RENO, Nev.--(BUSINESS WIRE)--May 27, 2026--
U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to shareholders for the year ended March 31, 2026 of $83.1 million compared with $367.1 million for the same period last year.
For the quarter ended March 31, 2026, the Company reported net losses available to shareholders of ($127.8) million compared with net losses of ($82.3) million for the same period last year.
"This is the second time in recent years we have had a real loss in this quarter," stated Joe Shoen, Chairman of U-Haul Holding Company. "The issues with loss on disposal of rental equipment are working themselves through. CapEx on rental trucks will likely be down this time next year helping moderate fleet depreciation. Liability cost growth will normalize, continuing to vary with fleet size and growing with inflation. We are pushing a bow wave of costs associated with built but not rented storage units. These are well located and will rent. Construction of additional storage units has been declining for several months, but until we rent more than we add, these costs will remain an increasing drain. We are increasing our dealer locations in both the US and Canada to better serve the customer. Our relations with our customer base remain solid."
Highlights of Fiscal Year and Fourth Quarter 2026 Results
-- Moving and Storage earnings from operations, before consolidation of
the equity in earnings of the insurance subsidiaries, decreased $39.9
million compared to the fourth quarter of fiscal 2025 and for the full
year decreased $295.5 million compared to fiscal 2025.
-- Losses from the disposal of retired rental equipment accounted
for $2.1 million for the fourth quarter and $117.6 million for the
full year of the decrease while fleet depreciation expense
increased $40.6 million for the fourth quarter and $186.6 million
for the full year. Liability costs decreased $1.8 million for the
quarter and increased $76.4 million for the full year, all
compared with the fourth quarter and full year of fiscal 2025.
-- Moving and Storage earnings before interest, taxes, depreciation and
amortization adjusted (EBITDA) increased $5.7 million to $223.0 million
compared to the fourth quarter of fiscal 2025 and for the full year ended
March 31, 2026 increased $26.1 million to $1,645.9 compared with fiscal
2025.
-- Self-storage revenues increased $16.3 million, or 7.1%, in the fourth
quarter of fiscal 2026 compared with the fourth quarter of fiscal 2025
and for the full year increased $74.5 million, or 8.3%, compared with
fiscal 2025.
-- Same store occupancy decreased 5.4% to 86.1%, revenue per foot
increased 6.5%, and the number of locations qualifying for the
pool increased by 55.
-- During the fourth quarter of fiscal 2026, we added 12 new
locations with storage and 1.0 million net rentable square feet
(NRSF).
-- We have approximately 11.7 million NRSF in development or
pending.
-- Self-moving equipment rental revenues increased $11.7 million, or 1.6%,
in the fourth quarter of fiscal 2026 compared with the fourth quarter of
fiscal 2025. We finished the full year up $86.4 million, or 2.3%,
compared with fiscal 2025. One-way transactions increased, while revenue
per transaction was flat compared to fiscal 2025. In-town revenue per
transaction grew compared to fiscal 2025.
-- Cash and credit availability at the Moving and Storage operating
segment was $1,479.4 million and $1,347.5 million as of March 31, 2026
and 2025, respectively.
-- On May 22, 2026 the U-Haul Holding Company Board of Directors
authorized a $350 million share repurchase plan across both classes of
shares.
-- On March 4, 2026, we declared a cash dividend on our Non-Voting Common
Stock of $0.05 per share to holders of record on March 16, 2026. The
dividend was paid on March 27, 2026.
Our latest Supplemental financial information is available at investors.uhaul.com.
U-Haul Holding Company will hold its investor call for fiscal 2026 on Thursday, May 28, 2026 at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com.
About U-Haul Holding Company
U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.
About U-Haul
Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers with a network of over 25,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 204,800 trucks, 136,600 trailers and 42,000 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,136,000 rentable storage units and 99.0 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America.
Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company's business and future operating results, please refer to our Form 10-K for the year ended March 31, 2026, which was filed with the SEC on May 27, 2026.
Report on Business Operations
Listed below on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2026 and 2025.
Quarters Ended March
31, Years Ended March 31,
--------------------- ---------------------
2026 2025 2026 2025
--------- --------- --------- ---------
(Unaudited)
(In thousands)
Self-moving
equipment
rental
revenues $ 757,001 $ 745,259 $3,811,921 $3,725,524
Self-storage
revenues 246,831 230,532 972,427 897,913
Self-moving and
self-storage
product and
service sales 72,668 72,729 329,614 327,490
Property
management
fees 8,855 8,861 36,875 36,811
Life insurance
premiums 25,590 19,553 80,977 83,707
Property and
casualty
insurance
premiums 24,754 23,540 105,119 98,900
Net investment
and interest
income 40,612 36,519 163,104 151,974
Other revenue 95,508 96,516 537,782 506,346
--------- --------- --------- ---------
Consolidated
revenue $1,271,819 $1,233,509 $6,037,819 $5,828,665
--------- --------- --------- ---------
Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2026 and 2025.
Quarters Ended March
31, Years Ended March 31,
---------------------- ----------------------
2026 2025 2026 2025
---------- ---------- ---------- ----------
(Unaudited)
(In thousands)
Moving and
storage
Revenues $1,180,114 $1,153,414 $5,686,690 $5,492,774
Earnings
(losses)
from
operations
before
equity in
earnings of
subsidiaries (97,175) (57,258) 350,227 645,772
Property and
casualty
insurance
Revenues 33,074 27,384 141,202 125,164
Earnings from
operations 17,336 9,976 67,197 54,745
Life insurance
Revenues 61,339 55,201 221,753 221,869
Earnings from
operations 3,807 4,755 15,308 16,642
Eliminations
Revenues (2,708) (2,490) (11,826) (11,142)
Earnings from
operations
before
equity in
earnings of
subsidiaries (27) (249) (111) (1,005)
Consolidated
Results
Revenues 1,271,819 1,233,509 6,037,819 5,828,665
Earnings
(losses)
from
operations (76,059) (42,776) 432,621 716,154
Moving and
Storage
Debt Metrics
(in thousands) December September
(unaudited) March 31, 31, 30, June 30, March 31,
2026 2025 2025 2025 2025
---------- ---------- ---------- ---------- ----------
Real estate
secured debt $3,204,208 $3,096,564 $3,002,344 $2,727,545 $2,703,656
Unsecured debt 1,700,000 1,700,000 1,700,000 1,700,000 1,700,000
Fleet secured
debt 3,157,364 3,196,817 2,965,804 2,792,015 2,758,821
Other secured
debt 63,377 64,798 64,357 65,570 66,864
---------- ---------- ---------- ---------- ----------
Total debt 8,124,949 8,058,179 7,732,505 7,285,130 7,229,341
Cash and cash
equivalents $1,014,382 $1,010,011 $910,969 $726,069 $872,467
Total assets 18,687,591 18,717,342 18,460,371 17,858,535 17,522,952
Adjusted EBITDA
$(TTM)$ 1,645,859 1,640,173 1,681,900 1,650,277 1,619,714
Net debt to
adjusted
EBITDA 4.3 4.3 4.1 4.0 3.9
Net debt to
total assets 38.0% 37.7% 37.0% 36.7% 36.3%
Percent of debt
floating 6.7% 6.8% 7.1% 6.1% 6.1%
Percent of debt
fixed 93.3% 93.2% 92.9% 93.9% 93.9%
Percent of debt
unsecured 20.9% 21.1% 22.0% 23.3% 23.5%
Unencumbered 3.98x 4.01x 3.96x 3.86x 3.91x
asset ratio*
* Unencumbered asset value compared to unsecured debt committed, outstanding
or not. Unencumbered assets valued at the higher of historical cost or
allocated NOI valued at a 10% cap rate, minimum required is 2.0x.
The components of depreciation, net of gains on disposals, for the fourth quarter and the full year of fiscal 2026 and 2025 are as follows:
Quarter Ended March 31, Years Ended March 31,
----------------------- ------------------------
2026 2025 2026 2025
------------ --------- ------------- ---------
(Unaudited)
(In thousands)
Depreciation
expense - rental
equipment $ 221,435 $ 180,836 $ 879,273 $ 692,660
Depreciation
expense - non
rental
equipment 22,863 23,934 94,206 95,709
Depreciation
expense - real
estate 55,731 48,408 209,654 183,564
-------- -------- --------- --------
Total
depreciation
expense $ 300,029 $ 253,178 $ 1,183,133 $ 971,933
Net (gains)
losses on
disposals of
rental
equipment $ 17,832 $ 14,600 $ 104,496 $(15,014)
Net (gains)
losses on
disposals of
non-rental
equipment (676) 500 (608) 1,265
-------- -------- --------- --------
Total net
(gains)
losses on
disposals
equipment $ 17,156 $ 15,100 $ 103,888 $(13,749)
Depreciation,
net of
(gains)
losses on
disposals $ 317,185 $ 268,278 $ 1,287,021 $ 958,184
-------- -------- --------- --------
Net (gains)
losses on
disposals of
real estate $ 3,001 $ 6,305 $ 8,611 $ 15,758
The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned storage locations follows (unaudited):
Quarters Ended March 31,
---------------------------------------
2026 2025
------------------- ------------------
(In thousands, except occupancy rate)
Unit count as of March 31 857 799
Square footage as of March 31 73,651 68,376
Average monthly number of units
occupied 607 613
Average monthly occupancy rate
based on unit count 71.1% 77.3%
End of period occupancy rate
based on unit count 71.0% 77.0%
Average monthly square footage
occupied 54,124 53,814
Years Ended March 31,
---------------------------------------
2026 2025
------------------- ------------------
(In thousands, except occupancy rate)
Unit count as of March 31 857 799
Square footage as of March 31 73,651 68,376
Average monthly number of units
occupied 620 607
Average monthly occupancy rate
based on unit count 74.4% 79.2%
End of period occupancy rate
based on unit count 71.0% 77.0%
Average monthly square footage
occupied 54,858 53,021
Self-Storage Portfolio Summary
As of March 31, 2026
(unaudited)
U-Haul Owned Store Data by State
Rentable Annual
State/ Units Square Revenue Occupancy
Province Stores Occupied Feet Per Foot During Qtr
------------- ------ -------- ---------- --------- -----------
Texas 102 35,998 4,937,797 $15.87 67.5%
Florida 93 33,661 4,282,463 $19.32 67.9%
California 89 33,834 3,352,228 $22.48 78.1%
Illinois 85 37,915 4,432,525 $17.04 72.3%
Pennsylvania 74 27,777 3,157,671 $18.60 69.0%
Ohio 68 25,730 3,143,964 $15.51 70.8%
New York 67 27,855 2,723,022 $24.14 76.9%
Michigan 61 19,856 2,399,439 $16.56 74.7%
Georgia 57 21,250 2,808,691 $16.83 70.4%
Arizona 51 23,523 3,226,198 $16.76 66.1%
Wisconsin 44 16,420 2,092,796 $14.53 68.9%
North Carolina 42 16,860 2,211,672 $16.03 64.2%
Missouri 40 13,811 1,988,597 $14.70 63.6%
Washington 39 13,862 1,672,760 $17.93 68.3%
Tennessee 37 14,808 1,629,973 $15.54 80.5%
Minnesota 35 13,307 1,774,078 $14.24 71.2%
New Jersey 34 15,851 1,592,730 $21.43 78.0%
Ontario 33 12,430 1,416,014 $23.89 68.9%
Indiana 33 10,465 1,189,482 $14.74 77.9%
Alabama 32 7,931 1,312,968 $13.89 53.0%
Top 20 Totals 1,116 423,144 51,345,068 $17.72 70.6%
All Others 508 185,469 22,306,185 $17.65 72.2%
4Q FY 2026
Totals 1,624 608,613 73,651,253 $17.70 71.1%
Same Store
Pool Held
Constant for
Prior
Periods
Same Store
4Q26 948 342,134 34,053,475 $18.49 86.1%
Same Store
4Q25 948 365,169 34,037,858 $17.36 91.5%
Same Store
4Q24 948 365,223 34,004,911 $16.89 91.2%
Non-Same Store
4Q26 676 266,479 39,597,778 $16.68 57.9%
Non-Same Store
4Q25 610 250,465 34,338,142 $16.08 62.8%
Non-Same Store
4Q24 528 212,180 27,852,116 $16.06 65.6%
Same Store
Pool, Prior
Periods
Unchanged
Same Store
4Q26 948 342,134 34,053,475 $18.49 86.1%
Same Store
4Q25 893 317,736 29,661,083 $17.32 91.9%
Same Store
4Q24 862 291,587 27,376,696 $16.87 92.3%
Non-Same Store
4Q26 676 266,479 39,597,778 $16.68 57.9%
Non-Same Store
4Q25 665 297,898 38,714,917 $16.32 66.0%
Non-Same Store
4Q24 614 285,816 34,480,331 $16.28 70.1%
Note: Store Count, Units, and NRSF reflect active storage locations
for the last month of the reporting quarter.
Occupancy % reflects average occupancy during the reporting quarter.
Revenue per foot is average revenue per occupied foot over fiscal
year 2026.
Same store includes storage locations with rentable storage
inventory for more than three years and have had a capacity change
of less than twenty units for any year-over-year period of the
reporting month.
The locations have occupancy each month during the last three years
and have achieved 80% or greater physical occupancy for the last two
years. Prior year Same Store figures are for locations meeting the
Same Store criteria as of the prior year reporting month.
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, March 31,
2026 2025
----------- -----------
(Unaudited)
ASSETS (In thousands)
Cash and cash equivalents $ 1,120,147 $ 988,828
Trade receivables and reinsurance
recoverables, net 159,768 230,716
Inventories and parts 178,155 163,132
Prepaid expenses 191,671 282,406
Fixed maturity securities
available-for-sale, net, at fair value 2,417,912 2,479,498
Equity securities, at fair value 14,976 65,549
Investments, other 706,314 678,254
Deferred policy acquisition costs, net 112,852 121,729
Other assets 127,202 126,732
Right of use assets -- financing, net - 138,698
Right of use assets -- operating, net 40,188 46,025
Related party assets 53,159 45,003
Property, plant and equipment, at cost:
Land 1,865,369 1,812,820
Buildings and improvements 10,542,945 9,628,271
Furniture and equipment 1,074,032 1,047,414
Rental trailers and other rental
equipment 1,206,253 1,046,135
Rental trucks 8,554,508 7,470,039
----------- -----------
23,243,107 21,004,679
Less: Accumulated depreciation (6,862,662) (5,892,079)
----------- -----------
Total property, plant and equipment, net 16,380,445 15,112,600
----------- -----------
Total assets $ 21,502,789 $ 20,479,170
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses $ 850,294 $ 820,900
Notes, loans and finance leases payable,
net 8,083,374 7,193,857
Operating lease liabilities 40,957 46,973
Policy benefits and losses, claims and
loss expenses payable 939,874 857,521
Liabilities from investment contracts 2,357,545 2,511,422
Other policyholders' funds and
liabilities 2,899 7,539
Deferred income 56,614 52,895
Deferred income taxes, net 1,559,581 1,489,920
----------- -----------
Total liabilities 13,891,138 12,981,027
----------- -----------
Common stock 10,497 10,497
Non-voting common stock 176 176
Additional paid-in capital 462,548 462,548
Accumulated other comprehensive loss (163,640) (229,314)
Retained earnings 7,979,720 7,931,886
Cost of common stock in treasury, net (525,653) (525,653)
Cost of preferred stock in treasury, net (151,997) (151,997)
----------- -----------
Total stockholders' equity 7,611,651 7,498,143
----------- -----------
Total liabilities and stockholders' equity $ 21,502,789 $ 20,479,170
=========== ===========
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Quarter Ended March 31,
-------------------------------------------------
2026 2025
--------------------- ---------------------
(Unaudited)
(In thousands, except share and per share data)
Revenues:
Self-moving
equipment rental
revenues $ 757,001 $ 745,259
Self-storage
revenues 246,831 230,532
Self-moving and
self-storage
products and
service sales 72,668 72,729
Property management
fees 8,855 8,861
Life insurance
premiums 25,590 19,553
Property and
casualty insurance
premiums 24,754 23,540
Net investment and
interest income 40,612 36,519
Other revenue 95,508 96,516
--------------------- ---------------------
Total revenues 1,271,819 1,233,509
--------------------- ---------------------
Costs and expenses:
Operating expenses 830,457 812,290
Commission expenses 81,582 80,758
Cost of product
sales 56,159 53,114
Benefits and losses 49,605 45,668
Amortization of
deferred policy
acquisition costs 4,851 4,755
Lease expense 5,038 5,117
Depreciation, net
of (gains) losses
on disposals 317,185 268,278
Net (gains) losses
on disposal of
real estate 3,001 6,305
--------------------- ---------------------
Total costs and
expenses 1,347,878 1,276,285
--------------------- ---------------------
Earnings (losses) from
operations (76,059) (42,776)
Other components of
net periodic
benefit costs (346) (372)
Other interest
income 15,793 9,053
Interest expense (96,595) (80,419)
Fees on early
extinguishment of
debt and costs of
defeasance (919) -
--------------------- ---------------------
Pretax earnings
(losses) (158,126) (114,514)
Income tax
(expense) benefit 30,341 32,223
--------------------- ---------------------
Losses available to
common shareholders $ (127,785) $ (82,291)
===================== =====================
Basic and diluted
losses per share of
Common Stock $ (0.70) $ (0.46)
Weighted average
shares outstanding of
Common Stock: Basic
and diluted 19,607,788 19,607,788
Basic and diluted
earnings (losses) per
share of Non-Voting
Common Stock $ (0.65) $ (0.41)
Weighted average
shares outstanding of
Non-Voting Common
Stock: Basic and
diluted 176,470,092 176,470,092
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended March 31,
-------------------------------------------------
2026 2025
--------------------- ---------------------
(Unaudited)
(In thousands, except share and per share data)
Revenues:
Self-moving
equipment rental
revenues $ 3,811,921 $ 3,725,524
Self-storage
revenues 972,427 897,913
Self-moving and
self-storage
products and
service sales 329,614 327,490
Property management
fees 36,875 36,811
Life insurance
premiums 80,977 83,707
Property and
casualty insurance
premiums 105,119 98,900
Net investment and
interest income 163,104 151,974
Other revenue 537,782 506,346
--------------------- ---------------------
Total revenues 6,037,819 5,828,665
--------------------- ---------------------
Costs and expenses:
Operating expenses 3,415,362 3,275,471
Commission expenses 416,231 407,368
Cost of product
sales 246,860 234,145
Benefits and losses 192,197 182,749
Amortization of
deferred policy
acquisition costs 19,652 18,333
Lease expense 19,264 20,503
Depreciation, net
of (gains) losses
on disposals 1,287,021 958,184
Net (gains) losses
on disposal of
real estate 8,611 15,758
--------------------- ---------------------
Total costs and
expenses 5,605,198 5,112,511
--------------------- ---------------------
Earnings from
operations 432,621 716,154
Other components of
net periodic
benefit costs (1,383) (1,488)
Other interest
income 47,261 59,057
Interest expense (364,757) (295,716)
Fees on early
extinguishment of
debt and costs of
defeasance (1,108) (495)
--------------------- ---------------------
Pretax earnings 112,634 477,512
Income tax expense (29,506) (110,422)
--------------------- ---------------------
Earnings available to
common shareholders $ 83,128 $ 367,090
===================== =====================
Basic and diluted
earnings per share of
Common Stock $ 0.24 $ 1.69
Weighted average
shares outstanding of
Common Stock: Basic
and diluted 19,607,788 19,607,788
Basic and diluted
earnings per share of
Non-Voting Common
Stock $ 0.44 $ 1.89
Weighted average
shares outstanding of
Non-Voting Common
Stock: Basic and
diluted 176,470,092 176,470,092
EARNINGS PER SHARE
We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company's outstanding common stock, $0.25 par value (the "Voting Common Stock"), and the Series N Non-Voting Common Stock, $0.001 par value (the "Non-Voting Common Stock"), based on each share's percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders, less the dividends declared, for both the Voting Common Stock and Non-Voting Common Stock.
Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock.
The calculation of basic and diluted earnings per share for the quarters and years ended March 31, 2026 and 2025 for our Voting Common Stock and Non-Voting Common Stock were as follows:
For the Quarter Ended
-------------------------------------------------
March 31,
-------------------------------------------------
2026 2025
--------------------- --- ---------------------
(Unaudited)
(In thousands, except share and per share
amounts)
Weighted average
shares outstanding of
Voting Common Stock 19,607,788 19,607,788
Total weighted average
shares outstanding
for Voting Common
Stock and Non-Voting
Common Stock 196,077,880 196,077,880
Percent of weighted
average shares
outstanding of Voting
Common Stock 10% 10%
Net losses available
to common
stockholders $ (127,785) $ (82,291)
Voting Common Stock
dividends declared - -
Non-Voting Common
Stock dividends
declared (8,823) (8,823)
--------------------- ---------------------
Undistributed losses
available to common
stockholders $ (136,608) $ (91,114)
--------------------- ---------------------
Undistributed losses
available to common
stockholders
allocated to Voting
Common Stock $ (13,661) $ (9,111)
Undistributed losses
per share of Voting
Common Stock $ (0.70) $ (0.46)
Dividends declared per
share of Voting Common
Stock - -
--------------------- ---------------------
Basic and diluted
losses per share of
Voting Common Stock $ (0.70) $ (0.46)
--------------------- ---------------------
Weighted average
shares outstanding of
Non-Voting Common
Stock 176,470,092 176,470,092
Total weighted average
shares outstanding
for Voting Common
Stock and Non-Voting
Common Stock 196,077,880 196,077,880
Percent of weighted
average shares
outstanding of
Non-Voting Common
Stock 90% 90%
Net losses available
to common
stockholders $ (127,785) $ (82,291)
Voting Common Stock
dividends declared - -
Non-Voting Common
Stock dividends
declared (8,823) (8,823)
--------------------- ---------------------
Undistributed losses
available to common
stockholders $ (136,608) $ (91,114)
--------------------- ---------------------
Undistributed losses
available to common
stockholders
allocated to
Non-Voting Common
Stock $ (122,947) $ (82,003)
Undistributed losses
per share of
Non-Voting Common
Stock $ (0.70) $ (0.46)
Dividends declared per
share of Non-Voting
Common Stock 0.05 0.05
--------------------- ---------------------
Basic and diluted
earnings (losses) per
share of Non-Voting
Common Stock $ (0.65) $ (0.41)
--------------------- ---------------------
For the Years Ended
-------------------------------------------------
March 31,
-------------------------------------------------
2026 2025
--------------------- ----------------------
(Unaudited) (In thousands, except share and per
share amounts)
Weighted average
shares outstanding of
Voting Common Stock 19,607,788 19,607,788
Total weighted average
shares outstanding
for Voting Common
Stock and Non-Voting
Common Stock 196,077,880 196,077,880
Percent of weighted
average shares
outstanding of Voting
Common Stock 10% 10%
Net earnings available
to common
stockholders $ 83,128 $ 367,090
Voting Common Stock
dividends declared - -
Non-Voting Common
Stock dividends
declared (35,294) (35,294)
--------------------- ----------------------
Undistributed earnings
available to common
stockholders $ 47,834 $ 331,796
--------------------- ----------------------
Undistributed earnings
available to common
stockholders
allocated to Voting
Common Stock $ 4,783 $ 33,180
Undistributed earnings
per share of Voting
Common Stock $ 0.24 $ 1.69
Dividends declared per
share of Voting Common
Stock - -
--------------------- ----------------------
Basic and diluted
earnings per share of
Voting Common Stock $ 0.24 $ 1.69
--------------------- ----------------------
Weighted average
shares outstanding of
Non-Voting Common
Stock 176,470,092 176,470,092
Total weighted average
shares outstanding
for Voting Common
Stock and Non-Voting
Common Stock 196,077,880 196,077,880
Percent of weighted
average shares
outstanding of
Non-Voting Common
Stock 90% 90%
Net earnings available
to common
stockholders $ 83,128 $ 367,090
Voting Common Stock
dividends declared - -
Non-Voting Common
Stock dividends
declared (35,294) (35,294)
--------------------- ----------------------
Undistributed earnings
available to common
stockholders $ 47,834 $ 331,796
--------------------- ----------------------
Undistributed earnings
available to common
stockholders
allocated to
Non-Voting Common
Stock $ 43,051 $ 298,616
Undistributed earnings
per share of
Non-Voting Common
Stock $ 0.24 $ 1.69
Dividends declared per
share of Non-Voting
Common Stock 0.20 0.20
--------------------- ----------------------
Basic and diluted
earnings per share of
Non-Voting Common
Stock $ 0.44 $ 1.89
--------------------- ----------------------
NON-GAAP FINANCIAL RECONCILIATION SCHEDULE
As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net ("PPE") being reclassed to Right of use assets - financing, net ("ROU-financing"). The tables below show adjusted PPE as of March 31, 2026 and March 31, 2025 by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. The finance leases tied to these ROU-financing were paid off as of March 31, 2026. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by nor presented in accordance with GAAP. We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP.
March 31, March 31,
2026 2025
----------- -----------
Property, Property,
ROU Plant and Plant and
March 31, Assets Equipment Equipment
2026 Financing Adjusted Adjusted
----------- --------- ----------- -----------
(Unaudited)
(In thousands)
Property, plant
and equipment,
at cost
Land $ 1,865,369 $ - $ 1,865,369 $ 1,812,820
Buildings and
improvements 10,542,945 - 10,542,945 9,628,271
Furniture and
equipment 1,074,032 - 1,074,032 1,047,475
Rental
trailers and
other rental
equipment 1,206,253 - 1,206,253 1,104,206
Rental trucks 8,554,508 - 8,554,508 7,779,514
----------- --------- ----------- -----------
Right-of-use
assets,
gross 23,243,107 - 23,243,107 21,372,286
Less:
Accumulated
depreciation (6,862,662) - (6,862,662) (6,120,988)
----------- --------- ----------- -----------
Total
property,
plant and
equipment
, net $ 16,380,445 $ - $ 16,380,445 $ 15,251,298
=========== ========= =========== ===========
March 31,
2025
------------------
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
----------- ---------- ------------------
Right-of-use
assets, gross 21,004,679 367,607 21,372,286
Less:
Accumulated
depreciation (5,892,079) (228,909) (6,120,988)
----------- ---------- ------------------
Total
property,
plant and
equipment,
net $ 15,112,600 $ 138,698 $ 15,251,298
=========== ========== ==================
Non-GAAP Financial Measures
Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. The non-GAAP measure reported is Adjusted EBITDA. The table below presents the reconciliation of the trailing twelve months adjusted EBITDA measures to its most directly comparable GAAP measures.
Moving and Storage Adjusted EBITDA Calculations
(In thousands, unaudited)
December September
March 31, 31, 30, June 30, March 31,
2026 2025 2025 2025 2025
--------- --------- --------- --------- ---------
Net earnings
available to
common
stockholders $ 83,128 $ 128,622 $ 232,756 $ 314,004 $ 367,090
Income tax
expense 10,341 11,714 48,448 76,156 94,747
Fees on early
extinguishment
of debt and
costs of
defeasance 1,108 189 26 26 495
Interest
expense 364,868 348,914 330,192 311,609 296,721
Other interest
income (47,597) (40,881) (45,759) (51,899) (59,489)
Other
components of
net periodic
benefit costs 1,383 1,409 1,435 1,462 1,488
Net (gains)
losses on
disposal of
real estate 8,611 11,915 12,577 11,037 15,758
Depreciation,
net of (gains)
losses on
disposals 1,287,021 1,238,114 1,158,986 1,045,648 958,184
Earnings from
subsidiaries (63,004) (59,823) (56,761) (57,766) (55,280)
--------- --------- --------- --------- ---------
EBITDA $1,645,859 $1,640,173 $1,681,900 $1,650,277 $1,619,714
View source version on businesswire.com: https://www.businesswire.com/news/home/20260527747120/en/
CONTACT: Sebastien Reyes
Director of Investor Relations
U-Haul Holding Company
(602) 263-6601
Sebastien_Reyes@uhaul.com
(END) Dow Jones Newswires
May 27, 2026 16:08 ET (20:08 GMT)
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