U-Haul Net Earnings Fall to $122.9 Million
Net earnings available to common shareholders fell to $122.9 million for the first quarter of fiscal 2027 [1].
U-Haul Holding (UHAL), the equipment and self-storage provider, reported net earnings available to common shareholders of $122.9 million for the first quarter of fiscal 2027. This represented a decrease from the $142.3 million reported for the same period last year.
The company saw a decline in operational performance within its primary business lines. Moving and Storage earnings from operations, before insurance equity, decreased $8.1 million to $234.8 million compared to the first quarter of fiscal 2026. Adjusted EBITDA for the same segment fell $8.5 million to $536.7 million.
Revenue growth in the Moving and Storage segment was mixed. Self-moving equipment rental revenues rose 2.8%, or $29.3 million. Other revenue for the segment increased $1.8 million, a 1.2% rise driven by growth in U-Box products.
In the self-storage business, revenues increased 6.8%, or $15.9 million. This growth occurred despite a 4.5% drop in same-store occupancy, which fell to 88.3% from 92.8% in the prior-year quarter. The company offset the occupancy decline with a 7.6% increase in revenue per foot, compared to a 0.6% increase in the first quarter of 2026.
Operating expenses rose across several categories. Fleet depreciation expense increased $13.5 million and real estate-related depreciation expense rose $5.1 million. Fleet maintenance and repair costs also increased by $4.1 million. These costs were partially offset by a $24.0 million improvement in the disposal of retired rental equipment, which shifted from a net loss in the prior year to a net gain of $1.9 million.
Liquidity and leverage metrics shifted as of June 30, 2026. Cash and credit availability at the Moving and Storage segment decreased to $1,348.6 million from $1,479.4 million as of March 31, 2026. Net debt to adjusted EBITDA rose to 4.4x, up from 4.0x as of June 30, 2025.
The company also increased its exposure to variable rates. The percentage of debt that is floating rose to 8.4% as of June 30, 2026, compared to 6.1% as of June 30, 2025.