Stephen Farrell's questions to U-Haul Holding Co (UHAL) leadership • Q4 2025
Question
Stephen Farrell from Oppenheimer & Co. Inc. asked about the current age of the rental fleet relative to pre-pandemic levels and questioned if the current dynamic of high depreciation outpacing maintenance savings represents a "new normal."
Answer
Chairman & CEO Edward Joe Shoen explained the fleet is steadily improving and is likely above 90% of pre-COVID levels in terms of "unused miles." He strongly refuted that high depreciation is a "new normal," expressing optimism that as automakers refocus on ICE vehicles, pricing will improve and the cost structure will normalize.