U-Haul misses Q2 profit estimates and falls short on revenue

U-Haul Holding Company (UHAL) missed profit and revenue estimates for its fiscal second quarter ended Sept. 30, the company said in a press release dated Nov. 4.

Earnings per share for Non-Voting Common Stock were 71 cents, below the 77 cents consensus estimate. Revenue was $1.77 billion, below the $1.82 billion estimate.

Here's how the company did:

• Earnings per share, Non-Voting Common Stock: 71 cents vs. 54 cents a year earlier, 77 cents expected
• Revenue: $1.77 billion vs. $1.72 billion a year earlier, $1.82 billion expected
• Net earnings available to common stockholders: $136.7 million vs. $105.6 million a year earlier

Chairman Joe Shoen said the results were a win of sorts. “Many people worked hard to serve customers and create the quarterly results,” Shoen said. “I am going to call our results a modest win. We continue to reinvest, but at an appropriately slower pace.”

Segment results

Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, rose $44.5 million to $241.9 million compared with the second quarter of fiscal 2026.

Self-storage revenues rose $15.8 million, or 6.4%, from a year earlier. Same store occupancy decreased 1.1% to 89.5%, while revenue per foot rose 6.7%.

Self-moving equipment rental revenues increased $37.4 million, or 3.4%. Other revenue rose $7.6 million, or 4.3%, on growth of the U-Box product.

Costs and cash returns

The largest contributors to higher operating expenses were freight and shipping costs, which rose $24.4 million, and personnel expense, which rose $10.2 million. Property taxes increased $4.7 million and self-insured liability costs increased $6.2 million.

Moving and Storage adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, was $547.6 million, up $5.0 million from the second quarter of fiscal 2026.

During the quarter the company repurchased 1,095,478 Non-Voting shares at a cost of $68.2 million and 149,927 Voting shares at a cost of $10.1 million. Cash and credit availability at the Moving and Storage segment was $1,335.1 million as of Sept. 30.

The company will hold its investor call for the quarter on Thursday, Nov. 5, at 8 a.m. Arizona Time, or 10 a.m. Eastern.