U-Haul Holding Company

What they do

U-Haul Holding Company operates through three reportable segments: Moving and Storage, Property and Casualty Insurance, and Life Insurance. The Moving and Storage segment rents trucks, trailers, and portable storage units (U-Box), sells moving supplies and propane, and manages self-storage properties. Property and Casualty Insurance provides coverage primarily to U-Haul customers, and Life Insurance focuses on life, Medicare supplement, and annuity products.

Revenue drivers

• Self-moving equipment rental revenues — Largest revenue source, totaling $1.09 billion in Q1 fiscal 2027, up 2.8% year-over-year, driven by increased transactions in In-Town and One-Way markets.
• Self-storage revenues — Generated $250.2 million in Q1 fiscal 2027, up 6.8%, driven by occupancy gains, new capacity, and a 6.2% improvement in average revenue per occupied foot.
• Self-moving and self-storage products and service sales — Contributed $99.2 million in Q1 fiscal 2027, up $1.1 million, primarily from increased sales of hitches and propane.
• Other revenue — Increased $1.7 million to $155.8 million in Q1 fiscal 2027, mainly due to growth in the U-Box program.

Recent performance

For Q1 fiscal 2027 (quarter ended June 30, 2026), consolidated revenue was $1.68 billion, up from $1.63 billion a year ago. Net earnings available to common shareholders were $122.9 million, down from $142.3 million, with EPS (UHAL.B) at $0.63 versus $0.73. Moving and Storage earnings from operations decreased $8.1 million to $234.8 million, partly due to higher fleet and real estate depreciation, though disposal losses turned to a gain of $1.9 million. Cash and credit availability at Moving and Storage was $1.35 billion as of June 30, 2026.

Strategy

Management focuses on maintaining leadership in the do-it-yourself moving and storage market by expanding the dealer network, increasing rental fleet and storage capacity, and enhancing the U-Box product. They are adding new storage capacity, with 1.1 million net rentable square feet added in Q1 and about 12 million in development. The company is also expanding its independent dealer teams to drive U-Move transactions and fleet utilization. Capital expenditures remain significant, and the company repurchased shares and paid a $0.05 dividend on Non-Voting shares.

Risks

• Fleet depreciation and disposal losses — Higher depreciation and used vehicle market conditions could pressure earnings; the company noted a tepid resale market but achieved a gain in the latest quarter.
• Storage overcapacity — New storage units are being completed faster than they are filling, leading to lower occupancy; same-store occupancy decreased 4.5% to 88.3%.
• Insurance-related risks — Property and casualty premiums are tied to U-Haul transaction activity, and investment income can fluctuate with asset bases and gains.
• Economic and demand sensitivity — Demand for moving and storage services and cost of capital could be impacted by economic conditions, as noted in forward-looking statements.

Outlook

Management expects continued growth in storage revenues as rent-up pace increases and rates hold, though they acknowledge the need to fill units faster. They are optimistic about expanding dealer networks to drive U-Move transactions and fleet utilization. The company will hold its 20th Annual Virtual Analyst and Investor meeting on August 20, 2026.