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About Cubic Corporation

Cubic's products and services fit squarely within the global defense and transportation industries. With its business divided into three main segments, Cubic Corporation provides global customers with innovative, mission-critical solutions to reduce congestion and increase operational readiness and effectiveness through superior situational understanding.. It also provides automated fare payment and revenue management systems and services for major metropolitan areas such as London (Oyster/Contactless Payment), the New York region (Metrocard/OMNY), the Chicago region (Ventra), the San Francisco Bay Area (Clipper), the Vancouver region (Compass), the Sydney region (Opal Card) and the Brisbane region (Go Card). . The US accounts for about 65% of the company's revenue.


Cubic has three primary business segments: Cubic Transportation Systems (CTS), Cubic Mission Solutions (CMS), and Cubic Global Defense Systems (CGD). In 2020, CMS and CGD were combined to form a new Cubic Mission and Performance Solutions (CMPS) segment. This new segment will continue to deliver solutions to C4ISR and training customers worldwide.

CTS accounts for over 55% of total revenue and specializes in the design, development, production, installation, maintenance and operation of automated fare payment, traffic management and enforcement solutions, real-time information systems, and revenue management infrastructure and technologies for transportation agencies.

CMS (about 25%) provides C4ISR capabilities for defense, intelligence, security and commercial missions.

CGD (some 20%) is a market leader in live, virtual, constructive (LVC) and game-based training solutions to the U.S. Department of Defense (DoD), other U.S. government agencies and allied nations. 

Overall, about 65% of sales were generated from its products, while services account for the rest.

Geographic Reach

Headquartered in San Diego, California, Cubic has a global presence in over 15 countries on five continents. The US accounts for about 65% of Cubic's revenue while the UK generates around 15%. Other major markets include Australia and the Far East/Middle East.

Sales and Marketing

About 60% of Cubic's total revenue is generated from US federal, state, and local governments. About 5% of these sales include domestic sales attributable to foreign military sales, which are sales to allied foreign governments facilitated by the US government. The remainder of the company's revenue is derived from foreign government agencies.

Financial Performance

The company's sales decreased 1% to $1.48 trillion in fiscal 2020 (ended September) from $1.5 trillion in fiscal 2019 (2019). Sales from CGD and CTS decreased by 6% and 1%, respectively, while CMS sales increased by 3% from 2019.

Net loss from continuing operations attributable to Cubic was $3.7 million compared to $51.1 million of net income in 2019. The change in net income in 2020 was primarily related to the $16.1 million loss on debt extinguishment incurred in 2020, changes in other income resulting in $8.8 million of higher expense in 2020, a $32.5 million gain on the sale of fixed assets in 2019, in addition to the changes in segment operating income .

Cash held by the company at the end of 2020 increased to $157.0 million. Cash provided by financing activities was $340.8 million, while cash used for operations and investing activities were $4.9 million and $279.7 million, respectively. Main use of cash was acquisition of businesses.


The company's recently launched NextCUBIC strategy focuses on growth, operational excellence and culture, and is founded on its winning proposition – the company solves its customers' most critical challenges through innovative, mission-critical solutions, services and platforms. NextCUBIC, which is underpinned by a thorough outside-in assessment, launches a full-scale program to drive a step change in value creation and deliver sustainable financial improvement through both functional and cultural transformation in the way it works.

In this strategy, Cubic accelerates its winning proposition by solving its customer's most critical challenges through innovative, mission-critical solutions, services and platforms. For cities, the company increases the quality of urban life by reducing congestion through intelligent transportation. For its national defenders and first responders, the company ensures operational readiness and effectiveness through superior, secure situational understanding. For Cubic's military and operators of the world's most advanced machines, it enables optimal performance, safety and productivity through intelligent training systems that maximize readiness.

Its NextCUBIC strategy and digital pivot set the stage for greater differentiation, market expansion, profitability and value creation. Implementing this strategy will improve Cubic's competitive advantage to deliver exceptional value to its customers as well as superior returns to its shareholders.

Cubic's strategy remains guided by its Winning the Customer Obsession to create market-leading positions, delivering superior operational performance, developing customer-centric innovations and investing its capital and talent to enhance its market-leading businesses. It will accelerate its growth by being innovative, responsive, connected and, ultimately, indispensable to its customers.

Mergers and Acquisitions

In early 2020, Cubic Corporation announced the completion of the acquisitions of Delerrok, a provider of a cloud-hosted, multi-agency fare collection platform for small- to mid-sized transit operators, and PIXIA, a provider of high performance, cloud-based solutions to manage and access massive amounts of imagery data. Cubic acquired the remaining 82.5 percent of Delerrok's outstanding equity for $36.4 million. Additionally, Cubic acquired the remaining 80 percent of the outstanding equity of PIXIA for $200 million. With Delerrok, the company will deliver full-featured electronic fare collection benefits to small- and mid-market transportation customers; and with PIXIA's proven track record of supporting the defense and intelligence community with managing geospatial data, Cubic will further strengthen its C2ISR business.

Company Background

The late Walter Zable founded Cubic in 1951 to make military electronics. The company went public in 1959, and in the late 1960s and early 1970s it expanded into revenue collection systems.

Cubic Corporation

9333 Balboa Ave
San Diego, CA 92123-1589
Phone: 1 (858) 277-6780

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: CUB
Stock Exchange: , NYSE
President and CEO: Bradley H. Feldmann
EVP and CFO: John D. Thomas
Chairman: Walter C. Zable
Employees (This Location): 1,243
Employees (All Locations): 6,100

Major Office Locations

San Diego, CA

Other Locations

Huntsville, AL
Alameda, CA
Concord, CA
San Diego, CA
Santa Clara, CA
Sunnyvale, CA
Orlando, FL
Shalimar, FL
Atlanta, GA
Chicago, IL
New York, NY
Tullahoma, TN
Austin, TX
Arlington, VA
Ashburn, VA
Chantilly, VA
Prince George, VA
Hyderabad, India
Milano, Italy
Concord, Canada
Sainte-Julie, Canada
Hamburg, Germany
Singapore, Singapore