U-Haul's Q2 2025 Earnings: A Deep Dive into Growth and Challenges

U-Haul Holding Company (NYSE: UHAL) recently reported its second-quarter fiscal 2025 earnings, providing valuable insights into the company's performance and strategic direction. This article delves into the key takeaways from the earnings call, highlighting U-Haul's growth initiatives, market trends, and the challenges it faces in the competitive moving and storage industry.



**Growth and Market Trends**

U-Haul's self-storage revenues increased by 7.5% in Q2 2025, driven by a 1.6% rise in revenue per foot and a 0.8% decrease in same-store occupancy. The company added 11 new locations with storage and 0.9 million net rentable square feet (NRSF), contributing to its growth. U-Haul's extensive network of over 23,000 locations across North America ensures accessibility and convenience for customers, further driving demand for its services.



U-Haul's equipment rental services have shown consistent demand, with self-moving equipment rental revenues increasing by 1.7% year-over-year in Q2 2025. This growth was driven by a 1.6% increase in revenue per transaction, despite flat transaction volumes. The demand for U-Haul's services is primarily driven by the do-it-yourself moving market, which has seen steady growth due to demographic trends and consumer preferences for self-service options.

**Strategies for Growth and Challenges**

U-Haul has implemented several strategies to improve its self-moving equipment rental revenues and transactions. One key strategy is the U-Haul Truck Share 24/7 program, which offers secure access to U-Haul trucks every hour of every day through a customer dispatch option on smartphones and patented Live Verify technology. This program has enabled the U-Haul fleet to grow to approximately 192,000 trucks, 138,700 trailers, and 39,500 towing devices, providing customers with convenient and flexible rental options.

However, U-Haul faces challenges in maintaining its earnings growth. In Q2 2025, the company reported a $29.2 million decrease in gains from the disposal of retired rental equipment, contributing to a $92.5 million decrease in Moving and Storage earnings from operations compared to the same period last year. This reduction in gains, along with increased fleet depreciation and real estate-related depreciation expenses, offset improvements in self-storage revenues and self-moving equipment rental revenues.



**Conclusion**

U-Haul's Q2 2025 earnings call revealed a mix of growth and challenges for the company. While U-Haul continues to expand its network and invest in strategic initiatives, it faces headwinds in maintaining earnings growth due to increased depreciation expenses and reduced gains from the disposal of retired rental equipment. As U-Haul navigates these challenges, investors should monitor the company's progress in managing its fleet and real estate portfolio, as well as its ability to capitalize on market trends and consumer preferences in the moving and storage industry.