U-Haul Holding Company (NYSE: UHAL, UHAL.B) is a provider of self-moving and storage services, operating a network of over 23,000 locations across the U.S. and Canada. In its fourth quarter of fiscal year 2025, the company reported a net loss of $82.3 million, a significant decline compared to a loss of $863,000 in the same period last year. For the full fiscal year 2025, net earnings available to shareholders fell to $367.1 million from $628.7 million in the prior year.

Earnings per share for the fourth quarter were a loss of $0.41 per non-voting share, compared to a loss of less than $0.01 per share in the year-ago quarter. The company’s EBITDA for the moving and storage segment increased by $5.6 million to $217.3 million, attributed primarily to revenue growth. Year-over-year, full-year EBITDA rose by just under $52 million to $1.619 billion.

Moving and storage revenues reached $1.153 billion for the fourth quarter, up from $1.093 billion the previous year, representing a 5.5% increase. Self-storage revenue increased by 8% or $18 million for the quarter, totaling $230.5 million. Full-year self-storage revenue rose by $66.8 million to $897.9 million.

In the fourth quarter, equipment rental revenue climbed by $29 million or 4.1%, marking the fourth consecutive quarter of year-over-year growth. For the full fiscal year, equipment rental revenue increased by 2.8%, totaling $3.726 billion. Operating expenses in the moving and storage segment rose by $53.6 million compared to the previous year, driven in part by a $27.8 million increase in fleet liability costs.

Fleet depreciation expenses for the fourth quarter surged to $180.8 million, up from $145.3 million a year earlier. Interest income notably declined due to lower short-term cash balances from reinvestment activities. Cash and availability for the moving and storage segment stood at $1.348 billion, down from $1.886 billion the previous year.

U-Haul made significant investments, with capital expenditures for rental equipment reaching $1.863 billion, up by $244 million year-over-year. The decline in proceeds from the sale of retired rental equipment was notable, dropping by $76 million to $652 million. The total average occupancy rate for self-storage properties decreased slightly to 91.9% from 92.4% a year earlier.

The company added 82 new storage locations during fiscal 2025, resulting in a total of 6.5 million new net rentable square feet across 71,000 new rooms. Meanwhile, real estate acquisitions totaled $1.507 billion, representing a $249 million increase from the prior fiscal year, as U-Haul continues to expand its footprint in the self-storage market.