U-Haul Holding Company (NYSE:UHAL), the parent of U-Haul International, reported a larger-than-expected fourth-quarter loss on Thursday, even as its revenue exceeded analyst projections. The results come amid continued pressure from elevated fleet replacement costs.
Following the earnings announcement, U-Haul shares rose 1.09% in pre-market trading.
For the quarter ended March 31, 2025, the company posted a net loss of $82.3 million, or $0.41 per share, significantly wider than the $0.9 million loss, or $0.00 per share, recorded during the same quarter last year. The reported loss also came in below Wall Street’s forecast of a $0.22 per share loss.
Despite the bottom-line miss, revenue climbed 4.6% year-over-year to $1.23 billion, outpacing the consensus estimate of $1.14 billion. The stronger top-line performance helped lift investor sentiment, with shares gaining modestly in early trading.
U-Haul’s core business segment—self-moving equipment rentals—generated $745.3 million in revenue, marking a 4.1% increase over the prior year. Meanwhile, self-storage operations posted an 8.4% year-over-year rise, reaching $230.5 million.
“We are seeing the high prices we paid for fleet replacements over the last thirty months impact the income statement,” said Joe Shoen, chairman of U-Haul Holding Company. “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.”
The company noted that depreciation was adjusted upward to reflect these added costs in the current period. However, Shoen also pointed to improving conditions in the market: “Both the truck acquisition and sale market are showing improvement.”
For the full fiscal year 2025, U-Haul reported net earnings of $367.1 million, a drop from $628.7 million the previous year. Annual revenue rose 3.6%, reaching $5.83 billion.