Q2 2026 U-Haul Holding Co Earnings Call Transcript
Key Points
- U-Haul Holding Co (UHAL) reported a record top-line revenue for the second quarter, marking the highest in the company's history.
- The Moving and Storage segment saw a 6% increase in adjusted EBITDA, driven by revenue growth across all product lines.
- The company has successfully expanded its dealer network, adding nearly 1,000 new locations in the past 12 months, surpassing 25,000 locations for the first time.
- Self-storage revenues increased by nearly $22 million, or about 10%, with average revenue per foot improving across the portfolio.
- U-Box revenue showed significant growth, with increases in shipping income, storage rent, and delivery income, contributing to overall revenue growth.
- Earnings for the second quarter were $106 million, down from $187 million in the same quarter last year, reflecting a significant decline.
- Depreciation expenses have been a major drag on earnings, with a $107 million cost increase due to fleet depreciation and loss on disposal of retired rental equipment.
- The company reported a $38 million loss on the disposal of retired rental equipment, compared to an $18 million gain in the previous year.
- Overall transactions in the equipment rental segment decreased, despite an increase in revenue per transaction.
- Operating expenses increased by $50 million, driven by higher personnel costs, liability costs, and fleet repair and maintenance expenses.
Good morning, ladies and gentlemen, and welcome to the U-Haul Holding Company second-quarter fiscal 2026 investor conference call. (Operator Instructions) This call is being recorded on Thursday, November 6, 2025. I would now like to turn the conference over to Sebastien Reyes. Please go ahead.
Good morning and thank you for joining us today. Welcome to the U-Haul Holding Company second-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 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. Certain factors could cause actual
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