Why did UHAL's Q2 2025 earnings fall below forecasts?

U-Haul Holding Co's (UHAL) Q2 2025 earnings fell below forecasts due to a combination of factors: 1. **Decline in Moving Activity**: U-Haul reported a decline in quarterly earnings and revenue as moving activity remained lower compared to the previous year. This reduction in moving activity likely led to lower earnings as the company's revenue is dependent on the demand for its moving and storage services. 2. **Strategic Closures**: U-Haul has been closing long-standing locations, such as the one on Stumph Road and the store in Austin, effective at the end of business. These closures resulted in the layoff of several team members and may have temporarily disrupted service for some customers. While the company plans to maintain ownership of the property and lease the buildings, the closure itself could have had an immediate negative impact on earnings. 3. **Cost Factors**: The company faced challenges such as increased depreciation expenses and reduced gains from the disposal of retired rental equipment, which contributed to the decline in net earnings. These cost factors could have overwhelmed the revenue growth from the moving and storage segments. In summary, U-Haul's Q2 2025 earnings fell below forecasts due to a combination of declining moving activity, strategic closures, and cost factors.