Transformable cable reels, related assemblies and methods are disclosed. The transformable cable reels may be provided in a first reel configuration for spooling on cable to the transformable cable reel and to pay out the spooled cable from the transformable cable reel. Cable spooled on the transformable cable reel may be payed out during cable installations. The transformable cable reel may also be configured in a second reel configuration for storage of any excess cable after cable payout. As one non-limiting example, the volume of the cable reel may be less in the second reel configuration than in the first reel configuration so that less volume is required to store the transformable cable reel. Providing the transformable cable reel in the second reel configuration may make it more feasible to store the transformable cable reel in fiber optic equipment, and/or avoid storing excess cable removed from a cable reel.