- U-Haul Holding Company will present at KeyBanc Capital Markets’ Self-Storage Investor Forum on January 8, 2026, spotlighting its self-storage growth strategy.
- Recent results show modest revenue growth led by self-storage and rentals, but earnings have fallen as depreciation, fleet residual losses, and costs rise.
- U-Haul is adding significant storage capacity, yet same-store occupancy has slipped, making lease-up and pricing key to near-term profitability.
- Leverage and capital spending are increasing alongside the expansion pipeline, heightening execution and return-risk in a competitive storage market.
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The announcement that U-Haul Holding Company will participate in the KeyBanc Capital Markets Self-Storage Investor Forum on January 8, 2026, reinforces its positioning at the intersection of moving/transportation and real estate industries — especially emphasizing its sizeable self-storage operations as a distinct growth vector.
From its most recent financials, U-Haul’s Q4 FY2025 and Q1 FY2026 results show revenue growth in the 3-6% range year-over-year, driven by self-storage (+8% or more) and equipment rentals, although net income has declined sharply (by 40-50%) due to this combination of rising depreciation, weaker residual values on used fleet, and higher costs.
Operationally, U-Haul continues to expand its rentable storage space: adding millions of square feet in its operational self-storage portfolio, and deploying a sizeable development pipeline. However, occupancy metrics are deteriorating: same-store occupancy for self-storage has slipped (e.g. Q1 FY2026: ~92.8%, Q4 FY2025: ~91.9%) and overall portfolio occupancy is lower still. Lease-up timing and lease-duration dynamics thus become critical arbiters of profitability in the storage segment.
Financial leverage is rising. Net debt to adjusted EBITDA has worsened (from ~3.3× to ~4.0–4.1×), and capital outlay — both on the fleet renewal side and real estate acquisition/development — is substantial. While revenue growth and cash flows are healthy, the margin compression and asset disposal losses suggest pressure on returns until these investments stabilize.
Strategic implications are mixed. On one hand, U-Haul is well positioned to benefit from demand tailwinds in self-storage and moving (driven by migration, housing turnover, etc.), and its wide physical footprint gives proximity advantage. On the other, its heavy capital requirements, competitive intensity (including REITs and specialized storage operators), and operating risks (equipment depreciation, occupancy, lease-ups) limit near‐term margin expansion. The upcoming forum provides an opportunity to communicate these trade-offs to investors, especially with respect to its self-storage growth curve and margin strategy.
Open questions for due diligence include: What is U-Haul’s projected timeline for returning storage occupancy to pre-slip levels? How sustainable are equipment resale values in its fleet model? What level of free cash flow will remain once the current investment pipeline comes online? How will competition and pricing pressure within self-storage affect revenue per foot and lease terms?
Supporting Notes
- U-Haul owns ~1,111,000 rentable self-storage units and ~96.5 million square feet of self-storage space across owned and managed facilities, ranking it as the third-largest self-storage operator in North America.
- In Q1 FY2026 ended June 30, 2025, consolidated revenue was $1.63 billion, up 5.3% YoY; self-storage revenue grew ~8.6%; same-store occupancy in storage slipped to ~92.8% from ~93.8%.
- Net earnings available to common stockholders dropped ~27% in Q1 FY2026 versus Q1 FY2025; similarly, in Q2 fiscal 2026 revenue rose but net earnings plunged ~43% YoY.
- Trailing twelve-month revenue stood at ~$5.8-6.0 billion for fiscal year 2025, marking modest growth (~3.6%).
- Net Debt to Adjusted EBITDA rose to ~4.0-4.1× from ~3.3×; total debt exceeds $7 billion versus assets ~$20-21 billion.
- Large investment in storage pipeline: new net rentable square feet added in Q4 FY2025 and continued development; but lease-up and stabilization remain challenges amidst slight occupancy declines.