U-Haul Holding Company (UHAL) Earnings Call Transcripts

U-Haul Holding Company's Latest Earnings Call - Q4 FY2026

In the fourth quarter of fiscal year 2026, U-Haul Holding Company reported a loss of $128 million, worsening from a loss of $82 million in the same quarter last year. Full-year earnings were down significantly to $83 million from $367 million the previous year, with EPS at a loss of $0.65 compared to a loss of $0.41 in Q4 2025. Management highlighted a $350 million share repurchase plan, signaling confidence in the stock's undervaluation and a shift in capital allocation strategy, as they plan to reduce fleet growth and focus on optimizing existing assets.

Reported metrics

Guidance from management

Management indicated a decrease in new purchases for the upcoming fiscal year, estimating a reduction of around $560 million, while focusing on optimizing existing assets and enhancing cross-selling opportunities.

What management said

Well, we think the stock is low enough. We're eager to deploy it. So they officially approved it last week. My team is setting up the trading account. I'm working on proposed instructions, then I'll sit down with Joe and we've got the corporate resolutions. Everything you have to do behind the scenes is going, so I don't think this is something that we're going to wait too long on, no.

It's for customers that want to run storage from us, it's fantastic, right? They now have a whole bunch of more rooms, I forget the exact number, but 35,000 more units available to them to rent. So yes, some of our folks were fooling themselves looking at physical occupancy versus economic occupancy. We've now made sure that everyone is on what our program was, which was economic occupancy all along. And so I think w...

What analysts pressed on

Analysts expressed concerns regarding the high depreciation costs impacting profitability and the slower-than-expected recovery in occupancy rates. There were also questions about the sustainability of revenue growth in the face of increased competition and the effectiveness of the new capital allocation strategy.

Main topics on the call

• Share Repurchase Program — U-Haul's Board authorized a $350 million share repurchase plan, indicating that management believes the stock is undervalued. CFO Jason Berg stated, 'We think the stock is low enough. We're eager to deploy it.' This move...
• Increased Depreciation Costs — The company experienced a significant increase in depreciation costs, with fourth-quarter depreciation rising to $221 million from $181 million year-over-year. This was a key factor in the EPS decline, as noted by Berg: ...
• Revenue Growth in Equipment Rental — Equipment rental revenue increased by $12 million in Q4 and $86 million for the full year, marking a 2% growth. Management noted, 'Revenue growth for both our In-Town and One-Way markets for both the quarter and the full...
• Storage Revenue Performance — Storage revenues rose by $16 million in Q4, a 7% increase, and 8% for the full year. However, same-store occupancy declined by 540 basis points to 86.1%, primarily due to a cleanup of delinquent rooms, which management c...

Read the full U-Haul Holding Company transcript (Q4 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 35 U-Haul Holding Company earnings call transcripts on record, spanning February 6, 2020 to August 6, 2026. Based on this history, U-Haul Holding Company reports quarterly. The most recent call on file is dated August 6, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

UHAL

Exchange

NYSE

Country

US

Sector

Industrials

Industry

Ground Transportation

Calls on record

35

First call

February 6, 2020

Most recent

August 6, 2026

Reporting cadence

quarterly