STOCK TITAN
  1. Home
  2. SEC Filings
  3. UHAL
  4. [8-K] U-Haul Holding Co /NV/ Reports Material Event

U-Haul Q2 FY2027 earnings rise to $137M

Quarterly repurchases included 149,927 voting shares and 1,095,478 non-voting shares; the non-voting dividend was $0.05 per share.

Available on EDGAR Accepted by SEC EDGAR
Filing Impact
(High)
Filing Sentiment

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment worksHow the balance works

Form Type
8-K

Rhea-AI Filing Summary

U-Haul Holding Co. (UHAL) reported second-quarter fiscal 2027 net earnings available to common stockholders of $136.7 million, versus $105.6 million a year earlier; non-voting EPS was $0.71 versus $0.54. Consolidated revenue was $1,772.7 million, compared with $1,719.9 million, and earnings from operations were $265.0 million versus $217.6 million.

Moving and Storage adjusted EBITDA was $547.6 million, compared with $542.6 million, while trailing-12-month adjusted EBITDA was $1,642.4 million versus $1,681.9 million. Net debt to adjusted EBITDA was 4.5x on September 30, 2026, compared with 4.1x on September 30, 2025. Self-storage revenue was $262.1 million, versus $246.3 million; same-store occupancy was 89.5%, compared with 90.6%.

During the quarter, U-Haul repurchased 149,927 voting shares for $10.1 million and 1,095,478 non-voting shares for $68.2 million. It paid a $0.05-per-share dividend on non-voting stock on September 25, 2026, to holders of record September 14.

1 point · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 0 points

How the balance works

Positive

  • Moderate pointNet earnings reached $136.7 million, versus $105.6 million.

Negative

  • None.

Filing Explained

This 8-K furnishes U-Haul’s second-quarter results release; as of September 30, 2026, its Moving and Storage segment reported $1,335.1 million in cash and credit availability, below the $1,479.4 million reported at March 31, 2026.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net earnings available to common stockholders $136.7 million Second quarter fiscal 2027; $105.6 million in the same period of fiscal 2026
Non-Voting Common Stock EPS $0.71 per share Second quarter fiscal 2027; $0.54 in the same period of fiscal 2026
Consolidated revenue $1,772.7 million Second quarter ended September 30, 2026; $1,719.9 million in 2025
Earnings from operations $265.0 million Second quarter ended September 30, 2026; $217.6 million in 2025
Moving and Storage adjusted EBITDA $547.6 million Second quarter fiscal 2027; $542.6 million in the same period of fiscal 2026
Moving and Storage adjusted EBITDA $1,642.4 million Trailing twelve months ended September 30, 2026; $1,681.9 million for the prior-year period
Cash dividend $0.05 per share Non-Voting Common Stock; paid September 25, 2026
adjusted EBITDA financial
"Moving and Storage adjusted EBITDA increased $5.0 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
two-class method financial
"We calculate earnings per share using the two-class method"
net debt to adjusted EBITDA financial
"Net debt to adjusted EBITDA"
Net debt to adjusted EBITDA is a leverage ratio that compares a company’s net debt (total interest-bearing debt minus cash) to its recurring operating earnings after removing one-off items. Think of it like how many years of steady take-home pay the business would need to pay off its outstanding debt; investors use it to gauge debt burden, financial risk and relative creditworthiness, with lower ratios generally indicating a safer balance sheet.
unencumbered asset ratio financial
"Unencumbered asset ratio"
Net earnings available to common stockholders $136.7 million Compared with $105.6 million in the same period of fiscal 2026
Consolidated revenue $1,772.7 million Compared with $1,719.9 million in the same period of fiscal 2026
Non-Voting Common Stock EPS $0.71 per share Compared with $0.54 in the same period of fiscal 2026
Moving and Storage adjusted EBITDA $547.6 million Compared with $542.6 million in the same period of fiscal 2026

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did UHAL earn in the second quarter of fiscal 2027?
UHAL reported $136.7 million in net earnings available to common stockholders for the quarter ended September 30, 2026, compared with $105.6 million a year earlier. Earnings per share for Non-Voting Common Stock were $0.71, versus $0.54.

What dividend did UHAL pay on its non-voting shares?
U-Haul paid a $0.05-per-share cash dividend on Non-Voting Common Stock on September 25, 2026. Holders of record on September 14, 2026, were eligible for the dividend, which was declared on August 20, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →
See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
0000004457false0000004457us-gaap:NonvotingCommonStockMember2026-11-042026-11-040000004457us-gaap:CommonClassAMember2026-11-042026-11-0400000044572026-11-042026-11-04

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 04, 2026

 

 

U-Haul Holding Company

(Exact name of Registrant as Specified in Its Charter)

 

 

Nevada

001-11255

88-0106815

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

5555 Kietzke Lane

Suite 100

 

Reno, Nevada

 

89511

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 775 688-6300

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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


Title of each class

 

Trading
Symbol(s)

 


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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

 

Item 2.02 Results of Operations and Financial Condition.

On November 4, 2026, U-Haul Holding Company (the “Company“) issued a press release announcing its financial results for the quarter ended September 30, 2026. A copy of this press release is attached hereto as Exhibit 99.1. The information in Exhibit 99.1 is being furnished pursuant to this Item 2.02 and shall not be deemed "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, or incorporated by reference in any filing thereunder or under the Securities Act of 1933, unless expressly set forth by specific reference in such document.

Item 9.01 Financial Statements and Exhibits.

d) Exhibits.

Exhibit No.

Description

99.1

Press release dated November 4, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL documents)

 

 

 

 

 

 

 

 

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 hereunto duly authorized.

 

 

 

U-Haul Holding Company

 

 

 

 

Date:

November 4, 2026

By:

/s/ Jason A. Berg

 

 

 


Jason A. Berg
Chief Financial Officer

 

Contact:

Sebastien Reyes

Director of Investor Relations

U-Haul Holding Company

(602) 263-6601

Sebastien_Reyes@uhaul.com

U-HAUL HOLDING COMPANY REPORTS SECOND QUARTER FISCAL 2027 FINANCIAL RESULTS

RENO, Nev. (November 4, 2026)-- U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to common stockholders for its second quarter ended September 30, 2026, of $136.7 million, compared with net earnings of $105.6 million for the same period last year. Earnings per share for Non-Voting Common Stock (UHAL.B) were $0.71 for the second quarter of fiscal 2027 compared to $0.54 for the same period in fiscal 2026.

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

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

Highlights of Second Quarter Fiscal 2027 Results

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

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

About U-Haul Holding Company

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

About U-Haul


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

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

Report on Business Operations

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

 

 

Quarter Ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Self-moving equipment rentals

$

 

1,147,929

 

$

 

1,110,477

 

Self-storage revenues

 

 

262,138

 

 

 

246,299

 

Self-moving and self-storage product and service sales

 

 

90,302

 

 

 

89,829

 

Property management fees

 

 

9,580

 

 

 

9,621

 

Life insurance premiums

 

 

7,925

 

 

 

18,370

 

Property and casualty insurance premiums

 

 

29,545

 

 

 

28,272

 

Net investment and interest income

 

 

39,857

 

 

 

40,022

 

Other revenue

 

 

185,399

 

 

 

177,032

 

Consolidated revenue

 

 

1,772,675

 

 

 

1,719,922

 

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

 

 

 

Quarter Ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Moving and storage

 

 

 

 

 

 

Revenues

 

 

1,694,151

 

 

 

1,632,827

 

Earnings from operations before equity in earnings of subsidiaries

 

 

241,886

 

 

 

197,440

 

Property and casualty insurance

 

 

 

 

 

 

Revenues

 

 

37,008

 

 

 

35,891

 

Earnings from operations

 

 

16,978

 

 

 

17,154

 

Life insurance

 

 

 

 

 

 

Revenues

 

 

44,900

 

 

 

54,113

 

Earnings from operations

 

 

6,210

 

 

 

3,028

 

Eliminations

 

 

 

 

 

 

Revenues

 

 

(3,384

)

 

 

(2,909

)

Earnings from operations before equity in earnings of subsidiaries

 

 

(26

)

 

 

(28

)

Consolidated Results

 

 

 

 

 

 

Revenues

 

 

1,772,675

 

 

 

1,719,922

 

Earnings from operations

 

 

265,048

 

 

 

217,594

 

Moving and Storage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)(In thousands)

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2026

 

 

2026

 

 

2026

 

 

2025

 

 

2025

 

Real estate secured debt

 

$

3,364,734

 

 

$

3,196,940

 

 

$

3,204,208

 

 

$

3,096,564

 

 

$

3,002,344

 

Unsecured debt

 

 

1,700,000

 

 

 

1,700,000

 

 

 

1,700,000

 

 

 

1,700,000

 

 

 

1,700,000

 

Fleet secured debt

 

 

3,146,686

 

 

 

3,187,699

 

 

 

3,157,364

 

 

 

3,196,817

 

 

 

2,965,804

 

Other secured debt

 

 

61,857

 

 

 

62,245

 

 

 

63,377

 

 

 

64,798

 

 

 

64,357

 

  Total debt

 

 

8,273,277

 

 

 

8,146,884

 

 

 

8,124,949

 

 

 

8,058,179

 

 

 

7,732,505

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

870,096

 

 

$

883,630

 

 

$

1,014,382

 

 

$

1,010,011

 

 

$

910,969

 

Total assets

 

 

19,082,104

 

 

 

18,885,168

 

 

 

18,687,591

 

 

 

18,717,342

 

 

 

18,460,371

 

Adjusted EBITDA (TTM)

 

 

1,642,366

 

 

 

1,637,311

 

 

 

1,645,859

 

 

 

1,640,173

 

 

 

1,681,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to adjusted EBITDA

 

 

4.5

 

 

 

4.4

 

 

 

4.3

 

 

 

4.3

 

 

 

4.1

 

Net debt to total assets

 

 

38.8

%

 

 

38.5

%

 

 

38.0

%

 

 

37.7

%

 

 

37.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percent of debt floating

 

 

10.3

%

 

 

8.4

%

 

 

6.7

%

 

 

6.8

%

 

 

7.1

%

Percent of debt fixed

 

 

89.7

%

 

 

91.6

%

 

 

93.3

%

 

 

93.2

%

 

 

92.9

%

Percent of debt unsecured

 

 

20.5

%

 

 

20.9

%

 

 

20.9

%

 

 

21.1

%

 

 

22.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unencumbered asset ratio*

 

4.19x

 

 

4.08x

 

 

3.98x

 

 

4.01x

 

 

3.96x

 

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

 

 

Quarter Ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Depreciation expense - rental equipment

$

 

222,425

 

$

 

226,909

 

Depreciation expense - non rental equipment

 

 

21,969

 

 

 

23,760

 

Depreciation expense - real estate

 

 

57,317

 

 

 

51,440

 

Total depreciation expense

$

 

301,711

 

$

 

302,109

 

 

 

 

 

 

 

 

Net (gains) losses on disposals of rental equipment

$

 

4,248

 

$

 

38,329

 

Net (gains) losses on disposals of non-rental equipment

 

 

42

 

 

 

170

 

Total net (gains) losses on disposals of equipment

$

 

4,290

 

$

 

38,499

 

 

 

 

 

 

 

 

Depreciation, net of (gains) losses on disposals

$

 

306,001

 

$

 

340,608

 

 

 

 

 

 

 

 

Net (gains) losses on disposals of real estate

$

 

(253

)

$

 

4,531

 


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

 

 

Quarters Ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except occupancy rate)

 

Unit count as of September 30

 

 

876

 

 

 

831

 

Square footage as of September 30

 

 

75,741

 

 

 

71,167

 

Average monthly number of units occupied

 

 

648

 

 

 

630

 

Average monthly occupancy rate based on unit count

 

 

74.2

%

 

 

76.3

%

End of period occupancy rate based on unit count

 

 

73.6

%

 

 

74.4

%

Average monthly square footage occupied

 

 

57,863

 

 

 

55,623

 

 

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

 

 

Six Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Self-moving equipment rentals

$

 

2,235,507

 

$

 

2,168,750

 

Self-storage revenues

 

 

512,310

 

 

 

480,536

 

Self-moving and self-storage product and service sales

 

 

189,542

 

 

 

188,017

 

Property management fees

 

 

19,145

 

 

 

19,203

 

Life insurance premiums

 

 

25,991

 

 

 

37,539

 

Property and casualty insurance premiums

 

 

53,796

 

 

 

50,010

 

Net investment and interest income

 

 

77,225

 

 

 

75,233

 

Other revenue

 

 

341,186

 

 

 

331,104

 

Consolidated revenue

 

 

3,454,702

 

 

 

3,350,392

 

 

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

 

 

Six Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Moving and storage

 

 

 

 

 

 

Revenues

 

 

3,296,100

 

 

 

3,186,686

 

Earnings from operations before equity in earnings of subsidiaries

 

 

476,700

 

 

 

440,318

 

Property and casualty insurance

 

 

 

 

 

 

Revenues

 

 

68,231

 

 

 

65,612

 

Earnings from operations

 

 

29,194

 

 

 

29,042

 

Life insurance

 

 

 

 

 

 

Revenues

 

 

96,376

 

 

 

104,207

 

Earnings from operations

 

 

9,803

 

 

 

5,704

 

Eliminations

 

 

 

 

 

 

Revenues

 

 

(6,005

)

 

 

(6,113

)

Earnings from operations before equity in earnings of subsidiaries

 

 

(53

)

 

 

(56

)

Consolidated Results

 

 

 

 

 

 

Revenues

 

 

3,454,702

 

 

 

3,350,392

 

Earnings from operations

 

 

515,644

 

 

 

475,008

 


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

 

 

Six Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Depreciation expense - rental equipment

$

 

444,129

 

$

 

435,121

 

Depreciation expense - non rental equipment

 

 

44,524

 

 

 

47,779

 

Depreciation expense - real estate

 

 

113,694

 

 

 

101,285

 

Total depreciation expense

$

 

602,347

 

$

 

584,185

 

 

 

 

 

 

 

 

Net (gains) losses on disposals of rental equipment

$

 

2,355

 

$

 

60,454

 

Net (gains) losses on disposals of non-rental equipment

 

 

139

 

 

 

(22

)

Total net (gains) losses on disposals of equipment

$

 

2,494

 

$

 

60,432

 

 

 

 

 

 

 

 

Depreciation, net of (gains) losses on disposals

$

 

604,841

 

$

 

644,617

 

 

 

 

 

 

 

 

Net (gains) losses on disposals of real estate

$

 

2,815

 

$

 

2,914

 

 

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

 

 

Six Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except occupancy rate)

 

Unit count as of September 30

 

 

876

 

 

 

831

 

Square footage as of September 30

 

 

75,741

 

 

 

71,167

 

Average monthly number of units occupied

 

 

638

 

 

 

631

 

Average monthly occupancy rate based on unit count

 

 

73.5

%

 

 

77.2

%

End of period occupancy rate based on unit count

 

 

73.6

%

 

 

74.4

%

Average monthly square footage occupied

 

 

56,900

 

 

 

55,511

 



Self-Storage Portfolio Summary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U-Haul Owned Store Data by State

 

 

 

 

 

 

 

 

 

 

Annual

 

 

Occupancy

 

 

 

 

 

 

Units

 

 

Rentable

 

 

Revenue

 

 

During

 

State/Province

 

Stores

 

 

Occupied

 

 

Square Feet

 

 

Per Occ SF

 

 

Quarter

 

Texas

 

 

102

 

 

 

38,070

 

 

 

4,937,938

 

 

$

16.29

 

 

 

70.6

%

Florida

 

 

94

 

 

 

35,014

 

 

 

4,405,260

 

 

$

19.61

 

 

 

69.7

%

California

 

 

90

 

 

 

35,995

 

 

 

3,487,817

 

 

$

23.06

 

 

 

80.1

%

Illinois

 

 

86

 

 

 

41,516

 

 

 

4,517,620

 

 

$

17.56

 

 

 

78.8

%

Pennsylvania

 

 

75

 

 

 

29,317

 

 

 

3,258,772

 

 

$

18.92

 

 

 

72.4

%

Ohio

 

 

68

 

 

 

27,120

 

 

 

3,151,078

 

 

$

15.93

 

 

 

75.3

%

New York

 

 

67

 

 

 

29,510

 

 

 

2,855,052

 

 

$

24.46

 

 

 

79.4

%

Michigan

 

 

61

 

 

 

21,005

 

 

 

2,405,685

 

 

$

16.84

 

 

 

79.4

%

Georgia

 

 

58

 

 

 

21,844

 

 

 

2,972,036

 

 

$

17.21

 

 

 

69.0

%

Arizona

 

 

55

 

 

 

24,552

 

 

 

3,349,523

 

 

$

17.28

 

 

 

66.5

%

Wisconsin

 

 

44

 

 

 

17,199

 

 

 

2,079,133

 

 

$

14.91

 

 

 

74.1

%

Missouri

 

 

43

 

 

 

15,580

 

 

 

2,052,343

 

 

$

15.00

 

 

 

69.6

%

North Carolina

 

 

42

 

 

 

17,973

 

 

 

2,278,070

 

 

$

16.39

 

 

 

67.8

%

Washington

 

 

40

 

 

 

15,074

 

 

 

1,694,730

 

 

$

18.59

 

 

 

73.5

%

Tennessee

 

 

38

 

 

 

15,325

 

 

 

1,709,374

 

 

$

16.03

 

 

 

80.2

%

New Jersey

 

 

35

 

 

 

17,029

 

 

 

1,656,661

 

 

$

21.90

 

 

 

82.1

%

Minnesota

 

 

35

 

 

 

14,147

 

 

 

1,774,058

 

 

$

14.68

 

 

 

74.3

%

Ontario

 

 

34

 

 

 

13,017

 

 

 

1,494,534

 

 

$

24.17

 

 

 

70.5

%

Massachusetts

 

 

34

 

 

 

11,399

 

 

 

1,183,104

 

 

$

21.77

 

 

 

77.2

%

Indiana

 

 

34

 

 

 

11,103

 

 

 

1,191,364

 

 

$

15.07

 

 

 

85.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Top 20 Totals

 

 

1,135

 

 

 

451,789

 

 

 

52,454,154

 

 

$

18.30

 

 

 

74.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Others

 

 

517

 

 

 

193,234

 

 

 

23,287,263

 

 

$

17.64

 

 

 

73.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2Q Fiscal 2027 Totals

 

 

1,652

 

 

 

645,023

 

 

 

75,741,417

 

 

$

18.10

 

 

 

74.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store Pool Held Constant for Prior Periods

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store 2Q27

 

 

980

 

 

 

371,502

 

 

 

36,150,943

 

 

$

18.99

 

 

 

89.5

%

Same Store 2Q26

 

 

980

 

 

 

374,981

 

 

 

36,137,644

 

 

$

17.80

 

 

 

90.6

%

Same Store 2Q25

 

 

980

 

 

 

392,117

 

 

 

36,124,264

 

 

$

17.15

 

 

 

93.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non Same Store 2Q27

 

 

672

 

 

 

273,521

 

 

 

39,590,474

 

 

$

16.86

 

 

 

60.0

%

Non Same Store 2Q26

 

 

616

 

 

 

243,156

 

 

 

35,029,114

 

 

$

16.05

 

 

 

61.4

%

Non Same Store 2Q25

 

 

524

 

 

 

214,047

 

 

 

28,374,728

 

 

$

15.99

 

 

 

64.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store Pool, Prior Periods Unchanged

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Store 2Q27

 

 

980

 

 

 

371,502

 

 

 

36,150,943

 

 

$

18.99

 

 

 

89.5

%

Same Store 2Q26

 

 

903

 

 

 

320,815

 

 

 

30,897,753

 

 

$

17.88

 

 

 

90.5

%

Same Store 2Q25

 

 

893

 

 

 

319,259

 

 

 

29,403,609

 

 

$

17.20

 

 

 

94.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non Same Store 2Q27

 

 

672

 

 

 

273,521

 

 

 

39,590,474

 

 

$

16.86

 

 

 

60.0

%

Non Same Store 2Q26

 

 

693

 

 

 

297,322

 

 

 

40,269,004

 

 

$

16.28

 

 

 

65.2

%

Non Same Store 2Q25

 

 

611

 

 

 

286,905

 

 

 

35,095,383

 

 

$

16.22

 

 

 

69.9

%

 

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

 

 

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

September 30,

 

 

March 31,

 

 

 

2026

 

 

2026

 

 

 

(Unaudited)

 

 

 

(In thousands, except share data)

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

$

 

999,862

 

$

 

1,120,147

 

Trade receivables and reinsurance recoverables, net

 

 

370,738

 

 

 

159,768

 

Inventories and parts, net

 

 

182,905

 

 

 

178,155

 

Prepaid expenses

 

 

142,898

 

 

 

191,671

 

Fixed maturity securities available-for-sale, net

 

 

2,255,298

 

 

 

2,417,912

 

Equity securities

 

 

15,650

 

 

 

14,976

 

Investments, other

 

 

693,355

 

 

 

706,314

 

Deferred policy acquisition costs, net

 

 

59,497

 

 

 

112,852

 

Other assets

 

 

159,226

 

 

 

127,202

 

Right of use assets - operating

 

 

36,907

 

 

 

40,188

 

Related party assets

 

 

48,260

 

 

 

53,159

 

 

 

 

 

 

 

 

Property, plant and equipment, at cost:

 

 

 

 

 

 

Land

 

 

1,897,373

 

 

 

1,865,369

 

Buildings and improvements

 

 

10,928,024

 

 

 

10,542,945

 

Furniture and equipment

 

 

1,097,361

 

 

 

1,074,032

 

Rental trailers and other rental equipment

 

 

1,275,531

 

 

 

1,206,253

 

Rental trucks

 

 

8,985,854

 

 

 

8,554,508

 

 

 

 

24,184,143

 

 

 

23,243,107

 

Less: Accumulated depreciation

 

 

(7,273,917

)

 

 

(6,862,662

)

Total property, plant and equipment

 

 

16,910,226

 

 

 

16,380,445

 

Total assets

$

 

21,874,822

 

$

 

21,502,789

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Accounts payable and accrued expenses

$

 

872,725

 

$

 

850,294

 

Notes, loans and finance liabilities payable, net

 

 

8,230,090

 

 

 

8,083,374

 

Operating lease liabilities

 

 

37,637

 

 

 

40,957

 

Policy benefits and losses, claims and loss expenses payable

 

 

965,895

 

 

 

939,874

 

Liabilities from investment contracts

 

 

2,343,240

 

 

 

2,357,545

 

Other policyholders' funds and liabilities

 

 

9,325

 

 

 

2,899

 

Deferred income

 

 

69,270

 

 

 

56,614

 

Deferred income taxes

 

 

1,628,807

 

 

 

1,559,581

 

Total liabilities

 

 

14,156,989

 

 

 

13,891,138

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock

 

 

10,497

 

 

 

10,497

 

Common stock - Non-Voting

 

 

176

 

 

 

176

 

Additional paid-in capital

 

 

462,548

 

 

 

462,548

 

Accumulated other comprehensive loss

 

 

(171,869

)

 

 

(163,640

)

Retained earnings

 

 

8,221,772

 

 

 

7,979,720

 

Cost of common shares in treasury, net

 

 

(551,578

)

 

 

(525,653

)

Cost of Series N non-voting common shares in treasury, net

 

 

(101,716

)

 

 

-

 

Cost of preferred shares in treasury, net

 

 

(151,997

)

 

 

(151,997

)

Total stockholders' equity

 

 

7,717,833

 

 

 

7,611,651

 

Total liabilities and stockholders' equity

$

 

21,874,822

 

$

 

21,502,789

 

 

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

Quarter Ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except share and per share amounts)

 

Revenues:

 

 

 

 

 

 

Self-moving equipment rentals

$

 

1,147,929

 

$

 

1,110,477

 

Self-storage revenues

 

 

262,138

 

 

 

246,299

 

Self-moving and self-storage products and service sales

 

 

90,302

 

 

 

89,829

 

Property management fees

 

 

9,580

 

 

 

9,621

 

Life insurance premiums

 

 

7,925

 

 

 

18,370

 

Property and casualty insurance premiums

 

 

29,545

 

 

 

28,272

 

Net investment and interest income

 

 

39,857

 

 

 

40,022

 

Other revenue

 

 

185,399

 

 

 

177,032

 

Total revenues

 

 

1,772,675

 

 

 

1,719,922

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

Operating expenses

 

 

965,051

 

 

 

909,542

 

Commission expenses

 

 

126,644

 

 

 

121,811

 

Cost of product sales

 

 

66,967

 

 

 

67,625

 

Benefits and losses

 

 

20,750

 

 

 

48,178

 

Amortization of deferred policy acquisition costs

 

 

18,604

 

 

 

4,962

 

Lease expense

 

 

3,863

 

 

 

5,071

 

Depreciation, net of (gains) losses on disposals

 

 

306,001

 

 

 

340,608

 

Net (gains) losses on disposal of real estate

 

 

(253

)

 

 

4,531

 

Total costs and expenses

 

 

1,507,627

 

 

 

1,502,328

 

 

 

 

 

 

 

 

Earnings from operations

 

 

265,048

 

 

 

217,594

 

Other components of net periodic benefit costs

 

 

(357

)

 

 

(345

)

Other interest income

 

 

8,359

 

 

 

10,015

 

Interest expense

 

 

(99,019

)

 

 

(90,305

)

Fees and amortization on extinguishment of debt

 

 

(44

)

 

 

-

 

Pretax earnings

 

 

173,987

 

 

 

136,959

 

Income tax expense

 

 

(37,312

)

 

 

(31,409

)

Earnings available to common stockholders

$

 

136,675

 

$

 

105,550

 

Basic and diluted earnings per share of Common Stock

$

 

0.66

 

$

 

0.49

 

Weighted average shares outstanding of Common Stock: Basic and diluted

 

 

19,246,975

 

 

 

19,607,788

 

Basic and diluted earnings per share of Non-Voting Common Stock

 

 

0.71

 

 

 

0.54

 

Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted

 

 

175,158,177

 

 

 

176,470,092

 


U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

Six Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except share and per share amounts)

 

Revenues:

 

 

 

 

 

 

Self-moving equipment rentals

$

 

2,235,507

 

$

 

2,168,750

 

Self-storage revenues

 

 

512,310

 

 

 

480,536

 

Self-moving and self-storage products and service sales

 

 

189,542

 

 

 

188,017

 

Property management fees

 

 

19,145

 

 

 

19,203

 

Life insurance premiums

 

 

25,991

 

 

 

37,539

 

Property and casualty insurance premiums

 

 

53,796

 

 

 

50,010

 

Net investment and interest income

 

 

77,225

 

 

 

75,233

 

Other revenue

 

 

341,186

 

 

 

331,104

 

Total revenues

 

 

3,454,702

 

 

 

3,350,392

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

Operating expenses

 

 

1,852,041

 

 

 

1,736,291

 

Commission expenses

 

 

246,916

 

 

 

238,548

 

Cost of product sales

 

 

138,721

 

 

 

139,830

 

Benefits and losses

 

 

62,887

 

 

 

93,360

 

Amortization of deferred policy acquisition costs

 

 

23,478

 

 

 

9,879

 

Lease expense

 

 

7,359

 

 

 

9,945

 

Depreciation, net of (gains) losses on disposals

 

 

604,841

 

 

 

644,617

 

Net (gains) losses on disposal of real estate

 

 

2,815

 

 

 

2,914

 

Total costs and expenses

 

 

2,939,058

 

 

 

2,875,384

 

 

 

 

 

 

 

 

Earnings from operations

 

 

515,644

 

 

 

475,008

 

Other components of net periodic benefit costs

 

 

(714

)

 

 

(691

)

Other interest income

 

 

17,750

 

 

 

20,684

 

Interest expense

 

 

(196,931

)

 

 

(172,635

)

Fees and amortization on extinguishment of debt

 

 

(75

)

 

 

(26

)

Pretax earnings

 

 

335,674

 

 

 

322,340

 

Income tax expense

 

 

(76,070

)

 

 

(74,459

)

Earnings available to common stockholders

$

 

259,604

 

$

 

247,881

 

Basic and diluted earnings per share of Common Stock

$

 

1.24

 

$

 

1.17

 

Weighted average shares outstanding of Common Stock: Basic and diluted

 

 

19,401,609

 

 

 

19,607,788

 

Basic and diluted earnings per share of Non-Voting Common Stock

 

 

1.34

 

 

 

1.27

 

Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted

 

 

175,720,426

 

 

 

176,470,092

 


EARNINGS PER SHARE

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

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

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

 

 

For the Quarter Ended

 

 

 

September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

 

19,246,975

 

 

 

19,607,788

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

 

194,405,152

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

 

9.90

%

 

 

10.00

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

$

 

136,675

 

$

 

105,550

 

Voting Common Stock dividends declared and paid

 

 

-

 

 

 

-

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,739

)

 

 

(8,823

)

Undistributed earnings available to common stockholders

$

 

127,936

 

$

 

96,727

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

 

12,666

 

$

 

9,673

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

$

 

0.66

 

$

 

0.49

 

Dividends declared per share of Voting Common Stock

 

 

-

 

 

 

-

 

Basic and diluted earnings per share of Voting Common Stock

$

 

0.66

 

$

 

0.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

 

175,158,177

 

 

 

176,470,092

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

 

194,405,152

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Non-Voting Common Stock

 

 

90.10

%

 

 

90.00

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

$

 

136,675

 

$

 

105,550

 

Voting Common Stock dividends declared and paid

 

 

-

 

 

 

-

 

Non-Voting Common Stock dividends declared and paid

 

 

(8,739

)

 

 

(8,823

)

Undistributed earnings available to common stockholders

$

 

127,936

 

$

 

96,727

 

Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

$

 

115,270

 

$

 

87,054

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

$

 

0.66

 

$

 

0.49

 

Dividends declared per share of Non-Voting Common Stock

 

 

0.05

 

 

 

0.05

 

Basic and diluted earnings per share of Non-Voting Common Stock

$

 

0.71

 

$

 

0.54

 

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

 

 

For the Six Months Ended

 

 

 

September 30,

 

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Voting Common Stock

 

 

19,401,609

 

 

 

19,607,788

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

 

195,122,035

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Voting Common Stock

 

 

9.94

%

 

 

10.00

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

$

 

259,604

 

$

 

247,881

 

Voting Common Stock dividends declared and paid

 

 

-

 

 

 

-

 

Non-Voting Common Stock dividends declared and paid

 

 

(17,552

)

 

 

(17,647

)

Undistributed earnings available to common stockholders

$

 

242,052

 

$

 

230,234

 

Undistributed earnings available to common stockholders allocated to Voting Common Stock

$

 

24,060

 

$

 

23,023

 

 

 

 

 

 

 

 

Undistributed earnings per share of Voting Common Stock

$

 

1.24

 

$

 

1.17

 

Dividends declared per share of Voting Common Stock

 

 

-

 

 

 

-

 

Basic and diluted earnings per share of Voting Common Stock

$

 

1.24

 

$

 

1.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Non-Voting Common Stock

 

 

175,720,426

 

 

 

176,470,092

 

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

 

 

195,122,035

 

 

 

196,077,880

 

Percent of weighted average shares outstanding of Non-Voting Common Stock

 

 

90.06

%

 

 

90.00

%

 

 

 

 

 

 

 

Net earnings available to common stockholders

$

 

259,604

 

$

 

247,881

 

Voting Common Stock dividends declared and paid

 

 

-

 

 

 

-

 

Non-Voting Common Stock dividends declared and paid

 

 

(17,552

)

 

 

(17,647

)

Undistributed earnings available to common stockholders

$

 

242,052

 

$

 

230,234

 

Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

$

 

217,992

 

$

 

207,211

 

 

 

 

 

 

 

 

Undistributed earnings per share of Non-Voting Common Stock

$

 

1.24

 

$

 

1.17

 

Dividends declared per share of Non-Voting Common Stock

 

 

0.10

 

 

 

0.10

 

Basic and diluted earnings per share of Non-Voting Common Stock

$

 

1.34

 

$

 

1.27

 


 

Non-GAAP Financial Measures

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

Moving and Storage Adjusted EBITDA Calculation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited, In thousands)

 

Trailing Twelve Months

 

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

 

2026

 

 

2026

 

 

2026

 

 

2025

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

 

94,851

 

 

 

63,726

 

 

 

83,128

 

 

 

128,622

 

 

 

232,756

 

Income tax expense

 

 

10,858

 

 

 

5,661

 

 

 

10,341

 

 

 

11,714

 

 

 

48,448

 

Fees on early extinguishment of debt and costs of defeasance

 

 

1,157

 

 

 

1,113

 

 

 

1,108

 

 

 

189

 

 

 

26

 

Interest expense

 

 

389,161

 

 

 

380,449

 

 

 

364,868

 

 

 

348,914

 

 

 

330,192

 

Other interest income

 

 

(44,615

)

 

 

(46,295

)

 

 

(47,597

)

 

 

(40,881

)

 

 

(45,759

)

Other components of net periodic benefit costs

 

 

1,406

 

 

 

1,394

 

 

 

1,383

 

 

 

1,409

 

 

 

1,435

 

Net (gains) losses on disposal of real estate

 

 

8,512

 

 

 

13,296

 

 

 

8,611

 

 

 

11,915

 

 

 

12,577

 

Depreciation, net of (gains) losses on disposals

 

 

1,247,245

 

 

 

1,281,852

 

 

 

1,287,021

 

 

 

1,238,114

 

 

 

1,158,986

 

Elimination of net earnings from insurance subsidiaries

 

 

(66,209

)

 

 

(63,885

)

 

 

(63,004

)

 

 

(59,823

)

 

 

(56,761

)

Adjusted EBITDA

 

 

1,642,366

 

 

 

1,637,311

 

 

 

1,645,859

 

 

 

1,640,173

 

 

 

1,681,900

 

 

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

Moving and Storage Adjusted EBITDA Calculation

 

 

 

 

 

 

(Unaudited, In thousands)

 

Quarters Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

 

136,675

 

 

 

105,550

 

Income tax expense

 

 

32,521

 

 

 

27,324

 

Fees on early extinguishment of debt and costs of defeasance

 

 

44

 

 

 

-

 

Interest expense

 

 

99,045

 

 

 

90,333

 

Other interest income

 

 

(8,431

)

 

 

(10,111

)

Other components of net periodic benefit costs

 

 

357

 

 

 

345

 

Net (gains) losses on disposal of real estate

 

 

(253

)

 

 

4,531

 

Depreciation, net of (gains) losses on disposals

 

 

306,001

 

 

 

340,608

 

Elimination of net earnings from insurance subsidiaries

 

 

(18,325

)

 

 

(16,001

)

Adjusted EBITDA

 

 

547,634

 

 

 

542,579

 

###

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

2 documents

Press Releases

Other Documents

Keep reading

More on UHAL

All UHAL news

Trending in the feed

SNAP
Snap Inc. Announces Third Quarter 2026 Financial Results Open the live feed