U-Haul Holding Company reported net earnings available to common shareholders of $142.3 million for its first quarter ended June 30, 2025, a decrease from $195.4 million in the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) fell to $0.73 for Q1 FY26, compared to $1.00 for Q1 FY25. This indicates a continued decline in quarterly profitability.
Consolidated revenue for Q1 FY26 increased by 5.3% to $1,630.5 million, up from $1,548.5 million in the prior year. Self-moving equipment rental revenues rose by 4.3% to $1,058.3 million, and self-storage revenues grew by 8.6% to $234.2 million. Despite revenue growth, the Moving and Storage segment's earnings from operations decreased to $242.9 million from $295.1 million.
Profitability was significantly impacted by increased depreciation expense on rental equipment, which rose by $50.7 million to $208.2 million in Q1 FY26 from $157.5 million in Q1 FY25. Additionally, the company experienced a substantial shift from net gains to net losses on disposals of rental equipment, reporting a loss of $22.1 million in Q1 FY26 compared to a gain of $7.9 million in Q1 FY25. The average monthly occupancy rate for owned self-storage units declined to 78.1% from 80.0%.
Total debt increased to $7,285.1 million as of June 30, 2025, up from $6,311.7 million a year prior, and the net debt to adjusted EBITDA ratio rose to 4.0x from 3.3x. Chairman Joe Shoen noted that while revenues for self-move and self-storage are up, the company is working through increased depreciation and losses on equipment sales, with increased costs expected to persist.
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