Q3 2026 U-Haul Holding Co Earnings Call Transcript
Key Points
- U-Haul Holding Co (UHAL) is expanding its U-Box presence, with over 700 locations in North America, enhancing its capacity and customer base.
- The company has added 65 new company-operated locations and 365 independent dealers, which is expected to help distribute the larger fleet and increase transactions.
- U-Haul Holding Co (UHAL) is investing heavily in digital tools to meet customer expectations, with most of this investment expensed in the current period.
- The company is seeing an increase in equipment rental revenues, with a $8 million increase, primarily from the in-town portion of the business.
- U-Haul Holding Co (UHAL) has a significant cash reserve, with cash and availability from existing loan facilities totaling $1.475 billion as of December 2025.
- U-Haul Holding Co (UHAL) reported a third-quarter loss of $37 million compared to earnings of $67 million in the same quarter last year.
- Depreciation and losses from the disposal of rental units are significant earnings headwinds, with a $26 million loss reported on the disposal of retired rental equipment.
- The company is experiencing a surplus of unrented self-storage units, with occupancy decreasing by 490 basis points to just over 87%.
- U-Haul Holding Co (UHAL) is facing increased operating expenses, with a $66 million rise in the third quarter, including a $38 million increase in self-insurance liability costs.
- The company is dealing with excessive acquisition costs of vans and pickups, leading to increased depreciation and losses on sales of these vehicles.
Good morning, ladies and gentlemen, and welcome to U-Haul Holding Company third-quarter fiscal 2026 investor conference call. (Operator Instructions) I would now like to turn the conference call over to Sebastian Reyes. Please go ahead.
Good morning and thank you for joining us today. Welcome to the UL Holding Company third 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 27 of the Securities Act of 1933 as amended and Section 21 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. Certain factors could cause actual results to differ materially from those projected. For
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