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U-Haul Holding UHAL Operating Expenses Excluding Lease Expense

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Other financials

Income statement

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Revenue$1.7B+3.2%
Gross profit$1.4B+3.5%
Operating income$250.6M-2.6%
Net income$122.9M-13.6%
EPS (diluted)$0.11-76.7%

Balance sheet

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Cash & equivalents$1.1B+25.1%
Total debt$8.1B+11.7%
Total equity$7.7B0.0%
Total assets$21.7B+3.9%

Cash flow

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Operating cash flow$630.3M+5.3%
CapEx$822.4M-10.3%
Free cash flow-$192.1M+39.6%

Valuation

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Market cap$14.6B+31.3%
Enterprise value$21.65B+23.4%
P/E35.8×
P/S2.4×+0.5×

Profitability

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Gross margin95.9%-0.1pp
Operating margin8.5%-4.9pp
Net margin7.9%-3.8pp
FCF margin-20.3%-5.1pp

Returns & leverage

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Return on equity6.1%-3.8pp
Debt / equity1.1×+0.1×

Where this comes from

Reported directly by U-Haul Holding in its filing.

Tagged under the XBRL concept uhal:OperatingExpensesExcludingLeaseExpense.

The source filing: U-Haul Holding’s 10-K, filed May 27, 2026.

Filed
May 27, 2026, 4:03 PM EDT
Fiscal year
FY2025
Accession
0001193125-26-241850
Line itemYears Ended March 31, 2026Years Ended March 31, 2025Years Ended March 31, 2024
Other revenue537,782506,346466,086
Total revenues6,037,8195,828,6655,625,674
Costs and expenses:
Operating expenses3,415,3623,275,4713,126,471
Commission expenses416,231407,368384,079
Cost of product sales246,860234,145241,563
Benefits and losses192,197182,749167,035
Amortization of deferred policy acquisition costs19,65218,33324,238

Item 16. Form 10-K Summary

FAQ

What is U-Haul Holding's operating expenses excluding lease expense?
U-Haul Holding (UHAL) reported operating expenses excluding lease expense of $853.84M in Q1 2026.
How has U-Haul Holding's operating expenses excluding lease expense changed year-over-year?
U-Haul Holding's operating expenses excluding lease expense increased by 4.3% year-over-year, from $818.87M to $853.84M.
What is the long-term trend for U-Haul Holding's operating expenses excluding lease expense?
Over 4 years (2021 to 2025), U-Haul Holding's operating expenses excluding lease expense has grown at a 6.3% compound annual growth rate (CAGR), from $2.68B to $3.42B.
What does operating expenses excluding lease expense mean?
Operating costs incurred to run the business, excluding lease-related expenses. This includes items like payroll, maintenance, utilities, and administrative costs necessary to support daily operations.

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