U-Haul's 2026 Q1 Earnings Call: Contradictions Unveiled on U-Box Growth, Capital Expenditures, and Storage Strategies

U-Box market potential and growth, capital expenditure for real estate development, U-Box growth and potential, storage development strategy, and U-Box growth potential are the key contradictions discussed in U-Haul's latest 2026Q1 earnings call.



Earnings and Equipment Rental Revenue:
- U-Haul Holding Company reported first quarter earnings of $142 million compared to $195 million for the same quarter last year, with EPS at $0.73 per nonvoting share.
- Earnings decline was primarily due to a $22 million loss on the disposal of retired rental equipment and increased depreciation from fleet expansion.
- Equipment rental revenue increased by $44 million, a 4% rise, driven by a 4% increase in revenue per transaction.

Self-Storage Revenue Growth:
- U-Haul's self-storage revenues were up by $19 million, or 9% for the quarter.
- Average revenue per foot improved by over 1%, and same-store revenue per foot increased by nearly 1%.
- Growth was supported by increased occupancy and strategic focus on available rooms at existing locations.

U-Box Performance and Expansion:
- U-Box revenue increased by $21 million, a 16% rise, contributing to the company's overall revenue growth.
- Growth is attributed to an increase in U-Box moving transactions and customers keeping containers in storage.
- U-Box services are now available at between 5% and 10% of all U-Haul locations, indicating potential for further expansion.

Capital Expenditures and Fleet Expansion:
- Capital expenditures for new rental equipment totaled $585 million, an increase of $46 million compared to the same time last year.
- Spending was spread across acquisitions of box trucks, trailers, towing devices, and cargo vans, supporting the company's continued growth.