Total Revenue

+12.6% (from $1,095.98M to $1,233.47M)

Robust growth in core operations drove the increase, with higher Moving & Storage performance including self‐moving equipment rental and self-storage revenue improvements compared to Q4 2024, which saw lower figures. " " "

Property & Casualty Insurance Revenue

-88% (from $34.06M to $4.15M)

A steep decline in this segment reflects a dramatic drop in premiums sold in conjunction with rental transactions and potential operational restructuring, contrasting with stronger performance in preceding periods. " "

Insurance Premiums

+50% (from $21.5M to $32.35M)

A significant surge in premiums likely results from increased moving and storage transactions that boost policy sales, reversing the subdued performance seen in Q4 2024. " "

Life Insurance Performance

Reversal from +$55.3M to -$82.99M

A dramatic deterioration occurred due to rising claims, higher operating expenses, and adverse market conditions impacting investment returns, marking an abrupt shift from a profitable Q4 2024. " " " "

Net Investment and Interest Income

Turnaround from -$40.25M to +$36.57M

A notable rebound was driven by improved interest rate conditions and a reclassification of income, which reversed prior negative results and delivered a positive turnaround compared to the previous period. " "

Pretax Earnings

Plummeted from $13,661K to -$114,514K

Substantial cost pressures including increased depreciation expense on both rental fleet and other assets, lower gains on asset disposals, and rising operating costs contributed to the steep decline in pretax earnings relative to Q4 2024. " "

Net Earnings

Worsened from -$863K to -$82,291K

The cumulative impact of lower operational performance and increased expenses across key segments eroded nearly breakeven results from Q4 2024, leading to a deep net loss in Q4 2025. " "

Net Fleet Capital Expenditures

FY 2026

no prior guidance

$1.295 billion (compared to ~$1.211 billion in FY 2025) "

no prior guidance

U-Box Growth

FY 2026

no prior guidance

Plus 20% range " "

no prior guidance

Self-Storage Occupancy

FY 2026

no prior guidance

Approaching 70% occupancy "

no prior guidance

U-Box and Moving Services Growth

Q1–Q3: Repeatedly highlighted as a growth engine with strong revenue contributions, plus 20% range increases in U-Box moving and storage transactions and steady gains in moving services rental revenue " " " "

Q4: U-Box continued to show very strong growth with high transaction rates, expanding storage capacity nearly 25% over the past 12 months; moving services also maintained steady revenue increases " " "

Recurring positive momentum with reinforcing growth sentiment

Self-Storage Expansion and Performance

Q1–Q3: Consistently discussed aggressive expansion with large additions, active development pipelines, and improving revenue per occupied foot but noted occupancy challenges and slower lease‐up in later years " " "

Q4: Continued aggressive expansion with 82 new locations, over 6.5 million new net rentable square feet added, but with some occupancy declines across owned locations and a sizable pipeline that poses near-term EBITDA risks " "

Recurring strategic focus with mixed sentiment – strong expansion but caution over occupancy and pace of lease-up

Competitive Differentiation and Market Dominance

Q1–Q3: Emphasized through innovations in customer service, cost and pricing advantages, and integrated offerings (notably U-Box’s service benefits and broad distribution network) " " " "

Q4: Indirectly referenced via focus on operational excellence in customer experience and U-Box growth, though less explicit compared to previous periods " " "

Recurring core strength with slightly less emphasis in explicit discussion but still supportive of market positioning

Cost Management and Operating Expense Pressures

Q1–Q3: Noted rising operating costs driven by personnel, liabilities, and OEM pricing pressures; partial successes in reducing fleet repair costs and implementing cost controls " " "

Q4: Operating expenses increased notably due to higher personnel, utilities, and fleet liability costs, yet there was a decline in fleet repair costs; overall pressures remain while efforts to normalize fleet depreciation continue " " "

Consistently challenging with moderate improvements in specific areas but persistent cost pressures remain

Fleet Depreciation and Maintenance Cost Challenges

Q1–Q3: Highlighted increasing depreciation due to high acquisition costs and softer resale markets with gradual improvements in maintenance cost reductions; challenges persisted across periods " " " "

Q4: Depreciation remained a significant issue, contributing to earnings declines while maintenance costs declined further due to improved fleet rotation and newer vehicles " " "

Recurring challenge with expectations of normalization over a multi‐year cycle

Financial Liquidity and Debt/Leverage Risks

Q1–Q3: Maintained focus on strong liquidity positions supported by significant cash availability and borrowing capacity against real estate; active management of cash balances and debt maturities was emphasized " " "

Q4: Reported liquidity of $1.348 billion in the Moving and Storage segment along with continued emphasis on high liquidity and flexibility amid market uncertainties " "

Consistently strong liquidity profiles with stable execution in debt management

Valuation Gaps and Capital Return Strategies

Q1: Not discussed; Q2–Q3: Analysts and executives raised concerns over a valuation gap between self‑storage/U‑Box operations and peers, with discussions on slowing capital investment and potential asset partitioning, though strategies remained tentative " "

Q4: Continued recognition of an undervaluation in non‑truck segments with debates over potential share repurchases and sale of insurance businesses to optimize value; no definitive actions were announced " "

Emerging and persistent concern with ongoing debate and potential strategic shifts to unlock value

Earnings Volatility from Investment Fluctuations

Q1–Q3: No discussion on earnings volatility from investment fluctuations was noted

Q4: Earnings volatility was highlighted through a $10 million swing in operating profits due to changes in the market value of held common stock, emphasizing the impact of investment fluctuations on earnings "

New topic in Q4 reflecting increased attention to market-related volatility

Capacity and Expansion Risks in Self-Storage

Q1–Q3: Frequently mentioned as a concern with capacity being added faster than occupancy growth; challenges with slower lease‑up periods and risks in acquiring or developing new properties were detailed with seasoning processes required for stabilization " " " "

Q4: Continued discussion of risks arising from aggressive expansion, significant new pipeline developments, and potential delays in reaching EBITDA positivity due to slower occupancy ramp-up in later lease‑up stages " "

Recurring risk with persistent concerns that may deepen if occupancy slowdowns persist

Shifting Sentiments in One‑Way Transaction Demand

Q1–Q3: Initially, slight growth in one‑way moves was noted in Q1 (reflecting consumer optimism), though Q2 saw stagnant volumes offset by higher revenue per transaction, and Q3 reported declines in volume balanced by higher revenue per mile gains; overall, one‑way demand was mixed " " "

Q4: No explicit discussion was provided regarding one‑way transaction sentiment though broader moving trends and consumer behavior were indirectly mentioned " "

Discussion has receded in Q4, suggesting reduced focus on one‑way transaction metrics while earlier periods reflected mixed but improving sentiment