0001193125-26-241850
SEC filingU-Haul notes reveal $3.5B capex, $350M stock buyback authorized, $8.1B debt, and $1.1B cash; segment data not in notes.
U-Haul Holding Company, through its subsidiary U-Haul International, Inc., describes itself as North America’s largest “do-it-yourself” moving and storage operator. Founded in 1945 as a sole proprietorship under the name "U-Haul Trailer Rental Company," the Company has rented trailers ever since and began renting trucks in 1959. The Company rents its distinctive orange and white U-Haul trucks and trailers, and orange door self-storage units, through a network of over 2,400 Company-operated retail moving stores and over 23,000 independent U-Haul dealers. It also sells U-Haul brand boxes, tape and other moving and self-storage products. The Company believes its basic business premise of equipment sharing helps reduce greenhouse gas emissions.
The Company has three operating and reportable segments: Moving and Storage, Property and Casualty Insurance, and Life Insurance. The Moving and Storage segment generated approximately 94.1% of consolidated net revenue in fiscal 2026. This segment consists of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. The Property and Casualty Insurance segment generated approximately 2.3% of consolidated net revenue and provides loss adjusting and claims handling for U-Haul, underwriting components of the Safemove, Safetow, Safemove Plus, Safehaul and Safestor protection packages. The Life Insurance segment generated approximately 3.6% of consolidated net revenue and provides life and health insurance products primarily to the senior market.
The Company’s rental fleet as of March 31, 2026 consisted of approximately 204,800 trucks, 136,600 trailers and 42,000 towing devices. Key products include U-Haul trucks featuring the proprietary Lowest Deck, wide loading ramps, rub rails with tie downs, Gentle Ride Suspension, and Mom’s Attic. The Company also offers U-Box portable moving and storage units, a wide array of U-Haul brand boxes and packing materials, hitches and towing systems, propane refilling at nearly 1,200 locations, and self-storage units ranging from 6 square feet to over 1,000 square feet. Protection packages include Safemove, Safetow, Safemove Plus, Safehaul, Safestor, and Safetrip. Digital platforms include uhaul.com, the U-Haul app, and U-Haul Truck Share 24/7, which allows customers to rent equipment through a mobile device without visiting the counter.
The Company’s go-to-market strategy relies on a network of over 2,400 Company-operated retail moving stores and over 23,000 independent U-Haul dealers. Independent dealers receive rental equipment from the Company, act as rental agents, and are paid a commission based on gross revenues generated from their U-Haul rentals. Over half of all U-Move rental revenue originated from Company-operated stores. Customers are primarily “do-it-yourself” household movers, including individuals and families, college students, vacationers, and home remodeling enthusiasts. The Company also operates the Moving Help program, which connects customers with independent service providers, and the U-Haul Storage Affiliates program, which allows independent storage businesses to join its reservation system.
The truck rental industry is highly competitive. Major national competitors in both the in-town and one-way moving equipment rental market include Avis Budget Group, Inc. and Penske Truck Leasing. In the in-town market, competitors include Enterprise Truck Rental, Turo, Lugg, GoShare and others. The self-storage market is large and fragmented, with principal competitors being Public Storage Inc., CubeSmart, and Extra Space Storage, Inc. The insurance industry is also highly competitive, with many competitors possessing substantially greater financial resources and broader product portfolios.
The Company’s primary service objective is to “provide a better and better product and service to more and more people at a lower and lower cost.” Strategic priorities include expanding the independent dealer network, implementing new initiatives to improve customer service (including expanding U-Haul app capabilities), improving management of rental equipment to provide the right type at the right time and location, and further utilizing the web-based technology platform to increase service to consumers and businesses. The Company also focuses on incorporating sustainable practices into everyday operations.
As of March 31, 2026, the Company employed approximately 32,600 people in the United States and approximately 2,100 in Canada. Approximately 99% of these system members work within Moving and Storage, and approximately 51% work on a full-time basis. The Company operates over 2,400 retail locations, 11 manufacturing and assembly facilities, 154 fixed-site repair facilities, a distribution center, and corporate offices. Benefits include medical, dental and vision coverage, a wellness program, a mental health assistance program called You Matter, paid time off, an Employee Stock Ownership Plan (ESOP) and 401(k) plan, life and disability insurance, and a tuition reimbursement program.
Cash and cash equivalents stood at $1.12B as of March 31, 2026, up from $989M the prior year. Total assets were $21.50B, financed by $13.89B in liabilities and $7.61B in stockholders' equity. The debt load (notes, loans, and finance leases payable, net) was $8.08B, a $890M increase from $7.19B in fiscal 2025. Net investment and interest income for the year was $163.1M.
The Notes do not explicitly disclose a total purchase commitments figure or a breakdown of contractual obligations. The filing references commitments and contingencies (notes 10 and 19) but provides no numerical detail in the extracted text. Insurance-related liabilities include $940M in policy benefits and losses, claims and loss expenses payable, and $2.36B in liabilities from investment contracts.
Capital spending on property, plant, and equipment was $3.15B for fiscal 2026, accompanied by $710M in proceeds from asset sales. On May 22, 2026, the Board authorized a new $350M stock repurchase program for both voting and non-voting common stock. The Company paid $35.3M in dividends on its Series N Non-Voting Common Stock ($0.20 per share). Net debt increased by $890M; the Company borrowed $2.02B under credit facilities and made $1.09B in principal repayments.
Segment-level revenue and operating income are not provided within the extracted Notes to Financial Statements. The Notes describe three operating segments (Moving and Storage, Property and Casualty Insurance, Life Insurance) but do not present their financial results in the text reviewed. No geographic breakdown of revenues is disclosed.
U-Haul's fleet rotation program is critical to maintaining a modern fleet. The ability to fund new truck purchases depends on internal cash flow and external financing. Adverse financial market conditions could limit financing availability, forcing the company to operate trucks longer or reduce fleet size, negatively impacting results. Additionally, used truck prices are volatile, influenced by demand, interest rates, tariffs, and economic conditions. A decline in residual values could lead to losses on sales or accelerated depreciation.
Over the last 30 years, U-Haul has bought most rental trucks from Ford and GM. Any significant production curtailment due to supply chain issues, regulations, tariffs, or financial difficulties could materially affect the company's ability to acquire trucks. The cost of new trucks has risen sharply, and further increases could impede fleet rotation.
Just under half of U-Move rental revenue originates from over 23,000 independent dealers. Maintaining this network and its cost structure is essential; failure could inhibit customer service and financial performance.
Operation of rental fleets and storage centers exposes U-Haul to liability claims. While insurance is available at affordable costs currently, changes in litigation environment or insurance market could negatively affect results.
The California Air Resources Board's Advanced Clean Fleets regulation, though currently withdrawn, could require phase-out of internal combustion engine vehicles. Compliance would necessitate costly infrastructure upgrades and a recharging network that does not exist. Similar laws in other jurisdictions could disrupt operations across North America.
U-Haul is subject to numerous environmental laws, including those governing underground storage tanks. Compliance costs and potential liabilities could materially affect financial condition.
The One Big Beautiful Bill (passed July 2025) reinstated 100% bonus depreciation and immediate expensing of R&D, creating taxable losses for fiscal 2026 but increasing deferred tax liabilities. The law is complex and subject to interpretation.
U-Haul is defending its use of orange trade dress in a lawsuit against Public Storage. An unfavorable outcome could limit brand identity.
The truck rental and self-storage industries are highly competitive. Aggressive pricing by larger competitors could force U-Haul to reduce prices or lose volume, adversely affecting results.
Rapid advances in technology, including autonomous vehicles and app-based services, require continuous innovation. Failure to adapt could harm competitive position.
As of March 31, 2026, U-Haul had $8.125 billion in total debt. High leverage requires substantial cash flow for debt service, limits strategic flexibility, and could hinder access to additional financing.
The Shoen family controls approximately 50.1% of voting stock, allowing significant influence over corporate actions and exemption from certain governance standards. This could conflict with minority shareholder interests.
Cybersecurity incidents are considered inevitable. Despite investments, future breaches could disrupt operations, compromise data, and lead to regulatory fines or litigation.
Net cash provided by operating activities (CFO) of $2,217M for fiscal 2026 declined $82M, or 3.5%, compared to the prior year's $2,299M. This decrease occurred despite net income being $361M higher year-over-year (not shown in excerpt but implied by cash flow trends), suggesting a significant worsening of working capital or a buildup of non-cash charges. Capital expenditures (capex) of $2,438M represented a capex intensity of over 100% of operating cash flow, meaning the company did not generate free cash flow for the year. Net investing cash outflow was $(2,587)M, driven primarily by capex and acquisitions of rental trailers and trucks. Financing activities provided $380M, likely from debt issuance, as no share repurchases or dividends were paid. The resulting free cash flow (CFO less capex) was negative $(220)M, indicating the company relied on external financing or existing cash reserves to fund its investment program. The major cash flow anomaly is the large gap between net income and operating cash flow, which warrants further investigation into working capital changes (e.g., receivables, payables, rental equipment).