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.

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

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

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:

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

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.

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

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:

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:

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:

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.

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.

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

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Sebastien Reyes

Director of Investor Relations

U-Haul Holding Company

(602) 263-6601

[email protected]