Filing Flows › CubeSmart (CUBE) › Q4 2025
CubeSmart (CUBE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
CubeSmart (CUBE) reported revenue of $283M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and -0.8% from the quarter before. Operating margin was 39.3%, net earnings $78.7M (27.8% of revenue).
CubeSmart, Q4 2025: revenue $283M (+6% year over year), operating margin 39.3%, net earnings $78.7M, operating cash flow $136M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $283M | -0.8% | +6% |
| Operating profit | $111M | 0% | -10% |
| Net earnings | $78.7M | -5% | -23% |
| Operating cash flow | $136M | -19% | -17% |
| Free cash flow | $134M | -17% | -15% |
What changed
Revenue was $282.7M in Q4 2025, up 6% year over year and down 1% from the previous quarter.
Operating profit was $111.1M, a 39.3% margin (down 7.0 points year over year). Operating profit fell $13.0M even though revenue rose $15.0M versus Q4 2024, so costs grew faster than sales. Total costs grew 19% against revenue growth of 6%. The fastest-growing cost line was Other operating costs (+25%). Net earnings were $78.7M, down 23% year over year ($77.7M including minority interests, which bore $1.0M of losses). The effective tax rate was 0.0%.
Operating cash flow was $136.5M (down 17% year over year), 176% of net earnings. Non-cash charges added back $67.1M of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items used $11.3M. Capital expenditures of $2.5M left free cash flow of $134.0M.
Questions
What was CubeSmart's revenue in the fourth quarter 2025?
CubeSmart (CUBE) reported revenue of $283M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and -0.8% from the quarter before.
Was CubeSmart profitable in the fourth quarter 2025?
Operating profit was $111M (39.3% of revenue) and net earnings $78.7M.
Source: CubeSmart 10-K on SEC EDGAR.