UHaul Holding Company (UHAL-B) Q2 2025 Earnings Report

UHaul Holding Company reported QQ2 2025 results with revenue of $1.659 billion and net income of $186.8 million, delivering a modest year-over-year top-line gain (0.5%) and a meaningful sequential uptick in gross profit, supported by a substantial gross margin expansion to approximately 32.1%. The company generated EBITDA of $568.0 million and an operating margin near 18.2%, signaling improving operating efficiency even as other expenses weighed on pretax profitability. Net income and EPS benefited from the offsetting effects of debt service and a sizable non-operating headwind in other expenses during the quarter. Free cash flow remained negative (-$433.5 million) due to heavy capex and asset deployment, underscoring UHaul’s capital-intensive model and fleet investments. Cash flow from operations was robust at ~$530 million, while investing activities consumed ~($794.5) million, primarily reflecting sustained fleet and infrastructure investments. Leverage remains elevated, with long-term debt of ~$6.82 billion and total debt of ~$6.81 billion against a total asset base of ~$20.13 billion, contributing to a debt-to-capitalization profile of ~0.475 and a cash flow generation framework that needs to stabilize free cash flow in the medium term.