U-Haul Holding Company — Earnings, Cash Flow & Leverage Review

U-Haul Holding Company earnings: EPS decline, disaster relief and fleet costs#

U-Haul's most recent operating footprint shows a tension many asset-heavy businesses face: revenue holding near $5.83B while net income compressed to $367.09M, producing a material gap between top-line resilience and bottom-line performance. This divergence—driven by deliberate disaster-relief spending plus higher depreciation and disposal losses—shaped the latest results and investor focus.

The market is pricing that tension: UHAL shares traded around $58.01 with a market capitalization near $10.47B at the last quote. (source: Monexa AI.

U-Haul reported $5.83B in revenue and $367.09M in net income for the fiscal period ending 2025-03-31 (source: Monexa AI. Gross-profit margins remained elevated at ~85.86%, but operating income and net margins narrowed to 12.29% and 6.30%, respectively (source: Monexa AI. These margin moves reflect both recurring fleet economics and one-off/community-support charges disclosed by management.

Notably, the company’s reported free cash flow for FY2025 was positive at $1.45B even as capital expenditures rose to -$3.45B—a CapEx profile that reflects aggressive fleet reinvestment (source: Monexa AI. The balance sheet shows total assets of $20.48B and net debt of $6.25B as of the same period (source: Monexa AI.

Why did [UHAL] EPS decline despite revenue growth?#

U-Haul’s EPS fell because revenue expansion was outweighed by higher fleet-related non-cash charges and explicit disaster-relief expenses that increased operating costs and reduced reported earnings.

Supporting detail: Revenue increased year-over-year by +3.61%, while net income fell -41.61% and diluted EPS declined -37.83% (source: Monexa AI. Those changes trace directly to a mix of higher depreciation and losses on equipment disposal plus the operational costs of targeted disaster-relief programs (source: Monexa AI.

In practice, depreciation and disposal losses raise non-cash and realized losses tied to fleet turnover; disaster-relief spending produces immediate cash and near-term operating hits even if management views the activity as a strategic brand investment. U-Haul’s depreciation & amortization rose to $982.49M in FY2025, up from prior periods (source: Monexa AI.

Financial performance snapshot: income statement, cash flow and leverage#

U-Haul’s income-statement trajectory across FY2022–FY2025 shows stable revenue but stepwise compression of operating and net margins as the company invested heavily in fleet capacity and absorbed disposal losses and community-support costs (source: Monexa AI. Over the same period U-Haul’s capital spending has trended higher, producing swings in free cash flow and a rising net-debt load.

Below are compact, extractable comparisons designed for quick reference.

Income statement — FY2022 to FY2025#

Source: Monexa AI.

Balance-sheet & cash-flow snapshot — FY2022 to FY2025#

Source: Monexa AI.

Collectively the tables show a clear pattern: CapEx accelerated to -$3.45B in FY2025 while net debt expanded to $6.25B, leaving net-debt/EBITDA near 3.65x (TTM)—a leverage metric investors should monitor closely (source: Monexa AI.

Management execution and strategic implications#

Management has allocated capital toward fleet refresh and capacity—actions consistent with a service-first, availability-driven model. The trade-off is short-term margin pressure: higher depreciation and disposal losses reduce reported earnings even as the platform preserves rental availability and long-term revenue potential (source: Monexa AI.

Earnings execution has shown recurring misses against estimates: recent report dates include 2025-08-06 (actual $0.68 vs est $0.70), 2025-05-28 (actual -$0.46 vs est -$0.22333) and earlier quarters where results trailed consensus (source: Monexa AI. That pattern amplifies scrutiny on margin recovery and disposal recoveries.

Capital allocation choices are visible in the cash-flow statement: U-Haul paid $35.29M in dividends in FY2025 while repurchases were nil and net cash used for investing rose; this suggests management prioritized reinvestment and selective shareholder distributions (source: Monexa AI. An observable data oddity: the fundamentals list a dividend per share of $0 alongside a payout ratio of 11.56%—an internal inconsistency in reported items that merits disclosure clarity from the company (source: Monexa AI.

Forward-looking consensus embedded in available estimates shows modest revenue CAGR and rebuilding EPS over a multi-year horizon, but those estimates assume margin stabilization and improved disposal recoveries (source: Monexa AI.

Key takeaways and what this means for investors#

U-Haul’s recent performance is a case study in how capital intensity and purposeful community spending can produce a divergence between revenue and net earnings. The principal facts to watch are: continued capex cadence, fleet disposal recoveries, net-debt/EBITDA trajectory, and any further disaster-relief commitments that are material to operating expense.

• Top-line: Revenue held at $5.83B (source: Monexa AI.
• Profitability: Net income down -41.61% year-over-year; operating margin compressed to 12.29% (source: Monexa AI.
• Cash & CapEx: CapEx rose to -$3.45B with FCF of $1.45B in FY2025 (source: Monexa AI.
• Leverage: Net debt $6.25B and net-debt/EBITDA ~3.65x (TTM) (source: Monexa AI.

For investors focused on operational execution, the signal set to watch is improving disposal recoveries and lower disposal-related losses; for balance-sheet watchers, the trajectory of net debt relative to adjusted EBITDA combined with CapEx cadence will determine optionality for discretionary programs.

In sum, U-Haul’s data show a resilient revenue profile but a margin cycle pressed by fleet economics and deliberate community spending. The company’s next public disclosures should clarify the scale and expected payback of disaster-relief programs, and provide updated guidance on fleet turnover and disposal recovery rates—metrics that will materially influence near-term earnings volatility. (source: Monexa AI