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U-Haul
U-Haul (UHAL) investor relations material
U-Haul Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Feb, 2026
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.
Strategy to reverse fleet depreciation impact
Self-storage strategy given occupancy decline and new supply
Impact of rising debt on financial flexibility
Fleet rebalancing timeline and key actions
Justify continued storage investment vs. occupancy
Plan to restore profitability and EBITDA margins
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Next U-Haul earnings date
Q4 202627 May, 2026
U-Haul
Next U-Haul earnings date
Q4 202627 May, 2026
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Frequently asked questions
U-Haul Holding Company (formerly AMERCO, Inc.) is a household and commercial goods mover in the United States and Canada. The Company operates under the brands of U-Haul®, U-Box and Pack Rat moving and self-storage products and services. It provides various products and services to move customers' household goods or cargo from one place to another across various routes throughout the country through its network of Company-owned or franchised rental centers and additional service providers. U-Haul operates through four segments: U-Haul Truck and Trailer Rentals; U-Box Containers; American Moving & Storage and Storage; and Propane, Propane Parts and Accessories. The company primarily offers its services to the do-it-yourself moving market.
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