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Earnings analysis · 10-Q

CUBE earnings analysis

Filed May 1, 2026 · Our reading of the company's report

The latest report

CubeSmart reported solid Q1 2026 results, with revenue of $281.9 million and EPS of $0.63, both exceeding analyst estimates. Encouragingly, management raised its EPS guidance for the full year, highlighting confident…

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CubeSmart reported solid Q1 2026 results, with revenue of $281.9 million and EPS of $0.63, both exceeding analyst estimates. Encouragingly, management raised its EPS guidance for the full year, highlighting confident expectations despite recent challenges.

Read the original on SEC.gov

Gross and operating margin

How much of each revenue dollar the business keeps.

71% Gross margin Operating margin Aug 2023 Feb 2026

One point per quarterly or annual filing. Both margins are shares of that report's revenue.

How we read each report

Our analysis across the last few reports.

Read as bullish Read as bearish Feb 2023 May 2026

Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.

Reported figures

Earnings per share
$0.63

What stood out

  • Revenue Increased 3.3% YoY

    Revenue rose to $281.9 million from $273.0 million in Q1 2025, driven by revenue from stores opened in 2025 and 2026.

  • EPS Beat Expectations

    Diluted EPS of $0.63 surpassed estimates of $0.62, reflecting a slight 1.6% surprise.

  • Operating Cash Flow Improved

    Cash provided by operating activities increased to $148.8 million from $146.3 million year-over-year.

  • Segment Performance Consistency

    Same-store rental income slightly increased by 0.2% year-over-year, highlighting stable performance.

  • Guidance Raised for 2026 EPS

    Management increased EPS guidance for 2026 to a range of $1.55 to $1.63, up from prior guidance of $1.50 to $1.60.

  • Strategic Focus on Internal Growth

    Management continues to emphasize maximizing internal growth opportunities and selective acquisitions.

What to watch

  • Rising Operating Expenses

    Property operating expenses increased by 8.6% to $90.1 million, indicating escalating costs.

  • Higher Interest Expenses

    Interest expense rose 14.3% to $29.8 million due to increased debt levels and interest rates.

  • Occupancy Rates Declining

    Average occupancy fell slightly to 89.0% from 89.4% YoY, signaling potential demand softness.

Management's outlook

2026 EPS guidance raised from prior outlook.

Earlier filings 4

10-K · February 27, 2026

CubeSmart ended 2025 with a larger portfolio (662 owned stores, ~48.4 million rentable square feet) and stable occupancy (88.1%), while executing meaningful M&A (acquired an 80% interest in HVP IV) and debt…

10-Q · August 1, 2025

CubeSmart reported Q2 2025 total revenues of $282,303,000, up $16,094,000 (+6.05%) versus Q2 2024, while diluted EPS declined to $0.36 from $0.41 in Q2 2024. Gross margin compressed slightly to ~68.5% and operating…

10-Q · May 2, 2025

CubeSmart reported Q1 total revenue of $273,036,000 (up $11,630,000, +4.45% vs. Q1 2024) while diluted EPS declined to $0.39 from $0.42. Gross margin compressed modestly to ~69.7% and operating margin narrowed to ~42.1%…

10-Q · August 2, 2024

CubeSmart reported quarterly revenue of $266,209,000 for the three months ended June 30, 2024, up $5,404,000 (+2.07%) versus the prior-year quarter, while diluted EPS fell to $0.41 from $0.43. Gross margin compressed to…

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.