UHaul Holding Company (UHAL-B) Q4 2024 Earnings Report

UHaul Holding Company’s QQ4 2024 results reflect a mix of earnings strength and earnings volatility. Revenue for the quarter was $1.179B, a YoY decline of 0.8% and QoQ decline of 11.97%, with gross profit of $49.17M and a thin gross margin of 4.17%. EBITDA stood at $276.19M, translating to an EBITDA margin of approximately 23.42%, while operating income was $43.96M (operating margin ~3.73%). The quarter ended with a net loss of $9.69M (net margin −0.82%), driven by a combination of interest expense ($64.21M) and sizable non-cash/other items that contributed to a positive but offsetting pre-tax result (income before tax of $13.66M and income tax expense of $14.52M). Management commentary in the available data is not provided, limiting transcript-based quotes for this report; nonetheless, the EBITDA cadence and operating cash flow remain notable positives in an otherwise challenged quarterly net income result.

On the balance sheet and cash flow, UHAL-B generated $212.71M of net cash from operating activities, but capital expenditures of $591.95M yielded negative free cash flow of −$379.24M for the quarter. Cash and cash equivalents totaled $1.534B at period end, with total assets of $19.059B and total liabilities of $11.887B. Long-term debt stood at $4.605B; total debt was $6.326B, resulting in a net debt position of about $4.792B. Liquidity metrics show a current ratio of ~1.34, a quick ratio of ~1.25, and a cash ratio of ~0.91, indicating solid liquidity but meaningful leverage that will require ongoing management of debt service and capital allocation.

Overall, the quarter demonstrates robust operating cash generation and an operating margin that supports a steady, albeit capital-intensive, business model. The negative net income and negative free cash flow highlight the near-term cash-outlays required for fleet, facility, and technology investments. The market will likely scrutinize debt sustainability, capex cadence, and the ability to sustain EBITDA-driven cash generation going forward, especially as macro conditions influence demand and financing costs in the Industrials/rental services space.