U-Haul's 2026 Results Show Moving Parts Ahead of Pure Profitability

Executive snapshot

U-Haul Holding Company, traded on the NYSE as UHAL (and UHAL.B in some listings), reported for the year ended March 31, 2026: net earnings available to shareholders of $83.1 million, down from $367.1 million in the prior year. For the quarter ended March 31, 2026, the company posted a net loss of ($127.8) million, versus ($82.3) million in the same period a year earlier.

Beyond GAAP levels, the company’s EBITDA tells a different story. Full-year EBITDA rose to $1,645.9 million, up from fiscal 2025, while fourth-quarter EBITDA was $223.0 million, up slightly on a quarterly basis. The divergence between net income and EBITDA is a familiar courtroom sketch in corporate disclosures: the moving parts—the disposals, depreciation, and capex—can tilt the frame, even when the stage remains busy.

The release ties the swing to several live lines: higher fleet depreciation, costs associated with disposing retired rental equipment, and a growing liability cost footprint across the year. There is also a candid line about storage capacity: built but not rented storage units are casting a long “bow wave” of costs, with construction of additional storage units declining but still weighing on near-term profitability until rental volumes catch up.

The numbers and the story behind them

Key figures from the press materials include:

• Year ended March 31, 2026: net earnings $83.1 million; prior year $367.1 million.
• Fourth quarter 2026: net loss ($127.8) million; fourth quarter 2025: net loss ($82.3) million.
• Full-year EBITDA: $1,645.9 million; fourth quarter EBITDA: $223.0 million.
• Moving and Storage earnings from operations declined by $39.9 million in the fourth quarter versus the prior-year quarter; for the full year, the decline was $295.5 million.
• Losses from disposal of retired rental equipment: $2.1 million for Q4 and $117.6 million for the full year; fleet depreciation expense grew by $40.6 million in Q4 and $186.6 million for the full year.
• Liability costs decreased by $1.8 million in Q4 but rose by $76.4 million for the full year.
• Other notes: EBITDA improved modestly in the latest quarter, underscoring the complexity of the earnings mix where operating cash flow and asset-light components differ from GAAP earnings.

Management’s narrative emphasizes that the headwinds are real—disposals, depreciation pressure, and the cost structure attached to storage capacity—but there are offsets in EBITDA that reflect ongoing operating activity and capital discipline in parts of the business. The press release also flags CapEx expectations (downward tilt on rental-truck CapEx “likely to be down this time next year”) and comments on the incremental burden and bankable returns from expanding dealer locations across the US and Canada.

Drivers of the earnings mix

The most prominent swing factors are:

• Depreciation and asset disposition costs: higher fleet depreciation and losses from disposal of retired rental equipment compress GAAP earnings, even as cash-based EBITDA trends improve.
• Storage unit investment: a persistent “bow wave” from built but not yet rented storage units creates ongoing carrying costs, even as demand for moving and storage services remains constructive. Management notes that rental volume needs to outpace new capacity for the costs to meaningfully abate.
• CapEx trajectory: near-term capex in rental trucks and related infrastructure may ease in the year ahead, potentially moderating depreciation and other related costs over time.
• Operational leverage in Moving and Storage: EBITDA gains in the face of net earnings compression suggest a mixed-margin business where asset utilization and cost control drive cash generation, even if GAAP earnings lag.

In short, the company is juggling a high-contact, asset-heavy model where quarterly earnings can swing on asset disposals, fleet costs, and the timing of occupancy of storage assets, even as the core moving-and-storage operations continue to churn cash at a healthy clip.

Outlook and implications for peers

From a broader industry lens, U-Haul’s year-to-date profile hints at a sector where capital intensity and asset turnover remain critical to earnings quality. The “bow wave” warning is not unique to U-Haul; peers with substantial fleets and storage capacity face similar timing mismatches between capex, depreciation, and realized utilization. Analysts will likely watch several cross-currents: whether storage capacity additions can translate into higher filled units and ancillary services, the pace of depreciation and asset disposals, and how much of the near-term volatility is structural versus cyclical demand shifts.

On the EPS line, the press release provides the raw numbers for GAAP earnings but does not publish a stand-alone EPS figure in this excerpt. For investors, the relevant question is whether EPS consensus expectations had anticipated the drop in net earnings, and whether any implied earnings surprise from the quarter is offset by the improved EBITDA trajectory. A revenue forecast for moving and storage services, if provided with guidance, would also help frame whether the current cost structure is consistent with long-run profitability targets.

Sector peers might interpret the framework as a reminder: even when EBITDA is resilient, debt, depreciation, and working-capital dynamics can bleed GAAP earnings. Companies with robust EBITDA but weaker net income may still be attractive on cash-generation metrics, but the horizon requires disciplined capital deployment and clear paths to profitability as capacity utilization moves toward equilibrium.

Bottom line

U-Haul’s fiscal 2026 results underscore a company moving through a transition in which asset-heavy operations generate solid cash flow (reflected in EBITDA) while GAAP earnings are pressured by fleet-related costs and disposals. The message from management—continuing capex moderation for rental trucks, ongoing expansion of dealer networks, and an emphasis on converting built storage capacity into rented units—points to a strategy that balances near-term earnings volatility with longer-run revenue opportunities in moving and storage services.

For investors tracking the EPS path and the EPS consensus around this franchise, the data suggest a cautious stance: the earnings line has softened, but the cash-gen language is intact. If the company can translate the storage-burdened balance sheet into steadier occupancy and tighter fleet economics, the revenue forecast embedded in the business model could begin to align with a more favorable earnings surprise profile in future quarters.