U-Haul Holding (UHAL) Earnings Date & Reports

Key Takeaways

• Net earnings available to common stockholders rose to $136.7 million in the second quarter of fiscal 2027, up from $105.6 million in the same period last year.
• Earnings per share (EPS) for Non-Voting Common Stock (UHAL.B) increased to $0.71, compared with $0.54 a year earlier.
• Consolidated revenue climbed to roughly $1.77 billion, about 3.1% higher year over year, led by self-moving equipment rentals and self-storage.
• Moving and Storage operating earnings grew by $44.5 million to $241.9 million, helped by lower fleet depreciation and a sharp drop in losses on retired rental equipment.
• Self-storage revenue rose 6.4%, while same-store occupancy slipped 1.1 percentage points to 89.5%.
• Chairman Joe Shoen described the results as a "modest win," noting the company is reinvesting "at an appropriately slower pace."
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Earnings Context and Why It Matters

U-Haul Holding Company, parent of U-Haul International and its insurance and real estate subsidiaries, operates with a March-ending fiscal year, making the quarter ended September 30, 2026 the second quarter of fiscal 2027. This report matters because U-Haul has spent recent quarters absorbing heavy fleet depreciation and weak truck-resale results that weighed on profitability. Investors are watching whether those pressures are finally easing and whether demand across the company's core moving and self-storage businesses can sustain growth. With self-storage expansion slowing and the company leaning on share repurchases and dividends to return capital, the second-quarter results offer a clear read on margin recovery and management's confidence in the business.

Reported Results

For the second quarter of fiscal 2027, U-Haul reported net earnings available to common stockholders of $136.7 million, compared with $105.6 million in the prior-year period. EPS for Non-Voting Common Stock (UHAL.B) was $0.71, up from $0.54 a year ago. For the six-month period, net earnings reached $259.6 million versus $247.9 million last year, with EPS of $1.34 compared with $1.27.

Consolidated revenue totaled approximately $1.77 billion, a 3.1% increase from $1.72 billion. Self-moving equipment rental revenue grew 3.4%, or $37.4 million, while self-storage revenue rose 6.4%, or $15.8 million. Moving and Storage earnings from operations increased $44.5 million to $241.9 million. A key driver was improved fleet economics: fleet depreciation expense fell $4.5 million, and net losses from disposals of retired rental equipment dropped $34.1 million to just $4.2 million. Moving and Storage adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose $5.0 million to $547.6 million, though trailing-twelve-month adjusted EBITDA declined $39.5 million to $1,642.4 million.

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Market Reaction and Investor Sentiment

Heading into the report, investor attention centered on whether U-Haul's fleet-related cost pressures had peaked and whether self-storage demand would stabilize after a period of softer occupancy. The second-quarter figures offered early confirmation on both fronts: disposal losses narrowed sharply, and self-storage revenue grew despite a slight decline in same-store occupancy. Management's characterization of the quarter as a "modest win" and its commitment to a slower pace of reinvestment suggest a focus on profitability and capital discipline rather than aggressive expansion. With the company's investor call scheduled for November 5, 2026, commentary on forward demand and cost trends will be closely watched for signals on whether this margin recovery can continue.

Forward Outlook and Key Factors to Monitor

Looking ahead, investors should monitor several factors that could shape U-Haul's trajectory through the remainder of fiscal 2027. The most important is the direction of fleet economics. Depreciation on rental trucks and losses on retired equipment have been the dominant drag on earnings, and any sustained improvement in used-truck resale values could further lift margins.

Self-storage remains a second key area. While revenue per occupied square foot continues to rise, occupancy in newer, non-same-store locations is still below mature levels. As the company slows new construction and works to lease up recently completed facilities, the pace at which those "built but not rented" units fill will influence both revenue growth and the ongoing cost burden associated with underutilized space.

Finally, cost trends deserve attention. Freight and shipping costs, personnel expense, property taxes, and self-insured liability costs all rose during the quarter and could pressure profitability if demand softens. U-Haul's continued share repurchases and its modest dividend signal confidence in the balance sheet, but capital allocation will remain a focal point for investors weighing reinvestment needs against shareholder returns.

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