U-Haul
UHAL · NYSEServices-Auto Rental & Leasing (No Drivers) · Fiscal year ends Mar 31
U-Haul reported revenue of $761M in the fiscal year ended Mar 2026, up 3.6% from the year before. Operating income was $433M, an operating margin of 56.8%, and net income was $83M. Operating cash flow of $1.8B less capital expenditure of $3.2B left free cash flow of −$1.4B. Net debt was $7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | $699M | $746M | $714M | $735M | $761M |
| Cost of revenue | $260M | $263M | $242M | $234M | $247M |
| Gross profit | $440M | $483M | $473M | $501M | $515M |
| Operating income | $1.6B | $1.4B | $978M | $716M | $433M |
| Interest expense | $167M | $224M | $256M | $296M | $365M |
| Pre-tax income | $1.5B | $1.2B | $840M | $478M | $113M |
| Income tax | $352M | $295M | $211M | $110M | $30M |
| Net income | $1.1B | $924M | $629M | $367M | $83M |
Balance sheet
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.7B | $2.1B | $1.5B | $989M | $1.1B |
| Inventory | $159M | $151M | $151M | $163M | $178M |
| Net PP&E | $9.6B | $11.4B | $13.1B | $15.1B | $16.4B |
| Total assets | $17.3B | $18.1B | $19.1B | $20.5B | $21.5B |
| Long-term debt | $6.1B | $6.1B | $6.3B | $7.2B | $8.1B |
| Total liabilities | $11.3B | $11.6B | $11.9B | $13B | $13.9B |
| Shareholders' equity | $6B | $6.5B | $7.2B | $7.5B | $7.6B |
Cash flow
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $1.9B | $1.7B | $1.5B | $1.5B | $1.8B |
| Capital expenditure | $2.1B | $2.7B | $3B | $3.5B | $3.2B |
| Free cash flow | −$190M | −$994M | −$1.5B | −$2B | −$1.4B |
| Depreciation & amortisation | $697M | $734M | $818M | $972M | $1.2B |
| Dividends paid | $29M | $20M | $0 | – | – |
| Dividend per share | 1.50 | 1.00 | – | – | – |
Key ratios
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.7% | −4.3% | 2.9% | 3.6% |
| Operating income growth (YoY) | – | −12.2% | −32.4% | −26.8% | −39.6% |
| Gross margin | 62.9% | 64.8% | 66.2% | 68.1% | 67.6% |
| Operating margin | 235.4% | 193.7% | 136.9% | 97.4% | 56.8% |
| Net margin | 160.8% | 123.9% | 88.0% | 49.9% | 10.9% |
| Return on equityBlank when equity is negative | 18.9% | 14.2% | 8.8% | 4.9% | 1.1% |
| Free cash flow margin | −27.2% | −133.2% | −215.6% | −271.8% | −178.6% |
| Cash conversion (CFO ÷ net income) | 1.73x | 1.87x | 2.31x | 3.96x | 21.6x |
| Inventory days | 223 | 210 | 228 | 254 | 263 |
| Interest cover | 9.83x | 6.45x | 3.82x | 2.42x | 1.19x |
| Debt ÷ equity | 1.02x | 0.94x | 0.88x | 0.96x | 1.07x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.4B | $4.1B | $4.8B | $6.2B | $7B |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.