Core Insights - U-Haul reported Q1 FY2026 GAAP revenue of $1.63 billion, aligning with analyst expectations, but experienced a decline in earnings per share to $0.73 from $1.00 in Q1 FY2025, primarily due to increased depreciation and losses on equipment disposal [1][2][8] Financial Performance - GAAP revenue increased by 5.3% year-over-year, with the moving and storage segment generating $1.55 billion, up 5.8% [5] - Adjusted EBITDA for the moving and storage segment rose to $545 million, reflecting a 5.8% increase [2][5] - Self-moving equipment rental revenue grew by 4.3% to $1.06 billion, driven by increased revenue per transaction [2][5] - Self-storage revenue reached $234 million, an increase of 8.6%, despite a decline in average occupancy rates [2][6] - Net earnings available to common stockholders fell by 27.1% to $142 million [2] Strategic Focus - U-Haul operates the largest network of do-it-yourself moving rental trucks and is the third-largest self-storage operator in North America, focusing on network expansion and innovation [3][4] - The company aims to maintain market leadership through location breadth, scaling self-storage, and promoting U-Box containers while managing rising costs [4] Growth and Expansion - U-Haul added 15 new storage sites, increasing total rentable square footage by 1.2 million feet, although occupancy rates declined [6] - U-Box product line saw a 15.6% increase in revenue, with moving transactions growing over 20% [7] Profitability Challenges - Net earnings available to shareholders dropped by 41.6%, attributed to increased depreciation and losses from equipment sales [8][9] - Maintenance and repair costs rose by $5.2 million, contributing to profitability pressures [9] Balance Sheet and Capital Allocation - Total debt increased to $7.3 billion, with net debt to adjusted EBITDA rising to 4.0x [10] - Management indicated no significant changes in capital allocation or dividend policy, despite ongoing cost pressures [12]