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Fleet depreciation and equipment disposal losses hammered U-Haul Holding Company's bottom line in fiscal 2026, with annual net earnings collapsing to $83.1 million for the twelve months through March 31, 2026, compared with $367.1 million the year before.
On the top line, self-moving equipment rental revenues climbed $86.4 million, or 2.3%, and self-storage revenues added $74.5 million, or 8.3%, lifting total consolidated revenue to $6.04 billion for the year from $5.83 billion. Despite that top-line growth, earnings from operations across the Moving and Storage segment fell $295.5 million compared with fiscal 2025.
The two biggest drags on Moving and Storage profitability were a $186.6 million increase in fleet depreciation expense and $117.6 million in losses on the disposal of retired rental equipment — a reversal from the prior year, when disposal activity generated $15 million in net gains. Liability costs also rose $76.4 million for the full year. Total depreciation expense, net of disposal gains and losses, reached $1.29 billion, up from $958.2 million in fiscal 2025.
In the January-through-March quarter, a net loss of $127.8 million outpaced the $82.3 million deficit recorded in the same period a year prior, with interest expense rising to $96.6 million from $80.4 million.
