Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $559M | $598M | $644M | $679M | $823M | $1.01B | $1.05B | $1.07B | $1.12B |
| Revenue growth | — | — | 7.0% | 7.7% | 5.5% | 21.1% | 22.7% | 4.0% | 1.5% | 5.3% |
| Operating income | $143M | $196M | — | — | — | — | — | — | — | — |
| Operating margin | — | 35.0% | — | — | — | — | — | — | — | — |
| Net income | $88.4M | $136M | $165M | $171M | $168M | $231M | $292M | $412M | $392M | $331M |
| Net margin | — | 24.3% | 27.7% | 26.5% | 24.7% | 28.1% | 29.0% | 39.3% | 36.8% | 29.5% |
| EPS (diluted) | $0.45 | $0.74 | $0.88 | $0.88 | $0.85 | $1.09 | $1.29 | $1.82 | $1.72 | $1.46 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $263M | $292M | $304M | $332M | $351M | $449M | $591M | $611M | $631M | $609M |
| Capital expenditures | — | $80.7M | $228M | $118M | — | — | — | — | — | — |
| Free cash flow | — | $211M | $76.8M | $213M | — | — | — | — | — | — |
| Share buybacks | — | — | — | — | — | — | — | — | — | $31.9M |
| Dividends paid | $149M | $195M | $221M | $244M | $256M | $274M | $387M | $442M | $462M | $476M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $2.97M | $5.27M | $3.76M | $54.9M | $3.59M | $11.1M | $6.06M | $6.53M | $71.6M | $5.78M |
| Total assets | $3.48B | $3.55B | $3.75B | $4.03B | $4.78B | $6.55B | $6.33B | $6.23B | $6.39B | $6.64B |
| Total liabilities | $1.76B | $1.86B | $1.98B | $2.16B | $2.69B | $3.55B | $3.43B | $3.34B | $3.44B | $3.86B |
| Shareholders' equity | $1.66B | $1.63B | $1.71B | $1.80B | $1.83B | $2.87B | $2.83B | $2.80B | $2.87B | $2.72B |
| Retained earnings | -$659M | -$729M | -$792M | -$877M | -$975M | -$1.22B | -$1.30B | -$1.35B | -$1.42B | -$1.59B |
| Shares (wtd avg diluted) | 180M | 181M | 185M | 192M | 195M | 205M | 226M | 226M | 227M | 229M |
Every figure is extracted from CubeSmart’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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