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U-Haul (UHAL) Q1 Revenue Rises 5.3%
Key Points
Revenue (GAAP) rose 5.3% in Q1 FY2026 compared to Q1 FY2025, reaching $1.63 billion, but GAAP earnings per share for Non-Voting shares fell 27% compared to Q1 FY2025, as profitability was pressured by higher depreciation and equipment disposal losses.
Self-storage revenue (GAAP) increased 8.6%, with 15 new locations added, but same-store occupancy decreased by 1.0 percentage point to 92.8%.
Net debt to adjusted EBITDA (non-GAAP) climbed to 4.0x from 3.3x as the company continued expanding its fleet and storage portfolio.
U-Haul (NYSE:UHAL), a leading provider of do-it-yourself moving trucks and self-storage solutions across North America, released its earnings for Q1 FY2026 on August 6, 2025. The company reported GAAP revenue of $1.63 billion, almost exactly matching analyst expectations, but delivered a notable decline in earnings per share to $0.73 (GAAP), down from $1.00 in Q1 FY2025. Profitability was weighed down by sharply higher depreciation and losses on equipment disposal, despite an expanding footprint in storage and U-Box portable containers. The period highlighted both steady customer demand and growing capital pressure as U-Haul invests in its network.
| Metric | Q1 FY2026(ended June 30, 2025) | Q1 Estimate | Q1 FY2025(ended June 30, 2024) | Y/Y Change |
|---|---|---|---|---|
| EPS – Non-Voting Shares (GAAP) | $0.73 | $1.00 | (27.0%) | |
| Revenue (GAAP) | $1.63 billion | N/A | $1.55 billion | 5.3% |
| Adjusted EBITDA – Moving and Storage | $545 million | $515 million | 5.8% | |
| Self-moving Equipment Rental Revenue | $1.06 billion | $1.01 billion | 4.3% | |
| Self-storage Revenue | $234 million | N/A | N/A | |
| Net Earnings Available to Common Stockholders | $142 million | $195 million | (27.1%) |
Source: Analyst estimates for the quarter provided by FactSet.
Company Overview and Strategic Focus
U-Haul operates the largest network of do-it-yourself moving rental trucks and is the third-largest self-storage operator in North America. Its business extends to moving equipment rentals, self-storage units, the U-Box portable storage container product line, insurance offerings, and a growing dealer network.
Its strategy centers on network expansion, timely equipment turnover, innovation in do-it-yourself moving and storage, and integrating digital tools for improved customer experience. Management’s key areas of focus include maintaining its market lead through breadth of locations, scaling self-storage, and promoting U-Box containers, all while managing the growing costs associated with fleet renewal and real estate development.
Quarter Highlights: Growth, Expansion, and Margin Pressures
Consolidated revenue (GAAP) climbed 5.3% to $1.63 billion compared to Q1 FY2025, with growth across most key business lines. The moving and storage segment produced $1.55 billion in GAAP revenue, up 5.8% compared to Q1 FY2025, while Adjusted EBITDA for the segment increased 6.0% to $545.3 million (non-GAAP). Self-moving equipment rental revenue, which includes truck, trailer, and tow dolly rentals, rose 4.3% on a GAAP basis as Revenue per transaction increased. U-Haul expanded its rental fleet with more company-operated and independent dealer locations.
Self-storage revenue (GAAP) rose 8.6%, surpassing $234 million in GAAP self-storage revenues, as the company added 15 new storage sites and grew its total rentable square footage by 1.2 million feet. However, both average occupancy for owned stores (down to 78.1% from 80.0%) and same-store occupancy (down to 92.8% from 93.8%) slipped. Revenue per occupied square foot in the same-store portfolio improved 0.6%. Management noted that while lease-up on new sites is continuing, the pace to reach low-90% occupancy has slowed compared to previous years.
U-Box, the portable storage container product, continued to provide healthy growth. “Other revenue” in the moving and storage segment, driven largely by U-Box, increased 15.6%. Management during previous calls highlighted that U-Box moving transactions are growing at above 20% for FY2025, with storage transactions growing slightly less rapidly than moving transactions, both in the plus 20% range for FY2025. The opportunity remains to capture more storage duration for containers already in inventory, particularly as the company’s warehouse footprint for U-Box has expanded nearly 25% over the last 12 months.
Profitability faced headwinds as net earnings available to shareholders (GAAP) dropped 41.6%. The main factors were a $50.7 million rise in depreciation on the rental fleet, $29.7 million more in losses from retired equipment sales compared to Q1 FY2025, and higher real estate depreciation. Maintenance and repair costs also moved up by $5.2 million. Non-recurring losses on equipment disposal replaced last year’s gains (GAAP), reflecting changes in truck resale pricing and fleet age as U-Haul invests in newer vehicles. Life insurance revenue (GAAP) declined modestly. Both insurance lines delivered modest profits but continue to serve as secondary sources of earnings.
On the balance sheet, U-Haul increased total debt to $7.3 billion. Net debt to adjusted EBITDA (non-GAAP) rose to 4.0x from 3.3x, reaching $1.19 billion in cash and credit at period end.
Dividend activity remained steady, and management did not signal any intention to modify its capital return plans.
Looking Ahead: Management Commentary and Trends to Watch
Management stated that underlying customer demand appears stable in both moving and storage, with positive activity and transaction counts. The company’s development pipeline for self-storage remained robust at 14.8 million rentable square feet as of Q1 FY2026.
Management and the board indicated no significant near-term changes in capital allocation, business structure, or dividend policy. Cost pressures related to equipment acquisition and regulatory factors, such as new truck emissions standards, are expected to “persist for a while,” according to commentary in the earnings release. U-Haul (NYSE:UHAL) does not currently pay a dividend on Voting shares.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
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