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U-Haul Q4 2025 Earnings Report
U-Haul Holding Company reported a net loss in Q4 2025, primarily due to increased depreciation expense and reduced gains from rental equipment sales, despite revenue growth in self-storage and self-moving equipment rentals.
Key Takeaways
U-Haul Holding Company reported a net loss of $82.3 million in the fourth quarter of fiscal 2025, a significant decline from a net loss of $0.9 million in the same period last year. This was largely attributed to increased fleet depreciation expense and reduced gains on the sale of rental equipment. Despite the net loss, the company saw revenue growth in self-storage and self-moving equipment rentals, and an increase in Moving and Storage EBITDA.
Net losses available to common shareholders significantly increased to $82.3 million in Q4 2025 from $0.9 million in Q4 2024.
Self-moving equipment rental revenues grew by $29.0 million, or 4.1%, in Q4 2025 compared to Q4 2024.
Self-storage revenues increased by $17.8 million, or 8.4%, in Q4 2025 compared to Q4 2024.
Moving and Storage EBITDA increased by $5.6 million to $217.3 million in Q4 2025.
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
The company anticipates continued challenges from high fleet replacement costs and increased depreciation, but expects improvements in truck acquisition and sale markets. They are focused on expanding their U-Box program and optimizing their self-storage portfolio.
Positive Outlook
- Moving and Storage EBITDA increased, indicating improved operational efficiency in this core segment.
- Self-storage revenues continue to grow, driven by increased occupied rooms and new locations.
- Self-moving equipment rental revenues showed consistent year-over-year growth for the fourth consecutive quarter.
- Expansion of the U-Box program through additional warehouse space and equipment is expected to boost other revenue.
- Improvements in the truck acquisition and sale market are anticipated, potentially easing cost pressures.
Challenges Ahead
- High prices paid for fleet replacements continue to negatively impact the income statement.
- Reduced gains on the disposal of retired rental equipment significantly decreased earnings.
- Increased fleet depreciation expense is a major drag on earnings.
- Overall net losses available to shareholders widened significantly compared to the prior year.
- Same store occupancy rates for self-storage facilities decreased, indicating potential saturation or increased competition in some areas.