Amerco Stock Earnings Reports

Q1 FY2026 highlights: Reported net earnings fell to $142M ($0.73 per nonvoting share) from $195M ($1.00) a year ago, largely driven by higher depreciation and losses on resale of rental equipment. Adjusted EBITDA in the Moving & Storage segment rose ~6% (nearly $31M) on broad-based revenue growth. Equipment rental revenue increased ~$44M (+4%), driven by higher revenue per transaction while transaction volumes were roughly flat year-over-year. Self-storage revenue grew ~9% (+$19M); U-Box revenue rose ~16% and is a fast-growing business. Capital expenditures for new rental equipment were $585M in the quarter, reflecting significant fleet additions (including ~8,600 more box trucks vs. June last year). The company is experiencing higher depreciation expense (from recent higher-cost cargo van purchases and a larger box-truck fleet) and increased losses on rental-equipment disposals, pressuring GAAP earnings. Operating costs rose (personnel +$20M, liability costs +$17M, fleet repair +$5M), with insurance/reserve and claim severity noted as margin headwinds. Cash plus revolver availability totaled $1.19B at quarter-end. Real estate: $294M invested in storage and development; ~1.2M net rentable sq ft added this quarter and ~6.5M sq ft currently in development across 124 projects. Management expects meaningful additional storage revenue as non-same-store locations mature (management estimates roughly $260M of potential incremental storage revenue to reach ~90% occupancy, with ~80% of that flowing to the bottom line). Management remains constructive on medium-term upside from new products (U-Box) and network expansion, but near-term earnings will be dampened by depreciation and equipment resale losses.