U-Haul Holding Company (UHAL-B) Cash Flow Statement
Where UHAL-B’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- $1.79B +23.4% vs FY2025
- Capital expenditures
- $3.15B 52.2% of revenue
- Free cash flow
- −$1.36B −22.5% margin
- Returned to shareholders
- $35.3M
- Change in cash
- $131.3M cash at year-end $1.12B
Cash from operations
$1.79B
Capital expenditures
−$3.15B
Investments (net)
+$180.7M
Acquisitions & other
+$710.7M
Dividends
−$35.3M
Net borrowing (repayment)
+$893.3M
Other financing
−$263.4M
Change in cash
$131.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
UHAL-B operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
UHAL-B cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.02BFY2017 | $1.79BFY2026 | +6.5%/yr | |
| Capital expenditures | $1.42BFY2017 | $3.15BFY2026 | +9.3%/yr | |
| Free cash flow | −$399.4MFY2017 | −$1.36BFY2026 | — | |
| Free cash flow margin | −11.7%FY2017 | −22.5%FY2026 | −10.8 pts | |
| Operating cash flow / net income | 2.56FY2017 | 21.59FY2026 | +19.03 | |
| Stock-based compensation | $10.7MFY2017 | $23.9MFY2024 | +12.2%/yr | |
| Dividends paid | $58.8MFY2017 | $35.3MFY2026 | −5.5%/yr | |
| Share buybacks (net) | $11.1MFY2017 | $206,000FY2020 | −73.5%/yr | |
| Capex / revenue | 41.5%FY2017 | 52.2%FY2026 | +10.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
UHAL-B cash flow by activity
OperatingInvestingFinancingChange in cash
UHAL-B net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
UHAL-B cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $83.1M | $331.8M | $596.9M | $923.0M | $1.12B | $610.9M | $442.0M | $370.9M | $790.6M | $398.4M |
| Depreciation & amortization | $1.19B | $982.5M | $841.8M | $756.3M | $697.0M | $664.0M | $664.1M | $581.0M | $555.1M | $481.5M |
| Stock-based compensation | — | — | $23.9M | $22.1M | $23.0M | $23.0M | $10.3M | $11.3M | $11.4M | $10.7M |
| Change in working capital | $239.5M | −$39.4M | −$61.6M | $49.5M | $119.5M | $147.1M | −$404.8M | −$140.0M | −$79.4M | −$48.2M |
| Other non-cash items | $280.0M | $179.5M | $51.7M | −$21.3M | −$16.5M | $90.5M | $363.8M | $152.4M | −$341.3M | $177.6M |
| Cash from operating activities | $1.79B | $1.45B | $1.45B | $1.73B | $1.95B | $1.54B | $1.08B | $975.6M | $936.3M | $1.02B |
| Investing activities | ||||||||||
| Capital expenditures | −$3.15B | −$3.45B | −$2.99B | −$2.72B | −$2.14B | −$1.44B | −$2.31B | −$1.87B | −$1.36B | −$1.42B |
| Investments (net) | $180.7M | −$2.89B | −$2.05B | −$404.5M | −$312.5M | −$91.4M | −$110.4M | −$1.57B | — | — |
| Acquisitions & other investing | $710.7M | $3.45B | $2.99B | $707.0M | $581.8M | $403.4M | $653.2M | $1.87B | $466.8M | $275.0M |
| Cash from investing activities | −$2.26B | −$2.89B | −$2.05B | −$2.42B | −$1.87B | −$1.13B | −$1.77B | −$1.57B | −$896.9M | −$1.14B |
| Financing activities | ||||||||||
| Dividends paid | −$35.3M | −$35.3M | −$31.8M | −$33.7M | −$29.4M | −$49.0M | −$29.4M | −$39.2M | −$29.4M | −$58.8M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | −$206,000 | −$418,000 | −$11.6M | −$11.1M |
| Net borrowing (repayment) | $893.3M | $929.7M | $161.0M | $86.7M | $1.37B | $38.2M | $463.6M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$263.4M | $705,000 | −$62.7M | $6.8M | $96.9M | $298.2M | $78.3M | $554.2M | $57.6M | $293.6M |
| Cash from financing activities | $594.6M | $895.1M | $66.5M | $59.8M | $1.43B | $287.4M | $512.3M | $514.6M | $16.6M | $223.8M |
| Summary | ||||||||||
| Net change in cash | $131.3M | −$545.7M | −$526.0M | −$643.6M | $1.51B | $699.7M | −$179.3M | −$85.7M | $61.6M | $97.2M |
| Cash at end of period | $1.12B | $988.8M | $1.53B | $2.06B | $2.70B | $1.19B | $494.4M | $673.7M | $759.4M | $697.8M |
| Free cash flow | −$1.36B | −$2.00B | −$1.54B | −$994.3M | −$190.3M | $93.9M | −$1.23B | −$894.4M | −$426.1M | −$399.4M |
| Free cash flow margin | −22.5% | −34.3% | −27.4% | −17.0% | −3.3% | 2.1% | −31.0% | −23.7% | −11.8% | −11.7% |
| Capex / revenue | 52.2% | 59.2% | 53.2% | 46.4% | 37.2% | 31.7% | 58.0% | 49.6% | 37.9% | 41.5% |
| Operating cash flow / net income | 21.59 | 4.38 | 2.43 | 1.87 | 1.73 | 2.51 | 2.43 | 2.63 | 1.18 | 2.56 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $122.9M | −$145.4M | −$19.3M | $96.7M | $133.5M | −$91.1M | $58.3M | $178.0M | $186.6M | −$9.7M | $90.4M | $266.4M |
| Depreciation & amortization | $302.7M | $302.1M | $301.2M | $304.4M | $284.3M | $260.8M | $249.6M | $244.8M | $224.3M | $198.3M | $209.8M | $200.9M |
| Change in working capital | $135.8M | $229.2M | −$105.5M | $3.2M | $112.5M | −$22.6M | −$57.2M | $55.4M | −$15.0M | −$17.3M | $14.4M | −$67.3M |
| Other non-cash items | $68.8M | $18.1M | $64.2M | $147.3M | $68.0M | $51.4M | $20.9M | $52.2M | $58.0M | $41.3M | −$12.0M | $71.7M |
| Cash from operating activities | $630.3M | $404.0M | $240.6M | $551.6M | $598.4M | $198.5M | $271.6M | $530.4M | $453.9M | $212.7M | $302.6M | $471.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$822.4M | −$1.91B | −$1.91B | −$997.9M | −$916.6M | −$589.0M | −$936.5M | −$963.8M | −$963.2M | −$591.9M | −$736.6M | −$890.8M |
| Investments (net) | $104.1M | $162.9M | −$11.8M | −$733.3M | −$764.0M | −$452.5M | −$840.6M | −$794.5M | −$803.3M | −$336.5M | −$623.6M | −$81.9M |
| Acquisitions & other investing | $147.4M | $1.50B | $1.41B | $997.9M | $916.6M | $589.0M | $936.5M | $963.8M | $963.2M | $591.9M | $736.6M | $175.1M |
| Cash from investing activities | −$570.9M | −$250.3M | −$515.3M | −$733.3M | −$764.0M | −$452.5M | −$840.6M | −$794.5M | −$803.3M | −$336.5M | −$623.6M | −$797.7M |
| Financing activities | ||||||||||||
| Dividends paid | −$8.8M | −$8.8M | −$8.8M | −$8.8M | −$8.8M | −$8.8M | −$8.8M | −$8.8M | −$8.8M | −$8.8M | −$8.8M | −$7.1M |
| Share repurchases & issuance (net) | −$48.0M | — | — | — | $0 | — | — | — | — | — | — | — |
| Net borrowing (repayment) | $23.5M | $68.1M | $324.2M | $449.0M | $52.0M | $299.3M | $140.6M | $481.4M | — | — | — | $114.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$45.0M | −$122.1M | −$95.1M | −$50.4M | $4.2M | −$67.2M | $29.5M | $69.4M | −$22.6M | −$135.9M | −$13.6M | −$10.8M |
| Cash from financing activities | −$78.3M | −$62.8M | $220.3M | $389.7M | $47.4M | $223.3M | $161.3M | $542.0M | −$31.4M | −$144.7M | −$22.5M | $97.0M |
| Summary | ||||||||||||
| Net change in cash | −$22.8M | $87.9M | −$50.6M | $205.6M | −$111.6M | −$28.6M | −$418.2M | $282.5M | −$381.4M | −$271.4M | −$339.2M | −$232.0M |
| Cash at end of period | $1.10B | $1.12B | $1.03B | $1.08B | $877.2M | $988.8M | $1.02B | $1.44B | $1.15B | $1.53B | $1.81B | $2.15B |
| Free cash flow | −$192.1M | −$1.51B | $2.16B | −$446.3M | −$318.2M | −$390.5M | −$664.9M | −$433.5M | −$509.3M | −$379.2M | −$433.9M | −$419.1M |
| Free cash flow margin | −11.4% | −118.8% | 152.2% | −25.9% | −19.5% | −31.7% | −47.9% | −26.1% | −32.9% | −34.6% | −32.4% | −25.4% |
| Capex / revenue | 48.9% | 150.5% | 135.2% | 58.0% | 56.2% | 47.7% | 67.4% | 58.1% | 62.2% | 54.0% | 55.0% | 54.0% |
| Operating cash flow / net income | 5.13 | — | — | 5.70 | 4.48 | — | 4.66 | 2.98 | 2.43 | — | 3.35 | 1.77 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
UHAL-B cash generation
In fiscal 2026 (ended March 31, 2026), U-Haul generated $1.8 billion of cash from operations (up 23.4%) and spent $3.2 billion on capital expenditures, leaving free cash flow of -$1.4 billion, −22.5% of revenue. It returned $35.3 million to shareholders through dividends ($35.3 million) and net share buybacks ($0). Cash and equivalents rose by $131.3 million over the year.
Related: UHAL-B income statement, UHAL-B balance sheet, UHAL-B dividend history. See the UHAL-B stock overview for the latest quote and news.
UHAL-B cash flow FAQ
What is U-Haul's free cash flow?
U-Haul's free cash flow was -$1.4 billion in fiscal 2026: $1.8 billion of operating cash flow minus $3.2 billion of capital expenditures It was -$2.0 billion a year earlier..
How much cash does U-Haul generate from operations?
U-Haul generated $1.8 billion of cash from operating activities in fiscal 2026, 21.59 times its net income of $83.1 million.
How much does U-Haul spend on capital expenditures?
U-Haul spent $3.2 billion on capital expenditures in fiscal 2026, 52.2% of revenue, compared with $3.5 billion the year before.
How much does U-Haul pay in dividends?
U-Haul paid $35.3 million in dividends in fiscal 2026.