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SmartStop Self Storage REIT (SMA) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · SmartStop Self Storage REIT (SMA) Q3 2026 earnings results →
Q3 2026 Revenue up 16% year over year to $81.8M · 11¢ of every $1 of revenue kept as net profit · operating margin 24.4%
SmartStop Self Storage REIT made $81.8M in Q3 2026 (+16% Y/Y): Self Storage Rental Revenue $65.1M, Reimbursable Costs From Managed Platform $6.9M, Managed Platform Revenue $6.7M. Operating margin 24.4%, net earnings $9.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $81.8M in Q3 2026, up 16% year over year and up 3% from the previous quarter. Self Storage Rental Revenue was the largest line at 80% of revenue. Reimbursable Costs From Managed Platform added $4.9M year over year (up 247%), 43% of the total change.
Gross margin was 60.5%, down 0.3 points from Q3 2025. Operating profit was $19.9M, a 24.4% margin (up 6.3 points year over year). Of the extra revenue versus Q3 2025, 63% reached operating profit, above the 18% margin then. Operating expenses fell 2% while revenue rose 16%. Net earnings were $9.0M, up 72% year over year. The effective tax rate was 7.4%.
Operating cash flow was $34.9M (down 33% year over year), 362% of net income including minority interests. Non-cash charges added back $18.8M of depreciation and amortization and $2.6M of share-based compensation. Working capital and other items added $3.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $81.8M | +16% | 24.4% | $9.0M | $34.9M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $79.3M | +19% | 22.5% | $11.2M | $19.7M |
| Q1 2026 | 10-Q | May 8, 2026 | $78.3M | +20% | 20.7% | $9.6M | $24.2M |
| Q4 2025 | 10-K | Feb 27, 2026 | $78.4M | +29% | 24.0% | $2.8M | $14.4M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $70.4M | +17% | 18.1% | $5.2M | $52.1M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $66.8M | +13% | 15.4% | −$4.8M | $8.0M |
| Q1 2025 | 10-Q | May 9, 2025 | $65.4M | +15% | 26.3% | −$5.5M | $10.6M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About SmartStop Self Storage REIT
SmartStop Self Storage REIT, Inc., a Maryland corporation (the “Company”), is a self-managed and fully-integrated self storage real estate investment trust (“REIT”), formed on January 8, 2013 under the Maryland General Corporation Law. Our year-end is December 31. As used in this report, “we,” “us,” “our,” and “Company” refer to SmartStop Self Storage REIT, Inc. and each of our subsidiaries. Our Common Stock began trading on the New York Stock Exchange (the “NYSE”) under the ticker symbol “SMA” on April 2, 2025. We focus on the acquisition, ownership, and operation of self storage properties located primarily within the top 100 metropolitan statistical areas, or MSAs, throughout the United States and Canada.
In its own words, from its 10-K, filed Feb 27, 2026.
SmartStop Self Storage REIT against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +16% against the peers' median +14%. Operating margin: 24.4% against the peers' median 20.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SMA SmartStop Self Storage REIT | Q3 2026 | $81.8M | +16% | 24.4% |
| WELL Welltower | Q3 2026 | $3.7B | +38% | 9.1% |
| AMT American Tower | Q3 2026 | $2.8B | +2% | 45.6% |
| EQIX Equinix | Q3 2026 | $2.6B | +11% | 23.3% |
| PLD Prologis | Q1 2026 | $2.3B | +7% | 52.7% |
| IRM Iron Mountain | Q3 2026 | $2.0B | +14% | 20.6% |
| DLR Digital Realty Trust | Q3 2026 | $1.9B | +21% | 15.9% |
| WY Weyerhaeuser | Q3 2026 | $1.9B | +8% | 5.4% |
| VTR Ventas | Q3 2026 | $1.8B | +23% | 2.9% |
Source: SmartStop Self Storage REIT 10-Q on SEC EDGAR · CIK 1585389 · Real Estate Investment Trusts
Guidance and outlook
13F: who owns SMA and who is buying
More on SMA
- How SmartStop Self Storage REIT makes money: revenue by segment
- SmartStop Self Storage REIT next earnings date and what analysts expect
- SmartStop Self Storage REIT stock forecast, price target and fair value
- Who owns SmartStop Self Storage REIT stock: holders, funds and Congress trades
- SmartStop Self Storage REIT guidance and outlook
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- SmartStop Self Storage REIT guidance history: guided vs reported
- SmartStop Self Storage REIT gross margin by quarter
- SmartStop Self Storage REIT operating margin by quarter
- SmartStop Self Storage REIT net income by quarter
- SmartStop Self Storage REIT Self Storage Rental Revenue revenue by quarter
- SmartStop Self Storage REIT Reimbursable Costs From Managed Platform revenue by quarter
- SmartStop Self Storage REIT Managed Platform Revenue revenue by quarter