Executive Summary
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.
Key Performance Indicators
QoQ: -76.29% | YoY:474.81%
QoQ: 84.25% | YoY:531.78%
QoQ: 128.84% | YoY:1 478.21%
QoQ: 126.97% | YoY:1 478.34%
Key Insights
Revenue: $1.63047 billion in QQ1 2026, up 38.27% YoY and 17.42% QoQ.
Gross Profit: $282.647 million, gross margin 17.34% (YoY up sharply, QoQ down sharply, per reported data).
EBITDA: $552.578 million, EBITDA margin 33.89%.
Operating Income: $277.73 million, operating margin 17.03%.
Net Income: $133.507 million, net margin 8.19%.
EPS: $0.6809 (diluted $0.6809).
Weighted Avg Shares: 196,077,880.
Interest Expense: $82.857 million.
Depreciation & Amortization: $284.34 million.
Income Before Tax...
Financial Highlights
Revenue: $1.63047 billion in QQ1 2026, up 38.27% YoY and 17.42% QoQ.
Gross Profit: $282.647 million, gross margin 17.34% (YoY up sharply, QoQ down sharply, per reported data).
EBITDA: $552.578 million, EBITDA margin 33.89%.
Operating Income: $277.73 million, operating margin 17.03%.
Net Income: $133.507 million, net margin 8.19%.
EPS: $0.6809 (diluted $0.6809).
Weighted Avg Shares: 196,077,880.
Interest Expense: $82.857 million.
Depreciation & Amortization: $284.34 million.
Income Before Tax: $185.381 million.
Income Tax Expense: $43.05 million.
Cash Flow: Net cash provided by operating activities $598.376 million; free cash flow reported $598.376 million (note: presentation aligns FCF with operating cash flow in the data provided).
Capex (Real Estate & Equipment): Q1 capex for new rental equipment $585 million; real estate acquisitions $294 million; 15 storage locations added (~1.2 million net rentable square feet) with ~6.5 million square feet under development across 124 projects.
Liquidity: cash and cash equivalents $877.188 million; cash plus revolver availability (Moving & Storage) $1.19 billion.
Balance Sheet Highlights: Total assets $20.848 billion; total liabilities $13.1876 billion; total stockholders’ equity $7.6608 billion; total debt $7.2948 billion; net debt $6.4176 billion.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
1.63B |
38.27% |
17.42% |
| Gross Profit |
282.65M |
474.81% |
-76.29% |
| Operating Income |
277.73M |
531.78% |
84.25% |
| Net Income |
133.51M |
1 478.21% |
128.84% |
| EPS |
0.68 |
1 478.34% |
126.97% |
Management Commentary
Key management insights and quotes from the QQ1 2026 earnings call:
- Strategy and growth potential for U-Box: Samuel Shoen stated, "I don't see why there's any reason that U-Box couldn't be as big as U-Haul is today. And I think we're just at the infancy." He noted that 5–10% of outlets (including dealers) have U-Box functionality, with company stores closer to 50% and significant build-out still ahead (Sam Shoen).
- U-Box and One-Way dynamics: Steven Ramsey queried whether U-Box One-Way moves are growing faster than Truck One-Way; Jason Berg and Sam Shoen observed that U-Box One-Way transactions are leading the way and are likely to exceed truck rental gains, with margins for U-Box continuing to outpace truck margins over time (Jason Berg; Sam Shoen).
- Margin drivers and depreciation headwinds: Jason Berg emphasized that the gap between adjusted EBITDA and GAAP earnings is largely due to depreciation, and that the quarter featured a $22 million loss on disposal of retired rental equipment versus a $8 million gain previously. He added that depreciation from increasing the box-truck fleet and fleet costs is a near-term headwind, with a plan to peak depreciation this year and then trend down (Jason Berg).
- Storage growth and pipeline: Management noted that future storage revenue growth is shifting from existing locations to non-same-store locations as they bring online new facilities; they anticipate ~80% of incremental revenue from opened sites to flow to the bottom line over time (Jason Berg).
- Capacity expansion and capital discipline: The call highlighted rapid capex deployment: $585 million in Q1 for equipment, $294 million in real estate acquisitions, and ongoing development of 124 projects; July revenue trends remained positive though transactions have yet to show material turnaround (Jason Berg; Sam Shoen).
- U-Box penetration and market maturation: Sam Shoen reiterated the need to build out U-Box capacity and storage space, noting Phoenix as a large market where the uplift is far from saturated and continued expansion is necessary to service demand (Sam Shoen).
- Liquidity and near-term outlook: As of June, cash and revolver availability totaled $1.19 billion; the company plans to hold its 19th Annual Analyst & Investor Meeting on Aug 21, signaling ongoing investor engagement and guidance updates (Jason Berg).
"I don't see why there's any reason that U-Box couldn't be as big as U-Haul is today. And I think we're just at the infancy."
— Samuel Joseph Shoen
"The largest difference between adjusted EBITDA and GAAP earnings is depreciation"
— Jason Allen Berg
Forward Guidance
Management commentary points to a continued emphasis on U-Box and self-storage growth, with a view that incremental revenue from new storage development will contribute meaningfully over time. While no explicit quarterly or full-year numeric guidance was provided in QQ1 2026 disclosures, several directional cues can be synthesized:
- Depreciation headwinds are expected to peak in the near term and then trend downward as the current cohort of cargo vans and other fleet assets ages out. This implies potential relief to EBITDA margins later in 2026 or 2027, assuming utilization of the expanded fleet aligns with demand.
- U-Box growth remains a strategic priority. The management commentary suggests the potential for U-Box to become a larger revenue contributor, potentially reaching 10% of revenues over time as deployment accelerates and consumer awareness grows. This will hinge on consumer adoption and broader U-Box capacity build-out across both company stores and dealers.
- Storage development activity is ramping, with a multi-year pipeline that could sustain incremental revenue and, potentially, higher capitalization of assets into rentable space. The company indicated that future online storage revenue growth is coming from both existing locations and new developments, with expectations for meaningful bottom-line contributions from non-same-store openings as the facilities reach maturity.
- The core risks to the outlook include continued liability costs tied to a larger fleet, higher insurance reserves, and potential volatility in used equipment resale values. The company intends to manage these through pricing, reserve strengthening, and fleet optimization, but still faces near-term margin pressure from fleet depreciation and claims severity.
- Investors should monitor: (1) the pace and profitability of new U-Box deployments and the percentage of total locations with U-Box at scale, (2) occupancy trends in self-storage as new facilities come online, (3) capex intensity and the yield profile on new storage developments (unlevered IRR targets around 7-10% with potential cap rates in the 7.5-8% range as described), (4) changes in fleet-related costs and insurance reserves, and (5) liquidity posture and debt maturity management as capex continues.