UHaul Holding Company reported QQ3 2025 revenue of $1.389 billion with a gross margin of 85.85% and EBITDA of $417.9 million, signaling strong gross-level profitability supported by a high-value asset base. However, operating income declined year-over-year and quarter-over-quarter, pressured by substantial other expenses and a challenging cost structure, resulting in net income of $58.3 million and earnings per share of $0.30. Cash flow from operations was solid at $271.6 million, but capital investments remained aggressive at $936.5 million, producing negative free cash flow of about $664.9 million and contributing to a net decrease in cash of $418.2 million for the period. The balance sheet shows a leveraged but durable capital structure, with total debt of $6.95 billion and net debt of $5.93 billion, while liquidity remained adequate with about $1.02 billion of cash and equivalents and $1.72 billion in cash and short-term investments. The company’s asset-light feel is offset by its heavy fleet and storage asset base, which drive both the scale advantages and the ongoing need for ongoing capital expenditure. The QQ3 2025 results reinforce a transition phase where sustaining growth will hinge on fleet optimization, pricing discipline, and cost management amid near-term cash-flow headwinds from capex. Valuation metrics appear elevated versus earnings power, suggesting investors should weigh the durability of earnings against the near-term cash burn.