U-Haul Reports $1.42 Billion Revenue with Net Loss of $37 Million in Q3 2025

U-Haul Holding Company reported its financial results for the third quarter and nine months ended December 31, 2025, revealing a total revenue of $1.42 billion for the quarter, a 2% increase from $1.39 billion in the same period last year. For the nine-month period, revenue rose to $4.77 billion, up from $4.60 billion in the prior year. However, the company experienced a net loss of $37.0 million for the quarter, compared to a profit of $67.2 million in the previous year, while net earnings for the nine months fell to $210.9 million from $449.4 million.

The decline in profitability was attributed to a significant increase in total costs and expenses, which rose by $144.1 million in the third quarter compared to the previous year. Operating expenses for the Moving and Storage segment alone increased by $66.6 million, driven by higher repair costs, personnel expenses, and liability costs. Additionally, depreciation expenses related to the rental fleet surged by $44.8 million due to an increase in the number of box trucks and expected decreases in resale values. The company also reported net losses from the disposal of rental equipment, which increased by $29.8 million.

In terms of operational metrics, U-Haul's self-moving equipment rental revenues increased by $7.6 million, while self-storage revenues grew by $17.9 million, reflecting occupancy gains and the addition of new capacity. The company added approximately 1.5 million new net rentable square feet of self-storage space during the quarter. However, life insurance premiums decreased by $5.1 million, primarily due to lower sales in life and Medicare supplement products.

Looking ahead, U-Haul plans to continue expanding its rental equipment fleet and self-storage capabilities, with an estimated capital expenditure of approximately $1.35 billion for fiscal 2026. The company aims to enhance transaction volume and improve pricing and product utilization in its self-moving equipment rentals. Despite the challenges posed by inflationary pressures and increased competition, U-Haul remains focused on maintaining its leadership position in the North American moving and storage industry.