U-Haul (UHAL) Q3 2025 earnings summary

Executive summary

• Q3 FY2025 net earnings were $67.2M, down from $99.2M year-over-year, with EPS at $0.35 per non-voting share; revenue was $1.39B, up 3.7%, driven by self-moving equipment and self-storage growth.

• For the nine months ended Dec 31, 2024, revenue was $4.60B, up 1.4% year-over-year; net earnings were $449.4M, down from $629.6M.

• U-Box and self-storage segments showed robust growth, with U-Box storage and moving transactions both increasing.

• The company continues to expand its moving equipment fleet and self-storage footprint, adding 2.3M net rentable square feet in Q3.

• Cost controls and operational efficiencies contributed to a slower rise in operating expenses relative to revenue.

Financial highlights

• Q3 consolidated revenue rose to $1.39B from $1.34B year-over-year; self-moving equipment rental revenue grew 4.6%, and self-storage revenue increased 8%.

• Q3 EBITDA for Moving and Storage (adjusted) was $376.7M, up $47.8M year-over-year.

• Depreciation and lower gains on equipment disposals significantly impacted operating results.

• Capital expenditures for new rental equipment reached $1,587M for the first nine months, up $237M year-over-year.

• Interest expense for Q3 was $76.6M, up from $67.5M year-over-year.

Outlook and guidance

• Management expects continued investment in truck fleet and self-storage expansion, with FY2025 capex for rental equipment projected at $1.1B.

• Revenue trends in January continued positive year-over-year.

• Anticipates future revenue growth from stabilizing and expanding storage and U-Box operations.

• Capital spending pace may slow over the next year or two, but significant development pipeline remains, with 16.8M net rentable square feet in development or pending.

• Inflationary pressures and higher repair/maintenance costs may challenge operating margins.