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U-Haul’s Resale Market Problem — Newer Cargo Vans Pressure Earnings!

The U-Haul Holding Company reported a challenging fourth quarter and full fiscal year 2026, with a net loss of $128 million in the quarter compared to a $82 million loss in the prior year’s period. Full-year earnings declined to $83 million from $367 million in fiscal 2025. Earnings per share for the quarter showed a loss of $0.65 versus a $0.41 loss a year ago. Despite these results, adjusted EBITDA for the Moving and Storage segment increased by $6 million for the quarter to $223 million and by $26 million for the full year to $1.646 billion, signaling some operational improvement. A primary headwind was increased fleet depreciation, which grew due to the company’s expanded cargo van and box truck fleets and a shift to greater depreciation rates on newer, higher-cost vehicles.