U-Haul (UHAL) Q3 2026 earnings summary

Executive summary

• Net loss of $37 million for Q3 FY2026, down from $67.2 million in Q3 FY2025, driven by high fleet depreciation, poor resale results, and underutilized capacity.

• The company is over-fleeted, especially in box trucks, and is working to increase sales of older vehicles and expand dealership locations.

• Self-storage continues to grow, with new units added outpacing rentals, resulting in surplus unrented units and declining occupancy; initiatives are underway to improve rental rates.

• U-Box presence expanded to over 700 locations, with over 200,000 containers in service and ongoing investments in digital tools and warehouse capacity.

• Management remains focused on long-term value creation, efficient capital deployment, and responsible debt management.

Financial highlights

• Q3 2026 consolidated revenue was $1.42 billion, up from $1.39 billion year-over-year; net loss was $37 million versus net income of $67.2 million a year ago.

• Adjusted EBITDA for Moving and Storage was $335 million, down $41.7 million year-over-year; operating cash flows and margins declined.

• Equipment rental revenues increased by $8 million (just under 1%) year-over-year, mainly from in-town rentals.

• Self-storage revenues rose $18 million (8%) for the quarter, with average revenue per foot up nearly 7% and same-store revenue per occupied foot up 5%.

• Operating expenses and depreciation rose sharply, with depreciation up $44.8 million in Q3 and $146 million year-to-date.

Outlook and guidance

• Model year 2026 cargo van purchases are expected to be 12% cheaper than last year and 20% cheaper than two years ago.

• Initial estimates for next fiscal year indicate a reduction in new truck purchases by over $500 million.

• Management expects fleet depreciation and poor resale results to bottom out within the calendar year, with continued investment in fleet and storage expansion.

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

• Focus remains on transaction growth, pricing improvements, and strategic investments in self-storage and U-Box warehouses, especially in key metro areas.