U-Haul Holding Co /NV/ (UHAL) · Nov 4, 2026 · Earnings
Miss — UHAL.B EPS $0.71 vs ~$0.84 consensus
U-Haul earnings improved year over year but missed published expectations, while weaker storage occupancy and trailing EBITDA temper the headline recovery.
U-Haul is working through a costly fleet-replacement cycle while expanding trucks, dealers, self-storage and U-Box capacity; management has already slowed reinvestment after a difficult fiscal 2026. The quarter shows operational improvement, but not enough to clear a low published bar: consensus was roughly $0.84 of EPS and $1.81 billion of revenue, versus $0.71 of UHAL.B EPS and $1.773 billion of revenue reported here.
The headline recovery is real but helped by easier fleet comparisons. Net earnings rose to $136.7 million from $105.6 million, and Moving and Storage operating earnings increased to $241.9 million from $197.4 million. The biggest lift came from sharply lower losses on retired rental equipment, which fell to $4.2 million from $38.3 million, rather than a major acceleration in the underlying business.
| Q2 FY2027 | Q2 FY2026 | Consensus | |
|---|---|---|---|
| UHAL.B EPS (Income Statement) | $0.71 | $0.54 | $0.84 |
| Consolidated revenue (Financial Highlights) | $1,772.7M | $1,719.9M | $1,810M |
| Self-moving rental revenue (Product lines) | $1,147.9M | $1,110.5M | |
| Moving & Storage adjusted EBITDA (Non-GAAP reconciliation) | $547.6M | $542.6M | |
| Adjusted EBITDA, TTM (Debt Metrics) | $1,642.4M | $1,681.9M | |
| Same-store occupancy (Self-Storage Portfolio Summary) | 89.5% | 90.6% |
Core demand is growing, but efficiency is not fully keeping pace. Self-moving rental revenue increased 3.4%, with higher revenue per transaction and more company locations, dealers and trucks. Self-storage revenue rose 6.4% and revenue per occupied foot increased 6.7%, but same-store occupancy slipped to 89.5% from 90.6%, showing that pricing and portfolio expansion are doing more work than volume.
The longer-term earnings trend remains the concern. Quarterly adjusted EBITDA increased only $5.0 million, while trailing-twelve-month EBITDA declined $39.5 million to $1.642 billion. At the same time, freight, personnel, property-tax and self-insurance costs all increased, and net debt to adjusted EBITDA rose to 4.5x from 4.1x a year earlier.
Capital allocation is still supportive but more restrained. U-Haul repurchased $78.3 million of stock during the quarter and added storage capacity, yet cash and credit availability fell to $1.335 billion from $1.479 billion at fiscal year-end. That fits management’s “appropriately slower” reinvestment stance rather than signaling a new growth push.
Bottom line: U-Haul is recovering from last year’s fleet-cost damage, but the quarter missed expectations and the underlying trend is only modestly better. Revenue growth is intact; occupancy pressure, rising costs and declining trailing EBITDA keep this from looking like a clean reset of the story.
Second-quarter investor call, November 5, 2026
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