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Sep 30, 2025
U-Haul Q2 2026 Earnings Report
U-Haul reported lower earnings for Q2 FY2026 despite higher revenues, as rising depreciation and equipment disposal losses weighed on results.
Key Takeaways
U-Haul Holding Company saw year-over-year revenue growth in Q2 FY2026, but net income declined significantly due to higher fleet depreciation and equipment disposal losses. Self-moving equipment rental and self-storage segments performed well, and adjusted EBITDA improved. However, profitability was impacted by operational cost increases.
Total revenue increased to $1,719,922,000 from $1,658,108,000 in Q2 FY2025.
Net income dropped to $105,550,000 from $186,798,000 year-over-year.
Earnings per share for non-voting stock (UHAL.B) fell to $0.54 from $0.96.
Self-storage revenue rose 9.7% year-over-year, with continued portfolio expansion.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
U-Haul emphasized its focus on fleet modernization and expansion of storage locations, expecting long-term benefit despite short-term profitability pressure.
Positive Outlook
- Fleet investments and expanded retail locations aim to increase future capacity.
- Revenue per transaction rose in both In-Town and One-Way rentals.
- U-Box offering continues to grow with infrastructure investments.
- Self-storage revenue per foot rose 4.0% YoY.
- 23 new storage locations and 1.6 million square feet added in the quarter.
Challenges Ahead
- Fleet depreciation expenses rose by $50.6 million YoY.
- Losses on equipment disposals totaled $56.1 million.
- Same-store occupancy declined to 90.5%, down 3.5 percentage points.
- Overall storage occupancy rates trended lower.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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