Executive Summary

Q4 FY2024 revenue was $1.179B, down 0.8% year over year; EPS was $0.00 per non‑voting share (−$0.05 voting) as lower gains on sale and higher depreciation offset slightly improved quarterly EBITDA per management .
Moving & Storage revenues fell 2% YoY on softer one‑way activity and shorter miles per transaction, while Self‑Storage stayed resilient (+9% YoY) with revenue per occupied foot up ~2.5% and continued new capacity additions .
Management flagged further compression in gains on disposal over the next 12 months, continued personnel cost inflation, and competitive rate actions in storage; fleet repair costs improved for the second consecutive quarter as refresh accelerates .
FY2024 gross fleet CapEx was $1.619B; initial FY2025 projection is ~+$100M YoY. Pipeline remains robust (7.8M active and 9.2M pending self‑storage sq ft) with intent to keep building ~1M sq ft/quarter .
Street consensus from S&P Global was unavailable at the time of writing; one sell‑side analyst on the call noted the reported top line “exactly met” his model, but this is not a substitute for SPGI consensus .

What Went Well and What Went Wrong

What Went Well
- Self‑Storage revenue +9% YoY in Q4; portfolio added ~55K net units in FY2024; revenue per occupied foot up ~2.5%, with robust build/acquire pipeline. “Our self‑storage product has been strong” — Joe Shoen .
- Fleet repair and maintenance declined $11M YoY in Q4, second straight quarter of improvement as newer trucks rotate in, boosting uptime and availability .
- Management continues disciplined, steady storage pricing versus competitors’ demand‑based whipsawing, aiming to preserve value and customer clarity in a tougher market .
What Went Wrong
- Q4 EPS compressed to breakeven ($0.00 non‑voting; −$0.05 voting) driven by a $32M YoY drop in gains on sale and higher depreciation (fleet +$11.6M; real estate +$12.3M), plus elevated liability costs .
- One‑way truck rental transactions and miles per rental remained below expectations as cautious consumer sentiment curbed long‑distance moves; in‑town steadier but not enough to offset mix .
- Self‑Storage occupancy dipped (avg monthly to 79.8% from 81.2%) as capacity additions outpaced move‑ins and competitive rate cutting across markets pressured street rates .

Financial Results

Metric	Q4 FY2023	Q3 FY2024	Q4 FY2024
Revenue ($USD Millions)	$1,188.651	$1,339.514	$1,179.170
EPS – Non‑Voting ($)	$0.19	$1.02	$0.00
EPS – Voting ($)	$0.15	$0.98	−$0.05
Operating Income ($USD Millions)	$110.121	$197.588	$41.366
Operating Margin (%)	9.3% (110.121/1,188.651)	14.8% (197.588/1,339.514)	3.5% (41.366/1,179.170)
Net Income ($USD Millions)	$37.409	$99.224	−$0.863
Net Income Margin (%)	3.1% (37.409/1,188.651)	7.4% (99.224/1,339.514)	−0.1% (−0.863/1,179.170)
Revenue vs Estimates	N/A (SPGI consensus unavailable)	N/A	N/A

Segment performance:

| Segment | Revenue ($MM) Q4 FY2023 | Revenue ($MM) Q4 FY2024 | Op. Earnings ($MM) Q4 FY2023 | Op. Earnings ($MM) Q4 FY2024 | |---|---|---:|---:|---:|---:| | Moving & Storage | $1,110.851 | $1,092.698 | $94.845 | $10.816 | | Property & Casualty Insurance | $28.601 | $34.091 | $11.687 | $25.687 | | Life Insurance | $53.339 | $55.284 | $3.969 | $5.113 | | Eliminations | $(4.140) | $(2.903) | $(0.380) | $(0.250) | | Consolidated Total | $1,188.651 | $1,179.170 | $110.121 | $41.366 |

KPIs and operational drivers:

KPI	Q4 FY2023	Q4 FY2024
Self‑Storage Avg Monthly Occupancy (Owned)	81.2%	79.8%
End‑of‑Period Occupancy (Owned)	81.2%	79.3%
Avg Monthly Occupied Sq Ft (Owned, ‘000s)	46,994	49,986
Owned Unit Count (as of period end)	N/A	728,673
Same‑Store Occupancy (≥80% for last 2 yrs)	94.2% (4Q23)	92.3% (4Q24)
Fleet Size (Trucks)	~March 31, 2023 baseline	188,700 trucks (fleet)
Gross Fleet CapEx (FY)	$1,299M (FY2023)	$1,619M (FY2024)
Gains on Disposal of Rental Equipment (Q4)	$47.807M	$15.813M

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Gross Fleet CapEx	FY2025	N/A	~+$100M YoY vs FY2024 ($1.619B FY2024 actual)	Raised
Gains on Disposal (Rental Equipment)	Next 12 months	N/A	“Expect these gains to continue to recede”	Lowered
Fleet Repair & Maintenance	FY2025 trajectory	Elevated FY2024 (+$33M YoY)	Second straight quarterly decline; expect continued improvement with fleet refresh	Improving
Self‑Storage Occupancy	FY2025	N/A	Total rooms rented to grow; occupancy % likely down as inventory ramps	Mixed
Pricing Strategy (Self‑Storage)	Ongoing	N/A	Maintain steady pricing; resist extreme demand pricing/discount whipsaw	Maintained
Dividend (UHAL.B)	Mar 2024	$0.04 (Dec 2023)	$0.05 declared Mar 6, 2024, paid Mar 28, 2024	Increased vs prior quarter

Note: U‑Haul does not issue formal revenue/EPS guidance; above reflects management commentary.

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 FY2024)	Previous Mentions (Q3 FY2024)	Current Period (Q4 FY2024)	Trend
One‑Way demand & miles per rental	Moving rev −8% YoY; shorter miles per transaction; cautious consumer; methodical pricing	Miles per transaction decreasing; weather impacted January; consumer confidence correlation	One‑way below expectations; consumers cautious; in‑town steadier	Stabilizing but soft
Gains on sale & depreciation	Lower average proceeds; increasing depreciation; net CapEx rising	Gains down; depreciation up; repair costs starting to decline	Gains down $32M YoY; depreciation higher (fleet +$11.6M, RE +$12.3M)	Further pressure
Self‑Storage pricing & occupancy	Occupancy moderating; asking rents +~3%; slower move‑ins	Same‑store occupancy down 210 bps; competitors discounting heavily	Avg occupancy 79.8%; management sticking to steady pricing vs demand pricing	Competitive, disciplined pricing
Fleet repair & maintenance	+$17M YoY in Q2; catching up backlog; plan to down‑fleet vans/pickups	−$3M QoQ; intent to reclaim past repair surge over time	−$11M YoY; expect continued improvement in FY2025	Improving
CapEx & pipeline	Gross fleet CapEx $974M first 6 months; net CapEx ~$930M FY	Added ~1.0M net rentable sq ft; 7.8M active pipeline	FY2024 gross fleet CapEx $1.619B; FY2025 +$100M; 7.8M active / 9.2M pending sq ft	Elevated/ongoing
Personnel cost inflation	Headcount +2.5%; personnel +$18M YoY	Personnel a near‑term pressure (mandates/wages)	Personnel +$9M in Q4; ongoing wage pressures	Elevated

Management Commentary

“We are still a bit shy of where I expected to be on One‑way moving transactions… Our self‑storage product has been strong.” — Joe Shoen (Chairman) .
“We actually had a slight improvement [in EBITDA] for the quarter… March was the first time in 19 months that we experienced a year‑over‑year improvement in equipment rental revenue.” — Jason Berg (CFO) .
“We don’t pursue the demand [pricing] model… We have a much more steady approach to pricing.” — Joe Shoen on Self‑Storage pricing .
“We’ve now had our second consecutive quarter of fleet repair and maintenance improvement… expect to see these costs continue to move down over the course of fiscal 2025.” — Jason Berg .

Q&A Highlights

Fleet utilization and CapEx: Management expects utilization to improve as older trucks are shed and uptime increases; total fleet size may be flat to slightly down as rotation continues .
One‑way vs in‑town mix: Historically ~55% in‑town / ~45% one‑way by revenue; pandemic temporarily shifted mix; current miles per rental remain subdued amid cautious consumers .
Self‑Storage pricing: U‑Haul maintains steady posted rates versus competitors’ aggressive discounting; expects to hold or slightly increase rates while focusing on value positioning .
Storage supply outlook: Company will continue delivering more rooms, prioritizing attractive micro‑markets; some geographies remain multi‑year build cycles and capital‑intensive .
Cost pressures: Personnel and liability costs are elevated; management targeting productivity via IT/self‑service tools to offset mandated wage inflation over next 12–18 months .

Estimates Context

S&P Global consensus EPS and revenue estimates were unavailable at the time of writing. One analyst on the call stated Q4 top line “exactly met” his model, but that is not a validated SPGI consensus and should not be used as a proxy .

Key Takeaways for Investors

Earnings volatility from lower gains on sale and higher depreciation likely persists in FY2025 as OEM pricing resets and fleet rotation continues; watch quarterly gain on sale cadence and depreciation trend .
Self‑Storage remains the stabilizer: revenue growth with expanding footprint and disciplined pricing; occupancy may dip as capacity ramps, but revenue per occupied foot should support topline .
Improving repair and maintenance costs are a tangible margin lever; sustained fleet refresh and uptime gains can offset parts/labor inflation over time .
CapEx intensity remains elevated: FY2025 gross fleet CapEx projected ~+$100M YoY; ensure comfort with funding (cash/liquidity) and project returns amid rate backdrop .
Pricing strategy differentiation in storage (steady posted rates) may preserve customer trust and stickiness versus competitors’ demand‑pricing/discounting, potentially supporting rate integrity .
Monitor consumer confidence and migration patterns: long‑distance moves are more sensitive to sentiment than housing transaction volumes; in‑town is more resilient .
Portfolio construction: Moving & Storage earnings cyclicality balanced by insurance segment stability; Life and P&C contributed positively to Q4 operating earnings .

U-Haul Holding Co /NV/ (UHAL)·Q4 2024 Earnings Summary