U-Haul Holding Company (UHAL-B) SEC Filings & Earnings Calls

Fleet depreciation expense increased $13.5M, real estate depreciation $5.1M, pressuring margins.

“Fleet depreciation expense increased $13.5 million for the first quarter and real estate related depreciation expense increased $5.1 million” · word for word

Storage unit rent-up pace slower than new supply; occupancy declining.

“The pace of storage unit rent up is increasing and rates are holding. More improvement is needed as we are still completing new storage units faster than we are filling them.” · word for word

Freight cost pressure on margins

“freight and shipping costs increased $22.4 million” · word for word

Interest expense increase

“Interest expense for the first quarter of fiscal 2027 was $97.9 million, compared with $82.3 million for the first quarter of fiscal 2026” · word for word

Occupancy rate decline

“Average monthly occupancy rate based on unit count 72.9 % compared with 78.1 %”

Controlled company governance risk

“We are a “controlled company” within the meaning of the NYSE corporate governance standards because the Company’s Chairman, Edward J. Shoen, and his brother, Mark V. Shoen, and certain companies under their control, possess in excess of 50% of our voting power.” · word for word

No performance-based compensation alignment

“The Company did not utilize any benchmarking measure in Fiscal 2026 and traditionally has not tied compensation directly to a specific performance measurement, market value of the Company’s common stock or benchmark related to any established peer or industry group.” · word for word

Used truck resale value decline

“Net losses from the disposal of rental equipment increased $117.6 million as resale values decreased and the average cost of units being sold increased.” · word for word

High leverage

“As of March 31, 2026, we had total debt outstanding of $8,125.0 million” · word for word

Regulatory pressure for electric vehicles

“The Advanced Clean Fleets regulation ('ACF') adopted by the California Air Resources Board ('CARB') would have required us to phase out certain internal combustion engine vehicles from our fleet and replace them with so-called zero-emission vehicles ('ZEVs').” · word for word

Concentrated ownership and controlled company status

“Edward J. Shoen and Mark V. Shoen are in a position to significantly influence our business and policies, including the approval of certain significant transactions, the election of the members of our board of directors (the 'Board') and other matters submitted to our stockholders.” · word for word

Fleet depreciation and disposal losses are pressuring earnings; liability costs rising; storage occupancy declining.

“Losses from the disposal of retired rental equipment accounted for...$117.6 million for the full year...fleet depreciation expense increased...$186.6 million for the full year. Liability costs increased $76.4 million for the full year” · word for word

Storage unit construction costs are an increasing drain until units are rented.

“We are pushing a bow wave of costs associated with built but not rented storage units...until we rent more than we add, these costs will remain an increasing drain.” · word for word

Fleet depreciation and poor resale results are undermining earnings, with CEO expecting bottom this calendar year

“We continue to undermine earnings with fleet depreciation and poor resale results. I expect that this will bottom out this calendar year.” · word for word

Liability costs increased $37.9M, adding to margin pressure

“liability costs increased $37.9 million for the third quarter” · word for word

Fleet depreciation and disposal losses

“Depreciation expense associated with our rental fleet increased $44.8 million for the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025 due to an increase in the total number of box trucks in the fleet combined with expected decreases in resale values for certain units currently in the fleet.” · word for word

Liability cost inflation

“liability costs increased by $37.9 million” · word for word

Interest expense increase

“Interest expense for the third quarter of fiscal 2026 was $95.5 million, compared with $76.6 million for the third quarter of fiscal 2025, due to an increase in the amount of debt outstanding and our average cost of debt.” · word for word

Increased debt obligation; secured notes may have collateral requirements.

“Issuance of Fixed Rate Secured Notes; legal opinion attached.”

Fleet depreciation and equipment disposal losses continue to pressure earnings; regulatory changes (green mandates) could impact operations.

“Increased losses from the disposal of retired rental equipment accounted for $56.1 million of the decrease for the second quarter, while fleet depreciation expense increased $50.6 million.” · word for word

Used Truck Resale Value Decline

“Net losses from the disposal of rental equipment increased $56.1 million as resale values decreased, while the average cost of units being sold has increased.” · word for word

Rising Interest Expense

“Interest expense for the second quarter of fiscal 2026 was $90.3 million, compared with $71.5 million for the second quarter of fiscal 2025, due to an increase in the amount of debt outstanding and our average cost of debt.” · word for word

Liability Cost Inflation

“liability costs increased by $23.1 million” · word for word