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CubeSmart (CUBE) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 1, 2026
CubeSmart (CUBE) reported revenue of $282M for the first quarter 2026 (Q1 2026), +3% from a year earlier and -0.3% from the quarter before. Operating margin was 40.2%, net earnings $82.9M (29.4% of revenue).
CubeSmart, Q1 2026: revenue $282M (+3% year over year), operating margin 40.2%, net earnings $82.9M, operating cash flow $149M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $282M | -0.3% | +3% |
| Operating profit | $113M | +2% | -1% |
| Net earnings | $82.9M | +5% | -7% |
| Operating cash flow | $149M | +9% | +2% |
| Free cash flow | $139M | +4% | +0.4% |
What changed
Revenue was $281.9M in Q1 2026, up 3% year over year and roughly flat from the previous quarter.
Operating profit was $113.2M, a 40.2% margin (down 1.9 points year over year). Operating profit fell $1.6M even though revenue rose $8.9M versus Q1 2025, so costs grew faster than sales. Total costs grew 7% against revenue growth of 3%. Net earnings were $82.9M, down 7% year over year. The effective tax rate was 0.0%.
Operating cash flow was $148.8M (up 2% year over year), 180% of net earnings. Non-cash charges added back $62.5M of depreciation and amortization and $3.3M of share-based compensation. Capital expenditures of $10.0M left free cash flow of $138.8M.
Questions
What was CubeSmart's revenue in the first quarter 2026?
CubeSmart (CUBE) reported revenue of $282M for the first quarter 2026 (Q1 2026), +3% from a year earlier and -0.3% from the quarter before.
Was CubeSmart profitable in the first quarter 2026?
Operating profit was $113M (40.2% of revenue) and net earnings $82.9M.
Source: CubeSmart 10-Q on SEC EDGAR.