Q1 2026 U-Haul Holding Co Earnings Call Transcript
Key Points
- U-Haul Holding Co (UHAL) reported a 6% increase in adjusted EBITDA for the Moving and Storage segment, driven by strong revenue growth across all product lines.
- Equipment rental revenue increased by $44 million, with revenue per transaction rising for both in-town and one-way markets.
- Self-storage revenues grew by $19 million, marking a 9% increase for the quarter, with average revenue per foot improving across the portfolio.
- U-Box revenue saw a significant increase of 16%, with continued success in increasing moving transactions and storage container usage.
- The company invested $294 million in real estate acquisitions and self-storage development, adding 15 new locations and 1.2 million net rentable square feet.
- First quarter earnings decreased to $142 million from $195 million in the same quarter last year, with EPS dropping from $1 to $0.73 per nonvoting share.
- The company experienced a $22 million loss on the disposal of retired rental equipment, compared to an $8 million gain last year, due to higher initial costs and lower resale values.
- Fleet depreciation contributed to a $0.21 decline in earnings per share, with an additional $0.12 decline from increased losses on rental equipment sales.
- Moving and storage operating expenses increased by $44 million, with personnel costs up $20 million and liability costs rising by $17 million.
- Same-store occupancy in the self-storage segment decreased by 100 basis points to just under 93%, and efforts to increase available rooms may temporarily reduce reported occupancy levels.
Good morning, ladies and gentlemen, and welcome to the U-Hall Holding Company First Quarter Fiscal 2026 Investor Call Conference. (Operator Instructions) This call is being recorded on Thursday, August 7, 2025.
I would now like to turn the conference over to Sebastien Reyes. Please go ahead, sir.
Good morning, everyone. Thanks for joining us. Welcome to the U-Hall Holding Company first quarter 2026 investor call.
Before we begin, I'd like to remind everyone that certain of the statements during this call, including without limitation, statements regarding revenue, expenses, income and general growth of our business may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Security Act -- Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended.
Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified.
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