UHAL.B Filings — U-Haul Holding Company - FilingSpy
UHAL.B
U-Haul Holding Company
A do-it-yourself moving company: U-Haul rents trucks, trailers, self-storage units, and U-Box portable containers, plus insurance coverages like Safemove. L.S. Shoen and his wife Anna Mary founded it in 1945 after their own move revealed no one offered one-way trailer rentals; the name came from letting customers "haul" their own belongings. Its signature orange color began as a safety fix when a driver couldn't see Shoen's black trailer, so he repainted it highway-barricade orange.
U-Haul net income fell 13.6% to $122.9M as higher freight and personnel costs offset a recovery in used-truck disposal gains.
U-Haul's used-truck disposal losses finally reversed, swinging to a small gain after a year of deepening losses. rose 2.8% to $1.09 billion and widened 0.4 points to 96.1%, but still fell 13.6% to $122.9 million as a $22.4 million increase in freight and shipping costs and higher ate into the bottom line. The core rental business is stabilizing, but rising operating costs are now the main pressure on earnings.
Key takeaways
Net gains on disposal of rental equipment swung to a $1.9 million gain from a $22.1 million loss a year ago, a $24.0 million improvement that signals used-truck resale values may be stabilizing after a prolonged decline.
Moving and Storage operating earnings fell 2.6% to $234.8 million as a $54.9 million increase in operating expenses—including a $22.4 million rise in freight and shipping—offset gains and the disposal-gain recovery.
Self-moving equipment rental rose 2.8% to $1.09 billion, extending a recovery that began in Q1 fiscal 2025, driven by higher revenue per transaction and an expanded fleet and location count.
Section summaries
Management's Discussion and Analysis
U-Haul's Q1 fiscal 2027 earnings declined 14% YoY to $122.9M as higher Moving & Storage costs, particularly freight and personnel, outpaced revenue growth.
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Consolidated rose 3% to $1.68B, driven by a $29.3M increase in self-moving equipment rentals and a $15.9M increase in self-storage revenues, which benefited from a 6.2% improvement in average revenue per occupied foot.
Self-storage grew 7.3% to $233.3 million, supported by a 6.2% improvement in average revenue per occupied foot and the addition of 1.2 million net rentable square feet over the last twelve months.
rose $15.6 million to $97.9 million on higher debt levels and average cost of debt, contributing to the 13.6% decline in .
rose 5.3% to $630.3 million, while remained negative at -$192.1 million as net on fleet and real estate continued, though the company plans to reduce net fleet investment to approximately $855 million in fiscal 2027.
What changed
The swing to a net gain on disposal of rental equipment addresses the most-watched item from prior filings: after a cumulative $232 million decline in gains over two years and a swing to net losses in FY2026, the $1.9 million gain this quarter suggests used-truck resale values may be finding a floor.
Fleet increased $18.6 million to $300.6 million, a smaller increase than the $50.7 million and $50.6 million quarterly rises in Q1 and Q2 FY2026, suggesting the pace of increase may be moderating as flagged in the FY2026 annual report.
Self-moving equipment rental growth decelerated to 2.8% from 4.3% in Q1 FY2026, confirming the slowdown flagged in Q4 FY2026 and suggesting the recovery is maturing rather than accelerating.
Management reduced its net fleet reinvestment plan to approximately $855 million for fiscal 2027, down from $1.275 billion in the prior year, addressing concerns about cash reserves and that had been flagged repeatedly.
What to watch
Q2 FY2027 gains or losses on disposal of rental equipment to confirm whether the stabilization in used-truck resale values is sustained or if the $1.9 million gain this quarter is a single-quarter inflection.
Freight and shipping costs in Q2 FY2027 to show whether the $22.4 million increase this quarter represents a new run rate or a one-time spike, as this was the largest single driver of the operating earnings decline.
Fleet trajectory in Q2 FY2027 to confirm whether the moderation in the pace of increase from $50M+ quarterly rises to $18.6M this quarter is sustained.
against the reduced $855 million net fleet reinvestment plan, to gauge whether aligns with management's more conservative posture and whether cash reserves stabilize.
Moving & Storage operating earnings fell 3% to $234.8M as a $54.9M increase in operating expenses, including a $22.4M jump in freight and shipping, offset gains.
Total expense increased $18.6M to $300.6M, primarily from a larger box truck fleet, though net gains on rental equipment disposals improved by $24.0M to a $1.9M gain.
rose $15.6M to $97.9M due to higher debt levels and average cost of debt, contributing to the decline in .
Net was $630.3M, and the company held $1.1B in cash with $465.0M in available credit, while for Moving & Storage were $674.1M.
The company plans to invest approximately $855M in its rental fleet in fiscal 2027, net of sales, and expects real estate to remain near current levels.
Quantitative and Qualitative Disclosures About Market Risk
The company faces interest rate risk from variable-rate debt and fixed-income investments, plus equity market risk from indexed annuity products, and uses derivatives to hedge.
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As of June 30, 2026, $687.5 million of the $827.3 million in variable-rate debt was unhedged; a 100 increase would reduce annual earnings and cash flows by $5.5 million.
The company uses interest rate swaps to manage a portion of its variable-rate debt exposure, with two swaps outstanding having a combined of $139.8 million.
Equity market risk arises from indexed annuity products tied to the S&P 500; the company hedges this exposure with listed equity call options and call option spreads.
The equity derivative hedges had a net of $5.3 million and a of $266.6 million as of June 30, 2026, but do not qualify for .
Foreign currency risk is primarily from Canadian operations, which generated 5.5% of in the first three months of fiscal 2027, and is considered immaterial and typically unhedged.
The information regarding our legal proceedings in Note 10, Contingencies, of the Notes to Consolidated Financial Statements is incorporated by reference herein. SEC regulations require us to disclose certain information about environmental proceedings if a governmental authorit…
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The information regarding our legal proceedings in Note 10, Contingencies, of the Notes to Consolidated Financial Statements is incorporated by reference herein.
SEC regulations require us to disclose certain information about environmental proceedings if a governmental authority is a party to such proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed a stated threshold. Pursuant to the SEC regulations, we will use a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required. We believe that this threshold is reasonably designed to result in disclosure of any such proceedings that are material to our business or financial condition.
We are not aware of any material updates to the Risk Factors described in our previously filed Annual Report on Form 10-K for the fiscal year ended March 31, 2026.
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We are not aware of any material updates to the Risk Factors described in our previously filed Annual Report on Form 10-K for the fiscal year ended March 31, 2026.