UHaul Holding Company reported a solid top-line in QQ3 2025, with revenue of $1.389 billion, a year-over-year rise of 3.66% driven by stronger in-town rental activity and ongoing price realization, supported by a robust move-related services mix. EBITDA was $417.9 million, yielding an EBITDA margin of approximately 30.1%, while gross margin remained high at 85.85%. Despite these strengths, net income declined to $58.3 million and EPS to $0.30, reflecting a combination of elevated depreciation from fleet expansion, lower gains on the sale of older equipment, and a substantial negative swing in other income/expenses. The quarterly results also featured meaningful cash flow dynamics: operating cash flow of $271.6 million but free cash flow of -$664.9 million due to $936.5 million of capex in the quarter and a year-to-date capex cadence focused on real estate and UBox infrastructure.
Management signaled a growth-centric stance in a still-fragile macro environment. The company added 2.3 million net rentable square feet in the quarter, bringing total development activity to roughly 8.5 million square feet, and disclosed a first-nine-month real estate investment of $1.214 billion. UBox and self-storage are central to the growth narrative, with UBox revenue contributing meaningfully to the “other revenue†line and storage density improving through higher container utilization and better space efficiency. Management underscored a strong pipeline, highlighted ongoing cost-control initiatives, and reiterated a target to keep net debt to EBITDA under 5x while acknowledging a potential for up to an additional $2 billion of debt against real estate if needed to finance growth. The commentary also acknowledged competitive pricing dynamics, reliance on a broad store footprint, and the potential for continued cost discipline to sustain earnings progression in a high-capex environment.