CubeSmart

CUBE

Financial Statements

Income Statement (Annual)

Amounts in millions

2024

12/31/2024

Revenue

1,066

Cost of Revenue

318

Gross Profit

748

Gross Margin

70.2%

Operating Income

483

Operating Margin

45.3%

Net Income

391

Net Margin

36.7%

EPS (Basic)

$1.73

EPS (Diluted)

$1.72

EBITDA

689

EBITDA Margin

64.6%

2023

12/31/2023

Revenue

1,050

Cost of Revenue

295

Gross Profit

756

Gross Margin

71.9%

Operating Income

497

Operating Margin

47.3%

Net Income

411

Net Margin

39.1%

EPS (Basic)

$1.82

EPS (Diluted)

$1.82

EBITDA

711

EBITDA Margin

67.7%

2022

12/31/2022

Revenue

1,010

Cost of Revenue

293

Gross Profit

716

Gross Margin

71.0%

Operating Income

351

Operating Margin

34.8%

Net Income

291

Net Margin

28.8%

EPS (Basic)

$1.29

EPS (Diluted)

$1.29

EBITDA

662

EBITDA Margin

65.5%

2021

12/31/2021

Revenue

823

Cost of Revenue

252

Gross Profit

570

Gross Margin

69.4%

Operating Income

291

Operating Margin

35.3%

Net Income

223

Net Margin

27.2%

EPS (Basic)

$1.10

EPS (Diluted)

$1.09

EBITDA

523

EBITDA Margin

63.5%

2020

12/31/2020

Revenue

679

Cost of Revenue

207

Gross Profit

473

Gross Margin

69.6%

Operating Income

414

Operating Margin

61.0%

Net Income

166

Net Margin

24.4%

EPS (Basic)

$0.85

EPS (Diluted)

$0.85

EBITDA

414

EBITDA Margin

61.0%

Income Statement (Annual)

Financial performance (amounts in millions)

Item	2024	2023	2022	2021	2020
Revenue	1,066	1,050	1,010	823	679
Cost of Revenue	318	295	293	252	207
Gross Profit	748	756	716	570	473
Gross Margin	70.2%	71.9%	71.0%	69.4%	69.6%
Operating Income	483	497	351	291	414
Operating Margin	45.3%	47.3%	34.8%	35.3%	61.0%
Net Income	391	411	291	223	166
Net Margin	36.7%	39.1%	28.8%	27.2%	24.4%
EPS (Basic)	$1.73	$1.82	$1.29	$1.10	$0.85
EPS (Diluted)	$1.72	$1.82	$1.29	$1.09	$0.85
EBITDA	689	711	662	523	414
EBITDA Margin	64.6%	67.7%	65.5%	63.5%	61.0%