U-Haul Holding Company posted QQ1 2025 revenue of $1.549 billion with a gross profit of $306.2 million and EBITDA of $533.3 million, yielding a gross margin of ~19.8% and an EBITDA margin of roughly 34.4%. Net income was reported at $195.4 million, or $0.95 per share, versus a year-ago level of $257.0 million, reflecting ongoing headwinds from higher equipment costs and depreciation. Management highlighted a continued emphasis on customer-centric strategies, pricing discipline in storage, and a strong capex-led expansion program in real estate and storage facilities. The quarter underscored the mix of resilience in the moving and storage platforms (especially self-storage and U-Box) against more challenging conditions in the traditional fleet-based moving business.
Strategically, U-Haul is accelerating its self-storage development and acquisitions, expanding the footprint with roughly 7.7 million net rentable square feet under development and about 158 active projects, plus 9.2 million square feet in development backlog. The company remains focused on converting occupancy growth into durable margin expansion over time, aided by higher average rent per occupied foot in storage (up ~3% year-over-year) and improving revenue per mile in the moving fleet. The downsides include a sizable depreciation burden from a modernizing fleet, ongoing higher personnel and operating costs, and a competitive price environment in storage that requires non-price value propositions to sustain demand. Management signaled capital deployment plans, including a net capex run rate around $90 million for the year, and potential financing activity to support growth, including a private placement of up to $500 million. Investors should monitor housing-market dynamics, the pace of storage-portfolio maturation, fleet rotation efficiency, and the company’s ability to translate capacity expansion into sustainable cash flow and earnings power.