U-Haul Holding (UHAL) just turned in a soft Q3 2026, with revenue of US$1.4b and basic EPS of a US$0.19 loss, compared with Q2’s US$1.7b in revenue and EPS of US$0.54 and Q1’s US$1.6b in revenue and EPS of US$0.73. Over the past few quarters, revenue has ranged between US$1.2b and US$1.7b while EPS has swung from a US$0.42 loss in Q4 2025 to a US$0.95 gain in Q2 2025, so Q3’s loss keeps the earnings picture choppy even as trailing 12 month revenue sits at about US$6.0b. With profit margins under pressure and earnings slipping, investors are likely to focus on how quickly U-Haul can stabilize profitability from here.
See our full analysis for U-Haul Holding.With the headline numbers on the table, the next step is to see how they line up against the widely held narratives around U-Haul’s growth, profitability, and long term earnings power, and where those stories might need updating.
Curious how numbers become stories that shape markets? Explore Community Narratives
Profit Margin Slides To 2.1% On Trailing Basis
- On a trailing 12 month view, U-Haul has Net Income of US$128.6 million on US$6.0b of revenue, which works out to a 2.1% net profit margin compared with 7.9% in the prior year mentioned in the analysis.
- Critics highlight a bearish angle that profitability has weakened, and the numbers back that up with earnings declining by 21.3% per year over five years and the latest Q3 2026 period showing a net loss of US$37.0 million and basic EPS of a US$0.19 loss. This suggests the recent softness is consistent with the longer term pressure on margins and profits.
High P/E Of 76.8x Versus Transportation Peers
- The stock is trading on a trailing P/E of 76.8x compared with a peer average of 54.6x and a US Transportation industry average of 40.7x, while the share price of US$50.35 is also far above the DCF fair value reference of about US$0.06.
- Bears argue the current valuation bakes in a lot of optimism, and the data leans their way, as the company’s earnings over the past year are described as negative versus a five year average, net profit margin is 2.1% against 7.9% a year earlier, and interest payments are not well covered by earnings. Taken together, these factors leave that 76.8x multiple looking demanding given the weaker profit profile.
Earnings Swings Show Up In TTM EPS Trend
- Trailing 12 month basic EPS has stepped down from US$2.45 at Q2 2025 to US$0.66 by Q3 2026, while quarterly EPS over that span has ranged from a US$0.42 loss in Q4 2025 to a US$0.95 gain in Q2 2025 and back to a US$0.19 loss in the latest Q3 2026 period.
- What stands out against a more optimistic view is how this choppiness lines up with the analysis calling out 21.3% yearly earnings declines over five years. Even with trailing revenue around US$6.0b and quarterly revenue between US$1.2b and US$1.7b, the swing from positive net income of US$186.8 million in Q2 2025 to losses of US$82.3 million in Q4 2025 and US$37.0 million in Q3 2026 underlines that the business has not delivered a smooth profit trend that would easily justify the high P/E and premium to DCF fair value.
Investors who want a broader context on how these swings fit into the wider story can check out a balanced narrative that pulls the pieces together in one place: 📊 Read the full U-Haul Holding Consensus Narrative.
Next Steps
Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on U-Haul Holding's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.
See What Else Is Out There
U-Haul is wrestling with thin 2.1% margins, volatile earnings that swing between profits and losses, and a P/E of 76.8x that looks demanding.
If those shaky profits and premium pricing make you uneasy, you may wish to focus instead on companies that appear cheaper on fundamentals by reviewing 55 high quality undervalued stocks right now.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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