Filing Flows › CubeSmart (CUBE) › Q1 2025
CubeSmart (CUBE) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 2, 2025
CubeSmart (CUBE) reported revenue of $273M for the first quarter 2025 (Q1 2025), +4% from a year earlier and +2% from the quarter before. Operating margin was 42.1%, net earnings $89.2M (32.7% of revenue).
CubeSmart, Q1 2025: revenue $273M (+4% year over year), operating margin 42.1%, net earnings $89.2M, operating cash flow $146M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $273M | +2% | +4% |
| Operating profit | $115M | -7% | -3% |
| Net earnings | $89.2M | -12% | -6% |
| Operating cash flow | $146M | -11% | -3% |
| Free cash flow | $138M | -13% | -4% |
What changed
Revenue was $273.0M in Q1 2025, up 4% year over year and up 2% from the previous quarter.
Operating profit was $114.9M, a 42.1% margin (down 3.1 points year over year). Operating profit fell $3.1M even though revenue rose $11.6M versus a year earlier, so costs grew faster than sales. Total costs grew 10% against revenue growth of 4%. The fastest-growing cost line was Other operating costs (+17%). Net earnings were $89.2M, down 6% year over year ($88.7M including minority interests, which bore $452K of losses). The effective tax rate was 0.0%.
Operating cash flow was $146.3M (down 3% year over year), 165% of net earnings. Non-cash charges added back $60.4M of depreciation and amortization and $3.2M of share-based compensation. Capital expenditures of $8.0M left free cash flow of $138.3M.
Questions
What was CubeSmart's revenue in the first quarter 2025?
CubeSmart (CUBE) reported revenue of $273M for the first quarter 2025 (Q1 2025), +4% from a year earlier and +2% from the quarter before.
Was CubeSmart profitable in the first quarter 2025?
Operating profit was $115M (42.1% of revenue) and net earnings $89.2M.
Source: CubeSmart 10-Q on SEC EDGAR.