U-Haul (UHAL) Q4 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Thu, May 28, 2026 astatine 11:20 AM CDT 33 min read

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DATE

Thursday, May 28, 2026 astatine 11 a.m. ET

CALL PARTICIPANTS

• Chief Financial Officer — Jason Allen Berg

Full Conference Call Transcript

Jason Allen Berg: Thank you, Sebastien. Good morning. I americium speaking to you contiguous from our offices present successful Phoenix. Yesterday, we reported a 4th fourth nonaccomplishment of $128 cardinal compared to a 4th fourth nonaccomplishment of $82 cardinal a twelvemonth before. Our afloat twelvemonth fiscal 2 1000 and 26 net were $83 million. Down from $367 cardinal the erstwhile year. In presumption of net per share, the 4th fourth of this twelvemonth was a nonaccomplishment of $0.65 per nonvoting stock compared to $0.41 per non-voting stock 4th fourth of the erstwhile year.

Earnings earlier interest, taxes, and depreciation, we notation to arsenic adjusted EBITDA, and our moving and retention conception accrued $6 cardinal for the 4th to $223 cardinal and for the afloat twelvemonth fiscal 2026, adjusted EBITDA accrued $26 cardinal to $1.646 billion. Included successful our merchandise and the fiscal supplement is simply a reconciliation of however you get from GAAP net to adjusted EBITDA oregon vice versa. Approximately fractional of the 4th quarter's diminution successful EPS came from depreciation connected the motortruck fleet. Which went from $181 cardinal successful the 4th fourth of past twelvemonth to $221 cardinal this year. For the afloat fiscal year, it was $879 cardinal compared to $693 cardinal the twelvemonth before.

We began to materially summation the depreciation complaint connected our cargo van fleet successful the archetypal 4th of fiscal 2026 erstwhile we began selling the higher outgo 2023 and 2024 exemplary twelvemonth vans into a resale marketplace that frankly conscionable did not admit that accrued price. Additionally, depreciation has been expanding connected container trucks. We grew the container motortruck fleet by implicit 14 1000 units if you comparison March-- extremity of March of 2025 to March of 2020. A fewer affirmative signals, though, The complaint of change, we volition telephone it the 2nd derivative of fleet depreciation growth, has been slowing. In fact, we person seen sequential declines successful the past 2 quarters.

For container trucks, the upcoming twelvemonth of nary planned maturation volition pb to a earthy diminution successful depreciation implicit the people of the year. Even if we bash not shrink the fleet. On the cargo van front, April and May resale results person been steady, albeit that is successful narration to units that had a overmuch higher depreciation complaint implicit the 12 months. Also, the measurement down successful what we are paying for exemplary twelvemonth 2025 units and 2026 units volition beryllium beneficial but not apt capable to beryllium the sole solution to the issue.

Looking forward, utilization of the expanded container motortruck fleet during this summertime volition pass america of what actions that we should instrumentality going into adjacent year. And connected the cargo van side, it is going to beryllium the resale marketplace and shaper pricing that are going to usher america arsenic to whether we request to widen the holding play adjacent twelvemonth for those trucks and trim aboriginal purchases. For the 4th quarter, our instrumentality rental gross results accrued $12 cardinal compared to the aforesaid 4th the twelvemonth before, And for the afloat year, we finished up $86 million, which is excuse me, conscionable implicit 2%.