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

Same-store occupancy declining 4.5% to 88.3% despite revenue per foot growth; new storage units being completed faster than they are being filled

“Same store occupancy decreased 4.5% to 88.3%. Chairman: 'More improvement is needed as we are still completing new storage units faster than we are filling them.'”

Fleet depreciation expense increased $13.5M and real estate depreciation increased $5.1M, pressuring earnings

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

Fleet maintenance and repair costs increased $4.1M

“Fleet maintenance and repair costs experienced a $4.1 million increase, compared with the first quarter of fiscal 2026.” · word for word

Cash and credit availability decreased $130.8M from March 31, 2026 due to share repurchases and capex

“Cash and credit availability at the Moving and Storage segment was $1,348.6 million as of June 30, 2026 compared with $1,479.4 million as of March 31, 2026.” · word for word

Cost inflation pressure

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

Interest rate risk

“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, due to an increase in the amount of debt outstanding and our average cost of debt.” · word for word

Fleet depreciation and disposal losses are significantly pressuring earnings; depreciation increased $186.6M and disposal losses $117.6M for the full year.

“Losses from the disposal of retired rental equipment accounted for $2.1 million for the fourth quarter and $117.6 million for the full year of the decrease while fleet depreciation expense increased $40.6 million for the fourth quarter and $186.6 million for the full year.” · word for word

Storage unit overhang: costs from built but unrented units are an increasing drain; construction declining but not yet offset by rental growth.

“We are pushing a bow wave of costs associated with built but not rented storage units. These are well located and will rent. Construction of additional storage units has been declining for several months, but until we rent more than we add, these costs will remain an increasing drain.” · word for word

Liability cost growth normalized but remains a risk; growing with inflation and fleet size.

“Liability cost growth will normalize, continuing to vary with fleet size and growing with inflation.” · word for word

High leverage and debt service burden

“As of March 31, 2026, we had total debt outstanding of $8,125.0 million ... Interest expense for fiscal 2026 was $364.8 million, compared with $295.7 million for fiscal 2025 due to an increase in the amount of outstanding debt along with our average cost of debt.” · word for word

Regulatory risk from electric vehicle mandates

“Existing and future laws or regulations favoring electric, autonomous, and connected vehicles may negatively impact the composition of our fleet and negatively affect our business and results of operations.” · word for word

Decline in used truck residual values

“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

Fleet depreciation and poor resale results undermining earnings; expected to bottom out 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

Underutilized capacity in both fleet and self-storage.

“We have underutilized capacity in both fleet and self-storage.” · word for word

Fleet depreciation and resale value risk

“Depreciation expense associated with our rental fleet increased $44.8 million... 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

High debt levels

“Debt obligations $8,058 million; interest expense $95.5M (Q3), up from $76.6M”

Fleet depreciation and disposal losses

“Depreciation expense associated with our rental fleet increased $50.6 million for the second quarter of fiscal 2026 compared with the second 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. Net losses from the disposal of rental” · word for word

Liability cost inflation

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

Interest expense increase

“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

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