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CubeSmart cash flow, quarter by quarter

Latest: Q1 2026 · from the cash-flow statements filed with the SEC

Free cash flow$139M in Q1 2026 · $581M over twelve months

Operating cash flow$149M
Capital spending−$10.0M
Free cash flow+$139M
Cash / net income1.8×

Analysis

In Q1 2026, CubeSmart generated $149M of operating cash flow and spent $10.0M on capital projects, leaving free cash flow of $139M. That is $492K more than in Q1 2025 ($138M).

Over the twelve months to Mar 31, 2026, operating cash flow was $611M; the largest uses were dividends ($478M), other investing ($95.6M), other financing ($36.2M); besides operations, cash came from net borrowing (+) / repaid (−) ($32.7M); the cash balance fell by $6.3M.

Operating cash flow was $149M against net income of $82.8M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$62.5M, payables −$6.4M, prepaid and other assets +$5.0M.

Free cash flow

CubeSmart: free cash flow by quarterCubeSmart: free cash flow by quarter$160MQ2 2024$138MQ3 2024$158MQ4 2024$138MQ1 2025$147MQ2 2025$161MQ3 2025$134MQ4 2025$139MQ1 2026
Operating cash flow less capital spending.
CubeSmart: operating cash flow against capital spendingCubeSmart: operating cash flow against capital spendingOperating cash flowCapital spending$171M$10.4MQ2 2024$145M$7.0MQ3 2024$165M$6.5MQ4 2024$146M$8.0MQ1 2025$157M$10.2MQ2 2025$168M$7.3MQ3 2025$136M$2.5MQ4 2025$149M$10.0MQ1 2026
Latest (Q1 2026): Operating cash flow $149M, Capital spending $10.0M.

Capital allocation, year by year

CubeSmart: where the cash came from (up) and went (down), by fiscal yearCubeSmart: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $449MFY2021: Net borrowing $836MFY2021: Shares issued $974MFY2021: Asset sales $44.0MFY2021: Capital spending −$69.9MFY2021: Acquisitions −$1.7BFY2021: Dividends −$274M$2.3BFY2021FY2022: Operating cash flow $591MFY2022: Net borrowing −$149MFY2022: Shares issued $6.5MFY2022: Asset sales $43.2MFY2022: Capital spending −$24.4MFY2022: Dividends −$387M$641MFY2022FY2023: Operating cash flow $611MFY2023: Net borrowing −$42.8MFY2023: Shares issued $2.4MFY2023: Asset sales $238KFY2023: Capital spending −$47.5MFY2023: Dividends −$442M$614MFY2023FY2024: Operating cash flow $631MFY2024: Net borrowing −$18.1MFY2024: Shares issued $128MFY2024: Capital spending −$42.2MFY2024: Acquisitions −$57.2MFY2024: Dividends −$462M$759MFY2024FY2025: Operating cash flow $609MFY2025: Net borrowing $523MFY2025: Shares issued $5.0MFY2025: Capital spending −$28.1MFY2025: Buybacks −$31.9MFY2025: Dividends −$476M$1.1BFY2025
Over these 5 years operating cash flow totalled $2.9B; the largest uses were dividends ($2.0B) and acquisitions ($1.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$7.3M
Debtnone
Net cash$7.3M

CubeSmart funds itself: free cash flow was $581M over the last twelve months, with $7.3M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

CubeSmart: sources (+) and uses (−) of cash, Q1 2026CubeSmart: sources (+) and uses (−) of cash, Q1 2026Operating cash flow$149MDividends−$121MNet borrowing (+) / repaid (−)$36.3MBuybacks−$33.4MOther investing−$11.7MCapital spending−$10.0MPartners−$6.6MTaxes on employees’ shares−$2.2MOther financing−$1.5MCash drawn (+) / kept (−)$763KShares issued$588K
CubeSmart: sources (+) and uses (−) of cash, TTM to Q1 2026CubeSmart: sources (+) and uses (−) of cash, TTM to Q1 2026Operating cash flow$611MDividends−$478MOther investing−$95.6MOther financing−$36.2MNet borrowing (+) / repaid (−)$32.7MCapital spending−$30.1MPartners−$7.1MCash drawn (+) / kept (−)$6.3MTaxes on employees’ shares−$2.4MShares issued−$305K

From profit to cash

CubeSmart: net income to operating cash flow, Q1 2026CubeSmart: net income to operating cash flow, Q1 2026Net income$82.8MDepreciation & amortization$62.5MStock-based pay$3.3MPayables−$6.4MPrepaid and other assets$5.0MOther liabilities$1.1MOperating cash flow$149M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 2026$149M−$10.0M−$33.4M−$121M$36.3M$588K$763K$139M
Q4 2025$136M−$2.5M—−$119M$379M$3.7M$105M$134M
Q3 2025$168M−$7.3M—−$119M−$366M−$111K−$100M$161M
Q2 2025$157M−$10.2M—−$119M−$16.1M−$122K$1.4M$147M
Q1 2025$146M−$8.0M—−$119M$382M−$167K$61.9M$138M
Q4 2024$165M−$6.5M—−$116M—$85.5M−$32.3M$158M
Q3 2024$145M−$7.0M—−$115M−$10.6M$38.0M−$38.1M$138M
Q2 2024$171M−$10.4M—−$115M−$7.8M$4.5M$343K$160M

CubeSmart: income statement and cash flow

CubeSmart, Q2 2026: revenue $286M (+2% year over year), operating margin 41.0%. The chart follows the revenue to costs, profit and cash.

CubeSmart: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.