Cubesmart cash flow statement
In fiscal 2025, Cubesmart's operations generated $609m of cash; it spent $0 on capital projects, leaving free cash flow of $609m. It returned $476m in dividends and $31.9m through buybacks.
Cash flow statement
| Fiscal year | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | 292 | 304 | 332 | 351 | 449 | 591 | 611 | 631 | 609 | 601 |
| Depreciation and amortisation | 146 | 143 | 164 | 157 | 232 | 315 | 205 | 210 | 263 | 241 |
| Stock-based pay | 6 | 6 | 7 | 7 | 8 | 9 | 10 | 11 | 12 | 13 |
| Capital spending | 81 | 228 | 118 | — | — | — | — | 42 | 0 | — |
| Free cash flow | 211 | 77 | 213 | — | — | — | — | 589 | 609 | — |
| Free cash flow after stock pay | 206 | 71 | 207 | — | — | — | — | 577 | 597 | — |
| Dividends paid | 195 | 221 | 244 | 256 | 274 | 387 | 442 | 462 | 476 | 481 |
| Share buybacks | — | — | — | — | — | — | — | — | 32 | — |
| Shares issued | 30 | 132 | 196 | 121 | 966 | 5 | −0 | 118 | −0 | −0 |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 165 | 146 | 157 | 168 | 136 | 149 | 144 | 171 |
| Depreciation and amortisation | 54 | 60 | 66 | 67 | 67 | 63 | 56 | 56 |
| Stock-based pay | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Shares issued | 86 | −0 | −0 | −0 | −0 | −0 | −0 | −0 |
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