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Dec 31, 2025
U-Haul Q3 2026 Earnings Report
U-Haul Holding Company reported a significant decrease in net earnings for the third quarter of fiscal 2026, primarily due to increased fleet depreciation and poor resale results, alongside a decline in Moving and Storage earnings from operations.
Key Takeaways
U-Haul Holding Company experienced a challenging third quarter of fiscal 2026, with net earnings available to common shareholders plummeting to ($37.0) million, a substantial decrease from $67.2 million in the prior year. This decline was largely attributed to increased fleet depreciation and poor resale results, as well as higher liability costs. Despite these headwinds, self-storage revenues saw a healthy increase of 7.9%, and self-moving equipment rental revenues also grew by 0.9%. The company's chairman anticipates a bottoming out of these issues this calendar year and plans to improve market penetration in U-Move.
Net earnings available to common shareholders decreased significantly to ($37.0) million from $67.2 million in the prior year's third quarter.
Moving and Storage earnings from operations fell by $120.2 million to $7.1 million, primarily due to increased fleet depreciation and disposal losses ($74.6 million) and higher liability costs ($37.9 million).
Self-storage revenues increased by $17.9 million, or 7.9%, compared to the third quarter of fiscal year 2025.
Self-moving equipment rental revenues saw a modest increase of $7.6 million, or 0.9%, driven mainly by In-Town rentals.
Revenue by Segment
Forward Guidance
The Chairman anticipates that the issues with fleet depreciation and poor resale results will bottom out this calendar year. The company plans to improve market penetration in U-Move and differentiate itself in the self-storage market to boost top-line revenue.
Positive Outlook
- Anticipation of fleet depreciation and poor resale results bottoming out this calendar year.
- Plans to improve market penetration in U-Move.
- Focus on setting themselves apart from self-storage peers to impact top line revenue.
- Continued growth in self-storage locations, with 16 new locations added in the quarter.
- Significant NRSF (12.9 million) in development or pending, indicating future growth.
Challenges Ahead
- Continued undermining of earnings due to fleet depreciation and poor resale results.
- Underutilized capacity in both fleet and self-storage.
- Current self-storage performance is only 'even' with peers, indicating a lack of competitive edge.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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