U-Haul (UHAL) Q4 2026 earnings summary

Executive summary

• Reported a fourth quarter net loss of $127.8 million, widening from $82.3 million loss year-over-year; full-year net earnings fell to $83.1 million from $367.1 million.

• Adjusted EBITDA for Moving and Storage increased $26.1 million year-over-year to $1,645.9 million.

• Equipment rental and self-storage revenues grew, with storage revenues up 8.3% for the year and rental revenues up 2.3%.

• Expansion continued with 66 new self-storage locations and 5.3 million net rentable square feet added in FY26.

• Board authorized a $350 million share repurchase plan in May 2026.

Financial highlights

• Consolidated annual revenue rose to $6,037.8 million from $5,828.7 million year-over-year.

• Q4 EPS loss was $0.65 per non-voting share, compared to $0.41 loss last year; full-year EPS for Common Stock was $0.24, down from $1.69.

• Depreciation, net of gains/losses on disposals, rose to $1,287.0 million from $958.2 million year-over-year.

• Capital expenditures for new rental equipment reached $2.081 billion, up $218 million year-over-year.

• Real estate-related capital expenditures for the year decreased by $540.6 million compared to FY25.

Outlook and guidance

• No planned growth for the box truck fleet in the coming year; focus on U-Box container and Toy Hauler trailer growth.

• Projected decrease in net equipment purchases by about $560 million next fiscal year.

• Significant self-storage development pipeline with $2.1 billion in estimated capital needed to complete projects.

• Construction of new storage units is declining, but costs will remain elevated until more units are rented.

• Revenue trends for April and May are in line with Q4.