U-Haul reports lower Q1 net earnings

What happened?

1. According to the earnings call, net earnings came to $122.9 million, down from $142.3 million in the first quarter a year earlier, because operating expenses rose and interest costs increased.
2. Non-voting earnings per share were $0.63, compared with $0.73 in the same period last year, and voting earnings per share were $0.58, compared with $0.68 in the fiscal 2026 first quarter.
3. Revenue from self-moving equipment rentals reached $1.09 billion, up 2.8%, because transactions grew in both the In-Town and One-Way markets.
4. Self-storage revenue totaled $250.2 million, a rise of 6.8% that was attributed mainly to higher average revenue per occupied foot.

U-Haul reported first-quarter net earnings of $122.9 million, down from $142.3 million a year earlier, according to its earnings call. The company said the decline reflected higher operating expenses and increased interest costs.

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