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- **Fleet-Related Losses**: $26M loss on van disposal vs. $4M gain last year; $75M cost increase from depreciation and disposal.
- **Over-Fleeting Strategy**: Opening dealerships and selling older trucks to reduce excess fleet; 2026 van costs 12% lower than 2025 models.
- **Storage Challenges**: 8% storage revenue growth offset by 5% drop in same-store occupancy; U-Box expansion in major cities.
- **Cash Position**: $1.475B in cash and loan facilities; cautious fleet spending reduction next year.
- **Digital & U-Box Investment**: Heavy spending on digital tools; U-Box aligns with long-distance move trends, targeting metro undersupply.

**【Management Opening Remarks】**
- **Fleet Challenges**: Excessive acquisition costs for 2023-2024 model year vans and pickups led to $26 million loss on disposal, compared to a $4 million gain last year. Depreciation increased due to higher fleet costs and elevated resale market adjustments.
- **Over-Fleeting**: Box truck fleet expanded by 11,000 units, resulting in over-fleeting. Strategy includes opening more dealerships to utilize excess fleet and increasing sales of older trucks.
- **Self-Storage Growth**: Added 65 new locations and 365 independent dealers, but same-store occupancy dropped 490 basis points to 87% due to removal of delinquent units. U-Box expansion in major cities (e.g., D.C., L.A., NYC) aims to boost self-storage capacity.
- **Digital Investment**: Heavy spending on digital tools to meet customer expectations, with most investments expensed in the current period.

**【CFO Financial Commentary】**
- **Financial Performance**: Third-quarter loss of $37 million vs. $67 million profit last year. Adjusted EBITDA decreased 11% due to $75 million cost increase from fleet depreciation and disposal losses.
- **Revenue Trends**: Equipment rental revenue grew $8 million (1%), driven by in-town business. Storage revenue rose 8%, but same-store occupancy fell 5% due to delinquent unit removal.
- **Expense Management**: Operating expenses increased $66 million, driven by personnel costs (+$16M), fleet maintenance (+$13M), and self-insurance liabilities (+$38M). Cash and loan facilities totaled $1.475 billion.
- **Fleet Adjustments**: 2026 cargo van costs are 12% lower than 2025 models, aiming to reduce future depreciation impacts.

**【Q&A Highlights】**
- **Depreciation Trends**: Dynamic depreciation rates for box trucks (e.g., 16% first year, 13% second year) and adjusted rates for vans based on resale market trends. 2024 van cohort depreciation adjustments contributed to losses.
- **U-Box & One-Way Rentals**: U-Box success correlates with long-distance moves, aligning with one-way rental trends. 80% of U-Box business comes from long zones, making it more sensitive to market shifts.
- **Fleet Reduction Plan**: Projected $500+ million reduction in new truck purchases next year. Balancing fleet size while addressing supply chain disruptions and automaker price volatility remains a challenge.
- **Storage Market Strategy**: Slowed self-storage development to 106 projects (5.7M sq ft) but prioritizes strategic U-Box warehouse expansion in underserved markets.
- **Shareholder Value**: Considered selling stabilized self-storage territories to REITs to crystallize value, but cautious due to long-term growth potential.

U-Haul Holding Company (UHAL) Q3 2026 Earnings Call Transcript

- **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 Resilience**: 4% Q1 2026 growth despite $22M fleet loss, driven by U-Box (16% YoY) and storage (9% YoY). 
- **U-Box Breakout**: 10% of 'Other Revenue,' with potential to rival U-Haul's scale. 
- **Margin Strain**: 44M operating expense rise due to fleet costs, offset by 80% EBITDA contribution from new storage units. 
- **Fleet Expansion**: 8,600 new box trucks and 5,700 rental trucks added, challenging transaction growth. 
- **Storage Pipeline**: 6.5M sq ft under development, targeting 10% unlevered IRR.

**【CFO Financial Commentary】**
- **Revenue and EBITDA Growth**: Q1 2026 revenue increased 4% year-over-year, driven by equipment rental and U-Box. Adjusted EBITDA rose 6% to $31 million, despite a $22 million loss on fleet disposal.
- **Fleet Challenges**: Depreciation costs surged due to 8,600 new box trucks and cargo van losses. July 2026 revenue trends positive, but transactions remain flat.
- **Storage Expansion**: Self-storage revenue up 9%, with 1.2M sq ft added. Same-store occupancy dipped to 93%, but future growth from 6.5M sq ft in development.
- **U-Box Momentum**: U-Box revenue grew 16%, now 10% of 'Other Revenue.' Management sees potential for U-Box to rival U-Haul's scale.
- **Margins Under Pressure**: Operating expenses rose 44M, driven by personnel (+$20M), liability costs (+$17M), and fleet maintenance.
- **Capital Allocation**: $585M spent on new equipment, $294M on real estate. Cash and revolver availability: $1.19B.

**【Q&A Key Highlights】**
- **U-Box Growth**: Sam Shoen predicts U-Box could match U-Haul's size, with 5-10% of locations equipped. Q1 2026 U-Box One-Way moves outpaced truck rentals.
- **Margin Trends**: Storage revenue from non-same-store locations could add $260M, with 80% flowing to EBITDA. Fleet-related liability costs strain margins.
- **Transaction Trends**: Flat Q1 2026 transactions, but July 2026 revenue growth from rate hikes. Fleet expansion challenges include integrating 5,700 new trucks across 800+ locations.
- **Development Costs**: $150/sq ft for storage, with 10% unlevered IRR. $1.69B in non-productive capital tied to construction in progress.

U-Haul Holding Company (UHAL) Q1 2026 Earnings Call Transcript

- **Storage Growth Accelerating**: Same-store storage revenue up 3%, move-in rates +4.5%, and 82 new locations added in FY25.
- **U-Box Outperforming**: Moving transactions growing 20%+ YoY, outpacing traditional truck rentals.
- **Capital Investment Intense**: $1.86 billion in equipment capex (+15% YoY), with 7 million sq.ft. of storage in development.
- **Potential Share Buybacks**: Management open to repurchases if valuation gap widens, though liquidity remains a priority.
- **Fleet Modernization Progressing**: Fleet unused mileage nearing pre-pandemic levels, reducing repair costs.

**【CEO Opening Remarks】**
- OEMs are now producing reliable, fuel-efficient ICE vehicles at improved pricing, addressing prior supply chain challenges.
- U-Haul reduced its pickup fleet by 75% to focus on profitable segments, with steady or improving resale prices for vans and pickups.
- Storage remains a key growth driver, particularly in locations with precise execution, with same-store revenue up 3% and move-in rates up 4.5%.
- U-Box revenue grew $14 million in the quarter, driven by expanded storage capacity and integrated moving/storage transactions.

**【CFO Financial Highlights】**
- Q4 2025 loss of $82.3 million vs. $0.66 million loss in Q4 2024; FY25 EBITDA of $1.62 billion (+$52 million YoY).
- Equipment rental revenue up 4% QoQ and 2.8% YoY, with trailer/towing fleet revenue improving.
- Capital expenditures for new equipment rose 15% YoY to $1.86 billion, reflecting fleet modernization.
- Storage revenue up 8% QoQ, with 82 new locations added in FY25 and 7 million sq.ft. in development.
- Operating expenses increased 13% YoY, driven by personnel costs (+13%) and liability costs (+56%).

**【Q&A Key Takeaways】**
- U-Box moving transactions growing 20%+ YoY, outpacing traditional truck rentals, with storage utilization improving.
- Self-storage pipeline of 15 million sq.ft. maintains 10%+ return target despite tariffs, with construction costs stabilizing.
- Management open to share buybacks if valuation gap widens, but prioritizing liquidity amid market uncertainty.
- Fleet age improving, with unused mileage approaching pre-pandemic levels, reducing repair costs over time.
- Insurance business volatility due to equity market swings, not core operations.


U-Haul Holding Company (UHAL) Q4 2025 Earnings Call Transcript

- **Revenue Growth Accelerates**: Q3 rental revenue up 4.5% YoY, fastest pace in 2025, driven by price gains and last-mile demand.
- **U-Box Storage Expansion**: 20%+ warehouse capacity growth over 12 months, with $9M incremental revenue from moving/storage hybrid model.
- **Cost Management Success**: Fleet repair costs down 25% YoY, offsetting 75% of EBITDA growth headwinds.
- **EV Regulatory Risk Mitigation**: U-Haul prioritizing internal combustion engine trucks, with no plans for EV fleet until proven viable.
- **Margin Expansion Potential**: New storage units could add $170M+ EBITDA if stabilized, with U-Box margins targeting self-storage levels.


**【Management Opening Remarks】**
- CEO Edward Shoen highlighted **consumer optimism driving self-move business growth** and noted **fleet adjustments to correct COVID-era imbalances**. He expressed optimism about U-Haul's ability to navigate regulatory changes, particularly in the electric vehicle (EV) space, and emphasized **U-Box storage business expansion**.
- CFO Jason Berg reported **Q3 revenue growth of 4.5%** (vs. 1.5% and 1.7% in Q1/Q2), driven by **higher average revenue per transaction** and **last-mile revenue gains**. EBITDA rose $47.8M, offsetting EPS declines due to fleet depreciation and reduced interest income.

**【CFO Financial Breakdown】**
- **Equipment Rental Revenue**: +$39M (4.5% YoY), with In-Town and trailer/towing device revenue growth.
- **Storage Revenue**: +$17M (8% YoY), with same-store occupancy up 3% and average revenue per foot improving 90bps.
- **U-Box Performance**: Other revenue +$9M, driven by both moving and storage transactions. Warehouse capacity expanded 20% over 12 months.
- **Cost Control**: Operating expenses +$11.6M, but fleet repair/maintenance costs down $10.5M YoY.

**【Q&A Key Takeaways】**
1. **Pricing Strategy**: CEO Shoen confirmed **modest price increases** to offset cost pressures, emphasizing value proposition to customers.
2. **EV Regulatory Risk**: Management expressed skepticism about EV viability for medium-duty trucks, citing **40%+ fleet cost increases** and no viable alternatives.
3. **U-Box Margins**: CFO Berg projected **$170M+ incremental EBITDA** if new storage units reach same-store occupancy levels, with long-term margin expansion potential.
4. **Leverage Outlook**: CFO Berg stated intent to remain under **5x net debt/EBITDA**, with $2B+ borrowing capacity against real estate assets.


Actual												-0.121	0.447	1.358	0.933	0.376	1.76	2.09	1.435	0.442	1.703	17.95	0.98	0.16	1.27	1.36	0.46	-0.05	0.95	0.91	0.3	-0.46	0.68	0.49	-0.23
Forecast												-0.293	0.178	0.458	0.708	0.507	0.806	1.548	1.505	0.738	1.78	2.062	1.45	0.5	1.455	1.76	0.82	0.11	1.2	1.37	0.3467	-0.2233	1	0.8684	0.2429
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+58.70%	+151.12%	+196.51%	+31.78%	-25.84%	+118.36%	+35.01%	-4.65%	-40.11%	-4.33%	+770.51%	-32.41%	-68.00%	-12.71%	-22.73%	-43.90%	-145.45%	-20.83%	-33.58%	-13.47%	-106.00%	-32.00%	-43.57%	-194.69%

Actual	--	--	--	--	--	--	--	--	--	--	--	821.52M	987.24M	1.32B	1.17B	1.06B	1.47B	1.66B	1.40B	1.20B	1.60B	1.70B	1.38B	1.19B	1.54B	1.65B	1.34B	1.18B	1.55B	1.66B	1.39B	1.23B	1.63B	1.72B	1.42B
Forecast	--	--	--	--	--	--	--	--	--	--	--	744.00M	866.50M	998.40M	1.07B	999.16M	1.24B	1.57B	1.33B	1.24B	1.50B	1.91B	1.61B	1.19B	1.58B	1.65B	1.34B	1.17B	1.54B	1.69B	1.35B	1.16B	1.63B	1.73B	1.43B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+10.42%	+13.93%	+32.70%	+9.40%	+6.08%	+19.06%	+6.00%	+5.51%	-3.06%	+6.38%	-10.91%	-14.63%	-0.20%	-2.33%	-0.30%	-0.29%	+1.04%	+0.36%	-1.65%	+3.11%	+6.55%	-0.06%	-0.46%	-1.03%

UHAL

UHAL fundamentals

UHAL Q3 2026 Earnings

Earnings Call

You can ask Aime

UHAL

UHAL fundamentals

UHAL Q3 2026 Earnings

Earnings Call

UHAL Earnings Call Summary for Q3/202610:00 AM on Feb 5, 2026

UHAL Earnings Call Summary for Q2/202610:00 AM on Nov 6, 2025

UHAL Earnings Call Summary for Q1/202611:00 AM on Aug 7, 2025

UHAL Earnings Call Summary for Q4/202511:00 AM on May 29, 2025

UHAL Earnings Call Summary for Q3/20258:00 AM on Feb 6, 2025

You can ask Aime