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CubeSmart, L.P. earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 30, 2026
Q3 2026 Revenue up 3% year over year to $294M · 32¢ of every $1 of revenue kept as net profit · operating margin 42.8%
CubeSmart, L.P. made $294M in Q3 2026 (+3% Y/Y). Operating margin 42.8%, net earnings $94.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.
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What changed this quarter
Revenue was $294.0M in Q3 2026, up 3% year over year and up 3% from the previous quarter.
Operating profit was $125.7M, a 42.8% margin (up 3.8 points year over year). Of the extra revenue versus Q3 2025, 165% reached operating profit, above the 39% margin then. Total costs fell 3% while revenue rose 3%. Net earnings were $94.4M, up 14% year over year. The effective tax rate was 0.0%.
Operating cash flow was $171.1M (up 2% year over year), 181% of net earnings. Non-cash charges added back $57.0M of depreciation and amortization and $3.0M of share-based compensation. Working capital and other items added $16.8M. Capital expenditures of $4.8M left free cash flow of $166.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 30, 2026 | $294M | +3% | 42.8% | $94.4M | $171M |
| Q2 2026 | 10-Q | Jul 31, 2026 | $286M | +2% | 41.0% | $89.6M | $144M |
| Q1 2026 | 10-Q | May 1, 2026 | $282M | +3% | 40.2% | $82.9M | $149M |
| Q4 2025 | 10-K | Feb 27, 2026 | $283M | +6% | 39.3% | $78.7M | $136M |
| Q3 2025 | 10-Q | Oct 31, 2025 | $285M | — | 38.9% | $82.9M | $168M |
| Q2 2025 | 10-Q | Aug 1, 2025 | $282M | — | 39.6% | $83.0M | $157M |
| Q1 2025 | 10-Q | May 2, 2025 | $273M | +4% | 42.1% | $89.2M | $146M |
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About CubeSmart, L.P.
We are a self-administered and self-managed real estate company focused primarily on the ownership, operation, development, management, and acquisition of self-storage properties in the United States. The Parent Company was formed in July 2004 as a Maryland REIT. The Parent Company owns its assets and conducts its business through the Operating Partnership and its subsidiaries. The Parent Company controls the Operating Partnership as its sole general partner and, as of December 31, 2025, owned a 99.6% interest in the Operating Partnership. The Operating Partnership was formed in July 2004 as a Delaware limited partnership and has been engaged in virtually all aspects of the self-storage business, including the ownership, operation, development, management, and acquisition of self-storage properties.
In its own words, from its 10-K, filed Feb 27, 2026.
CubeSmart, L.P. against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +3% against the peers' median +11%. Operating margin: 42.8% against the peers' median 20.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| CubeSmart, L.P. | Q3 2026 | $294M | +3% | 42.8% |
| WELL Welltower | Q3 2026 | $3.7B | +38% | 9.1% |
| AMT American Tower | Q3 2026 | $2.8B | +2% | 45.6% |
| EQIX Equinix | Q3 2026 | $2.6B | +11% | 23.3% |
| PLD Prologis | Q1 2026 | $2.3B | +7% | 52.7% |
| IRM Iron Mountain | Q3 2026 | $2.0B | +14% | 20.6% |
| DLR Digital Realty Trust | Q3 2026 | $1.9B | +21% | 15.9% |
| WY Weyerhaeuser | Q3 2026 | $1.9B | +8% | 5.4% |
| VTR Ventas | Q3 2026 | $1.8B | +23% | 2.9% |
Source: CubeSmart, L.P. 10-Q on SEC EDGAR · CIK 1300485 · Real Estate Investment Trusts