23.4x
Q2 25	8.2x	24.1x
Q3 25	8.1x	25.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$126M	$126M
Q1 22	$131M	$131M
Q2 22	$154M	$154M
Q3 22	$162M	$162M
Q4 22	$145M	$145M
Q1 23	$137M	$137M
Q2 23	$162M	$162M
Q3 23	$170M	$170M
Q4 23	$146M	$146M
Q1 24	$150M	$150M
Q2 24	$171M	$171M
Q3 24	$145M	$145M
Q4 24	$165M	$165M
Q1 25	$146M	$146M
Q2 25	$157M	$157M
Q3 25	$168M	$183M

Capital Expenditures

Quarter	CapEx
Q3 21	$0
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$15M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+30.4%	+17.4%
Q1 22	+38.5%	+26.4%
Q2 22	+31.7%	+20.9%
Q3 22	+31.3%	+19.7%
Q4 22	+22.9%	+12.2%
Q1 23	+7.7%	+0.8%
Q2 23	+4.9%	+2.2%
Q3 23	+2.1%	+57.1%
Q4 23	+1.7%	-0.2%
Q1 24	+1.6%	+67.1%
Q2 24	+1.8%	+66.9%
Q3 24	+1.1%	+4.1%
Q4 24	+0.4%	+68.5%
Q1 25	+4.4%	+10.3%
Q2 25	+6.0%	+14.6%
Q3 25	+5.2%	+18.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$2M	0.9%
Q1 22	$2M	0.9%
Q2 22	$2M	0.9%
Q3 22	$2M	0.9%
Q4 22	$2M	0.9%
Q1 23	$3M	1.0%
Q2 23	$2M	0.9%
Q3 23	$3M	1.0%
Q4 23	$3M	1.0%
Q1 24	$3M	1.1%
Q2 24	$3M	1.1%
Q3 24	$3M	1.1%
Q4 24	$3M	1.1%
Q1 25	$3M	1.2%
Q2 25	$3M	0.9%
Q3 25	$3M	1.0%

OpEx Breakdown

Quarter	G&A	S&M
Q3 21	$12M	—
Q1 22	$15M	—
Q2 22	$14M	—
Q3 22	$13M	—
Q4 22	$13M	$22M
Q1 23	$15M	—
Q2 23	$14M	—
Q3 23	$14M	—
Q4 23	$14M	$25M
Q1 24	$16M	—
Q2 24	$15M	—
Q3 24	$14M	—
Q4 24	$15M	—
Q1 25	$16M	—
Q2 25	$15M	—
Q3 25	$17M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$8M	$0	$8M
Q2 22	$5M	$0	$5M
Q3 22	$5M	$0	$5M
Q4 22	$6M	$0	$6M
Q1 23	$6M	$0	$6M
Q2 23	$9M	$0	$9M
Q3 23	$8M	$0	$8M
Q4 23	$7M	$0	$7M
Q1 24	$6M	$0	$6M
Q2 24	$6M	$0	$6M
Q3 24	$44M	$0	$44M
Q4 24	$72M	$0	$72M
Q1 25	$11M	$0	$11M
Q2 25	$9M	$0	$9M
Q3 25	$108M	$0	$108M
Q4 25	$6M	$0	$6M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	204M	+0.5%	+4.9%
Q1 22	226M	+10.8%	+16.0%
Q2 22	226M	+0.1%	+12.8%
Q3 22	226M	+0.0%	+11.4%
Q4 22	226M	-0.0%	+10.8%
Q1 23	226M	+0.1%	+0.2%
Q2 23	226M	+0.0%	+0.2%
Q3 23	226M	-0.0%	+0.1%
Q4 23	226M	+0.0%	+0.2%
Q1 24	227M	+0.1%	+0.2%
Q2 24	227M	+0.0%	+0.2%
Q3 24	227M	+0.2%	+0.4%
Q4 24	228M	+0.6%	+1.0%
Q1 25	229M	+0.3%	+1.1%
Q2 25	229M	+0.0%	+1.2%
Q3 25	229M	-0.0%	+0.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$68.6K	3K
Q1 22	$82.6K	3K
Q2 22	$86.2K	3K
Q3 22	$90.7K	3K
Q4 22	$90.7K	3K
Q1 23	$89.0K	3K
Q2 23	$90.5K	3K
Q3 23	$92.6K	3K
Q4 23	$92.2K	3K
Q1 24	$90.4K	3K
Q2 24	$92.1K	3K
Q3 24	$93.7K	3K
Q4 24	$92.6K	3K
Q1 25	$94.4K	3K
Q2 25	$97.6K	3K
Q3 25	$98.6K	3K

Revenue / Employee