U-Haul's Financial Report: Insights into Q3 2025 Performance and Challenges
U-Haul Holding Company (NYSE: UHAL, UHAL.B), the umbrella organization for U-Haul International, Oxford Life Insurance Company, Repwest Insurance Company, and Amerco Real Estate Company, recently released its financial performance report for the third quarter ending December 31, 2025. The report indicated a net loss to common shareholders of $37 million, sharply contrasting with a net income of $67.2 million in the previous year’s corresponding quarter. Earnings per share for Non-Voting Shares (UHAL.B) recorded a loss of $0.18, compared to a gain of $0.35 in fiscal year 2025.
For the nine months ending December 31, 2025, net earnings available to shareholders were $210.9 million, a decrease from $449.4 million in the prior year. The earnings per share for Non-Voting Shares dropped to $1.09, down from $2.31 the previous year. U-Haul Chairman, Joe Shoen, attributed the financial downturn to challenges such as fleet depreciation and poor resale values, although he remains optimistic about potential improvements in their U-Move market penetration strategy.
Operational Highlights and Financial Adjustments
The third quarter of fiscal 2026 showcased a $120.2 million decrease in earnings from Moving and Storage operations. This decline mainly stemmed from a $74.6 million reduction due to rental equipment disposals and a $37.9 million hike in liability costs. Despite the setback, Moving and Storage EBITDA declined by $41.7 million to $335 million for the quarter, but saw an overall increase of $26 million, reaching $1.64 billion over the past 12 months until December 31, 2025.
Revenue Growth in Self-Storage and Equipment Rental
During the quarter, self-storage revenues grew by $17.9 million, representing a 7.9% increase from the third quarter of fiscal 2025. Self-move equipment rental revenues showed a modest rise of $7.6 million, driven primarily by an upswing in In-Town rentals. Notably, operational expenses related to fleet maintenance and repairs surged by $13.1 million.
Insurance Contributions and Strategic Financial Management
The Property and Casualty Insurance segment bolstered U-Haul’s financial position with a $100 million dividend issued to the parent company. As of December 31, 2025, the recorded cash and credit availability for the Moving and Storage segment stood strong at $1.475 billion.
In December 2025, a cash dividend of $0.05 per Non-Voting Common Stock share was declared, and is payable at the month's end. Looking forward, U-Haul executives plan to elaborate on these financial results during an investor call on February 5, 2026. The call will be live-streamed on the company’s investor relations site, providing analysts and investors the chance to engage directly with the leadership.
U-Haul continues to concentrate on enhancing operational efficiency and strengthening financial flexibility to maintain a competitive edge within the moving and storage industry. Stakeholders are encouraged to explore U-Haul's comprehensive investor portal for more in-depth financial data and additional insights regarding these results.