U-Haul Holding Company Reports Fiscal 2025 Financial Results

U-Haul Holding Company, the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company, and Amerco Real Estate Company, has released its financial results for the fiscal year ending March 31, 2025. The company reported a significant decline in net earnings available to shareholders, which stood at $367.1 million, compared to $628.7 million for the same period last year.

Financial Highlights

For the quarter ended March 31, 2025, U-Haul reported net losses available to shareholders of ($82.3) million, a substantial increase from the net losses of ($0.9) million in the same period last year. The company attributed this decline to the high prices paid for fleet replacements over the past thirty months, which impacted the income statement through reduced gains on the sale of rental equipment and increased fleet depreciation expense.

Key financial metrics for the fiscal year include:

• Moving and Storage EBITDA increased by $51.7 million to $1,619.7 million compared to fiscal 2024.
• Self-storage revenues increased by $66.8 million, or 8.0%, compared to fiscal 2024.
• Self-moving equipment rental revenues increased by $100.8 million, or 2.8%, compared to fiscal 2024.
• Other revenue for Moving and Storage increased by $39.4 million, or 8.5%, compared to fiscal 2024.

Business and Operational Highlights

U-Haul's Moving and Storage segment saw a notable increase in EBITDA, rising by $5.6 million to $217.3 million in the fourth quarter of fiscal 2025 compared to the same period in fiscal 2024. The company also reported a 6.8% increase in the total portfolio of average occupied rooms, with 20 new locations added during the fourth quarter, contributing 1.6 million net rentable square feet (NRSF).

Self-storage revenues grew by 8.4% in the fourth quarter of fiscal 2025 compared to the same period in fiscal 2024, with same store occupancy slightly decreasing by 0.5% to 91.9%. The company continues to expand its U-Box program, which contributed to the increase in other revenue for Moving and Storage.

Strategic Initiatives and Corporate Developments

During the fourth quarter, U-Haul declared a cash dividend on its Non-Voting Common Stock of $0.05 per share, which was paid on March 28, 2025. The company also reported a decrease in fleet maintenance and repair costs by $43.1 million for the full year compared to fiscal 2024.

U-Haul's debt metrics indicate a total debt of $7.23 billion as of March 31, 2025, with a net debt to EBITDA ratio of 3.9. The company has maintained a high percentage of fixed debt at 93.9% and an unencumbered asset ratio of 3.91x.

Management's Perspective

Joe Shoen, chairman of U-Haul Holding Company, commented on the financial results, stating, "We are seeing the high prices we paid for fleet replacements over the last thirty months impact the income statement. Reduced gains on the sale of rental equipment and increased fleet depreciation expense decreased earnings by nearly $260 million for the year compared to fiscal 2024. Both the truck acquisition and sale market are showing improvement."

Future Outlook

U-Haul Holding Company will hold its investor call for fiscal 2025 on Thursday, May 29, 2025, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the internet at investors.uhaul.com. The company has approximately 15.0 million NRSF in development or pending, indicating continued growth and expansion in the self-storage segment.

SEC Filing: U-Haul Holding Co /NV/ [ UHAL ] - 8-K - May. 28, 2025