U-Haul fiscal 2026 earnings: profit falls on fleet costs

On the apical line, self-moving instrumentality rental revenues climbed $86.4 million, oregon 2.3%, and self-storage revenues added $74.5 million, oregon 8.3%, lifting full consolidated gross to $6.04 cardinal for the twelvemonth from $5.83 billion. Despite that top-line growth, net from operations crossed the Moving and Storage conception fell $295.5 cardinal compared with fiscal 2025.

The 2 biggest drags connected Moving and Storage profitability were a $186.6 cardinal summation successful fleet depreciation disbursal and $117.6 cardinal successful losses connected the disposal of retired rental instrumentality — a reversal from the anterior year, erstwhile disposal enactment generated $15 cardinal successful nett gains. Liability costs besides roseate $76.4 cardinal for the afloat year. Total depreciation expense, nett of disposal gains and losses, reached $1.29 billion, up from $958.2 cardinal successful fiscal 2025.

In the January-through-March quarter, a nett nonaccomplishment of $127.8 cardinal outpaced the $82.3 cardinal shortage recorded successful the aforesaid play a twelvemonth prior, with involvement disbursal rising to $96.6 cardinal from $80.4 million.

"This is the 2nd clip successful caller years we person had a existent nonaccomplishment successful this quarter," U-Haul Holding Chairman Joe Shoen said successful a statement. "The issues with nonaccomplishment connected disposal of rental instrumentality are moving themselves through. CapEx connected rental trucks volition apt beryllium down this clip adjacent twelvemonth helping mean fleet depreciation."

Shoen besides flagged unit from recently built but not yet occupied retention facilities. "We are pushing a bow question of costs associated with built but not rented retention units," helium said. "Until we rent much than we add, these costs volition stay an expanding drain." Same-store occupancy successful the self-storage portfolio fell 5.4 percent points to 86.1% for the 4th ended March 31.

Borrowings swelled to $8.12 cardinal astatine March 31, 2026, versus $7.23 cardinal a twelvemonth earlier, a level that enactment the nett debt-to-trailing-twelve-month adjusted EBITDA ratio astatine 4.3 times. Adjusted EBITDA for the trailing 12 months roseate to $1.65 cardinal from $1.62 billion.

Directors approved a $350 cardinal buyback programme applicable to some stock classes, the institution said. A currency dividend of $0.05 per stock connected the Non-Voting Common Stock was paid successful March 2026.