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U-Haul’s 3,000-Dealer Expansion: Can It Reignite Earnings Growth?

U-Haul Holding Company reported first-quarter fiscal 2027 earnings of $123 million, down from $142 million in the prior-year period, with earnings per nonvoting share declining from $0.73 to $0.63. Adjusted EBITDA for the Moving and Storage segment decreased by $9 million to $537 million. Equipment rental revenues increased by $29 million year-over-year, supported by growth in transaction volumes in both in-town and one-way rental markets. The company added 75 new company-operated locations and a net of over 1,100 independent dealers compared to the prior June, representing steady progress toward the goal of net gaining 3,000 independent U-Haul dealer locations, a key strategic initiative aimed at enhancing customer convenience and equipment utilization. Self-storage revenues increased $16 million, a 7% rise quarter-over-quarter, with average revenue per occupied foot improving over 6%. However, same-store occupancy declined by 456 basis points to 88.