UHaul Holding Company (UHAL) Q1 2026 Earnings Report

UHaul Holding Company reported QQ1 2026 results that showcased solid topline growth driven by intensified U-Box and self-storage activity, supported by ongoing aggressive capital deployment in real estate and equipment. Total revenue reached $1.63 billion, up 38% year over year, with storage-related activities contributing meaningfully to the mix. Management highlighted that U-Box revenue rose approximately 16% year over year, while storage revenues increased around 9% in the quarter, underscoring the company’s strategy to scale its self-storage footprint alongside the traditional moving business.

However, the quarter also featured meaningful profitability headwinds. Depreciation and increased losses on the disposal/sales of retired rental equipment were cited as the primary drivers of a substantial EPS decline versus the prior year, with depreciation accounting for roughly $0.21 of the $0.27 per-share decrease and equipment-sale losses contributing about $0.12 per share. Management expects depreciation to peak in the near term and then trend downward as the fleet matures, though liability costs related to the growing fleet and insurance reserves elevated cost structures in the period. Cash flow remained robust, with operating cash flow of $598.4 million and a strong liquidity position (cash plus revolver availability of about $1.19 billion).

Looking ahead, UHaul continues to deploy capital at a rapid pace: $585 million in capex for new rental equipment in Q1, $294 million in real estate acquisitions, and the addition of approximately 1.2 million net rentable square feet across 15 storage locations. Management signaled a continued push into U-Box and self-storage expansion, while acknowledging near-term margin pressures from fleet-related costs. The company also reaffirmed its investor-day cadence and ongoing discussion of storage-related growth opportunities, with U-Box positioning described as a core growth pillar that could become a larger revenue contributor over time.