Cubesmart income statement
In fiscal 2025, Cubesmart reported revenue of $1.12bn, up 5.3% on the year before and net income of $334m, or $1.46 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 559 | 598 | 644 | 679 | 823 | 1,010 | 1,050 | 1,066 | 1,123 | 1,145 |
| Cost of revenue | 182 | 197 | 210 | 224 | 252 | 293 | 295 | 318 | 351 | 370 |
| Gross profit | 377 | 401 | 434 | 456 | 570 | 716 | 756 | 748 | 772 | 775 |
| General and administrative | 35 | 38 | 39 | 41 | 48 | 55 | 57 | 60 | 65 | 68 |
| Operating income | 196 | — | — | — | — | — | — | — | — | — |
| Interest expense | 57 | 62 | — | — | — | — | — | — | — | — |
| Net income | 134 | 164 | 169 | 166 | 223 | 291 | 411 | 391 | 334 | 346 |
| Diluted EPS | $0.74 | $0.88 | $0.88 | $0.85 | $1.09 | $1.29 | $1.82 | $1.72 | $1.46 | $1.52 |
| Diluted shares (average) | 181m | 185m | 192m | 195m | 205m | 226m | 226m | 227m | 229m | 228m |
| EBITDA | 341 | — | — | — | — | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 268 | 273 | 282 | 285 | 283 | 282 | 286 | 294 |
| Cost of revenue | 76 | 83 | 89 | 91 | 89 | 90 | 96 | 96 |
| Gross profit | 192 | 190 | 193 | 194 | 194 | 192 | 190 | 198 |
| General and administrative | 15 | 16 | 15 | 17 | 17 | 17 | 17 | 17 |
| Net income | 102 | 89 | 83 | 83 | 79 | 83 | 90 | 94 |
| Diluted EPS | $0.44 | $0.39 | $0.36 | $0.36 | $0.35 | $0.36 | $0.39 | $0.42 |
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