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- **Depreciation Drag**: Q2 net income fell 43% to $106 million due to $107 million in fleet-related costs, with cargo van depreciation tripling.
- **Dealer Network Expansion**: 1,000+ new locations added in 12 months to boost moving transactions, targeting Q2 2026 for results.
- **U-Box Growth**: Other revenue rose 12%, with U-Box nearing Moving & Storage margins as storage utilization improves.
- **Self-Storage Resilience**: 10% revenue growth despite 350bps occupancy decline, driven by rate increases and delinquency cleanup.
- **Regulatory Relief**: Positive outlook on reduced ICE regulations, potentially stabilizing transportation costs industry-wide.

**【CEO Summary Section】**
- **Depreciation Impact**: Earnings were pressured by $107 million in increased depreciation and losses on equipment sales, driven by higher vehicle costs and declining resale values.
- **Dealer Network Expansion**: Accelerated dealer network growth (1,000+ new locations in 12 months) aims to balance fleet utilization and increase moving transactions, with expected results by Q2 2026.
- **Self-Storage Challenges**: Same-store occupancy declined 350bps due to delinquency cleanup, but revenue per foot rose 5%. Competition remains intense, with REITs using aggressive discounting strategies.
- **Regulatory Relief**: Positive outlook on reduced ICE vehicle regulations, which could stabilize transportation costs and benefit the broader industry.

**【CFO Financial Commentary】**
- **Q2 Results**: Net income of $106 million (-43% YoY), EPS of $0.54 (vs. $0.96 prior). Adjusted EBITDA rose 6% to $532 million, driven by 2% rental revenue growth and 10% self-storage revenue increase.
- **Fleet Costs**: $1.325 billion spent on new equipment (up 14%), with 10,000 additional box trucks. Cargo van depreciation rates tripled due to market declines.
- **U-Box Growth**: Other revenue rose $12 million, with U-Box expanding container count and storage utilization. Management targets U-Box to approach Moving & Storage margins as scale improves.
- **Liquidity**: $1.376 billion in cash and credit facilities, supporting continued fleet and real estate investments.

**【Q&A Key Highlights】**
- **Depreciation Outlook**: CFO expects box truck depreciation to peak Q4 2025, while cargo van costs depend on OEM pricing. Long-term depreciation could stabilize at $700-750 million annually.
- **Dealer Network Strategy**: CEO prioritizes breadth over depth, leveraging U-Haul's existing footprint to expand self-storage without overbuilding moving infrastructure.
- **Tariff Impact**: Minimal direct impact on vehicle costs, but parts inflation remains a concern. Ford's domestic content advantage provides some mitigation.
- **U-Box Profitability**: CFO sees U-Box nearing Moving & Storage margins as storage utilization grows. Q2 showed 12% revenue increase, with containers in storage driving margin expansion.
- **Self-Storage Sales Strategy**: Management rejects selling underperforming locations, citing strong returns in non-traditional markets and the difficulty of reinvesting proceeds effectively.

U-Haul Holding Company (UHAL) Q2 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

UHAL.B

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