U-Haul's Q3 2025 Earnings Call: Key Contradictions in Growth, Pricing, and Maintenance Costs

These are the key contradictions discussed in U-Haul's latest 2025 Q3 earnings call, specifically including: Storage Occupancy Trends and Strategic Expansion, U-Box Storage Growth Expectations, Pricing Strategy and Competition, U-Box Growth and Margin Expectations, and Fleet Maintenance Costs:



Revenue Growth and Pricing Strategy:
- U-Haul reported a 4.5% increase in equipment rental revenue for Q3, marking the largest increase in the year.
- This growth was driven by a strong quarter of revenue, supported by increased pricing and growth in In-Town transactions, as well as last-mile revenue gains.

Movement in Fleet Acquisition and Depreciation:
- Fleet depreciation from increased fleet acquisitions and reduced gains on the sale of retired equipment led to a $0.16 per share decline in earnings for Q3.
- This trend is attributed to increased acquisitions over the past several years, causing higher depreciation expenses.

Storage Portfolio Expansion:
- U-Haul invested $1.214 billion in real estate acquisitions and development for storage and U-Box warehouses in the first 9 months of 2025.
- The company added 2.3 million square feet of new net rentable square footage, reflecting continued expansion and investment in its storage business.

EBITDA and Margin Trends:
- EBITDA at the moving and storage segment increased by $47.8 million due to strong revenue growth.
- Despite this, earnings per share decreased due to factors such as fleet depreciation and reduced gains on equipment sales, suggesting sequential challenges in profitability.