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 vehicle disposals, despite modest revenue growth in equipment rental and storage. The company is addressing overcapacity, reducing fleet expenditures, and focusing on strategic self-storage and U-Box expansion.
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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, but revenue growth was strong in equipment rental, self-storage, and U-Box segments. Cost controls improved margins, and a robust development pipeline supports future growth. Regulatory and industry headwinds persist.
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Second quarter earnings declined year-over-year, but equipment rental and self-storage revenues both grew. Capital expenditures and development remain high, with excess capacity impacting short-term earnings. Management expects modest improvements and continued expansion, despite industry headwinds.
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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 strong long-term growth in fleet and self-storage, ongoing reinvestment, and a focus on internal talent development. Management addressed challenges in fleet costs, labor, and competition, while emphasizing customer service, technology, and disciplined capital allocation.