U-Haul Reports Higher Second-Quarter Moving and Storage Profit
Moving and Storage earnings from operations were $241.9 million in the second quarter of fiscal 2027, up $44.5 million from a year earlier.
U-Haul Holding Company (UHAL), parent of U-Haul International, Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, reported consolidated revenue of $1.77 billion for the second quarter ended September 30, 2026, up from $1.72 billion a year earlier. Net earnings available to common stockholders rose to $136.7 million from $105.6 million. Earnings per share for Non-Voting Common Stock were $0.71, versus $0.54.
Moving and Storage earnings from operations, before consolidation of equity in earnings of the insurance subsidiaries, increased $44.5 million year over year to $241.9 million in the second quarter of fiscal 2027, following an $8.1 million year-over-year decline in the first quarter. Moving and Storage revenue was $1.69 billion.
The year-over-year lift in Moving and Storage operating earnings came with a smaller net loss on disposals of retired rental equipment, which decreased $34.1 million to $4.2 million, and a $4.5 million decrease in fleet depreciation expense. Depreciation, net of gains and losses on disposals, was $306.0 million versus $340.6 million a year earlier. Moving and Storage adjusted EBITDA increased $5.0 million to $547.6 million. Trailing-twelve-month Moving and Storage adjusted EBITDA decreased $39.5 million to $1.64 billion.
Self-moving equipment rental revenues increased $37.4 million, or 3.4%, versus the year-ago quarter, after a 2.8% year-over-year increase in the first quarter. The company said total revenue and revenue per transaction increased across In-Town and One-Way markets and that total In-Town transactions increased. Other Moving and Storage revenue increased $7.6 million, or 4.3%, on growth of the U-Box product offering.
Self-storage revenues increased $15.8 million, or 6.4%. Same-store occupancy decreased 1.1% to 89.5%, after a 4.5% decline to 88.3% in the first quarter; revenue per occupied foot increased 6.7% to $18.99. The same-store pool grew by 77 locations. U-Haul added 10 new storage locations and 1.0 million net rentable square feet in the second quarter, after 18 locations and 1.1 million square feet in the first quarter. About 11.4 million square feet remained in development or pending. Owned unit count was 876 and square footage 75.7 million as of September 30, 2026.
Operating-expense increases versus the year-ago quarter were led by freight and shipping costs up $24.4 million, personnel expense up $10.2 million, self-insured liability costs up $6.2 million, and property taxes up $4.7 million. Interest expense was $99.0 million versus $90.3 million a year earlier.
Life insurance premiums fell to $7.9 million from $18.4 million a year earlier. Life insurance segment revenue was $44.9 million, with earnings from operations of $6.2 million versus $3.0 million. Property and casualty insurance revenue was $37.0 million, with earnings from operations of $17.0 million.
Moving and Storage cash and credit availability was $1.34 billion as of September 30, 2026. Total debt in the segment was $8.27 billion, and net debt to adjusted EBITDA was 4.5 times. The company repurchased 149,927 Voting shares for $10.1 million and 1,095,478 Non-Voting shares for $68.2 million in the second quarter. On August 20, 2026, it declared a $0.05 per share cash dividend on Non-Voting Common Stock, paid September 25, 2026. Chairman Joe Shoen said the company was continuing to reinvest “at an appropriately slower pace.”
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