Open the filing on EDGARSebastien Reyes
U-Haul Holding Company
U-HAUL HOLDING COMPANY REPORTS THIRD QUARTER FISCAL 2026 FINANCIAL RESULTS
RENO, Nev. (Feb. 4, 2026) -- U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings (losses) available to common shareholders for its third quarter ended December 31, 2025, of ($37.0) million compared with net earnings of $67.2 million for the same period last year. Earnings (losses) per share for Non-Voting Shares (UHAL.B) were ($0.18) for the third quarter of fiscal 2026 compared to $0.35 for the same period in fiscal 2025.
For the nine-month period ended December 31, 2025, net earnings available to shareholders were $210.9 million compared with net earnings of $449.4 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $1.09 for the nine-month period of fiscal 2026 compared to $2.31 for the same period in fiscal 2025.
“We continue to undermine earnings with fleet depreciation and poor resale results. I expect that this will bottom out this calendar year,” stated Joe Shoen, Chairman of U-Haul Holding Company. “We have underutilized capacity in both fleet and self-storage. I anticipate improving market penetration in U-Move. Today, we are even with our self-storage peers and need to set ourselves apart to impact top line revenue. As always, the customer will determine the winners and losers.”
Highlights of Third Quarter Fiscal 2026 Results
Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, decreased $120.2 million to $7.1 million compared to the third quarter of fiscal 2025.
Increased losses from the disposal of retired rental equipment combined with fleet depreciation expense accounted for $74.6 million of the decrease for the third quarter, while liability costs increased $37.9 million for the third quarter, all compared with the third quarter of fiscal 2025.
Moving and Storage earnings before interest, taxes, depreciation and amortization adjusted (EBITDA), decreased $41.7 million to $335.0 million compared to the third quarter of fiscal 2025 and for the trailing twelve months for December 31, 2025 increased $26.0 million to $1,640.2 compared to the trailing twelve months for December 31, 2024.
Self-storage revenues increased $17.9 million, or 7.9%, versus the third quarter of fiscal year 2025.
Same store occupancy decreased 4.9% to 87.2%, revenue per foot increased 5.2%, and the number of locations qualifying for the pool increased by 19.
During the third quarter of fiscal 2026, we added 16 new locations with storage and 1.5 million net rentable square feet (NRSF).
We have approximately 12.9 million NRSF in development or pending.
Self-moving equipment rental revenues increased $7.6 million, or 0.9%, compared with the third quarter of fiscal year 2025, primarily from In-Town rentals.
Fleet maintenance and repair costs experienced a $13.1 million increase, compared with the third quarter of fiscal 2025.
During the quarter our Property and Casualty Insurance subsidiary paid a $100 million dividend to U-Haul Holding Company.
Cash and credit availability at the Moving and Storage segment was $1,475.0 million as of December 31, 2025 compared with $1,347.5 million at March 31, 2025.
On December 3, 2025, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on December 15, 2025. The dividend was paid on December 30, 2025.
Supplemental financial information as of December 31, 2025 is available at investors.uhaul.com under “Investor Kit.”
U-Haul Holding Company will hold its investor call for the third quarter of fiscal 2026 on Thursday, February 5, 2026, at 8 a.m. Arizona Time (10 a.m. Eastern). The call will be broadcast live over the Internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com.
About U-Haul Holding Company
U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company.U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.
About U-Haul
Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of nearly 25,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 203,800 trucks, 137,400 trailers and 45,900 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,126,800 rentable storage units and 98.0 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America.
Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company’s business and future operating results, please refer to our Form 10-Q for the quarter ended December 31, 2025, which is on file with the SEC.
Report on Business Operations
Listed below on a consolidated basis are revenues for our major product lines for the third quarter of fiscal 2026 and 2025.
| Quarter Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| (Unaudited) |
|---|
| (In thousands) |
|---|
| Self-moving equipment rental revenues | $886,170 | $878,585 |
| Self-storage revenues | 245,060 | 227,125 |
| Self-moving and self-storage product and service sales | 68,929 | 70,407 |
| Property management fees | 8,817 | 8,869 |
| Life insurance premiums | 17,848 | 22,926 |
| Property and casualty insurance premiums | 30,355 | 28,364 |
| Net investment and interest income | 47,259 | 40,536 |
| Other revenue | 111,170 | 111,746 |
| Consolidated revenue | $1,415,608 | $1,388,558 |
Listed below are the revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2026 and 2025.
| Quarter Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| (Unaudited) |
|---|
| (In thousands) |
|---|
| Moving and storage | | |
| Revenues | $1,319,890 | $1,296,556 |
| Earnings from operations before equity in earnings of subsidiaries | 7,084 | 127,277 |
| Property and casualty insurance | | |
| Revenues | 42,516 | 38,141 |
| Earnings from operations | 20,819 | 19,463 |
| Life insurance | | |
| Revenues | 56,207 | 56,762 |
| Earnings from operations | 5,797 | 4,244 |
| Eliminations | | |
| Revenues | (3,005) | (2,901) |
| Earnings from operations before equity in earnings of subsidiaries | (28) | (252) |
| Consolidated Results | | |
| Revenues | 1,415,608 | 1,388,558 |
| Earnings from operations | 33,672 | 150,732 |
| Moving and Storage | | | | | |
| Debt Metrics | | | | | |
| (in thousands)(unaudited) | December 31, | September 30, | June 30, | March 31, | December 31, |
| 2025 | 2025 | 2025 | 2025 | 2024 |
| Real estate secured debt | $3,096,564 | $3,002,344 | $2,727,545 | $2,703,656 | $2,436,840 |
| Unsecured debt | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 |
| Fleet secured debt | 3,196,817 | 2,965,804 | 2,792,015 | 2,758,821 | 2,724,349 |
| Other secured debt | 64,798 | 64,357 | 65,570 | 66,864 | 68,402 |
| Total debt | 8,058,179 | 7,732,505 | 7,285,130 | 7,229,341 | 6,929,591 |
| Cash and cash equivalents | $1,010,011 | $910,969 | $726,069 | $872,467 | $883,108 |
| Total assets | 18,717,342 | 18,460,371 | 17,858,535 | 17,522,952 | 17,291,214 |
| Adjusted EBITDA (TTM) | 1,640,173 | 1,681,900 | 1,650,277 | 1,619,714 | 1,614,146 |
| Net debt to adjusted EBITDA | 4.3 | 4.1 | 4.0 | 3.9 | 3.7 |
| Net debt to total assets | 37.7% | 37.0% | 36.7% | 36.3% | 35.0% |
| Percent of debt floating | 6.8% | 7.1% | 6.1% | 6.1% | 6.2% |
| Percent of debt fixed | 93.2% | 92.9% | 93.9% | 93.9% | 93.8% |
| Percent of debt unsecured | 21.1% | 22.0% | 23.3% | 23.5% | 24.5% |
| Unencumbered asset ratio* | 4.01x | 3.96x | 3.86x | 3.91x | 3.81x |
| * Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued |
| at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x | |
The components of depreciation, net of (gains) losses on disposals for the third quarter of fiscal 2026 and 2025 are as follows:
| Quarter Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| (Unaudited) |
|---|
| (In thousands) |
|---|
| Depreciation expense - rental equipment | $222,717 | $177,956 |
| Depreciation expense - non rental equipment | 23,564 | 24,064 |
| Depreciation expense - real estate | 52,638 | 47,597 |
| Total depreciation expense | $298,919 | $249,617 |
| Net (gains) losses on disposals of rental equipment | $26,210 | $(3,774) |
| Net (gains) losses on disposals of non-rental equipment | 90 | 248 |
| Total net (gains) losses on disposals equipment | $26,300 | $(3,526) |
| Depreciation, net of (gains) losses on disposals | $325,219 | $246,091 |
| Net (gains) losses on disposals of real estate | $2,696 | $3,358 |
The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:
| Quarter Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| (Unaudited) |
|---|
| (In thousands, except occupancy rate) |
|---|
| Unit count as of December 31 | 847 | 781 |
| Square footage as of December 31 | 72,642 | 66,792 |
| Average monthly number of units occupied | 610 | 610 |
| Average monthly occupancy rate based on unit count | 72.4% | 78.7% |
| End of December occupancy rate based on unit count | 71.7% | 78.1% |
| Average monthly square footage occupied | 54,286 | 53,444 |
Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2026 and 2025.
| Nine Months Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| (Unaudited) |
|---|
| (In thousands) |
|---|
| Self-moving equipment rental revenues | $3,054,920 | $2,980,265 |
| Self-storage revenues | 725,596 | 667,381 |
| Self-moving and self-storage product and service sales | 256,946 | 254,761 |
| Property management fees | 28,020 | 27,950 |
| Life insurance premiums | 55,387 | 64,154 |
| Property and casualty insurance premiums | 80,365 | 75,360 |
| Net investment and interest income | 122,492 | 115,455 |
| Other revenue | 442,274 | 409,830 |
| Consolidated revenue | $4,766,000 | $4,595,156 |
Listed below are the revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2026 and 2025.
| Nine Months Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| (Unaudited) |
|---|
| (In thousands) |
|---|
| Moving and storage | | |
| Revenues | $4,506,576 | $4,339,360 |
| Earnings from operations before equity in earnings of subsidiaries | 447,402 | 703,030 |
| Property and casualty insurance | | |
| Revenues | 108,128 | 97,780 |
| Earnings from operations | 49,861 | 44,769 |
| Life insurance | | |
| Revenues | 160,414 | 166,668 |
| Earnings from operations | 11,501 | 11,887 |
| Eliminations | | |
| Revenues | (9,118) | (8,652) |
| Earnings from operations before equity in earnings of subsidiaries | (84) | (756) |
| Consolidated Results | | |
| Revenues | 4,766,000 | 4,595,156 |
| Earnings from operations | 508,680 | 758,930 |
The components of depreciation, net of (gains) losses on disposals for the first nine months of fiscal 2026 and 2025 are as follows:
| Nine Months Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| (Unaudited) |
|---|
| (In thousands) |
|---|
| Depreciation expense - rental equipment | $657,838 | $511,824 |
| Depreciation expense - non rental equipment | 71,343 | 71,775 |
| Depreciation expense - real estate | 153,923 | 135,156 |
| Total depreciation expense | $883,104 | $718,755 |
| Net (gains) losses on disposals of rental equipment | $86,664 | $(29,614) |
| Net (gains) losses on disposals of non-rental equipment | 68 | 765 |
| Total net (gains) losses on disposals equipment | $86,732 | $(28,849) |
| Depreciation, net of (gains) losses on disposals | $969,836 | $689,906 |
| Net (gains) losses on disposals of real estate | $5,610 | $9,453 |
The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:
| Nine Months Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| (Unaudited) |
|---|
| (In thousands, except occupancy rate) |
|---|
| Unit count as of December 31 | 847 | 781 |
| Square footage as of December 31 | 72,642 | 66,792 |
| Average monthly number of units occupied | 624 | 605 |
| Average monthly occupancy rate based on unit count | 75.6% | 79.9% |
| End of December occupancy rate based on unit count | 71.7% | 78.1% |
| Average monthly square footage occupied | 55,103 | 52,756 |
| | | | Annual | |
|---|
| Self-Storage Portfolio Summary | | | |
| As of December 31, 2025 | | | | | |
| (unaudited) | | | | | |
| U-Haul Owned Store Data by State | | | |
| State/ | | Units | Rentable | Revenue | Occupancy |
| Province | Stores | Occupied | Square Feet | Per Foot | During Qtr |
| Texas | 100 | 35,939 | 4,789,881 | $15.47 | 69.1% |
| Florida | 92 | 34,004 | 4,126,552 | $19.05 | 71.8% |
| California | 89 | 33,664 | 3,351,525 | $22.01 | 77.6% |
| Illinois | 85 | 37,637 | 4,402,195 | $16.72 | 73.3% |
| Pennsylvania | 73 | 27,780 | 3,148,555 | $18.37 | 69.6% |
| Ohio | 68 | 25,563 | 3,134,940 | $15.24 | 70.3% |
| New York | 67 | 27,588 | 2,722,796 | $23.65 | 76.5% |
| Michigan | 60 | 19,724 | 2,337,644 | $16.31 | 76.3% |
| Georgia | 56 | 21,138 | 2,787,198 | $16.60 | 70.8% |
| Arizona | 50 | 23,617 | 3,152,769 | $16.37 | 67.5% |
| Wisconsin | 44 | 16,614 | 2,092,746 | $14.33 | 70.2% |
| North Carolina | 42 | 16,937 | 2,125,751 | $15.77 | 68.1% |
| Washington | 39 | 13,694 | 1,672,876 | $17.48 | 67.8% |
| Missouri | 38 | 13,775 | 1,820,979 | $14.51 | 68.9% |
| Tennessee | 37 | 14,809 | 1,630,083 | $15.33 | 80.9% |
| New Jersey | 34 | 15,843 | 1,594,332 | $21.10 | 81.3% |
| Minnesota | 34 | 13,295 | 1,699,941 | $13.96 | 73.2% |
| Ontario | 33 | 12,308 | 1,415,964 | $23.61 | 68.9% |
| Indiana | 33 | 10,450 | 1,189,232 | $14.54 | 78.6% |
| Alabama | 32 | 8,011 | 1,313,068 | $13.59 | 54.7% |
| Top 20 Totals | 1,106 | 422,390 | 50,509,027 | $17.40 | 71.9% |
| All Others | 506 | 184,697 | 22,133,137 | $17.38 | 73.6% |
| 3Q 2026 Totals | 1,612 | 607,087 | 72,642,164 | $17.40 | 72.4% |
| Same Store Pool Held Constant for Prior Periods | | | | | |
| Same Store 3Q26 | 923 | 331,655 | 32,661,548 | $18.25 | 87.2% |
| Same Store 3Q25 | 923 | 351,888 | 32,647,437 | $17.34 | 92.1% |
| Same Store 3Q24 | 923 | 351,559 | 32,608,219 | $16.84 | 92.0% |
| Non-Same Store 3Q26 | 689 | 275,432 | 39,980,616 | $16.37 | 60.1% |
| Non-Same Store 3Q25 | 615 | 258,144 | 34,144,096 | $15.98 | 65.6% |
| Non-Same Store 3Q24 | 526 | 217,243 | 26,894,592 | $15.90 | 69.4% |
| Same Store Pool, Prior Periods Unchanged | | | | | |
| Same Store 3Q26 | 923 | 331,655 | 32,661,548 | $18.25 | 87.2% |
| Same Store 3Q25 | 904 | 320,420 | 29,827,746 | $17.28 | 92.4% |
| Same Store 3Q24 | 854 | 283,150 | 26,769,110 | $16.64 | 92.9% |
| Non Same Store 3Q26 | 689 | 275,432 | 39,980,616 | $16.37 | 60.1% |
| Non Same Store 3Q25 | 634 | 289,612 | 36,963,786 | $16.20 | 67.5% |
| Non Same Store 3Q24 | 597 | 284,899 | 32,664,093 | $16.33 | 73.1% |
| Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of the reporting quarter. |
| Occupancy % reflects average occupancy during the reporting quarter. | |
| Revenue per foot is average revenue per occupied foot over the trailing twelve months ending December 2025. | |
| Same store includes storage locations with rentable storage inventory for more than three years and a capacity |
| change of less than twenty units for any year-over-year period of the reporting month. |
| The locations have occupancy each month during the last three years and have achieved 80% or greater occupancy for the last two years. |
| Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month. |
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| December 31, | March 31, |
|---|
| 2025 | 2025 |
|---|
| (Unaudited) |
|---|
| (In thousands) |
|---|
| ASSETS | | |
| Cash and cash equivalents | $1,032,257 | $988,828 |
| Trade receivables and reinsurance recoverables, net | 172,649 | 230,716 |
| Inventories and parts | 175,023 | 163,132 |
| Prepaid expenses | 353,201 | 282,406 |
| Fixed maturity securities available-for-sale, net, at fair value | 2,501,436 | 2,479,498 |
| Equity securities, at fair value | 57,418 | 65,549 |
| Investments, other | 720,713 | 678,254 |
| Deferred policy acquisition costs, net | 116,178 | 121,729 |
| Other assets | 129,516 | 126,732 |
| Right of use assets - financing, net | 30,561 | 138,698 |
| Right of use assets - operating, net | 40,689 | 46,025 |
| Related party assets | 60,630 | 45,003 |
| Property, plant and equipment, at cost: | | |
| Land | 1,854,024 | 1,812,820 |
| Buildings and improvements | 10,329,648 | 9,628,271 |
| Furniture and equipment | 1,068,623 | 1,047,414 |
| Rental trailers and other rental equipment | 1,175,723 | 1,046,135 |
| Rental trucks | 8,416,008 | 7,470,039 |
| 22,844,026 | 21,004,679 |
| Less: Accumulated depreciation | (6,616,653) | (5,892,079) |
| Total property, plant and equipment, net | 16,227,373 | 15,112,600 |
| Total assets | $21,617,644 | $20,479,170 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | |
| Liabilities: | | |
| Accounts payable and accrued expenses | $765,426 | $820,900 |
| Notes, loans and finance leases payable, net | 8,017,296 | 7,193,857 |
| Operating lease liabilities | 41,464 | 46,973 |
| Policy benefits and losses, claims and loss expenses payable | 930,764 | 857,521 |
| Liabilities from investment contracts | 2,453,325 | 2,511,422 |
| Other policyholders' funds and liabilities | 5,786 | 7,539 |
| Deferred income | 54,227 | 52,895 |
| Deferred income taxes, net | 1,605,547 | 1,489,920 |
| Total liabilities | 13,873,835 | 12,981,027 |
| Common stock | 10,497 | 10,497 |
| Non-voting common stock | 176 | 176 |
| Additional paid-in capital | 462,548 | 462,548 |
| Accumulated other comprehensive loss | (168,090) | (229,314) |
| Retained earnings | 8,116,328 | 7,931,886 |
| Cost of common stock in treasury, net | (525,653) | (525,653) |
| Cost of preferred stock in treasury, net | (151,997) | (151,997) |
| Total stockholders' equity | 7,743,809 | 7,498,143 |
| Total liabilities and stockholders' equity | $21,617,644 | $20,479,170 |
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Quarter Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| (Unaudited) |
|---|
| (In thousands, except share and per share data) |
|---|
| Revenues: | | |
| Self-moving equipment rental revenues | $886,170 | $878,585 |
| Self-storage revenues | 245,060 | 227,125 |
| Self-moving and self-storage products and service sales | 68,929 | 70,407 |
| Property management fees | 8,817 | 8,869 |
| Life insurance premiums | 17,848 | 22,926 |
| Property and casualty insurance premiums | 30,355 | 28,364 |
| Net investment and interest income | 47,259 | 40,536 |
| Other revenue | 111,170 | 111,746 |
| Total revenues | 1,415,608 | 1,388,558 |
| Costs and expenses: | | |
| Operating expenses | 848,614 | 782,351 |
| Commission expenses | 96,101 | 95,031 |
| Cost of product sales | 50,871 | 52,767 |
| Benefits and losses | 49,232 | 48,683 |
| Amortization of deferred policy acquisition costs | 4,922 | 4,493 |
| Lease expense | 4,281 | 5,052 |
| Depreciation, net of (gains) losses on disposals | 325,219 | 246,091 |
| Net (gains) losses on disposal of real estate | 2,696 | 3,358 |
| Total costs and expenses | 1,381,936 | 1,237,826 |
| Earnings from operations | 33,672 | 150,732 |
| Other components of net periodic benefit costs | (346) | (372) |
| Other interest income | 10,784 | 15,638 |
| Interest expense | (95,527) | (76,581) |
| Fees on early extinguishment of debt | (163) | - |
| Pretax earnings (losses) | (51,580) | 89,417 |
| Income tax (expense) benefit | 14,612 | (22,251) |
| Earnings (losses) available to common stockholders | $(36,968) | $67,166 |
| Basic and diluted earnings (losses) per share of Common Stock | $(0.23) | $0.30 |
| Weighted average shares outstanding of Common Stock: Basic and diluted | 19,607,788 | 19,607,788 |
| Basic and diluted earnings (losses) per share of Series N Non-Voting Common Stock | $(0.18) | $0.35 |
| Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted | 176,470,092 | 176,470,092 |
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Nine Months Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| (Unaudited) |
|---|
| (In thousands, except share and per share data) |
|---|
| Revenues: | | |
| Self-moving equipment rental revenues | $3,054,920 | $2,980,265 |
| Self-storage revenues | 725,596 | 667,381 |
| Self-moving and self-storage products and service sales | 256,946 | 254,761 |
| Property management fees | 28,020 | 27,950 |
| Life insurance premiums | 55,387 | 64,154 |
| Property and casualty insurance premiums | 80,365 | 75,360 |
| Net investment and interest income | 122,492 | 115,455 |
| Other revenue | 442,274 | 409,830 |
| Total revenues | 4,766,000 | 4,595,156 |
| Costs and expenses: | | |
| Operating expenses | 2,584,905 | 2,463,181 |
| Commission expenses | 334,649 | 326,610 |
| Cost of product sales | 190,701 | 181,031 |
| Benefits and losses | 142,592 | 137,081 |
| Amortization of deferred policy acquisition costs | 14,801 | 13,578 |
| Lease expense | 14,226 | 15,386 |
| Depreciation, net of (gains) losses on disposals | 969,836 | 689,906 |
| Net (gains) losses on disposal of real estate | 5,610 | 9,453 |
| Total costs and expenses | 4,257,320 | 3,836,226 |
| Earnings from operations | 508,680 | 758,930 |
| Other components of net periodic benefit costs | (1,037) | (1,116) |
| Other interest income | 31,468 | 50,004 |
| Interest expense | (268,162) | (215,297) |
| Fees on early extinguishment of debt | (189) | (495) |
| Pretax earnings | 270,760 | 592,026 |
| Income tax expense | (59,847) | (142,645) |
| Earnings available to common stockholders | $210,913 | $449,381 |
| Basic and diluted earnings per share of Common Stock | $0.94 | $2.16 |
| Weighted average shares outstanding of Common Stock: Basic and diluted | 19,607,788 | 19,607,788 |
| Basic and diluted earnings per share of Series N Non-Voting Common Stock | $1.09 | $2.31 |
| Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted | 176,470,092 | 176,470,092 |
EARNINGS PER SHARE
We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less than the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.
Our undistributed earnings per share were calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share was added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process was used for both Voting Common Stock and Non-Voting Common Stock.
The calculation of basic and diluted earnings per share for the quarters and nine months ended December 31, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:
| For the Quarter Ended |
|---|
| December 31, |
|---|
| 2025 | 2024 |
|---|
| (Unaudited) |
|---|
| (In thousands, except share and per share amounts) |
|---|
| Weighted average shares outstanding of Voting Common Stock | 19,607,788 | | 19,607,788 |
| Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock | 196,077,880 | | 196,077,880 |
| Percent of weighted average shares outstanding of Voting Common Stock | 10% | | 10% |
| Net earnings (losses) available to common stockholders | $(36,968) | | $67,166 |
| Voting Common Stock dividends declared | - | | - |
| Non-Voting Common Stock dividends declared | (8,824) | | (8,824) |
| Undistributed earnings (losses) available to common stockholders | $(45,792) | | $58,342 |
| Undistributed earnings (losses) available to common stockholders allocated to Voting Common Stock | $(4,579) | | $5,834 |
| Undistributed earnings (losses) per share of Voting Common Stock | $(0.23) | | $0.30 |
| Dividends declared per share of Voting Common Stock | - | | - |
| Basic and diluted earnings (losses) per share of Voting Common Stock | $(0.23) | | $0.30 |
| Weighted average shares outstanding of Non-Voting Common Stock | 176,470,092 | | 176,470,092 |
| Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock | 196,077,880 | | 196,077,880 |
| Percent of weighted average shares outstanding of Non-Voting Common Stock | 90% | | 90% |
| Net earnings (losses) available to common stockholders | $(36,968) | | $67,166 |
| Voting Common Stock dividends declared | - | | - |
| Non-Voting Common Stock dividends declared | (8,824) | | (8,824) |
| Undistributed earnings (losses) available to common stockholders | $(45,792) | | $58,342 |
| Undistributed earnings (losses) available to common stockholders allocated to Non-Voting Common Stock | $(41,213) | | $52,508 |
| Undistributed earnings (losses) per share of Non-Voting Common Stock | $(0.23) | | $0.30 |
| Dividends declared per share of Non-Voting Common Stock | 0.05 | | 0.05 |
| Basic and diluted earnings (losses) per share of Non-Voting Common Stock | $(0.18) | | $0.35 |
| For the Nine Months Ended |
|---|
| December 31, |
|---|
| 2025 | 2024 |
|---|
| (Unaudited) |
|---|
| (In thousands, except share and per share amounts) |
|---|
| Weighted average shares outstanding of Voting Common Stock | 19,607,788 | 19,607,788 |
| Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock | 196,077,880 | 196,077,880 |
| Percent of weighted average shares outstanding of Voting Common Stock | 10% | 10% |
| Net earnings available to common stockholders | $210,913 | $449,381 |
| Voting Common Stock dividends declared | - | - |
| Non-Voting Common Stock dividends declared | (26,471) | (26,471) |
| Undistributed earnings available to common stockholders | $184,442 | $422,910 |
| Undistributed earnings available to common stockholders allocated to Voting Common Stock | $18,444 | $42,291 |
| Undistributed earnings per share of Voting Common Stock | $0.94 | $2.16 |
| Dividends declared per share of Voting Common Stock | - | - |
| Basic and diluted earnings per share of Voting Common Stock | $0.94 | $2.16 |
| Weighted average shares outstanding of Non-Voting Common Stock | 176,470,092 | 176,470,092 |
| Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock | 196,077,880 | 196,077,880 |
| Percent of weighted average shares outstanding of Non-Voting Common Stock | 90% | 90% |
| Net earnings available to common stockholders | $210,913 | $449,381 |
| Voting Common Stock dividends declared | - | - |
| Non-Voting Common Stock dividends declared | (26,471) | (26,471) |
| Undistributed earnings available to common stockholders | $184,442 | $422,910 |
| Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock | $165,998 | $380,619 |
| Undistributed earnings per share of Non-Voting Common Stock | $0.94 | $2.16 |
| Dividends declared per share of Non-Voting Common Stock | 0.15 | 0.15 |
| Basic and diluted earnings per share of Non-Voting Common Stock | $1.09 | $2.31 |
NON-GAAP FINANCIAL RECONCILIATION SCHEDULE
As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net (“PPE”) being reclassed to Right of use assets - financing, net (“ROU-financing”). The tables below show adjusted PPE as of December 31, 2025 and March 31, 2025, by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by, nor presented in accordance with, GAAP. We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP.
| | | December 31, | March 31, |
|---|
| | | 2025 | 2025 |
|---|
| December 31, | ROU Assets | Property, Plant and Equipment | Property, Plant and Equipment |
|---|
| 2025 | Financing | Adjusted | Adjusted |
|---|
| (Unaudited) |
|---|
| (In thousands) |
|---|
| Property, plant and equipment, at cost | | | | |
| Land | $1,854,024 | $- | $1,854,024 | $1,812,820 |
| Buildings and improvements | 10,329,648 | - | 10,329,648 | 9,628,271 |
| Furniture and equipment | 1,068,623 | 61 | 1,068,684 | 1,047,475 |
| Rental trailers and other rental equipment | 1,175,723 | 9,192 | 1,184,915 | 1,104,206 |
| Rental trucks | 8,416,008 | 80,722 | 8,496,730 | 7,779,514 |
| Subtotal | 22,844,026 | 89,975 | 22,934,001 | 21,372,286 |
| Less: Accumulated depreciation | (6,616,653) | (59,414) | (6,676,067) | (6,120,988) |
| Total property, plant and equipment, net | $16,227,373 | $30,561 | $16,257,934 | $15,251,298 |
| | | March 31, |
|---|
| | | 2025 |
|---|
| March 31, | ROU Assets | Property, Plant and Equipment |
|---|
| 2025 | Financing | Adjusted |
|---|
| (Unaudited) |
|---|
| (In thousands) |
|---|
| Property, plant and equipment, at cost | | | |
| Land | $1,812,820 | $- | $1,812,820 |
| Buildings and improvements | 9,628,271 | - | 9,628,271 |
| Furniture and equipment | 1,047,414 | 61 | 1,047,475 |
| Rental trailers and other rental equipment | 1,046,135 | 58,071 | 1,104,206 |
| Rental trucks | 7,470,039 | 309,475 | 7,779,514 |
| Subtotal | 21,004,679 | 367,607 | 21,372,286 |
| Less: Accumulated depreciation | (5,892,079) | (228,909) | (6,120,988) |
| Total property, plant and equipment, net | $15,112,600 | $138,698 | $15,251,298 |
Non-GAAP Financial Measures
Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Company believes that these widely accepted measures of operating profitability supplement the transparency of the Company's disclosures and provides a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and supplements the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. The non-GAAP measure reported is adjusted EBITDA. The table below presents the reconciliation of the trailing twelve months adjusted EBITDA measures to its most directly comparable GAAP measures.
| December 31, | September 30, | June 30, | March 31, | December 31, |
|---|
| 2025 | 2025 | 2025 | 2025 | 2024 |
|---|
| Moving and Storage EBITDA Calculations | | | | | |
| (In thousands, unaudited) | Trailing Twelve Months |
| Net earnings available to common stockholders | $128,622 | $232,756 | $314,004 | $367,090 | $448,518 |
| Income tax expense | 11,714 | 48,448 | 76,156 | 94,747 | 137,940 |
| Fees on early extinguishment of debt and costs of defeasance | 189 | 26 | 26 | 495 | 495 |
| Interest expense | 348,914 | 330,192 | 311,609 | 296,721 | 280,487 |
| Other interest income | (40,881) | (45,759) | (51,899) | (59,489) | (87,303) |
| Other components of net periodic benefit costs | 1,409 | 1,435 | 1,462 | 1,488 | 1,480 |
| Net (gains) losses on disposal of real estate | 11,915 | 12,577 | 11,037 | 15,758 | 12,047 |
| Depreciation, net of (gains) losses on disposals | 1,238,114 | 1,158,986 | 1,045,648 | 958,184 | 888,253 |
| Elimination of net earnings from insurance subsidiaries | (59,823) | (56,761) | (57,766) | (55,280) | (67,771) |
| Adjusted EBITDA | $1,640,173 | $1,681,900 | $1,650,277 | $1,619,714 | $1,614,146 |
The table below presents the reconciliation of the second quarter adjusted EBITDA measures to its most directly comparable GAAP measures.
| December 31, | December 31, |
|---|
| 2025 | 2024 |
|---|
| Moving and Storage EBITDA Calculations | | |
| (In thousands, unaudited) | Quarters Ended |
| Net earnings (losses) available to common stockholders | $(36,968) | $67,166 |
| Income tax expense (benefit) | (20,138) | 16,596 |
| Fees on early extinguishment of debt and costs of defeasance | 163 | - |
| Interest expense | 95,555 | 76,833 |
| Other interest income | (10,856) | (15,734) |
| Other components of net periodic benefit costs | 346 | 372 |
| Net (gains) losses on disposal of real estate | 2,696 | 3,358 |
| Depreciation, net of (gains) losses on disposals | 325,219 | 246,091 |
| Elimination of net earnings from insurance subsidiaries | (21,018) | (17,956) |
| Adjusted EBITDA | $334,999 | $376,726 |
Contacts
Director of Investor Relations
(602) 263-6601
Sebastien_Reyes@uhaul.com