RENO, Nev.--(BUSINESS WIRE)--February 04, 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
December September December
(in thousands)(unaudited) 31, 30, June 30, March 31, 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
Self-Storage Portfolio Summary
As of December
31, 2025
(unaudited)
-------------- ------ --------- ---------- --------- ----------
U-Haul Owned Store Data by State
--------------------------------- ---------- --------- ----------
Rentable Annual Occupancy
State/ Units Square Revenue During
Province Stores Occupied Feet Per Foot 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
----------- -----------
Property, Property,
ROU Plant and Plant and
December Assets Equipment Equipment
31, 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
------------------
Property, Plant
March 31, ROU Assets 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.
Moving and
Storage EBITDA
Calculations
(In thousands,
unaudited) Trailing Twelve Months
---------------------------------------------------------
December September December
31, 30, June 30, March 31, 31,
2025 2025 2025 2025 2024
--------- --------- --------- --------- ---------
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.
Moving and Storage EBITDA Calculations
------------ ------------
(In thousands, unaudited) Quarters Ended
---------------------------
December 31, December 31,
2025 2024
------------ ------------
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20260204138420/en/
CONTACT: Sebastien Reyes
Director of Investor Relations
U-Haul Holding Company
(602) 263-6601
Sebastien_Reyes@uhaul.com
(END) Dow Jones Newswires
February 04, 2026 16:39 ET (21:39 GMT)