Research Reports

Q4 net loss of $128M vs. loss of $82M prior year; full-year FY26 earnings of $83M, down from $367M (CFO)
Q4 EPS loss of $0.65 per nonvoting share vs. loss of $0.41 prior year (CFO)
Moving & storage segment adjusted EBITDA increased $6M in Q4 to $223M; full-year adjusted EBITDA up $26M to $1.646B (CFO)
Equipment rental revenue up $12M in Q4; full-year up $86M (just over 2%) (CFO)
Storage revenues up $16M (7%) in Q4; full-year up 8% (~$74M) (CFO)
Same-store storage occupancy down 540 bps to 86.1%; ~450 bps of decline due to delinquent room cleanup (CFO)
Average revenue per occupied foot improved over 6%; new customer rental rates up ~3% YoY (CFO)
CapEx for new rental equipment in FY26: $2.08B; proceeds from sales of retired equipment: $700M; net equipment purchases: $1.381B (CFO)
~$780M of total equipment spend was growth-related (CFO)
Real estate acquisitions & development investment in FY26: $960M, down $541M from prior year (CFO)
Added 66 locations with storage (5.3M net rentable sq ft); 5.5M sq ft under development across 99 projects; 6.2M sq ft potential development (CFO)
Cash and availability at moving & storage: $1.479B at end of March (CFO)
Board authorized $350M share repurchase plan across UHAL and UHAL.B share classes (CFO)

Official guidance:

Projected decrease in new equipment purchases net of sales of ~$560M for next fiscal year (CFO)
No planned growth of truck fleet in coming year (CFO)
April and May revenue trending in line with Q4 (CFO)

Mgmt quotes:

"The rate of change, we will call it the second derivative of fleet depreciation growth, has been slowing." (CFO)
"Our strategy of straightforward pricing which includes the 1-year price lock guarantee... is beginning to resonate with customers." (CFO)
"The planned decreases in our growth CapEx this coming year allow us to allocate capital to this program." (CFO)
"We firmly believe that the investments that we have made in the business over the last several years... will mature into productive assets." (CFO)
"Utilization of the expanded box truck fleet during this summer will inform us of what actions that we should take going into next year." (CFO)

Metric	Value	Speaker/Context
Q4 net loss	$128M	CFO
Full-year FY26 earnings	$83M	CFO
Q4 EPS loss (nonvoting)	$0.65	CFO
Q4 adjusted EBITDA (moving & storage)	$223M	CFO
Full-year adjusted EBITDA	$1.646B	CFO
Q4 equipment rental revenue increase	$12M	CFO
Full-year equipment rental revenue increase	$86M (~2%)	CFO
Q4 storage revenue increase	$16M (7%)	CFO
Full-year storage revenue increase	~$74M (8%)	CFO
Same-store storage occupancy	86.1%	CFO
CapEx new rental equipment FY26	$2.08B	CFO
Proceeds from retired equipment sales	$700M	CFO
Net equipment purchases	$1.381B	CFO
Growth-related equipment spend	~$780M	CFO
Real estate investment FY26	$960M	CFO
Storage sq ft under development	5.5M	CFO
Potential development sq ft	6.2M	CFO
Cash & availability (moving & storage)	$1.479B	CFO
Share repurchase authorization	$350M	CFO
Projected net equipment purchase decrease (next FY)	~$560M	CFO

主题: U-Box收入趋势、跨销售、玩具拖车投资及回购计划
关键点:
- U-Box交易量和存储箱均同比增长，存储箱增速略高于交易量；收入每交易下降因短途移动增多、货运市场疲软及竞争加剧
- 跨销售中50%的U-Box客户使用存储服务，管理层认为这是“基线”，仍有提升空间（尤其卡车客户转化为存储的比例更低）
- 玩具拖车今年的资本开支约为去年初始投放的一半至三分之二；仅有的计划增长是U-Box容器和拖车，增速将慢于去年
- 董事会已批准股票回购，团队正在设立交易账户并起草指令，计划尽快执行，认为当前股价“足够便宜”
管理层立场: 看涨 — 认为U-Box存储渗透处于早期阶段，股票被低估且回购将迅速启动

主题: 回购计划的资本配置逻辑、租赁业务收入趋势及折旧/处置影响
关键点:
- 管理层解释回购原因：过去几年已积累充足车队产能，现可暂停增长而无需影响杠杆水平；计划利用资本回购，等待需求消化过剩运力
- Q4自移动租赁收入同比改善，其中短途和单程交易均增长（单程交易为财年内首次增长）；但每交易里程仍小幅下降，预计消费信心回升前不会反转
- 2026年4月及5月前两周增长与Q4类似；管理层期望恢复4.5%-5%增长率，新经销商网络（完成约1/3）将在旺季助力
- 折旧问题并非因二手卡车售价下跌（过去12个月售价相对坚挺），而是因2022-2023年采购成本上升；2026年年初售价小幅改善，但尚未形成趋势
管理层立场: 中性偏乐观 — 对增长恢复有期待，但里程和消费信心仍是短期拖累

主题: 存储业务拖欠清理进展、U-Box仓库整合
关键点:
- 拖欠问题已系统性解决，全国范围内回到预期标准；个别地点仍有异常，但整体“经济入住率”已按程序执行（此前物理入住率被高估）
- 入住率提升：年同比增加了约2.5万至2.7万间房；但处于租约期内的新开物业入住率较正常水平仍低5-10个百分点
- U-Box仓库数量下降非收缩信号：年同比，大于500箱容量的仓库增加49个，小于100箱的减少约160个；总仓容增加约5.2万-5.3万箱
管理层立场: 看涨 — 拖欠清理为真正客户腾出3.5万间可用房间，仓库整合提升效率

主题: 存储收入杠杆、折旧与处置改善、利润率恢复路径
关键点:
- 存储每1%的12个月入住率提升对应约1,400万美元收入；当前年增长约2.5-2.7万间房，管理层认为至少可翻倍至5万间
- 折旧：预计2026年下半年车队折旧开始下降；处置损益方面，2026年有望好于2025年，且折旧与处置综合将从逆风转为顺风
- 维修费用可控；