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CubeSmart (CUBE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 31, 2025
CubeSmart (CUBE) reported revenue of $285M for the third quarter 2025 (Q3 2025), +5% from a year earlier and +1% from the quarter before. Operating margin was 38.9%, net earnings $82.9M (29.1% of revenue).
CubeSmart, Q3 2025: revenue $285M (+5% year over year), operating margin 38.9%, net earnings $82.9M, operating cash flow $168M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $285M | +1% | +5% |
| Operating profit | $111M | -0.8% | -10% |
| Net earnings | $82.9M | 0% | -18% |
| Operating cash flow | $168M | +7% | +16% |
| Free cash flow | $161M | +9% | +16% |
What changed
Revenue was $285.1M in Q3 2025, up 5% year over year and up 1% from the previous quarter.
Operating profit was $111.0M, a 38.9% margin (down 6.7 points year over year). Operating profit fell $12.5M even though revenue rose $14.2M versus a year earlier, so costs grew faster than sales. Total costs grew 18% against revenue growth of 5%. The fastest-growing cost line was Other operating costs (+30%). Net earnings were $82.9M, down 18% year over year ($82.4M including minority interests, which bore $514K of losses). The effective tax rate was 0.0%.
Operating cash flow was $168.2M (up 16% year over year), 204% of net earnings. Non-cash charges added back $67.9M of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items added $15.0M. Capital expenditures of $7.3M left free cash flow of $161.0M.
Questions
What was CubeSmart's revenue in the third quarter 2025?
CubeSmart (CUBE) reported revenue of $285M for the third quarter 2025 (Q3 2025), +5% from a year earlier and +1% from the quarter before.
Was CubeSmart profitable in the third quarter 2025?
Operating profit was $111M (38.9% of revenue) and net earnings $82.9M.
Source: CubeSmart 10-Q on SEC EDGAR.