Filing Flows › SmartStop Self Storage REIT (SMA) › Q4 2025
SmartStop Self Storage REIT (SMA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
SmartStop Self Storage REIT (SMA) reported revenue of $78.4M for the fourth quarter 2025 (Q4 2025), +29% from a year earlier and +11% from the quarter before. Operating margin was 24.0%, net earnings $2.8M (3.5% of revenue).
SmartStop Self Storage REIT, Q4 2025: revenue $78.4M (+29% year over year), operating margin 24.0%, net earnings $2.8M, operating cash flow $14.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $78.4M | +11% | +29% |
| Gross profit | $48.0M | +12% | +19% |
| Operating profit | $18.8M | +47% | +5% |
| Net earnings | $2.8M | -47% | — |
| Operating cash flow | $14.4M | -72% | +35% |
What changed
Revenue was $78.4M in Q4 2025, up 29% year over year and up 11% from the previous quarter.
Gross margin was 61.2%, down 5.1 points from a year earlier. Operating profit was $18.8M, a 24.0% margin (down 5.4 points year over year). Of the extra revenue versus a year earlier, 5% reached operating profit, below the 29% margin then. Operating expenses grew 30% against revenue growth of 29%. The fastest-growing cost line was Other operating costs (+41%). Net earnings were $2.8M. The effective tax rate was 10.9%.
Operating cash flow was $14.4M (up 35% year over year), 484% of net income including minority interests. Non-cash charges added back $20.0M of depreciation and amortization and $2.4M of share-based compensation. Working capital and other items used $11.0M.
Questions
What was SmartStop Self Storage REIT's revenue in the fourth quarter 2025?
SmartStop Self Storage REIT (SMA) reported revenue of $78.4M for the fourth quarter 2025 (Q4 2025), +29% from a year earlier and +11% from the quarter before.
Was SmartStop Self Storage REIT profitable in the fourth quarter 2025?
Operating profit was $18.8M (24.0% of revenue) and net earnings $2.8M.