U-Haul Holding Company Reports Second Quarter Fiscal 2027 Financial Results

Lower rental-equipment disposal losses supported quarterly operating earnings, while storage occupancy and available liquidity declined.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

RENO, Nev.--(BUSINESS WIRE)-- U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to common stockholders for its second quarter ended September 30, 2026, of $136.7 million, compared with net earnings of $105.6 million for the same period last year. Earnings per share for Non-Voting Common Stock (UHAL.B) were $0.71 for the second quarter of fiscal 2027 compared to $0.54 for the same period in fiscal 2026.

For the six-month period ended September 30, 2026, net earnings available to common stockholders were $259.6 million compared with net earnings of $247.9 million for the same period last year. Earnings per share for Non-Voting Common Stock (UHAL.B) were $1.34 for the six-month period of fiscal 2027 compared to $1.27 for the same period in fiscal 2026.

“Many people worked hard to serve customers and create the quarterly results,” stated Joe Shoen, chairman of U-Haul Holding Company. “I am going to call our results a modest win. We continue to reinvest, but at an appropriately slower pace.”

Highlights of Second Quarter Fiscal 2027 Results

• Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, increased $44.5 million to $241.9 million compared to the second quarter of fiscal 2026.
  • Fleet depreciation expense decreased $4.5 million for the second quarter and net losses from the disposal of retired rental equipment decreased $34.1 million to $4.2 million for the second quarter, all compared with the second quarter of fiscal 2026.
• Moving and Storage earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) increased $5.0 million to $547.6 million compared to the second quarter of fiscal 2026 and for the trailing twelve months for September 30, 2026 decreased $39.5 million to $1,642.4 million compared to the trailing twelve months for September 30, 2025.
• Self-storage revenues increased $15.8 million, or 6.4% versus the second quarter of fiscal year 2026.
  • Same store occupancy decreased 1.1% to 89.5%, revenue per foot increased 6.7%, and the number of locations qualifying for the pool increased by 77.
  • During the second quarter of fiscal 2027, we added 10 new locations with storage and 1.0 million net rentable square feet (NRSF).
  • We have approximately 11.4 million NRSF in development or pending.
• Self-moving equipment rental revenues increased $37.4 million, or 3.4% versus the second quarter of fiscal year 2026. Total revenue, as well as revenue per transaction increased across both our In-Town and One-Way markets and total In-Town transactions increased compared to the second quarter of fiscal 2026. Compared to the same period last year, we increased the number of Company operated retail locations, independent dealers, along with the number of box trucks in the rental fleet.
• Other revenue for Moving and Storage increased $7.6 million or 4.3% versus the second quarter of fiscal 2026 due to growth of our U-Box product offering. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
• The largest contributors to our operating expense increases were, freight and shipping costs, which increased $24.4 million, personnel expense, which increased $10.2 million, property taxes, which increased $4.7 million and self-insured liability costs, which increased $6.2 million, compared with the second quarter of fiscal 2026.
• Cash and credit availability at the Moving and Storage segment was $1,335.1 million as of September 30, 2026 compared with $1,479.4 million at March 31, 2026.
• During the second quarter of fiscal 2027, we repurchased 149,927 shares of our Voting Common Stock at a cost of $10.1 million and 1,095,478 shares of our Non-Voting Common Stock at a cost of $68.2 million. For the six months, we repurchased 398,295 shares of our Voting Common Stock at a cost of $25.7 million and 1,679,756 shares of our Non-Voting Common Stock at a cost of $100.7 million.
• On August 20, 2026, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on September 14, 2026. The dividend was paid on September 25, 2026.
• Our latest Supplemental financial information is available at investors.uhaul.com.

U-Haul Holding Company will hold its investor call for the second quarter of fiscal 2027 on Thursday, November 5, 2026, at 8 a.m. Arizona Time (10 a.m. Eastern). The call will be broadcast live over the Internet at investors.uhaul.com. To listen to the call live, or to listen to a replay, visit investors.uhaul.com.

About U-Haul Holding Company

U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.

About U-Haul

Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 25,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 205,600 trucks, 137,200 trailers and 44,400 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,156,200 rentable storage units and 101.4 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America.

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company’s business and future operating results, please refer to our Form 10-Q for the quarter ended September 30, 2026, which is on file with the SEC.

Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the second quarter of fiscal 2027 and 2026.

		Quarter Ended September 30,
		2026			2025
		(Unaudited)
		(In thousands)
Self-moving equipment rentals		$	1,147,929		$	1,110,477
Self-storage revenues			262,138			246,299
Self-moving and self-storage product and service sales			90,302			89,829
Property management fees			9,580			9,621
Life insurance premiums			7,925			18,370
Property and casualty insurance premiums			29,545			28,272
Net investment and interest income			39,857			40,022
Other revenue			185,399			177,032
Consolidated revenue			1,772,675			1,719,922

Listed below are the revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2027 and 2026.

		Quarter Ended September 30,
		2026			2025
		(Unaudited)
		(In thousands)
Moving and storage
Revenues		1,694,151			1,632,827
Earnings from operations before equity in earnings of subsidiaries		241,886			197,440
Property and casualty insurance
Revenues		37,008			35,891
Earnings from operations		16,978			17,154
Life insurance
Revenues		44,900			54,113
Earnings from operations		6,210			3,028
Eliminations
Revenues		(3,384	)		(2,909	)
Earnings from operations before equity in earnings of subsidiaries		(26	)		(28	)
Consolidated Results
Revenues		1,772,675			1,719,922
Earnings from operations		265,048			217,594

Moving and Storage
Debt Metrics
(Unaudited) (In thousands)		September 30,				June 30,				March 31,				December 31,				September 30,
			2026				2026				2026				2025				2025
Real estate secured debt		$	3,364,734			$	3,196,940			$	3,204,208			$	3,096,564			$	3,002,344
Unsecured debt			1,700,000				1,700,000				1,700,000				1,700,000				1,700,000
Fleet secured debt			3,146,686				3,187,699				3,157,364				3,196,817				2,965,804
Other secured debt			61,857				62,245				63,377				64,798				64,357
Total debt			8,273,277				8,146,884				8,124,949				8,058,179				7,732,505
Cash and cash equivalents		$	870,096			$	883,630			$	1,014,382			$	1,010,011			$	910,969
Total assets			19,082,104				18,885,168				18,687,591				18,717,342				18,460,371
Adjusted EBITDA (TTM)			1,642,366				1,637,311				1,645,859				1,640,173				1,681,900
Net debt to adjusted EBITDA			4.5				4.4				4.3				4.3				4.1
Net debt to total assets			38.8	%			38.5	%			38.0	%			37.7	%			37.0	%
Percent of debt floating			10.3	%			8.4	%			6.7	%			6.8	%			7.1	%
Percent of debt fixed			89.7	%			91.6	%			93.3	%			93.2	%			92.9	%
Percent of debt unsecured			20.5	%			20.9	%			20.9	%			21.1	%			22.0	%
Unencumbered asset ratio*		4.19x				4.08x				3.98x				4.01x				3.96x

The components of depreciation, net of (gains) losses on disposals for the second quarter of fiscal 2027 and 2026 are as follows:

		Quarter Ended September 30,
		2026				2025
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment		$	222,425			$	226,909
Depreciation expense - non rental equipment			21,969				23,760
Depreciation expense - real estate			57,317				51,440
Total depreciation expense		$	301,711			$	302,109
Net (gains) losses on disposals of rental equipment		$	4,248			$	38,329
Net (gains) losses on disposals of non-rental equipment			42				170
Total net (gains) losses on disposals of equipment		$	4,290			$	38,499
Depreciation, net of (gains) losses on disposals		$	306,001			$	340,608
Net (gains) losses on disposals of real estate		$	(253	)		$	4,531

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:

		Quarters Ended September 30,
		2026			2025
		(Unaudited)
		(In thousands, except occupancy rate)
Unit count as of September 30		876			831
Square footage as of September 30		75,741			71,167
Average monthly number of units occupied		648			630
Average monthly occupancy rate based on unit count		74.2	%		76.3	%
End of period occupancy rate based on unit count		73.6	%		74.4	%
Average monthly square footage occupied		57,863			55,623

Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2027 and 2026.

		Six Months Ended September 30,
		2026			2025
		(Unaudited)
		(In thousands)
Self-moving equipment rentals		$	2,235,507		$	2,168,750
Self-storage revenues			512,310			480,536
Self-moving and self-storage product and service sales			189,542			188,017
Property management fees			19,145			19,203
Life insurance premiums			25,991			37,539
Property and casualty insurance premiums			53,796			50,010
Net investment and interest income			77,225			75,233
Other revenue			341,186			331,104
Consolidated revenue			3,454,702			3,350,392

Listed below are the revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2027 and 2026.

		Six Months Ended September 30,
		2026			2025
		(Unaudited)
		(In thousands)
Moving and storage
Revenues		3,296,100			3,186,686
Earnings from operations before equity in earnings of subsidiaries		476,700			440,318
Property and casualty insurance
Revenues		68,231			65,612
Earnings from operations		29,194			29,042
Life insurance
Revenues		96,376			104,207
Earnings from operations		9,803			5,704
Eliminations
Revenues		(6,005	)		(6,113	)
Earnings from operations before equity in earnings of subsidiaries		(53	)		(56	)
Consolidated Results
Revenues		3,454,702			3,350,392
Earnings from operations		515,644			475,008

The components of depreciation, net of (gains) losses on disposals for the first six months of fiscal 2027 and 2026 are as follows:

	Six Months Ended September 30,
		2026			2025
	(Unaudited)
	(In thousands)
Depreciation expense - rental equipment	$	444,129		$	435,121
Depreciation expense - non rental equipment		44,524			47,779
Depreciation expense - real estate		113,694			101,285
Total depreciation expense	$	602,347		$	584,185
Net (gains) losses on disposals of rental equipment	$	2,355		$	60,454
Net (gains) losses on disposals of non-rental equipment		139			(22	)
Total net (gains) losses on disposals of equipment	$	2,494		$	60,432
Depreciation, net of (gains) losses on disposals	$	604,841		$	644,617
Net (gains) losses on disposals of real estate	$	2,815		$	2,914

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:

		Six Months Ended September 30,
		2026			2025
		(Unaudited)
		(In thousands, except occupancy rate)
Unit count as of September 30		876			831
Square footage as of September 30		75,741			71,167
Average monthly number of units occupied		638			631
Average monthly occupancy rate based on unit count		73.5	%		77.2	%
End of period occupancy rate based on unit count		73.6	%		74.4	%
Average monthly square footage occupied		56,900			55,511

Self-Storage Portfolio Summary
As of September 30, 2026
(Unaudited)
U-Haul Owned Store Data by State								Annual			Occupancy
				Units		Rentable		Revenue			During
State/Province		Stores		Occupied		Square Feet		Per Occ SF			Quarter
Texas		102		38,070		4,937,938		$	16.29		70.6	%
Florida		94		35,014		4,405,260		$	19.61		69.7	%
California		90		35,995		3,487,817		$	23.06		80.1	%
Illinois		86		41,516		4,517,620		$	17.56		78.8	%
Pennsylvania		75		29,317		3,258,772		$	18.92		72.4	%
Ohio		68		27,120		3,151,078		$	15.93		75.3	%
New York		67		29,510		2,855,052		$	24.46		79.4	%
Michigan		61		21,005		2,405,685		$	16.84		79.4	%
Georgia		58		21,844		2,972,036		$	17.21		69.0	%
Arizona		55		24,552		3,349,523		$	17.28		66.5	%
Wisconsin		44		17,199		2,079,133		$	14.91		74.1	%
Missouri		43		15,580		2,052,343		$	15.00		69.6	%
North Carolina		42		17,973		2,278,070		$	16.39		67.8	%
Washington		40		15,074		1,694,730		$	18.59		73.5	%
Tennessee		38		15,325		1,709,374		$	16.03		80.2	%
New Jersey		35		17,029		1,656,661		$	21.90		82.1	%
Minnesota		35		14,147		1,774,058		$	14.68		74.3	%
Ontario		34		13,017		1,494,534		$	24.17		70.5	%
Massachusetts		34		11,399		1,183,104		$	21.77		77.2	%
Indiana		34		11,103		1,191,364		$	15.07		85.4	%
Top 20 Totals		1,135		451,789		52,454,154		$	18.30		74.3	%
All Others		517		193,234		23,287,263		$	17.64		73.9	%
2Q Fiscal 2027 Totals		1,652		645,023		75,741,417		$	18.10		74.2	%
Same Store Pool Held Constant for Prior Periods
Same Store 2Q27		980		371,502		36,150,943		$	18.99		89.5	%
Same Store 2Q26		980		374,981		36,137,644		$	17.80		90.6	%
Same Store 2Q25		980		392,117		36,124,264		$	17.15		93.5	%
Non Same Store 2Q27		672		273,521		39,590,474		$	16.86		60.0	%
Non Same Store 2Q26		616		243,156		35,029,114		$	16.05		61.4	%
Non Same Store 2Q25		524		214,047		28,374,728		$	15.99		64.8	%
Same Store Pool, Prior Periods Unchanged
Same Store 2Q27		980		371,502		36,150,943		$	18.99		89.5	%
Same Store 2Q26		903		320,815		30,897,753		$	17.88		90.5	%
Same Store 2Q25		893		319,259		29,403,609		$	17.20		94.1	%
Non Same Store 2Q27		672		273,521		39,590,474		$	16.86		60.0	%
Non Same Store 2Q26		693		297,322		40,269,004		$	16.28		65.2	%
Non Same Store 2Q25		611		286,905		35,095,383		$	16.22		69.9	%

Note: Store Count, Units and NRSF figures reflect active storage locations for the last month of the reporting quarter. Occupancy % reflects average occupancy during the reporting quarter. Revenue per foot is average revenue per occupied foot over the trailing twelve months ending September 2026. Same store includes storage locations with rental storage inventory for more than three years and a capacity change of less than twenty units for any year-over-year period of the reporting month. The locations have occupancy each month during the last three years and have achieved 80% or greater occupancy for the last two years. Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
	September 30,				March 31,
		2026				2026
	(Unaudited)
	(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	999,862			$	1,120,147
Trade receivables and reinsurance recoverables, net		370,738				159,768
Inventories and parts, net		182,905				178,155
Prepaid expenses		142,898				191,671
Fixed maturity securities available-for-sale, net		2,255,298				2,417,912
Equity securities		15,650				14,976
Investments, other		693,355				706,314
Deferred policy acquisition costs, net		59,497				112,852
Other assets		159,226				127,202
Right of use assets - operating		36,907				40,188
Related party assets		48,260				53,159
Property, plant and equipment, at cost:
Land		1,897,373				1,865,369
Buildings and improvements		10,928,024				10,542,945
Furniture and equipment		1,097,361				1,074,032
Rental trailers and other rental equipment		1,275,531				1,206,253
Rental trucks		8,985,854				8,554,508
		24,184,143				23,243,107
Less: Accumulated depreciation		(7,273,917	)			(6,862,662	)
Total property, plant and equipment		16,910,226				16,380,445
Total assets	$	21,874,822			$	21,502,789
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	872,725			$	850,294
Notes, loans and finance liabilities payable, net		8,230,090				8,083,374
Operating lease liabilities		37,637				40,957
Policy benefits and losses, claims and loss expenses payable		965,895				939,874
Liabilities from investment contracts		2,343,240				2,357,545
Other policyholders' funds and liabilities		9,325				2,899
Deferred income		69,270				56,614
Deferred income taxes		1,628,807				1,559,581
Total liabilities		14,156,989				13,891,138
Stockholders' equity:
Common stock		10,497				10,497
Common stock - Non-Voting		176				176
Additional paid-in capital		462,548				462,548
Accumulated other comprehensive loss		(171,869	)			(163,640	)
Retained earnings		8,221,772				7,979,720
Cost of common shares in treasury, net		(551,578	)			(525,653	)
Cost of Series N non-voting common shares in treasury, net		(101,716	)			-
Cost of preferred shares in treasury, net		(151,997	)			(151,997	)
Total stockholders' equity		7,717,833				7,611,651
Total liabilities and stockholders' equity	$	21,874,822			$	21,502,789

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	Quarter Ended September 30,
		2026				2025
	(Unaudited)
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	1,147,929			$	1,110,477
Self-storage revenues		262,138				246,299
Self-moving and self-storage products and service sales		90,302				89,829
Property management fees		9,580				9,621
Life insurance premiums		7,925				18,370
Property and casualty insurance premiums		29,545				28,272
Net investment and interest income		39,857				40,022
Other revenue		185,399				177,032
Total revenues		1,772,675				1,719,922
Costs and expenses:
Operating expenses		965,051				909,542
Commission expenses		126,644				121,811
Cost of product sales		66,967				67,625
Benefits and losses		20,750				48,178
Amortization of deferred policy acquisition costs		18,604				4,962
Lease expense		3,863				5,071
Depreciation, net of (gains) losses on disposals		306,001				340,608
Net (gains) losses on disposal of real estate		(253	)			4,531
Total costs and expenses		1,507,627				1,502,328
Earnings from operations		265,048				217,594
Other components of net periodic benefit costs		(357	)			(345	)
Other interest income		8,359				10,015
Interest expense		(99,019	)			(90,305	)
Fees and amortization on extinguishment of debt		(44	)			-
Pretax earnings		173,987				136,959
Income tax expense		(37,312	)			(31,409	)
Earnings available to common stockholders	$	136,675			$	105,550
Basic and diluted earnings per share of Common Stock	$	0.66			$	0.49
Weighted average shares outstanding of Common Stock: Basic and diluted		19,246,975				19,607,788
Basic and diluted earnings per share of Non-Voting Common Stock		0.71				0.54
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted		175,158,177				176,470,092

U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	Six Months Ended September 30,
		2026				2025
	(Unaudited)
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals	$	2,235,507			$	2,168,750
Self-storage revenues		512,310				480,536
Self-moving and self-storage products and service sales		189,542				188,017
Property management fees		19,145				19,203
Life insurance premiums		25,991				37,539
Property and casualty insurance premiums		53,796				50,010
Net investment and interest income		77,225				75,233
Other revenue		341,186				331,104
Total revenues		3,454,702				3,350,392
Costs and expenses:
Operating expenses		1,852,041				1,736,291
Commission expenses		246,916				238,548
Cost of product sales		138,721				139,830
Benefits and losses		62,887				93,360
Amortization of deferred policy acquisition costs		23,478				9,879
Lease expense		7,359				9,945
Depreciation, net of (gains) losses on disposals		604,841				644,617
Net (gains) losses on disposal of real estate		2,815				2,914
Total costs and expenses		2,939,058				2,875,384
Earnings from operations		515,644				475,008
Other components of net periodic benefit costs		(714	)			(691	)
Other interest income		17,750				20,684
Interest expense		(196,931	)			(172,635	)
Fees and amortization on extinguishment of debt		(75	)			(26	)
Pretax earnings		335,674				322,340
Income tax expense		(76,070	)			(74,459	)
Earnings available to common stockholders	$	259,604			$	247,881
Basic and diluted earnings per share of Common Stock	$	1.24			$	1.17
Weighted average shares outstanding of Common Stock: Basic and diluted		19,401,609				19,607,788
Basic and diluted earnings per share of Non-Voting Common Stock		1.34				1.27
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted		175,720,426				176,470,092

EARNINGS PER SHARE

We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated approximately 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less than the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.

Our undistributed earnings per share were calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share was added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process was used for both Voting Common Stock and Non-Voting Common Stock.

The calculation of basic and diluted earnings per share for the quarters ended September 30, 2026 and 2025 for our Voting Common Stock and Non-Voting Common Stock were as follows:

	For the Quarter Ended
	September 30,
		2026				2025
	(Unaudited)
	(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock		19,246,975				19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		194,405,152				196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		9.90	%			10.00	%
Net earnings available to common stockholders	$	136,675			$	105,550
Voting Common Stock dividends declared and paid		-				-
Non-Voting Common Stock dividends declared and paid		(8,739	)			(8,823	)
Undistributed earnings available to common stockholders	$	127,936			$	96,727
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	12,666			$	9,673
Undistributed earnings per share of Voting Common Stock	$	0.66			$	0.49
Dividends declared per share of Voting Common Stock		-				-
Basic and diluted earnings per share of Voting Common Stock	$	0.66			$	0.49
Weighted average shares outstanding of Non-Voting Common Stock		175,158,177				176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		194,405,152				196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90.10	%			90.00	%
Net earnings available to common stockholders	$	136,675			$	105,550
Voting Common Stock dividends declared and paid		-				-
Non-Voting Common Stock dividends declared and paid		(8,739	)			(8,823	)
Undistributed earnings available to common stockholders	$	127,936			$	96,727
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	115,270			$	87,054
Undistributed earnings per share of Non-Voting Common Stock	$	0.66			$	0.49
Dividends declared per share of Non-Voting Common Stock		0.05				0.05
Basic and diluted earnings per share of Non-Voting Common Stock	$	0.71			$	0.54

The calculation of basic and diluted earnings per share for the first six months ended September 30, 2026 and 2025 for our Voting Common Stock and Non-Voting Common Stock were as follows:

	For the Six Months Ended
	September 30,
		2026				2025
	(Unaudited)
	(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock		19,401,609				19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		195,122,035				196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		9.94	%			10.00	%
Net earnings available to common stockholders	$	259,604			$	247,881
Voting Common Stock dividends declared and paid		-				-
Non-Voting Common Stock dividends declared and paid		(17,552	)			(17,647	)
Undistributed earnings available to common stockholders	$	242,052			$	230,234
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	24,060			$	23,023
Undistributed earnings per share of Voting Common Stock	$	1.24			$	1.17
Dividends declared per share of Voting Common Stock		-				-
Basic and diluted earnings per share of Voting Common Stock	$	1.24			$	1.17
Weighted average shares outstanding of Non-Voting Common Stock		175,720,426				176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		195,122,035				196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90.06	%			90.00	%
Net earnings available to common stockholders	$	259,604			$	247,881
Voting Common Stock dividends declared and paid		-				-
Non-Voting Common Stock dividends declared and paid		(17,552	)			(17,647	)
Undistributed earnings available to common stockholders	$	242,052			$	230,234
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	217,992			$	207,211
Undistributed earnings per share of Non-Voting Common Stock	$	1.24			$	1.17
Dividends declared per share of Non-Voting Common Stock		0.10				0.10
Basic and diluted earnings per share of Non-Voting Common Stock	$	1.34			$	1.27

Non-GAAP Financial Measures

Below is a reconciliation of Moving and Storage non-GAAP financial measures adjusted EBITDA. The Company believes that this widely accepted measures of operating profitability enhance the transparency of its disclosures, provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the ongoing core business operations, and improves the period-to-period comparability of those results. This non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. The non-GAAP measure reported is adjusted EBITDA. The table below presents the reconciliation of the trailing twelve months adjusted EBITDA measures to its most directly comparable GAAP measures.

Moving and Storage Adjusted EBITDA Calculation
(Unaudited, In thousands)		Trailing Twelve Months
		September 30,			June 30,			March 31,			December 31,			September 30,
		2026			2026			2026			2025			2025
Net earnings available to common stockholders		94,851			63,726			83,128			128,622			232,756
Income tax expense		10,858			5,661			10,341			11,714			48,448
Fees on early extinguishment of debt and costs of defeasance		1,157			1,113			1,108			189			26
Interest expense		389,161			380,449			364,868			348,914			330,192
Other interest income		(44,615	)		(46,295	)		(47,597	)		(40,881	)		(45,759	)
Other components of net periodic benefit costs		1,406			1,394			1,383			1,409			1,435
Net (gains) losses on disposal of real estate		8,512			13,296			8,611			11,915			12,577
Depreciation, net of (gains) losses on disposals		1,247,245			1,281,852			1,287,021			1,238,114			1,158,986
Elimination of net earnings from insurance subsidiaries		(66,209	)		(63,885	)		(63,004	)		(59,823	)		(56,761	)
Adjusted EBITDA		1,642,366			1,637,311			1,645,859			1,640,173			1,681,900

The table below presents the reconciliation of the second quarter adjusted EBITDA measure to its most directly comparable GAAP measures.

Moving and Storage Adjusted EBITDA Calculation
(Unaudited, In thousands)		Quarters Ended
		September 30,			September 30,
		2026			2025
Net earnings available to common stockholders		136,675			105,550
Income tax expense		32,521			27,324
Fees on early extinguishment of debt and costs of defeasance		44			-
Interest expense		99,045			90,333
Other interest income		(8,431	)		(10,111	)
Other components of net periodic benefit costs		357			345
Net (gains) losses on disposal of real estate		(253	)		4,531
Depreciation, net of (gains) losses on disposals		306,001			340,608
Elimination of net earnings from insurance subsidiaries		(18,325	)		(16,001	)
Adjusted EBITDA		547,634			542,579

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261104624734/en/

Sebastien Reyes
Director of Investor Relations
U-Haul Holding Company
(602) 263-6601
Sebastien_Reyes@uhaul.com

Source: U-Haul Holding Company

Key Terms

adjusted ebitda financial

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

form 10-q regulatory

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

forward-looking statements regulatory

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.