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Sep 30, 2024
U-Haul Q2 2025 Earnings Report
U-Haul's financial performance for Q2 2025 was reported, with mixed results across different segments.
Key Takeaways
U-Haul Holding Company reported net earnings available to common shareholders of $186.8 million for Q2 2025, a decrease compared to $273.5 million for the same period last year. EPS for Non-Voting Shares were $0.96, down from $1.40 in the previous year. Self-storage revenues increased by 7.5%, while self-moving equipment rental revenues saw a modest increase of 1.7%.
Net earnings decreased to $186.8 million compared to $273.5 million in the same quarter last year.
Earnings per share for Non-Voting Shares (UHAL.B) declined to $0.96 from $1.40 year-over-year.
Self-storage revenues increased by 7.5%, driven by growth in total portfolio occupied rooms.
Self-moving equipment rental revenues increased by 1.7%, marking the second consecutive quarter of year-over-year improvement.
U-Haul
U-Haul
U-Haul Revenue by Segment
Revenue by Segment
Self-moving equipment rentals Revenue
CapyFin.comSelf-storage Revenue
CapyFin.comProducts & service sales Revenue
CapyFin.comProperty management fees Revenue
CapyFin.comLife insurance premiums Revenue
CapyFin.comProperty casualty insurance premiums Revenue
CapyFin.comNet investment & interest income Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
U-Haul is focused on fine-tuning its U-Move efforts to address customer uncertainty. The company aims to improve customer service and expand its U-Box and U-Store offerings.
Positive Outlook
- U-Box product offering is steadily gaining traction.
- U-Store is growing, contributing to overall revenue.
- Modest gains have been made in repair operations.
- The company is focused on superior customer service.
- Fleet maintenance and repair costs declined by $5.4 million compared to the second quarter of fiscal 2024.
Challenges Ahead
- Customers remain uncertain and conservative in their spending.
- U-Store growth pace is slower than the rate of adding new units.
- Moving and Storage earnings from operations decreased by $92.5 million compared to the second quarter of fiscal 2024.
- Reduced gains from the disposal of retired rental equipment accounted for $29.2 million of the decrease.
- Fleet depreciation expense increased by $36.0 million compared to the second quarter of fiscal 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income