Jun 2026 (Q2 FY26) — Jul 31, 2026
CubeSmart Q2 FY26 — Strong Fundamentals Drive Optimistic Outlook and Positive Earnings Inflection
Read the full callCubeSmart (CUBE) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
CubeSmart earnings: last reported Fri, 31 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 282 | +3.3% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Mar 2026 | Not in the filed figures for the quarter to mar 2026. No older figure is substituted. | ||
| Net profit | Quarterly, as filed | Quarter to Mar 2026 | Not in the filed figures for the quarter to mar 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
13 of 15 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Same-store revenue growth turning positive year-over-year | inflect positive, conservatively in the back half of 2026 | Sep 2025 | we saw same-store revenues inflect positively in early 2026...Same-store year-over-year revenue growth accelerated from 0.6% in the first quarter to 0.8% in the second quarter | Achieved |
| Terming out revolver borrowings by returning to the unsecured bond market | access the bond market to term out the borrowings used to repay the 2025 notes | Sep 2025 | We have a bond that matures next quarter, and we've been actively monitoring the debt markets and will continue to do so in the coming months | Delayed |
| Closing of the joint venture contribution of 15 noncore assets | close the contribution of 15 noncore assets into the new joint venture in Q4 2026 | Jun 2026 | we will be contributing 15 noncore assets to a newly formed joint venture in which will have a 20% ownership stake...We don't expect to close on this until the fourth quarter | New |
2 of CubeSmart's 32 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 29 more targets are in the full ledger.
Claimed
- Same-store revenues accelerated to 0.8% year-over-year in Q2 FY26, up from 0.6% in Q1.
- Move-in rates for new customers improved to positive 1.7% year-over-year in Q2 FY26.
- Physical occupancy as of July 30, 2026, reached 91.1%, a 30 basis point increase over July 30, 2025.
- A new joint venture with Titan unlocks value for 15 noncore assets at a mid-5s cap rate, allowing for leverage-neutral share repurchases.
- Credit facility capacity increased from $850 million to $1 billion, with maturity extended to June 2030.
Qualified
- Same-store NOI growth was negative 0.7% for the quarter due to 4.4% expense growth.
- Sunbelt markets continue to experience pressure from supply and macroeconomic factors, resulting in a challenging new customer pricing environment.
- The company is navigating evolving New York City regulation on pricing transparency and licensing requirements.
Price
$38.56 +2.25% · +$0.85
Performance −5.7% 1Y
1Y: $40.9 on 14 Oct 2025 → $38.56. High $42.5 (28 Jul 2026), low $35.36 (23 Dec 2025).
- Previous close
- $37.71
- 52-week range
- $35.36 – $42.5
- One year
- −6.20%
Overview
- Symbol
- CUBE
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
13 of 15 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Same-store revenue growth turning positive year-over-year | inflect positive, conservatively in the back half of 2026 | Sep 2025 | we saw same-store revenues inflect positively in early 2026...Same-store year-over-year revenue growth accelerated from 0.6% in the first quarter to 0.8% in the second quarter | Achieved |
| Terming out revolver borrowings by returning to the unsecured bond market | access the bond market to term out the borrowings used to repay the 2025 notes | Sep 2025 | We have a bond that matures next quarter, and we've been actively monitoring the debt markets and will continue to do so in the coming months | Delayed |
| Closing of the joint venture contribution of 15 noncore assets | close the contribution of 15 noncore assets into the new joint venture in Q4 2026 | Jun 2026 | we will be contributing 15 noncore assets to a newly formed joint venture in which will have a 20% ownership stake...We don't expect to close on this until the fourth quarter | New |
Claimed
- Same-store revenues accelerated to 0.8% year-over-year in Q2 FY26, up from 0.6% in Q1.
- Move-in rates for new customers improved to positive 1.7% year-over-year in Q2 FY26.
- Physical occupancy as of July 30, 2026, reached 91.1%, a 30 basis point increase over July 30, 2025.
- A new joint venture with Titan unlocks value for 15 noncore assets at a mid-5s cap rate, allowing for leverage-neutral share repurchases.
- Credit facility capacity increased from $850 million to $1 billion, with maturity extended to June 2030.
Qualified
- Same-store NOI growth was negative 0.7% for the quarter due to 4.4% expense growth.
- Sunbelt markets continue to experience pressure from supply and macroeconomic factors, resulting in a challenging new customer pricing environment.
- The company is navigating evolving New York City regulation on pricing transparency and licensing requirements.
The full ledger
Open CubeSmart’s full ledger
A free account opens 5 company ledgers a month. All 32 tracked commitments, with each call’s wording and source.
Call summaries
Dec 2025 (Q4 FY25) — Feb 27, 2026
CubeSmart Q4 FY25 — Fundamentals Stabilize, Positioned for Growth
Read the full callEvery analysed call
CubeSmart earnings calls (CUBE)
Financials
What the filings say
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 266 | 271 | 268 | 273 | 282 | 285 | 283 | 282 |
| Expenses | 149 | 147 | 144 | 158 | 170 | 174 | 172 | 169 |
| EPS ($ per share) | 0.42 | 0.45 | — | 0.39 | 0.36 | 0.36 | — | 0.36 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Reserves | -792 | -877 | -975 | -1,218 | -1,301 | -1,345 | -1,416 | -1,585 |
| Total liabilities | 1,981 | 2,160 | 2,688 | 3,550 | 3,428 | 3,344 | 3,440 | 3,861 |
| Total assets | 3,753 | 4,030 | 4,778 | 6,548 | 6,326 | 6,225 | 6,394 | 6,643 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 304 | 332 | 351 | 449 | 591 | 611 | 631 | 609 |
| Cash from investing | -322 | -376 | -511 | -1,853 | -49 | -94 | -174 | -571 |
| Cash from financing | 15 | 96 | 108 | 1,411 | -547 | -518 | -388 | -105 |
| Net cash flow | -3 | 52 | -52 | 7 | -4 | -1 | 69 | -67 |
| Capital expenditure | -228 | -118 | -418 | -152 | -89 | -22 | -42 | -50 |
| Free cash flow | 77 | 213 | -67 | 298 | 502 | 589 | 589 | 559 |
CUBE revenue by segment
| Segment | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|
| Self Storage | 100% | 100% | 100% | 100% | 100% | 100% | +1.5% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
30 filings between Dec 12, 2025 and Jun 10, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$7.29M
4 sales by 2 insiders
Compensation
not trading decisions- 19
- Award — granted as compensation
- 4
- Option exercise — converted options into shares
- 3
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| MARR CHRISTOPHER P | — | $6.34M | Jun 10, 2026 |
| Foster Jeffrey P | — | $949.4K | Mar 3, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jun 10, 2026 | MARR CHRISTOPHER P CEO | Option exercise | 108,932 | $2.86M |
| Jun 10, 2026 | MARR CHRISTOPHER P CEO | Sale | 108,932 | $4.60M |
| May 19, 2026 | Bussani Piero Director | Award | 4,044 | $0 |
| May 19, 2026 | Chin Jit Kee Director | Award | 4,044 | $0 |
| May 19, 2026 | Dowling Dororthy Director | Award | 4,044 | $0 |
| May 19, 2026 | REMONDI JOHN F Director | Award | 4,044 | $0 |
| May 19, 2026 | ROGATZ JEFFREY F Director | Award | 4,044 | $0 |
| May 19, 2026 | Weber Jennie Director | Award | 4,044 | $0 |
| May 19, 2026 | Lynch Jair K Director | Award | 4,044 | $0 |
| May 19, 2026 | Connor Martin P. Director | Award | 4,044 | $0 |
| Mar 3, 2026 | Foster Jeffrey P CLO & Secretary | Option exercise | 23,148 | $608.8K |
| Mar 3, 2026 | Foster Jeffrey P CLO & Secretary | Sale | 23,148 | $949.4K |
| Jan 31, 2026 | MARR CHRISTOPHER P CEO | Tax withheld | 39,369 | $1.48M |
| Jan 1, 2026 | Schulte Jennifer Chief Human Resources Officer | Award | 4,392 | $0 |
| Jan 1, 2026 | MARR CHRISTOPHER P CEO | Award | 17,013 | $0 |
| Jan 1, 2026 | MARR CHRISTOPHER P CEO | Tax withheld | 5,425 | $195.6K |
| Jan 1, 2026 | Schulte Jennifer Chief Human Resources Officer | Award | 1,839 | $66.3K |
| Jan 1, 2026 | Schulte Jennifer Chief Human Resources Officer | Tax withheld | 1,852 | $66.8K |
| Jan 1, 2026 | MARTIN TIMOTHY M CFO | Award | 17,799 | $0 |
| Jan 1, 2026 | MARTIN TIMOTHY M CFO | Award | 8,381 | $302.1K |
| Jan 1, 2026 | Foster Jeffrey P CLO & Secretary | Award | 8,553 | $0 |
| Jan 1, 2026 | Foster Jeffrey P CLO & Secretary | Award | 3,514 | $126.7K |
| Jan 1, 2026 | DeNarie Matthew D Chief Accounting Officer | Award | 2,635 | $0 |
| Jan 1, 2026 | DeNarie Matthew D Chief Accounting Officer | Award | 1,351 | $48.7K |
| Jan 1, 2026 | MARR CHRISTOPHER P CEO | Award | 34,027 | $0 |
| Jan 1, 2026 | MARR CHRISTOPHER P CEO | Award | 22,168 | $799.2K |
| Dec 15, 2025 | MARR CHRISTOPHER P CEO | Sale | 679 | $24.8K |
| Dec 12, 2025 | MARTIN TIMOTHY M CFO | Option exercise | 29,566 | $896.4K |
| Dec 12, 2025 | MARR CHRISTOPHER P CEO | Option exercise | 87,604 | $2.66M |
| Dec 12, 2025 | MARR CHRISTOPHER P CEO | Sale | 46,925 | $1.72M |
| Aug 12, 2025 | MARR CHRISTOPHER P CEO | Gift | 10,132 | $0 |
| May 20, 2025 | Chin Jit Kee Director | Award | 2,956 | $0 |
| May 20, 2025 | Dowling Dororthy Director | Award | 2,956 | $0 |
| May 20, 2025 | Bussani Piero Director | Award | 2,956 | $0 |
| May 20, 2025 | FAIN JOHN W Director | Award | 2,956 | $0 |
| May 20, 2025 | Lynch Jair K Director | Award | 2,956 | $0 |
| May 20, 2025 | REMONDI JOHN F Director | Award | 2,956 | $0 |
| May 20, 2025 | ROGATZ JEFFREY F Director | Award | 2,956 | $0 |
| May 20, 2025 | RATNERSALZBERG DEBORAH Director | Award | 2,956 | $0 |
| May 5, 2025 | Foster Jeffrey P CLO & Secretary | Option exercise | 18,616 | $564.4K |
| May 5, 2025 | Foster Jeffrey P CLO & Secretary | Sale | 18,616 | $785.0K |
| Mar 11, 2025 | MARR CHRISTOPHER P CEO | Gift | 53,300 | $2.26M |
| Jan 31, 2025 | MARR CHRISTOPHER P CEO | Tax withheld | 44,761 | $1.87M |
| Jan 31, 2025 | Keaton Joel D COO | Tax withheld | 6,092 | $254.0K |
| Jan 1, 2025 | DeNarie Matthew D Chief Accounting Officer | Award | 2,217 | $0 |
| Jan 1, 2025 | DeNarie Matthew D Chief Accounting Officer | Award | 1,060 | $45.4K |
| Jan 1, 2025 | Foster Jeffrey P CLO & Secretary | Award | 7,196 | $0 |
| Jan 1, 2025 | Foster Jeffrey P CLO & Secretary | Award | 3,334 | $142.9K |
| Jan 1, 2025 | Keaton Joel D COO | Award | 4,365 | $187.0K |
| Jan 1, 2025 | Keaton Joel D COO | Tax withheld | 1,887 | $80.9K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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