Open the filing on EDGARSebastien Reyes
U-Haul Holding Company
U-HAUL HOLDING COMPANY REPORTS SECOND QUARTER FISCAL 2027 FINANCIAL RESULTS
RENO, Nev. (November 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 available to common stockholders for its second quarter ended September 30, 2026, of $136.7 million, compared with net earnings of $105.6 million for the same period last year. Earnings per share for Non-Voting Common Stock (UHAL.B) were $0.71 for the second quarter of fiscal 2027 compared to $0.54 for the same period in fiscal 2026.
For the six-month period ended September 30, 2026, net earnings available to common stockholders were $259.6 million compared with net earnings of $247.9 million for the same period last year. Earnings per share for Non-Voting Common Stock (UHAL.B) were $1.34 for the six-month period of fiscal 2027 compared to $1.27 for the same period in fiscal 2026.
“Many people worked hard to serve customers and create the quarterly results,” stated Joe Shoen, chairman of U-Haul Holding Company. “I am going to call our results a modest win. We continue to reinvest, but at an appropriately slower pace.”
Highlights of Second Quarter Fiscal 2027 Results
Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, increased $44.5 million to $241.9 million compared to the second quarter of fiscal 2026.
Fleet depreciation expense decreased $4.5 million for the second quarter and net losses from the disposal of retired rental equipment decreased $34.1 million to $4.2 million for the second quarter, all compared with the second quarter of fiscal 2026.
Moving and Storage earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) increased $5.0 million to $547.6 million compared to the second quarter of fiscal 2026 and for the trailing twelve months for September 30, 2026 decreased $39.5 million to $1,642.4 million compared to the trailing twelve months for September 30, 2025.
Self-storage revenues increased $15.8 million, or 6.4% versus the second quarter of fiscal year 2026.
Same store occupancy decreased 1.1% to 89.5%, revenue per foot increased 6.7%, and the number of locations qualifying for the pool increased by 77.
During the second quarter of fiscal 2027, we added 10 new locations with storage and 1.0 million net rentable square feet (NRSF).
We have approximately 11.4 million NRSF in development or pending.
Self-moving equipment rental revenues increased $37.4 million, or 3.4% versus the second quarter of fiscal year 2026. Total revenue, as well as revenue per transaction increased across both our In-Town and One-Way markets and total In-Town transactions increased compared to the second quarter of fiscal 2026. Compared to the same period last year, we increased the number of Company operated retail locations, independent dealers, along with the number of box trucks in the rental fleet.
Other revenue for Moving and Storage increased $7.6 million or 4.3% versus the second quarter of fiscal 2026 due to growth of our U-Box product offering. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
The largest contributors to our operating expense increases were, freight and shipping costs, which increased $24.4 million, personnel expense, which increased $10.2 million, property taxes, which increased $4.7 million and self-insured liability costs, which increased $6.2 million, compared with the second quarter of fiscal 2026.
Cash and credit availability at the Moving and Storage segment was $1,335.1 million as of September 30, 2026 compared with $1,479.4 million at March 31, 2026.
During the second quarter of fiscal 2027, we repurchased 149,927 shares of our Voting Common Stock at a cost of $10.1 million and 1,095,478 shares of our Non-Voting Common Stock at a cost of $68.2 million. For the six months, we repurchased 398,295 shares of our Voting Common Stock at a cost of $25.7 million and 1,679,756 shares of our Non-Voting Common Stock at a cost of $100.7 million.
On August 20, 2026, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on September 14, 2026. The dividend was paid on September 25, 2026.
Our latest Supplemental financial information is available at investors.uhaul.com.
U-Haul Holding Company will hold its investor call for the second quarter of fiscal 2027 on Thursday, November 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 listen to the call live, or to listen to 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 more than 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 205,600 trucks, 137,200 trailers and 44,400 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,156,200 rentable storage units and 101.4 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 September 30, 2026, 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 second quarter of fiscal 2027 and 2026.
| Quarter Ended September 30, |
|---|
| 2026 | 2025 |
|---|
| (Unaudited) |
|---|
| (In thousands) |
|---|
| Self-moving equipment rentals | $1,147,929 | $1,110,477 |
| Self-storage revenues | 262,138 | 246,299 |
| Self-moving and self-storage product and service sales | 90,302 | 89,829 |
| Property management fees | 9,580 | 9,621 |
| Life insurance premiums | 7,925 | 18,370 |
| Property and casualty insurance premiums | 29,545 | 28,272 |
| Net investment and interest income | 39,857 | 40,022 |
| Other revenue | 185,399 | 177,032 |
| Consolidated revenue | 1,772,675 | 1,719,922 |
Listed below are the revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2027 and 2026.
| Quarter Ended September 30, |
|---|
| 2026 | 2025 |
|---|
| (Unaudited) |
|---|
| (In thousands) |
|---|
| Moving and storage | | |
| Revenues | 1,694,151 | 1,632,827 |
| Earnings from operations before equity in earnings of subsidiaries | 241,886 | 197,440 |
| Property and casualty insurance | | |
| Revenues | 37,008 | 35,891 |
| Earnings from operations | 16,978 | 17,154 |
| Life insurance | | |
| Revenues | 44,900 | 54,113 |
| Earnings from operations | 6,210 | 3,028 |
| Eliminations | | |
| Revenues | (3,384) | (2,909) |
| Earnings from operations before equity in earnings of subsidiaries | (26) | (28) |
| Consolidated Results | | |
| Revenues | 1,772,675 | 1,719,922 |
| Earnings from operations | 265,048 | 217,594 |
| Moving and Storage | | | | | |
| Debt Metrics | | | | | |
| (Unaudited)(In thousands) | September 30, | June 30, | March 31, | December 31, | September 30, |
| 2026 | 2026 | 2026 | 2025 | 2025 |
| Real estate secured debt | $3,364,734 | $3,196,940 | $3,204,208 | $3,096,564 | $3,002,344 |
| Unsecured debt | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 |
| Fleet secured debt | 3,146,686 | 3,187,699 | 3,157,364 | 3,196,817 | 2,965,804 |
| Other secured debt | 61,857 | 62,245 | 63,377 | 64,798 | 64,357 |
| Total debt | 8,273,277 | 8,146,884 | 8,124,949 | 8,058,179 | 7,732,505 |
| Cash and cash equivalents | $870,096 | $883,630 | $1,014,382 | $1,010,011 | $910,969 |
| Total assets | 19,082,104 | 18,885,168 | 18,687,591 | 18,717,342 | 18,460,371 |
| Adjusted EBITDA (TTM) | 1,642,366 | 1,637,311 | 1,645,859 | 1,640,173 | 1,681,900 |
| Net debt to adjusted EBITDA | 4.5 | 4.4 | 4.3 | 4.3 | 4.1 |
| Net debt to total assets | 38.8% | 38.5% | 38.0% | 37.7% | 37.0% |
| Percent of debt floating | 10.3% | 8.4% | 6.7% | 6.8% | 7.1% |
| Percent of debt fixed | 89.7% | 91.6% | 93.3% | 93.2% | 92.9% |
| Percent of debt unsecured | 20.5% | 20.9% | 20.9% | 21.1% | 22.0% |
| Unencumbered asset ratio* | 4.19x | 4.08x | 3.98x | 4.01x | 3.96x |
The components of depreciation, net of (gains) losses on disposals for the second quarter of fiscal 2027 and 2026 are as follows:
| Quarter Ended September 30, |
|---|
| 2026 | 2025 |
|---|
| (Unaudited) |
|---|
| (In thousands) |
|---|
| Depreciation expense - rental equipment | $222,425 | $226,909 |
| Depreciation expense - non rental equipment | 21,969 | 23,760 |
| Depreciation expense - real estate | 57,317 | 51,440 |
| Total depreciation expense | $301,711 | $302,109 |
| Net (gains) losses on disposals of rental equipment | $4,248 | $38,329 |
| Net (gains) losses on disposals of non-rental equipment | 42 | 170 |
| Total net (gains) losses on disposals of equipment | $4,290 | $38,499 |
| Depreciation, net of (gains) losses on disposals | $306,001 | $340,608 |
| Net (gains) losses on disposals of real estate | $(253) | $4,531 |
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:
| Quarters Ended September 30, |
|---|
| 2026 | 2025 |
|---|
| (Unaudited) |
|---|
| (In thousands, except occupancy rate) |
|---|
| Unit count as of September 30 | 876 | 831 |
| Square footage as of September 30 | 75,741 | 71,167 |
| Average monthly number of units occupied | 648 | 630 |
| Average monthly occupancy rate based on unit count | 74.2% | 76.3% |
| End of period occupancy rate based on unit count | 73.6% | 74.4% |
| Average monthly square footage occupied | 57,863 | 55,623 |
Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2027 and 2026.
| Six Months Ended September 30, |
|---|
| 2026 | 2025 |
|---|
| (Unaudited) |
|---|
| (In thousands) |
|---|
| Self-moving equipment rentals | $2,235,507 | $2,168,750 |
| Self-storage revenues | 512,310 | 480,536 |
| Self-moving and self-storage product and service sales | 189,542 | 188,017 |
| Property management fees | 19,145 | 19,203 |
| Life insurance premiums | 25,991 | 37,539 |
| Property and casualty insurance premiums | 53,796 | 50,010 |
| Net investment and interest income | 77,225 | 75,233 |
| Other revenue | 341,186 | 331,104 |
| Consolidated revenue | 3,454,702 | 3,350,392 |
Listed below are the revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2027 and 2026.
| Six Months Ended September 30, |
|---|
| 2026 | 2025 |
|---|
| (Unaudited) |
|---|
| (In thousands) |
|---|
| Moving and storage | | |
| Revenues | 3,296,100 | 3,186,686 |
| Earnings from operations before equity in earnings of subsidiaries | 476,700 | 440,318 |
| Property and casualty insurance | | |
| Revenues | 68,231 | 65,612 |
| Earnings from operations | 29,194 | 29,042 |
| Life insurance | | |
| Revenues | 96,376 | 104,207 |
| Earnings from operations | 9,803 | 5,704 |
| Eliminations | | |
| Revenues | (6,005) | (6,113) |
| Earnings from operations before equity in earnings of subsidiaries | (53) | (56) |
| Consolidated Results | | |
| Revenues | 3,454,702 | 3,350,392 |
| Earnings from operations | 515,644 | 475,008 |
The components of depreciation, net of (gains) losses on disposals for the first six months of fiscal 2027 and 2026 are as follows:
| Six Months Ended September 30, |
|---|
| 2026 | 2025 |
|---|
| (Unaudited) |
|---|
| (In thousands) |
|---|
| Depreciation expense - rental equipment | $444,129 | $435,121 |
| Depreciation expense - non rental equipment | 44,524 | 47,779 |
| Depreciation expense - real estate | 113,694 | 101,285 |
| Total depreciation expense | $602,347 | $584,185 |
| Net (gains) losses on disposals of rental equipment | $2,355 | $60,454 |
| Net (gains) losses on disposals of non-rental equipment | 139 | (22) |
| Total net (gains) losses on disposals of equipment | $2,494 | $60,432 |
| Depreciation, net of (gains) losses on disposals | $604,841 | $644,617 |
| Net (gains) losses on disposals of real estate | $2,815 | $2,914 |
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:
| Six Months Ended September 30, |
|---|
| 2026 | 2025 |
|---|
| (Unaudited) |
|---|
| (In thousands, except occupancy rate) |
|---|
| Unit count as of September 30 | 876 | 831 |
| Square footage as of September 30 | 75,741 | 71,167 |
| Average monthly number of units occupied | 638 | 631 |
| Average monthly occupancy rate based on unit count | 73.5% | 77.2% |
| End of period occupancy rate based on unit count | 73.6% | 74.4% |
| Average monthly square footage occupied | 56,900 | 55,511 |
| | Units | Rentable | Revenue | During |
|---|
| Self-Storage Portfolio Summary | | | | | |
| As of September 30, 2026 | | | | | |
| (Unaudited) | | | | | |
| U-Haul Owned Store Data by State | | | | Annual | Occupancy |
| State/Province | Stores | Occupied | Square Feet | Per Occ SF | Quarter |
| Texas | 102 | 38,070 | 4,937,938 | $16.29 | 70.6% |
| Florida | 94 | 35,014 | 4,405,260 | $19.61 | 69.7% |
| California | 90 | 35,995 | 3,487,817 | $23.06 | 80.1% |
| Illinois | 86 | 41,516 | 4,517,620 | $17.56 | 78.8% |
| Pennsylvania | 75 | 29,317 | 3,258,772 | $18.92 | 72.4% |
| Ohio | 68 | 27,120 | 3,151,078 | $15.93 | 75.3% |
| New York | 67 | 29,510 | 2,855,052 | $24.46 | 79.4% |
| Michigan | 61 | 21,005 | 2,405,685 | $16.84 | 79.4% |
| Georgia | 58 | 21,844 | 2,972,036 | $17.21 | 69.0% |
| Arizona | 55 | 24,552 | 3,349,523 | $17.28 | 66.5% |
| Wisconsin | 44 | 17,199 | 2,079,133 | $14.91 | 74.1% |
| Missouri | 43 | 15,580 | 2,052,343 | $15.00 | 69.6% |
| North Carolina | 42 | 17,973 | 2,278,070 | $16.39 | 67.8% |
| Washington | 40 | 15,074 | 1,694,730 | $18.59 | 73.5% |
| Tennessee | 38 | 15,325 | 1,709,374 | $16.03 | 80.2% |
| New Jersey | 35 | 17,029 | 1,656,661 | $21.90 | 82.1% |
| Minnesota | 35 | 14,147 | 1,774,058 | $14.68 | 74.3% |
| Ontario | 34 | 13,017 | 1,494,534 | $24.17 | 70.5% |
| Massachusetts | 34 | 11,399 | 1,183,104 | $21.77 | 77.2% |
| Indiana | 34 | 11,103 | 1,191,364 | $15.07 | 85.4% |
| Top 20 Totals | 1,135 | 451,789 | 52,454,154 | $18.30 | 74.3% |
| All Others | 517 | 193,234 | 23,287,263 | $17.64 | 73.9% |
| 2Q Fiscal 2027 Totals | 1,652 | 645,023 | 75,741,417 | $18.10 | 74.2% |
| Same Store Pool Held Constant for Prior Periods | | | | |
| Same Store 2Q27 | 980 | 371,502 | 36,150,943 | $18.99 | 89.5% |
| Same Store 2Q26 | 980 | 374,981 | 36,137,644 | $17.80 | 90.6% |
| Same Store 2Q25 | 980 | 392,117 | 36,124,264 | $17.15 | 93.5% |
| Non Same Store 2Q27 | 672 | 273,521 | 39,590,474 | $16.86 | 60.0% |
| Non Same Store 2Q26 | 616 | 243,156 | 35,029,114 | $16.05 | 61.4% |
| Non Same Store 2Q25 | 524 | 214,047 | 28,374,728 | $15.99 | 64.8% |
| Same Store Pool, Prior Periods Unchanged | | | | |
| Same Store 2Q27 | 980 | 371,502 | 36,150,943 | $18.99 | 89.5% |
| Same Store 2Q26 | 903 | 320,815 | 30,897,753 | $17.88 | 90.5% |
| Same Store 2Q25 | 893 | 319,259 | 29,403,609 | $17.20 | 94.1% |
| Non Same Store 2Q27 | 672 | 273,521 | 39,590,474 | $16.86 | 60.0% |
| Non Same Store 2Q26 | 693 | 297,322 | 40,269,004 | $16.28 | 65.2% |
| Non Same Store 2Q25 | 611 | 286,905 | 35,095,383 | $16.22 | 69.9% |
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 September 2026. Same store includes storage locations with rental 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
| September 30, | March 31, |
|---|
| 2026 | 2026 |
|---|
| (Unaudited) |
|---|
| (In thousands, except share data) |
|---|
| ASSETS | | |
| Cash and cash equivalents | $999,862 | $1,120,147 |
| Trade receivables and reinsurance recoverables, net | 370,738 | 159,768 |
| Inventories and parts, net | 182,905 | 178,155 |
| Prepaid expenses | 142,898 | 191,671 |
| Fixed maturity securities available-for-sale, net | 2,255,298 | 2,417,912 |
| Equity securities | 15,650 | 14,976 |
| Investments, other | 693,355 | 706,314 |
| Deferred policy acquisition costs, net | 59,497 | 112,852 |
| Other assets | 159,226 | 127,202 |
| Right of use assets - operating | 36,907 | 40,188 |
| Related party assets | 48,260 | 53,159 |
| Property, plant and equipment, at cost: | | |
| Land | 1,897,373 | 1,865,369 |
| Buildings and improvements | 10,928,024 | 10,542,945 |
| Furniture and equipment | 1,097,361 | 1,074,032 |
| Rental trailers and other rental equipment | 1,275,531 | 1,206,253 |
| Rental trucks | 8,985,854 | 8,554,508 |
| 24,184,143 | 23,243,107 |
| Less: Accumulated depreciation | (7,273,917) | (6,862,662) |
| Total property, plant and equipment | 16,910,226 | 16,380,445 |
| Total assets | $21,874,822 | $21,502,789 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | |
| Liabilities: | | |
| Accounts payable and accrued expenses | $872,725 | $850,294 |
| Notes, loans and finance liabilities payable, net | 8,230,090 | 8,083,374 |
| Operating lease liabilities | 37,637 | 40,957 |
| Policy benefits and losses, claims and loss expenses payable | 965,895 | 939,874 |
| Liabilities from investment contracts | 2,343,240 | 2,357,545 |
| Other policyholders' funds and liabilities | 9,325 | 2,899 |
| Deferred income | 69,270 | 56,614 |
| Deferred income taxes | 1,628,807 | 1,559,581 |
| Total liabilities | 14,156,989 | 13,891,138 |
| Stockholders' equity: | | |
| Common stock | 10,497 | 10,497 |
| Common stock - Non-Voting | 176 | 176 |
| Additional paid-in capital | 462,548 | 462,548 |
| Accumulated other comprehensive loss | (171,869) | (163,640) |
| Retained earnings | 8,221,772 | 7,979,720 |
| Cost of common shares in treasury, net | (551,578) | (525,653) |
| Cost of Series N non-voting common shares in treasury, net | (101,716) | - |
| Cost of preferred shares in treasury, net | (151,997) | (151,997) |
| Total stockholders' equity | 7,717,833 | 7,611,651 |
| Total liabilities and stockholders' equity | $21,874,822 | $21,502,789 |
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Quarter Ended September 30, |
|---|
| 2026 | 2025 |
|---|
| (Unaudited) |
|---|
| (In thousands, except share and per share amounts) |
|---|
| Revenues: | | |
| Self-moving equipment rentals | $1,147,929 | $1,110,477 |
| Self-storage revenues | 262,138 | 246,299 |
| Self-moving and self-storage products and service sales | 90,302 | 89,829 |
| Property management fees | 9,580 | 9,621 |
| Life insurance premiums | 7,925 | 18,370 |
| Property and casualty insurance premiums | 29,545 | 28,272 |
| Net investment and interest income | 39,857 | 40,022 |
| Other revenue | 185,399 | 177,032 |
| Total revenues | 1,772,675 | 1,719,922 |
| Costs and expenses: | | |
| Operating expenses | 965,051 | 909,542 |
| Commission expenses | 126,644 | 121,811 |
| Cost of product sales | 66,967 | 67,625 |
| Benefits and losses | 20,750 | 48,178 |
| Amortization of deferred policy acquisition costs | 18,604 | 4,962 |
| Lease expense | 3,863 | 5,071 |
| Depreciation, net of (gains) losses on disposals | 306,001 | 340,608 |
| Net (gains) losses on disposal of real estate | (253) | 4,531 |
| Total costs and expenses | 1,507,627 | 1,502,328 |
| Earnings from operations | 265,048 | 217,594 |
| Other components of net periodic benefit costs | (357) | (345) |
| Other interest income | 8,359 | 10,015 |
| Interest expense | (99,019) | (90,305) |
| Fees and amortization on extinguishment of debt | (44) | - |
| Pretax earnings | 173,987 | 136,959 |
| Income tax expense | (37,312) | (31,409) |
| Earnings available to common stockholders | $136,675 | $105,550 |
| Basic and diluted earnings per share of Common Stock | $0.66 | $0.49 |
| Weighted average shares outstanding of Common Stock: Basic and diluted | 19,246,975 | 19,607,788 |
| Basic and diluted earnings per share of Non-Voting Common Stock | 0.71 | 0.54 |
| Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted | 175,158,177 | 176,470,092 |
U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Six Months Ended September 30, |
|---|
| 2026 | 2025 |
|---|
| (Unaudited) |
|---|
| (In thousands, except share and per share amounts) |
|---|
| Revenues: | | |
| Self-moving equipment rentals | $2,235,507 | $2,168,750 |
| Self-storage revenues | 512,310 | 480,536 |
| Self-moving and self-storage products and service sales | 189,542 | 188,017 |
| Property management fees | 19,145 | 19,203 |
| Life insurance premiums | 25,991 | 37,539 |
| Property and casualty insurance premiums | 53,796 | 50,010 |
| Net investment and interest income | 77,225 | 75,233 |
| Other revenue | 341,186 | 331,104 |
| Total revenues | 3,454,702 | 3,350,392 |
| Costs and expenses: | | |
| Operating expenses | 1,852,041 | 1,736,291 |
| Commission expenses | 246,916 | 238,548 |
| Cost of product sales | 138,721 | 139,830 |
| Benefits and losses | 62,887 | 93,360 |
| Amortization of deferred policy acquisition costs | 23,478 | 9,879 |
| Lease expense | 7,359 | 9,945 |
| Depreciation, net of (gains) losses on disposals | 604,841 | 644,617 |
| Net (gains) losses on disposal of real estate | 2,815 | 2,914 |
| Total costs and expenses | 2,939,058 | 2,875,384 |
| Earnings from operations | 515,644 | 475,008 |
| Other components of net periodic benefit costs | (714) | (691) |
| Other interest income | 17,750 | 20,684 |
| Interest expense | (196,931) | (172,635) |
| Fees and amortization on extinguishment of debt | (75) | (26) |
| Pretax earnings | 335,674 | 322,340 |
| Income tax expense | (76,070) | (74,459) |
| Earnings available to common stockholders | $259,604 | $247,881 |
| Basic and diluted earnings per share of Common Stock | $1.24 | $1.17 |
| Weighted average shares outstanding of Common Stock: Basic and diluted | 19,401,609 | 19,607,788 |
| Basic and diluted earnings per share of Non-Voting Common Stock | 1.34 | 1.27 |
| Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted | 175,720,426 | 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 approximately 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 ended September 30, 2026 and 2025 for our Voting Common Stock and Non-Voting Common Stock were as follows:
| For the Quarter Ended |
|---|
| September 30, |
|---|
| 2026 | 2025 |
|---|
| (Unaudited) |
|---|
| (In thousands, except share and per share amounts) |
|---|
| Weighted average shares outstanding of Voting Common Stock | 19,246,975 | 19,607,788 |
| Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock | 194,405,152 | 196,077,880 |
| Percent of weighted average shares outstanding of Voting Common Stock | 9.90% | 10.00% |
| Net earnings available to common stockholders | $136,675 | $105,550 |
| Voting Common Stock dividends declared and paid | - | - |
| Non-Voting Common Stock dividends declared and paid | (8,739) | (8,823) |
| Undistributed earnings available to common stockholders | $127,936 | $96,727 |
| Undistributed earnings available to common stockholders allocated to Voting Common Stock | $12,666 | $9,673 |
| Undistributed earnings per share of Voting Common Stock | $0.66 | $0.49 |
| Dividends declared per share of Voting Common Stock | - | - |
| Basic and diluted earnings per share of Voting Common Stock | $0.66 | $0.49 |
| Weighted average shares outstanding of Non-Voting Common Stock | 175,158,177 | 176,470,092 |
| Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock | 194,405,152 | 196,077,880 |
| Percent of weighted average shares outstanding of Non-Voting Common Stock | 90.10% | 90.00% |
| Net earnings available to common stockholders | $136,675 | $105,550 |
| Voting Common Stock dividends declared and paid | - | - |
| Non-Voting Common Stock dividends declared and paid | (8,739) | (8,823) |
| Undistributed earnings available to common stockholders | $127,936 | $96,727 |
| Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock | $115,270 | $87,054 |
| Undistributed earnings per share of Non-Voting Common Stock | $0.66 | $0.49 |
| Dividends declared per share of Non-Voting Common Stock | 0.05 | 0.05 |
| Basic and diluted earnings per share of Non-Voting Common Stock | $0.71 | $0.54 |
The calculation of basic and diluted earnings per share for the first six months ended September 30, 2026 and 2025 for our Voting Common Stock and Non-Voting Common Stock were as follows:
| For the Six Months Ended |
|---|
| September 30, |
|---|
| 2026 | 2025 |
|---|
| (Unaudited) |
|---|
| (In thousands, except share and per share amounts) |
|---|
| Weighted average shares outstanding of Voting Common Stock | 19,401,609 | 19,607,788 |
| Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock | 195,122,035 | 196,077,880 |
| Percent of weighted average shares outstanding of Voting Common Stock | 9.94% | 10.00% |
| Net earnings available to common stockholders | $259,604 | $247,881 |
| Voting Common Stock dividends declared and paid | - | - |
| Non-Voting Common Stock dividends declared and paid | (17,552) | (17,647) |
| Undistributed earnings available to common stockholders | $242,052 | $230,234 |
| Undistributed earnings available to common stockholders allocated to Voting Common Stock | $24,060 | $23,023 |
| Undistributed earnings per share of Voting Common Stock | $1.24 | $1.17 |
| Dividends declared per share of Voting Common Stock | - | - |
| Basic and diluted earnings per share of Voting Common Stock | $1.24 | $1.17 |
| Weighted average shares outstanding of Non-Voting Common Stock | 175,720,426 | 176,470,092 |
| Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock | 195,122,035 | 196,077,880 |
| Percent of weighted average shares outstanding of Non-Voting Common Stock | 90.06% | 90.00% |
| Net earnings available to common stockholders | $259,604 | $247,881 |
| Voting Common Stock dividends declared and paid | - | - |
| Non-Voting Common Stock dividends declared and paid | (17,552) | (17,647) |
| Undistributed earnings available to common stockholders | $242,052 | $230,234 |
| Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock | $217,992 | $207,211 |
| Undistributed earnings per share of Non-Voting Common Stock | $1.24 | $1.17 |
| Dividends declared per share of Non-Voting Common Stock | 0.10 | 0.10 |
| Basic and diluted earnings per share of Non-Voting Common Stock | $1.34 | $1.27 |
Non-GAAP Financial Measures
Below is a reconciliation of Moving and Storage non-GAAP financial measures adjusted EBITDA. The Company believes that this widely accepted measures of operating profitability enhance the transparency of its disclosures, provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the ongoing core business operations, and improves the period-to-period comparability of those results. This 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.
| September 30, | June 30, | March 31, | December 31, | September 30, |
|---|
| 2026 | 2026 | 2026 | 2025 | 2025 |
|---|
| Moving and Storage Adjusted EBITDA Calculation | | | | | |
| (Unaudited, In thousands) | Trailing Twelve Months |
| Net earnings available to common stockholders | 94,851 | 63,726 | 83,128 | 128,622 | 232,756 |
| Income tax expense | 10,858 | 5,661 | 10,341 | 11,714 | 48,448 |
| Fees on early extinguishment of debt and costs of defeasance | 1,157 | 1,113 | 1,108 | 189 | 26 |
| Interest expense | 389,161 | 380,449 | 364,868 | 348,914 | 330,192 |
| Other interest income | (44,615) | (46,295) | (47,597) | (40,881) | (45,759) |
| Other components of net periodic benefit costs | 1,406 | 1,394 | 1,383 | 1,409 | 1,435 |
| Net (gains) losses on disposal of real estate | 8,512 | 13,296 | 8,611 | 11,915 | 12,577 |
| Depreciation, net of (gains) losses on disposals | 1,247,245 | 1,281,852 | 1,287,021 | 1,238,114 | 1,158,986 |
| Elimination of net earnings from insurance subsidiaries | (66,209) | (63,885) | (63,004) | (59,823) | (56,761) |
| Adjusted EBITDA | 1,642,366 | 1,637,311 | 1,645,859 | 1,640,173 | 1,681,900 |
The table below presents the reconciliation of the second quarter adjusted EBITDA measure to its most directly comparable GAAP measures.
| September 30, | September 30, |
|---|
| 2026 | 2025 |
|---|
| Moving and Storage Adjusted EBITDA Calculation | | |
| (Unaudited, In thousands) | Quarters Ended |
| Net earnings available to common stockholders | 136,675 | 105,550 |
| Income tax expense | 32,521 | 27,324 |
| Fees on early extinguishment of debt and costs of defeasance | 44 | - |
| Interest expense | 99,045 | 90,333 |
| Other interest income | (8,431) | (10,111) |
| Other components of net periodic benefit costs | 357 | 345 |
| Net (gains) losses on disposal of real estate | (253) | 4,531 |
| Depreciation, net of (gains) losses on disposals | 306,001 | 340,608 |
| Elimination of net earnings from insurance subsidiaries | (18,325) | (16,001) |
| Adjusted EBITDA | 547,634 | 542,579 |
Contacts
Director of Investor Relations
(602) 263-6601
Sebastien_Reyes@uhaul.com