U-Haul (UHAL) Q3 2026 earnings summary

Executive summary

• Q3 FY2026 resulted in a net loss of $37 million, reversing from $67.2 million in earnings a year ago, due to high fleet acquisition costs, depreciation, and poor equipment resale.

• Year-to-date net earnings were $210.9 million, down from $449.4 million in the prior year, with ongoing investments in fleet and real estate expansion.

• Self-storage and U-Box operations expanded, with over 200,000 U-Box containers in service and 16 new storage locations adding 1.5 million net rentable square feet in Q3.

• Management cited fleet depreciation, underutilized capacity, and increased liability costs as key earnings pressures.

• The company maintains a strong liquidity position and continues to focus on long-term value creation and capital deployment.

Financial highlights

• Q3 2026 consolidated revenue was $1.42 billion, up from $1.39 billion year-over-year; nine-month revenue reached $4.77 billion.

• Adjusted EBITDA for Moving and Storage fell $41.7 million year-over-year to $335.0 million; operating cash flows and margins declined.

• Self-storage revenues increased $17.9 million (7.9%) year-over-year; revenue per foot up 5.2%, but same-store occupancy dropped to 87.2%.

• Equipment rental revenues rose $8 million (0.9%) year-over-year, mainly from in-town rentals.

• Interest expense increased to $95.5 million in Q3, reflecting higher debt levels and rates.

Outlook and guidance

• Management expects fleet depreciation and poor resale results to bottom out within the calendar year.

• Model year 2026 cargo van purchases are expected to be 12% cheaper than last year; new truck purchases for next fiscal year projected to decrease by over $500 million.

• Significant embedded revenue growth potential from non-same store and development pipeline properties; 12.9 million net rentable square feet in development or pending.

• Inflationary pressures and competition may challenge margins; focus remains on transaction growth and pricing improvements.

• Real estate and fleet investments for fiscal 2026 are expected to be funded through debt, leases, and cash from operations.