U-Haul Holding Company Earnings Call Transcripts
Fiscal Year 2026
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Q4 loss widened to $128M and full-year earnings dropped sharply, but Adjusted EBITDA and rental revenues grew. Storage revenues rose 8% for the year, while a $350M share repurchase plan was authorized amid a pause in fleet growth and reduced CapEx.
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Third quarter fiscal 2026 saw a $37 million net loss, driven by high depreciation and losses on van disposals, despite modest revenue growth in equipment rental and storage. The company is rebalancing its fleet, slowing self-storage development, and focusing on operational efficiency.
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Second-quarter earnings declined sharply year-over-year due to higher depreciation and equipment sales losses, despite record revenue and growth in self-storage and U-Box segments. Dealer network expansion and cost management are key focuses, with depreciation expected to peak soon.
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First quarter net income declined year-over-year due to higher depreciation and equipment sale losses, but adjusted EBITDA in moving and storage rose 6% on strong revenue growth. U-Box and self-storage segments posted double-digit and high single-digit revenue gains, respectively.
Fiscal Year 2025
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The meeting highlighted a modest increase in rental revenue, significant expansion in self-storage and U-Box capacity, and the approval of all board proposals with strong shareholder support. Risks and uncertainties were acknowledged, and the rationale for board action ratification was discussed.
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Q4 saw a significant loss driven by higher fleet depreciation and lower gains on equipment sales, but revenue and EBITDA grew in both equipment rental and self-storage. U-Box and storage segments posted strong growth, and management projects continued positive trends and robust capital investment.
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Earnings declined year-over-year due to higher fleet costs and lower equipment sale gains, but revenue growth was strong in both rental and self-storage segments. U-Box and self-storage expansion continued, with a robust development pipeline and positive outlook for future revenue growth.
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Second quarter earnings declined year-over-year, but equipment rental and self-storage revenues grew modestly. CapEx and development remain elevated, with excess capacity impacting short-term earnings, while management expects gradual improvement and continued expansion.
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Q1 FY25 earnings fell to $195M as higher equipment costs and lower gains on sales pressured margins, despite a return to growth in equipment rental and strong self-storage and U-Box revenue. CapEx and development spending remain elevated, with liquidity maintained for ongoing expansion.
Fiscal Year 2024
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The meeting highlighted robust long-term cash flows, significant reinvestment in fleet and storage, and a focus on internal talent development. Strategic growth in U-Box and IT, prudent capital allocation, and customer-centric service were emphasized, while addressing cost, labor, and market risks.