U-Haul Reports Higher Second-Quarter Fiscal 2027 Earnings as Moving and Storage Business Grows
U-Haul Holding Company has reported improved financial results for the second quarter of fiscal 2027, supported by growth in its moving equipment rental, self-storage and U-Box businesses. The company recorded higher net earnings compared with the corresponding quarter of the previous fiscal year, reflecting improved operating performance and continued demand across several areas of its moving and storage operations.
For the second quarter ended September 30, 2026, U-Haul reported net earnings available to common stockholders of $136.7 million, compared with $105.6 million in the same quarter of fiscal 2026. Earnings per share for Non-Voting Common Stock (UHAL.B) reached $0.71, up from $0.54 reported during the corresponding period last year.
The company also recorded an improvement in its financial performance for the first six months of fiscal 2027. Net earnings available to common stockholders for the six-month period ended September 30, 2026, amounted to $259.6 million, compared with $247.9 million in the same period of fiscal 2026. Earnings per share for Non-Voting Common Stock increased to $1.34 from $1.27.
U-Haul Holding Company is the parent organization of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. Its operations include moving equipment rentals, self-storage facilities, moving services, insurance and related real estate activities.
Commenting on the quarterly performance, Joe Shoen, chairman of U-Haul Holding Company, acknowledged the contributions of employees and teams responsible for serving customers and delivering the company’s financial results.
“Many people worked hard to serve customers and create the quarterly results,” Shoen stated. Describing the company’s performance as a modest win, he also highlighted its continued investment strategy while indicating that the pace of reinvestment would be slower and more measured.
Moving and Storage Segment Delivers Improved Operating Performance
U-Haul’s Moving and Storage segment remained a major contributor to the company’s second-quarter financial performance. Earnings from operations, before consolidation of equity in earnings from the insurance subsidiaries, increased by $44.5 million to $241.9 million compared with the second quarter of fiscal 2026.
The improvement was supported partly by lower fleet depreciation expenses and reduced losses associated with the disposal of retired rental equipment.
Fleet depreciation expense declined by $4.5 million during the quarter compared with the same period last year. In addition, net losses from the disposal of retired rental equipment decreased significantly by $34.1 million, reaching $4.2 million in the second quarter of fiscal 2027.
These changes helped improve the segment’s operating results, demonstrating the financial impact of fleet-related expenses and equipment disposal activities on U-Haul’s overall business performance.
The company continues to manage its vehicle rental fleet while balancing equipment availability, operating costs and customer demand. Fleet investment and replacement decisions remain important elements of its long-term strategy, particularly as the company serves customers across local and long-distance moving markets.
Adjusted EBITDA Reflects Quarterly Growth
U-Haul’s Moving and Storage segment reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $547.6 million for the second quarter of fiscal 2027.
This represented an increase of $5.0 million compared with the corresponding quarter of fiscal 2026.
However, the company’s adjusted EBITDA performance over the trailing twelve months showed a different trend. For the twelve months ended September 30, 2026, Moving and Storage adjusted EBITDA declined by $39.5 million to $1,642.4 million compared with the trailing twelve-month period ended September 30, 2025.
The quarterly improvement indicates stronger performance during the latest reporting period, while the trailing twelve-month comparison reflects the broader operating environment over the previous year.
U-Haul’s financial strategy continues to emphasize operational efficiency, customer service and disciplined investment across its moving and storage businesses.
Self-Storage Business Records Revenue Growth
Self-storage operations delivered another positive contribution to U-Haul’s second-quarter results. Revenue from the company’s self-storage business increased by $15.8 million, representing growth of 6.4% compared with the second quarter of fiscal 2026.
The increase reflects the continued development of U-Haul’s storage network and its efforts to expand the availability of storage facilities across different markets.
Despite revenue growth, same-store occupancy decreased by 1.1 percentage points to 89.5%. At the same time, revenue per square foot increased by 6.7%, indicating improved revenue generation from the company’s existing storage properties.
The number of locations qualifying for the company’s same-store comparison pool also increased by 77. This expansion provides a broader base of facilities for evaluating the performance of U-Haul’s self-storage operations.
During the second quarter of fiscal 2027, U-Haul added 10 new storage locations, contributing approximately 1.0 million net rentable square feet (NRSF) to its storage portfolio.
The company also reported approximately 11.4 million net rentable square feet in development or pending. This pipeline represents a substantial opportunity for future expansion and demonstrates U-Haul’s continued commitment to increasing its storage capacity.
The additional storage facilities are expected to strengthen the company’s ability to serve residential and commercial customers who require flexible storage solutions during relocations, renovations, business transitions and other circumstances.
Self-Moving Equipment Rentals Continue to Expand
U-Haul’s self-moving equipment rental business also recorded revenue growth during the second quarter.
Revenue from self-moving equipment rentals increased by $37.4 million, or 3.4%, compared with the second quarter of fiscal 2026.
The company reported higher total revenue and increased revenue per transaction across both its In-Town and One-Way rental markets. In-Town transactions also increased compared with the same period last year.
These results indicate continued customer demand for U-Haul’s moving equipment rental services across different types of relocation activities.
The In-Town business primarily serves customers who rent moving equipment for local relocations, while the One-Way business supports customers transporting household goods and other belongings between different locations.
U-Haul continued expanding its operating network during the reporting period. Compared with the second quarter of fiscal 2026, the company increased the number of company-operated retail locations and independent dealers. It also expanded the number of box trucks available within its rental fleet.
The expansion of retail locations and independent dealer relationships helps improve customer access to U-Haul services. A larger fleet of rental vehicles also provides additional capacity to support demand across local and long-distance moving markets.
By strengthening its distribution network and increasing equipment availability, U-Haul aims to improve customer convenience while supporting the continued development of its equipment rental business.
U-Box Business Supports Growth in Other Moving and Storage Revenue
U-Haul’s other Moving and Storage revenue increased by $7.6 million, representing growth of 4.3% compared with the second quarter of fiscal 2026.
The increase was primarily driven by the continued growth of the company’s U-Box product offering.
U-Box provides portable moving and storage containers designed to give customers greater flexibility when relocating or storing their belongings. The service supports different moving requirements by allowing customers to use containers for transportation, temporary storage and other relocation-related needs.
U-Haul continues to expand the reach and capacity of the U-Box program through additional warehouse space, moving and storage containers, and delivery equipment.
These investments are intended to strengthen the company’s ability to provide flexible moving and storage solutions while increasing the availability of its services in different markets.
The growth of U-Box also complements U-Haul’s traditional truck rental and self-storage operations, allowing the company to offer customers multiple options depending on their moving schedules, storage requirements and transportation needs.
Operating Expenses Increase Across Several Categories
Although U-Haul reported improved quarterly earnings, the company also experienced higher operating expenses across several areas of its Moving and Storage business.
Freight and shipping costs represented the largest contributor to the increase, rising by $24.4 million compared with the second quarter of fiscal 2026.
Personnel expenses increased by $10.2 million, reflecting higher costs associated with the company’s workforce and operational activities.
Property taxes also increased by $4.7 million, while self-insured liability costs rose by $6.2 million during the reporting period.
These expense categories represent important components of U-Haul’s operating structure. Freight and shipping costs are associated with the movement and distribution of equipment and related resources, while personnel expenses support the company’s retail locations, storage facilities, fleet operations and customer services.
Property taxes are another significant cost for a company operating an extensive network of real estate and storage facilities. Meanwhile, self-insured liability expenses reflect costs associated with the company’s risk management activities.
Managing these expenses will remain important as U-Haul continues expanding its rental fleet, storage portfolio and service network.
Cash and Credit Availability Remains Substantial
As of September 30, 2026, U-Haul’s Moving and Storage segment reported cash and credit availability of $1,335.1 million.
This compared with $1,479.4 million as of March 31, 2026.
The financial resources provide the company with liquidity to support its ongoing business operations, equipment investments, storage development projects and other corporate requirements.
U-Haul’s continued investment in its Moving and Storage business includes expanding self-storage capacity, strengthening its equipment rental fleet and increasing the reach of its U-Box services.
The company has also indicated that it intends to continue reinvesting in its operations at a slower pace. This approach reflects an emphasis on maintaining financial flexibility while supporting projects that contribute to long-term business development.
U-Haul Continues Share Repurchases
During the second quarter of fiscal 2027, U-Haul continued its share repurchase program, purchasing both Voting Common Stock and Non-Voting Common Stock.
The company repurchased 149,927 shares of its Voting Common Stock at a total cost of $10.1 million during the quarter.
It also repurchased 1,095,478 shares of its Non-Voting Common Stock for approximately $68.2 million.
For the six-month period ended September 30, 2026, the company’s share repurchases included:
- Voting Common Stock: 398,295 shares purchased at a cost of $25.7 million.
- Non-Voting Common Stock: 1,679,756 shares purchased at a cost of $100.7 million.
Share repurchases form part of U-Haul’s capital allocation strategy and represent one way the company returns capital to shareholders.
The program also reflects management’s approach to managing the company’s outstanding shares while balancing other financial priorities, including operational investment and liquidity requirements.
Company Pays Dividend to Non-Voting Shareholders
U-Haul also distributed a cash dividend to holders of its Non-Voting Common Stock during the second quarter.
On August 20, 2026, the company declared a dividend of $0.05 per share for its Non-Voting Common Stock.
Shareholders of record as of September 14, 2026, were eligible to receive the payment. The dividend was subsequently distributed on September 25, 2026.
The dividend payment represents another component of the company’s shareholder return strategy alongside its share repurchase activities.
Investor Financial Information and Quarterly Conference Call
U-Haul Holding Company has made its latest supplemental financial information available through its investor relations website at investors.uhaul.com.
The company is also scheduled to conduct its second-quarter fiscal 2027 investor conference call on Thursday, November 5, 2026, at 8:00 a.m. Arizona Time, corresponding to 10:00 a.m. Eastern Time.
The conference call will be broadcast live online through the company’s investor relations website. Investors and other interested participants will also be able to access a replay through the same platform.
The call provides an opportunity for investors to review the company’s quarterly financial performance and hear additional commentary from management regarding business operations, financial results and corporate priorities.
Disciplined Investment and Continued Business Development
U-Haul’s second-quarter fiscal 2027 results highlight improvements in net earnings, self-storage revenue, moving equipment rentals and U-Box operations.
The company’s net earnings increased to $136.7 million, while earnings per share for Non-Voting Common Stock improved to $0.71. The Moving and Storage segment also benefited from lower fleet depreciation expenses and reduced losses from the disposal of retired rental equipment.
At the same time, U-Haul continues to face operating cost pressures, particularly in freight and shipping, personnel, property taxes and self-insured liability expenses. Its trailing twelve-month adjusted EBITDA also remained below the comparable previous-year period.
The company’s ongoing storage development pipeline, expanding rental network and growing U-Box operations provide opportunities to support future business activity.
Management’s decision to continue reinvesting at a slower pace suggests a more measured approach to capital deployment, with attention to operational performance and financial flexibility.
Overall, U-Haul’s latest results demonstrate the continued importance of its moving and storage operations to the company’s financial performance. As it moves through fiscal 2027, the company will focus on serving customers, expanding its service capabilities and managing operating expenses while maintaining disciplined investment across its businesses.
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