The earnings collapse is structural, driven by fleet depreciation and disposal losses that management expects to 'bottom out this calendar year.' The $350M buyback signals management's view of undervaluation but does not offset the fundamental deterioration. Monitor Q1 FY2027 for signs of fleet cost stabilization and same-store occupancy recovery before considering a position.
Price Chart
Executive Summary
U-Haul Holding Company reported a net loss of ($127.8M) for the fiscal Q4 2026 quarter ended March 31, 2026, compared to a ($82.3M) loss a year ago, with Non-Voting EPS of ($0.65) vs ($0.41). Full-year net earnings collapsed to $83.1M from $367.1M, driven by a $295.5M decline in Moving and Storage operating earnings due to higher fleet depreciation and disposal losses. The board authorized a $350M share repurchase plan, but the core business continues to deteriorate with rising leverage (net debt/EBITDA at 4.3x) and declining same-store occupancy (86.1% vs 91.5%).
Key Financial Metrics
Key Facts
- Q4 FY2026 net loss of ($127.8M) vs ($82.3M) loss in Q4 FY2025
- Full-year net earnings fell 77.4% to $83.1M from $367.1M
- Non-Voting EPS (UHAL.B): Q4 ($0.65) vs ($0.41); Full-year $0.44 vs $1.89
- Moving and Storage operating earnings dropped $295.5M YoY for the full year
- Fleet depreciation expense increased $186.6M and disposal losses were $117.6M for the full year
- Same-store occupancy fell to 86.1% from 91.5%, a decline of 5.4 percentage points
- Net debt to adjusted EBITDA rose to 4.3x from 3.9x a year ago
- Board authorized a $350M share repurchase plan on May 22, 2026
- Total debt increased to $8.12B from $7.23B at March 31, 2025
Financial Impact
Full-year net earnings declined by $284M (77.4%) to $83.1M; Q4 net loss widened by $45.5M to ($127.8M)
Risk Factors
- Continued fleet depreciation and disposal losses exceeding management's expectations
- Further same-store occupancy declines as new storage units come online before being rented
- Leverage at 4.3x net debt/EBITDA leaves limited financial flexibility if earnings continue to decline
- Liability cost growth may reaccelerate with fleet expansion and inflation
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-241898 |
| Document: uhal-20260527.htm | 0001193125-26-241898 |
| Document: 0001193125-26-241898-index-headers.html | 0001193125-26-241898 |
| Document: 0001193125-26-241898-index.html | 0001193125-26-241898 |
| Document: 0001193125-26-241898.txt | 0001193125-26-241898 |
| 8-K Data (Synthetic) | 0001193125-26-241898 |
US Market Status
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