U-Haul Holding Company reported net earnings available to shareholders of $367.1 million for the fiscal year ended March 31, 2025, a significant decrease from $628.7 million in fiscal 2024. For the fourth quarter ended March 31, 2025, the company reported net losses available to shareholders of ($82.3) million, compared with net losses of ($0.9) million in the same period last year. This represents a substantial decline in profitability and a deepened quarterly loss.
Consolidated revenue for the full fiscal year 2025 increased by 3.6% to $5,828.7 million, up from $5,625.7 million in fiscal 2024. Self-moving equipment rental revenues rose by 2.8% to $3,725.5 million, and self-storage revenues grew by 8.0% to $897.9 million. However, the Moving and Storage segment's earnings from operations decreased to $645.8 million from $896.1 million.
The decline in earnings was primarily attributed to increased depreciation expense on the rental fleet, which rose by $154 million to $971.9 million in FY25 from $817.9 million in FY24. Additionally, net gains from the disposal of rental equipment decreased significantly to $13.7 million in FY25 from $154.0 million in FY24, impacting earnings by nearly $260 million for the year. The average monthly occupancy rate for owned self-storage units fell to 79.2% from 82.1%.
Total debt increased to $7,229.3 million as of March 31, 2025, up from $6,304.0 million a year prior, and the net debt to EBITDA ratio rose to 3.9x from 3.1x. Chairman Joe Shoen stated that high prices paid for fleet replacements over the last thirty months impacted the income statement, but noted that both the truck acquisition and sale market are showing improvement. The company increased depreciation further to recognize this expense in the current period.
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