UHAL-B · U-Haul Holding Company

U-Haul Holding Company's fiscal 2026 fourth quarter and full-year results reflect significant earnings pressure from fleet-related costs and rising depreciation, partially offset by revenue growth in self-storage and self-moving equipment rentals. For the quarter ended March 31, 2026, the company reported a net loss of $127.8 million, widening from a loss of $82.3 million in the prior-year quarter, as total costs and expenses rose 5.6% to $1.348 billion. The primary driver was a $48.9 million increase in depreciation, net of gains on disposals, to $317.2 million, with rental equipment depreciation alone rising $40.6 million to $221.4 million. Net losses on disposals of rental equipment added $17.8 million versus $14.6 million a year ago. Full-year net earnings fell 77.4% to $83.1 million from $367.1 million, with moving and storage earnings from operations before equity in subsidiaries declining $295.5 million to $350.2 million. Chairman Joe Shoen attributed the quarter's loss to "loss on disposal of rental equipment working themselves through" and noted that "CapEx on rental trucks will likely be down this time next year helping moderate fleet depreciation." He also highlighted a "bow wave of costs associated with built but not rented storage units" as an ongoing drag. On a positive note, self-storage revenues grew 7.1% in Q4 to $246.8 million and 8.3% for the full year to $972.4 million, though same-store occupancy fell to 86.1% from 91.5%. Self-moving equipment rental revenues increased 1.6% in Q4 to $757.0 million and 2.3% for the full year to $3.81 billion, with one-way transactions up but revenue per transaction flat. The insurance segments showed mixed results: property and casualty insurance earnings rose 73.8% in Q4 to $17.3 million, while life insurance earnings fell 19.9% to $3.8 million. The company ended the year with $1.12 billion in cash and equivalents, total debt of $8.12 billion, and a net debt to adjusted EBITDA ratio of 4.3x. On May 22, 2026, the Board authorized a new $350 million share repurchase plan, and a $0.05 per share dividend was declared on Non-Voting Common Stock. No forward guidance was provided in the release.