Steven Ralston's questions to U-Haul Holding Co (UHAL) leadership • Q4 2025
Question
Steven Ralston from Zacks Small Cap Research asked for confirmation that strong Q4 results indicate a strengthening top-line business and inquired about the CEO's outlook. He also sought commentary on the nature of depreciation expense.
Answer
Chairman & CEO Edward Joe Shoen confirmed that business is picking up, citing consumer optimism and a willingness to accept modest rate increases. He differentiated depreciation, calling self-storage depreciation "money in the bank" while acknowledging equipment depreciation is a real cost driven by anomalous OEM pricing, which he believes is normalizing.