RENO, Nev.--(BUSINESS WIRE)--November 05, 2025--
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 shareholders for its second quarter ended September 30, 2025, of $105.6 million, compared with net earnings of $186.8 million for the same period last year. Earnings per share for Non-Voting Shares $(UHAL.B)$ were $0.54 for the second quarter of fiscal 2026 compared to $0.96 for the same period in fiscal 2025.
For the six-month period ended September 30, 2025, net earnings available to shareholders were $247.9 million compared with net earnings of $382.2 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $1.27 for the six-month period of fiscal 2026 compared to $1.96 for the same period in fiscal 2025.
"As anticipated, the increase in fleet depreciation expense and losses on the sale of retired equipment continued into this quarter," stated Joe Shoen, chairman of U-Haul Holding Company. "Revenues for our major product lines are up year-over-year however, profits are down two years running. The better news is Federal Agencies are jettisoning impossible green mandates. U-Haul will be renting trucks for the foreseeable future."
Highlights of Second Quarter Fiscal 2026 Results
-- Moving and Storage earnings from operations, before consolidation of the
equity in earnings of the insurance subsidiaries, decreased $83.3 million
to $197.4 million compared to the second quarter of fiscal 2026.
-- Increased losses from the disposal of retired rental equipment
accounted for $56.1 million of the decrease for the second quarter,
while fleet depreciation expense increased $50.6 million for the
second quarter, all compared with the second quarter of fiscal
2025.
-- Moving and Storage earnings before interest, taxes, depreciation and
amortization (EBITDA) increased $31.6 million to $542.6 million compared
to the second quarter of fiscal 2025 and for the trailing twelve months
for September 30, 2025 increased $115.5 million to $1,681.9 million
compared to the trailing twelve months for September 30, 2024.
-- Self-storage revenues increased $21.8 million, or 9.7% versus the second
quarter of fiscal year 2025.
-- Same store occupancy decreased 3.5% to 90.5%, revenue per foot
increased 4.0%, and the number of locations qualifying for the
pool increased by 10.
-- During the second quarter of fiscal 2026, we added 23 new
locations with storage and 1.6 million net rentable square feet
(nrsf).
-- We have approximately 14.2 million NRSF in development or pending.
-- Self-moving equipment rental revenues increased $23.1 million, or 2.1%
versus the second quarter of fiscal year 2025. Revenue per transaction
increased for both our In-Town and One-Way markets compared to the second
quarter of fiscal 2025. 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 $12.0 million or 7.4%
versus the second quarter of fiscal 2025 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.
-- Fleet maintenance and repair costs experienced a $10.4 million increase,
compared with the second quarter of fiscal 2025.
-- Cash and credit availability at the Moving and Storage segment was
$1,376.0 million as of September 30, 2025 compared with $1,347.5 million
at March 31, 2025.
-- On August 21, 2025, we declared a cash dividend on our Non-Voting Common
Stock of $0.05 per share to holders of record on September 15, 2025. The
dividend was paid on September 26, 2025.
Supplemental financial information as of September 30, 2025 is available at investors.uhaul.com under "Investor Kit."
U-Haul Holding Company will hold its investor call for the second quarter of fiscal 2026 on Thursday, November 6, 2025, 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 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 203,000 trucks, 137,400 trailers and 41,700 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,111,000 rentable storage units and 96.5 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, 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 second quarter of fiscal 2026 and 2025.
Quarter Ended September 30,
-------------------------------
2025 2024
------------- ------------
(Unaudited)
(In thousands)
Self-moving equipment rental revenues $ 1,110,477 $ 1,087,348
Self-storage revenues 246,299 224,519
Self-moving and self-storage product and
service sales 89,829 87,763
Property management fees 9,621 9,586
Life insurance premiums 18,370 20,488
Property and casualty insurance premiums 28,272 25,767
Net investment and interest income 40,022 37,794
Other revenue 177,032 164,843
------------- ------------
Consolidated revenue $ 1,719,922 $ 1,658,108
------------- ------------
Listed below are the revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2026 and 2025.
Quarter Ended September 30,
-------------------------------
2025 2024
------------- ------------
(Unaudited)
(In thousands)
Moving and storage
Revenues $ 1,632,827 $ 1,573,643
Earnings from operations before
equity in earnings of subsidiaries 197,440 280,695
Property and casualty insurance
Revenues 35,891 31,461
Earnings from operations 17,154 13,823
Life insurance
Revenues 54,113 56,157
Earnings from operations 3,028 7,690
Eliminations
Revenues (2,909) (3,153)
Earnings from operations before
equity in earnings of subsidiaries (28) (252)
Consolidated Results
Revenues 1,719,922 1,658,108
Earnings from operations 217,594 301,956
Moving and Storage
Debt Metrics
September December September
(in thousands)(unaudited) 30, June 30, March 31, 31, 30,
2025 2025 2025 2024 2024
---------- ---------- ---------- ---------- ----------
Real estate secured debt $3,002,344 $2,727,545 $2,703,656 $2,436,840 $2,471,044
Unsecured debt 1,700,000 1,700,000 1,700,000 1,700,000 1,700,000
Fleet secured debt 2,965,804 2,792,015 2,758,821 2,724,349 2,554,194
Other secured debt 64,357 65,570 66,864 68,402 69,264
---------- ---------- ---------- ---------- ----------
Total debt 7,732,505 7,285,130 7,229,341 6,929,591 6,794,502
Cash and cash equivalents $910,969 $726,069 $872,467 $883,108 $1,279,493
Total assets 18,460,371 17,858,535 17,522,952 17,291,214 17,164,316
Adjusted EBITDA $(TTM)$ 1,681,900 1,650,277 1,619,714 1,614,146 1,566,396
Net debt to adjusted EBITDA 4.1 4.0 3.9 3.7 3.5
Net debt to total assets 37.0% 36.7% 36.3% 35.0% 32.1%
Percent of debt floating 7.1% 6.1% 6.1% 6.2% 5.9%
Percent of debt fixed 92.9% 93.9% 93.9% 93.8% 94.1%
Percent of debt unsecured 22.0% 23.3% 23.5% 24.5% 25.0%
Unencumbered asset ratio* 3.96x 3.86x 3.91x 3.81x 3.78x
* 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 second quarter of fiscal 2026 and 2025 are as follows:
Quarter Ended September 30,
-------------------------------
2025 2024
------------ -------------
(Unaudited)
(In thousands)
Depreciation expense - rental equipment $ 226,909 $ 176,340
Depreciation expense - non rental
equipment 23,760 23,750
Depreciation expense - real estate 51,440 44,735
------------ -------------
Total depreciation expense $ 302,109 $ 244,825
Net (gains) losses on disposals of
rental equipment 38,329 $ (17,892)
Net (gains) losses on disposals of
non-rental equipment 170 337
------------ -------------
Total net (gains) losses on disposals
equipment $ 38,499 $ (17,555)
Depreciation, net of (gains) losses
on disposals $ 340,608 $ 227,270
------------ -------------
Net (gains) losses on disposals of real
estate $ 4,531 $ 2,991
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 September 30,
---------------------------------------
2025 2024
------------------- ------------------
(Unaudited)
(In thousands, except occupancy rate)
Unit count as of September 30 831 758
Square footage as of September 30 71,167 64,499
Average monthly number of units
occupied 630 610
Average monthly occupancy rate
based on unit count 76.3% 80.9%
End of September occupancy rate
based on unit count 74.4% 80.0%
Average monthly square footage
occupied 55,623 53,108
Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2026 and 2025.
Six Months Ended September 30,
--------------------------------
2025 2024
--------------- --------------
(Unaudited)
(In thousands)
Self-moving equipment rental revenues $ 2,168,750 $ 2,101,680
Self-storage revenues 480,536 440,256
Self-moving and self-storage product
and service sales 188,017 184,354
Property management fees 19,203 19,081
Life insurance premiums 37,539 41,228
Property and casualty insurance
premiums 50,010 46,996
Net investment and interest income 75,233 74,919
Other revenue 331,104 298,084
--------------- --------------
Consolidated revenue $ 3,350,392 $ 3,206,598
--------------- --------------
Listed below are the revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2026 and 2025.
Six Months Ended September 30,
--------------------------------
2025 2024
--------------- --------------
(Unaudited)
(In thousands)
Moving and storage
Revenues $ 3,186,686 $ 3,042,804
Earnings from operations before
equity in earnings of
subsidiaries 440,318 575,753
Property and casualty insurance
Revenues 65,612 59,639
Earnings from operations 29,042 25,306
Life insurance
Revenues 104,207 109,906
Earnings from operations 5,704 7,643
Eliminations
Revenues (6,113) (5,751)
Earnings from operations before
equity in earnings of
subsidiaries (56) (504)
Consolidated Results
Revenues 3,350,392 3,206,598
Earnings from operations 475,008 608,198
The components of depreciation, net of (gains) losses on disposals for the first six months of fiscal 2026 and 2025 are as follows:
Six Months Ended September 30,
--------------------------------
2025 2024
-------------- ---------------
(Unaudited)
(In thousands)
Depreciation expense - rental
equipment $ 435,121 $ 333,868
Depreciation expense - non rental
equipment 47,779 47,711
Depreciation expense - real estate 101,285 87,559
-------------- ---------------
Total depreciation expense $ 584,185 $ 469,138
Net (gains) losses on disposals of
rental equipment $ 60,454 $ (25,840)
Net (gains) losses on disposals of
non-rental equipment (22) 517
-------------- ---------------
Total net (gains) losses on
disposals equipment $ 60,432 $ (25,323)
Depreciation, net of (gains)
losses on disposals $ 644,617 $ 443,815
-------------- ---------------
Net (gains) losses on disposals of
real estate $ 2,914 $ 6,095
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,
---------------------------------------
2025 2024
------------------- ------------------
(Unaudited)
(In thousands, except occupancy rate)
Unit count as of September 30 831 758
Square footage as of September 30 71,167 64,499
Average monthly number of units
occupied 631 602
Average monthly occupancy rate
based on unit count 77.2% 80.5%
End of September occupancy rate
based on unit count 74.4% 80.0%
Average monthly square footage
occupied 55,511 52,412
Self-Storage Portfolio Summary
As of September 30, 2025
(unaudited)
--------------------------------------------------------------------
U-Haul Owned Store Data by State
--------------------------------- ---------- -------- -----------
Annual
Rentable Revenue
State/ Units Square Per Occupancy
Province Stores Occupied Feet Foot During Qtr
-------------- ------ -------- ---------- -------- -----------
Texas 99 36,733 4,706,618 $15.08 73.3%
California 90 33,921 3,351,341 $21.60 78.7%
Florida 89 34,655 3,944,412 $18.74 76.4%
Illinois 84 38,382 4,281,927 $16.44 77.8%
Pennsylvania 73 28,330 3,143,110 $18.16 72.5%
Ohio 67 26,072 3,052,921 $15.00 74.8%
New York 67 28,166 2,721,082 $23.66 79.7%
Michigan 60 19,832 2,330,008 $16.09 78.0%
Georgia 55 21,768 2,739,492 $16.38 75.5%
Arizona 49 23,789 3,006,228 $15.96 73.8%
Wisconsin 44 17,071 2,048,296 $14.08 74.9%
North Carolina 42 17,384 2,070,876 $15.53 74.1%
Washington 38 13,912 1,590,030 $17.03 73.5%
Missouri 38 14,022 1,815,644 $14.31 71.0%
Tennessee 37 15,073 1,628,491 $15.09 83.6%
Ontario 33 12,518 1,410,384 $23.33 70.2%
New Jersey 33 16,165 1,517,032 $20.87 84.5%
Indiana 33 10,576 1,183,758 $14.28 82.3%
Minnesota 33 13,725 1,694,678 $13.58 76.1%
Massachusetts 32 11,231 1,150,060 $20.85 79.6%
Top 20 Totals 1,096 433,325 49,386,390 $17.29 76.2%
All Others 500 184,812 21,780,368 $16.74 76.6%
2Q 2026 Totals 1,596 618,137 71,166,758 $17.12 76.3%
Same Store 2Q26 903 320,815 30,897,753 $17.88 90.5%
Same Store 2Q25 903 337,446 30,894,328 $17.20 94.0%
Same Store 2Q24 903 339,342 30,836,508 $16.58 94.3%
Non-Same Store
2Q26 693 297,322 40,269,004 $16.28 65.2%
Non-Same Store
2Q25 601 268,718 33,604,664 $16.16 68.8%
Non-Same Store
2Q24 538 237,766 27,634,059 $15.95 73.0%
Same Store
Pool Held
Constant for
Prior Periods
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%
Same Store 2Q24 841 280,943 25,979,561 $16.55 95.0%
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%
Non-Same Store
2Q24 602 295,463 32,422,073 $16.10 75.8%
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 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
September 30, March 31,
2025 2025
------------- -----------
(Unaudited)
(In thousands)
ASSETS
Cash and cash equivalents $ 1,082,820 $ 988,828
Trade receivables and reinsurance
recoverables, net 175,634 230,716
Inventories and parts 176,138 163,132
Prepaid expenses 316,220 282,406
Fixed maturity securities
available-for-sale, net, at fair value 2,494,429 2,479,498
Equity securities, at fair value 62,972 65,549
Investments, other 679,472 678,254
Deferred policy acquisition costs, net 119,117 121,729
Other assets 139,617 126,732
Right of use assets - financing, net 62,636 138,698
Right of use assets - operating, net 41,812 46,025
Related party assets 46,612 45,003
Property, plant and equipment, at cost:
Land 1,846,211 1,812,820
Buildings and improvements 10,095,592 9,628,271
Furniture and equipment 1,061,416 1,047,414
Rental trailers and other rental
equipment 1,132,107 1,046,135
Rental trucks 8,272,598 7,470,039
------------- -----------
22,407,924 21,004,679
Less: Accumulated depreciation (6,376,984) (5,892,079)
------------- -----------
Total property, plant and equipment,
net 16,030,940 15,112,600
------------- -----------
Total assets $ 21,428,419 $ 20,479,170
============= ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses $ 869,740 $ 820,900
Notes, loans and finance leases
payable, net 7,694,640 7,193,857
Operating lease liabilities 42,613 46,973
Policy benefits and losses, claims and
loss expenses payable 900,302 857,521
Liabilities from investment contracts 2,518,603 2,511,422
Other policyholders' funds and
liabilities 5,923 7,539
Deferred income 55,847 52,895
Deferred income taxes, net 1,572,864 1,489,920
------------- -----------
Total liabilities 13,660,532 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 (189,804) (229,314)
Retained earnings 8,162,120 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 7,767,887 7,498,143
------------- -----------
Total liabilities and stockholders' equity $ 21,428,419 $ 20,479,170
============= ===========
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Quarter Ended September 30,
-------------------------------------------------
2025 2024
--------------------- ----------------------
(Unaudited)
(In thousands, except share and per share data)
Revenues:
Self-moving
equipment rental
revenues $ 1,110,477 $ 1,087,348
Self-storage
revenues 246,299 224,519
Self-moving and
self-storage
products and
service sales 89,829 87,763
Property management
fees 9,621 9,586
Life insurance
premiums 18,370 20,488
Property and
casualty insurance
premiums 28,272 25,767
Net investment and
interest income 40,022 37,794
Other revenue 177,032 164,843
--------------------- ----------------------
Total revenues 1,719,922 1,658,108
--------------------- ----------------------
Costs and expenses:
Operating expenses 909,542 891,073
Commission expenses 121,811 119,008
Cost of product
sales 67,625 62,250
Benefits and losses 48,178 44,392
Amortization of
deferred policy
acquisition costs 4,962 4,439
Lease expense 5,071 4,729
Depreciation, net
of (gains) losses
on disposals 340,608 227,270
Net (gains) losses
on disposal of
real estate 4,531 2,991
--------------------- ----------------------
Total costs and
expenses 1,502,328 1,356,152
--------------------- ----------------------
Earnings from
operations 217,594 301,956
Other components of
net periodic
benefit costs (345) (372)
Other interest
income 10,015 16,131
Interest expense (90,305) (71,498)
--------------------- ----------------------
Pretax earnings 136,959 246,217
Income tax expense (31,409) (59,419)
--------------------- ----------------------
Earnings available to
common stockholders $ 105,550 $ 186,798
===================== ======================
Basic and diluted
earnings per share of
Common Stock $ 0.49 $ 0.91
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 $ 0.54 $ 0.96
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 ENTITIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
-------------------------------------------------
2025 2024
--------------------- ----------------------
(Unaudited)
(In thousands, except share and per share data)
Revenues:
Self-moving
equipment rental
revenues $ 2,168,750 $ 2,101,680
Self-storage
revenues 480,536 440,256
Self-moving and
self-storage
products and
service sales 188,017 184,354
Property management
fees 19,203 19,081
Life insurance
premiums 37,539 41,228
Property and
casualty insurance
premiums 50,010 46,996
Net investment and
interest income 75,233 74,919
Other revenue 331,104 298,084
--------------------- ----------------------
Total revenues 3,350,392 3,206,598
--------------------- ----------------------
Costs and expenses:
Operating expenses 1,736,291 1,680,830
Commission expenses 238,548 231,579
Cost of product
sales 139,830 128,264
Benefits and losses 93,360 88,398
Amortization of
deferred policy
acquisition costs 9,879 9,085
Lease expense 9,945 10,334
Depreciation, net
of (gains) losses
on disposals 644,617 443,815
Net (gains) losses
on disposal of
real estate 2,914 6,095
--------------------- ----------------------
Total costs and
expenses 2,875,384 2,598,400
--------------------- ----------------------
Earnings from
operations 475,008 608,198
Other components of
net periodic
benefit costs (691) (744)
Other interest
income 20,684 34,366
Interest expense (172,635) (138,716)
Fees on early
extinguishment of
debt (26) (495)
--------------------- ----------------------
Pretax earnings 322,340 502,609
Income tax expense (74,459) (120,394)
--------------------- ----------------------
Earnings available to
common stockholders $ 247,881 $ 382,215
===================== ======================
Basic and diluted
earnings per share of
Common Stock $ 1.17 $ 1.86
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 $ 1.27 $ 1.96
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 ended September 30, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:
For the Quarter Ended
-------------------------------------------------
September 30,
-------------------------------------------------
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 $ 105,550 $ 186,798
Voting Common Stock
dividends declared - -
Non-Voting Common
Stock dividends
declared (8,823) (8,823)
--------------------- ---------------------
Undistributed earnings
available to common
stockholders $ 96,727 $ 177,975
--------------------- ---------------------
Undistributed earnings
available to common
stockholders
allocated to Voting
Common Stock $ 9,673 $ 17,798
Undistributed earnings
per share of Voting
Common Stock $ 0.49 $ 0.91
Dividends declared per
share of Voting Common
Stock $ - $ -
--------------------- ---------------------
Basic and diluted
earnings per share of
Voting Common Stock $ 0.49 $ 0.91
--------------------- ---------------------
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 $ 105,550 $ 186,798
Voting Common Stock
dividends declared - -
Non-Voting Common
Stock dividends
declared (8,823) (8,823)
--------------------- ---------------------
Undistributed earnings
available to common
stockholders $ 96,727 $ 177,975
--------------------- ---------------------
Undistributed earnings
available to common
stockholders
allocated to
Non-Voting Common
Stock $ 87,054 $ 160,178
Undistributed earnings
per share of
Non-Voting Common
Stock $ 0.49 $ 0.91
Dividends declared per
share of Non-Voting
Common Stock $ 0.05 $ 0.05
--------------------- ---------------------
Basic and diluted
earnings per share of
Non-Voting Common
Stock $ 0.54 $ 0.96
--------------------- ---------------------
The calculation of basic and diluted earnings per share for the first six months ended September 30, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:
For the Six Months Ended
-------------------------------------------------
September 30,
-------------------------------------------------
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 $ 247,881 $ 382,215
Voting Common Stock
dividends declared - -
Non-Voting Common
Stock dividends
declared (17,647) (17,647)
--------------------- ---------------------
Undistributed earnings
available to common
stockholders $ 230,234 $ 364,568
--------------------- ---------------------
Undistributed earnings
available to common
stockholders
allocated to Voting
Common Stock $ 23,023 $ 36,457
Undistributed earnings
per share of Voting
Common Stock $ 1.17 $ 1.86
Dividends declared per
share of Voting Common
Stock $ - $ -
--------------------- ---------------------
Basic and diluted
earnings per share of
Voting Common Stock $ 1.17 $ 1.86
--------------------- ---------------------
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 $ 247,881 $ 382,215
Voting Common Stock
dividends declared - -
Non-Voting Common
Stock dividends
declared (17,647) (17,647)
--------------------- ---------------------
Undistributed earnings
available to common
stockholders $ 230,234 $ 364,568
--------------------- ---------------------
Undistributed earnings
available to common
stockholders
allocated to
Non-Voting Common
Stock $ 207,211 $ 328,111
Undistributed earnings
per share of
Non-Voting Common
Stock $ 1.17 $ 1.86
Dividends declared per
share of Non-Voting
Common Stock $ 0.10 $ 0.10
--------------------- ---------------------
Basic and diluted
earnings per share of
Non-Voting Common
Stock $ 1.27 $ 1.96
--------------------- ---------------------
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 September 30, 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.
September
30, March 31,
2025 2025
----------- -----------
Property, Property,
September ROU Plant and Plant and
30, Assets Equipment Equipment
2025 Financing Adjusted Adjusted
----------- --------- ----------- -----------
(Unaudited)
(In thousands)
Property, plant
and equipment,
at cost
Land $ 1,846,211 $ - $ 1,846,211 $ 1,812,820
Buildings and
improvements 10,095,592 - 10,095,592 9,628,271
Furniture and
equipment 1,061,416 61 1,061,477 1,047,475
Rental
trailers and
other rental
equipment 1,132,107 24,343 1,156,450 1,104,206
Rental trucks 8,272,598 149,219 8,421,817 7,779,514
----------- --------- ----------- -----------
Subtotal 22,407,924 173,623 22,581,547 21,372,286
Less:
Accumulated
depreciation (6,376,984) (110,987) (6,487,971) (6,120,988)
----------- --------- ----------- -----------
Total
property,
plant and
equipment
, net $ 16,030,940 $ 62,636 $ 16,093,576 $ 15,251,298
=========== ========= =========== ===========
March 31,
2025
-------------------
Property, Plant and
March 31, ROU Assets 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
---------------------------------------------------------
September December September
30, June 30, March 31, 31, 30,
2025 2025 2025 2024 2024
--------- --------- --------- --------- ---------
Net earnings
available to
common
stockholders $ 232,756 $ 314,004 $ 367,090 $ 448,518 $ 480,576
Income tax
expense 48,448 76,156 94,747 137,940 148,743
Fees on early
extinguishment
of debt and
costs of
defeasance 26 26 495 495 495
Interest
expense 330,192 311,609 296,721 280,487 271,359
Other interest
income (45,759) (51,899) (59,489) (87,303) (99,292)
Other
components of
net periodic
benefit costs 1,435 1,462 1,488 1,480 1,473
Net (gains)
losses on
disposal of
real estate 12,577 11,037 15,758 12,047 11,273
Depreciation,
net of (gains)
losses on
disposals 1,158,986 1,045,648 958,184 888,253 815,810
Elimination of
net earnings
from insurance
subsidiaries (56,761) (57,766) (55,280) (67,771) (64,041)
--------- --------- --------- --------- ---------
Adjusted
EBITDA $1,681,900 $1,650,277 $1,619,714 $1,614,146 $1,566,396
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
-----------------------------
September 30, September 30,
2025 2024
------------- -------------
Net earnings available to common
stockholders $ 105,550 $ 186,798
Income tax expense 27,324 55,032
Fees on early extinguishment of debt and
costs of defeasance - -
Interest expense 90,333 71,750
Other interest income (10,111) (16,251)
Other components of net periodic benefit
costs 345 372
Net (gains) losses on disposal of real
estate 4,531 2,991
Depreciation, net of (gains) losses on
disposals 340,608 227,270
Elimination of net earnings from
insurance subsidiaries (16,001) (17,006)
------------- -------------
Adjusted EBITDA $ 542,579 $ 510,956
View source version on businesswire.com: https://www.businesswire.com/news/home/20251105236457/en/
CONTACT: Sebastien Reyes
Director of Investor Relations
U-Haul Holding Company
(602) 263-6601
Sebastien_Reyes@uhaul.com
(END) Dow Jones Newswires
November 05, 2025 16:43 ET (21:43 GMT)
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