SNOHOMISH, Wash.--(BUSINESS WIRE)-- #30daysfree--U-Haul® is offering 30 days of free self-storage and U-Box® container usage at nine Company facilities across western Washington to aid those affected by the Snohomish River flooding. The City of Snohomish has declared a state of emergency following flooding that has already taken place. The river is forecasted to exceed a record-breaking level of 33 feet by Thursday, putting residential properties in jeopardy of sustaining water damage. Access to dry and sec ...

Group 1 - U-Haul Holding Company reported consolidated revenue of $1.71 billion for Q2 2026, an increase from $1.65 billion in Q2 2025, with self-moving equipment rental revenues rising by $23.1 million year-over-year [1] - Earnings from operations decreased to $217.6 million in Q2 2026 compared to $302.0 million in Q2 2025, while total costs and expenses rose by $146.2 million year-over-year [2] - The depreciation expense related to the rental fleet increased by $50.6 million year-over-year due to a rise in the number of box trucks and anticipated decreases in resale values [3] Group 2 - U-Haul added 23 locations with storage, translating to approximately 1.6 million new net rentable square feet, with 6.5 million square feet actively developed across 116 projects [3]

Core Insights - U-Haul reported Q3 CY2025 revenue of $1.72 billion, reflecting a 3.7% year-on-year growth, meeting Wall Street expectations, but GAAP profit of $0.49 per share fell 24.6% short of analyst estimates [1][6] Financial Performance - Revenue: $1.72 billion vs analyst estimates of $1.73 billion, representing a 3.7% year-on-year growth [6] - EPS (GAAP): $0.49 vs analyst expectations of $0.65, a 24.6% miss [6] - Adjusted EBITDA: $523.9 million vs analyst estimates of $569.5 million, with a margin of 30.5%, an 8% miss [6] - Operating Margin: 12.9%, down from 18.4% in the same quarter last year [6] - Market Capitalization: $9.61 billion [6] Operational Challenges - Increased depreciation expenses and losses on equipment sales significantly impacted profit, attributed to high purchase prices of trucks now facing lower resale values [3][7] - Management highlighted the need for fleet refreshes, with Chairman Edward Shoen noting the high costs associated with acquiring new trucks [3][7] Strategic Initiatives - U-Haul is expanding its dealer network, surpassing 25,000 independent dealer locations, which is expected to enhance inventory deployment and support growth in moving transactions [7] - The company is focusing on growing its U-Box and self-storage businesses, which are viewed as future profit drivers despite high competition in the storage sector [4][8] Future Outlook - Management anticipates continued near-term pressure from depreciation and residual values but sees potential benefits from lower new vehicle prices as the market resets [4] - Efforts to control repair and maintenance costs are underway, with plans to stabilize margins in the coming quarters [8]

Financial Data and Key Metrics Changes - The company reported second-quarter earnings of $106 million, down from $187 million in the same quarter last year, resulting in a decrease in earnings per share (EPS) from $0.96 to $0.54 [7][8] - Adjusted EBITDA in the moving and storage segment increased by 6%, or nearly $32 million, driven by revenue growth across all product lines [8][11] - The largest difference between adjusted EBITDA and GAAP earnings was attributed to depreciation, with a reported loss of $38 million on the disposal of retired rental equipment compared to an $18 million gain last year [9][10] Business Line Data and Key Metrics Changes - Equipment rental revenue increased by $23 million, or about 2%, despite a decrease in overall transactions [10] - Self-storage revenues rose nearly $22 million, or about 10%, with average revenue per foot improving by just under 5% [11][12] - The company added 23 storage locations, translating to approximately 1.6 million new net rentable square feet [13] Market Data and Key Metrics Changes - Same store occupancy decreased by 350 basis points to 90.5%, primarily due to the removal of delinquent tenants [12] - The company has added nearly 1,000 new independent dealer locations in the past 12 months, surpassing 25,000 total locations for the first time [10] Company Strategy and Development Direction - The company is focused on expanding its dealer network to improve truck and trailer inventory balance and increase demand [4][10] - Management is prioritizing expanding the self-storage footprint over increasing depth, indicating a competitive environment with strong price sensitivity among customers [5][33] - The company is optimistic about the potential benefits from reduced regulations affecting the transportation economy [6] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges with increased depreciation and repair costs, but expressed confidence in the long-term stability of various business lines [4][6] - The company expects to see visible results from its dealer network expansion by May, with significant opportunities for increased market penetration [32][34] - Management noted that existing home sales are unlikely to significantly boost one-way rentals or U-Box growth, citing consumer uncertainty [40] Other Important Information - Capital expenditures for new rental equipment for the first six months of the year were $1,325 million, up $169 million from the previous year [11] - The company has invested $526 million in real estate acquisitions and self-storage development during the first half of fiscal 2026, down $208 million from the same period last year [13] Q&A Session Summary Question: Clarification on depreciation method - Management explained that they use a dynamic depreciation model for box trucks and a straight-line method for cargo vans, with current depreciation rates reflecting market conditions [18][19] Question: Expectations for peak depreciation expenses - Management anticipates box truck depreciation to peak towards the end of this year, while cargo van prices are expected to decrease [21][22] Question: Competitive intensity in self-storage - Management noted that competitive pricing strategies among competitors are causing a "slugfest" in the self-storage market, with a focus on maintaining customer expectations [36][37] Question: U-Box revenue growth and market share - Management confirmed that U-Box is gaining market share and is positioned for significant future growth, with profitability expected to improve as occupancy increases [63][65] Question: Impact of tariffs on vehicle costs - Management indicated that while there are concerns about tariffs, they have not yet seen significant impacts on vehicle pricing [54][56]

Second Quarter Fiscal 2026 U-Haul Investor Update Forward Looking Statement The following information and the statements made during this presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe futur ...

Core Insights - U-Haul Holding Company reported net earnings available to common shareholders of $105.6 million for the second quarter ended September 30, 2025, a decrease from $186.8 million in the same period last year [1] - Earnings per share for Non-Voting Shares (UHAL.B) were $0.54 for the second quarter of fiscal [1]

Financial Performance - Net earnings available to common shareholders for Q2 fiscal 2026 were $105.6 million, down from $186.8 million in the same period last year, with earnings per share for Non-Voting Shares at $0.54 compared to $0.96[1][2] - The company reported earnings from operations of $475,008, down 21.8% from $608,198 in the same period of the previous year[15] - Earnings available to common stockholders for the quarter were $105,550,000, down from $186,798,000, reflecting a decrease of 43.4%[21] - Earnings available to common stockholders for the six months were $247,881,000, down from $382,215,000, a decrease of 35.1%[22] - Basic and diluted earnings per share of Common Stock decreased to $0.49 from $0.91, a decline of 46.2%[21] - Basic and diluted earnings per share of Common Stock for the six months fell to $1.17 from $1.86, a decline of 37.1%[22] Revenue and Growth - Consolidated revenue for Q2 fiscal 2026 was $1,719.9 million, up from $1,658.1 million in Q2 fiscal 2025[11] - Consolidated revenue for the first six months of fiscal 2026 reached $3,350,392, an increase of 4.5% compared to $3,206,598 in the same period of fiscal 2025[15] - Self-storage revenues increased by $21.8 million, or 9.7%, compared to Q2 fiscal 2025, with same store occupancy decreasing by 3.5% to 90.5%[3] - Self-moving equipment rental revenues rose by $23.1 million, or 2.1%, with revenue per transaction increasing in both In-Town and One-Way markets[3] - Self-storage revenues rose to $480,536, reflecting a growth of 9.1% compared to $440,256 in the prior year[14] - Total revenues for the quarter ended September 30, 2025, increased to $1,719,922,000, up from $1,658,108,000 in 2024, representing a growth of 3.7%[21] - Self-moving equipment rental revenues rose to $1,110,477,000, compared to $1,087,348,000 in the same quarter last year, marking an increase of 2.1%[21] - Self-storage revenues increased by 9.7% to $246,299,000 from $224,519,000 year-over-year[21] Expenses and Costs - Total costs and expenses for the quarter were $1,502,328,000, up from $1,356,152,000, indicating an increase of 10.8%[21] - Total depreciation expense for the first half of fiscal 2026 was $584,185, a significant increase of 24.5% from $469,138 in the same period last year[16] - Depreciation expenses for the quarter increased significantly to $340,608,000 from $227,270,000, reflecting a rise of 49.8%[21] - Fleet maintenance and repair costs increased by $10.4 million compared to Q2 fiscal 2025[8] - Interest expense for the quarter ended September 30, 2025, is $90,333, an increase of 25.9% from $71,750 for the same quarter in 2024[33] Assets and Liabilities - Total debt as of September 30, 2025, was $7,732.5 million, with cash and cash equivalents at $910.9 million[12] - Cash and cash equivalents increased to $1,082,820, up from $988,828 as of March 31, 2025[20] - Total assets grew to $21,428,419, compared to $20,479,170 at the end of the previous fiscal year[20] - The company’s property, plant, and equipment, net of accumulated depreciation, increased to $16,030,940 from $15,112,600[20] - Total property, plant, and equipment, net as of September 30, 2025, is $16,030,940, an increase of 5.1% from $15,251,298 as of March 31, 2025[30] - Total property, plant, and equipment at cost as of September 30, 2025, is $22,407,924, an increase of 4.8% from $21,372,286 as of March 31, 2025[30] Operational Highlights - The company added 23 new storage locations, contributing 1.6 million net rentable square feet during the second quarter[3] - The average monthly occupancy rate for self-storage units decreased to 77.2% from 80.5% year-over-year[16] - The average revenue per occupied square foot for self-storage was $17.12, with a total of 71,166,758 square feet managed[17] - Net (gains) losses on disposal of real estate for the quarter ended September 30, 2025, is $4,531, compared to $2,991 for the same quarter in 2024, showing a 51.5% increase[33] - Total accumulated depreciation as of September 30, 2025, is $6,376,984, up from $6,120,988 as of March 31, 2025, indicating a 4.2% increase[30] Dividends - Cash dividend of $0.05 per share was declared on August 21, 2025, and paid on September 26, 2025[8]

Revenue Growth - Self-moving equipment rental revenues increased by $23.1 million to $1,110,477 thousand in Q2 FY2026 compared to Q2 FY2025[194] - Self-storage revenues rose by $21.8 million to $246,299 thousand in Q2 FY2026, driven by occupancy gains and a 4.9% improvement in average revenue per occupied foot[195] - Total consolidated revenue for Q2 FY2026 was $1,719,922 thousand, an increase from $1,658,108 thousand in Q2 FY2025[194] - Other revenue increased by $12.2 million to $177,032 thousand in Q2 FY2026, largely due to growth in the U-Box program[199] - Self-storage revenues increased by $40.3 million during the first six months of fiscal 2026, reaching $480.5 million compared to $440.3 million in fiscal 2025, driven by occupancy gains and new capacity additions[227] - Total consolidated revenue for the first six months of fiscal 2026 was $3.35 billion, an increase from $3.21 billion in the same period of fiscal 2025[226] - Total revenues for the Moving and Storage segment increased to $3,186.7 million, up from $3,042.8 million in the prior year[237] - Total revenues for the quarter ended September 30, 2025, were $1,719,922,000, a decrease from $1,658,108,000 in the same quarter of 2024, representing a decline of approximately 3.3%[289] - For the six months ended September 30, 2025, total revenues reached $3,350,392,000, compared to $3,186,686,000 in the same period of 2024, indicating an increase of approximately 5.1%[291] Operating Performance - Earnings from operations decreased to $217,594 thousand in Q2 FY2026 from $301,956 thousand in Q2 FY2025[202] - Earnings from operations for Moving and Storage decreased to $475.0 million in the first six months of fiscal 2026, down from $608.2 million in the first six months of fiscal 2025[234] - Earnings from operations decreased to $467.8 million for the first six months of fiscal 2026, down from $601.8 million in the same period last year[245] - The company reported a pretax earnings of $136,959,000 for Q3 2025, compared to $246,217,000 in Q3 2024, showing a significant decline of about 44.4%[290] - Net earnings available to common stockholders for the quarter ended September 30, 2025, were $105,550,000, consistent with the previous year, indicating stable performance[289] Costs and Expenses - Total costs and expenses increased by $146.2 million in Q2 FY2026, with operating expenses for Moving and Storage rising by $19.4 million[202] - Total costs and expenses increased by $277.0 million during the first six months of fiscal 2026, with operating expenses for Moving and Storage rising by $63.8 million[232] - Total costs and expenses for the quarter ended September 30, 2025, were $1,502,328,000, compared to $1,356,152,000 in Q3 2024, representing an increase of approximately 10.8%[290] Insurance Premiums - Property and casualty insurance premiums increased by $2.5 million to $28,272 thousand in Q2 FY2026 compared to Q2 FY2025[197] - Life insurance premiums decreased by $2.1 million to $18,370 thousand in Q2 FY2026, primarily due to lower life and Medicare supplement premiums[196] - Life insurance premiums decreased by $3.7 million to $37.5 million in the first six months of fiscal 2026, primarily due to lower Medicare supplement premiums[228] - Life insurance premiums collected amounted to $41,228, indicating growth in the insurance segment[292] Investment and Capital Expenditures - The company plans to reinvest approximately $1,295 million in its rental equipment fleet during fiscal 2026[262] - The company invested $526.0 million in real estate acquisitions and new construction during the first six months of fiscal 2026[263] - Net capital expenditures for Moving and Storage were $1,528.4 million for the first six months of fiscal 2026, a decrease of 2.1% from $1,562.2 million in the same period of fiscal 2025[264] - The company incurred capital expenditures of $1,914,502 in property, plant, and equipment, highlighting significant investment in growth[294] Cash and Liquidity - Cash and cash equivalents increased to $1,083.3 million as of September 30, 2025, compared to $988.8 million as of March 31, 2025[257] - Cash and cash equivalents at the end of the period stood at $1,082,820, up from $988,828 at the beginning[294] - Cash flows from operating activities totaled $1,149,996, indicating robust operational cash generation[293] - As of September 30, 2025, the company had available borrowing capacity under existing credit facilities of $465.0 million[278] Equity and Liabilities - Total liabilities as of September 30, 2025, amounted to $13,660,530,000, with significant components including notes, loans, and finance leases payable of $7,694,640,000[286] - Stockholders' equity totaled $7,767,887,000, with retained earnings contributing $8,162,120,000, reflecting a strong equity position[286] - The total stockholders' equity as of March 31, 2025, was $7,498,143,000, with additional paid-in capital of $462,548,000[288] Strategic Plans and Market Conditions - The company plans to expand its U-Haul storage affiliate program and continue investing in the U-Box program[305] - The company expects to maintain a high level of real estate capital expenditures in fiscal 2026[306] - The company plans to expand owned storage properties, funded through a combination of internally generated funds, corporate debt, and borrowings against existing properties[306] - The company is focused on expanding its Life Insurance segment in the senior market and growing its agency force[306] - The company anticipates challenges from inflationary pressures and tariffs that may affect operating margins[306] - The company faces competition and general economic conditions that could affect its performance[306] Risks and Challenges - The company acknowledges risks related to technology, cybersecurity, and data security breaches impacting financial performance[306] - The company is reliant on a limited number of manufacturers for rental trucks, which poses a risk to operations[306] - The company is subject to fluctuations in quarterly results and seasonality, impacting overall financial stability[307]

Group 1 - U-Haul is opening a new repair shop in North Little Rock, creating at least 24 jobs for the local community [1] - The new facility spans 30,000 square feet and is located on a 13-acre parcel acquired in 2024 [1] - Operations at the repair shop will focus on routine maintenance and repairs for regional fleet equipment [1] Group 2 - Future plans for the remaining land include a three-story retail, moving and self-storage center, and a warehouse [1]

Core Points - U-Haul Company of Eastern Florida is providing 30 days of free self-storage and U-Box container usage to assist flood victims in Brevard County [1][2][4] - The initiative is part of U-Haul's commitment to disaster relief and community support, positioning the company as an official American Red Cross Disaster Responder [4] Company Overview - U-Haul is celebrating its 80th anniversary in 2025 and operates over 24,000 rental locations across the U.S. and Canada [5] - The company has a fleet of 197,500 trucks, 137,200 trailers, and 41,300 towing devices, making it the third largest self-storage operator in North America with 1,093,000 rentable storage units [6] - U-Haul is also the top retailer of propane in the U.S. and the largest installer of permanent trailer hitches in the automotive aftermarket industry [6] Disaster Relief Program - The 30 days free offer is applicable to new self-storage and U-Box rentals, subject to availability at participating locations [3] - U-Haul has made specific centers available for this program, including locations in Cocoa, Melbourne, and Titusville [4]