U-Haul Holding Company Reports Second Quarter Fiscal 2026 Financial Results

U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to common shareholders for its second quarter ended September 30, 2025, of $105.6 million, compared with net earnings of $186.8 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.54 for the second quarter of fiscal 2026 compared to $0.96 for the same period in fiscal 2025.

For the six-month period ended September 30, 2025, net earnings available to shareholders were $247.9 million compared with net earnings of $382.2 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $1.27 for the six-month period of fiscal 2026 compared to $1.96 for the same period in fiscal 2025.

“As anticipated, the increase in fleet depreciation expense and losses on the sale of retired equipment continued into this quarter,” stated Joe Shoen, chairman of U-Haul Holding Company. “Revenues for our major product lines are up year-over-year however, profits are down two years running. The better news is Federal Agencies are jettisoning impossible green mandates. U-Haul will be renting trucks for the foreseeable future.”

Highlights of Second Quarter Fiscal 2026 Results

• Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, decreased $83.3 million to $197.4 million compared to the second quarter of fiscal 2026.
  • Increased losses from the disposal of retired rental equipment accounted for $56.1 million of the decrease for the second quarter, while fleet depreciation expense increased $50.6 million for the second quarter, all compared with the second quarter of fiscal 2025.
• Moving and Storage earnings before interest, taxes, depreciation and amortization (EBITDA) increased $31.6 million to $542.6 million compared to the second quarter of fiscal 2025 and for the trailing twelve months for September 30, 2025 increased $115.5 million to $1,681.9 million compared to the trailing twelve months for September 30, 2024.
• Self-storage revenues increased $21.8 million, or 9.7% versus the second quarter of fiscal year 2025.
  • Same store occupancy decreased 3.5% to 90.5%, revenue per foot increased 4.0%, and the number of locations qualifying for the pool increased by 10.
  • During the second quarter of fiscal 2026, we added 23 new locations with storage and 1.6 million net rentable square feet (nrsf).
  • We have approximately 14.2 million NRSF in development or pending.
• Self-moving equipment rental revenues increased $23.1 million, or 2.1% versus the second quarter of fiscal year 2025. Revenue per transaction increased for both our In-Town and One-Way markets compared to the second quarter of fiscal 2025. Compared to the same period last year, we increased the number of Company operated retail locations, independent dealers, along with the number of box trucks in the rental fleet.
• Other revenue for Moving and Storage increased $12.0 million or 7.4% versus the second quarter of fiscal 2025 due to growth of our U-Box product offering. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
• Fleet maintenance and repair costs experienced a $10.4 million increase, compared with the second quarter of fiscal 2025.
• Cash and credit availability at the Moving and Storage segment was $1,376.0 million as of September 30, 2025 compared with $1,347.5 million at March 31, 2025.
• On August 21, 2025, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on September 15, 2025. The dividend was paid on September 26, 2025.

Supplemental financial information as of September 30, 2025 is available at investors.uhaul.com under “Investor Kit.”

U-Haul Holding Company will hold its investor call for the second quarter of fiscal 2026 on Thursday, November 6, 2025, at 8 a.m. Arizona Time (10 a.m. Eastern). The call will be broadcast live over the Internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com.

About U-Haul Holding Company

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

About U-Haul

Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 25,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 203,000 trucks, 137,400 trailers and 41,700 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,111,000 rentable storage units and 96.5 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America.

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company’s business and future operating results, please refer to our Form 10-Q for the quarter ended September 30, 2025, which is on file with the SEC.

Report on Business Operations

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

		Quarter Ended September 30,
		2025			2024
		(Unaudited)
		(In thousands)
Self-moving equipment rental revenues	$	1,110,477		$	1,087,348
Self-storage revenues		246,299			224,519
Self-moving and self-storage product and service sales		89,829			87,763
Property management fees		9,621			9,586
Life insurance premiums		18,370			20,488
Property and casualty insurance premiums		28,272			25,767
Net investment and interest income		40,022			37,794
Other revenue		177,032			164,843
Consolidated revenue	$	1,719,922		$	1,658,108

Listed below are the revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2026 and 2025.

		Quarter Ended September 30,
		2025			2024
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	1,632,827		$	1,573,643
Earnings from operations before equity in earnings of subsidiaries		197,440			280,695
Property and casualty insurance
Revenues		35,891			31,461
Earnings from operations		17,154			13,823
Life insurance
Revenues		54,113			56,157
Earnings from operations		3,028			7,690
Eliminations
Revenues		(2,909)			(3,153)
Earnings from operations before equity in earnings of subsidiaries		(28)			(252)
Consolidated Results
Revenues		1,719,922			1,658,108
Earnings from operations		217,594			301,956

Moving and Storage
Debt Metrics
(in thousands)(unaudited)		September 30,		June 30,		March 31,		December 31,		September 30,
		2025		2025		2025		2024		2024
Real estate secured debt		$3,002,344		$2,727,545		$2,703,656		$2,436,840		$2,471,044
Unsecured debt		1,700,000		1,700,000		1,700,000		1,700,000		1,700,000
Fleet secured debt		2,965,804		2,792,015		2,758,821		2,724,349		2,554,194
Other secured debt		64,357		65,570		66,864		68,402		69,264
Total debt		7,732,505		7,285,130		7,229,341		6,929,591		6,794,502
Cash and cash equivalents		$910,969		$726,069		$872,467		$883,108		$1,279,493
Total assets		18,460,371		17,858,535		17,522,952		17,291,214		17,164,316
Adjusted EBITDA (TTM)		1,681,900		1,650,277		1,619,714		1,614,146		1,566,396
Net debt to adjusted EBITDA		4.1		4.0		3.9		3.7		3.5
Net debt to total assets		37.0%		36.7%		36.3%		35.0%		32.1%
Percent of debt floating		7.1%		6.1%		6.1%		6.2%		5.9%
Percent of debt fixed		92.9%		93.9%		93.9%		93.8%		94.1%
Percent of debt unsecured		22.0%		23.3%		23.5%		24.5%		25.0%
Unencumbered asset ratio*		3.96x		3.86x		3.91x		3.81x		3.78x

*	Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x

The components of depreciation, net of (gains) losses on disposals for the second quarter of fiscal 2026 and 2025 are as follows:

		Quarter Ended September 30,
		2025			2024
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment	$	226,909		$	176,340
Depreciation expense - non rental equipment		23,760			23,750
Depreciation expense - real estate		51,440			44,735
Total depreciation expense	$	302,109		$	244,825
Net (gains) losses on disposals of rental equipment		38,329		$	(17,892)
Net (gains) losses on disposals of non-rental equipment		170			337
Total net (gains) losses on disposals equipment	$	38,499		$	(17,555)
Depreciation, net of (gains) losses on disposals	$	340,608		$	227,270
Net (gains) losses on disposals of real estate	$	4,531		$	2,991

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

		Quarter Ended September 30,
		2025		2024
		(Unaudited)
		(In thousands, except occupancy rate)
Unit count as of September 30		831		758
Square footage as of September 30		71,167		64,499
Average monthly number of units occupied		630		610
Average monthly occupancy rate based on unit count		76.3%		80.9%
End of September occupancy rate based on unit count		74.4%		80.0%
Average monthly square footage occupied		55,623		53,108

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

		Six Months Ended September 30,
		2025			2024
		(Unaudited)
		(In thousands)
Self-moving equipment rental revenues	$	2,168,750		$	2,101,680
Self-storage revenues		480,536			440,256
Self-moving and self-storage product and service sales		188,017			184,354
Property management fees		19,203			19,081
Life insurance premiums		37,539			41,228
Property and casualty insurance premiums		50,010			46,996
Net investment and interest income		75,233			74,919
Other revenue		331,104			298,084
Consolidated revenue	$	3,350,392		$	3,206,598

Listed below are the revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2026 and 2025.

		Six Months Ended September 30,
		2025			2024
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	3,186,686		$	3,042,804
Earnings from operations before equity in earnings of subsidiaries		440,318			575,753
Property and casualty insurance
Revenues		65,612			59,639
Earnings from operations		29,042			25,306
Life insurance
Revenues		104,207			109,906
Earnings from operations		5,704			7,643
Eliminations
Revenues		(6,113)			(5,751)
Earnings from operations before equity in earnings of subsidiaries		(56)			(504)
Consolidated Results
Revenues		3,350,392			3,206,598
Earnings from operations		475,008			608,198

The components of depreciation, net of (gains) losses on disposals for the first six months of fiscal 2026 and 2025 are as follows:

		Six Months Ended September 30,
		2025			2024
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment	$	435,121		$	333,868
Depreciation expense - non rental equipment		47,779			47,711
Depreciation expense - real estate		101,285			87,559
Total depreciation expense	$	584,185		$	469,138
Net (gains) losses on disposals of rental equipment	$	60,454		$	(25,840)
Net (gains) losses on disposals of non-rental equipment		(22)			517
Total net (gains) losses on disposals equipment	$	60,432		$	(25,323)
Depreciation, net of (gains) losses on disposals	$	644,617		$	443,815
Net (gains) losses on disposals of real estate	$	2,914		$	6,095

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

		Six Months Ended September 30,
		2025		2024
		(Unaudited)
		(In thousands, except occupancy rate)
Unit count as of September 30		831		758
Square footage as of September 30		71,167		64,499
Average monthly number of units occupied		631		602
Average monthly occupancy rate based on unit count		77.2%		80.5%
End of September occupancy rate based on unit count		74.4%		80.0%
Average monthly square footage occupied		55,511		52,412

Self-Storage Portfolio Summary
As of September 30, 2025
(unaudited)
U-Haul Owned Store Data by State
								Annual
State/ Province		Stores		Units Occupied		Rentable Square Feet		Revenue Per Foot		Occupancy During Qtr
Texas		99		36,733		4,706,618		$15.08		73.3%
California		90		33,921		3,351,341		$21.60		78.7%
Florida		89		34,655		3,944,412		$18.74		76.4%
Illinois		84		38,382		4,281,927		$16.44		77.8%
Pennsylvania		73		28,330		3,143,110		$18.16		72.5%
Ohio		67		26,072		3,052,921		$15.00		74.8%
New York		67		28,166		2,721,082		$23.66		79.7%
Michigan		60		19,832		2,330,008		$16.09		78.0%
Georgia		55		21,768		2,739,492		$16.38		75.5%
Arizona		49		23,789		3,006,228		$15.96		73.8%
Wisconsin		44		17,071		2,048,296		$14.08		74.9%
North Carolina		42		17,384		2,070,876		$15.53		74.1%
Washington		38		13,912		1,590,030		$17.03		73.5%
Missouri		38		14,022		1,815,644		$14.31		71.0%
Tennessee		37		15,073		1,628,491		$15.09		83.6%
Ontario		33		12,518		1,410,384		$23.33		70.2%
New Jersey		33		16,165		1,517,032		$20.87		84.5%
Indiana		33		10,576		1,183,758		$14.28		82.3%
Minnesota		33		13,725		1,694,678		$13.58		76.1%
Massachusetts		32		11,231		1,150,060		$20.85		79.6%
Top 20 Totals		1,096		433,325		49,386,390		$17.29		76.2%
All Others		500		184,812		21,780,368		$16.74		76.6%
2Q 2026 Totals		1,596		618,137		71,166,758		$17.12		76.3%
Same Store 2Q26		903		320,815		30,897,753		$17.88		90.5%
Same Store 2Q25		903		337,446		30,894,328		$17.20		94.0%
Same Store 2Q24		903		339,342		30,836,508		$16.58		94.3%
Non-Same Store 2Q26		693		297,322		40,269,004		$16.28		65.2%
Non-Same Store 2Q25		601		268,718		33,604,664		$16.16		68.8%
Non-Same Store 2Q24		538		237,766		27,634,059		$15.95		73.0%
Same Store Pool Held Constant for Prior Periods
Same Store 2Q26		903		320,815		30,897,753		$17.88		90.5%
Same Store 2Q25		893		319,259		29,403,609		$17.20		94.1%
Same Store 2Q24		841		280,943		25,979,561		$16.55		95.0%
Non-Same Store 2Q26		693		297,322		40,269,004		$16.28		65.2%
Non-Same Store 2Q25		611		286,905		35,095,383		$16.22		69.9%
Non-Same Store 2Q24		602		295,463		32,422,073		$16.10		75.8%
Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of the reporting quarter.
Occupancy % reflects average occupancy during the reporting quarter.
Revenue per foot is average revenue per occupied foot over the trailing twelve months ending September 2025.
Same store includes storage locations with rentable storage inventory for more than three years and a capacity
change of less than twenty units for any year-over-year period of the reporting month.
The locations have occupancy each month during the last three years and have achieved 80% or greater occupancy for the last two years
Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
		September 30,			March 31,
		2025			2025
		(Unaudited)
		(In thousands)
ASSETS
Cash and cash equivalents	$	1,082,820		$	988,828
Trade receivables and reinsurance recoverables, net		175,634			230,716
Inventories and parts		176,138			163,132
Prepaid expenses		316,220			282,406
Fixed maturity securities available-for-sale, net, at fair value		2,494,429			2,479,498
Equity securities, at fair value		62,972			65,549
Investments, other		679,472			678,254
Deferred policy acquisition costs, net		119,117			121,729
Other assets		139,617			126,732
Right of use assets - financing, net		62,636			138,698
Right of use assets - operating, net		41,812			46,025
Related party assets		46,612			45,003
Property, plant and equipment, at cost:
Land		1,846,211			1,812,820
Buildings and improvements		10,095,592			9,628,271
Furniture and equipment		1,061,416			1,047,414
Rental trailers and other rental equipment		1,132,107			1,046,135
Rental trucks		8,272,598			7,470,039
		22,407,924			21,004,679
Less: Accumulated depreciation		(6,376,984)			(5,892,079)
Total property, plant and equipment, net		16,030,940			15,112,600
Total assets	$	21,428,419		$	20,479,170
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	869,740		$	820,900
Notes, loans and finance leases payable, net		7,694,640			7,193,857
Operating lease liabilities		42,613			46,973
Policy benefits and losses, claims and loss expenses payable		900,302			857,521
Liabilities from investment contracts		2,518,603			2,511,422
Other policyholders' funds and liabilities		5,923			7,539
Deferred income		55,847			52,895
Deferred income taxes, net		1,572,864			1,489,920
Total liabilities		13,660,532			12,981,027
Common stock		10,497			10,497
Non-voting common stock		176			176
Additional paid-in capital		462,548			462,548
Accumulated other comprehensive loss		(189,804)			(229,314)
Retained earnings		8,162,120			7,931,886
Cost of common stock in treasury, net		(525,653)			(525,653)
Cost of preferred stock in treasury, net		(151,997)			(151,997)
Total stockholders' equity		7,767,887			7,498,143
Total liabilities and stockholders' equity	$	21,428,419		$	20,479,170

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
		Quarter Ended September 30,
		2025			2024
		(Unaudited)
		(In thousands, except share and per share data)
Revenues:
Self-moving equipment rental revenues	$	1,110,477		$	1,087,348
Self-storage revenues		246,299			224,519
Self-moving and self-storage products and service sales		89,829			87,763
Property management fees		9,621			9,586
Life insurance premiums		18,370			20,488
Property and casualty insurance premiums		28,272			25,767
Net investment and interest income		40,022			37,794
Other revenue		177,032			164,843
Total revenues		1,719,922			1,658,108
Costs and expenses:
Operating expenses		909,542			891,073
Commission expenses		121,811			119,008
Cost of product sales		67,625			62,250
Benefits and losses		48,178			44,392
Amortization of deferred policy acquisition costs		4,962			4,439
Lease expense		5,071			4,729
Depreciation, net of (gains) losses on disposals		340,608			227,270
Net (gains) losses on disposal of real estate		4,531			2,991
Total costs and expenses		1,502,328			1,356,152
Earnings from operations		217,594			301,956
Other components of net periodic benefit costs		(345)			(372)
Other interest income		10,015			16,131
Interest expense		(90,305)			(71,498)
Pretax earnings		136,959			246,217
Income tax expense		(31,409)			(59,419)
Earnings available to common stockholders	$	105,550		$	186,798
Basic and diluted earnings per share of Common Stock	$	0.49		$	0.91
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788			19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock	$	0.54		$	0.96
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted		176,470,092			176,470,092

U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
		Six Months Ended September 30,
		2025			2024
		(Unaudited)
		(In thousands, except share and per share data)
Revenues:
Self-moving equipment rental revenues	$	2,168,750		$	2,101,680
Self-storage revenues		480,536			440,256
Self-moving and self-storage products and service sales		188,017			184,354
Property management fees		19,203			19,081
Life insurance premiums		37,539			41,228
Property and casualty insurance premiums		50,010			46,996
Net investment and interest income		75,233			74,919
Other revenue		331,104			298,084
Total revenues		3,350,392			3,206,598
Costs and expenses:
Operating expenses		1,736,291			1,680,830
Commission expenses		238,548			231,579
Cost of product sales		139,830			128,264
Benefits and losses		93,360			88,398
Amortization of deferred policy acquisition costs		9,879			9,085
Lease expense		9,945			10,334
Depreciation, net of (gains) losses on disposals		644,617			443,815
Net (gains) losses on disposal of real estate		2,914			6,095
Total costs and expenses		2,875,384			2,598,400
Earnings from operations		475,008			608,198
Other components of net periodic benefit costs		(691)			(744)
Other interest income		20,684			34,366
Interest expense		(172,635)			(138,716)
Fees on early extinguishment of debt		(26)			(495)
Pretax earnings		322,340			502,609
Income tax expense		(74,459)			(120,394)
Earnings available to common stockholders	$	247,881		$	382,215
Basic and diluted earnings per share of Common Stock	$	1.17		$	1.86
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788			19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock	$	1.27		$	1.96
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted		176,470,092			176,470,092

EARNINGS PER SHARE

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

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

The calculation of basic and diluted earnings per share for the quarters ended September 30, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:

		For the Quarter Ended
		September 30,
		2025			2024
		(Unaudited)
		(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock		19,607,788			19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10%			10%
Net earnings available to common stockholders	$	105,550		$	186,798
Voting Common Stock dividends declared		-			-
Non-Voting Common Stock dividends declared		(8,823)			(8,823)
Undistributed earnings available to common stockholders	$	96,727		$	177,975
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	9,673		$	17,798
Undistributed earnings per share of Voting Common Stock	$	0.49		$	0.91
Dividends declared per share of Voting Common Stock	$	-		$	-
Basic and diluted earnings per share of Voting Common Stock	$	0.49		$	0.91
Weighted average shares outstanding of Non-Voting Common Stock		176,470,092			176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90%			90%
Net earnings available to common stockholders	$	105,550		$	186,798
Voting Common Stock dividends declared		-			-
Non-Voting Common Stock dividends declared		(8,823)			(8,823)
Undistributed earnings available to common stockholders	$	96,727		$	177,975
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	87,054		$	160,178
Undistributed earnings per share of Non-Voting Common Stock	$	0.49		$	0.91
Dividends declared per share of Non-Voting Common Stock	$	0.05		$	0.05
Basic and diluted earnings per share of Non-Voting Common Stock	$	0.54		$	0.96

The calculation of basic and diluted earnings per share for the first six months ended September 30, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:

		For the Six Months Ended
		September 30,
		2025			2024
		(Unaudited)
		(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock		19,607,788			19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10%			10%
Net earnings available to common stockholders	$	247,881		$	382,215
Voting Common Stock dividends declared		-			-
Non-Voting Common Stock dividends declared		(17,647)			(17,647)
Undistributed earnings available to common stockholders	$	230,234		$	364,568
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	23,023		$	36,457
Undistributed earnings per share of Voting Common Stock	$	1.17		$	1.86
Dividends declared per share of Voting Common Stock	$	-		$	-
Basic and diluted earnings per share of Voting Common Stock	$	1.17		$	1.86
Weighted average shares outstanding of Non-Voting Common Stock		176,470,092			176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90%			90%
Net earnings available to common stockholders	$	247,881		$	382,215
Voting Common Stock dividends declared		-			-
Non-Voting Common Stock dividends declared		(17,647)			(17,647)
Undistributed earnings available to common stockholders	$	230,234		$	364,568
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	207,211		$	328,111
Undistributed earnings per share of Non-Voting Common Stock	$	1.17		$	1.86
Dividends declared per share of Non-Voting Common Stock	$	0.10		$	0.10
Basic and diluted earnings per share of Non-Voting Common Stock	$	1.27		$	1.96

NON-GAAP FINANCIAL RECONCILIATION SCHEDULE

As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net (“PPE”) being reclassed to Right of use assets - financing, net (“ROU-financing”). The tables below show adjusted PPE as of September 30, 2025 and March 31, 2025, by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by, nor presented in accordance with, GAAP. We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP.

								September 30,			March 31,
								2025			2025
		September 30,			ROU Assets			Property, Plant and Equipment			Property, Plant and Equipment
		2025			Financing			Adjusted			Adjusted
		(Unaudited)
		(In thousands)
Property, plant and equipment, at cost
Land	$	1,846,211		$	-		$	1,846,211		$	1,812,820
Buildings and improvements		10,095,592			-			10,095,592			9,628,271
Furniture and equipment		1,061,416			61			1,061,477			1,047,475
Rental trailers and other rental equipment		1,132,107			24,343			1,156,450			1,104,206
Rental trucks		8,272,598			149,219			8,421,817			7,779,514
Subtotal		22,407,924			173,623			22,581,547			21,372,286
Less: Accumulated depreciation		(6,376,984)			(110,987)			(6,487,971)			(6,120,988)
Total property, plant and equipment, net	$	16,030,940		$	62,636		$	16,093,576		$	15,251,298

								March 31,
								2025
		March 31,			ROU Assets			Property, Plant and Equipment
		2025			Financing			Adjusted
		(Unaudited)
		(In thousands)
Property, plant and equipment, at cost
Land	$	1,812,820		$	-		$	1,812,820
Buildings and improvements		9,628,271			-			9,628,271
Furniture and equipment		1,047,414			61			1,047,475
Rental trailers and other rental equipment		1,046,135			58,071			1,104,206
Rental trucks		7,470,039			309,475			7,779,514
Subtotal		21,004,679			367,607			21,372,286
Less: Accumulated depreciation		(5,892,079)			(228,909)			(6,120,988)
Total property, plant and equipment, net	$	15,112,600		$	138,698		$	15,251,298

Non-GAAP Financial Measures

Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Company believes that these widely accepted measures of operating profitability supplement the transparency of the Company's disclosures and provides a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and supplements the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. The non-GAAP measure reported is adjusted EBITDA. The table below presents the reconciliation of the trailing twelve months adjusted EBITDA measures to its most directly comparable GAAP measures.

Moving and Storage EBITDA Calculations
(In thousands, unaudited)		Trailing Twelve Months
		September 30,			June 30,			March 31,			December 31,			September 30,
		2025			2025			2025			2024			2024
Net earnings available to common stockholders	$	232,756		$	314,004		$	367,090		$	448,518		$	480,576
Income tax expense		48,448			76,156			94,747			137,940			148,743
Fees on early extinguishment of debt and costs of defeasance		26			26			495			495			495
Interest expense		330,192			311,609			296,721			280,487			271,359
Other interest income		(45,759)			(51,899)			(59,489)			(87,303)			(99,292)
Other components of net periodic benefit costs		1,435			1,462			1,488			1,480			1,473
Net (gains) losses on disposal of real estate		12,577			11,037			15,758			12,047			11,273
Depreciation, net of (gains) losses on disposals		1,158,986			1,045,648			958,184			888,253			815,810
Elimination of net earnings from insurance subsidiaries		(56,761)			(57,766)			(55,280)			(67,771)			(64,041)
Adjusted EBITDA	$	1,681,900		$	1,650,277		$	1,619,714		$	1,614,146		$	1,566,396

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

Moving and Storage EBITDA Calculations
(In thousands, unaudited)		Quarters Ended
		September 30,			September 30,
		2025			2024
Net earnings available to common stockholders	$	105,550		$	186,798
Income tax expense		27,324			55,032
Fees on early extinguishment of debt and costs of defeasance		-			-
Interest expense		90,333			71,750
Other interest income		(10,111)			(16,251)
Other components of net periodic benefit costs		345			372
Net (gains) losses on disposal of real estate		4,531			2,991
Depreciation, net of (gains) losses on disposals		340,608			227,270
Elimination of net earnings from insurance subsidiaries		(16,001)			(17,006)
Adjusted EBITDA	$	542,579		$	510,956

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20251105236457/en/

The U-Haul Holding Company Stock at the time of publication of the news with a fall of -0,21 % to 46,50EUR on Lang & Schwarz stock exchange (05. November 2025, 22:45 Uhr).