U-Haul标志着2026年U-Box持续增长，同时缓和车队资本支出

Earnings Call Insights: U-Haul Holding Company (UHAL) Q4 2025

Management View

• Joe Shoen, Chairman and CEO, highlighted that "the original equipment manufacturers appear to have decided to make reliable fuel efficient ICE vehicles in volume at improved pricing," while noting the need for emissions regulation relief to better serve customers with truck products.
• Shoen stated, "U-Haul... has deflated three quarters of our pickup fleet as we see no path to profitability with more than a small specialized pickup fleet," and commented that resale prices on vans and pickups are steady or improving.
• Shoen described storage as a "bright spot wherever we execute with precision" and underscored that both self-move and self-store remain essential consumer needs.
• Jason Berg, CFO, reported a fourth quarter loss of $82.3 million compared to a loss of $863,000 for the same period last year, with full year fiscal 2025 earnings of $367.1 million, down from $628.7 million in fiscal 2024. Berg added, "For the fourth quarter, our equipment rental revenue results had $29 million increase or just over 4%." He also noted EBITDA at the Moving and Storage segment rose by $5.6 million to $217.3 million for the quarter.
• Berg detailed that "self-storage, revenues were up $18 million or 8% for the quarter" and that U-Box revenue within the Moving and Storage segment was up just under $14 million, with U-Box being the primary contributor.

Outlook

• Shoen expressed that "customers are expressing optimism, at least our truck share customers are," and expects continued demand for both self-move and self-store options.
• Berg projected net fleet CapEx in fiscal year 2026 of $1,295 million, compared to approximately $1,211 million in fiscal 2025, indicating a moderated growth rate in investment.
• Shoen stated, "My expectation is to stay in that range" regarding U-Box growth, saying the market "is vast" and that growth in both moving and storage transactions is expected to continue, with U-Box outpacing the truck share operation for many years to come.

Financial Results

• Berg reported a $0.41 per share loss for the fourth quarter per non-voting share, compared to less than $0.01 per share loss in the prior year.
• Full year EBITDA for the Moving and Storage segment increased by just under $52 million to $1,619.7 million.
• Equipment rental revenue for fiscal year rose by just over $100 million, a 2.8% increase, with both one-way and in-town transactions up for the quarter, as well as revenue per transaction.
• Capital expenditures for new rental equipment in fiscal 2025 totaled $1,863 million, a $244 million increase year-over-year, while proceeds from the sale of retired rental equipment declined by $76 million to $652 million.
• Self-storage revenue for the year increased by just under $67 million, also up 8%, while average revenue per occupied foot rose approximately 1.6% across the portfolio and 3% for same-store.
• Average occupancy ratio at owned locations declined by 2.5% to just over 77%, while same-store occupancy decreased by 50 basis points to 91.9%.
• U-Box moving transactions and related storage transactions both grew at plus 20% rates, with warehouse space for containers increasing by nearly 25% in the last year.
• Operating expenses at Moving and Storage rose by $53.6 million, notably due to a $27.8 million increase in liability costs associated with the fleet.

Q&A

• Steven Ralston, Zacks Investments: Questioned if the topline business is strengthening and sought the CEO’s outlook for topline growth. Shoen responded, "We're seeing signs that customers are positive... They're accepting a little bit of rate increase."
• Ralston also asked about depreciation, to which Shoen replied, "Depreciation on self-storage is money in the bank... Equipment is different. Equipment really is a depreciating asset."
• Steven Ramsey, Thompson Research Group: Inquired about U-Box growth and future real estate CapEx. Berg responded that U-Box moving transactions are growing faster than storage transactions, both exceeding 20%, and Shoen added, "My expectation is to stay in that range" for U-Box growth. Shoen and Berg indicated real estate CapEx would be more focused on leveraging existing assets rather than emergency expansion.
• Andy Liu, Wolfe Research: Asked about tariff impacts and customer behavior. Shoen stated, "If we communicate strong value that the consumer is still positive... I'm not seeing this" regarding tariff-related hesitation.
• James Wilen, Wilen Management: Raised the valuation gap and potential share repurchases. Shoen acknowledged no current proposal for share buybacks but welcomed input, while Berg attributed Property and Casualty profit decline to market valuation changes in their investment portfolio.
• Stephen Farrell, Oppenheimer: Asked about fleet age and depreciation trends. Shoen described progress toward pre-COVID fleet conditions and does not expect the current elevated depreciation to be the new normal, pointing to improvements as automakers focus on core competencies.

Sentiment Analysis

• Analysts expressed a mix of cautious optimism and focused on growth sustainability, valuation, and CapEx discipline, with questions reflecting a positive to neutral sentiment.
• Management maintained a constructive but realistic tone, acknowledging challenges in fleet and depreciation while emphasizing growth areas such as U-Box and storage. Shoen's remarks included confidence in customer optimism and future normalization of fleet costs.
• Compared to the previous quarter, analysts' tone shifted from curiosity about revenue drivers to more strategic questions about growth sustainability and asset utilization. Management's tone remained consistent, though slightly more detailed in discussing cost normalization and growth investments.

Quarter-over-Quarter Comparison

• Guidance language shifted from "emerging from electric vehicle-mania with only modest damage" in Q3 to more direct commentary on ICE vehicle outlook and emissions regulations in Q4.
• Strategic focus in the current quarter emphasized U-Box and storage growth, along with moderating CapEx, versus Q3’s focus on fleet correction and market share stability.
• Analysts in Q4 concentrated on valuation, CapEx, and operational leverage, compared to Q3’s questions on transaction growth and margin potential.
• Year-over-year, equipment rental revenue growth slowed from over 4.5% in Q3 to just over 4% in Q4, while self-storage revenue growth remained steady at 8%. Fleet CapEx growth moderated in outlook for the coming year.
• Management’s confidence in U-Box and storage opportunities was more prominent in Q4, with explicit mention of sustained high growth rates.

Risks and Concerns

• Shoen noted the need for emissions regulation relief to better serve customers with truck products.
• Berg identified increased fleet depreciation, reduced gains on sales of retired pickups and vans, and declining interest income as headwinds impacting earnings.
• Operating expenses rose primarily from liability costs, while occupancy ratios in storage slightly declined, indicating some operational headwinds.
• Analyst concerns included valuation disconnect, sustainability of growth rates, and the balance between liquidity and capital allocation.

Final Takeaway

Management emphasized a positive outlook for U-Box and self-storage growth, with a moderated approach to fleet and real estate investment in fiscal 2026. While acknowledging current earnings pressure from depreciation and asset sales, the company sees normalization ahead as OEM pricing stabilizes and value is communicated to customers. The focus remains on leveraging operational strengths in moving and storage, with a commitment to disciplined capital management and ongoing evaluation of opportunities to enhance shareholder value.

Read the full Earnings Call Transcript