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U-Haul Holding Company
U-HAUL HOLDING COMPANY REPORTS FISCAL 2026 FINANCIAL RESULTS
RENO, Nev. (May 27, 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 available to shareholders for the year ended March 31, 2026 of $83.1 million compared with $367.1 million for the same period last year.
For the quarter ended March 31, 2026, the Company reported net losses available to shareholders of ($127.8) million compared with net losses of ($82.3) million for the same period last year.
“This is the second time in recent years we have had a real loss in this quarter,” stated Joe Shoen, Chairman of U-Haul Holding Company. “The issues with loss on disposal of rental equipment are working themselves through. CapEx on rental trucks will likely be down this time next year helping moderate fleet depreciation. Liability cost growth will normalize, continuing to vary with fleet size and growing with inflation. We are pushing a bow wave of costs associated with built but not rented storage units. These are well located and will rent. Construction of additional storage units has been declining for several months, but until we rent more than we add, these costs will remain an increasing drain. We are increasing our dealer locations in both the US and Canada to better serve the customer. Our relations with our customer base remain solid.”
Highlights of Fiscal Year and Fourth Quarter 2026 Results
Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, decreased $39.9 million compared to the fourth quarter of fiscal 2025 and for the full year decreased $295.5 million compared to fiscal 2025.
Losses from the disposal of retired rental equipment accounted for $2.1 million for the fourth quarter and $117.6 million for the full year of the decrease while fleet depreciation expense increased $40.6 million for the fourth quarter and $186.6 million for the full year. Liability costs decreased $1.8 million for the quarter and increased $76.4 million for the full year, all compared with the fourth quarter and full year of fiscal 2025.
Moving and Storage earnings before interest, taxes, depreciation and amortization adjusted (EBITDA) increased $5.7 million to $223.0 million compared to the fourth quarter of fiscal 2025 and for the full year ended March 31, 2026 increased $26.1 million to $1,645.9 compared with fiscal 2025.
Self-storage revenues increased $16.3 million, or 7.1%, in the fourth quarter of fiscal 2026 compared with the fourth quarter of fiscal 2025 and for the full year increased $74.5 million, or 8.3%, compared with fiscal 2025.
Same store occupancy decreased 5.4% to 86.1%, revenue per foot increased 6.5%, and the number of locations qualifying for the pool increased by 55.
During the fourth quarter of fiscal 2026, we added 12 new locations with storage and 1.0 million net rentable square feet (NRSF).
We have approximately 11.7 million NRSF in development or pending.
Self-moving equipment rental revenues increased $11.7 million, or 1.6%, in the fourth quarter of fiscal 2026 compared with the fourth quarter of fiscal 2025. We finished the full year up $86.4 million, or 2.3%, compared with fiscal 2025. One-way transactions increased, while revenue per transaction was flat compared to fiscal 2025. In-town revenue per transaction grew compared to fiscal 2025.
Cash and credit availability at the Moving and Storage operating segment was $1,479.4 million and $1,347.5 million as of March 31, 2026 and 2025, respectively.
On May 22, 2026 the U-Haul Holding Company Board of Directors authorized a $350 million share repurchase plan across both classes of shares.
On March 4, 2026, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on March 16, 2026. The dividend was paid on March 27, 2026.
Our latest Supplemental financial information is available at investors.uhaul.com.
U-Haul Holding Company will hold its investor call for fiscal 2026 on Thursday, May 28, 2026 at 8 a.m. Arizona Time (11 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 over 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 204,800 trucks, 136,600 trailers and 42,000 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,136,000 rentable storage units and 99.0 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-K for the year ended March 31, 2026, which was filed with the SEC on May 27, 2026.
Report on Business Operations
Listed below on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2026 and 2025.
| Quarters Ended March 31, | Years Ended March 31, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| (Unaudited) |
|---|
| (In thousands) |
|---|
| Self-moving equipment rental revenues | $757,001 | $745,259 | $3,811,921 | $3,725,524 |
| Self-storage revenues | 246,831 | 230,532 | 972,427 | 897,913 |
| Self-moving and self-storage product and service sales | 72,668 | 72,729 | 329,614 | 327,490 |
| Property management fees | 8,855 | 8,861 | 36,875 | 36,811 |
| Life insurance premiums | 25,590 | 19,553 | 80,977 | 83,707 |
| Property and casualty insurance premiums | 24,754 | 23,540 | 105,119 | 98,900 |
| Net investment and interest income | 40,612 | 36,519 | 163,104 | 151,974 |
| Other revenue | 95,508 | 96,516 | 537,782 | 506,346 |
| Consolidated revenue | $1,271,819 | $1,233,509 | $6,037,819 | $5,828,665 |
Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2026 and 2025.
| Quarters Ended March 31, | Years Ended March 31, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| (Unaudited) |
|---|
| (In thousands) |
|---|
| Moving and storage | | | | |
| Revenues | $1,180,114 | $1,153,414 | $5,686,690 | $5,492,774 |
| Earnings (losses) from operations before equity in earnings of subsidiaries | (97,175) | (57,258) | 350,227 | 645,772 |
| Property and casualty insurance | | | | |
| Revenues | 33,074 | 27,384 | 141,202 | 125,164 |
| Earnings from operations | 17,336 | 9,976 | 67,197 | 54,745 |
| Life insurance | | | | |
| Revenues | 61,339 | 55,201 | 221,753 | 221,869 |
| Earnings from operations | 3,807 | 4,755 | 15,308 | 16,642 |
| Eliminations | | | | |
| Revenues | (2,708) | (2,490) | (11,826) | (11,142) |
| Earnings from operations before equity in earnings of subsidiaries | (27) | (249) | (111) | (1,005) |
| Consolidated Results | | | | |
| Revenues | 1,271,819 | 1,233,509 | 6,037,819 | 5,828,665 |
| Earnings (losses) from operations | (76,059) | (42,776) | 432,621 | 716,154 |
| Moving and Storage | | | | | |
| Debt Metrics | | | | | |
| (in thousands) (unaudited) | March 31, | December 31, | September 30, | June 30, | March 31, |
| 2026 | 2025 | 2025 | 2025 | 2025 |
| Real estate secured debt | $3,204,208 | $3,096,564 | $3,002,344 | $2,727,545 | $2,703,656 |
| Unsecured debt | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 |
| Fleet secured debt | 3,157,364 | 3,196,817 | 2,965,804 | 2,792,015 | 2,758,821 |
| Other secured debt | 63,377 | 64,798 | 64,357 | 65,570 | 66,864 |
| Total debt | 8,124,949 | 8,058,179 | 7,732,505 | 7,285,130 | 7,229,341 |
| Cash and cash equivalents | $1,014,382 | $1,010,011 | $910,969 | $726,069 | $872,467 |
| Total assets | 18,687,591 | 18,717,342 | 18,460,371 | 17,858,535 | 17,522,952 |
| Adjusted EBITDA (TTM) | 1,645,859 | 1,640,173 | 1,681,900 | 1,650,277 | 1,619,714 |
| Net debt to adjusted EBITDA | 4.3 | 4.3 | 4.1 | 4.0 | 3.9 |
| Net debt to total assets | 38.0% | 37.7% | 37.0% | 36.7% | 36.3% |
| Percent of debt floating | 6.7% | 6.8% | 7.1% | 6.1% | 6.1% |
| Percent of debt fixed | 93.3% | 93.2% | 92.9% | 93.9% | 93.9% |
| Percent of debt unsecured | 20.9% | 21.1% | 22.0% | 23.3% | 23.5% |
| Unencumbered asset ratio* | 3.98x | 4.01x | 3.96x | 3.86x | 3.91x |
| * 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 on disposals, for the fourth quarter and the full year of fiscal 2026 and 2025 are as follows:
| Quarter Ended March 31, | Years Ended March 31, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| (Unaudited) |
|---|
| (In thousands) |
|---|
| Depreciation expense - rental equipment | $221,435 | $180,836 | $879,273 | $692,660 |
| Depreciation expense - non rental equipment | 22,863 | 23,934 | 94,206 | 95,709 |
| Depreciation expense - real estate | 55,731 | 48,408 | 209,654 | 183,564 |
| Total depreciation expense | $300,029 | $253,178 | $1,183,133 | $971,933 |
| Net (gains) losses on disposals of rental equipment | $17,832 | $14,600 | $104,496 | $(15,014) |
| Net (gains) losses on disposals of non-rental equipment | (676) | 500 | (608) | 1,265 |
| Total net (gains) losses on disposals equipment | $17,156 | $15,100 | $103,888 | $(13,749) |
| Depreciation, net of (gains) losses on disposals | $317,185 | $268,278 | $1,287,021 | $958,184 |
| Net (gains) losses on disposals of real estate | $3,001 | $6,305 | $8,611 | $15,758 |
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 storage locations follows (unaudited):
| Quarters Ended March 31, |
|---|
| 2026 | 2025 |
|---|
| (In thousands, except occupancy rate) |
|---|
| Unit count as of March 31 | 857 | 799 |
| Square footage as of March 31 | 73,651 | 68,376 |
| Average monthly number of units occupied | 607 | 613 |
| Average monthly occupancy rate based on unit count | 71.1% | 77.3% |
| End of period occupancy rate based on unit count | 71.0% | 77.0% |
| Average monthly square footage occupied | 54,124 | 53,814 |
| Years Ended March 31, |
|---|
| 2026 | 2025 |
|---|
| (In thousands, except occupancy rate) |
|---|
| Unit count as of March 31 | 857 | 799 |
| Square footage as of March 31 | 73,651 | 68,376 |
| Average monthly number of units occupied | 620 | 607 |
| Average monthly occupancy rate based on unit count | 74.4% | 79.2% |
| End of period occupancy rate based on unit count | 71.0% | 77.0% |
| Average monthly square footage occupied | 54,858 | 53,021 |
| | | | Annual | |
|---|
| Self-Storage Portfolio Summary | | | | | |
| As of March 31, 2026 | | | | | |
| (unaudited) | | | | | |
| U-Haul Owned Store Data by State | | | | | |
| State/ | | Units | Rentable | Revenue | Occupancy |
| Province | Stores | Occupied | Square Feet | Per Foot | During Qtr |
| Texas | 102 | 35,998 | 4,937,797 | $15.87 | 67.5% |
| Florida | 93 | 33,661 | 4,282,463 | $19.32 | 67.9% |
| California | 89 | 33,834 | 3,352,228 | $22.48 | 78.1% |
| Illinois | 85 | 37,915 | 4,432,525 | $17.04 | 72.3% |
| Pennsylvania | 74 | 27,777 | 3,157,671 | $18.60 | 69.0% |
| Ohio | 68 | 25,730 | 3,143,964 | $15.51 | 70.8% |
| New York | 67 | 27,855 | 2,723,022 | $24.14 | 76.9% |
| Michigan | 61 | 19,856 | 2,399,439 | $16.56 | 74.7% |
| Georgia | 57 | 21,250 | 2,808,691 | $16.83 | 70.4% |
| Arizona | 51 | 23,523 | 3,226,198 | $16.76 | 66.1% |
| Wisconsin | 44 | 16,420 | 2,092,796 | $14.53 | 68.9% |
| North Carolina | 42 | 16,860 | 2,211,672 | $16.03 | 64.2% |
| Missouri | 40 | 13,811 | 1,988,597 | $14.70 | 63.6% |
| Washington | 39 | 13,862 | 1,672,760 | $17.93 | 68.3% |
| Tennessee | 37 | 14,808 | 1,629,973 | $15.54 | 80.5% |
| Minnesota | 35 | 13,307 | 1,774,078 | $14.24 | 71.2% |
| New Jersey | 34 | 15,851 | 1,592,730 | $21.43 | 78.0% |
| Ontario | 33 | 12,430 | 1,416,014 | $23.89 | 68.9% |
| Indiana | 33 | 10,465 | 1,189,482 | $14.74 | 77.9% |
| Alabama | 32 | 7,931 | 1,312,968 | $13.89 | 53.0% |
| Top 20 Totals | 1,116 | 423,144 | 51,345,068 | $17.72 | 70.6% |
| All Others | 508 | 185,469 | 22,306,185 | $17.65 | 72.2% |
| 4Q FY 2026 Totals | 1,624 | 608,613 | 73,651,253 | $17.70 | 71.1% |
| Same Store Pool Held Constant for Prior Periods | | | | | |
| Same Store 4Q26 | 948 | 342,134 | 34,053,475 | $18.49 | 86.1% |
| Same Store 4Q25 | 948 | 365,169 | 34,037,858 | $17.36 | 91.5% |
| Same Store 4Q24 | 948 | 365,223 | 34,004,911 | $16.89 | 91.2% |
| Non-Same Store 4Q26 | 676 | 266,479 | 39,597,778 | $16.68 | 57.9% |
| Non-Same Store 4Q25 | 610 | 250,465 | 34,338,142 | $16.08 | 62.8% |
| Non-Same Store 4Q24 | 528 | 212,180 | 27,852,116 | $16.06 | 65.6% |
| Same Store Pool, Prior Periods Unchanged | | | | | |
| Same Store 4Q26 | 948 | 342,134 | 34,053,475 | $18.49 | 86.1% |
| Same Store 4Q25 | 893 | 317,736 | 29,661,083 | $17.32 | 91.9% |
| Same Store 4Q24 | 862 | 291,587 | 27,376,696 | $16.87 | 92.3% |
| Non-Same Store 4Q26 | 676 | 266,479 | 39,597,778 | $16.68 | 57.9% |
| Non-Same Store 4Q25 | 665 | 297,898 | 38,714,917 | $16.32 | 66.0% |
| Non-Same Store 4Q24 | 614 | 285,816 | 34,480,331 | $16.28 | 70.1% |
| Note: Store Count, Units, and NRSF 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 fiscal year 2026. | | |
| Same store includes storage locations with rentable storage inventory for more than three years and have had 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 physical 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
CONSOLIDATED BALANCE SHEETS
| March 31, | March 31, |
|---|
| 2026 | 2025 |
|---|
| (Unaudited) |
|---|
| ASSETS | (In thousands) |
| Cash and cash equivalents | $1,120,147 | $988,828 |
| Trade receivables and reinsurance recoverables, net | 159,768 | 230,716 |
| Inventories and parts | 178,155 | 163,132 |
| Prepaid expenses | 191,671 | 282,406 |
| Fixed maturity securities available-for-sale, net, at fair value | 2,417,912 | 2,479,498 |
| Equity securities, at fair value | 14,976 | 65,549 |
| Investments, other | 706,314 | 678,254 |
| Deferred policy acquisition costs, net | 112,852 | 121,729 |
| Other assets | 127,202 | 126,732 |
| Right of use assets - financing, net | - | 138,698 |
| Right of use assets - operating, net | 40,188 | 46,025 |
| Related party assets | 53,159 | 45,003 |
| Property, plant and equipment, at cost: | | |
| Land | 1,865,369 | 1,812,820 |
| Buildings and improvements | 10,542,945 | 9,628,271 |
| Furniture and equipment | 1,074,032 | 1,047,414 |
| Rental trailers and other rental equipment | 1,206,253 | 1,046,135 |
| Rental trucks | 8,554,508 | 7,470,039 |
| 23,243,107 | 21,004,679 |
| Less: Accumulated depreciation | (6,862,662) | (5,892,079) |
| Total property, plant and equipment, net | 16,380,445 | 15,112,600 |
| Total assets | $21,502,789 | $20,479,170 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | |
| Liabilities: | | |
| Accounts payable and accrued expenses | $850,294 | $820,900 |
| Notes, loans and finance leases payable, net | 8,083,374 | 7,193,857 |
| Operating lease liabilities | 40,957 | 46,973 |
| Policy benefits and losses, claims and loss expenses payable | 939,874 | 857,521 |
| Liabilities from investment contracts | 2,357,545 | 2,511,422 |
| Other policyholders' funds and liabilities | 2,899 | 7,539 |
| Deferred income | 56,614 | 52,895 |
| Deferred income taxes, net | 1,559,581 | 1,489,920 |
| Total liabilities | 13,891,138 | 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 | (163,640) | (229,314) |
| Retained earnings | 7,979,720 | 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 | 7,611,651 | 7,498,143 |
| Total liabilities and stockholders' equity | $21,502,789 | $20,479,170 |
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
| Quarter Ended March 31, |
|---|
| 2026 | 2025 |
|---|
| (Unaudited)(In thousands, except share and per share data) |
|---|
| Revenues: | | |
| Self-moving equipment rental revenues | $757,001 | $745,259 |
| Self-storage revenues | 246,831 | 230,532 |
| Self-moving and self-storage products and service sales | 72,668 | 72,729 |
| Property management fees | 8,855 | 8,861 |
| Life insurance premiums | 25,590 | 19,553 |
| Property and casualty insurance premiums | 24,754 | 23,540 |
| Net investment and interest income | 40,612 | 36,519 |
| Other revenue | 95,508 | 96,516 |
| Total revenues | 1,271,819 | 1,233,509 |
| Costs and expenses: | | |
| Operating expenses | 830,457 | 812,290 |
| Commission expenses | 81,582 | 80,758 |
| Cost of product sales | 56,159 | 53,114 |
| Benefits and losses | 49,605 | 45,668 |
| Amortization of deferred policy acquisition costs | 4,851 | 4,755 |
| Lease expense | 5,038 | 5,117 |
| Depreciation, net of (gains) losses on disposals | 317,185 | 268,278 |
| Net (gains) losses on disposal of real estate | 3,001 | 6,305 |
| Total costs and expenses | 1,347,878 | 1,276,285 |
| Earnings (losses) from operations | (76,059) | (42,776) |
| Other components of net periodic benefit costs | (346) | (372) |
| Other interest income | 15,793 | 9,053 |
| Interest expense | (96,595) | (80,419) |
| Fees on early extinguishment of debt and costs of defeasance | (919) | - |
| Pretax earnings (losses) | (158,126) | (114,514) |
| Income tax (expense) benefit | 30,341 | 32,223 |
| Losses available to common shareholders | $(127,785) | $(82,291) |
| Basic and diluted losses per share of Common Stock | $(0.70) | $(0.46) |
| Weighted average shares outstanding of Common Stock: Basic and diluted | 19,607,788 | 19,607,788 |
| Basic and diluted earnings (losses) per share of Non-Voting Common Stock | $(0.65) | $(0.41) |
| Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted | 176,470,092 | 176,470,092 |
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
| Years Ended March 31, |
|---|
| 2026 | 2025 |
|---|
| (Unaudited)(In thousands, except share and per share data) |
|---|
| Revenues: | | |
| Self-moving equipment rental revenues | $3,811,921 | $3,725,524 |
| Self-storage revenues | 972,427 | 897,913 |
| Self-moving and self-storage products and service sales | 329,614 | 327,490 |
| Property management fees | 36,875 | 36,811 |
| Life insurance premiums | 80,977 | 83,707 |
| Property and casualty insurance premiums | 105,119 | 98,900 |
| Net investment and interest income | 163,104 | 151,974 |
| Other revenue | 537,782 | 506,346 |
| Total revenues | 6,037,819 | 5,828,665 |
| Costs and expenses: | | |
| Operating expenses | 3,415,362 | 3,275,471 |
| Commission expenses | 416,231 | 407,368 |
| Cost of product sales | 246,860 | 234,145 |
| Benefits and losses | 192,197 | 182,749 |
| Amortization of deferred policy acquisition costs | 19,652 | 18,333 |
| Lease expense | 19,264 | 20,503 |
| Depreciation, net of (gains) losses on disposals | 1,287,021 | 958,184 |
| Net (gains) losses on disposal of real estate | 8,611 | 15,758 |
| Total costs and expenses | 5,605,198 | 5,112,511 |
| Earnings from operations | 432,621 | 716,154 |
| Other components of net periodic benefit costs | (1,383) | (1,488) |
| Other interest income | 47,261 | 59,057 |
| Interest expense | (364,757) | (295,716) |
| Fees on early extinguishment of debt and costs of defeasance | (1,108) | (495) |
| Pretax earnings | 112,634 | 477,512 |
| Income tax expense | (29,506) | (110,422) |
| Earnings available to common shareholders | $83,128 | $367,090 |
| Basic and diluted earnings per share of Common Stock | $0.24 | $1.69 |
| Weighted average shares outstanding of Common Stock: Basic and diluted | 19,607,788 | 19,607,788 |
| Basic and diluted earnings per share of Non-Voting Common Stock | $0.44 | $1.89 |
| Weighted average shares outstanding of 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 the dividends declared, for both the Voting Common Stock and Non-Voting Common Stock.
Our undistributed earnings per share is 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 is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock.
The calculation of basic and diluted earnings per share for the quarters and years ended March 31, 2026 and 2025 for our Voting Common Stock and Non-Voting Common Stock were as follows:
| For the Quarter Ended |
|---|
| March 31, |
|---|
| 2026 | 2025 |
|---|
| (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 losses available to common stockholders | $(127,785) | | $(82,291) |
| Voting Common Stock dividends declared | - | | - |
| Non-Voting Common Stock dividends declared | (8,823) | | (8,823) |
| Undistributed losses available to common stockholders | $(136,608) | | $(91,114) |
| Undistributed losses available to common stockholders allocated to Voting Common Stock | $(13,661) | | $(9,111) |
| Undistributed losses per share of Voting Common Stock | $(0.70) | | $(0.46) |
| Dividends declared per share of Voting Common Stock | - | | - |
| Basic and diluted losses per share of Voting Common Stock | $(0.70) | | $(0.46) |
| 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 losses available to common stockholders | $(127,785) | | $(82,291) |
| Voting Common Stock dividends declared | - | | - |
| Non-Voting Common Stock dividends declared | (8,823) | | (8,823) |
| Undistributed losses available to common stockholders | $(136,608) | | $(91,114) |
| Undistributed losses available to common stockholders allocated to Non-Voting Common Stock | $(122,947) | | $(82,003) |
| Undistributed losses per share of Non-Voting Common Stock | $(0.70) | | $(0.46) |
| 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 | $(0.65) | | $(0.41) |
| For the Years Ended |
|---|
| March 31, |
|---|
| 2026 | 2025 |
|---|
| (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 | $83,128 | | $367,090 |
| Voting Common Stock dividends declared | - | | - |
| Non-Voting Common Stock dividends declared | (35,294) | | (35,294) |
| Undistributed earnings available to common stockholders | $47,834 | | $331,796 |
| Undistributed earnings available to common stockholders allocated to Voting Common Stock | $4,783 | | $33,180 |
| Undistributed earnings per share of Voting Common Stock | $0.24 | | $1.69 |
| Dividends declared per share of Voting Common Stock | - | | - |
| Basic and diluted earnings per share of Voting Common Stock | $0.24 | | $1.69 |
| 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 | $83,128 | | $367,090 |
| Voting Common Stock dividends declared | - - | | - - |
| Non-Voting Common Stock dividends declared | (35,294) | | (35,294) |
| Undistributed earnings available to common stockholders | $47,834 | | $331,796 |
| Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock | $43,051 | | $298,616 |
| Undistributed earnings per share of Non-Voting Common Stock | $0.24 | | $1.69 |
| Dividends declared per share of Non-Voting Common Stock | 0.20 | | 0.20 |
| Basic and diluted earnings per share of Non-Voting Common Stock | $0.44 | | $1.89 |
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 March 31, 2026 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. The finance leases tied to these ROU-financing were paid off as of March 31, 2026. 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.
| | | March 31, | March 31, |
|---|
| | | 2026 | 2025 |
|---|
| March 31, | ROU Assets | Property, Plant and Equipment | Property, Plant and Equipment |
|---|
| 2026 | Financing | Adjusted | Adjusted |
|---|
| (Unaudited) |
|---|
| (In thousands) |
|---|
| Property, plant and equipment, at cost | | | | |
| Land | $1,865,369 | $- | $1,865,369 | $1,812,820 |
| Buildings and improvements | 10,542,945 | - | 10,542,945 | 9,628,271 |
| Furniture and equipment | 1,074,032 | - | 1,074,032 | 1,047,475 |
| Rental trailers and other rental equipment | 1,206,253 | - | 1,206,253 | 1,104,206 |
| Rental trucks | 8,554,508 | - | 8,554,508 | 7,779,514 |
| Right-of-use assets, gross | 23,243,107 | - | 23,243,107 | 21,372,286 |
| Less: Accumulated depreciation | (6,862,662) | - | (6,862,662) | (6,120,988) |
| Total property, plant and equipment, net | $16,380,445 | $- | $16,380,445 | $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 |
| Right-of-use assets, gross | 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 improve the transparency of the Company's disclosures and provide 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 improve 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.
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| Moving and Storage Adjusted EBITDA Calculations | | | | | |
| (In thousands, unaudited) | | | | | |
| Net earnings available to common stockholders | $83,128 | $128,622 | $232,756 | $314,004 | $367,090 |
| Income tax expense | 10,341 | 11,714 | 48,448 | 76,156 | 94,747 |
| Fees on early extinguishment of debt and costs of defeasance | 1,108 | 189 | 26 | 26 | 495 |
| Interest expense | 364,868 | 348,914 | 330,192 | 311,609 | 296,721 |
| Other interest income | (47,597) | (40,881) | (45,759) | (51,899) | (59,489) |
| Other components of net periodic benefit costs | 1,383 | 1,409 | 1,435 | 1,462 | 1,488 |
| Net (gains) losses on disposal of real estate | 8,611 | 11,915 | 12,577 | 11,037 | 15,758 |
| Depreciation, net of (gains) losses on disposals | 1,287,021 | 1,238,114 | 1,158,986 | 1,045,648 | 958,184 |
| Earnings from subsidiaries | (63,004) | (59,823) | (56,761) | (57,766) | (55,280) |
| EBITDA | $1,645,859 | $1,640,173 | $1,681,900 | $1,650,277 | $1,619,714 |
Contacts
Director of Investor Relations
(602) 263-6601
Sebastien_Reyes@uhaul.com