Q2 2026 Revenue up 2% year over year to $286M · 31¢ of every $1 of revenue kept as net profit · operating margin 41.0%
CubeSmart made $286M in Q2 2026 (+2% Y/Y). Operating margin 41.0%, net earnings $89.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Jul 31, 2026.
Revenue$286M
Year over year+2%
Operating margin41.0%
Net earnings$89.6M
Operating cash flow$144M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $286.5M in Q2 2026, up 1% year over year and up 2% from the previous quarter.
Operating profit was $117.4M, a 41.0% margin (up 1.3 points year over year). Of the extra revenue versus Q2 2025, 131% reached operating profit, above the 40% margin then. Total costs fell 1% while revenue rose 1%. The fastest-growing cost line was General & admin (+16%). Net earnings were $89.6M, up 8% year over year. The effective tax rate was 0.0%.
Operating cash flow was $144.3M (down 8% year over year), 161% of net earnings. Non-cash charges added back $56.9M of depreciation and amortization and $3.3M of share-based compensation. Capital expenditures of $3.0M left free cash flow of $141.3M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
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
+5%
38.9%
$82.9M
$168M
Q2 2025
10-Q
Aug 1, 2025
$282M
+6%
39.6%
$83.0M
$157M
Q1 2025
10-Q
May 2, 2025
$273M
+4%
42.1%
$89.2M
$146M
Q4 2024
10-K
Feb 28, 2025
$268M
+1%
46.3%
$102M
$165M
Charts
Latest (Q2 2026): Y/Y +2%, Q/Q +2%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q1 2026): Net income $82.8M, Operating cash flow $149M.+17.6% since FY2020: more shares outstanding (issuance, stock pay).Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
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 against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +2% against the peers' median +11%. Operating margin: 41.0% against the peers' median 20.6%.