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.
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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.
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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#
| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | Operating Margin | Net Margin |
|---|---|---|---|---|---|---|
| 2025 | $5.83B | $5.00B | $716.15M | $367.09M | 12.29% | 6.30% |
| 2024 | $5.63B | $4.83B | $977.79M | $628.71M | 17.38% | 11.18% |
| 2023 | $5.86B | $5.02B | $1.45B | $924.47M | 24.65% | 15.76% |
| 2022 | $5.74B | $4.87B | $1.65B | $1.12B | 28.68% | 19.59% |
Source: Monexa AI.
Balance-sheet & cash-flow snapshot — FY2022 to FY2025#
| Fiscal Year | Cash at Period End | Total Assets | Total Debt | Net Debt | CapEx | Free Cash Flow |
|---|---|---|---|---|---|---|
| 2025 | $988.83M | $20.48B | $7.24B | $6.25B | -$3.45B | $1.45B |
| 2024 | $1.53B | $19.06B | $6.33B | $4.79B | -$2.99B | -$1.54B |
| 2023 | $2.06B | $18.10B | $6.17B | $4.11B | -$2.72B | -$0.99B |
| 2022 | $2.70B | $17.30B | $6.10B | $3.39B | -$2.14B | -$0.19B |
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