CubeSmart
Real EstateNYSE:CUBE · New York Stock Exchange
+$0.18 today
Vol 0.98M · Avg 2.29M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Earnings Waterfall
Revenue to Net Income
Key Ratios
Analysis
$1.1B of revenue converted into $327.5M of net income for the selected period. Gross margin is 11.8% and net margin is 28.9%, showing how much revenue survives after costs and taxes. EPS is $1.42, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B +5.3% | $1.1B +1.5% | $1.1B +4.0% | $1.0B +22.7% | $822.6M | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $867.7M +173.1% | $317.8M +7.8% | $294.8M +0.5% | $293.3M +16.3% | $252.1M | $725.6M | $804.0M | $882.4M |
| Gross Profit | $255.4M -65.9% | $748.5M -0.9% | $755.6M +5.5% | $716.4M +25.6% | $570.5M | $8.9B | $7.6B | $6.2B |
| Gross Margin | 22.7% -47.5pp | 70.2% -1.7pp | 71.9% +1.0pp | 71.0% +1.6pp | 69.4% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 | $0 | $0 | $0 | $0 | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $64.7M -24.5% | $85.7M +50.2% | $57.0M -25.9% | $77.0M +11.9% | $68.8M | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | -$193.5M -172.9% | $265.4M +2.7% | $258.3M -29.3% | $365.2M +30.5% | $279.9M | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $258.2M +25.5% | $205.7M +0.2% | $205.4M -33.9% | $310.6M +33.9% | $232.0M | $374.2M | $1.2B | $631.8M |
| EBITDA | $703.6M +2.1% | $688.8M -3.1% | $710.9M +17.9% | $603.1M +30.3% | $462.9M | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 62.6% -2.0pp | 64.6% -3.1pp | 67.7% +7.9pp | 59.7% +3.5pp | 56.3% | 5.6% | 46.3% | 42.0% |
| Operating Income | $448.9M -7.1% | $483.1M -2.8% | $497.3M +41.6% | $351.1M +20.8% | $290.6M | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 40.0% -5.3pp | 45.3% -2.0pp | 47.3% +12.6pp | 34.8% -0.6pp | 35.3% | 16.6% | 24.1% | 22.0% |
| Interest Income | $0 | $0 | $0 | $0 | $0 | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $114.1M | $0 | $0 | $0 | $0 | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | -$117.6M -28.9% | -$91.2M -7.5% | -$84.8M -44.6% | -$58.7M +1.9% | -$59.8M | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $331.3M -15.5% | $391.9M -5.0% | $412.4M +41.0% | $292.5M +26.7% | $230.8M | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 29.5% -7.3pp | 36.8% -2.5pp | 39.3% +10.3pp | 29.0% +0.9pp | 28.1% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $1.3B | -$1.6B | $745.2M |
| Net Income | $333.8M -14.7% | $391.2M -4.8% | $410.8M +41.0% | $291.3M +30.3% | $223.5M | $4.9B | $4.8B | $4.7B |
| Net Margin | 29.7% -7.0pp | 36.7% -2.4pp | 39.1% +10.3pp | 28.8% +1.7pp | 27.2% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $1 -15.6% | $2 -4.9% | $2 +41.1% | $1 +17.3% | $1 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $1 -15.1% | $2 -5.5% | $2 +41.1% | $1 +18.3% | $1 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $228.7M +1.0% | $226.4M +0.4% | $225.4M +0.2% | $224.9M +10.3% | $203.8M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $229.2M +0.9% | $227.2M +0.4% | $226.2M +0.2% | $225.9M +10.2% | $205.0M | $1.2B | $924.4M | $678.0M |
Older periods hidden.
Sign in to unlockCompetitors
Peer companies in the same sector
EastGroup Properties, Inc.
NYSE:EGP
$11.04B
Federal Realty Investment Trust
NYSE:FRT
$10.87B
Lineage, Inc.
NASDAQ:LINE
$10.11B
Brixmor Property Group Inc.
NYSE:BRX
$10.00B
NNN REIT, Inc.
NYSE:NNN
$8.86B
First Industrial Realty Trust, Inc.
NYSE:FR
$8.43B
Rexford Industrial Realty, Inc.
NYSE:REXR
$8.12B
STAG Industrial, Inc.
NYSE:STAG
$7.41B
SEC Filings
Recent regulatory filings
No filings found.
How much revenue does CUBE generate?
CubeSmart (CUBE) reported $1.12B of revenue in fiscal 2025.
Is CUBE profitable?
CubeSmart (CUBE) reported $333.78M of net income, with a net margin of 29.7%.
Explore More
Continue the stock analysis
Jump to another research area for this company.