U-Haul Holding Company reported a 77.4% drop in net income for fiscal 2026 to $83.1 million, or $0.44 per diluted share, as a 34.3% increase in depreciation expense weighed on results. Total revenues rose 3.6% to approximately $6.038 billion, driven by gains in self-moving equipment rental, self-storage, and U-Box services, but total costs and expenses climbed 9.6% to $5.605 billion, pushing the operating margin down 512 basis points to 7.2%. Depreciation expense increased 34.3%, or $328.8 million, on a gross basis, largely due to higher depreciation on the cargo van fleet and box trucks, while losses on disposal of retired equipment swung to $117.6 million from a $15.0 million gain a year earlier. The company expects depreciation to decline sequentially in fiscal 2027 as it does not plan to grow the truck fleet, and it separately announced a $350 million share repurchase plan, which helped fuel a more than 20% rally in the stock price.
U-Haul Holding CompanyAnnounced $350 million share buyback, fueling stock rally despite earnings decline.