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U-Haul Holding cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$343M in Q2 FY27 · −$1.1B over twelve months

Operating cash flow$379M
Capital spending−$721M
Free cash flow−$343M
Cash / net income2.8×

Analysis

In Q2 FY27, U-Haul Holding generated $379M of operating cash flow and spent $721M on capital projects, leaving free cash flow of −$343M. That is $104M more than in Q2 FY26 (−$446M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.7B; the largest uses were capital spending ($2.8B), other financing ($467M); besides operations, cash came from asset & business sales ($673M), net borrowing (+) / repaid (−) ($562M); the cash balance fell by $83.0M.

Operating cash flow was $379M against net income of $137M — 2.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$302M, deferred taxes +$36.1M, payables −$10.7M.

Free cash flow

U-Haul Holding: free cash flow by quarterU-Haul Holding: free cash flow by quarter−$665MQ3 FY25−$390MQ4 FY25−$318MQ1 FY26−$446MQ2 FY26−$448MQ3 FY26−$148MQ4 FY26−$192MQ1 FY27−$343MQ2 FY27
Operating cash flow less capital spending.
U-Haul Holding: operating cash flow against capital spendingU-Haul Holding: operating cash flow against capital spendingOperating cash flowCapital spending$272M$936MQ3 FY25$199M$589MQ4 FY25$598M$917MQ1 FY26$552M$998MQ2 FY26$241M$688MQ3 FY26$404M$552MQ4 FY26$630M$822MQ1 FY27$379M$721MQ2 FY27
Latest (Q2 FY27): Operating cash flow $379M, Capital spending $721M.

Capital allocation, year by year

U-Haul Holding: where the cash came from (up) and went (down), by fiscal yearU-Haul Holding: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingDividendsFY22: Operating cash flow $1.9BFY22: Net borrowing $1.4BFY22: Asset sales $623MFY22: Capital spending −$2.1BFY22: Dividends −$29.4M$3.9BFY22FY23: Operating cash flow $1.7BFY23: Net borrowing $91.7MFY23: Asset sales $701MFY23: Capital spending −$2.7BFY23: Dividends −$19.6M$2.5BFY23FY24: Operating cash flow $1.5BFY24: Net borrowing $161MFY24: Asset sales $739MFY24: Capital spending −$3.0B$2.4BFY24FY25: Operating cash flow $1.5BFY25: Net borrowing $930MFY25: Asset sales $662MFY25: Capital spending −$3.5B$3.0BFY25FY26: Operating cash flow $1.8BFY26: Net borrowing $893MFY26: Asset sales $710MFY26: Capital spending −$3.2B$3.4BFY26
Over these 5 years operating cash flow totalled $8.4B; the largest uses were capital spending ($14.5B) and dividends ($49.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.0B
Debt$8K
Net cash$1.0B
Due within a year$904M

U-Haul Holding's operations bring cash in ($1.7B over twelve months), and it spends more than that on capital projects: a gap of $1.1B funded from its $1.0B of cash and investments and from borrowing ($8K of debt, $904M due within a year). That is a choice to invest, not a cash runway running down.

U-Haul Holding: debt maturities by year (FY26)U-Haul Holding: debt maturities by year (FY26)$904MYear 1$1.1BYear 2$864MYear 3$1.1BYear 4$922MYear 5$3.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.0B of cash and investments now.

Where the cash came from and went

U-Haul Holding: sources (+) and uses (−) of cash, Q2 FY27U-Haul Holding: sources (+) and uses (−) of cash, Q2 FY27Capital spending−$721MOperating cash flow$379MAsset & business sales$200MNet borrowing (+) / repaid (−)$126MOther financing−$100MCash drawn (+) / kept (−)$97.5MOther investing$27.9MBuybacks−$10.2MNot reconciled$1.5M
U-Haul Holding: sources (+) and uses (−) of cash, TTM to Q2 FY27U-Haul Holding: sources (+) and uses (−) of cash, TTM to Q2 FY27Capital spending−$2.8BOperating cash flow$1.7BAsset & business sales$673MNet borrowing (+) / repaid (−)$562MOther financing−$467MOther investing$281MCash drawn (+) / kept (−)$83.0MNot reconciled−$1.5M

From profit to cash

U-Haul Holding: net income to operating cash flow, Q2 FY27U-Haul Holding: net income to operating cash flow, Q2 FY27Net income$137MDepreciation & amortization$302MDeferred taxes$36.1MGains on disposals−$4.3MInventory−$2.6MPayables−$10.7MDeferred revenue−$5KPrepaid and other assets−$4.4MOperating cash flow$379M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27$379M−$721M−$10.2M$126M$97.5M−$343M
Q1 FY27$630M−$822M−$15.6M$23.5M$22.8M−$192M
Q4 FY26$404M−$552M—$68.1M−$87.9M−$148M
Q3 FY26$241M−$688M—$324M$50.6M−$448M
Q2 FY26$552M−$998M—$449M−$206M−$446M
Q1 FY26$598M−$917M—$52.0M$112M−$318M
Q4 FY25$199M−$589M—$299M$28.6M−$390M
Q3 FY25$272M−$936M—$162M$418M−$665M

U-Haul Holding: income statement and cash flow

U-Haul Holding, Q2 FY27: revenue $1.8B (+3% year over year), operating margin 15.0%. The chart follows the revenue to costs, profit and cash.

U-Haul Holding: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.