U-haul Holding Company Stock Earnings Reports

U-Haul Holding reported Q1 FY2026 earnings of $142M ($0.73 per nonvoting share) versus $195M ($1.00) a year ago. Adjusted EBITDA in the Moving & Storage segment rose ~6% (nearly $31M) driven by revenue growth across product lines, while GAAP earnings fell largely due to higher depreciation and losses on retired rental equipment. The company increased rental equipment capex to $585M (up $46M YoY) to grow the fleet (notably ~8,600 more box trucks YoY) and invested $294M in real estate, self-storage and U-Box development. U-Box continues double-digit growth and is highlighted as a high-potential business that management believes is in early innings. Self-storage revenue rose ~9% (up $19M); same-store occupancy dipped ~100 bps to just under 93% as the company is proactively making delinquent units available, which may reduce reported occupancy until re-rented. Operating expense pressure came from personnel (+$20M), liability costs (+$17M, higher claim severity), and fleet maintenance (+$5M). Disposals of higher-cost cargo vans bought over the past two years produced a swing to a $22M loss on retired equipment vs. an $8M gain a year ago; management accelerated depreciation on those units. Cash plus revolver availability at quarter end was $1.19B. Management plans to moderate real-estate development spending to preserve capital while maintaining a targeted development runway (~4.5–6.0M sq ft/year). An Annual Investor & Analyst webcast is scheduled for Aug 21 for more detailed Q&A with CEO.