What is CubeSmart's earnings per share (EPS)?

CubeSmart (CUBE) reported diluted earnings per share of $1.46 for fiscal year 2025. This represents a -15.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

CubeSmart Financials

CUBE

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows CubeSmart (CUBE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

Rhea AI CUBE FY2025 2026-04-22

High cash conversion funds large cash payouts, but FY2025 showed a thinner balance-sheet cushion as leverage rose.

Across the last three years, operating cash flow stayed near $610M even as net income moved lower and became a less useful guide to spendable cash. Because receivables were only 0.9% of revenue in FY2025 and depreciation reached $263M, that gap looks structural: cash is collected quickly, while non-cash charges hold down reported profit.

The margin squeeze began at the gross profit line: gross margin eased from 71.9% to 68.7% over the last two years even though revenue kept expanding. That points to pressure in direct operating costs or revenue mix rather than an overhead blowout, because selling and admin expense was still just $64.7M in FY2025.

FY2025 also showed a thinner cash cushion: cash ended at only $5.8M after investment outflows reached $571M. At the same time, dividends of $476M exceeded earnings and debt-to-equity rose to 1.4x, so the company is leaning on ongoing cash generation instead of holding a large cash reserve.

Financial Health Signals

Financial Profile 42/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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.

Growth

CubeSmart's revenue grew 5.3% year-over-year to $1.1B, a solid pace of expansion. This earns a growth score of 39/100.

Leverage

CubeSmart carries a low D/E ratio of 1.42, meaning only $1.42 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 73/100, indicating a strong balance sheet with room for future borrowing.

Returns

CubeSmart's ROE of 12.2% shows moderate profitability relative to equity, earning a score of 40/100. This is down from 13.7% the prior year.

Piotroski F-Score Neutral

5/9

CubeSmart passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.84x

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

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Earnings & Revenue

Revenue

$1.1B

YoY+5.3%

5Y CAGR+10.6%

CubeSmart generated $1.1B in revenue in fiscal year 2025. This represents an increase of 5.3% from the prior year.

EBITDA

N/A

Net Income

$331.3M

YoY-15.5%

5Y CAGR+14.6%

10Y CAGR+15.6%

CubeSmart reported $331.3M in net income in fiscal year 2025. This represents a decrease of 15.5% from the prior year.

EPS (Diluted)

$1.46

YoY-15.1%

5Y CAGR+11.4%

10Y CAGR+13.3%

CubeSmart earned $1.46 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 15.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$5.8M

YoY-91.9%

5Y CAGR+10.0%

10Y CAGR-21.2%

CubeSmart held $5.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$2.09

YoY+2.0%

5Y CAGR+9.5%

10Y CAGR+11.7%

CubeSmart paid $2.09 per share in dividends in fiscal year 2025. This represents an increase of 2.0% from the prior year.

Shares Outstanding

227M

YoY-0.2%

5Y CAGR+2.9%

10Y CAGR+2.7%

CubeSmart had 227M shares outstanding in fiscal year 2025. This represents a decrease of 0.2% from the prior year.

Margins & Returns

Gross Margin

68.7%

YoY-1.5pp

5Y CAGR+1.6pp

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.

Operating Margin

N/A

Net Margin

29.5%

YoY-7.3pp

5Y CAGR+4.8pp

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.

Return on Equity

12.2%

YoY-1.5pp

5Y CAGR+3.0pp

10Y CAGR+7.5pp

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.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$31.9M

CubeSmart spent $31.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

CUBE Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.1B+5.3%	$1.1B+1.5%	$1.1B+4.0%	$1.0B+22.7%	$822.6M+21.1%	$679.2M
Cost of Revenue	$351.4M+10.6%	$317.8M+7.8%	$294.8M+0.5%	$293.3M+16.3%	$252.1M+12.7%	$223.6M
Gross Profit	$771.7M+3.1%	$748.5M-0.9%	$755.6M+5.5%	$716.4M+25.6%	$570.5M+25.2%	$455.5M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$64.7M+8.4%	$59.7M+4.6%	$57.0M+4.4%	$54.6M+14.3%	$47.8M+15.4%	$41.4M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$331.3M-15.5%	$391.9M-5.0%	$412.4M+41.0%	$292.5M+26.7%	$230.8M+37.7%	$167.6M
EPS (Diluted)	$1.46-15.1%	$1.72-5.5%	$1.82+41.1%	$1.29+18.3%	$1.09+28.2%	$0.85

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$282.7M-0.8%	$285.1M+1.0%	$282.3M+3.4%	$273.0M+2.0%	$267.7M-1.2%	$270.9M+1.8%	$266.2M+1.8%	$261.4M
Cost of Revenue	$88.6M-2.5%	$90.8M+2.0%	$89.0M+7.3%	$82.9M+9.5%	$75.7M-7.5%	$81.9M-1.5%	$83.1M+7.9%	$77.0M
Gross Profit	$194.1M-0.1%	$194.2M+0.5%	$193.3M+1.7%	$190.1M-1.0%	$192.0M+1.6%	$189.0M+3.2%	$183.1M-0.7%	$184.4M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$17.2M+4.1%	$16.5M+10.8%	$14.9M-7.3%	$16.1M+6.1%	$15.2M+6.2%	$14.3M-2.4%	$14.6M-6.4%	$15.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$77.7M-5.7%	$82.4M0.0%	$82.4M-7.1%	$88.7M-12.9%	$101.9M+0.9%	$101.0M+7.2%	$94.2M-0.7%	$94.9M
EPS (Diluted)	N/A	$0.360.0%	$0.36-7.7%	$0.39	N/A	$0.44+7.3%	$0.41-2.4%	$0.42

CUBE Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$6.6B+3.9%	$6.4B+2.7%	$6.2B-1.6%	$6.3B-3.4%	$6.5B+37.0%	$4.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$5.8M-91.9%	$71.6M+996.5%	$6.5M+7.6%	$6.1M-45.6%	$11.1M+210.1%	$3.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$9.7M-6.5%	$10.4M+16.0%	$8.9M+12.8%	$7.9M-2.6%	$8.1M+39.7%	$5.8M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.9B+12.2%	$3.4B+2.9%	$3.3B-2.4%	$3.4B-3.4%	$3.5B+32.1%	$2.7B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.7B-5.3%	$2.9B+2.6%	$2.8B-1.0%	$2.8B-1.6%	$2.9B+56.7%	$1.8B
Retained Earnings	-$1.6B-12.0%	-$1.4B-5.2%	-$1.3B-3.4%	-$1.3B-6.8%	-$1.2B-25.0%	-$974.8M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$6.6B-1.7%	$6.8B+0.7%	$6.7B-0.5%	$6.7B+5.4%	$6.4B+3.3%	$6.2B+0.1%	$6.2B-0.4%	$6.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$5.8M-94.7%	$108.4M+1140.1%	$8.7M-18.7%	$10.8M-85.0%	$71.6M+64.5%	$43.5M+669.2%	$5.7M+1.2%	$5.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$9.7M-1.3%	$9.8M-0.8%	$9.9M+8.9%	$9.1M-12.3%	$10.4M+5.2%	$9.9M+7.0%	$9.2M+16.5%	$7.9M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.9B-1.1%	$3.9B+2.2%	$3.8B+0.1%	$3.8B+11.0%	$3.4B+3.6%	$3.3B-0.5%	$3.3B-0.3%	$3.3B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.7B-2.3%	$2.8B-1.1%	$2.8B-1.1%	$2.8B-1.0%	$2.9B+3.1%	$2.8B+0.6%	$2.8B-0.4%	$2.8B
Retained Earnings	-$1.6B-4.6%	-$1.5B-2.3%	-$1.5B-2.5%	-$1.4B-2.1%	-$1.4B-0.3%	-$1.4B-1.9%	-$1.4B-1.6%	-$1.4B

CUBE Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$608.5M-3.6%	$631.1M+3.3%	$611.1M+3.3%	$591.5M+31.7%	$449.2M+28.0%	$351.0M
Capital Expenditures	N/A	$42.2M	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	$588.9M	N/A	N/A	N/A	N/A
Investing Cash Flow	-$571.3M-228.4%	-$174.0M-85.4%	-$93.8M-92.4%	-$48.8M+97.4%	-$1.9B-262.2%	-$511.4M
Financing Cash Flow	-$104.6M+73.0%	-$387.7M+25.2%	-$518.0M+5.3%	-$547.1M-138.8%	$1.4B+1203.7%	$108.2M
Dividends Paid	$476.3M+3.1%	$461.8M+4.4%	$442.2M+14.2%	$387.1M+41.4%	$273.8M+6.9%	$256.3M
Share Buybacks	$31.9M	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$136.5M-18.9%	$168.2M+6.8%	$157.5M+7.6%	$146.3M-11.1%	$164.7M+13.3%	$145.4M-14.9%	$170.9M+13.8%	$150.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$58.4M-170.8%	-$21.6M+10.4%	-$24.1M+94.9%	-$467.3M-362.3%	-$101.1M-452.5%	-$18.3M+10.1%	-$20.3M+40.6%	-$34.2M
Financing Cash Flow	-$182.6M-295.0%	-$46.2M+65.7%	-$134.8M-152.0%	$259.1M+928.9%	-$31.3M+64.9%	-$89.0M+41.0%	-$150.9M-29.5%	-$116.5M
Dividends Paid	$119.1M0.0%	$119.1M0.0%	$119.1M0.0%	$119.0M+2.7%	$115.9M+0.4%	$115.4M+0.1%	$115.3M0.0%	$115.3M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CUBE Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	68.7%-1.5pp	70.2%-1.7pp	71.9%+1.0pp	71.0%+1.6pp	69.3%+2.3pp	67.1%
Operating Margin	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%
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%
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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.42+0.2	1.200.0	1.19-0.0	1.21-0.0	1.24-0.2	1.47
FCF Margin	N/A	55.2%	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	68.7%+0.5pp	68.1%-0.3pp	68.5%-1.2pp	69.6%-2.1pp	71.7%+1.9pp	69.8%+1.0pp	68.8%-1.7pp	70.5%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	27.5%-1.4pp	28.9%-0.3pp	29.2%-3.3pp	32.5%-5.6pp	38.1%+0.8pp	37.3%+1.9pp	35.4%-0.9pp	36.3%
Return on Equity	2.9%-0.1pp	3.0%+0.0pp	2.9%-0.2pp	3.1%-0.4pp	3.5%-0.1pp	3.6%+0.2pp	3.4%0.0pp	3.4%
Return on Assets	1.2%-0.1pp	1.2%0.0pp	1.2%-0.1pp	1.3%-0.3pp	1.6%-0.0pp	1.6%+0.1pp	1.5%0.0pp	1.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.42+0.0	1.40+0.0	1.36+0.0	1.34+0.1	1.200.0	1.19-0.0	1.200.0	1.20
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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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.

Does CubeSmart buy back shares?

Yes, CubeSmart (CUBE) spent $31.9M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does CubeSmart have outstanding?

CubeSmart (CUBE) had 227M shares outstanding as of fiscal year 2025.

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 9, indicating neutral financial health. 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 42 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.