U-Haul Holding Company Reports Second Quarter Fiscal 2026 Financial Results
U-Haul Holding Company, the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company, and Amerco Real Estate Company, has released its financial results for the second quarter of fiscal 2026, ending September 30, 2025.
Financial Highlights
For the second quarter of fiscal 2026, U-Haul reported net earnings available to common shareholders of $105.6 million, a significant decrease from $186.8 million in the same period last year. Earnings per share (EPS) for Non-Voting Shares (UHAL.B) were $0.54, down from $0.96 in the previous year.
For the six-month period ending September 30, 2025, net earnings available to shareholders were $247.9 million, compared to $382.2 million for the same period last year. EPS for Non-Voting Shares (UHAL.B) were $1.27, down from $1.96 in the previous year.
Business and Operational Highlights
Despite the decline in net earnings, U-Haul saw an increase in revenues for its major product lines. Moving and Storage earnings from operations decreased by $83.3 million to $197.4 million compared to the second quarter of fiscal 2025. Increased losses from the disposal of retired rental equipment and higher fleet depreciation expenses were significant contributors to this decline.
Self-storage revenues increased by $21.8 million, or 9.7%, compared to the second quarter of fiscal 2025. However, same-store occupancy decreased by 3.5% to 90.5%, while revenue per foot increased by 4.0%. The company added 23 new locations with storage and 1.6 million net rentable square feet (NRSF) during the quarter.
Self-moving equipment rental revenues increased by $23.1 million, or 2.1%, compared to the same period last year. The company also expanded its number of company-operated retail locations, independent dealers, and box trucks in the rental fleet.
Strategic Initiatives and Corporate Developments
On August 21, 2025, U-Haul declared a cash dividend of $0.05 per share on its Non-Voting Common Stock, which was paid on September 26, 2025. The company also reported cash and credit availability of $1,376.0 million as of September 30, 2025, compared to $1,347.5 million at the end of March 2025.
Management's Perspective
Joe Shoen, chairman of U-Haul Holding Company, commented on the results, stating, "As anticipated, the increase in fleet depreciation expense and losses on the sale of retired equipment continued into this quarter. Revenues for our major product lines are up year-over-year; however, profits are down two years running. The better news is Federal Agencies are jettisoning impossible green mandates. U-Haul will be renting trucks for the foreseeable future."
Future Outlook
U-Haul Holding Company will hold its investor call for the second quarter of fiscal 2026 on Thursday, November 6, 2025, at 8 a.m. Arizona Time (10 a.m. Eastern). The call will be broadcast live over the Internet at investors.uhaul.com.
Original SEC Filing: U-Haul Holding Co /NV/ [ UHAL ] - 8-K - Nov. 05, 2025