UHaul Holding Company (UHAL-B) Q1 2025 Earnings Report

UHaul Holding Company reported QQ1 2025 results that underscore a solid revenue base supported by the company’s expansive fleet and nationwide network, but the quarter also highlighted sustained financial leverage and negative free cash flow driven by heavy capital expenditure. Revenue totaled $1.54849 billion, up modestly YoY and up meaningfully QoQ, while gross profit reached $306.224 million for a gross margin of approximately 19.78%. Operating income was $301.578 million with a margin nearing 19.48%, and net income printed at $195.417 million (net margin ~12.62%), supported by an EBITDA of $533.287 million (EBITDA margin ~34.44%). Despite EBITDA strength, free cash flow remained negative at $-509.26 million for the quarter, reflecting $963.163 million of capital expenditures predominantly linked to fleet and facility investments. Cash from operations was robust at $453.903 million, but investing activities consumed $803.318 million and financing activities modestly drained cash by $31.438 million, driving a net cash decrease of $381.383 million and leaving $1.153 billion in cash at period end. The balance sheet shows substantial indebtedness: total debt of $6.259 billion and net debt of approximately $5.107 billion, against total assets of about $19.305 billion and stockholders’ equity of $7.350 billion. liquidity remained healthy with a current ratio of ~1.99 and a quick ratio of ~1.82, yet debt maturity and funding remains an ongoing risk given the leverage profile (long-term debt to capitalization ~0.463; interest coverage ~4.15x). Management commentary will be critical to assessing whether the company can translate EBITDA strength into meaningful free cash flow and debt reduction in the near term.