U-Haul pany(UHAL) - 2026 Q2 - Quarterly Results

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]