U-Haul Holding Company Announces Fiscal Year 2025 Financial Results
U-Haul Holding Company, the parent organization 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 ended March 31, 2025. The company reported net earnings available to shareholders of $367.1 million for the year, marking a significant decline from the $628.7 million posted in fiscal 2024. The fourth quarter proved especially challenging, with net losses of $82.3 million compared to a modest loss of $0.9 million in the same period last year.
Challenging Year Reflects Elevated Fleet Costs and Reduced Gains on Equipment Sales
Chairman Joe Shoen addressed the year’s financial performance, emphasizing the impact of elevated fleet acquisition costs over the past thirty months. According to Shoen, “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.”
Shoen further noted that the company has proactively increased depreciation expense to more accurately reflect the higher cost of new fleet assets. He remained cautiously optimistic about the trajectory of the truck market, stating, “Both the truck acquisition and sale market are showing improvement. The automakers have abandoned the mirage of going net zero and hopefully will get back to offering reliable, fairly priced trucks in quantity.”
Moving and Storage Segment Delivers Resilient Operating Results
Despite overall earnings pressures, U-Haul’s Moving and Storage segment delivered solid operational performance. Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to $217.3 million in the fourth quarter, up $5.6 million from the same quarter a year earlier. For the full fiscal year, EBITDA in this segment climbed by $51.7 million to $1.62 billion.
Self-moving equipment rental revenues continued to trend upward throughout fiscal 2025, with the company reporting a $29.0 million, or 4.1%, increase in the fourth quarter compared to the prior year period. This marked the fourth consecutive quarter of year-over-year growth, culminating in a full-year increase of $100.8 million, or 2.8%. Improvements in both in-town and one-way transactions, as well as an uptick in revenue per transaction, contributed to this positive momentum.
The company’s U-Box portable storage program also showed impressive growth, reflected in a $13.9 million, or 17.1%, increase in other revenue for the Moving and Storage segment during the fourth quarter. For the full fiscal year, these revenues increased by $39.4 million, or 8.5%. U-Haul has been actively expanding this program by investing in additional warehouse space, more storage containers, and enhanced delivery infrastructure.
Self-Storage Segment Maintains Strong Growth Trajectory
U-Haul’s self-storage business continued to be a bright spot, contributing to both top-line growth and long-term strategic value. Self-storage revenues increased by $17.8 million, or 8.4%, in the fourth quarter of fiscal 2025 compared to the same period in fiscal 2024. On a full-year basis, revenues rose by $66.8 million, or 8.0%.
While same-store occupancy slightly declined by 0.5% to 91.9%, other key performance indicators were positive. Revenue per square foot grew by 3.0%, and 31 additional locations qualified for inclusion in the same-store pool. These figures underscore the company’s ability to drive higher returns per property, even as occupancy moderated slightly.
The total portfolio of average occupied rooms grew by 6.8% year-over-year in the fourth quarter, increasing by 39,197 rooms. For the full fiscal year, average occupied rooms were up 6.2%, or 35,441 rooms. U-Haul added 20 new storage locations in the fourth quarter alone, contributing 1.6 million net rentable square feet (NRSF). Of these, two were acquisitions, while the remaining 18 were developed internally. The company’s current development pipeline includes approximately 15 million NRSF in various stages of planning or construction.
Pressure on Operating Income Due to Lower Equipment Sales Gains and Higher Depreciation
While topline and EBITDA metrics were positive in key areas, overall earnings from operations within the Moving and Storage segment declined significantly. Operating income, excluding earnings from the insurance subsidiaries, fell by $68.1 million in the fourth quarter and by $250.4 million for the full year.
This decline was primarily attributed to lower gains on the disposal of retired rental equipment, which fell by $30.4 million in the fourth quarter and by $140.2 million for the full year compared to fiscal 2024. At the same time, depreciation expenses tied to fleet and real estate assets continued to climb. Fleet depreciation increased by $35.6 million in the fourth quarter and by $128.1 million for the full year, while real estate-related depreciation rose by $3.9 million in the quarter and by $25.9 million over the full fiscal year.
Despite these cost headwinds, U-Haul did see a reduction in fleet maintenance and repair expenses, which declined by $6.7 million in the fourth quarter and $43.1 million for the full year compared to fiscal 2024.
Strong Liquidity and Dividend Declaration
As of March 31, 2025, U-Haul’s Moving and Storage operating segment reported cash and credit availability of $1.35 billion, compared to $1.89 billion at the same point in the previous fiscal year. While this reflects a decline in liquidity, the company continues to maintain a solid financial position that supports ongoing investment in growth initiatives.
In a move to return value to shareholders, U-Haul declared a cash dividend of $0.05 per share on its Non-Voting Common Stock on March 5, 2025. The dividend was paid on March 28, 2025, to shareholders of record as of March 17, 2025.
U-Haul remains focused on expanding its self-storage footprint, optimizing its fleet investment strategy, and enhancing its U-Box moving and storage service. Although elevated depreciation and fleet replacement costs remain a drag on earnings, the company is positioning itself for a recovery in profitability as supply chains stabilize and equipment markets normalize.
The significant pipeline of storage developments and continued demand for self-moving solutions point to promising long-term growth prospects. While fiscal 2025 presented meaningful challenges, the company’s diversified operations, strong cash position, and operational flexibility suggest it is well-equipped to navigate uncertainty and capitalize on emerging opportunities.