U-Haul expands fleet 6.6% and dealer network 6.5% as debt rises $896M; new tax law boosts cash flow

Filed May 27, 2026 · Period ending March 31, 2026 · Compared to 10-K May 29, 2025 · ~2 min read

Key Changes

• high

  Total debt increased $895.7M to $8.1B (12.4% growth), funding fleet expansion of 12,700 trucks and 2,300 towing devices alongside 67 new self-storage locations and 5.3M sq ft of rentable space.

  Risk Factors: Total debt outstanding verify on EDGAR →
• high

  One Big Beautiful Bill (enacted July 2025) reinstated 100% bonus depreciation and eased interest deduction limits, creating taxable losses for FY2026 and improving near-term cash flow despite higher deferred tax liabilities.

  Risk Factors: Tax law changes verify on EDGAR →
• medium

  Independent dealer network grew 1,400 locations to 23,000+ (6.5% increase), strengthening distribution footprint while U.S. headcount declined 400 employees to 32,600.

  Business: Independent dealer network verify on EDGAR →