U-Haul Holding Company (UHAL) Cash Flow Statement
Where UHAL’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 operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
UHAL 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 cash flow by activity
OperatingInvestingFinancingChange in cash
UHAL 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 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 | $1.01B | $817.9M | $733.9M | $697.0M | $664.0M | $664.1M | $581.0M | $555.1M | $481.5M |
| Stock-based compensation | — | — | $23.9M | −$199.4M | $23.0M | −$44.5M | −$31.3M | $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 | $150.5M | $75.7M | $222.6M | −$16.5M | $158.0M | $405.4M | $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 | −$344.7M | −$220.6M | −$151.5M | −$311.7M | −$267.2M | −$221.2M |
| Acquisitions & other investing | $710.7M | $3.45B | $2.99B | $707.0M | $614.0M | $532.5M | $694.3M | $610.6M | $733.9M | $496.2M |
| 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 | $1.35B | $32.4M | $458.3M | $286.9M | −$161.6M | $157.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$263.4M | $705,000 | −$62.7M | $6.8M | $110.0M | $304.0M | $83.6M | $267.3M | $219.3M | $136.0M |
| 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 | −$427.4M | −$399.4M |
| Free cash flow margin | −22.5% | −34.3% | −27.4% | −17.0% | −3.3% | 2.1% | −31.0% | −23.7% | −11.9% | −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 | $273.5M |
| Depreciation & amortization | $302.7M | $299.7M | $307.9M | $304.4M | $284.3M | $260.8M | $249.6M | $244.8M | $224.3M | $198.3M | $209.8M | $200.9M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | −$29.2M | −$36.6M |
| 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 | $20.5M | $57.5M | $147.3M | $68.0M | $51.4M | $20.9M | $52.2M | $58.0M | $41.3M | $17.2M | $101.2M |
| 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 | −$551.7M | −$688.2M | −$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 | −$797.7M |
| Acquisitions & other investing | $147.4M | $138.5M | $184.7M | $997.9M | $916.6M | $589.0M | $936.5M | $963.8M | $963.2M | $591.9M | $736.6M | $890.8M |
| 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 | −$147.7M | −$447.6M | −$446.3M | −$318.2M | −$390.5M | −$664.9M | −$433.5M | −$509.3M | −$379.2M | −$433.9M | −$419.1M |
| Free cash flow margin | −11.4% | −11.6% | −31.6% | −25.9% | −19.5% | −31.7% | −47.9% | −26.1% | −32.9% | −34.6% | −32.4% | −25.4% |
| Capex / revenue | 48.9% | 43.4% | 48.6% | 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 | 1.72 |
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 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 income statement, UHAL balance sheet. See the UHAL stock overview for the latest quote and news.
UHAL 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.