U-Haul Holding Company Announces Q3 Fiscal 2025 Financial Results
U-Haul Holding Company (NYSE: UHAL, UHAL.B), the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company, and Amerco Real Estate Company, has announced its financial results for the third quarter ended December 31, 2024. The company reported net earnings available to shareholders of $67.2 million, a decrease from $99.2 million in the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.35 for the third quarter of fiscal 2025, down from $0.51 in fiscal 2024.
For the nine-month period ending December 31, 2024, net earnings available to shareholders totaled $449.4 million, compared to $629.6 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $2.31, a decline from $3.22 in the previous fiscal year.
Chairman’s Statement
Joe Shoen, Chairman of U-Haul Holding Company, expressed optimism about the company’s performance despite the financial downturn. “Moving activity increased over the quarter as demand for our products and services ticked up,” he stated. “We are making steady improvements to reduce friction with the customer so that it’s easier for the public to choose U-Haul.”
Third Quarter Fiscal 2025 Highlights
One of the standout achievements for the quarter was the increase in Moving and Storage earnings before interest, taxes, and depreciation (EBITDA). Adjusted to exclude interest income, this figure rose by $47.8 million to reach $376.7 million, compared to the third quarter of fiscal 2024. For the trailing twelve months ending December 31, 2024, EBITDA increased by $20.7 million to $1,614.1 million, up from the trailing twelve months ending December 31, 2023.
Self-Storage Growth
The self-storage segment saw significant growth, with revenues increasing by $16.6 million, or 7.9%, compared to the third quarter of fiscal 2024. Despite a slight decrease in same-store occupancy—down 0.5% to 92.4%—revenue per foot increased by 3.0%. Additionally, the number of qualifying locations expanded by 50. The total portfolio of occupied rooms grew by 39,055, or 6.8%, compared to December 31, 2023.
During the quarter, U-Haul added 34 new storage locations, contributing 2.3 million net rentable square feet (NRSF). Of these, 23 were acquisitions of existing storage facilities, totaling 1.3 million NRSF, while the remaining 11 were internally developed. Expansion projects at existing facilities accounted for an additional 1.0 million NRSF. The company currently has approximately 16.8 million NRSF in development or pending.
Self-Moving Equipment Rental
Self-moving equipment rental revenues also showed positive trends, increasing by $38.8 million, or 4.6%, compared to the third quarter of fiscal 2024. This marks the third consecutive quarter of improving year-over-year results. In-Town transactions improved, and revenue per transaction increased in both In-Town and one-way markets. Notably, the company expanded its box truck fleet while reducing the number of trucks in the pickup fleet.
U-Box Program Expansion
The U-Box program continued to drive growth, with Moving and Storage Other revenue increasing by $9.6 million, or 9.6%, compared to the third quarter of fiscal 2024. This growth was primarily due to increases in moving and storage transactions related to the U-Box program. The company is expanding the program’s reach through additional warehouse space, more moving and storage containers, and enhanced delivery equipment.
Operational Challenges
Despite these successes, Moving and Storage earnings from operations, before consolidating the equity in earnings of the insurance subsidiaries and adjusted to remove interest income, decreased by $25.5 million compared to the third quarter of fiscal 2024. Several factors contributed to this decline:
- Reduced gains from the disposal of retired rental equipment accounted for $32.7 million of the decrease.
- Fleet depreciation expenses increased by $34.2 million.
- Real estate-related depreciation expenses rose by $5.6 million.
However, fleet maintenance and repair costs declined by $10.2 million compared to the third quarter of fiscal 2024, offering some relief.
Financial Position
As of December 31, 2024, cash and credit availability at the Moving and Storage segment stood at $1,348.1 million, down from $1,886.3 million at March 31, 2024. This reduction reflects ongoing investments in fleet expansion and facility development.
Dividend Declaration
On December 4, 2024, U-Haul declared a cash dividend on its Non-Voting Common Stock of $0.05 per share. The dividend was paid on December 27, 2024, to shareholders of record as of December 16, 2024.
While U-Haul Holding Company faced challenges in the third quarter of fiscal 2025, evidenced by a decline in net earnings and earnings per share, the company demonstrated resilience and strategic growth in key areas such as self-storage and the U-Box program. Chairman Joe Shoen emphasized the company’s commitment to enhancing customer experience, which remains a cornerstone of U-Haul’s strategy moving forward. With ongoing investments in fleet and facility expansions, U-Haul is poised to continue its trajectory of growth and innovation in the moving and storage industry.
About U-Haul Holding Company
U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.
About U-Haul
Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers’ patronage has enabled the U-Haul fleet to grow to approximately 193,900 trucks, 138,200 trailers and 40,300 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,060,000 rentable storage units and 92.0 million square feet of self-storage space at owned and managed facilities.
U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading “Best for Vets” employer and was recently named one of the 15 Healthiest Workplaces in America.