$49.30−0.06 (−0.12%)
At close: Oct 26, 2026, 4:00 PM ET· NYSE · USD
U-Haul Holding (UHAL-B) Income Statement
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Sources Company filings FilingsHow we compute thisNot investment advice
Business engineChoppy: revenue compounds ~1.3%/yr (FY22→FY26), net margin 1.4%; free cash flow runs at −1636% of net income. Check the accrual gap.
The four lines that matter · FY22–FY26
Revenue ($M)▲3.6%
6,037.8
FY22→FY26CAGR +1.3%/yr
Net income ($M)▼77.4%
83.1
FY22→FY26CAGR −47.9%/yr
Free cash flow ($M)▲31.9%
−1,359.7
FY22→FY26CAGR —
Diluted EPS▼81.0%
0.68
FY22→FY26CAGR −51.9%/yr
What the receipts whisper · what a headline number hides
Share count
+0.0%
196.1mn → 196.1mn diluted shares since FY22. Broadly flat, so EPS moves with net income rather than with the share count.
Capex
$3.2B
steady at 52.2% of revenue (−8.6% YoY).
What the income statement says · FY22–FY26
Where every revenue dollar goes · FY26 ($M)
1¢ of every revenue dollar becomes profit. The biggest cost lever is operating expenses.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 95.5% → 95.9%. Net margin 1.4% is below the sector median.
The receipt · income statement · FY22–FY26 USD millions except per-share & ratios · hover a line for its definition
On the latest annual statement the reported earnings per share does not reconcile with net income to common shareholders divided by the reported share count (a factor of 1.604), so the two figures are on different bases. Both are shown as filed.
USD millions except per-share & ratios
| Line item | TTM † | FY26 | FY25 | FY24 | FY23 | FY22 | YoY | CAGR 22→26 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 6,089.4 | 6,037.8 | 5,828.7 | 5,625.7 | 5,864.7 | 5,739.7 | ▲3.6% | +1.3% |
Cost of revenue | 246.9 | 246.9 | 234.1 | 241.6 | 263.0 | 259.6 | ▲5.4% | −1.2% |
Gross profit | 5,842.5 | 5,791.0 | 5,594.5 | 5,384.1 | 5,601.7 | 5,480.2 | ▲3.5% | +1.4% |
Selling, general & admin | 3,894.9 | 3,831.6 | 3,682.8 | 3,510.6 | 3,440.9 | 3,106.1 | ▲4.0% | +5.4% |
Total operating expenses | 5,416.7 | 5,358.3 | 4,878.4 | 4,406.3 | 4,156.1 | 3,842.3 | ▲9.8% | +8.7% |
Operating incomefeeds ROC rank | 425.8 | 432.6 | 716.2 | 977.8 | 1,445.6 | 1,646.1 | ▼39.6% | −28.4% |
Other income, net | −336.9 | −320.0 | −238.6 | −137.6 | −226.2 | −169.5 | — | — |
Pretax income | 88.9 | 112.6 | 477.5 | 840.2 | 1,219.4 | 1,476.6 | ▼76.4% | −47.4% |
Income tax | 25.2 | 29.5 | 110.4 | 211.5 | 294.9 | 352.2 | ▼73.3% | −46.2% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 63.7 | 83.1 | 367.1 | 628.7 | 924.5 | 1,124.4 | ▼77.4% | −47.9% |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 0.68 | 0.68 | 3.58 | 6.26 | 10.16 | 12.66 | ▼81.0% | −51.9% |
Diluted shares (mn) | 194.39 | 196.08 | 196.08 | 196.08 | 196.08 | 196.08 | ▲0.0% | +0.0% |
| Margins | ||||||||
Gross margin93rd pct in Consumer Cyclical | 95.9% | 95.9% | 96.0% | 95.7% | 95.5% | 95.5% | ▼0.1pp | +0.4pp |
Operating margin | 7.0% | 7.2% | 12.3% | 17.4% | 24.6% | 28.7% | ▼5.1pp | −21.5pp |
Net margin26th pct in Consumer Cyclical | 1.0% | 1.4% | 6.3% | 11.2% | 15.8% | 19.6% | ▼4.9pp | −18.2pp |
† TTM = trailing four quarters through 2026-06-30.c Computed by Tenet. The company's diluted figure is not in our data feed for this period, so this is net income attributable to common shareholders divided by the larger of the weighted basic and diluted share counts.
5 more years of statements and CSV export are on Premium, and 12 more on Ultimate.Premium · $119/yr · 7-day trial · cancel anytimeUnlock with Premium →
These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-05-27 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Common questions
What was U-Haul Holding's revenue last fiscal year?
U-Haul Holding reported revenue of $6,037.8M in fiscal 2026, up 3.6% from fiscal 2025.
What was U-Haul Holding's net income?
U-Haul Holding reported net income of $83.1M in fiscal 2026, a net margin of 1.4%.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.