What is U-Haul's operating income?

U-Haul's total operating income in 2026 was $432.62 million, based on the following breakdown: Total Gross Profit: $5.79 billion Total Operating Expenses: $5.36 billion

U-Haul (UHAL) Financials

$56.32 -0.34 (-0.60%)

Closing price 06/2/2026 03:59 PM Eastern

Extended Trading

$56.25 -0.07 (-0.12%)

As of 08:10 AM Eastern

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Annual Income Statements for U-Haul

This table shows U-Haul's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	489	398	765	371	442	611	1,124	924	629	367	83
Consolidated Net Income / (Loss)	489	398	791	371	442	611	1,124	924	629	367	83
Net Income / (Loss) Continuing Operations	489	398	765	371	442	611	1,124	924	629	367	83
Total Pre-Tax Income	769	628	638	478	378	797	1,477	1,219	840	478	113
Total Operating Income	867	743	765	621	540	961	1,646	1,446	978	716	433
Total Gross Profit	3,130	3,269	3,441	3,607	3,815	4,328	5,480	5,602	5,384	5,595	5,791
Total Revenue	3,275	3,422	3,601	3,769	3,979	4,542	5,740	5,865	5,626	5,829	6,038
Operating Revenue	3,123	3,250	3,417	3,549	3,739	4,250	5,308	5,386	5,160	5,322	5,500
Other Revenue	152	172	184	219	240	292	431	479	466	506	538
Total Cost of Revenue	145	152	160	162	164	214	260	263	242	234	247
Operating Cost of Revenue	145	152	160	162	164	214	260	263	242	234	247
Total Operating Expenses	2,264	2,526	2,675	2,986	3,275	3,367	3,842	4,156	4,406	4,878	5,358
Selling, General & Admin Expense	1,733	1,834	2,084	2,270	2,405	2,517	3,106	3,441	3,511	3,683	3,832
Depreciation Expense	291	449	543	554	637	610	483	487	664	958	1,287
Amortization Expense	23	26	25	29	31	28	34	28	24	18	20
Other Operating Expenses / (Income)	217	220	219	133	202	208	220	201	208	219	220
Total Other Income / (Expense), net	-98	-115	0.00	-143	-162	-164	-170	-226	-138	-239	-320
Interest Expense	98	114	0.00	142	161	164	168	225	256	296	366
Interest & Investment Income	-	-	-	-	-	-	0.00	0.00	120	59	47
Other Income / (Expense), net	-	-0.90	0.00	-1.01	-1.05	-0.99	-1.12	-1.22	-1.46	-1.49	-1.38
Income Tax Expense	280	230	0.00	107	-64	186	352	295	211	110	30
Basic Earnings per Share	-	$20.34	$40.36	$18.93	$22.55	$0.00	$12.66	$10.16	$6.26	$3.58	$0.68
Weighted Average Basic Shares Outstanding	19.60M	19.59M	19.59M	19.59M	19.60M	392.16M	392.16M	0.00	196.08M	196.08M	196.08M
Diluted Earnings per Share	-	$20.34	$40.36	$18.93	$22.55	$0.00	$12.66	$10.16	$6.26	$3.58	$0.68
Weighted Average Diluted Shares Outstanding	19.60M	19.59M	19.59M	19.59M	19.60M	19.61M	196.08M	196.08M	196.08M	196.08M	196.08M
Basic & Diluted Earnings per Share	-	$20.34	$40.36	$18.93	$22.55	$0.00	-	$0.00	$0.00	$0.00	$0.00
Weighted Average Basic & Diluted Shares Outstanding	19.60M	19.59M	19.59M	19.59M	19.60M	19.61M	19.61M	196.08M	19.61M	196.08M	196.08M

This table shows U-Haul's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	274	99	-0.86	195	187	67	-82	142	106	37	-202
Consolidated Net Income / (Loss)	274	99	-0.86	195	187	67	-82	142	106	-66	-99
Net Income / (Loss) Continuing Operations	274	99	-0.86	195	187	67	-82	142	106	-66	-99
Total Pre-Tax Income	358	130	14	256	246	89	-115	185	137	52	-261
Total Operating Income	422	198	-42	306	302	151	-43	257	218	34	-76
Total Gross Profit	1,650	1,340	1,043	1,548	1,658	1,389	999	1,630	1,720	1,416	1,025
Total Revenue	1,650	1,340	1,096	1,548	1,658	1,389	1,234	1,630	1,720	1,416	1,272
Operating Revenue	1,492	1,237	1,014	1,415	1,493	1,277	1,137	1,476	1,543	1,416	1,065
Total Cost of Revenue	0.00	0.00	53	0.00	0.00	0.00	234	0.00	0.00	0.00	247
Total Operating Expenses	1,228	1,142	1,085	1,242	1,356	1,238	1,042	1,373	1,502	1,382	1,101
Selling, General & Admin Expense	1,014	910	835	968	1,072	930	712	1,016	1,099	996	721
Depreciation Expense	154	174	198	217	227	246	268	304	341	325	317
Amortization Expense	6.83	4.16	5.21	4.65	4.44	4.49	4.76	4.92	4.96	4.92	4.85
Other Operating Expenses / (Income)	53	54	49	50	52	57	60	50	58	56	56
Total Other Income / (Expense), net	-64	-68	55	-50	-56	-61	-72	-72	-81	-85	-82
Interest Expense	64	67	64	68	71	77	80	82	90	96	98
Interest & Investment Income	0.00	0.00	-	18	16	16	9.05	11	10	11	16
Other Income / (Expense), net	-0.36	-0.37	-0.36	-0.37	-0.37	-0.37	-0.37	-0.35	-0.35	-0.35	-0.35
Income Tax Expense	85	31	15	61	59	22	-32	43	31	15	-60
Basic Earnings per Share	$2.76	$0.97	$2.07	$0.00	$1.87	$0.65	$1.06	$0.00	$1.03	$0.41	($0.76)
Weighted Average Basic Shares Outstanding	392.16M	196.08M	392.16M	392.16M	0.00	0.00	0.00	392.16M	0.00	392.16M	196.08M
Diluted Earnings per Share	$2.76	$0.97	$2.07	$0.00	$0.00	$0.00	$3.58	$0.00	$0.00	$0.41	$0.27
Weighted Average Diluted Shares Outstanding	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	176.47M	196.08M	196.08M	196.08M	196.08M
Basic & Diluted Earnings per Share	$2.76	$0.97	-	$0.00	$0.00	$0.00	-	$0.00	$0.00	$0.41	($0.41)
Weighted Average Basic & Diluted Shares Outstanding	196.08M	196.08M	19.61M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M

This table details how cash moves in and out of U-Haul's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2022	2023	2024	2025	2026
Period end date	3/31/2014	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Net Change in Cash & Equivalents	31	-53	159	97	62	1,102	-644	-526	-546	131
Net Cash From Operating Activities	734	759	1,045	1,058	936	1,946	1,730	1,453	1,454	1,795
Net Cash From Continuing Operating Activities	688	723	1,045	1,058	936	1,536	1,650	1,459	1,458	1,799
Net Income / (Loss) Continuing Operations	342	357	489	398	791	1,124	924	629	367	83
Consolidated Net Income / (Loss)	342	357	489	398	791	1,124	924	629	367	83
Depreciation Expense	293	353	389	482	555	697	734	818	972	1,183
Amortization Expense	20	23	27	30	28	25	50	47	31	34
Non-Cash Adjustments To Reconcile Net Income	-16	-61	-84	-15	-176	-139	-181	-72	86	207
Changes in Operating Assets and Liabilities, net	95	88	225	163	-261	-171	122	37	2.53	292
Net Cash From Investing Activities	-847	-755	-1,260	-1,183	-897	1,867	-2,421	-2,046	-2,891	-2,263
Net Cash From Continuing Investing Activities	-847	-755	-1,260	-1,183	-897	-1,867	-2,421	-2,046	-2,891	-2,263
Purchase of Property, Plant & Equipment	-1,000	-1,042	-1,509	-1,420	-1,364	-2,137	-2,724	-2,993	-3,452	-3,154
Purchase of Investments	-608	-569	-1,020	-1,179	-542	-887	-842	-520	-677	-476
Sale of Property, Plant & Equipment	319	454	588	603	740	623	701	739	662	710
Sale and/or Maturity of Investments	443	401	686	850	237	543	434	724	572	657
Other Investing Activities, net	-	-	-4.36	-38	31	-9.33	9.30	2.98	3.98	0.45
Net Cash From Financing Activities	144	-46	389	224	17	1,433	60	67	895	595
Net Cash From Continuing Financing Activities	144	-46	389	224	17	1,433	60	67	895	595
Repayment of Debt	-385	-781	-720	-735	-840	-688	-1,266	-1,448	-1,422	-1,673
Payment of Dividends	-20	-20	-78	-59	-29	-29	-34	-32	-35	-35
Issuance of Debt	431	658	838	743	498	1,969	1,018	1,186	1,855	2,024
Other Financing Activities, net	118	97	349	274	388	181	341	360	497	280
Effect of Exchange Rate Changes	-0.18	-11	-16	-2.14	5.60	-	-12	1.10	-4.34	4.99

This table details how cash moves in and out of U-Haul's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-232	-339	-262	-381	282	-435	-11	-112	206	-51	88
Net Cash From Operating Activities	472	303	213	454	530	272	199	598	552	241	404
Net Cash From Continuing Operating Activities	492	298	225	481	506	240	214	598	552	241	409
Net Income / (Loss) Continuing Operations	274	99	-0.86	195	187	67	-82	142	106	-37	-128
Consolidated Net Income / (Loss)	274	99	-0.86	195	187	67	-82	142	106	-37	-128
Depreciation Expense	201	210	214	224	245	250	253	282	302	299	300
Amortization Expense	6.02	-6.57	5.36	8.43	-5.55	12	16	8.03	9.14	8.38	8.41
Non-Cash Adjustments To Reconcile Net Income	-16	-29	-7.68	35	-15	5.85	57	54	94	75	-17
Changes in Operating Assets and Liabilities, net	28	25	14	18	94	-94	-29	112	40	-105	245
Net Cash From Investing Activities	-798	-624	3,756	-803	-795	-841	-452	-764	-733	-515	-250
Net Cash From Continuing Investing Activities	-798	-624	-340	-803	-785	-850	-452	-764	-733	-515	-250
Purchase of Property, Plant & Equipment	-891	-737	-592	-963	-964	-936	-589	-917	-998	-688	-552
Purchase of Investments	-184	-154	-116	-101	-190	-245	-141	-163	-84	-167	-62
Sale of Property, Plant & Equipment	215	190	141	147	218	165	132	166	220	185	139
Sale and/or Maturity of Investments	61	76	228	114	146	167	145	149	129	155	224
Other Investing Activities, net	0.21	0.47	-1.94	0.69	4.12	-1.36	0.53	0.55	0.03	0.15	-0.28
Net Cash From Financing Activities	97	-22	-145	-31	542	161	223	47	390	220	-63
Net Cash From Continuing Financing Activities	97	-22	-145	-31	542	161	223	47	390	220	-63
Repayment of Debt	-237	-427	-412	-448	-184	-404	-385	-429	-250	-645	-350
Payment of Dividends	-7.06	-8.82	-	-8.82	8.82	-	-	-8.82	-8.82	-8.82	-8.82
Issuance of Debt	259	332	149	349	623	433	450	350	602	809	263
Other Financing Activities, net	81	82	118	76	94	133	194	135	47	65	33
Effect of Exchange Rate Changes	-2.63	-	-	-0.53	-	-	-	6.58	-2.41	3.83	-3.00

This table presents U-Haul's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
Total Assets	8,109	9,406	10,747	11,892	13,438	14,652	17,300	18,101	19,059	20,479	21,503
Total Current Assets	3,006	3,342	3,897	3,927	5,560	6,193	7,551	6,107	5,804	4,577	4,361
Cash & Equivalents	601	698	759	674	494	1,194	2,704	2,061	1,535	989	1,120
Short-Term Investments	1,803	2,032	2,319	2,536	2,853	3,185	3,437	3,285	3,076	2,479	2,418
Accounts Receivable	175	178	194	225	187	224	229	189	274	276	213
Inventories, net	80	82	90	104	101	106	159	151	151	163	178
Prepaid Expenses	134	125	166	174	563	469	237	242	246	282	192
Other Current Assets	214	228	370	215	1,362	1,015	785	180	522	387	240
Plant, Property, & Equipment, net	5,018	5,977	6,817	7,934	7,843	8,331	9,626	11,350	13,135	15,113	16,380
Plant, Property & Equipment, gross	3,175	3,777	4,601	11,022	10,556	11,414	13,358	15,660	18,186	21,005	23,243
Accumulated Depreciation	2,134	2,384	2,721	3,088	2,713	3,083	3,733	4,310	5,051	5,892	6,863
Total Noncurrent Assets	86	86	33	31	35	128	122	643	120	790	761
Long-Term Investments	-	-	-	-	-	-	-	-	-	678	706
Other Noncurrent Operating Assets	86	86	33	31	35	128	122	169	120	112	55
Total Liabilities & Shareholders' Equity	8,109	9,406	10,747	11,892	13,438	14,652	17,300	18,101	19,059	20,479	21,503
Total Liabilities	5,858	6,786	7,339	8,199	9,217	9,800	11,414	11,597	11,886	12,981	13,891
Total Current Liabilities	525	479	545	592	586	688	727	813	834	874	907
Accounts Payable	503	451	511	557	554	646	678	761	783	821	850
Current Deferred Revenue	23	29	34	35	32	43	49	52	51	53	57
Total Noncurrent Liabilities	5,333	6,307	6,793	7,607	8,631	9,112	10,687	10,783	11,052	12,107	12,984
Long-Term Debt	2,647	3,263	3,513	4,163	4,621	4,669	6,022	6,108	6,271	7,194	8,083
Noncurrent Deferred & Payable Income Tax Liabilities	654	835	658	751	1,094	1,178	1,265	1,329	1,447	1,490	1,560
Other Noncurrent Operating Liabilities	2,032	2,209	2,622	2,693	2,916	3,264	3,400	3,346	3,334	3,423	3,341
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,251	2,620	2,721	3,692	4,221	4,852	5,885	7,075	7,619	7,498	7,612
Total Preferred & Common Equity	2,251	2,620	3,409	3,692	4,221	4,852	5,885	6,504	7,172	7,498	7,612
Preferred Stock	-152	-152	0.00	0.00	0.00	-	-	0.00	0.00	0.00	0.00
Total Common Equity	2,403	2,761	2,721	3,692	4,221	4,852	5,885	7,075	7,619	7,498	7,612
Common Stock	462	452	453	464	464	464	464	464	473	473	473
Retained Earnings	2,534	2,893	3,636	3,977	4,399	4,958	6,052	7,003	7,600	7,932	7,980
Treasury Stock	-526	-526	-1,355	-678	-678	-678	-678	-678	-678	-678	-678
Accumulated Other Comprehensive Income / (Loss)	-61	-51	-4.62	-67	35	107	46	286	223	-229	-164

This table presents U-Haul's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	12/31/2021	6/30/2022	12/31/2023	6/30/2024	9/30/2024	12/31/2024	6/30/2025	9/30/2025	12/31/2025
Total Assets	16,588	17,832	19,003	19,305	20,127	20,330	20,848	21,428	21,618
Total Current Assets	7,249	7,693	5,755	5,158	5,687	5,339	5,149	5,293	3,881
Cash & Equivalents	2,327	3,098	1,806	1,153	1,436	1,017	877	1,083	1,032
Short-Term Investments	3,398	3,227	3,135	3,034	3,082	3,243	3,203	3,174	2,501
Accounts Receivable	230	220	245	321	272	239	271	222	173
Inventories, net	167	165	155	158	158	155	173	176	175
Plant, Property, & Equipment, net	9,283	10,021	12,796	13,755	14,325	14,875	15,590	16,031	16,227
Plant, Property & Equipment, gross	12,827	13,912	17,687	18,964	19,792	20,544	21,768	22,408	22,844
Accumulated Depreciation	3,545	3,891	4,890	5,210	5,466	5,669	6,178	6,377	6,617
Total Noncurrent Assets	56	118	451	393	115	116	110	105	1,509
Long-Term Investments	-	-	-	-	-	-	-	-	721
Other Noncurrent Operating Assets	56	118	451	393	115	116	110	105	788
Total Liabilities & Shareholders' Equity	16,588	17,832	19,003	0.00	0.00	20,330	20,848	21,428	21,618
Total Liabilities	10,773	11,758	11,915	11,955	12,607	12,699	13,188	13,661	13,874
Total Current Liabilities	635	786	775	896	951	847	966	926	820
Accounts Payable	635	723	729	833	897	799	901	870	765
Current Deferred Revenue	-	64	46	63	54	47	65	56	54
Total Noncurrent Liabilities	10,522	10,971	11,140	11,059	11,656	11,852	12,221	12,735	13,054
Long-Term Debt	5,398	6,233	6,437	6,280	6,761	6,897	7,250	7,695	8,017
Noncurrent Deferred & Payable Income Tax Liabilities	1,301	1,292	1,428	1,470	1,504	1,508	1,505	1,573	1,606
Other Noncurrent Operating Liabilities	3,395	3,447	3,275	3,309	3,391	3,447	3,467	3,467	3,431
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,815	6,074	7,705	7,814	8,001	8,006	7,661	7,768	7,744
Total Preferred & Common Equity	5,815	6,074	7,088	7,350	7,519	7,631	7,661	7,768	7,744
Preferred Stock	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	5,815	6,074	7,705	7,814	8,001	8,006	7,661	7,768	7,744
Common Stock	464	464	464	473	473	473	473	473	473
Retained Earnings	5,965	6,376	7,610	7,787	7,965	8,023	8,065	8,162	8,116
Treasury Stock	-678	-678	-678	-678	-678	-678	-678	-678	-678
Accumulated Other Comprehensive Income / (Loss)	63	-89	309	232	241	187	-200	-190	-168

This table displays calculated financial ratios and metrics derived from U-Haul's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	196,077,880.00	196,077,880.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	196,077,880.00	196,077,880.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	1.87	0.42
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.54%	4.47%	5.24%	4.65%	5.58%	14.15%	26.37%	2.18%	-4.08%	3.61%	3.59%
EBITDA Growth	23.42%	-2.23%	7.55%	-10.83%	0.40%	32.39%	48.11%	-6.84%	-17.58%	-5.53%	-4.01%
EBIT Growth	30.71%	-14.35%	3.10%	-18.98%	-13.05%	78.11%	71.32%	-12.19%	-32.40%	-26.80%	-39.66%
NOPAT Growth	30.82%	-14.50%	62.40%	-36.98%	30.93%	16.71%	70.08%	-12.56%	-33.24%	-24.76%	-42.01%
Net Income Growth	37.07%	-18.52%	92.07%	-53.09%	19.20%	38.19%	84.06%	-17.78%	-31.99%	-41.61%	-77.35%
EPS Growth	0.00%	0.00%	98.43%	-53.10%	19.12%	-100.00%	0.00%	-19.75%	-70.08%	-42.81%	-81.01%
Operating Cash Flow Growth	37.71%	1.22%	-11.51%	0.00%	0.00%	0.00%	0.00%	-11.13%	-16.01%	0.12%	23.39%
Free Cash Flow Firm Growth	326.50%	-261.72%	140.22%	-526.88%	32.14%	601.85%	-42.37%	-164.41%	-106.08%	-39.33%	49.58%
Invested Capital Growth	21.16%	26.35%	21.89%	20.88%	18.27%	-6.43%	12.16%	26.02%	21.54%	19.39%	8.58%
Revenue Q/Q Growth	1.25%	0.78%	1.36%	-0.84%	2.47%	5.54%	-21.00%	39.30%	-1.62%	2.42%	0.64%
EBITDA Q/Q Growth	6.58%	-2.95%	-1.85%	-0.72%	102.24%	7.28%	9.19%	10.93%	3.31%	1.67%	0.86%
EBIT Q/Q Growth	9.02%	-7.80%	-5.16%	3.89%	-4.83%	15.71%	1.55%	-3.04%	-13.36%	-0.14%	-7.16%
NOPAT Q/Q Growth	8.94%	-7.83%	-18.15%	4.58%	149.80%	-10.59%	1.32%	-3.53%	-14.55%	3.67%	-12.24%
Net Income Q/Q Growth	9.66%	-9.75%	-3.05%	-39.03%	374.91%	-7.37%	-59.48%	233.90%	-5.53%	-18.15%	-16.37%
EPS Q/Q Growth	0.00%	0.00%	0.17%	0.00%	0.00%	0.00%	0.00%	127.84%	395.15%	-100.00%	-82.96%
Operating Cash Flow Q/Q Growth	-4.21%	-5.72%	-3.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.97%	12.93%
Free Cash Flow Firm Q/Q Growth	-63.80%	-89.57%	-39.76%	-107.41%	70.54%	3.21%	-14.03%	-106.11%	89.21%	-0.80%	33.01%
Invested Capital Q/Q Growth	14.06%	12.71%	6.52%	10.00%	5.39%	3.21%	5.07%	0.00%	2.90%	2.70%	-0.49%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	95.57%	95.54%	95.54%	95.70%	95.88%	95.29%	95.48%	95.52%	95.71%	95.98%	95.91%
EBITDA Margin	39.16%	36.65%	37.45%	31.91%	30.34%	35.19%	41.24%	37.60%	32.31%	29.46%	27.30%
Operating Margin	26.46%	21.72%	21.25%	16.48%	13.57%	21.16%	28.68%	24.65%	17.38%	12.29%	7.17%
EBIT Margin	26.46%	21.69%	21.25%	16.45%	13.55%	21.14%	28.66%	24.63%	17.35%	12.26%	7.14%
Profit (Net Income) Margin	14.93%	11.64%	21.25%	9.84%	11.11%	13.45%	19.59%	15.76%	11.18%	6.30%	1.38%
Tax Burden Percent	63.60%	63.41%	120.02%	77.66%	116.91%	76.68%	76.15%	75.81%	74.83%	76.88%	73.80%
Interest Burden Percent	88.72%	84.65%	83.32%	77.02%	70.14%	82.97%	89.76%	84.42%	86.05%	66.82%	26.12%
Effective Tax Rate	36.40%	36.59%	0.00%	22.34%	-16.91%	23.32%	23.85%	24.19%	25.17%	23.12%	26.20%
Return on Invested Capital (ROIC)	24.20%	16.68%	21.87%	11.36%	12.45%	13.86%	22.98%	16.82%	9.09%	5.68%	2.90%
ROIC Less NNEP Spread (ROIC-NNEP)	-5.43%	-2.04%	21.87%	-4.69%	-4.55%	-2.28%	-128.25%	-453.62%	-5.56%	-2.93%	-3.96%
Return on Net Nonoperating Assets (RNNOA)	-0.55%	-0.33%	3.51%	-0.92%	-1.28%	-0.39%	-2.04%	-2.55%	-0.53%	-0.83%	-1.80%
Return on Equity (ROE)	23.65%	16.36%	25.39%	10.45%	11.17%	13.47%	20.94%	14.27%	8.56%	4.86%	1.10%
Cash Return on Invested Capital (CROIC)	5.06%	-6.60%	2.14%	-7.54%	-4.28%	20.50%	11.52%	-6.21%	-10.36%	-11.99%	-5.33%
Operating Return on Assets (OROA)	11.57%	8.48%	7.59%	5.48%	4.26%	6.84%	10.30%	8.16%	5.25%	3.62%	2.05%
Return on Assets (ROA)	6.53%	4.55%	7.59%	3.28%	3.49%	4.35%	7.04%	5.22%	3.38%	1.86%	0.40%
Return on Common Equity (ROCE)	25.39%	17.34%	25.98%	10.45%	11.17%	13.47%	20.94%	14.27%	8.56%	4.86%	1.10%
Return on Equity Simple (ROE_SIMPLE)	21.72%	15.21%	22.45%	10.04%	10.47%	12.59%	19.10%	14.21%	8.77%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	551	471	765	482	631	737	1,253	1,096	732	551	319
NOPAT Margin	16.83%	13.77%	21.25%	12.80%	15.87%	16.23%	21.84%	18.69%	13.01%	9.45%	5.29%
Net Nonoperating Expense Percent (NNEP)	29.63%	18.72%	0.00%	16.05%	17.01%	16.14%	151.24%	470.44%	14.65%	8.61%	6.86%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	3.75%	2.03%
Cost of Revenue to Revenue	4.43%	4.46%	4.46%	4.30%	4.12%	4.71%	4.52%	4.48%	4.29%	4.02%	4.09%
SG&A Expenses to Revenue	52.90%	53.61%	57.86%	60.22%	60.46%	55.42%	54.12%	58.67%	62.40%	63.18%	63.46%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	69.12%	73.82%	74.29%	79.22%	82.30%	74.13%	66.94%	70.87%	78.33%	83.70%	88.75%
Earnings before Interest and Taxes (EBIT)	867	742	765	620	539	960	1,645	1,444	976	715	431
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,283	1,254	1,349	1,203	1,207	1,598	2,367	2,205	1,818	1,717	1,648
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	28.21	26.40	19.47	19.46	13.36	2.47	19.85	1.65	1.74	1.71	1.23
Price to Tangible Book Value (P/TBV)	28.21	26.40	19.47	19.46	13.36	2.47	19.85	1.65	1.74	1.71	1.23
Price to Revenue (P/Rev)	20.70	21.30	18.43	19.07	14.17	2.63	20.35	1.99	2.35	2.20	1.55
Price to Earnings (P/E)	138.63	182.97	86.73	193.77	127.56	19.58	103.91	12.65	21.06	34.91	112.70
Dividend Yield	1.45%	0.81%	0.59%	0.55%	0.52%	0.41%	0.59%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.72%	0.55%	1.15%	0.52%	0.78%	5.11%	0.96%	7.90%	4.75%	2.86%	0.89%
Enterprise Value to Invested Capital (EV/IC)	27.20	23.24	17.38	15.67	10.49	2.38	20.24	1.71	1.69	1.50	1.15
Enterprise Value to Revenue (EV/Rev)	20.72	21.42	18.55	19.32	14.49	2.70	20.33	2.12	2.65	2.72	2.19
Enterprise Value to EBITDA (EV/EBITDA)	52.92	58.43	49.53	60.55	47.76	7.66	49.30	5.65	8.20	9.24	8.01
Enterprise Value to EBIT (EV/EBIT)	78.33	98.72	87.30	117.45	106.97	12.76	70.95	8.63	15.26	22.20	30.63
Enterprise Value to NOPAT (EV/NOPAT)	123.17	155.51	87.30	150.98	91.32	16.62	93.11	11.37	20.37	28.81	41.37
Enterprise Value to Operating Cash Flow (EV/OCF)	64.94	69.25	71.35	0.00	0.00	0.00	59.97	7.20	10.26	10.91	7.36
Enterprise Value to Free Cash Flow (EV/FCFF)	588.77	0.00	890.80	0.00	0.00	11.24	185.76	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.18	1.25	1.03	1.13	1.09	0.96	1.02	0.86	0.82	0.96	1.06
Long-Term Debt to Equity	1.18	1.25	1.03	1.13	1.09	0.96	1.02	0.86	0.82	0.96	1.06
Financial Leverage	0.10	0.16	0.16	0.20	0.28	0.17	0.02	0.01	0.10	0.28	0.46
Leverage Ratio	3.62	3.60	3.34	3.19	3.20	3.10	2.98	2.73	2.53	2.62	2.78
Compound Leverage Factor	3.21	3.04	2.79	2.46	2.25	2.57	2.67	2.31	2.18	1.75	0.73
Debt to Total Capital	54.04%	55.47%	50.75%	53.00%	52.27%	49.04%	50.58%	46.33%	45.15%	48.96%	51.50%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	54.04%	55.47%	50.75%	53.00%	52.27%	49.04%	50.58%	46.33%	45.15%	48.96%	51.50%
Preferred Equity to Total Capital	-3.10%	-2.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	49.06%	46.94%	49.25%	47.00%	47.73%	50.96%	49.42%	53.67%	54.85%	51.04%	48.50%
Debt to EBITDA	2.06	2.60	2.60	3.46	3.83	2.92	2.54	2.77	3.45	4.19	4.90
Net Debt to EBITDA	0.19	0.43	0.32	0.79	1.06	0.18	-0.05	0.35	0.91	1.77	2.33
Long-Term Debt to EBITDA	2.06	2.60	2.60	3.46	3.83	2.92	2.54	2.77	3.45	4.19	4.90
Debt to NOPAT	4.80	6.92	4.59	8.63	7.32	6.34	4.80	5.57	8.57	13.07	25.32
Net Debt to NOPAT	0.44	1.13	0.57	1.98	2.02	0.39	-0.09	0.70	2.27	5.54	12.02
Long-Term Debt to NOPAT	4.80	6.92	4.59	8.63	7.32	6.34	4.80	5.57	8.57	13.07	25.32
Altman Z-Score	8.50	7.87	6.85	6.55	5.00	2.18	7.75	2.09	1.98	1.71	1.46
Noncontrolling Interest Sharing Ratio	-7.35%	-6.03%	-2.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.72	6.97	7.63	6.63	9.49	9.00	10.39	7.51	6.54	4.42	4.81
Quick Ratio	4.91	6.07	6.40	5.80	6.03	6.69	8.76	6.80	5.79	4.23	4.14
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	115	-186	75	-320	-217	1,090	628	-405	-834	-1,162	-586
Operating Cash Flow to CapEx	113.46%	129.60%	150.16%	0.00%	0.00%	0.00%	128.61%	85.52%	64.46%	52.13%	73.43%
Free Cash Flow to Firm to Interest Expense	1.18	-1.64	0.00	-2.25	-1.35	6.67	3.73	-1.80	-3.26	-3.92	-1.60
Operating Cash Flow to Interest Expense	10.70	9.29	0.00	0.00	0.00	0.00	11.56	7.69	5.67	4.91	4.91
Operating Cash Flow Less CapEx to Interest Expense	1.27	2.12	0.00	0.00	0.00	0.00	2.57	-1.30	-3.13	-4.51	-1.78
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.44	0.39	0.36	0.33	0.31	0.32	0.36	0.33	0.30	0.29	0.29
Accounts Receivable Turnover	17.95	19.37	19.38	18.02	19.34	22.10	25.30	28.00	27.75	23.10	24.71
Inventory Turnover	1.94	1.88	1.86	1.68	1.60	2.07	1.96	1.70	1.60	1.49	1.45
Fixed Asset Turnover	0.72	0.62	0.56	0.51	0.50	0.56	0.64	0.56	0.46	0.41	0.38
Accounts Payable Turnover	0.29	0.32	0.33	0.30	0.30	0.36	0.39	0.37	0.31	0.29	0.30
Days Sales Outstanding (DSO)	20.34	18.84	18.83	20.26	18.87	16.52	14.43	13.03	13.15	15.80	14.77
Days Inventory Outstanding (DIO)	187.83	194.12	195.95	217.66	227.64	176.19	185.93	215.34	228.47	244.80	252.31
Days Payable Outstanding (DPO)	1,257.33	1,140.68	1,093.55	1,202.08	1,236.44	1,023.02	930.38	998.32	1,166.58	1,250.20	1,235.49
Cash Conversion Cycle (CCC)	-1,049.16	-927.72	-878.76	-964.16	-989.93	-830.31	-730.02	-769.95	-924.96	-989.60	-968.41
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,496	3,153	3,843	4,646	5,495	5,141	5,766	7,267	8,833	10,545	11,451
Invested Capital Turnover	1.44	1.21	1.03	0.89	0.78	0.85	1.05	0.90	0.70	0.60	0.55
Increase / (Decrease) in Invested Capital	436	658	690	802	849	-353	625	1,501	1,566	1,713	905
Enterprise Value (EV)	67,882	73,280	66,805	72,814	57,663	12,250	116,711	12,459	14,903	15,863	13,208
Market Capitalization	67,790	72,898	66,370	71,861	56,389	11,961	116,830	11,696	13,243	12,816	9,369
Book Value per Share	$122.57	$140.82	$173.84	$188.31	$215.26	$247.45	$300.15	$36.08	$38.86	$38.24	$38.82
Tangible Book Value per Share	$122.57	$140.82	$173.84	$188.31	$215.26	$247.45	$300.15	$36.08	$38.86	$38.24	$38.82
Total Capital	4,899	5,883	6,922	7,856	8,842	9,521	11,908	13,183	13,890	14,692	15,695
Total Debt	2,647	3,263	3,513	4,163	4,621	4,669	6,022	6,108	6,271	7,194	8,083
Total Long-Term Debt	2,647	3,263	3,513	4,163	4,621	4,669	6,022	6,108	6,271	7,194	8,083
Net Debt	244	533	435	953	1,274	289	-119	763	1,660	3,047	3,839
Capital Expenditures (CapEx)	921	816	624	0.00	0.00	0.00	1,513	2,023	2,254	2,790	2,444
Debt-free, Cash-free Net Working Capital (DFCFNWC)	77	134	308	125	1,627	1,125	683	-51	12	-480	-84
Debt-free Net Working Capital (DFNWC)	2,481	2,863	3,386	3,335	4,974	5,505	6,825	5,294	4,623	2,988	3,454
Net Working Capital (NWC)	2,481	2,863	3,386	3,335	4,974	5,505	6,825	5,294	4,623	2,988	3,454
Net Nonoperating Expense (NNE)	62	73	0.00	111	189	126	129	171	103	183	236
Net Nonoperating Obligations (NNO)	244	533	435	953	1,274	289	-119	192	1,214	3,047	3,839
Total Depreciation and Amortization (D&A)	416	512	583	583	668	638	722	761	841	1,003	1,217
Debt-free, Cash-free Net Working Capital to Revenue	2.37%	3.91%	8.55%	3.32%	40.88%	24.78%	11.90%	-0.87%	0.21%	-8.23%	-1.39%
Debt-free Net Working Capital to Revenue	75.74%	83.67%	94.03%	88.49%	125.02%	121.20%	118.90%	90.27%	82.17%	51.27%	57.21%
Net Working Capital to Revenue	75.74%	83.67%	94.03%	88.49%	125.02%	121.20%	118.90%	90.27%	82.17%	51.27%	57.21%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$1.89	$2.26	$3.12	$5.73	$0.00	$3.04	$3.58	$0.68
Adjusted Weighted Average Basic Shares Outstanding	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	392.16M	392.16M	0.00	196.08M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$1.89	$2.26	$3.12	$5.73	$0.00	$3.04	$3.58	$0.68
Adjusted Weighted Average Diluted Shares Outstanding	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	176.47M	196.08M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$1.89	$2.26	$3.12	$5.73	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	195.96M	195.87M	195.89M	195.92M	196.04M	196.08M	196.08M	196.08M	19.61M	196.08M	196.08M
Normalized Net Operating Profit after Tax (NOPAT)	551	469	399	482	378	739	1,253	1,096	732	551	319
Normalized NOPAT Margin	16.82%	13.70%	11.08%	12.80%	9.49%	16.28%	21.84%	18.69%	13.01%	9.45%	5.29%
Pre Tax Income Margin	23.47%	18.36%	17.71%	12.67%	9.50%	17.54%	25.73%	20.79%	14.93%	8.19%	1.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.87	6.52	0.00	4.35	3.35	5.87	9.77	6.42	3.81	2.41	1.18
NOPAT to Interest Expense	5.64	4.14	0.00	3.39	3.92	4.51	7.44	4.87	2.86	1.86	0.87
EBIT Less CapEx to Interest Expense	-0.56	-0.65	0.00	0.00	0.00	0.00	0.78	-2.57	-4.99	-7.01	-5.50
NOPAT Less CapEx to Interest Expense	-3.79	-3.03	0.00	0.00	0.00	0.00	-1.54	-4.12	-5.94	-7.56	-5.81
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	16.03%	14.75%	3.84%	0.00%	0.00%	0.00%	2.62%	2.12%	0.00%	9.61%	42.46%
Augmented Payout Ratio	16.03%	14.75%	3.84%	0.00%	0.00%	0.00%	2.62%	2.12%	0.00%	9.61%	42.46%

This table displays calculated financial ratios and metrics derived from U-Haul's official financial filings.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	19,607,788.00	196,077,880.00	196,077,880.00	196,077,880.00	196,077,880.00	196,077,880.00	196,077,880.00	196,077,880.00
DEI Adjusted Shares Outstanding	-	-	-	19,607,788.00	196,077,880.00	196,077,880.00	196,077,880.00	196,077,880.00	196,077,880.00	196,077,880.00	196,077,880.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	9.97	0.95	0.34	-0.42	0.73	0.54	0.19	-1.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.11%	-2.60%	-7.80%	0.53%	0.50%	3.66%	20.94%	5.29%	3.73%	1.95%	3.11%
EBITDA Growth	-9.47%	-14.87%	-42.16%	-10.02%	-14.00%	-39.99%	-36.10%	1.59%	-2.29%	-18.86%	6.46%
EBIT Growth	-18.79%	-38.31%	-138.41%	-23.40%	-28.53%	-23.76%	-135.45%	-15.96%	-27.96%	-77.84%	-77.08%
NOPAT Growth	-18.15%	-38.13%	-96.67%	-22.98%	-28.99%	-25.06%	-136.69%	-15.33%	-26.80%	-78.69%	-77.81%
Net Income Growth	-21.82%	-50.10%	-102.31%	-23.91%	-31.70%	-32.31%	-150.01%	-27.17%	-43.50%	-198.55%	-19.77%
EPS Growth	0.00%	-51.50%	-74.63%	-100.00%	-100.00%	-100.00%	601.96%	0.00%	0.00%	0.00%	-92.46%
Operating Cash Flow Growth	0.00%	0.00%	-0.57%	-2.53%	12.43%	-40.06%	-6.67%	31.83%	4.01%	-11.42%	103.49%
Free Cash Flow Firm Growth	-94.07%	-247.12%	-9.98%	-246.56%	-3,054.96%	81.37%	-17.42%	87.08%	86.62%	22.68%	45.00%
Invested Capital Growth	0.00%	0.00%	21.54%	0.00%	0.00%	19.62%	19.39%	14.69%	14.78%	12.06%	8.58%
Revenue Q/Q Growth	7.11%	-18.81%	-18.18%	51.83%	7.08%	-16.26%	-11.17%	32.18%	5.49%	-17.69%	-10.16%
EBITDA Q/Q Growth	6.93%	-35.67%	-52.85%	52.30%	0.42%	-22.38%	-46.17%	142.14%	-3.41%	-35.55%	-31.88%
EBIT Q/Q Growth	5.68%	-53.26%	-121.38%	151.29%	-1.40%	-50.14%	-128.70%	695.78%	-15.49%	-84.66%	-329.27%
NOPAT Q/Q Growth	6.46%	-53.17%	-98.25%	186.00%	-1.85%	-50.58%	-126.45%	760.04%	-15.15%	-85.61%	-320.62%
Net Income Q/Q Growth	6.49%	-63.72%	-100.87%	18.76%	-4.41%	-64.04%	-222.52%	272.96%	-25.84%	-162.71%	-48.90%
EPS Q/Q Growth	0.00%	0.00%	113.40%	-100.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	-34.15%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	113.39%	16.85%	-48.79%	-26.91%	201.40%	-7.81%	-56.38%	67.91%
Free Cash Flow Firm Q/Q Growth	-94.87%	-2,713.88%	81.47%	-520.58%	-3.52%	83.52%	-10.94%	31.73%	-7.20%	4.78%	21.07%
Invested Capital Q/Q Growth	0.00%	0.00%	2.90%	6.91%	3.38%	5.18%	2.70%	2.70%	3.46%	2.69%	-0.49%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	95.96%	96.15%	95.19%	100.00%	100.00%	100.00%	81.02%	100.00%	100.00%	100.00%	80.59%
EBITDA Margin	35.33%	28.00%	16.13%	34.78%	32.62%	30.23%	18.32%	33.56%	30.73%	24.06%	18.24%
Operating Margin	25.60%	14.75%	-3.82%	19.78%	18.21%	10.86%	-3.47%	15.79%	12.65%	2.38%	-5.98%
EBIT Margin	25.58%	14.72%	-3.85%	19.75%	18.19%	10.83%	-3.50%	15.77%	12.63%	2.35%	-6.01%
Profit (Net Income) Margin	16.58%	7.41%	-0.08%	12.62%	11.27%	4.84%	-6.67%	8.73%	6.14%	-4.68%	-7.75%
Tax Burden Percent	76.39%	76.46%	-6.32%	76.22%	75.87%	75.12%	71.86%	76.78%	77.07%	-128.33%	37.72%
Interest Burden Percent	84.85%	65.80%	-32.39%	83.82%	81.64%	59.47%	265.40%	72.11%	63.04%	154.77%	341.98%
Effective Tax Rate	23.61%	23.54%	106.32%	23.78%	24.13%	24.88%	0.00%	23.22%	22.93%	28.33%	0.00%
Return on Invested Capital (ROIC)	0.00%	15.03%	0.17%	17.99%	15.97%	4.92%	-1.46%	7.07%	5.55%	0.94%	-2.30%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	3.23%	-0.33%	13.32%	11.17%	1.99%	-3.92%	4.76%	3.16%	-2.06%	-3.61%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.37%	-0.03%	2.78%	2.46%	0.40%	-1.10%	1.48%	1.04%	-0.79%	-1.65%
Return on Equity (ROE)	0.00%	15.39%	0.14%	20.76%	18.43%	5.32%	-2.56%	8.54%	6.60%	0.15%	-3.95%
Cash Return on Invested Capital (CROIC)	0.00%	-180.05%	-10.36%	-185.98%	-188.36%	-12.23%	-11.99%	-8.60%	-9.41%	-8.03%	-5.33%
Operating Return on Assets (OROA)	0.00%	4.43%	-1.17%	5.76%	5.10%	3.13%	-1.03%	4.64%	3.63%	0.67%	-1.73%
Return on Assets (ROA)	0.00%	2.23%	-0.02%	3.68%	3.16%	1.40%	-1.97%	2.57%	1.76%	-1.34%	-2.23%
Return on Common Equity (ROCE)	0.00%	15.39%	0.14%	20.76%	18.43%	5.32%	-2.56%	8.54%	6.60%	0.15%	-3.95%
Return on Equity Simple (ROE_SIMPLE)	0.00%	9.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	323	151	2.64	233	229	113	-30	198	168	24	-53
NOPAT Margin	19.56%	11.28%	0.24%	15.07%	13.82%	8.15%	-2.43%	12.12%	9.75%	1.70%	-4.19%
Net Nonoperating Expense Percent (NNEP)	0.00%	11.80%	0.50%	4.66%	4.80%	2.93%	2.46%	2.30%	2.39%	3.00%	1.32%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	1.66%	1.55%	0.76%	-0.20%	1.33%	1.08%	0.15%	-0.34%
Cost of Revenue to Revenue	4.04%	3.85%	4.81%	0.00%	0.00%	0.00%	18.98%	0.00%	0.00%	0.00%	19.41%
SG&A Expenses to Revenue	57.41%	64.08%	76.17%	62.53%	64.67%	66.99%	57.72%	62.29%	63.90%	70.33%	56.72%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	70.36%	81.40%	99.00%	80.22%	81.79%	89.14%	84.49%	84.21%	87.35%	97.62%	86.57%
Earnings before Interest and Taxes (EBIT)	422	197	-42	306	302	150	-43	257	217	33	-76
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	583	375	177	539	541	420	226	547	529	341	232
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.83	1.74	1.55	1.90	1.69	1.71	1.55	1.44	1.28	1.23
Price to Tangible Book Value (P/TBV)	0.00	1.83	1.74	1.55	1.90	1.69	1.71	1.55	1.44	1.28	1.23
Price to Revenue (P/Rev)	1.86	2.46	2.35	2.15	2.69	2.38	2.20	2.01	1.87	1.65	1.55
Price to Earnings (P/E)	13.98	21.15	21.06	21.34	31.61	30.20	34.91	37.82	48.08	48.80	112.70
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	7.15%	4.73%	4.75%	4.69%	3.16%	3.31%	2.86%	2.64%	2.08%	2.05%	0.89%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.81	1.69	1.50	1.79	1.58	1.50	1.39	1.31	1.19	1.15
Enterprise Value to Revenue (EV/Rev)	0.00	2.72	2.65	2.52	3.09	2.84	2.72	2.55	2.45	2.27	2.19
Enterprise Value to EBITDA (EV/EBITDA)	0.00	8.85	8.20	8.08	10.44	9.58	9.24	8.72	8.54	8.35	8.01
Enterprise Value to EBIT (EV/EBIT)	0.00	13.82	15.26	16.08	22.87	22.61	22.20	22.59	25.15	29.38	30.63
Enterprise Value to NOPAT (EV/NOPAT)	0.00	18.19	20.37	21.45	30.68	30.48	28.81	29.19	32.04	37.51	41.37
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	10.26	9.85	11.63	11.02	10.91	9.41	9.03	8.59	7.36
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.84	0.82	0.80	0.85	0.86	0.96	0.95	0.99	1.04	1.06
Long-Term Debt to Equity	0.00	0.84	0.82	0.80	0.85	0.86	0.96	0.95	0.99	1.04	1.06
Financial Leverage	0.00	0.11	0.10	0.21	0.22	0.20	0.28	0.31	0.33	0.38	0.46
Leverage Ratio	0.00	2.47	2.53	2.47	2.52	2.50	2.62	2.59	2.64	2.66	2.78
Compound Leverage Factor	0.00	1.62	-0.82	2.07	2.05	1.49	6.94	1.87	1.66	4.12	9.50
Debt to Total Capital	0.00%	45.52%	45.15%	44.56%	45.80%	46.28%	48.96%	48.62%	49.76%	50.87%	51.50%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	45.52%	45.15%	44.56%	45.80%	46.28%	48.96%	48.62%	49.76%	50.87%	51.50%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	54.48%	54.85%	55.44%	54.20%	53.72%	51.04%	51.38%	50.24%	49.13%	48.50%
Debt to EBITDA	0.00	3.66	3.45	3.57	4.05	4.08	4.19	4.20	4.49	4.91	4.90
Net Debt to EBITDA	0.00	0.85	0.91	1.19	1.34	1.56	1.77	1.84	2.01	2.30	2.33
Long-Term Debt to EBITDA	0.00	3.66	3.45	3.57	4.05	4.08	4.19	4.20	4.49	4.91	4.90
Debt to NOPAT	0.00	7.52	8.57	9.49	11.90	12.99	13.07	14.06	16.86	22.04	25.32
Net Debt to NOPAT	0.00	1.75	2.27	3.16	3.95	4.97	5.54	6.15	7.53	10.34	12.02
Long-Term Debt to NOPAT	0.00	7.52	8.57	9.49	11.90	12.99	13.07	14.06	16.86	22.04	25.32
Altman Z-Score	0.00	1.92	1.81	1.78	1.89	1.76	1.59	1.65	1.58	1.41	1.39
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	7.43	6.54	5.76	5.98	6.30	4.42	5.33	5.72	4.74	4.81
Quick Ratio	0.00	6.69	5.79	5.03	5.04	5.31	4.23	4.50	4.84	4.52	4.14
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	323	-8,433	-1,563	-9,210	-9,534	-1,571	-1,743	-1,190	-1,275	-1,214	-958
Operating Cash Flow to CapEx	0.00%	0.00%	47.17%	55.59%	71.13%	35.22%	43.47%	79.74%	70.90%	47.86%	97.84%
Free Cash Flow to Firm to Interest Expense	5.05	-125.03	-24.35	-136.01	-133.34	-20.51	-21.67	-14.45	-14.12	-12.69	-9.83
Operating Cash Flow to Interest Expense	0.00	0.00	3.31	6.70	7.42	3.55	2.47	7.27	6.11	2.51	4.14
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-3.71	-5.35	-3.01	-6.52	-3.21	-1.85	-2.51	-2.74	-0.09
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.30	0.30	0.29	0.28	0.29	0.29	0.29	0.29	0.29	0.29
Accounts Receivable Turnover	0.00	23.37	27.75	17.56	20.75	23.51	23.10	19.96	24.18	29.12	24.71
Inventory Turnover	0.00	1.58	1.60	1.53	1.53	1.56	1.49	1.42	1.40	1.42	1.45
Fixed Asset Turnover	0.00	0.45	0.46	0.41	0.39	0.41	0.41	0.40	0.39	0.39	0.38
Accounts Payable Turnover	0.00	0.34	0.31	0.29	0.27	0.32	0.29	0.27	0.27	0.30	0.30
Days Sales Outstanding (DSO)	0.00	15.62	13.15	20.79	17.59	15.52	15.80	18.29	15.10	12.53	14.77
Days Inventory Outstanding (DIO)	0.00	231.21	228.47	238.17	238.12	234.43	244.80	257.93	260.12	257.34	252.31
Days Payable Outstanding (DPO)	0.00	1,086.82	1,166.58	1,259.10	1,355.08	1,155.00	1,250.20	1,351.83	1,376.91	1,219.72	1,235.49
Cash Conversion Cycle (CCC)	0.00	-839.99	-924.96	-1,000.14	-1,099.37	-905.05	-989.60	-1,075.61	-1,101.69	-949.84	-968.41
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	8,584	8,833	9,443	9,763	10,268	10,545	10,831	11,206	11,507	11,451
Invested Capital Turnover	0.00	1.33	0.70	1.19	1.16	0.60	0.60	0.58	0.57	0.55	0.55
Increase / (Decrease) in Invested Capital	0.00	8,584	1,566	9,443	9,763	1,684	1,713	1,387	1,443	1,239	905
Enterprise Value (EV)	0.00	15,575	14,903	14,197	17,435	16,184	15,863	15,044	14,628	13,647	13,208
Market Capitalization	10,700	14,078	13,243	12,104	15,192	13,547	12,816	11,874	11,190	9,884	9,369
Book Value per Share	$0.00	$39.30	$38.86	$39.85	$40.81	$40.83	$38.24	$39.07	$39.62	$39.49	$38.82
Tangible Book Value per Share	$0.00	$39.30	$38.86	$39.85	$40.81	$40.83	$38.24	$39.07	$39.62	$39.49	$38.82
Total Capital	0.00	14,142	13,890	14,094	14,762	14,903	14,692	14,911	15,463	15,761	15,695
Total Debt	0.00	6,437	6,271	6,280	6,761	6,897	7,194	7,250	7,695	8,017	8,083
Total Long-Term Debt	0.00	6,437	6,271	6,280	6,761	6,897	7,194	7,250	7,695	8,017	8,083
Net Debt	0.00	1,496	1,660	2,093	2,243	2,637	3,047	3,170	3,438	3,763	3,839
Capital Expenditures (CapEx)	0.00	0.00	451	816	746	771	457	750	778	503	413
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	39	12	74	218	232	-480	102	110	-472	-84
Debt-free Net Working Capital (DFNWC)	0.00	4,980	4,623	4,262	4,736	4,492	2,988	4,182	4,367	3,062	3,454
Net Working Capital (NWC)	0.00	4,980	4,623	4,262	4,736	4,492	2,988	4,182	4,367	3,062	3,454
Net Nonoperating Expense (NNE)	49	52	3.50	38	42	46	52	55	62	90	45
Net Nonoperating Obligations (NNO)	0.00	879	1,214	1,629	1,762	2,262	3,047	3,170	3,438	3,763	3,839
Total Depreciation and Amortization (D&A)	161	178	219	233	239	269	269	290	311	307	308
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.68%	0.21%	1.32%	3.87%	4.07%	-8.23%	1.73%	1.85%	-7.87%	-1.39%
Debt-free Net Working Capital to Revenue	0.00%	87.09%	82.17%	75.65%	83.94%	78.93%	51.27%	70.76%	73.12%	51.03%	57.21%
Net Working Capital to Revenue	0.00%	87.09%	82.17%	75.65%	83.94%	78.93%	51.27%	70.76%	73.12%	51.03%	57.21%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.97	$2.07	$1.95	$1.87	$0.30	$1.06	$0.00	$1.03	$0.41	($0.76)
Adjusted Weighted Average Basic Shares Outstanding	392.16M	392.16M	392.16M	196.08M	196.08M	196.08M	0.00	392.16M	0.00	392.16M	196.08M
Adjusted Diluted Earnings per Share	$0.00	$0.97	$2.07	$1.95	$1.87	$0.35	$3.58	$0.00	$0.00	$0.41	$0.27
Adjusted Weighted Average Diluted Shares Outstanding	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	176.47M	196.08M	196.08M	196.08M	196.08M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.97	$0.00	$1.95	$1.87	$0.35	$0.00	$0.00	$0.00	$0.41	($0.41)
Adjusted Weighted Average Basic & Diluted Shares Outstanding	196.08M	196.08M	19.61M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M	196.08M
Normalized Net Operating Profit after Tax (NOPAT)	324	151	-29	236	229	113	-30	196	168	24	-53
Normalized NOPAT Margin	19.63%	11.28%	-2.67%	15.23%	13.82%	8.15%	-2.43%	12.05%	9.75%	1.70%	-4.19%
Pre Tax Income Margin	21.70%	9.69%	1.25%	16.56%	14.85%	6.44%	-9.28%	11.37%	7.96%	3.64%	-20.54%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.60	2.92	-0.66	4.52	4.22	1.96	-0.54	3.12	2.41	0.35	-0.78
NOPAT to Interest Expense	5.05	2.24	0.04	3.45	3.20	1.48	-0.37	2.40	1.86	0.25	-0.55
EBIT Less CapEx to Interest Expense	0.00	0.00	-7.68	-7.54	-6.21	-8.11	-6.22	-5.99	-6.21	-4.91	-5.02
NOPAT Less CapEx to Interest Expense	0.00	0.00	-6.98	-8.61	-7.23	-8.59	-6.05	-6.71	-6.76	-5.00	-4.78
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	5.91%	3.67%	7.87%	9.61%	11.24%	22.75%	35.51%	42.46%
Augmented Payout Ratio	0.00%	0.00%	0.00%	5.91%	3.67%	7.87%	9.61%	11.24%	22.75%	35.51%	42.46%

Financials Breakdown Chart

Key Financial Trends

U-Haul’s latest quarterly results show a business that is still generating strong cash flow, but earnings have become much more volatile and profitability has weakened sharply in the most recent quarter. Over the last several years, the company has remained cash-generative thanks to depreciation add-backs and large non-cash charges, but operating income has deteriorated from solidly profitable in earlier periods to a loss in Q4 2026. Balance sheet leverage is also elevated, with long-term debt remaining a major factor investors should watch.

Operating cash flow remained strong in Q4 2026. U-Haul generated $404.0 million of net cash from operating activities, showing the core business still throws off meaningful cash even when accounting earnings are weak.
Cash generation has been supported by non-cash expenses. Depreciation and amortization are consistently large, which helps convert reported losses into positive operating cash flow.
The company still has a sizable liquidity cushion. At the end of Q3 2026, U-Haul held $1.03 billion in cash and $2.50 billion in short-term investments.
Equity remained positive and relatively stable. Total common equity was $7.74 billion in Q3 2026, indicating the balance sheet is not distressed.
U-Haul continues to invest heavily in its fleet and network. Capital spending remained substantial, which supports the long-term asset base and service capacity.
Revenue has been choppy but generally elevated versus older periods. Q4 2026 total revenue was $1.27 billion, below Q3 2026 but still above many quarters from 2024 and 2023.
Asset composition remains heavily weighted toward equipment. Net property, plant & equipment was $16.22 billion in Q3 2026, underscoring the capital-intensive nature of the business.
U-Haul continues to use debt as part of its funding mix. The company issued and repaid debt in multiple quarters, but debt levels remain material rather than negligible.
Profitability weakened sharply in the latest quarter. Q4 2026 operating income was a loss of $76.1 million, compared with operating profit of $33.7 million in Q3 2026 and $217.6 million in Q2 2026.
Net income turned negative in Q4 2026. The company reported a consolidated net loss of $98.6 million, and common shareholders saw a larger loss of $201.7 million.
Interest expense remains a heavy burden. Q4 2026 interest expense was $97.5 million, which meaningfully pressures pre-tax income when operating profits soften.
Debt is still high. Long-term debt rose to $8.02 billion in Q3 2026 from $7.25 billion in Q2 2026, and leverage remains an important risk factor.
Capital spending has been large and can strain free cash flow in weaker quarters. In Q4 2026, purchases of property, plant & equipment were $551.7 million, well above operating cash flow after other uses.
Quarterly earnings have been very volatile year over year. The swing from strong profits in 2024-2025 to losses in parts of 2026 suggests sensitivity to pricing, utilization, and expense trends.

Bottom line: U-Haul still looks like a cash-generative, asset-heavy business with a strong liquidity position, but the latest quarter shows clear pressure on operating performance and earnings. For retail investors, the key things to monitor are whether operating margins stabilize, whether debt stays manageable, and whether strong cash flow can continue to cover heavy capital spending and interest costs.

06/03/26 08:02 AM ETAI Generated. May Contain Errors.

U-Haul Financials - Frequently Asked Questions

According to the most recent income statement we have on file, U-Haul's fiscal year ends in March. Their fiscal year 2026 ended on March 31, 2026.

Over the last 10 years, U-Haul's net income changed from $489.00 million in 2016 to $83.13 million in 2026, a change of -83.0%. See where experts think U-Haul is headed by visiting U-Haul's forecast page.

U-Haul's total operating income in 2026 was $432.62 million, based on the following breakdown:

Total Gross Profit: $5.79 billion
Total Operating Expenses: $5.36 billion

Over the last 10 years, U-Haul's total revenue changed from $3.28 billion in 2016 to $6.04 billion in 2026, a change of 84.3%.

U-Haul's total liabilities were at $13.89 billion at the end of 2026, a 7.0% increase from 2025, and a 137.1% increase since 2016.

In the past 10 years, U-Haul's cash and equivalents has ranged from $494.35 million in 2020 to $2.70 billion in 2022, and is currently $1.12 billion as of their latest financial filing in 2026.

Over the last 10 years, U-Haul's book value per share changed from 122.57 in 2016 to 38.82 in 2026, a change of -68.3%.

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Financial statements for NYSE:UHAL last updated on 5/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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U-Haul (UHAL) Financials

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U-Haul (UHAL) Financials

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Quarterly Balance Sheets for U-Haul

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U-Haul Financials - Frequently Asked Questions

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