Rising costs push U-Haul (NYSE: UHAL) to quarterly net loss

Q: What were U-Haul (UHAL) results for the nine months ended December 31, 2025?

U-Haul grew revenue but saw earnings drop more than half. Nine‑month revenue increased to $4.77 billion from $4.60 billion, while net earnings available to common stockholders declined to $210.9 million from $449.4 million due to higher operating, depreciation, and interest expenses.

Q: What does U-Haul’s balance sheet look like as of December 31, 2025?

U-Haul’s assets, equity, and debt all increased. Total assets reached $21.62 billion and stockholders’ equity was $7.74 billion. Notes, loans and finance leases payable, net, rose to $8.02 billion from $7.19 billion, reflecting continued heavy investment in property, fleet, and facilities.

Q: What did U-Haul disclose about its segments and where revenue comes from?

Most revenue came from the Moving and Storage segment. For the quarter, Moving and Storage generated $1.32 billion of consolidated revenue, while Property and Casualty Insurance and Life Insurance contributed $42.5 million and $56.2 million, respectively, with small eliminations for intercompany activity.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

10-Q

Rhea-AI Filing Summary

U-Haul Holding Company reported higher revenue but sharply weaker profits for the quarter and nine months ended December 31, 2025. Quarterly revenue rose slightly to $1.42 billion from $1.39 billion, yet the company posted a net loss of $37 million versus net earnings of $67 million a year earlier.

The swing to loss was driven by significantly higher operating costs, especially depreciation of $325 million versus $246 million, and higher interest expense of $96 million versus $81 million. For the first nine months, revenue increased to $4.77 billion, but net earnings fell to $211 million from $449 million as costs, depreciation, and interest outpaced growth.

Total assets increased to $21.6 billion and stockholders’ equity to $7.74 billion, reflecting continued heavy capital investment of $2.6 billion in property, plant and equipment. Operating cash flow remained solid at $1.39 billion, while total debt rose to $8.02 billion, increasing ongoing interest costs.

Positive

None.

Negative

Profitability weakened sharply, with quarterly results swinging from net earnings of $67.2 million to a net loss of $37.0 million and nine‑month net earnings falling from $449.4 million to $210.9 million, driven by higher depreciation and interest expense.

Insights

Revenue grew modestly, but higher depreciation and interest pushed U-Haul from profit to loss.

U-Haul Holding Company showed only slight quarterly revenue growth to $1.42 billion, yet earnings deteriorated sharply. The quarter moved from net earnings of $67.2 million to a net loss of $37.0 million, with basic EPS on Voting Common Stock dropping from $0.30 to $(0.23).

The main pressure came from costs tied to the capital-intensive fleet and real estate model. Quarterly depreciation jumped to $325.2 million from $246.1 million, and interest expense rose to $95.5 million from $76.6 million. Over nine months, pretax earnings fell to $270.8 million from $592.0 million, while capital expenditures reached $2.60 billion.

Leverage increased, with notes, loans and finance leases payable, net, rising to $8.02 billion and total interest expense for the nine months at $268.2 million. At the same time, operating cash flow was strong at $1.39 billion, supporting the heavy investment program. Subsequent filings may provide more clarity on whether earnings can recover enough to cover higher depreciation and interest burdens.

02/04/2026 - 04:32 PM

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
	For the quarterly period ended December 31, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
	For the transition period from __________________ to __________________

Commission File Number 001-11255


State or Other Jurisdiction of Incorporation or Organization	Registrant, State of Incorporation, Address and Telephone Number	I.R.S. Employer Identification No.

Nevada		88-0106815

	U-Haul Holding Company (A Nevada Corporation)
	5555 Kietzke Lane Ste 100 Reno, Nevada 89511 Telephone (775) 688-6300 N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered

Common Stock, $0.25 par value	UHAL	New York Stock Exchange
Series N Non-Voting Common Stock, $0.001 par value	UHAL.B	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer	☒	Accelerated Filer	☐
Non-accelerated Filer	☐	Smaller Reporting Company	☐
Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

19,607,788 shares of Common Stock, $0.25 par value, were outstanding as of February 4, 2026.

176,470,092 shares of Series N Non-Voting Common Stock, $0.001 par value, were outstanding as of February 4, 2026.

TABLE OF CONTENTS


		Page

	PART I FINANCIAL INFORMATION

Item 1.	Financial Statements

	a) Consolidated Balance Sheets as of December 31, 2025 and March 31, 2025 (unaudited)	1

	b) Consolidated Statements of Operations for the Quarters Ended December 31, 2025 and 2024 (unaudited)	2

	c) Consolidated Statements of Operations for the Nine Months ended December 31, 2025 and 2024 (unaudited)	3

	d) Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Nine Months Ended December 31, 2025 and 2024 (unaudited)	4

	e) Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended December 31, 2025 and 2024 (unaudited)	5

	f) Consolidated Statements of Changes in Stockholders' Equity for the Nine Months Ended December 31, 2025 and 2024 (unaudited)	6

	g) Consolidated Statements of Cash Flows for the Nine Months ended December 31, 2025 and 2024 (unaudited)	7

	h) Notes to Consolidated Financial Statements (unaudited)	8

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	47

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	76

Item 4.	Controls and Procedures	79

	PART II OTHER INFORMATION

Item 1.	Legal Proceedings	79

Item 1A.	Risk Factors	79

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	79

Item 3.	Defaults Upon Senior Securities	80

Item 4.	Mine Safety Disclosures	80

Item 5.	Other Information	80

Item 6.	Exhibits	80

Part i Financial information

Item 1. Financial Statements

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED balance sheets


	December 31,			March 31,
	2025			2025
	(Unaudited)
	(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	1,032,257		$	988,828
Trade receivables and reinsurance recoverables, net		172,649			230,716
Inventories and parts		175,023			163,132
Prepaid expenses		353,201			282,406
Fixed maturity securities available-for-sale (net of allowance for credit loss of $3,789 and $3,104, respectively) at fair value and amortized cost ($2,649,214 and $2,708,562, respectively)		2,501,436			2,479,498
Equity securities, at fair value		57,418			65,549
Investments, other		720,713			678,254
Deferred policy acquisition costs, net		116,178			121,729
Other assets		129,516			126,732
Right of use assets - financing, net		30,561			138,698
Right of use assets - operating, net		40,689			46,025
Related party assets		60,630			45,003

Property, plant and equipment, at cost:
Land		1,854,024			1,812,820
Buildings and improvements		10,329,648			9,628,271
Furniture and equipment		1,068,623			1,047,414
Rental trailers and other rental equipment		1,175,723			1,046,135
Rental trucks		8,416,008			7,470,039
		22,844,026			21,004,679
Less: Accumulated depreciation		(6,616,653	)		(5,892,079	)
Total property, plant and equipment, net		16,227,373			15,112,600
Total assets	$	21,617,644		$	20,479,170
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	765,426		$	820,900
Notes, loans and finance leases payable, net		8,017,296			7,193,857
Operating lease liabilities		41,464			46,973
Policy benefits and losses, claims and loss expenses payable		930,764			857,521
Liabilities from investment contracts		2,453,325			2,511,422
Other policyholders' funds and liabilities		5,786			7,539
Deferred income		54,227			52,895
Deferred income taxes, net		1,605,547			1,489,920
Total liabilities		13,873,835			12,981,027

Commitments and contingencies (notes 5 and 10)
Stockholders' equity:
Series preferred stock, with or without par value, 50,000,000 shares authorized: Series A preferred stock, with no par value, 6,100,000 shares authorized; 6,100,000 shares issued and none outstanding		—			—
Series B preferred stock, with no par value, 100,000 shares authorized; none issued and outstanding		—			—
Serial common stock, with or without par value, 250,000,000 shares authorized: Serial common stock of $0.25 par value, 10,000,000 shares authorized; none issued and outstanding		—			—
Common stock, with $0.25 par value, 250,000,000 shares authorized: Common stock of $0.25 par value, 250,000,000 shares authorized; 41,985,700 issued and 19,607,788 outstanding		10,497			10,497
Series N Non-Voting Common Stock with $0.001 par value, 250,000,000 shares authorized Series N Non-Voting Common Stock, with $0.001 par value, 250,000,000 shares authorized; 176,470,092 shares issued and outstanding		176			176
Additional paid-in capital		462,548			462,548
Accumulated other comprehensive loss		(168,090	)		(229,314	)
Retained earnings		8,116,328			7,931,886
Cost of common stock in treasury, net (22,377,912 shares)		(525,653	)		(525,653	)
Cost of preferred stock in treasury, net (6,100,000 shares)		(151,997	)		(151,997	)
Total stockholders' equity		7,743,809			7,498,143
Total liabilities and stockholders' equity	$	21,617,644		$	20,479,170

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED Statements of operations


	Quarter ended December 31,
	2025			2024
	(Unaudited)
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rental revenues	$	886,170		$	878,585
Self-storage revenues		245,060			227,125
Self-moving and self-storage products and service sales		68,929			70,407
Property management fees		8,817			8,869
Life insurance premiums		17,848			22,926
Property and casualty insurance premiums		30,355			28,364
Net investment and interest income		47,259			40,536
Other revenue		111,170			111,746
Total revenues		1,415,608			1,388,558

Costs and expenses:
Operating expenses		848,614			782,351
Commission expenses		96,101			95,031
Cost of product sales		50,871			52,767
Benefits and losses		49,232			48,683
Amortization of deferred policy acquisition costs		4,922			4,493
Lease expense		4,281			5,052
Depreciation, net of (gains) losses on disposals of ($26,300 and ($3,526) respectively)		325,219			246,091
Net (gains) losses on disposal of real estate		2,696			3,358
Total costs and expenses		1,381,936			1,237,826

Earnings from operations		33,672			150,732
Other components of net periodic benefit costs		(346	)		(372	)
Other interest income		10,784			15,638
Interest expense		(95,527	)		(76,581	)
Fees on early extinguishment of debt and costs of defeasance		(163	)		—
Pretax earnings (losses)		(51,580	)		89,417
Income tax (expense) benefit		14,612			(22,251	)
Net earnings (losses) available to common stockholders	$	(36,968	)	$	67,166
Basic and diluted earnings (losses) per share of Common Stock	$	(0.23	)	$	0.30
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788			19,607,788
Basic and diluted earnings (losses) per share of Series N Non-Voting Common Stock	$	(0.18	)	$	0.35
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted		176,470,092			176,470,092

Related party revenues for the third quarters ended December 31, 2025 and 2024, net of eliminations, were $8.8 million and $8.9 million, respectively.

Related party costs and expenses for the third quarters ended December 31, 2025 and 2024, net of eliminations, were $26.2 million and $26.5 million, respectively.

Please see Note 11, Related Party Transactions, of the Notes to Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED Statements of operations


	Nine months ended December 31,
	2025			2024
	(Unaudited)
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rental revenues	$	3,054,920		$	2,980,265
Self-storage revenues		725,596			667,381
Self-moving and self-storage products and service sales		256,946			254,761
Property management fees		28,020			27,950
Life insurance premiums		55,387			64,154
Property and casualty insurance premiums		80,365			75,360
Net investment and interest income		122,492			115,455
Other revenue		442,274			409,830
Total revenues		4,766,000			4,595,156

Costs and expenses:
Operating expenses		2,584,905			2,463,181
Commission expenses		334,649			326,610
Cost of product sales		190,701			181,031
Benefits and losses		142,592			137,081
Amortization of deferred policy acquisition costs		14,801			13,578
Lease expense		14,226			15,386
Depreciation, net of (gains) losses on disposal ($86,732 and ($28,849) respectively)		969,836			689,906
Net (gains) losses on disposal of real estate		5,610			9,453
Total costs and expenses		4,257,320			3,836,226

Earnings from operations		508,680			758,930
Other components of net periodic benefit costs		(1,037	)		(1,116	)
Other interest income		31,468			50,004
Interest expense		(268,162	)		(215,297	)
Fees on early extinguishment of debt and costs of defeasance		(189	)		(495	)
Pretax earnings		270,760			592,026
Income tax expense		(59,847	)		(142,645	)
Net earnings available to common stockholders	$	210,913		$	449,381
Basic and diluted earnings per common share	$	0.94		$	2.16
Weighted average common shares outstanding: Basic and diluted		19,607,788			19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock	$	1.09		$	2.31
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted		176,470,092			176,470,092

Related party revenues for the first nine months ended December 31, 2025 and 2024, net of eliminations, were $28.0 million and $28.0 million, respectively.

Related party costs and expenses for the first nine months ended December 31, 2025 and 2024, net of eliminations, were $91.0 million and $90.0 million, respectively.

Please see Note 11, Related Party Transactions, of the Notes to Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

consolidatED statements of COMPREHENSIVE INCOME (loss)


Quarter ended December 31, 2025	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings (losses)	$	(51,580	)	$	14,612		$	(36,968	)
Other comprehensive income (loss):
Foreign currency translation		1,841			—			1,841
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses)		25,393			(5,367	)		20,026
Change in fair value of cash flow hedges		610			(153	)		457
Amounts reclassified into earnings on hedging activities		(813	)		203			(610	)
Total other comprehensive income (loss)		27,031			(5,317	)		21,714

Total comprehensive income (loss)	$	(24,549	)	$	9,295		$	(15,254	)

Quarter ended December 31, 2024	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings	$	89,417		$	(22,251	)	$	67,166
Other comprehensive income (loss):
Foreign currency translation		(3,929	)		—			(3,929	)
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses)		68,650			(14,542	)		54,108
Change in fair value of cash flow hedges		6,121			(1,510	)		4,611
Amounts reclassified into earnings on hedging activities		(1,596	)		399			(1,197	)
Total other comprehensive income (loss)		69,246			(15,653	)		53,593

Total comprehensive income (loss)	$	158,663		$	(37,904	)	$	120,759


Nine months ended December 31, 2025	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings	$	270,760		$	(59,847	)	$	210,913
Other comprehensive income (loss):
Foreign currency translation		2,802			—			2,802
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses)		75,331			(15,871	)		59,460
Change in fair value of cash flow hedges		(5,299	)		1,319			(3,980	)
Amounts reclassified into earnings on hedging activities		3,923			(981	)		2,942
Total other comprehensive income (loss)		76,757			(15,533	)		61,224

Total comprehensive income (loss)	$	347,517		$	(75,380	)	$	272,137

Nine months ended December 31, 2024	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings	$	592,026		$	(142,645	)	$	449,381
Other comprehensive income (loss):
Foreign currency translation		(3,712	)		—			(3,712	)
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses)		57,171			(12,508	)		44,663
Change in fair value of cash flow hedges		5,907			(1,505	)		4,402
Amounts reclassified into earnings on hedging activities		(12,500	)		3,125			(9,375	)
Total other comprehensive income (loss)		46,866			(10,888	)		35,978

Total comprehensive income (loss)	$	638,892		$	(153,533	)	$	485,359

The accompanying notes are an integral part of these consolidated financial statements.

U-Haul Holding Company and consolidated subsidiaries

consolidated statements of changes in stockholders’ equity


		Common Stock		Series N Non-Voting Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Less: Treasury Common Stock			Less: Treasury Preferred Stock			Total Stockholders' Equity
	(Unaudited)
	(In thousands)
Balance as of September 30, 2025		$	10,497	$	176		$	462,548	$	(189,804	)	$	8,162,120		$	(525,653	)	$	(151,997	)	$	7,767,887
Foreign currency translation			—		—			—		1,841			—			—			—			1,841
Unrealized net gain (losses) on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—		—			—		20,026			—			—			—			20,026
Change in fair value of cash flow hedges, net of tax			—		—			—		457			—			—			—			457
Amounts reclassified into earnings on hedging activities			—		—			—		(610	)		—			—			—			(610	)
Net earnings (losses)			—		—			—		—			(36,968	)		—			—			(36,968	)
Series N Non-Voting Common Stock dividends: ($0.05 per share)			—		—			—		—			(8,824	)		—			—			(8,824	)
Net activity			—		—			—		21,714			(45,792	)		—			—			(24,078	)
Balance as of December 31, 2025		$	10,497	$	176		$	462,548	$	(168,090	)	$	8,116,328		$	(525,653	)		(151,997	)	$	7,743,809

Balance as of September 30, 2024		$	10,497	$	176		$	462,548	$	(240,831	)	$	7,964,658		$	(525,653	)	$	(151,997	)	$	7,519,398
Foreign currency translation			—		—			—		(3,929	)		—			—			—			(3,929	)
Unrealized net gain (losses) on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—		—			—		54,108			—			—			—			54,108
Change in fair value of cash flow hedges, net of tax			—		—			—		4,611			—			—			—			4,611
Amounts reclassified into earnings on hedging activities			—		—			—		(1,197	)		—			—			—			(1,197	)
Net earnings			—		—			—		—			67,166			—			—			67,166
Series N Non-Voting Common stock dividends: ($0.05 per share)			—		—			—		—			(8,824	)		—			—			(8,824	)
Net activity			—		—			—		53,593			58,342			—			—			111,935
Balance as of December 31, 2024		$	10,497	$	176	$	$	462,548	$	(187,238	)	$	8,023,000		$	(525,653	)	$	(151,997	)	$	7,631,333

The accompanying notes are an integral part of these consolidated financial statements.

U-Haul Holding Company and consolidated subsidiaries

consolidated statements of changes in stockholders’ equity


		Common Stock		Series N Non-Voting Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Less: Treasury Common Stock			Less: Treasury Preferred Stock			Total Stockholders' Equity
	(Unaudited)
	(In thousands)
Balance as of March 31, 2025		$	10,497	$	176	$	462,548	$	(229,314	)	$	7,931,886		$	(525,653	)	$	(151,997	)	$	7,498,143
Foreign currency translation			—		—		—		2,802			—			—			—			2,802
Unrealized net gain (losses) on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—		—		—		59,460			—			—			—			59,460
Change in fair value of cash flow hedges, net of tax			—		—		—		(3,980	)		—			—			—			(3,980	)
Amounts reclassified into earnings on hedging activities			—		—		—		2,942			—			—			—			2,942
Net earnings			—		—		—		—			210,913			—			—			210,913
Series N Non-Voting Common Stock dividends: ($0.15 per share)			—		—		—		—			(26,471	)		—			—			(26,471	)
Net activity			—		—		—		61,224			184,442			—			—			245,666
Balance as of December 31, 2025		$	10,497	$	176		462,548	$	(168,090	)	$	8,116,328		$	(525,653	)		(151,997	)	$	7,743,809

Balance as of March 31, 2024		$	10,497	$	176	$	462,548	$	(223,216	)	$	7,600,090		$	(525,653	)	$	(151,997	)	$	7,172,445
Foreign currency translation			—		—		—		(3,712	)		—			—			—			(3,712	)
Unrealized net gain (losses) on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—		—		—		44,663			—			—			—			44,663
Change in fair value of cash flow hedges, net of tax			—		—		—		4,402			—			—			—			4,402
Amounts reclassified into earnings on hedging activities			—		—		—		(9,375	)		—			—			—			(9,375	)
Net earnings			—		—		—		—			449,381			—			—			449,381
Series N Non-Voting Common stock dividends: ($0.15 per share)			—		—		—		—			(26,471	)		—			—			(26,471	)
Net activity			—		—		—		35,978			422,910			—			—			458,888
Balance as of December 31, 2024		$	10,497	$	176	$	462,548	$	(187,238	)	$	8,023,000		$	(525,653	)	$	(151,997	)	$	7,631,333

The accompanying notes are an integral part of these consolidated financial statements.

U-Haul holding company AND CONSOLIDATED subsidiaries

consolidatED statements of cash flows


	Nine months ended December 31,
	2025			2024
	(Unaudited)
	(In thousands)
Cash flows from operating activities:
Net earnings	$	210,913		$	449,381
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		883,104			718,755
Amortization of premiums and accretion of discounts related to investments, net		13,527			10,431
Amortization of debt issuance costs		5,213			4,275
Interest credited to policyholders		72,952			58,290
Provision for allowance for losses on trade receivables, net		(1,369	)		1,463
Operating lease right-of-use asset amortization		6,813			8,015
Net (gains) losses on disposals of equipment		86,732			(28,849	)
Net (gains) losses on disposal of real estate		5,610			9,453
Net (gains) losses on sales of fixed maturity securities		2,356			19
Net (gains) losses on equity securities and investments, other		(5,175	)		(7,299	)
Deferred income taxes, net		99,677			48,769
Net change in other operating assets and liabilities:
Trade receivables and reinsurance recoverables		59,566			34,720
Inventories and parts		(11,888	)		(4,209	)
Prepaid expenses		(70,301	)		(20,559	)
Deferred policy acquisition costs, net		5,551			(1,791	)
Other assets		(2,704	)		(19,270	)
Related party assets		(12,987	)		(2,404	)
Accounts payable and accrued expenses and operating lease liabilities		(16,859	)		20,461
Policy benefits and losses, claims and loss expenses payable		63,053			(22,069	)
Other policyholders' funds and liabilities		(1,754	)		2,825
Deferred income		1,195			(3,602	)
Other liabilities		(2,630	)		(909	)
Net cash provided by (used in) operating activities		1,390,595			1,255,896

Cash flows from investing activities:
Escrow deposits activity		729			3,445
Purchases of:
Property, plant and equipment		(2,602,669	)		(2,863,496	)
Fixed maturity securities available-for-sale		(266,213	)		(441,974	)
Equity securities		(3,531	)		(852	)
Investments, other		(144,986	)		(92,774	)
Proceeds from sales of:
Property, plant and equipment		571,544			530,135
Fixed maturity securities available-for-sale		310,459			318,634
Equity securities		14,745			10,842
Investments, other		107,318			97,594
Net cash provided by (used in) provided by investing activities		(2,012,604	)		(2,438,446	)

Cash flows from financing activities:
Borrowings from credit facilities		1,760,351			1,404,974
Principal repayments on credit facilities		(902,232	)		(713,949	)
Payment of debt issuance costs		(10,602	)		(4,224	)
Finance lease payments		(32,901	)		(60,661	)
Securitization deposits		345			331
Series N Non-Voting Common Stock dividends paid		(26,471	)		(26,471	)
Investment contract deposits		247,328			389,848
Investment contract withdrawals		(378,377	)		(318,005	)
Net cash provided by (used in) by financing activities		657,441			671,843

Effects of exchange rate on cash		7,997			(6,439	)

Increase (decrease) in cash and cash equivalents		43,429			(517,146	)
Cash and cash equivalents at the beginning of period		988,828			1,534,544
Cash and cash equivalents at the end of period	$	1,032,257		$	1,017,398


Supplemental disclosure of cash flow information:
Cash paid (received) for:
Interest	$	251,099		$	207,241
Interest on derivatives		(1,935	)		(4,163	)
Income taxes, net		507			70,812
Non-cash activities:
Right-of-use assets in exchange for lease liabilities		1,471			3,067
Purchase of property, plant and equipment included in accounts payable		66,124			62,709

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

U-Haul Holding Company, a Nevada corporation (“U-Haul Holding Company”), has a third fiscal quarter that ends on the 31st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30th of September for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. We believe that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of consolidated financial position or consolidated results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2025 and 2024 correspond to fiscal 2026 and 2025 for U-Haul Holding Company.

Accounts denominated in non-U.S. currencies have been translated into U.S. dollars.

The accompanying interim consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with the accounting principles generally accepted in the United States of America (“GAAP”). Interim results are not necessarily indicative of full year performance. The year-end consolidated balance sheet data was derived from audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, which include all disclosures required by GAAP. Compared to the consolidated annual financial statements, certain footnotes within the accompanying interim consolidated financial statements have been condensed. Therefore, these interim consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

In our opinion, all adjustments necessary for the fair presentation of such consolidated financial statements have been included. Such adjustments consist only of normal recurring items.

Intercompany accounts and transactions have been eliminated.

Description of Legal Entities

U-Haul Holding Company is the holding company for:

U-Haul International, Inc. (“U-Haul”);

Amerco Real Estate Company (“Real Estate”);

Repwest Insurance Company (“Repwest”); and

Oxford Life Insurance Company (“Oxford”).

Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to U-Haul Holding Company and all of its legal subsidiaries.

Description of Operating and Reportable Segments

U-Haul Holding Company's three operating and reportable segments are Moving and Storage, Property and Casualty Insurance and Life Insurance.

Moving and Storage operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul® throughout the United States and Canada.

Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safehaul® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul-related programs. ARCOA Risk Retention Group is a

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business.

Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

2. Earnings per Share

We calculate earnings per share using the two-class method in accordance with ASC 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 Company's 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 the 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 the 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 the Voting Common Stock and the Non-Voting Common Stock.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The calculation of basic and diluted earnings per share for the quarters ended December 31, 2025 and 2024 for the Voting Common Stock and the Non-Voting Common Stock were as follows:


	Quarter Ended
	December 31,
	2025			2024
	(Unaudited)
	(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock		19,607,788			19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10	%		10	%

Net earnings (losses) available to common stockholders	$	(36,968	)	$	67,166
Voting Common Stock dividends declared and paid		—			—
Non-Voting Common Stock dividends declared and paid		(8,824	)		(8,824	)
Undistributed earnings (losses) available to common stockholders	$	(45,792	)	$	58,342
Undistributed earnings (losses) available to common stockholders allocated to Voting Common Stock	$	(4,579	)	$	5,834

Undistributed earnings (losses) per share of Voting Common Stock	$	(0.23	)	$	0.30
Dividends declared per share of Voting Common Stock		—			—
Basic and diluted earnings (losses) per share of Voting Common Stock	$	(0.23	)	$	0.30


Weighted average shares outstanding of Non-Voting Common Stock		176,470,092			176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90	%		90	%

Net earnings (losses) available to common stockholders	$	(36,968	)	$	67,166
Voting Common Stock dividends declared and paid		—			—
Non-Voting Common Stock dividends declared and paid		(8,824	)		(8,824	)
Undistributed earnings (losses) available to common stockholders	$	(45,792	)	$	58,342
Undistributed earnings (losses) available to common stockholders allocated to Non-Voting Common Stock	$	(41,213	)	$	52,508

Undistributed earnings (losses) per share of Non-Voting Common Stock	$	(0.23	)	$	0.30
Dividends declared per share of Non-Voting Common Stock		0.05			0.05
Basic and diluted earnings (losses) per share of Non-Voting Common Stock	$	(0.18	)	$	0.35

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The calculation of basic and diluted earnings per share for the nine months ended December 31, 2025 and 2024 for the voting Common Stock and the Non-Voting Common Stock were as follows:


	Nine months ended
	December 31,
	2025			2024
	(Unaudited)
	(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock		19,607,788			19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10	%		10	%

Net earnings available to common stockholders	$	210,913		$	449,381
Voting Common Stock dividends declared and paid		—			—
Non-Voting Common Stock dividends declared and paid		(26,471	)		(26,471	)
Undistributed earnings available to common stockholders	$	184,442		$	422,910
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	18,444		$	42,291

Undistributed earnings per share of Voting Common Stock	$	0.94		$	2.16
Dividends declared per share of Voting Common Stock		—			—
Basic and diluted earnings per share of Voting Common Stock	$	0.94		$	2.16


Weighted average shares outstanding of Non-Voting Common Stock		176,470,092			176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90	%		90	%

Net earnings available to common stockholders	$	210,913		$	449,381
Voting Common Stock dividends declared and paid		—			—
Non-Voting Common Stock dividends declared and paid		(26,471	)		(26,471	)
Undistributed earnings available to common stockholders	$	184,442		$	422,910
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	165,998		$	380,619

Undistributed earnings per share of Non-Voting Common Stock	$	0.94		$	2.16
Dividends declared per share of Non-Voting Common Stock		0.15			0.15
Basic and diluted earnings per share of Non-Voting Common Stock	$	1.09		$	2.31

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Investments

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $21.4 million and $21.5 million as of December 31, 2025 and March 31, 2025, respectively.

Available-for-Sale Investments

Available-for-sale investments as of December 31, 2025 were as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Expected Credit Losses			Fair Value
	(Unaudited)
	(In thousands)
U.S. treasury securities and government obligations	$	104,262	$	265	$	(5,320	)	$	—		$	99,207
U.S. government agency mortgage-backed securities		156,754		1,024		(7,672	)		—			150,106
Obligations of states and political subdivisions		133,861		520		(5,904	)		—			128,477
Corporate securities		1,660,382		5,420		(102,335	)		(3,789	)		1,559,678
Mortgage-backed securities		593,955		3,847		(33,834	)		—			563,968
	$	2,649,214	$	11,076	$	(155,065	)	$	(3,789	)	$	2,501,436

Available-for-sale investments as of March 31, 2025 were as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Expected Credit Losses			Fair Value
	(Unaudited)
	(In thousands)
U.S. treasury securities and government obligations	$	119,289	$	206	$	(8,353	)	$	—		$	111,142
U.S. government agency mortgage-backed securities		81,909		232		(8,712	)		—			73,429
Obligations of states and political subdivisions		137,280		272		(8,808	)		—			128,744
Corporate securities		1,807,605		1,623		(155,749	)		(3,104	)		1,650,375
Mortgage-backed securities		562,479		582		(47,253	)		—			515,808
	$	2,708,562	$	2,915	$	(228,875	)	$	(3,104	)	$	2,479,498

A summary of available-for-sale investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31, 2025 and March 31, 2025 were as follows:


	December 31, 2025
	Less than or equal to 1 year					Greater than 1 year					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Unaudited)
	(In thousands)
U.S. treasury securities and government obligations	$	—	$	—		$	92,760	$	(5,320	)	$	92,760	$	(5,320	)
U.S. government agency mortgage-backed securities		37,360		(190	)		19,478		(7,482	)		56,838		(7,672	)
Obligations of states and political subdivisions		18,120		(434	)		62,533		(5,470	)		80,653		(5,904	)
Corporate securities		72,656		(370	)		1,113,633		(101,965	)		1,186,289		(102,335	)
Mortgage-backed securities		35,644		(2,192	)		194,896		(31,642	)		230,540		(33,834	)
	$	163,780	$	(3,186	)	$	1,483,300	$	(151,879	)	$	1,647,080	$	(155,065	)

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	March 31, 2025
	Less than or equal to 1 year					Greater than 1 year					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Unaudited)
	(In thousands)
U.S. treasury securities and government obligations	$	1,760	$	(24	)	$	95,058	$	(8,329	)	$	96,818	$	(8,353	)
U.S. government agency mortgage-backed securities		36,871		(197	)		20,928		(8,515	)		57,799		(8,712	)
Obligations of states and political subdivisions		46,036		(1,628	)		52,903		(7,179	)		98,939		(8,807	)
Corporate securities		294,133		(5,822	)		1,239,884		(149,927	)		1,534,017		(155,749	)
Mortgage-backed securities		188,328		(3,911	)		217,020		(43,343	)		405,348		(47,254	)
	$	567,128	$	(11,582	)	$	1,625,793	$	(217,293	)	$	2,192,921	$	(228,875	)

Gross proceeds from sales of securities were $7.4 million and $10.8 million for the first nine months ended December 31, 2025 and December 31, 2024, respectively. No material gross realized gains or losses were recognized.

For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade. For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment. Declines in value due to credit are recognized as an allowance. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year. The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis.

Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized.

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a $0.7 million and $2.0 million net impairment charge recorded in the first nine months ended December 31, 2025 and 2024, respectively.

Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The amortized cost and fair value of available-for-sale investments by contractual maturity were as follows:


	December 31, 2025				March 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Unaudited)
	(In thousands)
Due in one year or less	$	176,399	$	175,753	$	196,238	$	194,896
Due after one year through five years		577,465		568,566		591,589		576,204
Due after five years through ten years		547,894		518,739		611,788		558,430
Due after ten years		753,501		674,410		746,468		634,160
		2,055,259		1,937,468		2,146,083		1,963,690

Mortgage-backed securities		593,955		563,968		562,479		515,808
	$	2,649,214	$	2,501,436	$	2,708,562	$	2,479,498

Equity investments of common stock and non-redeemable preferred stock were as follows:


	December 31, 2025				March 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Unaudited)
	(In thousands)
Common stocks	$	32,990	$	49,343	$	30,108	$	43,413
Non-redeemable preferred stocks		11,045		8,075		25,144		22,136
	$	44,035	$	57,418	$	55,252	$	65,549

Changes in the market value of common stock and non-redeemable preferred stock are recognized in earnings.

Investments, other

The carrying value of the other investments was as follows:


	December 31,		March 31,
	2025		2025
	(Unaudited)
	(In thousands)
Mortgage loans, net	$	699,878	$	657,567
Policy loans		12,521		11,868
Other investments		8,314		8,819
	$	720,713	$	678,254

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4. Accounts Payable and Accrued Expenses and Other Reserves

Accounts payable and accrued expenses were as follows:


		December 31,			March 31,
		2025			2025
		(Unaudited)
		(In thousands)
Accounts payable	$		181,825	$		263,280
Accrued expenses			583,601			557,620
	$		765,426	$		820,900

Other Reserves

Self-Insurance Liabilities

U-Haul retains the risk for certain public liability and third-party property damage claims related to our rental equipment. The consolidated balance sheets include $439.8 million and $360.8 million of liabilities related to these programs as of December 31, 2025 and March 31, 2025, respectively. These liabilities represent an estimate for both reported claims not yet paid and claims incurred but not yet reported and are recorded on an undiscounted basis in policy benefits and losses, claims and loss expenses payable. Requirements are based on actuarial evaluations of historical accident claims expense and trends, as well as future projection of ultimate losses, expenses and administrative costs. The adequacy of the liability is monitored based on evolving claim history. This liability is subject to change in the future based upon changes in the underlying assumptions including claims experience, frequency of incidents and severity of incidents.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. Notes, Loans and Finance Leases Payable, net

Long Term Debt

Long term debt was as follows:


	Fiscal Year 2026 Interest Rates						Maturities				Weighted Avg Interest Rates (c)			December 31, 2025			March 31, 2025
														(Unaudited)
														(In thousands)
Real estate loans (amortizing term) (a)		4.30	%	-	5.35	%	2027		-	2037		4.88	%	$	256,977		$	265,887
Senior mortgages		2.70	%	-	6.05	%	2026		-	2042		4.69	%		2,839,587			2,437,769
Real estate loans (revolving credit)		—	%	-	—	%		—	-	2027	-		%		—			—
Fleet loans (amortizing term)		1.61	%	-	6.02	%	2026		-	2033		5.37	%		154,964			125,839
Fleet loans (revolving credit) (b)		4.77	%	-	5.27	%	2028		-	2030		5.14	%		635,000			625,000
Finance leases (rental equipment)		2.89	%	-	4.66	%	2026		-	2026		4.25	%		11,437			44,338
Finance liability (rental equipment)		1.60	%	-	6.80	%	2025		-	2033		5.19	%		2,395,416			1,963,644
Private placements		2.43	%	-	6.00	%	2029		-	2035		3.62	%		1,700,000			1,700,000
Other obligations		1.50	%	-	8.00	%	2026		-	2049		6.41	%		64,798			66,864
Notes, loans and finance leases payable															8,058,179			7,229,341
Less: Debt issuance costs															(40,883	)		(35,484	)
Total notes, loans and finance leases payable, net														$	8,017,296		$	7,193,857

(a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72% and 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.10% using the swap adjusted interest rate.
(b) A certain loan has an interest rate swap fixing a portion of the rate for the relevant loan at 4.36% based on current margin. The weighted average interest rate calculation for all loans was 5.19% using the swap adjusted interest rate.
(c) Weighted average rates as of December 31, 2025.

Annual Maturities of Notes, Loans and Finance Leases Payable

The annual maturities and regular amortization of our notes, loans and finance leases payable, before debt issuance costs, as of December 31, 2025 for the next five years and thereafter are as follows:


	Years Ended December 31,
	2026		2027		2028		2029		2030		Thereafter		Total
	(Unaudited)
	(In thousands)
Notes, loans and finance leases payable	$	863,796	$	1,089,226	$	864,684	$	956,517	$	925,310	$	3,358,646	$	8,058,179

Interest on Borrowings

Interest Expense

Components of interest expense included the following:


	Quarter ended December 31,
	2025			2024
	(Unaudited)
	(In thousands)
Interest expense	$	96,337		$	80,760
Capitalized interest		(2,161	)		(4,608	)
Amortization of transaction costs		1,779			1,390
Interest expense resulting from cash flow hedges		(428	)		(961	)
Total interest expense	$	95,527		$	76,581

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	Nine months ended December 31,
	2025			2024
	(Unaudited)
	(In thousands)
Interest expense	$	272,810		$	226,148
Capitalized interest		(8,013	)		(11,188	)
Amortization of transaction costs		4,882			4,229
Interest expense resulting from cash flow hedges		(1,517	)		(3,892	)
Total interest expense	$	268,162		$	215,297

Interest Rates

Interest rates and Company borrowings related to our revolving credit facilities were as follows:


	Revolving Credit Activity
	Quarter ended December 31,
		2025			2024
	(Unaudited)
	(In thousands, except interest rates)
Weighted average interest rate during the quarter		5.35	%		6.05	%
Interest rate at the end of the quarter		5.22	%		5.88	%
Maximum amount outstanding during the quarter	$	785,000		$	765,000
Average amount outstanding during the quarter	$	732,826		$	745,272
Facility fees	$	234		$	214


	Revolving Credit Activity
	Nine months ended December 31,
		2025			2024
	(Unaudited)
	(In thousands, except interest rates)
Weighted average interest rate during the period		5.53	%		6.43	%
Interest rate at the end of the period		5.22	%		5.88	%
Maximum amount outstanding during the period	$	785,000		$	765,000
Average amount outstanding during the period	$	699,364		$	665,376
Facility fees	$	764		$	793

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. Derivatives

Cash Flow Hedges

We manage exposure to changes in market interest rates. We use interest rate swap agreements and forward swaps to reduce our exposure to changes in interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in secured overnight financing rate ("SOFR") swap rates with the designated benchmark interest rate being hedged on certain of our SOFR indexed variable rate debt. The interest rate swaps effectively fix our interest payments on certain SOFR indexed variable rate debt through July 2032. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes. These fair values are determined using pricing valuation models, which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate, and are classified as Level 2 in the fair value hierarchy.

The derivative fair values reflected in prepaid expense and accounts payable and accrued expenses in the consolidated balance sheet were as follows:


	Derivatives Fair Values as of
	December 31, 2025		March 31, 2025
	(Unaudited)
	(In thousands)
Interest rate swaps designated as cash flow hedges:
Assets	$	2,310	$	4,381
Liabilities	$	411	$	777
Notional amount	$	270,527	$	376,887

(Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During the first nine months of fiscal 2026 and 2025, we recognized a (decrease)/increase in the fair value of our cash flow hedges of ($4.0) million and $4.4 million, respectively, net of taxes. During the first nine months of fiscal 2026 and 2025, we reclassified $2.9 million and ($9.4) million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of December 31, 2025, we expect to reclassify $1.2 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next 12 months.

Economic Hedges

We use derivatives to economically hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contract holder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair value on our balance sheet. These derivative instruments are included in Investments, other on the consolidated balance sheets. The fair values of these call options are determined based on quoted market prices from the relevant exchange and are classified as Level 1 in the fair value hierarchy. Net (gains) losses recognized in net investment and interest income for the first nine months of December 31, 2025 and 2024 were $7.5 million and $5.0 million, respectively.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	Derivatives Fair Values as of
	December 31, 2025		March 31, 2025
	(Unaudited)
	(In thousands)
Equity market contracts as economic hedging instruments:
Assets	$	8,314	$	8,819
Notional amount	$	296,776	$	326,218

Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the changes in fair value of the call options are recognized each reporting date as a component of net investment and interest income. The change in fair value of the call options include the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts.

7. Accumulated Other Comprehensive Loss

The following tables provide the details and changes in AOCI:


	Foreign Currency Translation			Unrealized Net Gains (Losses) on Investments and Impact of LFPB Discount Rates (a)			Fair Value of Cash Flow Hedges			Postretirement Benefit Obligation Net Loss		Accumulated Other Comprehensive Loss
	(Unaudited)
	(In thousands)
Balance as of September 30, 2025	$	(56,579	)	$	(134,886	)	$	(941	)	$	2,602	$	(189,804	)
Foreign currency translation		1,841			—			—			—		1,841
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement		—			20,026			—			—		20,026
Change in fair value of cash flow hedges		—			—			457			—		457
Amounts reclassified into earnings on hedging activities		—			—			(610	)		—		(610	)
Other comprehensive income (loss)		1,841			20,026			(153	)		—		21,714
Balance as of December 31, 2025	$	(54,738	)	$	(114,860	)	$	(1,094	)	$	2,602	$	(168,090	)

(a) Liability for future policy benefits


	Foreign Currency Translation			Unrealized Net Gains (Losses) on Investments and Impact of LFPB Discount Rates (a)			Fair Value of Cash Flow Hedges			Postretirement Benefit Obligation Net Loss		Accumulated Other Comprehensive Loss
	(Unaudited)
	(In thousands)
Balance as of September 30, 2024	$	(53,490	)	$	(186,328	)	$	(2,057	)	$	1,044	$	(240,831	)
Foreign currency translation		(3,929	)		—			—			—		(3,929	)
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement		—			54,108			—			—		54,108
Change in fair value of cash flow hedges		—			—			4,611			—		4,611
Amounts reclassified into earnings on hedging activities		—			—			(1,197	)		—		(1,197	)
Other comprehensive income (loss)		(3,929	)		54,108			3,414			—		53,593
Balance as of December 31, 2024	$	(57,419	)	$	(132,220	)	$	1,357		$	1,044	$	(187,238	)

(a) Liability for future policy benefits

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	Foreign Currency Translation			Unrealized Net Gains (Losses) on Investments and Impact of LFPB Discount Rates (a)			Fair Value of Cash Flow Hedges			Postretirement Benefit Obligation Net Loss		Accumulated Other Comprehensive Loss
	(Unaudited)
	(In thousands)
Balance as of March 31, 2025	$	(57,540	)	$	(174,320	)	$	(56	)	$	2,602	$	(229,314	)
Foreign currency translation		2,802			—			—			—		2,802
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement		—			59,460			—			—		59,460
Change in fair value of cash flow hedges		—			—			(3,980	)		—		(3,980	)
Amounts reclassified into earnings on hedging activities		—			—			2,942			—		2,942
Other comprehensive income (loss)		2,802			59,460			(1,038	)		—		61,224
Balance as of December 31, 2025	$	(54,738	)	$	(114,860	)	$	(1,094	)	$	2,602	$	(168,090	)

(a) Liability for future policy benefits


	Foreign Currency Translation			Unrealized Net Gains (Losses) on Investments and Impact of LFPB Discount Rates (a)			Fair Value of Cash Flow Hedges			Postretirement Benefit Obligation Net Loss		Accumulated Other Comprehensive Loss
	(Unaudited)
	(In thousands)
Balance as of March 31, 2024	$	(53,707	)	$	(176,883	)	$	6,330		$	1,044	$	(223,216	)
Foreign currency translation		(3,712	)		—			—			—		(3,712	)
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement		—			44,663			—			—		44,663
Change in fair value of cash flow hedges		—			—			4,402			—		4,402
Amounts reclassified into earnings on hedging activities		—			—			(9,375	)		—		(9,375	)
Other comprehensive income (loss)		(3,712	)		44,663			(4,973	)		—		35,978
Balance as of December 31, 2024	$	(57,419	)	$	(132,220	)	$	1,357		$	1,044	$	(187,238	)

(a) Liability for future policy benefits

8. Dividends

The following table lists the dividends that have been declared and issued for the first nine months of fiscal years 2026 and 2025:


Non-Voting Common Stock Dividends
Declared Date	Per Share Amount		Record Date	Dividend Date

December 3, 2025	$	0.05	December 15, 2025	December 30, 2025
August 21, 2025		0.05	September 15, 2025	September 26, 2025
June 4, 2025		0.05	June 16, 2025	June 27, 2025
December 4, 2024		0.05	December 16, 2024	December 27, 2024
August 15, 2024		0.05	September 16, 2024	September 27, 2024
June 5, 2024		0.05	June 17, 2024	June 28, 2024

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of December 31, 2025, no awards had been issued under the 2025 U-Haul Holding Company Stock Option Plan.

9. Leases

The following tables show the components of our right-of-use (“ROU") assets, net:


	As of December 31, 2025
	Finance			Operating			Total
	(Unaudited)
	(In thousands)
Buildings and improvements	$	—		$	72,557		$	72,557
Furniture and equipment		61			—			61
Rental trailers and other rental equipment		9,192			—			9,192
Rental trucks		80,722			—			80,722
Right-of-use assets, gross		89,975			72,557			162,532
Less: Accumulated depreciation		(59,414	)		(31,868	)		(91,282	)
Right-of-use assets, net	$	30,561		$	40,689		$	71,250


	As of March 31, 2025
	Finance			Operating			Total
	(Unaudited)
	(In thousands)
Buildings and improvements	$	—		$	71,330		$	71,330
Furniture and equipment		61			—			61
Rental trailers and other rental equipment		58,071			—			58,071
Rental trucks		309,475			—			309,475
Right-of-use assets, gross		367,607			71,330			438,937
Less: Accumulated depreciation		(228,909	)		(25,305	)		(254,214	)
Right-of-use assets, net	$	138,698		$	46,025		$	184,723

As of December 31, 2025 and March 31, 2025, we had finance lease liabilities for the ROU assets, net of $11.4 million and $44.3 million, respectively, included in Notes, loans and finance leases payable, net in the consolidated balance sheets. Non-cash acquisitions of property, plant and equipment from ROU assets - financing, net were $108.1 million and $120.5 million as of December 31, 2025 and December 31, 2024, respectively.


	Finance leases
	December 31,			March 31,
	2025			2025
	(Unaudited)
Weighted average remaining lease term (years)	0.2			0.6
Weighted average discount rate		4.3	%		4.4	%


	Operating leases
	December 31,			March 31,
	2025			2025
	(Unaudited)
Weighted average remaining lease term (years)		26.0		24.1
Weighted average discount rate		4.7	%		4.6	%

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the nine months ended December 31, 2025 and 2024, cash paid for leases included in our operating cash flow activities were $25.4 million and $15.7 million, respectively, and our financing cash flow activities were $32.9 million and $60.7 million, respectively.

The components of lease costs, including leases of less than 12 months, were as follows:


	Nine months ended
	December 31, 2025		December 31, 2024
	(Unaudited)
	(In thousands)

Operating lease costs	$	14,226	$	15,386

Finance lease cost:
Amortization of right-of-use assets	$	7,631	$	23,903
Interest on lease liabilities		1,062		3,048
Total finance lease cost	$	8,693	$	26,951

The short-term lease costs for the first nine months of fiscal 2026 and 2025 were not material.

Maturities of lease liabilities were as follows:


	Finance leases			Operating leases
	(Unaudited)
Year ending March 31,	(In thousands)

2026 (3 months)	$	11,558		$	2,439
2027		—			8,696
2028		—			7,265
2029		—			5,309
2030		—			4,018
Thereafter		—			57,278
Total lease payments		11,558			85,005
Less: imputed interest		(121	)		(43,541	)
Present value of lease liabilities	$	11,437		$	41,464

10. Contingencies

Environmental

Compliance with environmental requirements of federal, state, provincial and local governments may affect the Company's business operations. Among other things, these requirements regulate the discharge of materials into the air, land and water and govern the use and disposal of hazardous substances. The Company is aware of issues regarding hazardous substances on some of its properties. The Company regularly makes capital and operating expenditures to stay in compliance with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary.

Based upon the information currently available to the Company, compliance with environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on the Company’s financial position, results of operations or cash flows.

Other

We are named as a defendant in various other claims and litigation arising out of the normal course of business. In our opinion, none of these other claims and litigation will have a material effect on our financial position and results of operations.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

11. Related Party Transactions

U-Haul Holding Company has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group, as disclosed below.

SAC Holding Corporation and SAC Holding II Corporation (collectively, “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. SAC Holdings, Four SAC Self-Storage Corporation, Five SAC Self-Storage Corporation, Galaxy Investments, L.P. and 2015 SAC-Self-Storage, LLC are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly owned by Willow Grove Holdings LP, which is owned by Mark V. Shoen (a significant stockholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen.

Related Party Revenue


	Quarter ended December 31,
	2025		2024
	(Unaudited)
	(In thousands)
U-Haul management fee revenue from Blackwater	$	7,167	$	7,193
U-Haul management fee revenue from Mercury		1,650		1,676
	$	8,817	$	8,869


	Nine months ended December 31,
	2025		2024
	(Unaudited)
	(In thousands)
U-Haul management fee revenue from Blackwater	$	22,776	$	22,713
U-Haul management fee revenue from Mercury		5,244		5,237
	$	28,020	$	27,950

We currently manage the self-storage properties owned or leased by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $28.2 million and $28.5 million from the above-mentioned entities during the first nine months of fiscal 2026 and 2025, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefiting Edward J. Shoen and James P. Shoen or their descendants.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Related Party Costs and Expenses


	Quarter ended December 31,
	2025		2024
	(Unaudited)
	(In thousands)
U-Haul lease expenses to Blackwater	$	600	$	604
U-Haul printing expenses to Blackwater		1,756		1,176
U-Haul commission expenses to Blackwater		18,611		19,409
U-Haul lease expenses to Mercury		38		38
U-Haul commission expenses to Mercury		5,148		5,304
	$	26,153	$	26,531


	Nine months ended December 31,
	2025		2024
	(Unaudited)
	(In thousands)
U-Haul lease expenses to Blackwater	$	1,802	$	1,812
U-Haul printing expenses to Blackwater		4,636		3,734
U-Haul commission expenses to Blackwater		66,376		66,538
U-Haul lease expenses to Mercury		114		114
U-Haul commission expenses to Mercury		18,080		17,755
	$	91,008	$	89,953

We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater and Mercury. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us.

SAC Holdings provides ancillary and specialty printing services to us. The financial and other terms of the transactions are substantially identical to the terms of additional specialty printing vendors.

As of December 31, 2025, subsidiaries of Blackwater and Mercury acted as independent dealers. The financial and other terms of the dealership contracts are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues.

These agreements with subsidiaries of Blackwater and Mercury, excluding Dealer Agreements, provided revenues of $28.0 million and $28.0 million, expenses of $6.6 million and $5.7 million and we received cash flows of $26.3 million and $26.5 million, during the first nine months of fiscal 2026 and 2025, respectively. Revenues were $404.6 million and $408.6 million and commission expenses were $84.5 million and $84.3 million, related to the Dealer Agreements, during the first nine months of fiscal 2026 and 2025, respectively.

We determined that we do not have a variable interest pursuant to the variable interest entity model under ASC 810, Consolidation in the holding entities of Blackwater and Mercury.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Related Party Assets


	December 31,		March 31,
	2025		2025
	(Unaudited)
	(In thousands)
U-Haul receivable from Blackwater	$	41,445	$	28,442
U-Haul receivable from Mercury		16,528		12,517
Other (a)		2,657		4,044
	$	60,630	$	45,003

(a)

Timing differences for intercompany receivables and payables with insurance subsidiaries resulting from the three-month difference in reporting periods.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

12. Reportable Segment Information:

Our Chief Executive Officer serves as our chief operating decision-maker ("CODM"). The CODM uses net earnings available to common stockholders for each reportable segment in the annual budgeting and monthly forecasting processes and as a basis for making decisions about allocating capital and other resources to each segment.

U-Haul Holding Company has identified three reportable segments, which are consistent with its operating segments and are organized based primarily on the nature of services provided, as follows:

•

Moving and Storage operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the "do-it-yourself" mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul throughout the United States and Canada.

•

Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove, Safetow, Safemove Plus, Safestor and Safehaul protection packages to U-Haul customers.

•

Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

The amounts presented in the following tables represent gross amounts at each segment before the elimination column. Intersegment revenues are not presented as they are immaterial.

We track revenues separately, but do not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products. The information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent, with its subsidiaries. Depreciation, net of gains on disposals, and total expenditures for property and equipment are only recorded within the Moving and Storage segment.

Revenues and net earnings available to common stockholders by reportable segment for the third quarter ended December 31, 2025 were as follows:

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		1,319,890		$		42,516		$		56,207		$		(3,005	)	(b,c)	$		1,415,608

Costs and expenses:
Personnel expenses			308,494				—				—				—					308,494
Equipment maintenance and repair expenses			204,299				—				—				—					204,299
Other operating expenses			101,016				—				—				—					101,016
Other segment items			219,237				13,763				4,091				(2,286	)	(b,c)			234,805
Operating expenses			833,046				13,763				4,091				(2,286	)				848,614

Commission expenses			96,101				—				—				—					96,101
Cost of product sales			50,871				—				—				—					50,871
Benefits and losses			—				7,860				41,372				—					49,232
Amortization of deferred policy acquisition costs			—				—				4,922				—					4,922
Lease expense			4,873				74				25				(691	)	(b)			4,281
Depreciation, net of (gains) losses on disposal			325,219				—				—				—					325,219
Net (gains) losses on disposal of real estate			2,696				—				—				—					2,696
Total costs and expenses			1,312,806				21,697				50,410				(2,977	)				1,381,936

Earnings from operations before equity in earnings of subsidiaries			7,084				20,819				5,797				(28	)				33,672

Equity in earnings of subsidiaries			21,018				—				—				(21,018	)	(d)			—

Earnings from operations			28,102				20,819				5,797				(21,046	)				33,672
Other components of net periodic benefit costs			(346	)			—				—				—					(346	)
Other interest income			10,856				—				—				(72	)	(b)			10,784
Interest expense			(95,555	)			—				(72	)			100		(b)			(95,527	)
Fees on early extinguishment of debt and costs of defeasance			(163	)			—				—				—					(163	)
Pretax earnings (losses)			(57,106	)			20,819				5,725				(21,018	)				(51,580	)
Income tax (expense) benefit			20,138				(4,358	)			(1,168	)			—					14,612
Net earnings (losses) available to common stockholders	$		(36,968	)	$		16,461		$		4,557		$		(21,018	)		$		(36,968	)

(a) Balances for the quarter ended September 30, 2025
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Revenues and net earnings available to common stockholders by reportable segment for the third quarter ended December 31, 2024 were as follows:


		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		1,296,556		$		38,141		$		56,762		$		(2,901	)	(b,c)	$		1,388,558

Costs and expenses:
Personnel expenses			292,289				—				—				—					292,289
Equipment maintenance and repair expenses			191,226				—				—				—					191,226
Other operating expenses			63,107				—				—				—					63,107
Other segment items			219,838				12,550				5,347				(2,006	)	(b,c)			235,729
Operating expenses			766,460				12,550				5,347				(2,006	)				782,351

Commission expenses			95,031				—				—				—					95,031
Cost of product sales			52,767				—				—				—					52,767
Benefits and losses			—				6,038				42,645				—					48,683
Amortization of deferred policy acquisition costs			—				—				4,493				—					4,493
Lease expense			5,572				90				33				(643	)	(b)			5,052
Depreciation, net of (gains) losses on disposal			246,091				—				—				—					246,091
Net (gains) losses on disposal of real estate			3,358				—				—				—					3,358
Total costs and expenses			1,169,279				18,678				52,518				(2,649	)				1,237,826

Earnings from operations before equity in earnings of subsidiaries			127,277				19,463				4,244				(252	)				150,732

Equity in earnings of subsidiaries			17,956				—				—				(17,956	)	(d)			—

Earnings from operations			145,233				19,463				4,244				(18,208	)				150,732
Other components of net periodic benefit costs			(372	)			—				—				—					(372	)
Other interest income			15,734				—				—				(96	)	(b)			15,638
Interest expense			(76,833	)			—				(96	)			348		(b)			(76,581	)
Fees on early extinguishment of debt and costs of defeasance			—				—				—				—					—
Pretax earnings			83,762				19,463				4,148				(17,956	)				89,417
Income tax expense			(16,596	)			(4,072	)			(1,583	)			—					(22,251	)
Net earnings available to common stockholders	$		67,166		$		15,391		$		2,565		$		(17,956	)		$		67,166

(a) Balances for the quarter ended September 30, 2024
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Revenues and net earnings available to common stockholders by reportable segment for the nine months ended December 31, 2025 were as follows:


		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		4,506,576		$		108,128		$		160,414		$		(9,118	)	(b,c)	$		4,766,000

Costs and expenses:
Personnel expenses			936,215				—				—				—					936,215
Equipment maintenance and repair expenses			622,016				—				—				—					622,016
Other operating expenses			274,831				—				—				—					274,831
Other segment items			709,391				38,947				10,510				(7,005	)	(b,c)			751,843
Operating expenses			2,542,453				38,947				10,510				(7,005	)				2,584,905

Commission expenses			334,649				—				—				—					334,649
Cost of product sales			190,701				—				—				—					190,701
Benefits and losses			—				19,096				123,496				—					142,592
Amortization of deferred policy acquisition costs			—				—				14,801				—					14,801
Lease expense			15,925				224				106				(2,029	)	(b)			14,226
Depreciation, net of (gains) losses on disposal			969,836				—				—				—					969,836
Net (gains) losses on disposal of real estate			5,610				—				—				—					5,610
Total costs and expenses			4,059,174				58,267				148,913				(9,034	)				4,257,320

Earnings from operations before equity in earnings of subsidiaries			447,402				49,861				11,501				(84	)				508,680

Equity in earnings of subsidiaries			48,523				—				—				(48,523	)	(d)			—

Earnings from operations			495,925				49,861				11,501				(48,607	)				508,680
Other components of net periodic benefit costs			(1,037	)			—				—				—					(1,037	)
Other interest income			31,732				—				—				(264	)	(b)			31,468
Interest expense			(268,246	)			—				(264	)			348		(b)			(268,162	)
Fees on early extinguishment of debt and costs of defeasance			(189	)			—				—				—					(189	)
Pretax earnings			258,185				49,861				11,237				(48,523	)				270,760
Income tax expense			(47,272	)			(10,341	)			(2,234	)			—					(59,847	)
Net earnings available to common stockholders	$		210,913		$		39,520		$		9,003		$		(48,523	)		$		210,913

(a) Balances for the nine months ended September 30, 2025
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Revenues and net earnings available to common stockholders by reportable segment for the nine months ended December 31, 2024 were as follows:


		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		4,339,360		$		97,780		$		166,668		$		(8,652	)	(b,c)	$		4,595,156

Costs and expenses:
Personnel expenses			888,153				—				—				—					888,153
Equipment maintenance and repair expenses			593,388				—				—				—					593,388
Other operating expenses			196,574				—				—				—					196,574
Other segment items			733,956				36,055				20,697				(5,642	)	(b,c)			785,066
Operating expenses			2,412,071				36,055				20,697				(5,642	)				2,463,181

Commission expenses			326,610				—				—				—					326,610
Cost of product sales			181,031				—				—				—					181,031
Benefits and losses			—				16,669				120,412				—					137,081
Amortization of deferred policy acquisition costs			—				—				13,578				—					13,578
Lease expense			17,259				287				94				(2,254	)	(b)			15,386
Depreciation, net of (gains) losses on disposal			689,906				—				—				—					689,906
Net (gains) losses on disposal of real estate			9,453				—				—				—					9,453
Total costs and expenses			3,636,330				53,011				154,781				(7,896	)				3,836,226

Earnings from operations before equity in earnings of subsidiaries			703,030				44,769				11,887				(756	)				758,930

Equity in earnings of subsidiaries			43,980				—				—				(43,980	)	(d)			—

Earnings from operations			747,010				44,769				11,887				(44,736	)				758,930
Other components of net periodic benefit costs			(1,116	)			—				—				—					(1,116	)
Other interest income			50,340				—				—				(336	)	(b)			50,004
Interest expense			(216,053	)			—				(336	)			1,092		(b)			(215,297	)
Fees on early extinguishment of debt and costs of defeasance			(495	)			—				—				—					(495	)
Pretax earnings			579,686				44,769				11,551				(43,980	)				592,026
Income tax expense			(130,305	)			(9,293	)			(3,047	)			—					(142,645	)
Net earnings available to common stockholders	$		449,381		$		35,476		$		8,504		$		(43,980	)		$		449,381

(a) Balances for the nine months ended September 30, 2024
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The significant segment expense categories and amounts align with the segment-level information in that is regularly provided to the CODM. Other segment items for the reportable segments consist of insurance related expenses and obligations.

Gross capital expenditures by reportable segment for the quarters ended December 31, 2025 and 2024 were as follows:


	Moving & Storage Consolidated		Property & Casualty Insurance		Life Insurance		Eliminations		U-Haul Holding Company Consolidated
	(Unaudited)
	(In thousands)

Gross capital expenditures for the quarter ended December 31, 2025	$	688,167	$	—	$	—	$	—	$	688,167
Gross capital expenditures for the quarter ended December 31, 2024	$	936,494	$	—	$	—	$	—	$	936,494

Gross capital expenditures by reportable segment for the nine months ended December 31, 2025 and 2024 were as follows:


	Moving & Storage Consolidated		Property & Casualty Insurance		Life Insurance		Eliminations		U-Haul Holding Company Consolidated
	(Unaudited)
	(In thousands)

Gross capital expenditures for the nine months ended December 31, 2025	$	2,602,669	$	—	$	—	$	—	$	2,602,669
Gross capital expenditures for the nine months ended December 31, 2024	$	2,863,496	$	—	$	—	$	—	$	2,863,496

Total assets by reportable segment as of December 31, 2025 and March 31, 2025 were as follows:


	Moving & Storage Consolidated		Property & Casualty Insurance		Life Insurance		Eliminations			U-Haul Holding Company Consolidated
	(Unaudited)
	(In thousands)

Total assets as of December 31, 2025	$	18,717,342	$	580,267	$	3,071,603	$	(751,568	)	$	21,617,644
Total assets as of March 31, 2025	$	17,522,952	$	535,032	$	3,066,907	$	(645,721	)	$	20,479,170

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13. Geographic Area Data


	United States			Canada			Consolidated
	(Unaudited)
	(All amounts are in thousands of U.S. $'s)
Quarter ended December 31, 2025
Total revenues	$	1,341,619		$	73,989		$	1,415,608
Depreciation and amortization, net of (gains) losses on disposals		318,818			14,019			332,837
Interest expense		94,878			649			95,527
Pretax losses		(48,362	)		(3,218	)		(51,580	)
Income tax benefit		(14,013	)		(599	)		(14,612	)
Identifiable assets		20,642,541			975,103			21,617,644

Quarter ended December 31, 2024
Total revenues	$	1,318,694		$	69,864		$	1,388,558
Depreciation and amortization, net of (gains) losses on disposals		242,717			11,225			253,942
Interest expense		76,138			443			76,581
Pretax earnings (losses)		89,456			(39	)		89,417
Income tax expense		22,180			71			22,251
Identifiable assets		19,416,798			913,367			20,330,165


	United States		Canada		Consolidated
	(Unaudited)
	(All amounts are in thousands of U.S. $'s)
Nine months ended December 31, 2025
Total revenues	$	4,506,680	$	259,320	$	4,766,000
Depreciation and amortization, net of (gains) losses on disposals		951,681		38,566		990,247
Interest expense		266,179		1,983		268,162
Pretax earnings		261,981		8,779		270,760
Income tax expense		56,866		2,981		59,847
Identifiable assets		20,642,541		975,103		21,617,644

Nine months ended December 31, 2024
Total revenues	$	4,351,865	$	243,291	$	4,595,156
Depreciation and amortization, net of (gains) losses on disposals		688,729		24,208		712,937
Interest expense		213,811		1,486		215,297
Pretax earnings		573,375		18,651		592,026
Income tax expense		137,269		5,376		142,645
Identifiable assets		19,416,798		913,367		20,330,165

14. Employee Benefit Plans

The components of the net periodic benefit costs with respect to postretirement benefits were as follows:


	Quarter ended December 31,
	2025			2024
	(Unaudited)
	(In thousands)

Service cost for benefits earned during the period	$	169		$	245
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		371			374
Other components		(25	)		(2	)
Total other components of net periodic benefit costs		346			372
Net periodic postretirement benefit cost	$	515		$	617

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	Nine months ended December 31,
	2025			2024
	(Unaudited)
	(In thousands)

Service cost for benefits earned during the period	$	507		$	736
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		1,112			1,124
Other components		(75	)		(8	)
Total other components of net periodic benefit costs		1,037			1,116
Net periodic postretirement benefit cost	$	1,544		$	1,852

15. Fair Value Measurements

Certain assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities are recorded at fair value and are classified and disclosed in one of the following three categories:

Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Fair values of investments available-for-sale are based on quoted market prices, dealer quotes or discounted cash flows.

Fair values of derivatives are based on using pricing valuation models which include broker quotes.

The following tables represent the financial assets and liabilities on the consolidated balance sheets as of December 31, 2025 and March 31, 2025 that are measured at fair value on a recurring basis and the level within the fair value hierarchy:

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


As of December 31, 2025	Total		Level 1		Level 2		Level 3
	(Unaudited)
Assets	(In thousands)
Fixed maturities - available for sale	$	2,501,436	$	—	$	2,501,436	$	—
Preferred stock		8,075		8,075		—		—
Common stock		49,343		49,343		—		—
Derivatives		10,624		8,314		2,310		—
Total	$	2,569,478	$	65,732	$	2,503,746	$	—


Liabilities
Derivatives	$	411	$	—	$	411	$	—
Embedded derivatives		8,966		—		—		8,966
Market risk benefits		12,123		—		—		12,123
Total	$	21,500	$	—	$	411	$	21,089


As of March 31, 2025	Total		Level 1		Level 2		Level 3
	(Unaudited)
Assets	(In thousands)
Fixed maturities - available for sale	$	2,479,498	$	—	$	2,479,498	$	—
Preferred stock		22,136		22,136		—		—
Common stock		43,413		43,413		—		—
Derivatives		13,200		8,819		4,381		—
Total	$	2,558,247	$	74,368	$	2,483,879	$	—


Liabilities
Derivatives	$	777	$	—	$	777	$	—
Embedded derivatives		8,693		—		—		8,693
Market risk benefits		13,432		—		—		13,432
Total	$	22,902	$	—	$	777	$	22,125

We estimate the fair value for financial instruments not carried at fair value using the same methods and assumptions as those we carry at fair value. The financial instruments presented below are reported at carrying value on the consolidated balance sheets.

Cash equivalents were $839.7 million and $700.0 million as of December 31, 2025 and March 31, 2025, respectively. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity.

Fair values of mortgage loans and notes on real estate are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value.

Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

We have mortgage loans, which potentially expose us to credit risk. The portfolio of loans is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the loans from individual or groups of loans in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings.

The carrying and fair value of interest sensitive contract liabilities below includes fixed indexed and traditional fixed annuities without mortality or morbidity risks, funding agreements and payout annuities without life contingencies. The embedded derivatives within fixed indexed annuities without mortality or morbidity risks are excluded, as they are carried at fair value. The valuation of the investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using currently credited market interest rates.

Other investments are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value.

The following tables represent our financial instruments not carried at fair value on the consolidated balance sheets and corresponding placement in the fair value hierarchy:


	Fair Value Hierarchy
	Carrying								Total
As of December 31, 2025	Value		Level 1		Level 2		Level 3		Fair Value
	(Unaudited)
Assets	(In thousands)
Trade receivables, net	$	140,467	$	—	$	—	$	140,467	$	140,467
Mortgage loans, net		699,878		—		—		695,362		695,362
Policy loans		12,521		—		—		12,521		12,521
Total	$	852,866	$	—	$	—	$	848,350	$	848,350


Liabilities
Notes, loans and finance leases payable	$	8,058,179	$	—	$	7,462,822	$	—	$	7,462,822
Liabilities from investment contracts		2,444,359		—		—		2,406,345		2,406,345
Total	$	10,502,538	$	—	$	7,462,822	$	2,406,345	$	9,869,167


	Fair Value Hierarchy
	Carrying								Total
As of March 31, 2025	Value		Level 1		Level 2		Level 3		Fair Value
	(Unaudited)
Assets	(In thousands)
Trade receivables, net	$	195,710	$	—	$	—	$	195,710	$	195,710
Mortgage loans, net		657,567		—		—		639,162		639,162
Policy loans		11,868		—		—		11,868		11,868
Total	$	865,145	$	—	$	—	$	846,740	$	846,740


Liabilities
Notes, loans and finance leases payable	$	7,229,341	$	—	$	6,703,510		—	$	6,703,510
Liabilities from investment contracts		2,502,729		—		—		2,436,537		2,436,537
Total	$	9,732,070	$	—	$	6,703,510	$	2,436,537	$	9,140,047

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

16. Revenue Recognition

Revenue Recognized in Accordance with Topic 606

ASC Topic 606, Revenue from Contracts with Customers ("Topic 606"), outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments.

We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, the payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets as of December 31, 2025 and March 31, 2025.

Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. The performance obligations identified for this portfolio of contracts include moving and storage product sales, installation services and/or propane sales. Each of these performance obligations has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied at a point in time. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time.

Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity’s ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. We measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the incentive fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the third quarter of fiscal 2026 did not have a material effect on our financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help® are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box portable moving and storage units to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 842 (as defined below), while the shipping obligation represents a contract with a customer accounted for under Topic 606. Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help® services fees are recognized in accordance with Topic 606. Moving Help® services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed-upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer.

Deferred income primarily relates to payments received from customers prior to satisfaction of our performance obligations. Of the amounts recorded as unearned revenue as of March 31, 2025, $0.8 million and $52.4 million, was recognized as revenue for the third quarter and nine months ended December 31, 2025, respectively.

Revenue Recognized in Accordance with Topic 842

The Company’s self-moving rental revenues meet the definition of a lease pursuant to the guidance in ASC Topic 842, Leases (Topic 842"), because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right. Please see Note 9, Leases, of the Notes to Consolidated Financial Statements.

Self-moving equipment rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals, which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year.

Self-storage revenues are recognized as earned over the contract period based upon the number of paid storage contract days.

We lease portions of our operating properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers.

The following table summarizes the minimum lease payments due from our customers and operating property tenants on leases for the next five years and thereafter:


	Year Ending December 31,
	2026		2027		2028		2029		2030		Thereafter
	(Unaudited)
	(In thousands)

Self-moving equipment rental revenues	$	5,918	$	—	$	—	$	—	$	—	$	—
Property lease revenues		5,187		17,934		11,134		8,051		6,006		26,067

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Total		$	11,105			$	17,934			$	11,134			$	8,051			$	6,006			$	26,067

The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases.

Revenue Recognized in Accordance with Other Topics

Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in-force.

Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned.

Net investment and interest income has multiple components. Interest income from bonds and mortgage notes are recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date.

In the following tables, revenue is disaggregated by timing of revenue recognition:


	Quarter ended December 31,
	2025		2024
	(Unaudited)
	(In thousands)

Revenues recognized over time:	$	80,898	$	81,773
Revenues recognized at a point in time:		82,274		83,703
Total revenues recognized under ASC 606		163,172		165,476

Revenues recognized under ASC 842		1,155,366		1,129,821
Insurance premium revenues recognized under ASC 944		49,811		52,725
Net investment and interest income recognized under other topics		47,259		40,536
Total revenues	$	1,415,608	$	1,388,558


	Nine months ended December 31,
	2025		2024
	(Unaudited)
	(In thousands)

Revenues recognized over time:	$	331,709	$	307,740
Revenues recognized at a point in time:		308,351		304,810
Total revenues recognized under ASC 606		640,060		612,550

Revenues recognized under ASC 842		3,862,925		3,723,458
Insurance premium revenues recognized under ASC 944		140,523		143,693
Net investment and interest income recognized under other topics		122,492		115,455
Total revenues	$	4,766,000	$	4,595,156

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In the above tables, the revenues recognized over time include property management fees, the shipping fees associated with U-Box container rentals and a portion of other revenues. Revenues recognized at a point in time include self-moving and self-storage products and service sales and a portion of other revenues.

We recognized liabilities resulting from contracts with customers for self-moving equipment rentals, self-storage revenues, U-Box revenues and tenant revenues, in which the length of the contract goes beyond the reported period end, although rental periods of the equipment, storage and U-Box contract are generally short-term in nature. The timing of revenue recognition results in liabilities that are reflected in deferred income on the balance sheet.

17. Allowance for Credit Losses

Trade Receivables

Moving and Storage has two primary components of trade receivables, receivables from corporate customers and credit card receivables from customer sales and rental of equipment. The Company rents equipment to corporate customers for which the payment terms are 30 days.

The Company performs ongoing credit evaluations of its customers and assesses each customer’s credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high-risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. For credit card receivables, the Company uses a trailing 13-month average historical chargeback percentage of total credit card receivables to estimate a credit loss reserve. Delinquent account balances are written off after management has determined that the likelihood of collection is remote.

We believe that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed signiﬁcantly over time). To adjust the historical loss rates to reﬂect the eﬀects of these diﬀerences in current conditions and forecasted changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 4% and 4% as of December 31, 2025 and March 31, 2025, respectively. Management developed this estimate based on its knowledge of past experience for which there were similar improvements in the economy. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Accordingly, the allowance for expected credit losses as of December 31, 2025 and March 31, 2025 was $3.5 million and $5.1 million, respectively.

Accrued Interest Receivable

Accrued interest receivables on available for sale securities totaled $28.8 million and $29.4 million as of December 31, 2025 and March 31, 2025, respectively, and are excluded from the estimate of credit losses.

We have elected not to measure an allowance on accrued interest receivables as our practice is to write off the uncollectible balance that is 90 days or more past due. Furthermore, we have elected to write off accrued interest receivables by reversing interest income.

Mortgage Loans, Net

Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost. Modeling for the Company’s mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history. Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

the fair value of the collateral in the event of default. Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. These loans are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts.

When management determines that credit losses are expected to occur, an allowance for expected credit losses based on the fair value of the collateral is recorded.

There were no delinquent commercial mortgage loans as of December 31, 2025 and March 31, 2025. As of December 31, 2025 and March 31, 2025, the Company had no commercial mortgage loans in non-accrual status. The Company had no unfunded commitment balance to commercial loan borrowers as of December 31, 2025.

Reinsurance Recoverables

Reinsurance recoverables on paid and unpaid benefits was less than 1% of the total assets as of December 31, 2025, which is immaterial based on historical loss experience and high credit rating of the reinsurers.

Premium Receivables

Premium receivables were $0.9 million and $4.1 million as of December 31, 2025 and March 31, 2025, respectively, in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder does not pay premiums.

The following table details the changes in the Company’s reserve allowance for credit losses for trade receivables, fixed maturities and investments, other:


	Allowance for Credit Losses
	Trade Receivables			Investments, Fixed Maturities		Investments, other			Total
	(Unaudited)
	(in thousands)
Balance as of March 31, 2024	$	6,236		$	1,052	$	817		$	8,105
Provision for (reversal of) credit losses		10,534			2,052		(369	)		12,217
Write-offs against allowance		(11,688	)		—		—			(11,688	)
Recoveries		—			—		—			—
Balance as of March 31, 2025	$	5,082		$	3,104	$	448		$	8,634
Provision for (reversal of) credit losses		3,359			685		—			4,044
Write-offs against allowance		(4,943	)		—		—			(4,943	)
Recoveries		—			—		—			—
Balance as of December 31, 2025	$	3,498		$	3,789	$	448		$	7,735

18. Income Tax

Tax regulations may require items to be included in our tax return at different times than when those items are reflected in our financial statements. Some of the differences are permanent, such as expenses that are not deductible on our tax return, and some are temporary differences, such as the timing of depreciation expense. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that will be used as a tax deduction or credit in our tax return in future years, which we have already recorded in our financial statements. Deferred tax liabilities generally represent deductions taken on our tax return that have not yet been recognized as an expense in our financial statements. We establish valuation allowances for our deferred tax assets if the amount of expected future taxable income is more likely than not to allow for the use of the deduction credit. Our effective tax rates for the third quarter ended December 31, 2025 and 2024 was a provision of 28.3% and 24.9%, respectively

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

and for the nine months ended December 31, 2025 and 2024 was a provision of 22.1% and 24.1%, respectively. Such rates differed from the federal statutory rate of 21.0% primarily due to state and local income taxes for both periods. The third quarter fiscal 2026 tax rate change was also affected by U-Haul being in a pre-tax loss position and continuing to recognize income tax credits for this quarter.

The Canadian government issued draft Pillar Two legislation (Global Minimum Tax Act) on June 20, 2024. The Canadian legislation went into effect for our fiscal year beginning April 1, 2024. We have performed an assessment of the potential exposure to Pillar Two income taxes. Based on the assessment performed, the Pillar Two rules did not have an impact on the income tax provision or cash taxes for this quarter. We will continue to evaluate such legislation.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBB") was enacted into law. OBBB extends the expiring tax provisions from the 2017 Tax Cuts and Jobs Act, reinstates immediate expensing of qualified business property and bonus depreciation and allows for full expensing of domestic research and experimental expenditures. We have evaluated the tax provisions of OBBB and the impact to our financial statements, and the newly enacted legislation does not have a material impact on our effective tax rate.

19. Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (the "FASB") issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure. ("ASU 2023-09") which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income tax paid. Early adoption is permitted. The amendment is effective prospectively to all annual periods beginning after December 15, 2024. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In March 2024, the United States Securities and Exchange Commission (the "SEC") issued a final rule that requires disclosure of: (i) financial statement impacts of severe weather events and other natural conditions; (ii) a roll forward of carbon offset and renewable energy credit balances if material to the Company's plan to achieve climate-related targets or goals; and (iii) material impacts on estimates and assumptions in the financial statements. In April 2024, the SEC issued an order staying the final rule pending judicial review of consolidated challenges to the rules by the Court of Appeals for the Eighth Circuit. In March 2025, the SEC notified the Court that it was withdrawing its defense of the rules. The Court subsequently held the litigation in abeyance, pending a status report from the SEC on: (1) whether the SEC intends to review or reconsider the rules; (2) if taking no action, whether the SEC would adhere to the rules if petitions for review are denied; and (3) if not, why the SEC will not review or reconsider the rules at this time. In July 2025, the SEC provided its status report to the Court, stating that the SEC does not intend to review or reconsider the rules at this time, and declined to provide a definitive response to questions 2 or 3. The SEC further advised that given the previously expressed views of a majority of the current Commissioners, it is possible that the SEC would consider whether to replace, rescind, or modify the rules. The Company cannot determine at this time the future outcome of the litigation or future actions of the SEC.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-30): Clarifying the Effective Date, which clarified the effective date of this standard. The standard requires the disclosure of additional information about specific expense categories in the notes to the financial statements. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The standard allows for adoption on a prospective or retrospective basis. We are currently assessing the impact of adopting ASU 2024-03 on our consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326) which provides public companies with a practical expedient in developing reasonable and supportable forecasts

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

as part of estimating expected credit losses. All entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. Early adoption is permitted. The amendment is effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) which amends Subtopic 350-40 by removing all references to prescriptive and sequential software development stages previously used to determine the timing of software cost capitalization. Instead, the new guidance establishes that an entity should begin capitalizing software costs when both of the following conditions are met: 1) Management has authorized and committed funding for the software project. 2) It is probable that the project will be completed and the software will be used for its intended functional purpose. These changes are intended to align software cost capitalization practices with a more principles-based approach, improving consistency and comparability across entities. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. We are currently assessing the impact of this standard on our consolidated financial statements and related disclosures.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which provides clarification on certain topics which are meant to more closely align hedge accounting with the economics of the entities' risk management activities. The standard is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. The amendment should apply on a prospective basis for all hedging relationships. An entity may elect to adopt the amendment for hedging relationships that exist as of the date of adoption. Upon adoption entities are permitted to modify certain critical terms of certain hedging relationships without de-designating the hedge. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. Topic 270 addresses required disclosures, including that entities must disclose any events that had a material impact since their last annual reporting period and clarifies types of interim reporting and the form and content of interim financial statements in accordance with GAAP. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The amendment may be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

20. Deferred Policy Acquisition Costs, Net

The following tables present a roll-forward of deferred policy acquisition costs related to long-duration contracts for the nine months ended December 31, 2025 and 2024.


	Nine months ended December 31, 2025
	Deferred Annuities			Life Insurance			Health Insurance			Total
	(Unaudited)
	(In thousands)

Balance, beginning of year	$	60,480		$	57,986		$	3,263		$	121,729
Capitalization		6,810			2,375			65			9,250
Amortization expense		(8,414	)		(5,794	)		(593	)		(14,801	)
Balance, end of period	$	58,876		$	54,567		$	2,735		$	116,178


	Nine months ended December 31, 2024
	Deferred Annuities			Life Insurance			Health Insurance			Total
	(Unaudited)
	(In thousands)

Balance, beginning of year	$	54,747		$	62,426		$	4,051		$	121,224
Capitalization		12,561			2,716			92			15,369
Amortization expense		(6,679	)		(6,260	)		(639	)		(13,578	)
Balance, end of period	$	60,629		$	58,882		$	3,504		$	123,015

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

21. Life Insurance Liabilities

The following tables summarize the balances and changes in the liability for future policy benefits for life insurance contracts and a reconciliation to policy benefits and losses, claims and loss expense payable.


	Nine months ended December 31,
	2025			2024
	(Unaudited)
	(In thousands)
Present value of expected net premiums

Balance, beginning of year	$	182,658		$	205,389
Beginning balance at original discount rate	$	185,508		$	204,306
Effect of changes in cash flow assumptions		(2,788	)		—
Effect of actual variances from expected experience		(1,396	)		(2,233	)
Adjusted beginning of year balance	$	181,324		$	202,073
Issuances		3,058			7,353
Interest accrual		6,624			7,486
Net premium collected		(24,750	)		(27,224	)
Other		—			—
Ending balance at original discount rate	$	166,256		$	189,688
Effect of changes in discount rate assumptions (AOCI)		1,445			3,322
Balance, end of period	$	167,701		$	193,010

Present value of expected future policy benefits

Balance, beginning of year	$	482,805		$	522,122
Beginning balance at original discount rate	$	490,975		$	514,113
Effect of changes in cash flow assumptions		(3,773	)		—
Effect of actual variances from expected experiences		(1,591	)		(4,279	)
Adjusted beginning of year balance	$	485,611		$	509,834
Issuances		3,057			7,353
Interest accrual		17,739			18,888
Benefit payments		(42,413	)		(39,689	)
Other		—			—
Ending balance at original discount rate	$	463,994		$	496,386
Effect of changes in discount rate assumptions (AOCI)		5,426			13,778
Balance, end of period	$	469,420		$	510,164
End of period, LFPB net		301,719			317,153
Payout annuities and market risk benefits		22,637			24,752
Health insurance		10,042			11,598
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable		23,222			24,527
Life DPL / Other life and health		8,085			8,941
LFPB flooring effect		(1	)		52
Life Insurance end of period balance	$	365,704		$	387,023
Moving and Storage balance		440,597			313,439
Property and Casualty Insurance balance		124,463			129,530
Policy benefits and losses, claims and loss expenses balance, end of period	$	930,764		$	829,992

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


		Nine months ended December 31,
		2025			2024
	(Unaudited)
		(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance		$	309,987		$	348,354
Discounted balance at original discount rate		$	240,279		$	270,029
Discounted balance at current discount rate		$	242,432		$	274,428

Expected policy benefits
Undiscounted balance		$	665,628		$	714,265
Discounted balance at original discount rate		$	463,993		$	496,385
Discounted balance at current discount rate		$	469,419		$	510,163

Mortality, lapses and morbidity
Mortality actual experience			6.53	%		4.89	%
Mortality expected experience			6.58	%		5.43	%
Lapses actual experience			2.14	%		2.18	%
Lapses expected experience			3.10	%		2.72	%

Premiums and interest expense
Gross premiums (1)		$	34,519		$	37,561
Interest expense (2)		$	11,115		$	11,402

Expected duration (persistency) of policies in-force (years)			6.7			6.8

Weighted average original interest rate of the liability for future policy benefits			4.90	%		4.97	%

Weighted average current interest rate of the liability for future policy benefits			4.28	%		5.20	%

(1) Gross premiums are related to life insurance and are included in Life insurance premiums.

(2) Interest expense is included in Policy benefits and losses, claims and loss expenses payable.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following tables present the balances and changes in liabilities from investment contracts account balances:


	Nine months ended December 31, 2025

	(Unaudited)
	(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year	$	2,511,422
Deposits received		247,328
Surrenders and withdrawals		(353,662	)
Benefit payments		(24,715	)
Interest credited		72,952
Other		—
End of period	$	2,453,325
Weighted average credited rate		3.92
Cash surrender value	$	2,157,343


	Nine months ended December 31, 2024

	(Unaudited)
	(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year	$	2,411,352
Deposits received		389,848
Surrenders and withdrawals		(290,875	)
Benefit payments		(27,130	)
Interest credited		58,290
Other		5,455
End of period	$	2,546,940
Weighted average credited rate		3.35
Cash surrender value	$	2,257,207

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with U-Haul Holding Company's overall strategy, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the third quarter and first nine months of fiscal 2026, compared with the third quarter and first nine months of fiscal 2025, which is followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled "Liquidity and Capital Resources - Summary" and "Use of Cash". We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2026.

This MD&A should be read in conjunction with the other sections of this Quarterly Report on Form 10-Q (this "Quarterly Report"), including the Notes to Consolidated Financial Statements. The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption, Cautionary Statements Regarding Forward-Looking Statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described throughout this filing or in our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Many of these risks and uncertainties are beyond our control and our actual results may differ materially from these forward-looking statements.

U-Haul Holding Company, a Nevada corporation, has a third fiscal quarter that ends on the 31st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30th of September for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2025 and 2024 correspond to fiscal 2026 and 2025 for U-Haul Holding Company.

Overall Strategy

Our overall strategy is to maintain our leadership position in the North American “do-it-yourself” moving and storage industry. We accomplish this by providing a seamless and integrated supply chain to the “do-it-yourself” moving and storage market. As part of executing this strategy, we leverage the brand recognition of U-Haul® with our full line of moving and self-storage related products and services and the convenience of our broad geographic presence.

Our primary focus is to provide our customers with a wide selection of moving rental equipment, convenient self-storage rental facilities, portable moving and storage units and related moving and self-storage products and services. We are able to expand our distribution and improve customer service by increasing the amount of moving equipment and storage units and portable moving and storage units available for rent, expanding the number of independent dealers and Company-operated locations in our network and taking advantage of our Storage Affiliate and Moving Help® capabilities.

Property and Casualty Insurance is focused on providing and administering property and casualty insurance to U-Haul and its customers, its independent dealers and affiliates.

Life Insurance is focused on long term capital growth through direct writing and reinsuring of life insurance, Medicare supplement and annuity products in the senior marketplace.

Description of Operating and Reportable Segments

U-Haul Holding Company’s three operating and reportable segments are Moving and Storage, Property and Casualty Insurance and Life Insurance.

Moving and Storage

Moving and Storage consists of the rental of trucks, trailers, portable moving and storage units, specialty rental items and self-storage spaces primarily to the household mover as well as sales of moving supplies, towing accessories and propane. Operations are conducted under the registered trade name U-Haul®throughout the United States and Canada.

With respect to our truck, trailer, specialty rental items and self-storage rental business, we are focused on expanding our dealer and center network, which provides added convenience for our customers, and expands the selection and availability of rental equipment to satisfy the needs of our customers.

U-Haul® branded self-moving related products and services, such as boxes, pads and tape, allow our customers to, among other things, protect their belongings from potential damage during the moving process. We are committed to providing a complete line of products selected with the “do-it-yourself” moving and storage customer in mind.

U-Haul’s mobile app, Truck Share 24/7, Skip-the-Counter Self-Storage rentals and Self-checkout for moving supplies provide our customers methods for conducting business with us directly via their mobile devices and also limiting physical exposure.

uhaul.com® is an online marketplace that connects consumers to our operations as well as independent Moving Help®service providers and thousands of independent Self-Storage Affiliates. Our network of customer-rated affiliates and service providers furnish pack and load help, cleaning help, self-storage and similar services throughout the United States and Canada. Our goal is to further utilize our web-based technology platform to increase service to consumers and businesses in the moving and storage market.

Since 1945, U-Haul has incorporated sustainable practices into its everyday operations. We believe that our basic business premise of equipment sharing helps reduce greenhouse gas emissions and reduces the inventory of total large capacity vehicles. We continue to look for ways to reduce waste within our business and are dedicated to manufacturing reusable components and recyclable products. We believe that our commitment to sustainability, through our products and services and everyday operations has helped us to reduce our impact on the environment.

Property and Casualty Insurance

Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices across the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safehaul® protection packages to U-Haul customers. We continue to focus on increasing the penetration of these products into the moving and storage market. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul related programs.

Life Insurance

Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

Critical Accounting Policies and Estimates

Please refer to our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Results of Operations

U-Haul Holding Company and Consolidated Entities

Quarter Ended December 31, 2025 compared with the Quarter Ended December 31, 2024

Listed below, on a consolidated basis, are revenues for our major product lines for the third quarter of fiscal 2026 and the third quarter of fiscal 2025:


	Quarter ended December 31,
	2025		2024
	(Unaudited)
	(In thousands)
Self-moving equipment rental revenues	$	886,170	$	878,585
Self-storage revenues		245,060		227,125
Self-moving and self-storage products and service sales		68,929		70,407
Property management fees		8,817		8,869
Life insurance premiums		17,848		22,926
Property and casualty insurance premiums		30,355		28,364
Net investment and interest income		47,259		40,536
Other revenue		111,170		111,746
Consolidated revenue	$	1,415,608	$	1,388,558

Self-moving equipment rental revenues increased $7.6 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. Revenues from in-town transactions increased during the quarter. Compared to the same period last year, we increased the number of Company operated retail locations, independent dealers, and the number of box trucks in the rental fleet.

Self-storage revenues increased $17.9 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 6.7% improvement in average revenue per occupied foot. During the third quarter of fiscal 2026, we added approximately 1.5 million new net rentable square feet.

Sales of self-moving and self-storage products and services decreased $1.5 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. This was due to decreased sales of hitches and propane.

Life insurance premiums decreased $5.1 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025 due primarily to decreased life and Medicare supplement premiums.

Property and casualty insurance premiums increased $2.0 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. A significant portion of Repwest’s premiums are from policies sold in conjunction with U-Haul moving and storage transactions and generally correspond to the related activity at U-Haul during the same period.

Net investment and interest income increased $6.7 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. Our Property and Casualty subsidiaries' investment and interest income increased primarily from our investments in mortgage loans. Our Life subsidiaries' investment and interest income increased primarily from gains on derivatives and invested assets.

Other revenue decreased $0.6 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025, caused primarily by decreases in our U-Box® program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.

Listed below are revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2026 and the third quarter of fiscal 2025. The insurance companies’ third quarters ended September 30, 2025 and 2024.


	Quarter ended December 31,
	2025			2024
	(Unaudited)
	(In thousands)
Moving and storage
Revenues	$	1,319,890		$	1,296,556
Earnings from operations before equity in earnings of subsidiaries		7,084			127,277
Property and casualty insurance
Revenues		42,516			38,141
Earnings from operations		20,819			19,463
Life insurance
Revenues		56,207			56,762
Earnings from operations		5,797			4,244
Eliminations
Revenues		(3,005	)		(2,901	)
Earnings from operations before equity in earnings of subsidiaries		(28	)		(252	)
Consolidated results
Revenues		1,415,608			1,388,558
Earnings from operations		33,672			150,732

Total costs and expenses increased $144.1 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. Operating expenses for Moving and Storage increased $66.6 million. Repair expenses associated with the rental fleet experienced a $13.1 million increase during the quarter while personnel increased $16.2 and liability costs increased by $37.9 million.

Depreciation expense associated with our rental fleet increased $44.8 million for the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025 due to an increase in the total number of box trucks in the fleet combined with expected decreases in resale values for certain units currently in the fleet. Net losses from the disposal of rental equipment increased $29.8 million as resale values decreased, while the average cost of units being sold has increased. Depreciation expense on all other assets, largely from buildings and improvements, increased $4.5 million. Net losses on the disposal or retirement of buildings largely from renovation activity decreased $0.7 million. Additional details are available in the following Moving and Storage section.

As a result of the changes in revenues and expenses described above, earnings from operations decreased to $33.7 million for the third quarter of fiscal 2026, compared with $150.7 million for the third quarter of fiscal 2025.

Interest expense for the third quarter of fiscal 2026 was $95.5 million, compared with $76.6 million for the third quarter of fiscal 2025, due to an increase in the amount of debt outstanding and our average cost of debt.

Other interest income at Moving and Storage for the third quarter of fiscal 2026 was $10.9 million, compared with the $15.7 million for the third quarter of fiscal 2025, due to reduced invested cash balances and lower interest yields compared to fiscal 2025.

Income tax expense (benefit) was ($14.6) million for the third quarter of fiscal 2026, compared with $22.3 million for the third quarter of fiscal 2025.

As a result of the above-mentioned items, earnings (losses) available to common stockholders were ($37.0) million for the third quarter of fiscal 2026, compared with $67.2 million for the third quarter of fiscal 2025.

Moving and Storage

Quarter Ended December 31, 2025 compared with the Quarter Ended December 31, 2024

Listed below are revenues for our major product lines at Moving and Storage for the third quarter of fiscal 2026 and the third quarter of fiscal 2025:


	Quarter ended December 31,
	2025		2024
	(Unaudited)
	(In thousands)
Self-moving equipment rental revenues	$	887,365	$	879,695
Self-storage revenues		245,060		227,125
Self-moving and self-storage products and service sales		68,929		70,407
Property management fees		8,817		8,869
Other revenue		109,719		110,460
Moving and Storage revenue	$	1,319,890	$	1,296,556

Self-moving equipment rental revenues increased $7.7 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. Revenues from in-town transactions increased during the quarter. Compared to the same period last year, we increased the number of Company operated retail locations, independent dealers, and the number of box trucks in the rental fleet.

Self-storage revenues increased $17.9 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 6.7% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.5 million new net rentable square feet.

We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Listed below are self-storage data for our owned storage locations:


	Quarter ended December 31,
	2025			2024
	(Unaudited)
	(In thousands, except occupancy rate)
Unit count as of December 31		847			781
Square footage as of December 31		72,642			66,792
Average monthly number of units occupied		610			610
Average monthly occupancy rate based on unit count		72.4	%		78.7	%
End of December occupancy rate based on unit count		71.7	%		78.1	%
Average monthly square footage occupied		54,286			53,444

Over the last 12 months we added approximately 5.9 million net rentable square feet of new storage to the system. This was a mix of approximately 0.8 million square feet of existing storage locations we acquired and 5.1 million square feet of new development.

Other revenue decreased $0.7 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025, caused primarily by decreases in our U-Box® program.

Total costs and expenses increased $143.5 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. Operating expenses increased $66.6 million. Repair expenses associated

with the rental fleet experienced a $13.1 million increase during the quarter while personnel increased $16.2 million and liability costs increased $37.9 million.

The components of depreciation, net of (gains) losses on disposals were as follows:


	Quarter ended December 31,
	2025		2024
	(Unaudited)
	(In thousands)
Depreciation expense - rental equipment	$	222,717	$	177,956
Depreciation expense - non rental equipment		23,564		24,064
Depreciation expense - real estate		52,638		47,597
Total depreciation expense	$	298,919	$	249,617

Net (gains) losses on disposals of rental equipment		26,210	$	(3,774	)
Net (gains) losses on disposals of non-rental equipment		90		248
Total net (gains) losses on disposals equipment	$	26,300	$	(3,526	)

Depreciation, net of gains (losses) on disposals	$	325,219	$	246,091

Net (gains) losses on disposals of real estate	$	2,696	$	3,358

As a result of the changes in revenues and expenses described above, earnings from operations for Moving and Storage, before consolidation of the equity in the earnings of the insurance subsidiaries, decreased to $7.1 million for the third quarter of fiscal 2026, compared with $127.3 million for the third quarter of fiscal 2025.

Equity in the earnings of U-Haul Holding Company's insurance subsidiaries was $21.0 million for the third quarter of fiscal 2026, compared with $18.0 million for the third quarter of fiscal 2025.

As a result of the changes in revenues and expenses described above, consolidated earnings from operations for Moving and Storage decreased to $28.1 million for the third quarter of fiscal 2026, compared with $145.2 million for the third quarter of fiscal 2025.

Property and Casualty Insurance

Quarter Ended September 30, 2025 compared with the Quarter Ended September 30, 2024

Net premiums were $31.3 million and $29.1 million for the quarters ended September 30, 2025 and 2024, respectively. A significant portion of Repwest’s premiums come from policies sold in conjunction with U-Haul rental transactions.

Net investment and interest income was $11.2 million and $9.0 million for the quarters ended September 30, 2025 and 2024, respectively. The main driver of the increase was a $2.7 million gain resulting from the payoff of a mortgage loan we had previously purchased at a discount.

Operating expenses were $13.8 million and $12.6 million for the quarters ended September 30, 2025 and 2024, respectively. The change was primarily due to an increase in commission expense.

Benefits and losses incurred were $7.9 million and $6.7 million for the third quarters ended September 30, 2025 and 2024, respectively. The increase was driven by lower levels of favorable development in the runoff business.

As a result of the changes in revenues and expenses described above, pretax earnings from operations were $20.8 million and $19.5 million for the quarters ended September 30, 2025 and 2024, respectively.

Life Insurance

Quarter Ended September 30, 2025 compared with the Quarter Ended September 30, 2024

Net premiums were $17.8 million and $22.9 million for the quarters ended September 30, 2025 and 2024, respectively. Medicare Supplement premiums decreased $2.3 million from a decline in the number of policies in force, partially offset by premium rate increases. Life premiums decreased $2.8 million due to policyholder lapses outweighing new sales levels. Deferred annuity deposits were $49.9 million or $113.3 million below prior year due to decreased sales activity; these are accounted for on the balance sheet as deposits rather than premiums.

Net investment income was $36.8 million and $32.4 million for the quarters ended September 30, 2025 and 2024, respectively. Realized gains on derivatives used as hedges to fixed annuities increased $0.7 million. The change in the provision for expected credit losses resulted in an increase of $0.9 million. Net interest income and realized gains on the invested assets increased $2.2 million.

Operating expenses were $4.1 million and $5.3 million for the quarters ended September 30, 2025 and 2024, respectively due to the write-off of uncollectible balances in the prior year quarter.

Benefits and losses incurred were $41.4 million and $42.6 million for the quarters ended September 30, 2025 and 2024, respectively. Interest credited to policyholders increased $3.3 million due to an increase in the interest rate we credit to contract holders. Life benefits decreased $0.9 million due to lower death claims and fewer policies in force. All other benefits decreased $3.6 million.

Amortization of deferred acquisition costs (“DAC”), sales inducement asset ("SIA") and the value of business acquired ("VOBA") was $4.9 million and $4.5 million for the quarters ended September 30, 2025 and 2024, respectively. The increase in DAC amortization was primarily due to a higher amount of mortgage prepayment penalty gains, for which we offset gains with a corresponding level of amortization.

As a result of the changes in revenues and expenses described above, pretax earnings from operations were $5.7 million and $4.1 million for the quarters ended September 30, 2025 and 2024, respectively.

U-Haul Holding Company and Consolidated Entities

Nine Months Ended December 31, 2025 compared with the Nine Months Ended December 31, 2024

Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2026 and the first nine months of fiscal 2025:


	Nine months ended December 31,
	2025		2024
	(Unaudited)
	(In thousands)
Self-moving equipment rental revenues	$	3,054,920	$	2,980,265
Self-storage revenues		725,596		667,381
Self-moving and self-storage products and service sales		256,946		254,761
Property management fees		28,020		27,950
Life insurance premiums		55,387		64,154
Property and casualty insurance premiums		80,365		75,360
Net investment and interest income		122,492		115,455
Other revenue		442,274		409,830
Consolidated revenue	$	4,766,000	$	4,595,156

Self-moving equipment rental revenues increased $74.7 million during the first nine months of fiscal 2026, compared with the first nine months of fiscal 2025. Revenue per transaction increased for both our In-Town and one-way markets. 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.

Self-storage revenues increased $58.2 million during the first nine months of fiscal 2026, compared with the first nine months of fiscal 2025. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 4.3% improvement in average revenue per occupied foot. During the first nine months, we added approximately 4.3 million of new net rentable square feet.

Sales of self-moving and self-storage products and services increased $2.2 million for the first nine months of fiscal 2026, compared with the first nine months of fiscal 2025. This was due to an increase in sales of hitches and moving supplies.

Life insurance premiums decreased $8.8 million during the first nine months of fiscal 2026, compared with the first nine months of fiscal 2025 due primarily to decreased Medicare supplement premiums.

Property and casualty insurance premiums increased $5.0 million during the first nine months of fiscal 2026, compared with the first nine months of fiscal 2025.

Net investment and interest income increased $7.0 million during the first nine months of fiscal 2026, compared with the first nine months of fiscal 2025. Our Property and Casualty subsidiaries' investment and interest income increased primarily from mortgage loans and cash and cash equivalents and changes in the market value of common stock investments. Our Life subsidiaries' investment and interest income increased primarily from gains on derivatives and invested assets.

Other revenue increased $32.4 million during the first nine months of fiscal 2026, compared with the first nine months of fiscal 2025, caused primarily by increases in our U-Box® program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.

Listed below are revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2026 and the first nine months of fiscal 2025. The insurance companies’ first nine months ended September 30, 2025 and 2024.


	Nine months ended December 31,
	2025			2024
	(Unaudited)
	(In thousands)
Moving and storage
Revenues	$	4,506,576		$	4,339,360
Earnings from operations before equity in earnings of subsidiaries		447,402			703,030
Property and casualty insurance
Revenues		108,128			97,780
Earnings from operations		49,861			44,769
Life insurance
Revenues		160,414			166,668
Earnings from operations		11,501			11,887
Eliminations
Revenues		(9,118	)		(8,652	)
Earnings from operations before equity in earnings of subsidiaries		(84	)		(756	)
Consolidated results
Revenues		4,766,000			4,595,156
Earnings from operations		508,680			758,930

Total costs and expenses increased $421.1 million during the first nine months of fiscal 2026, compared with the first nine months of fiscal 2025. Operating expenses for Moving and Storage increased $130.4 million. Repair costs associated with the rental fleet experienced a $28.6 million increase during the first nine months of fiscal 2026 while we experienced increases in personnel, liability costs, property taxes and utilities. These increases were offset by a decrease of $16.5 million due to non-recurring costs associated with our transition to a new box supplier in the second quarter of fiscal 2025.

Depreciation expense associated with our rental fleet increased $146.0 million for the first nine months of fiscal 2026, compared with the first nine months of fiscal 2025 due to an increase in the total number of box trucks in the fleet combined with expected decreases in resale values for certain units currently in the fleet. Net losses from the disposal of rental equipment increased $115.6 million as resale values decreased, while the average cost of units being sold has increased. We increased the number of retired trucks sold compared to the same period last year. Depreciation expense on all other assets, largely from buildings and improvements, increased $18.3 million. Net losses on the disposal or retirement of land and buildings decreased $3.8 million. Additional details are available in the following Moving and Storage section.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased $250.3 million to $508.7 million for the first nine months of fiscal 2026, as compared with $758.9 million for the first nine months of fiscal 2025.

Interest expense for the first nine months of fiscal 2026 was $268.2 million, compared with $215.3 million for the first nine months of fiscal 2025, due to an increase in our average cost of debt.

Other interest income at Moving and Storage for the first nine months of fiscal 2026 was $31.7 million, compared with $50.3 million for the first nine months of fiscal 2025 due to reduced invested cash balances and lower interest yields compared to fiscal 2025.

Income tax expense was $59.8 million for the first nine months of fiscal 2026, compared with $142.6 million for the first nine months of fiscal 2025.

As a result of the above-mentioned items, earnings available to common stockholders were $210.9 million for the first nine months of fiscal 2026, compared with $449.4 million for the first nine months of fiscal 2025.

Moving and Storage

Nine Months Ended December 31, 2025 compared with the Nine Months Ended December 31, 2024

Listed below are revenues for the major product lines at our Moving and Storage operating segment for the first nine months of fiscal 2026 and the first nine months of fiscal 2025:


	Nine months ended December 31,
	2025		2024
	(Unaudited)
	(In thousands)
Self-moving equipment rental revenues	$	3,058,018	$	2,983,192
Self-storage revenues		725,596		667,381
Self-moving and self-storage products and service sales		256,946		254,761
Property management fees		28,020		27,950
Other revenue		437,996		406,076
Moving and Storage revenue	$	4,506,576	$	4,339,360

Self-moving equipment rental revenues increased $74.8 million during the first nine months of fiscal 2026, compared with the first nine months of fiscal 2025. Revenue per transaction increased for both our In-Town and one-way markets. 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.

We own and manage 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 was as follows:


	Nine months ended December 31,
	2025			2024
	(Unaudited)
	(In thousands, except occupancy rate)
Unit count as of December 31		847			781
Square footage as of December 31		72,642			66,792
Average monthly number of units occupied		624			605
Average monthly occupancy rate based on unit count		75.6	%		79.9	%
End of December occupancy rate based on unit count		71.7	%		78.1	%
Average monthly square footage occupied		55,103			52,756

Over the last twelve months we added approximately 5.9 million net rentable square feet of new storage to the system. This was a mix of approximately 0.8 million square feet of existing storage locations we acquired and 5.1 million square feet of new development.

Other revenue increased $31.9 million during the first nine months of fiscal 2026, compared with the first nine months of fiscal 2025, caused primarily by increases in moving and storage transactions related to our U-Box® program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.

Total costs and expenses increased $422.8 million during the first nine months of fiscal 2026, compared with the nine months of fiscal 2025. Operating expenses increased $130.4 million. Repair costs associated with the rental fleet experienced a $28.6 million increase during the first nine months of fiscal 2026 while personnel increased $48.0 and liability costs increased by $78.3 million. These increases were offset by a decrease of $16.5 million due to non-recurring costs associated with our transition to a new box supplier in the second quarter of fiscal 2025.

The components of depreciation, net of (gains) losses on disposals were as follows:


	Nine months ended December 31,
	2025		2024
	(Unaudited)
	(In thousands)
Depreciation expense - rental equipment	$	657,838	$	511,824
Depreciation expense - non rental equipment		71,343		71,775
Depreciation expense - real estate		153,923		135,156
Total depreciation expense	$	883,104	$	718,755

Net (gains) losses on disposals of rental equipment	$	86,664	$	(29,614	)
Net (gains) losses on disposals of non-rental equipment		68		765
Total net (gains) losses on disposals equipment	$	86,732	$	(28,849	)

Depreciation, net of gains (losses) on disposals	$	969,836	$	689,906

Net (gains) losses on disposals of real estate	$	5,610	$	9,453

As a result of the above-mentioned changes in revenues and expenses, earnings from operations for Moving and Storage before consolidation of the equity in the earnings of the insurance subsidiaries decreased to $447.4 million for the first nine months of fiscal 2026, compared with $703.0 million for the first nine months of fiscal 2025.

Equity in the earnings of U-Haul Holding Company’s insurance subsidiaries was $48.5 million for the first nine months of fiscal 2026, compared with $44.0 million for the first nine months of fiscal 2025.

As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased to $495.9 million for the first nine months of fiscal 2026, compared with $747.0 million for the first nine months of fiscal 2025.

Property and Casualty Insurance

Nine Months Ended September 30, 2025 compared with the Nine Months Ended September 30, 2024

Premiums were $83.8 million and $77.7 million for the nine months ended September 30, 2025 and 2024, respectively. A significant portion of Repwest’s premiums relate to policies sold in conjunction with U-Haul rental transactions.

Net investment and interest income was $24.3 million and $20.1 million for the nine months ended September 30, 2025 and 2024, respectively. The main driver of the change in net investment income was a net increase in the valuation on unaffiliated common stock and higher income from mortgage loans and cash and cash equivalents.

Operating expenses were $38.9 million and $36.1 million for the nine months ended September 30, 2025 and 2024, respectively. The change was primarily due to an increase in commissions.

Benefits and losses incurred were $19.1 million and $16.7 million for the nine months ended September 30, 2025 and 2024, respectively. The increase in benefits and losses incurred was driven by lower levels of favorable development in the runoff business.

As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $49.9 million and $44.8 million for the nine months ended September 30, 2025 and 2024, respectively.

Life Insurance

Nine Months Ended September 30, 2025 compared with the Nine Months Ended September 30, 2024

Premiums were $55.4 million and $64.2 million for the nine months ended September 30, 2025 and 2024, respectively. Medicare Supplement premiums decreased $4.3 million. Life premiums decreased $4.2 million primarily from the decrease in sales of single premium life and final expense. Deferred annuity deposits were $223.5 million or $151.3 million below prior year due to an overall decline in annuity sales.

Net investment income was $100.3 million and $98.3 million for the nine months ended September 30, 2025 and 2024, respectively. Realized gains on derivatives used as hedges to fixed indexed annuities increased $0.6 million. The change in the provision for expected credit losses resulted in a decrease of $1.3 million to the investment income. Net interest income and realized gain on the invested assets increased $3.9 million.

Operating expenses were $10.5 million and $20.7 million for the nine months ended September 30, 2025 and 2024, respectively. This change was due to adjustments in accruals and accounting estimates made in the current year.

Benefits and losses incurred were $123.5 million and $120.4 million for the nine months ended September 30, 2025 and 2024, respectively. Interest credited to policyholders increased $10.6 million due to an increase in the rates we credit to contract holders. Life benefits decreased $3.5 million due to lower death claims and lower sales due to premium adjustments that took place in late 2021. All other benefits increased $4.0 million.

Amortization of DAC, SIA and VOBA were $14.8 million and $13.6 million for the nine months ended September 30, 2025 and 2024, respectively. The increase in DAC amortization was primarily due to a greater number of policy terminations.

As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $11.2 million and $11.6 million for the nine months ended September 30, 2025 and 2024, respectively.

Liquidity and Capital Resources

We believe our current capital structure is a positive factor that will enable us to pursue our operational plans and goals and provide us with sufficient liquidity. There are many factors that could affect our liquidity, including some which are beyond our control, and there is no assurance that future cash flows and liquidity resources will be sufficient to meet our outstanding debt obligations and our other future capital needs.

As of December 31, 2025, cash and cash equivalents totaled $1,132.3 million, compared with $988.8 million as of March 31, 2025. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (Moving and Storage). As of December 31, 2025 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, other investments, fixed maturities, equity securities, and related party assets) and debt obligations of each operating segment were as follows:


	Moving & Storage		Property & Casualty Insurance (a)		Life Insurance (a)
	(Unaudited)
	(In thousands)
Cash and cash equivalents	$	1,010,011	$	104,536	$	17,710
Other financial assets		178,977		462,493		2,904,862
Debt obligations (b)		8,058,179		—		—

(a) As of September 30, 2025
(b) Excludes ($40,883) of debt issuance costs

As of December 31, 2025, Moving and Storage had additional cash available under existing credit facilities of $465.0 million. The majority of invested cash in the Moving and Storage segment is held in government money market funds.

Net cash provided by operating activities increased $134.7 million in the first nine months of fiscal 2026 compared with the first nine months of fiscal 2025 due to improved operations, a decrease in income taxes paid, and the timing of credit card receivable settlements.

Net cash used in investing activities decreased $425.8 million in the first nine months of fiscal 2026, compared with the first nine months of fiscal 2025. Purchases of property, plant and equipment decreased $260.8 million. Fleet related spending increased $161.6 million while investment spending on real estate acquisitions and development decreased $444.0 million. Cash from the sales of property, plant and equipment increased $41.4 million largely due to fleet sales. For our insurance subsidiaries, net cash used in investing activities decreased $199.3 million due to an increase in proceeds received for fixed maturity investments. For Moving and Storage investing activities for the first nine months of fiscal 2025 included the redemption of $73.0 million of short-term Treasury notes.

Net cash provided by financing activities decreased $14.4 million in the first nine months of fiscal 2026, as compared with the first nine months of fiscal 2025. This was due to a combination of increased debt repayments of $188.3 million, decreased finance lease repayments of $27.8 million, an increase in cash from borrowings of $355.4 million and an increase in net annuity withdrawals from Life Insurance of $202.9 million.

Liquidity and Capital Resources and Requirements of Our Operating Segments

Moving and Storage

To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Capital expenditures have primarily consisted of new rental equipment acquisitions and the buyouts of existing fleet from leases. The capital to fund these expenditures has historically been obtained internally from operations and the sale of used equipment and externally from debt and lease financing. U-Haul estimates that during fiscal 2026, the Company will reinvest in its rental equipment fleet approximately $1,350 million, net of equipment sales and excluding any lease buyouts. Through the first nine months of fiscal 2026, the Company invested, net of sales, approximately $1,185.9 million before any lease buyouts in its rental equipment fleet. Fleet investments in fiscal 2026 and beyond will be dependent upon several factors including the availability of capital, the truck rental environment, the availability of equipment from our original equipment manufacturers and the used-truck sales market. We anticipate that the fiscal 2026 investments will be funded largely through debt financing, external lease financing and cash from operations. Management considers several factors including cost and tax consequences when selecting a method to fund capital expenditures. Our allocation between debt and lease financing can change from year to year based upon financial market conditions which may alter the cost or availability of financing options.

The Company has traditionally funded the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations. The Company’s plan for the expansion of owned storage properties includes the acquisition of existing self-storage locations from third parties, the acquisition and development of bare land, and the acquisition and redevelopment of existing buildings not currently used for self-storage. For the first nine months of fiscal 2026, the Company invested $770.0 million in real estate acquisitions, new construction and renovation and repair. For fiscal 2026, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, and the identification and successful acquisition of target properties and the availability of labor and materials. We are likely to maintain a high level of real estate capital expenditures through the remainder of fiscal 2026. U-Haul's growth plan in self-storage also includes the expansion of the U-Haul Storage Affiliate program, which does not require significant capital.

Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) at Moving and Storage were $2,031.1 million and $2,333.4 million for the first nine months of fiscal 2026 and 2025, respectively. The components of our net capital expenditures are provided in the following table:


	Nine months ended December 31,
	2025			2024
	(Unaudited)
	(In thousands)
Purchases of rental equipment	$	1,748,456		$	1,586,857
Purchases of real estate, construction and renovations		769,961			1,213,940
Other capital expenditures		84,252			62,699
Gross capital expenditures		2,602,669			2,863,496
Less: Sales of property, plant and equipment		(571,544	)		(530,135	)
Net capital expenditures	$	2,031,125		$	2,333,361

Moving and Storage continues to hold significant cash and we believe has access to additional liquidity. Management may invest these funds in our existing operations, expand our product lines or pursue external opportunities in the self-moving and storage marketplace, pay dividends, repurchase shares of common stock or reduce existing indebtedness where possible.

Property and Casualty Insurance

State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Property and Casualty Insurance’s assets are generally not available to satisfy the claims of U-Haul Holding Company or its legal subsidiaries. We believe that stockholders’ equity at Property and Casualty Insurance remains sufficient, and we do not believe that its ability to pay ordinary dividends to U-Haul Holding Company will be restricted per state regulations.

Property and Casualty Insurance’s stockholder’s equity was $437.1 million and $392.3 million as of September 30, 2025 and December 31, 2024, respectively. The increase resulted from net earnings of $39.5 million and an increase in other comprehensive income of $5.3 million due to the increase in the market value of its investment portfolio. Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio.

Life Insurance

Life Insurance manages its financial assets to meet policyholder and other obligations, including investment contract withdrawals and deposits. Life Insurance’s net withdrawals as of September 30, 2025 were $131.0 million. State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Life Insurance’s assets are generally not available to satisfy the claims of U-Haul Holding Company or its legal subsidiaries.

Life Insurance’s stockholder’s equity was $281.0 million and $217.6 million as of September 30, 2025 and December 31, 2024, respectively. The increase resulted from net earnings of $9.0 million and an increase in other comprehensive income of $54.4 million primarily due to the effect of interest rate changes on the fixed maturity portion of the investment portfolio. Outside of its membership in the Federal Home Loan Bank (“FHLB”) system, Life Insurance has not historically used debt or equity issues to increase capital and therefore has not had any significant direct exposure to capital market conditions other than through its investment portfolio. As of September 30, 2025, Oxford had outstanding deposits of $85.0 million in the FHLB, for which Oxford pays fixed interest rates between 0.55% and 4.52% with maturities between September 29, 2025 and April 2, 2029. As of September 30, 2025, available-for-sale-investments held with the FHLB totaled $201.8 million, of which $177.0 million were pledged as collateral to secure the outstanding advances. The balances of these advances are included within liabilities from investment contracts on the consolidated balance sheets.

Cash Flows by Operating Segments

Moving and Storage

Net cash provided from operating activities were $1,271.5 million and $1,166.3 million for the first nine months of fiscal 2026 and 2025, respectively, due to improved operations, a decrease in income taxes paid, and the timing of credit card receivable settlements.

Property and Casualty Insurance

Net cash provided by operating activities were $38.4 million and $36.1 million for the first nine months ended September 30, 2025 and 2024, respectively. The increase was driven primarily by growth in earnings.

Property and Casualty Insurance’s cash and cash equivalents amounted to $104.5 million and $96.2 million as of September 30, 2025 and December 31, 2024, respectively. These balances reflect funds in transition from maturity proceeds to long-term investments. Management believes this level of liquid assets, combined with budgeted cash flow, is adequate to meet our future operating cash needs. Capital and operating budgets allow Property and Casualty Insurance to schedule cash needs in accordance with investment and underwriting proceeds.

Life Insurance

Net cash provided by operating activities were $80.7 million and $53.5 million for the third quarters ended September 30, 2025 and 2024, respectively. The increase in operating cash flows was primarily due

to timing of settlement of receivables for securities. This was offset by the decrease in premiums net of benefits and commissions.

In addition to cash flows from operating activities and financing activities, a substantial amount of liquid funds are available through Life Insurance’s short-term portfolio and its membership in the FHLB. As of September 30, 2025 and December 31, 2024, cash and cash equivalents amounted to $17.7 million and $101.9 million, respectively. Management believes that the overall sources of liquidity are adequate to meet our future operating cash needs.

Liquidity and Capital Resources - Summary

We believe we have the financial resources needed to meet our business plans, including our working capital needs. We continue to hold significant cash and have access to existing credit facilities and additional liquidity to meet our anticipated capital expenditure requirements for investment in our rental fleet, rental equipment and storage acquisitions and build outs.

The Internal Revenue Service ("IRS") completed and finalized their examination for tax years March 2014 through March 2021. During the third quarter of fiscal year 2026, we received $2.4 million related to this examination. We are owed $127 million which is reflected in prepaid expense, plus interest of $23.6 million, which is reflected in trade receivables and reinsurance recoverables, net. The refund is being processed by the Centralized Case Processing department of the IRS.

In December 2025, Repwest paid U-Haul Holding Company a $100.0 million dividend.

Our borrowing strategy has primarily focused on asset-backed financing, rental equipment leases and private placement borrowings limited by the amount of unencumbered assets available. As part of this strategy, we seek to ladder maturities and fix interest rates. While each of these loans typically contains provisions governing the amount that can be borrowed in relation to specific assets, the overall structure is flexible with no limits on overall Company borrowings. Management believes it has adequate liquidity between cash and cash equivalents and unused borrowing capacity in existing credit facilities to meet the current and expected needs of the Company over the next several years. As of December 31, 2025, we had available borrowing capacity under existing credit facilities of $465.0 million. While it is possible that circumstances beyond our control could alter the ability of the financial institutions to lend us the unused lines of credit, we believe that there are additional opportunities for leverage in our existing capital structure.

Use of Cash

Our estimates as to future use of cash have not materially changed from the disclosure included under the subheading Use of Cash in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

Fiscal 2026 Outlook

We will continue to focus our attention on increasing transaction volume and improving pricing, product and utilization for self-moving equipment rentals. Maintaining an adequate level of new investment in our truck fleet is an important component of our plan to meet our operational goals and is likely to increase in fiscal 2026. Revenue in the U-Move® program could be adversely impacted should we fail to execute in any of these areas. Should we be unable to acquire enough new rental equipment to properly rotate our fleet, repair and maintenance costs will continue to increase. Even if we execute our plans, we could see declines in revenues primarily due to unforeseen events including adverse economic conditions or heightened competition that is beyond our control.

With respect to our storage business, we have added new locations and expanded existing locations. In fiscal 2026, we are actively looking to complete current projects, increase occupancy in our existing portfolio of locations and acquire new locations. New projects and acquisitions will be considered and pursued if they fit our long-term plans and meet our financial objectives. It is likely spending on acquisitions and new development will increase in fiscal 2026. We will continue to invest capital and resources in the U-Box® program throughout fiscal 2026.

Inflationary pressures may challenge our ability to maintain or improve upon our operating margin.

Property and Casualty Insurance will continue to provide loss adjusting and claims handling for U-Haul and underwrite components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safehaul® protection packages to U-Haul customers.

Life Insurance is pursuing its goal of expanding its presence in the senior market through the sales of its Medicare supplement, life and annuity policies. This strategy includes growing its agency force, expanding its new product offerings, and pursuing business acquisition opportunities.

Consolidating Schedules by Segment (Unaudited)

This information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent with its subsidiaries.

Consolidating balance sheets by segment as of December 31, 2025 were as follows:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations				U-Haul Holding Company Consolidated

	(In thousands)
Assets:
Cash and cash equivalents	$	1,010,011		$	104,536	$	17,710	$	(100,000	)	(d)	$	1,032,257
Trade receivables and reinsurance recoverables, net		107,126			34,695		30,828		—				172,649
Inventories and parts		175,023			—		—		—				175,023
Prepaid expenses		353,201			—		—		—				353,201
Fixed maturity securities available-for-sale, net, at fair value		—			249,548		2,251,888		—				2,501,436
Equity securities, at fair value		—			40,936		16,482		—				57,418
Investments, other		—			129,750		590,963		—				720,713
Deferred policy acquisition costs, net		—			—		116,178		—				116,178
Other assets		83,845			13,046		32,625		—				129,516
Right of use assets - financing, net		30,561			—		—		—				30,561
Right of use assets - operating, net		40,269			192		228		—				40,689
Related party assets		71,851			7,564		14,701		(33,486	)	(c)		60,630


Investment in subsidiaries		618,082			—		—		(618,082	)	(b)		—

Property, plant and equipment, at cost:
Land		1,854,024			—		—		—				1,854,024
Buildings and improvements		10,329,648			—		—		—				10,329,648
Furniture and equipment		1,068,623			—		—		—				1,068,623
Rental trailers and other rental equipment		1,175,723			—		—		—				1,175,723
Rental trucks		8,416,008			—		—		—				8,416,008
		22,844,026			—		—		—				22,844,026
Less: Accumulated depreciation		(6,616,653	)		—		—		—				(6,616,653	)
Total property, plant and equipment, net		16,227,373			—		—		—				16,227,373
Total assets	$	18,717,342		$	580,267	$	3,071,603	$	(751,568	)		$	21,617,644

(a) Balances as of September 30, 2025
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
(d) Eliminate dividend from subsidiary

Consolidating balance sheets by segment as of December 31, 2025 continued:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Eliminations				U-Haul Holding Company Consolidated

	(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	747,963		$	5,928		$	11,535		$	—			$	765,426
Notes, loans and finance leases payable, net		8,017,296			—			—			—				8,017,296
Operating lease liabilities		41,024			199			241			—				41,464
Policy benefits and losses, claims and loss expenses payable		440,597			124,463			365,704			—				930,764
Liabilities from investment contracts		—			—			2,453,325			—				2,453,325
Other policyholders' funds and liabilities		—			528			5,258			—				5,786
Deferred income		54,227			—			—			—				54,227
Deferred income taxes, net		1,651,129			7,816			(53,398	)		—				1,605,547
Related party liabilities		24,671			4,247			7,942			(36,860	)	(c)		—
Total liabilities		10,976,907			143,181			2,790,607			(36,860	)			13,873,835

Stockholders' equity:
Series preferred stock:
Series A preferred stock		—			—			—			—				—
Series B preferred stock		—			—			—			—				—
Series A common stock		—			—			—			—				—
Voting Common stock		10,497			3,301			2,500			(5,801	)	(b)		10,497
Non-Voting Common stock		176			—			—			—				176
Additional paid-in capital		462,758			91,120			26,271			(117,601	)	(b)		462,548
Accumulated other comprehensive income (loss)		(171,464	)		(4,317	)		(113,916	)		121,607		(b)		(168,090	)
Retained earnings		8,116,118			346,982			366,141			(712,913	)	(b)		8,116,328
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		7,740,435			437,086			280,996			(714,708	)			7,743,809
Total liabilities and stockholders' equity	$	18,717,342		$	580,267		$	3,071,603		$	(751,568	)		$	21,617,644

(a) Balances as of September 30, 2025
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by segment as of March 31, 2025 were as follows:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations				U-Haul Holding Company Consolidated
	(In thousands)
Assets:
Cash and cash equivalents	$	872,467		$	96,165	$	20,196	$	—			$	988,828
Trade receivables and reinsurance recoverables, net		158,471			39,070		33,175		—				230,716
Inventories and parts		163,132			—		—		—				163,132
Prepaid expenses		282,406			—		—		—				282,406
Fixed maturity securities available-for-sale, net, at fair value		—			222,853		2,256,645		—				2,479,498
Equity securities, at fair value		—			37,837		27,712		—				65,549
Investments, other		—			120,873		557,381		—				678,254
Deferred policy acquisition costs, net		—			—		121,729		—				121,729
Other assets		77,473			13,680		35,579		—				126,732
Right of use assets - financing, net		138,698			—		—		—				138,698
Right of use assets - operating, net		45,611			385		29		—				46,025
Related party assets		62,241			4,169		14,461		(35,868	)	(c)		45,003

Investment in subsidiaries		609,853			—		—		(609,853	)	(b)		—

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			—		—		—				1,047,414
Rental trailers and other rental equipment		1,046,135			—		—		—				1,046,135
Rental trucks		7,470,039			—		—		—				7,470,039
		21,004,679			—		—		—				21,004,679
Less: Accumulated depreciation		(5,892,079	)		—		—		—				(5,892,079	)
Total property, plant and equipment, net		15,112,600			—		—		—				15,112,600
Total assets	$	17,522,952		$	535,032	$	3,066,907	$	(645,721	)		$	20,479,170

(a) Balances as of December 31, 2024
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by segment as of March 31, 2025 continued:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Eliminations				U-Haul Holding Company Consolidated
	(In thousands)

Liabilities:
Accounts payable and accrued expenses	$	800,084		$	6,819		$	13,997		$	—			$	820,900
Notes, loans and finance leases payable, net		7,193,857			—			—			—				7,193,857
Operating lease liabilities		46,546			398			29			—				46,973
Policy benefits and losses, claims and loss expenses payable		361,755			126,852			368,914			—				857,521
Liabilities from investment contracts		—			—			2,511,422			—				2,511,422
Other policyholders' funds and liabilities		—			447			7,092			—				7,539
Deferred income		52,895			—			—			—				52,895
Deferred income taxes, net		1,547,921			4,410			(62,411	)		—				1,489,920
Related party liabilities		25,369			3,814			10,303			(39,486	)	(c)		—
Total liabilities		10,028,427			142,740			2,849,346			(39,486	)			12,981,027

Stockholders' equity:
Series preferred stock:
Series A preferred stock		—			—			—			—				—
Series B preferred stock		—			—			—			—				—
Series A common stock		—			—			—			—				—
Voting Common stock		10,497			3,301			2,500			(5,801	)	(b)		10,497
Non-Voting Common Stock		176			—			—			—				176
Additional paid-in capital		462,758			91,120			26,271			(117,601	)	(b)		462,548
Accumulated other comprehensive income (loss)		(232,932	)		(9,591	)		(168,348	)		181,557		(b)		(229,314	)
Retained earnings		7,931,676			307,462			357,138			(664,390	)	(b)		7,931,886
Cost of common shares in treasury, net		(525,653	)		—			—			—				(525,653	)
Cost of preferred shares in treasury, net		(151,997	)		—			—			—				(151,997	)
Total stockholders' equity		7,494,525			392,292			217,561			(606,235	)			7,498,143
Total liabilities and stockholders' equity	$	17,522,952		$	535,032		$	3,066,907		$	(645,721	)		$	20,479,170

(a) Balances as of December 31, 2024
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating statement of operations by segment for the quarter ended December 31, 2025 were as follows:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Eliminations				U-Haul Holding Company Consolidated

	(In thousands)
Revenues:
Self-moving equipment rental revenues	$	887,365		$	—		$	—		$	(1,195	)	(c)	$	886,170
Self-storage revenues		245,060			—			—			—				245,060
Self-moving and self-storage products and service sales		68,929			—			—			—				68,929
Property management fees		8,817			—			—			—				8,817
Life insurance premiums		—			—			17,848			—				17,848
Property and casualty insurance premiums		—			31,291			—			(936	)	(c)		30,355
Net investment and interest income		—			11,225			36,751			(717	)	(b)		47,259
Other revenue		109,719			—			1,608			(157	)	(b)		111,170
Total revenues		1,319,890			42,516			56,207			(3,005	)			1,415,608

Costs and expenses:
Operating expenses		833,046			13,763			4,091			(2,286	)	(b,c)		848,614
Commission expenses		96,101			—			—			—				96,101
Cost of product sales		50,871			—			—			—				50,871
Benefits and losses		—			7,860			41,372			—				49,232
Amortization of deferred policy acquisition costs		—			—			4,922			—				4,922
Lease expense		4,873			74			25			(691	)	(b)		4,281
Depreciation, net of (gains) losses on disposals		325,219			—			—			—				325,219
Net (gains) losses on disposal of real estate		2,696			—			—			—				2,696
Total costs and expenses		1,312,806			21,697			50,410			(2,977	)			1,381,936

Earnings from operations before equity in earnings of subsidiaries		7,084			20,819			5,797			(28	)			33,672

Equity in earnings of subsidiaries		21,018			—			—			(21,018	)	(d)		—

Earnings from operations		28,102			20,819			5,797			(21,046	)			33,672
Other components of net periodic benefit costs		(346	)		—			—			—				(346	)
Other interest income		10,856			—			—			(72	)	(b)		10,784
Interest expense		(95,555	)		—			(72	)		100		(b)		(95,527	)
Fees on early extinguishment of debt and costs of defeasance		(163	)		—			—			—				(163	)
Pretax earnings (losses)		(57,106	)		20,819			5,725			(21,018	)			(51,580	)
Income tax (expense) benefit		20,138			(4,358	)		(1,168	)		—				14,612
Net earnings (losses) available to common stockholders	$	(36,968	)	$	16,461		$	4,557		$	(21,018	)		$	(36,968	)

(a) Balances for the quarter ended September 30, 2025
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statement of operations by segment for the quarter ended December 31, 2024 were as follows:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Eliminations				U-Haul Holding Company Consolidated

	(In thousands)
Revenues:
Self-moving equipment rental revenues	$	879,695		$	—		$	—		$	(1,110	)	(c)	$	878,585
Self-storage revenues		227,125			—			—			—				227,125
Self-moving and self-storage products and service sales		70,407			—			—			—				70,407
Property management fees		8,869			—			—			—				8,869
Life insurance premiums		—			—			22,926			—				22,926
Property and casualty insurance premiums		—			29,115			—		$	(751	)	(c)		28,364
Net investment and interest income		—			9,026			32,401			(891	)	(b)		40,536
Other revenue		110,460			—			1,435			(149	)	(b)		111,746
Total revenues		1,296,556			38,141			56,762			(2,901	)			1,388,558

Costs and expenses:
Operating expenses		766,460			12,550			5,347			(2,006	)	(b,c)		782,351
Commission expenses		95,031			—			—			—				95,031
Cost of product sales		52,767			—			—			—				52,767
Benefits and losses		—			6,038			42,645			—				48,683
Amortization of deferred policy acquisition costs		—			—			4,493			—				4,493
Lease expense		5,572			90			33			(643	)	(b)		5,052
Depreciation, net of (gains) losses on disposals		246,091			—			—			—				246,091
Net (gains) losses on disposal of real estate		3,358			—			—			—				3,358
Total costs and expenses		1,169,279			18,678			52,518			(2,649	)			1,237,826

Earnings from operations before equity in earnings of subsidiaries		127,277			19,463			4,244			(252	)			150,732

Equity in earnings of subsidiaries		17,956			—			—			(17,956	)	(d)		—

Earnings from operations		145,233			19,463			4,244			(18,208	)			150,732
Other components of net periodic benefit costs		(372	)		—			—			—				(372	)
Other interest income		15,734			—			—			(96	)			15,638
Interest expense		(76,833	)		—			(96	)		348		(b)		(76,581	)
Pretax earnings		83,762			19,463			4,148			(17,956	)			89,417
Income tax expense		(16,596	)		(4,072	)		(1,583	)		—				(22,251	)
Net earnings available to common stockholders	$	67,166		$	15,391		$	2,565		$	(17,956	)		$	67,166

(a) Balances for the quarter ended September 30, 2024
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statement of operations by segment for the nine months ended December 31, 2025 were as follows:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Eliminations				U-Haul Holding Company Consolidated

	(In thousands)
Revenues:
Self-moving equipment rental revenues	$	3,058,018		$	—		$	—		$	(3,098	)	(c)	$	3,054,920
Self-storage revenues		725,596			—			—			—				725,596
Self-moving and self-storage products and service sales		256,946			—			—			—				256,946
Property management fees		28,020			—			—			—				28,020
Life insurance premiums		—			—			55,387			—				55,387
Property and casualty insurance premiums		—			83,780			—			(3,415	)	(c)		80,365
Net investment and interest income		—			24,348			100,256			(2,112	)	(b)		122,492
Other revenue		437,996			—			4,771			(493	)	(b)		442,274
Total revenues	$	4,506,576		$	108,128		$	160,414		$	(9,118	)			4,766,000

Costs and expenses:
Operating expenses		2,542,453			38,947			10,510			(7,005	)	(b,c)		2,584,905
Commission expenses		334,649			—			—			—				334,649
Cost of product sales		190,701			—			—			—				190,701
Benefits and losses		—			19,096			123,496			—				142,592
Amortization of deferred policy acquisition costs		—			—			14,801			—				14,801
Lease expense		15,925			224			106			(2,029	)	(b)		14,226
Depreciation, net of (gains) losses on disposals		969,836			—			—			—				969,836
Net (gains) losses on disposal of real estate		5,610			—			—			—				5,610
Total costs and expenses	$	4,059,174		$	58,267		$	148,913		$	(9,034	)			4,257,320

Earnings from operations before equity in earnings of subsidiaries		447,402			49,861			11,501			(84	)			508,680

Equity in earnings of subsidiaries		48,523			—			—			(48,523	)	(d)		—

Earnings from operations		495,925			49,861			11,501			(48,607	)			508,680
Other components of net periodic benefit costs		(1,037	)		—			—			—				(1,037	)
Other interest income		31,732			—			—			(264	)	(b)		31,468
Interest expense		(268,246	)		—			(264	)		348		(b)		(268,162	)
Fees on early extinguishment of debt and costs of defeasance		(189	)		—			—			—				(189	)
Pretax earnings		258,185			49,861			11,237			(48,523	)			270,760
Income tax expense		(47,272	)		(10,341	)		(2,234	)		—				(59,847	)
Net earnings available to common stockholders	$	210,913		$	39,520		$	9,003		$	(48,523	)		$	210,913

(a) Balances for the nine months ended September 30, 2025
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statement of operations by segment for the nine months ended December 31, 2024 were as follows:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Eliminations				U-Haul Holding Company Consolidated

	(In thousands)
Revenues:
Self-moving equipment rental revenues	$	2,983,192		$	—		$	—		$	(2,927	)	(c)	$	2,980,265
Self-storage revenues		667,381			—			—			—				667,381
Self-moving and self-storage products and service sales		254,761			—			—			—				254,761
Property management fees		27,950			—			—			—				27,950
Life insurance premiums		—			—			64,154			—				64,154
Property and casualty insurance premiums		—			77,662			—			(2,302	)	(c)		75,360
Net investment and interest income		—			20,118			98,334			(2,997	)	(b)		115,455
Other revenue		406,076			—			4,180			(426	)	(b)		409,830
Total revenues		4,339,360			97,780			166,668			(8,652	)			4,595,156

Costs and expenses:
Operating expenses		2,412,071			36,055			20,697			(5,642	)	(b,c)		2,463,181
Commission expenses		326,610			—			—			—				326,610
Cost of product sales		181,031			—			—			—				181,031
Benefits and losses		—			16,669			120,412			—				137,081
Amortization of deferred policy acquisition costs		—			—			13,578			—				13,578
Lease expense		17,259			287			94			(2,254	)	(b)		15,386
Depreciation, net of (gains) losses on disposals		689,906			—			—			—				689,906
Net (gains) losses on disposal of real estate		9,453			—			—			—				9,453
Total costs and expenses		3,636,330			53,011			154,781			(7,896	)			3,836,226

Earnings from operations before equity in earnings of subsidiaries		703,030			44,769			11,887			(756	)			758,930

Equity in earnings of subsidiaries		43,980			—			—			(43,980	)	(d)		—

Earnings from operations		747,010			44,769			11,887			(44,736	)			758,930
Other components of net periodic benefit costs		(1,116	)		—			—			—				(1,116	)
Other interest income		50,340			—			—			(336	)			50,004
Interest expense		(216,053	)		—			(336	)		1,092		(b)		(215,297	)
Fees on early extinguishment of debt and costs of defeasance		(495	)		—			—			—				(495	)
Pretax earnings		579,686			44,769			11,551			(43,980	)			592,026
Income tax expense		(130,305	)		(9,293	)		(3,047	)		—				(142,645	)
Net earnings available to common stockholders	$	449,381		$	35,476		$	8,504		$	(43,980	)		$	449,381

(a) Balances for the nine months ended September 30, 2024
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating cash flow statements by segment for the nine months ended December 31, 2025 were as follows:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Elimination			U-Haul Holding Company Consolidated

Cash flows from operating activities:	(In thousands)
Net earnings	$	210,913		$	39,520		$	9,003		$	(48,523	)	$	210,913
Earnings from consolidated entities		(48,523	)		—			—			48,523			—
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		883,104			—			—			—			883,104
Amortization of premiums and accretion of discounts related to investments, net		—			1,076			12,451			—			13,527
Amortization of debt issuance costs		5,213			—			—			—			5,213
Interest credited to policyholders		—			—			72,952			—			72,952
Provision for allowance for losses on trade receivables, net		(1,369	)		—			—			—			(1,369	)
Operating lease right-of-use asset amortization		6,813			—			—			—			6,813
Net (gains) losses on disposals of equipment		86,732			—			—			—			86,732
Net (gains) losses on disposal of real estate		5,610			—			—			—			5,610
Net (gains) losses on sales of fixed maturity securities		—			—			2,356			—			2,356
Net (gains) losses on equity securities and investments other		—			(3,095	)		(2,080	)		—			(5,175	)
Deferred income taxes, net		103,127			2,006			(5,456	)		—			99,677
Net change in other operating assets and liabilities:
Trade receivables and reinsurance recoverables		52,844			4,375			2,347			—			59,566
Inventories and parts		(11,888	)		—			—			—			(11,888	)
Prepaid expenses		(70,301	)		—			—			—			(70,301	)
Deferred policy acquisition costs, net		—			—			5,551			—			5,551
Other assets		(6,092	)		633			2,755			—			(2,704	)
Related party assets		(9,523	)		(3,394	)		(70	)		—			(12,987	)
Accounts payable and accrued expenses and operating lease liabilities		(13,793	)		(815	)		(2,251	)		—			(16,859	)
Policy benefits and losses, claims and loss expenses payable		78,091			(2,390	)		(12,648	)		—			63,053
Other policyholders' funds and liabilities		—			81			(1,835	)		—			(1,754	)
Deferred income		1,195			—			—			—			1,195
Other liabilities		(700	)		431			(2,361	)		—			(2,630	)
Net cash provided by (used in) operating activities		1,271,453			38,428			80,714			—			1,390,595

Cash flows from investing activities:
Escrow deposits activity		729			—			—			—			729
Purchases of:
Property, plant and equipment		(2,602,669	)		—			—			—			(2,602,669	)
Fixed maturity securities available-for-sale		—			(38,510	)		(227,703	)		—			(266,213	)
Equity securities		—			(782	)		(2,749	)		—			(3,531	)
Investments, other		—			(36,290	)		(108,696	)		—			(144,986	)
Proceeds from sales of:
Property, plant and equipment		571,544			—			—			—			571,544
Fixed maturity securities available-for-sale		—			17,409			293,050			—			310,459
Equity securities		—			777			13,968			—			14,745
Investments, other		—			27,339			79,979			—			107,318
Net cash (used in) provided by investing activities		(2,030,396	)		(30,057	)		47,849			—			(2,012,604	)
	(page 1 of 2)
(a) Balance for the period ended September 30, 2025

Consolidating cash flow statements by segment for the nine months ended December 31, 2025 continued:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)		Life Insurance (a)			Elimination				U-Haul Holding Company Consolidated

Cash flows from financing activities:	(In thousands)
Borrowings from credit facilities		1,760,351			—		—			—				1,760,351
Principal repayments on credit facilities		(902,232	)		—		—			—				(902,232	)
Payment of debt issuance costs		(10,602	)		—		—			—				(10,602	)
Finance lease payments		(32,901	)		—		—			—				(32,901	)
Securitization deposits		345			—		—			—				345
Series N Non-Voting Common Stock dividends paid		(26,471	)		—		—			—				(26,471	)
Net contribution from (to) related party		100,000			—		—			(100,000	)	(b)		—
Investment contract deposits		—			—		247,328			—				247,328
Investment contract withdrawals		—			—		(378,377	)		—				(378,377	)
Net cash provided by (used in) financing activities		888,490			—		(131,049	)		(100,000	)			657,441

Effects of exchange rate on cash		7,997			—		—			—				7,997

Increase (decrease) in cash and cash equivalents		137,544			8,371		(2,486	)		(100,000	)			43,429
Cash and cash equivalents at beginning of period		872,467			96,165		20,196			—				988,828
Cash and cash equivalents at end of period	$	1,010,011		$	104,536	$	17,710		$	(100,000	)		$	1,032,257
	(page 2 of 2)
(a) Balance for the period ended September 30, 2025
(b) Eliminate dividend with subsidiary

Consolidating cash flow statements by segment for the nine months ended December 31, 2024 were as follows:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)			Life Insurance (a)			Elimination			U-Haul Holding Company Consolidated

Cash flows from operating activities:	(In thousands)
Net earnings	$	449,381		$	35,476		$	8,504		$	(43,980	)	$	449,381
Earnings from consolidated entities		(43,980	)		—			—			43,980			—
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		718,755			—			—			—			718,755
Amortization of premiums and accretion of discounts related to investments, net		—			1,092			9,339			—			10,431
Amortization of debt issuance costs		4,275			—			—			—			4,275
Interest credited to policyholders		—			—			58,290			—			58,290
Provision for allowance (recoveries) for losses on trade receivables, net		(590	)		—			2,053			—			1,463
Operating lease right-of-use asset amortization		8,015			—			—			—			8,015
Net (gains) losses on disposals of equipment		(28,849	)		—			—			—			(28,849	)
Net (gains) losses on disposal of real estate		9,453			—			—			—			9,453
Net (gains) losses on sales of fixed maturity securities		—			—			19			—			19
Net (gains) losses on equity securities and investments other		—			(4,086	)		(3,213	)		—			(7,299	)
Deferred income taxes, net		46,384			2,003			382			—			48,769
Net change in other operating assets and liabilities:
Trade receivables and reinsurance recoverables		33,525			713			482			—			34,720
Inventories and parts		(4,209	)		—			—			—			(4,209	)
Prepaid expenses		(20,559	)		—			—			—			(20,559	)
Deferred policy acquisition costs, net		—			—			(1,791	)		—			(1,791	)
Other assets		(17,909	)		(341	)		(1,020	)		—			(19,270	)
Related party assets		(1,456	)		2,091			(3,039	)		—			(2,404	)
Accounts payable and accrued expenses		23,426			(5,182	)		2,217			—			20,461
Policy benefits and losses, claims and loss expenses payable		(5,305	)		(2,949	)		(13,815	)		—			(22,069	)
Other policyholders' funds and liabilities		—			6,166			(3,341	)		—			2,825
Deferred income		(3,602	)		—			0			—			(3,602	)
Other liabilities		(443	)		1,151			(1,617	)		—			(909	)
Net cash provided by (used in) operating activities		1,166,312			36,134			53,450			—			1,255,896

Cash flows from investing activities:
Escrow deposits activity		3,445			—			—			—			3,445
Purchases of:
Property, plant and equipment		(2,863,496	)		—			—			—			(2,863,496	)
Fixed maturity securities available-for-sale		—			—			(441,974	)		—			(441,974	)
Equity securities		—			(852	)		—			—			(852	)
Investments, other		—			(15,218	)		(77,556	)		—			(92,774	)
Proceeds from sales of:
Property, plant and equipment		530,135			—			—			—			530,135
Fixed maturity securities available-for-sale		72,986			8,997			236,651			—			318,634
Equity securities		—			10,831			11			—			10,842
Investments, other		—			9,910			87,684			—			97,594
Net cash (used in) provided by investing activities		(2,256,930	)		13,668			(195,184	)		—			(2,438,446	)
	(page 1 of 2)
(a) Balance for the period ended September 30, 2024

Consolidating cash flow statements by segment for the nine months ended December 31, 2024 continued:


	Moving & Storage Consolidated			Property & Casualty Insurance (a)		Life Insurance (a)			Elimination		U-Haul Holding Company Consolidated

Cash flows from financing activities:	(In thousands)
Borrowings from credit facilities		1,404,974			—		—			—		1,404,974
Principal repayments on credit facilities		(713,949	)		—		—			—		(713,949	)
Payment of debt issuance costs		(4,224	)		—		—			—		(4,224	)
Finance lease payments		(60,661	)		—		—			—		(60,661	)
Securitization deposits		331			—		—			—		331
Series N Non-Voting Common Stock dividends paid		(26,471	)		—		—			—		(26,471	)
Investment contract deposits		—			—		389,848			—		389,848
Investment contract withdrawals		—			—		(318,005	)		—		(318,005	)
Net cash provided by (used in) financing activities		600,000			—		71,843			—		671,843

Effects of exchange rate on cash		(6,439	)		—		—			—		(6,439	)

Increase (decrease) in cash and cash equivalents		(497,057	)		49,802		(69,891	)		—		(517,146	)
Cash and cash equivalents at beginning of period		1,380,165			52,508		101,871			—		1,534,544
Cash and cash equivalents at end of period	$	883,108		$	102,310	$	31,980		$	—	$	1,017,398
	(page 2 of 2)
(a) Balance for the period ended September 30, 2024

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to financial market risks, including changes in interest rates and currency exchange rates. To mitigate these risks, we may utilize derivative financial instruments, among other strategies. We do not use derivative financial instruments for speculative purposes.

Interest Rate Risk

The exposure to market risk for changes in interest rates relates primarily to our variable rate debt obligations and one variable rate operating lease. We have used interest rate swap agreements and forward swaps to reduce our exposure to changes in interest rates. We enter into these arrangements with counterparties that are significant financial institutions with whom we generally have other financial arrangements. We are exposed to credit risk should these counterparties not be able to perform their obligations. The following table is a summary of our interest rate swap agreements as of December 31, 2025:


Notional Amount		Fair Value			Effective Date	Expiration Date	Fixed Rate			Floating Rate
(Unaudited)
(In thousands)
$	53,527	$	1,684		7/15/2022	7/15/2032		2.86	%	1 Month SOFR
	65,000		310		8/1/2022	8/1/2026		2.72	%	1 Month SOFR
	64,500		316		8/1/2022	8/31/2026		2.75	%	1 Month SOFR
	87,500		(411	)	8/1/2024	8/1/2026		4.36	%	1 Month SOFR

As of December 31, 2025, we had $818.0 million of variable rate debt obligations, of this amount, $547.5 million is not fixed through interest rate swaps. If Secured Overnight Funding Rate (“SOFR”) were to increase 100 basis points, the increase in interest expense on the variable rate debt would decrease future earnings and cash flows by $5.5 million annually (after consideration of the effect of the above derivative contracts). Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule.

Additionally, our insurance subsidiaries’ fixed income investment portfolios expose us to interest rate risk. This interest rate risk is the price sensitivity of a fixed income security to changes in interest rates. As part of our insurance companies’ asset and liability management, actuaries estimate the cash flow patterns of our existing liabilities to determine their duration. These outcomes are compared to the characteristics of the assets that are currently supporting these liabilities assisting management in determining an asset allocation strategy for future investments that management believes will mitigate the overall effect of interest rates.

We use derivatives to hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contract holder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair market value on our balance sheet. As of December 31, 2025 and March 31, 2025, these derivative hedges had a net market value of $8.3 million and $8.8 million, respectively, with notional amounts of $296.8 million and $326.2 million, respectively. These derivative instruments are included in Investments, other, on the consolidated balance sheets.

Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the call options are marked to fair value on each reporting date with the change in fair value, plus or minus, included as a component of net investment and interest income. The change in fair value of

the call options includes the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts.

Foreign Currency Exchange Rate Risk

The exposure to market risk for changes in foreign currency exchange rates relates primarily to our Canadian business. Approximately 5.4% and 5.3% of our revenue was generated in Canada during the first nine months of fiscal 2026 and 2025, respectively. The result of a 10% change in the value of the U.S. dollar relative to the Canadian dollar would not be material to net income. We typically do not hedge any foreign currency risk since the exposure is not considered material.

Cautionary Statements Regarding Forward-Looking Statements

This Quarterly Report contains “forward-looking statements” regarding future events and our future results of operations. We may make additional written or oral forward-looking statements from time to time in filings with the SEC or otherwise. We believe such forward-looking statements are within the meaning of the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such statements may include, but are not limited to:

•

the risk associated with potential future pandemics or similar events on system members or customers;

•

the impact of the economic environment on demand for our products and the cost and availability of debt and capital;

•

estimates of capital expenditures;

•

plans for future operations, products or services, financing needs, and strategies;

•

our perceptions of our legal positions and anticipated outcomes of government investigations and pending litigation against us;

•

liquidity and the availability of financial resources to meet our needs, goals and strategies;

•

plans for new business, storage occupancy, growth rate assumptions, pricing, costs, and access to capital and leasing markets;

•

the impact of our compliance with environmental laws and cleanup costs;

•

our beliefs regarding our sustainability practices;

•

our used vehicle disposition strategy;

•

the sources and availability of funds for our rental equipment and self-storage expansion and replacement strategies and plans;

•

our plan to expand our U-Haul® storage affiliate program;

•

that additional leverage can be supported by our operations and business;

•

the availability of alternative vehicle manufacturers;

•

the availability and economics of electric vehicles for our rental fleet;

•

our estimates of the residual values of our equipment fleet;

•

our plans with respect to off-balance sheet arrangements;

•

our plans to continue to invest in the U-Box® program;

•

our ability to expand our breadth and reach of the U-Box® program;

•

the impact of interest rate and foreign currency exchange rate changes on our operations;

•

the sufficiency of our capital resources;

•

the sufficiency of capital of our insurance subsidiaries;

•

inflationary pressures and/or imposition of tariffs that may challenge our ability to maintain or improve upon our operating margin;

•

our belief that we have the financial resources needed to meet our business plans;

•

our belief that we will maintain a high level of real estate capital expenditures through the remainder of fiscal 2026;

•

expectations regarding the potential impact to our information technology infrastructure and on our financial performance and business operations of technology, cybersecurity or data security breaches, including any related costs, fines or lawsuits, and our ability to continue ongoing operations and safeguard the integrity of our information technology infrastructure, data, and employee, customer and vendor information, as well as assumptions relating to the foregoing;

•

our ability to increase transaction volume and improve pricing, product, and utilization for self-moving equipment rentals;

•

our ability to maintain or increase adequate levels of new investment for our rental equipment fleet;

•

our ability to complete current projects, increase occupancy in our existing portfolio of locations, and acquire new locations;

•

our ability to expand our Life Insurance segment in the senior market;

•

our ability to grow our agency force, expand our product offerings, and pursue business acquisition opportunities in our Life Insurance segment;

•

our belief that fiscal 2026 investments will be largely funded through debt financing, external lease financing, private placements and cash from operations; and

•

our plan to expand owned storage properties and our belief that such development projects will be funded through a combination of internally generated funds, corporate debt and with borrowings against existing properties as they operationally mature.

The words “believe,” “expect,” “anticipate,” “plan,” “may,” “will,” “could,” “estimate,” “project” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made.

Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could significantly affect results include, without limitation,

•

the degree and nature of our competition;

•

our leverage;

•

general economic conditions; fluctuations in our costs to maintain and update our fleet and facilities;

•

the limited number of manufacturers that supply our rental trucks;

•

our ability to effectively hedge our variable interest rate debt;

•

that we are controlled by a small contingent of stockholders;

•

fluctuations in quarterly results and seasonality;

•

changes in, and our compliance with, government regulations, particularly environmental regulations and regulations relating to motor carrier operations;

•

outcomes of litigation;

•

our reliance on our third party dealer network;

•

liability claims relating to our rental vehicles and equipment;

•

our ability to attract, motivate and retain key employees;

•

reliance on our automated systems and the internet;

•

our credit ratings;

•

our ability to recover under reinsurance arrangements; and

•

other factors described in our Annual Report on Form 10-K in Item 1A, Risk Factors, and in this Quarterly Report or the other documents we file with the SEC.

The above factors, as well as other statements in this Quarterly Report and in the Notes to Consolidated Financial Statements, could contribute to or cause such risks or uncertainties, or could cause our stock price to fluctuate dramatically. Consequently, the forward-looking statements should not be regarded as representations or warranties by us that such matters will be realized. We assume no obligation to update or revise any of the forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise, except as required by law.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures (as such term is defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, 2025. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of December 31, 2025, our disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting

There have not been any changes in our internal control over financial reporting as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f) during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II Other information

Item 1. Legal Proceedings

The information regarding our legal proceedings in Note 10, Contingencies, of the Notes to Consolidated Financial Statements is incorporated by reference herein.

SEC regulations require us to disclose certain information about environmental proceedings if a governmental authority is a party to such proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed a stated threshold. Pursuant to the SEC regulations, we will use a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required. We believe that this threshold is reasonably designed to result in disclosure of any such proceedings that are material to our business or financial condition.

Item 1A. Risk Factors

We are not aware of any material updates to the Risk Factors described in our previously filed Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Not applicable.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the quarter ended December 31, 2025, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement”, as those terms are defined in Item 408 of Regulation S-K.

Item 6. Exhibits

The following documents are filed or furnished as part of this Quarterly Report:


Exhibit Number	Description	Page or Method of Filing
31.1	Rule 13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and Chairman of the Board of U-Haul Holding Company	Filed herewith
31.2	Rule 13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Financial Officer of U-Haul Holding Company	Filed herewith
32.1	Certificate of Edward J. Shoen, President and Chairman of the Board of U-Haul Holding Company pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith
32.2	Certificate of Jason A. Berg, Chief Financial Officer of U-Haul Holding Company pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL Document	Filed herewith
101.SCH	Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents	Filed herewith
104	Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101)	Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

U-Haul Holding Company


Date: February 4, 2026		/s/ Edward J. Shoen
		Edward J. Shoen
		President and Chairman of the Board
		(Principal Executive Officer)



Date: February 4, 2026		/s/ Jason A. Berg
		Jason A. Berg
		Chief Financial Officer
		(Principal Financial Officer)



Date: February 4, 2026		/s/ Maria L. Bell
		Maria L. Bell
		Chief Accounting Officer
		(Principal Accounting Officer)

Source: View Original Filing on SEC EDGAR

FAQ

How did U-Haul (UHAL) perform financially in the quarter ended December 31, 2025?

U-Haul posted higher revenue but a net loss for the quarter. Revenue rose to $1.42 billion from $1.39 billion, but the company reported a $37.0 million net loss versus $67.2 million net earnings a year earlier, as depreciation and interest costs increased significantly.

What were U-Haul (UHAL) results for the nine months ended December 31, 2025?

U-Haul grew revenue but saw earnings drop more than half. Nine‑month revenue increased to $4.77 billion from $4.60 billion, while net earnings available to common stockholders declined to $210.9 million from $449.4 million due to higher operating, depreciation, and interest expenses.

How did U-Haul’s earnings per share change year over year?

Earnings per share declined materially on both share classes. Quarterly basic and diluted EPS on Voting Common Stock moved from $0.30 to $(0.23). For the nine months, EPS decreased from $2.16 to $0.94 on Voting shares and from $2.31 to $1.09 on Series N Non‑Voting shares.

What does U-Haul’s balance sheet look like as of December 31, 2025?

U-Haul’s assets, equity, and debt all increased. Total assets reached $21.62 billion and stockholders’ equity was $7.74 billion. Notes, loans and finance leases payable, net, rose to $8.02 billion from $7.19 billion, reflecting continued heavy investment in property, fleet, and facilities.

How strong was U-Haul’s cash flow and capital spending in this period?

Operating cash flow was strong, funding large capital expenditures. Net cash provided by operating activities was $1.39 billion for the nine months. U-Haul invested $2.60 billion in property, plant, and equipment, and ended the period with $1.03 billion in cash and cash equivalents.

What did U-Haul disclose about its segments and where revenue comes from?

Most revenue came from the Moving and Storage segment. For the quarter, Moving and Storage generated $1.32 billion of consolidated revenue, while Property and Casualty Insurance and Life Insurance contributed $42.5 million and $56.2 million, respectively, with small eliminations for intercompany activity.

Is U-Haul (UHAL) continuing dividends on its Series N Non-Voting Common Stock?

Yes, U-Haul continued regular dividends on Non-Voting shares. The company declared three $0.05 per share dividends during the nine months ended December 31, 2025, for total declared Series N Non-Voting Common Stock dividends of $0.15 per share over that period.

Rising costs push U-Haul (NYSE: UHAL) to quarterly net loss

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Rising costs push U-Haul (NYSE: UHAL) to quarterly net loss

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