U-Haul Holding Co /NV/
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 6, 2025
UHAL$56.74-3.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-12-31; filed 2025-02-05.
0000950170-25-014444
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0000950170-25-104050
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 169 previous paragraphs and 113 current paragraphs.
40 unchanged; 46 reworded; 27 added; 76 removed; 7 previous and 0 current paragraphs rearranged.
Tables are not compared: 24 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (27)
Current report
Self-moving equipment rental revenues increased $43.9 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025. Revenue per transaction increased for both our In-Town and one-way markets. Compared to the same period last year, we increased the number of Company operated retail locations, independent dealers along with the number of box trucks in the rental fleet.
Current report
Sales of self-moving and self-storage products and services increased $1.6 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025. This was due to increased sales of hitches and moving supplies.
Current report
Net investment and interest income decreased $1.9 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025. Our Life Insurance subsidiaries' investment income decreased due to realized losses on derivatives used as hedges to fixed indexed annuities and realized losses on invested assets, offset by an increase in the change in the provision for expected credit losses. Our Property and Casualty subsidiaries' investment and interest income increased $0.3 million primarily from mortgage loans and cash and cash equivalents.
Current report
Other revenue increased $20.8 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025, caused primarily by increases in our U-Box® program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
Current report
As a result of the changes in revenues and expenses described above, earnings from operations decreased to $257.4 million for the first quarter of fiscal 2026, compared with $306.2 million for the first quarter of fiscal 2025.
Current report
Interest expense for the first quarter of fiscal 2026 was $82.3 million, compared with $67.2 million for the first quarter of fiscal 2025, due to an increase in the amount of debt outstanding and our average cost of debt.
Current report
Self-moving equipment rental revenues increased $43.9 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025. Revenue per transaction increased for both our In-Town and one-way markets. Compared to the same period last year, we increased the number of Company operated retail locations, independent dealers along with the number of box trucks in the rental fleet.
Current report
Sales of self-moving and self-storage products and services increased $1.6 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025. This was due to increased sales of hitches and moving supplies.
Current report
Other revenue increased $20.6 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025, caused primarily by increases in our U-Box® program.
Current report
Total costs and expenses increased $136.9 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025. Operating expenses increased $44.4 million. Repair expenses associated with the rental fleet experienced a $5.2 million increase during the quarter, while personnel increased $20.2 million and liability costs increased by $17.2 million.
Current report
Net investment and interest income was $6.4 million and $6.1 million for the quarters ended March 31, 2025 and March 31, 2024, respectively, primarily from mortgage loans and cash and cash equivalents.
Current report
Benefits and losses incurred were $5.5 million and $5.0 million for the quarters ended March 31, 2025 and March 31, 2024, respectively. Benefits and losses incurred corresponded with the change in Moving and Storage transactions at U-Haul during the same period.
Current report
Operating expenses were $2.8 million and $10.1 million for the quarters ended March 31, 2025 and March 31, 2024, respectively, primarily from a decrease in financial audit fees and the write-off of uncollectible balances.
Current report
Benefits and losses incurred were $39.7 million and $39.0 million for the quarters ended March 31, 2025 and March 31, 2024, respectively. Interest credited to policyholders increased $1.3 million due to an increase in the interest credited rates on annuities. Other benefits decreased $0.6 million.
Current report
Cash Flows by Segments
Current report
Net cash provided by operating activities were $9.2 million and $3.5 million for the quarters ended March 31, 2025 and March 31, 2024, respectively. The increase was driven primarily by timing differences of federal tax payments.
Current report
Consolidating Schedules by Segment (Unaudited)
Current report
Consolidating balance sheets by segment as of June 30, 2025 were as follows:
Current report
Consolidating balance sheets by segment as of June 30, 2025 continued:
Current report
Consolidating balance sheets by segment as of March 31, 2025 were as follows:
Current report
Consolidating balance sheets by segment as of March 31, 2025 continued:
Current report
Consolidating statement of operations by segment for the quarter ended June 30, 2025 were as follows:
Current report
Consolidating statement of operations by segment for the quarter ended June 30, 2024 were as follows:
Current report
Consolidating cash flow statements by segment for the quarter ended June 30, 2025 were as follows:
Current report
Consolidating cash flow statements by segment for the quarter ended June 30, 2025 continued:
Current report
Consolidating cash flow statements by segment for the quarter ended June 30, 2024 were as follows:
Current report
Consolidating cash flow statements by segment for the quarter ended June 30, 2024 continued:
Removed paragraphs (76)
Previous report
Moving and Storage, comprised of U-Haul Holding Company, U-Haul, and Real Estate and the wholly owned subsidiaries of U-Haul and Real Estate;
Previous report
Property and Casualty Insurance, comprised of Repwest and its wholly owned subsidiaries and ARCOA; and
Previous report
Life Insurance, comprised of Oxford and its wholly owned subsidiaries.
Previous report
Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.
Previous report
Cybersecurity Incident
Previous report
On September 9, 2022, we announced that the Company was made aware of a data security incident involving U-Haul's information technology network. U-Haul detected a compromise of two unique passwords used to access U-Haul customers' information. U-Haul took immediate steps to contain the incident and promptly enhanced its security measures to prevent any further unauthorized access. U-Haul retained cybersecurity experts and incident response counsel to investigate the incident and implement additional security safeguards. The investigation determined that between November 5, 2021 and April 8, 2022, the threat actor accessed customer contracts containing customers’ names, dates of birth, and driver’s license or state identification numbers. None of U-Haul’s financial, payment processing or email systems were involved. U-Haul has notified impacted customers and relevant governmental authorities.
Previous report
Several class action lawsuits related to the incident were filed against U-Haul, which were consolidated into one action in the U.S. District Court for the District of Arizona (the "Court"). On October 27, 2023, the Court dismissed with prejudice all claims except those brought under the California Consumer Privacy Act. The parties settled all remaining claims for $5.1 million pursuant to a settlement agreement approved by order of the Court on October 25, 2024. The full amount of $5.1 million is covered by insurance and has been paid by the insurer into trust for disbursement in accordance with the terms of the settlement agreement.
Previous report
Self-moving equipment rental revenues increased $38.8 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. In-Town transactions improved, while revenue per transaction increased for both our In-Town and one-way markets. Compared to the same period last year, we increased the number of Company-operated retail locations and independent dealers, as well as the number of box trucks in the rental fleet. Conversely, over this same time period we have reduced the number of pickup trucks in the rental fleet.
Previous report
Sales of self-moving and self-storage products and services increased $0.1 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. This was due to an increase in sales of propane largely offset by a decline in reported sales of hitches and moving supplies. Approximately $3.9 million of the decrease was related to the exercise of an option by Mercury Partners, L.P. ("Mercury") in February 2024 to purchase 78 U-Haul branded self-storage locations from W.P. Carey resulting in locations formerly leased by U-Haul now being treated as managed properties. From an operational standpoint, our customers will not recognize any changes to the services they receive from these locations. Please see Note 11. Related Party Transactions for additional information related to this transaction and its effect. Excluding the effects of this ownership change, moving supplies, propane and hitch sales from U-Haul owned and operated locations increased.
Previous report
Property management fees decreased $1.3 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024, primarily due to decreased management incentive fees related to the above mentioned Mercury transaction of $2.3 million, partially offset by an increase in base management fees of $1.0 million.
Previous report
Life insurance premiums increased $0.4 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024.
Previous report
Net investment and interest income decreased $16.9 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. At our Property and Casualty Insurance subsidiaries, investment income increased $7.0 million due to changes in the market value of common stock investments and realized gains on the sale of common stock. Our Life Insurance subsidiaries investment income increased $3.7 million primarily from gains on derivatives used as hedges to fixed indexed annuities. The Moving and Storage segment interest income has been classified as Other interest income in fiscal 2025 and accounts for $27.7 million of the decrease.
Previous report
Other revenue increased $9.6 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024, caused primarily by increases in both moving and storage transactions related to our U-Box® program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
Previous report
As a result of the changes in revenues and expenses described above, earnings from operations decreased to $150.7 million for the third quarter of fiscal 2025, compared with $197.6 million for the third quarter of fiscal 2024.
Previous report
Interest expense for the third quarter of fiscal 2025 was $76.6 million, compared with $67.5 million for the third quarter of fiscal 2024, due to an increase in our average cost of debt. Other interest income at Moving and Storage increased $15.7 million due to the new presentation this year compared to last year. Prior year interest income was presented as part of operating earnings; notwithstanding the new presentation, we had a decrease of $12.0 million due to reduced invested cash balances and lower yields compared to the third quarter of fiscal 2024.
Previous report
Self-moving equipment rental revenues increased $38.6 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. In-Town transactions improved, while revenue per transaction increased for both our In-Town and one-way markets. Compared to the same period last year, we increased the number of Company-operated retail locations and independent dealers, as well as the number of box trucks in the rental fleet. Conversely, over this same time period we have reduced the number of pickup trucks in the rental fleet.
Previous report
Sales of self-moving and self-storage products and services increased $0.1 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. This was due to an increase in sales of propane largely offset by a decline in reported sales of hitches and moving supplies. Approximately $3.9 million of the decrease was related to the exercise of an option by Mercury in February 2024 to purchase 78 U-Haul branded self-storage locations from W.P. Carey resulting in locations formerly leased by U-Haul now being treated as managed properties. From an operational standpoint, our customers will not recognize any changes to the services they receive from these locations. Please see Note 11. Related Party Transactions for additional information related to this transaction and its effect. Excluding the effects of this ownership change, moving supplies, propane and hitch sales from U-Haul owned and operated locations increased.
Previous report
Property management fees decreased $1.3 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024, primarily due to decreased management incentive fees related to the above mentioned Mercury transaction of $2.3 million, partially offset by an increase in base management fees of $1.0 million.
Previous report
Other revenue increased $9.6 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024, caused primarily by increases in both moving and storage transactions related to our U-Box® program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
Previous report
Total costs and expenses increased $89.1 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. Operating expenses increased $11.6 million. Repair costs associated with the rental fleet experienced a $10.2 million decrease during the quarter while increases in personnel and liability costs accounted for the remainder of the increase.
Previous report
Net investment and interest income was $9.0 million and $2.0 million for the quarters ended September 30, 2024 and 2023, respectively. The main driver of the change in net investment income was gains associated with our common stock investments.
Previous report
Benefits and losses incurred were $6.0 million and $6.7 million for the quarters ended September 30, 2024 and 2023, respectively. The increase was due to growth in premiums and coverage.
Previous report
Premiums were $22.9 million and $22.6 million for the quarters ended September 30, 2024 and 2023, respectively. Deferred annuity deposits were $163.2 million or $81.5 million above prior year due to increased sales activity; these are accounted for on the balance sheet as deposits rather than premiums.
Previous report
Operating expenses were $5.3 million and $4.6 million for the quarters ended September 30, 2024 and 2023, respectively, primarily due to the increase in administrative expenses.
Previous report
Benefits and losses incurred were $42.6 million and $35.8 million for the quarters ended September 30, 2024 and 2023, respectively. Interest credited to policyholders increased $5.9 million due to an increase in the interest credited rates on equity - indexed annuities. Life benefits decreased $0.9 million due to lower death claims as the effects of COVID-19 have waned along with declining new sales. Medicare supplement benefits increased by $2.5 million from the increased policies in force. Benefits on the annuities decreased $0.8 million.
Previous report
Nine Months Ended December 31, 2024 compared with the Nine Months Ended December 31, 2023
Previous report
Self-moving equipment rental revenues increased $71.9 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024. In-Town transactions improved while revenue per transaction increased for both our In-Town and one-way markets. Compared to the same period last year, we increased the number of Company-operated retail locations and independent dealers, as well as the number of box trucks in the rental fleet. Conversely, over this same time period we have reduced the number of pickup trucks in the rental fleet.
Previous report
Self-storage revenues increased $49.0 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024. The average monthly number of occupied units increased by 6.0%, or 34,190 units, during the first nine months of fiscal 2025 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 1.7% improvement in average revenue per occupied foot. During the first nine months, we added approximately 4.9 million of new net rentable square feet.
Previous report
Sales of self-moving and self-storage products and services decreased $8.0 million for the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024. This was due to a decline in reported sales of hitches and moving supplies partially offset by an increase in propane sales. Approximately $14.0 million of the decrease was related to the exercise of an option by Mercury in February 2024 to purchase 78 U-Haul branded self-storage locations from W.P. Carey resulting in locations formerly leased by U-Haul now being treated as managed properties. From an operational standpoint, our customers will not recognize any changes to the services they receive from these locations. Please see Note 11. Related Party Transactions for additional information related to this transaction and its effect. Excluding the effects of this ownership change, moving supplies, propane and hitch sales from U-Haul owned and operated locations increased.
Previous report
Property management fees decreased $0.6 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024, primarily due to decreased management incentive fees related to the above mentioned Mercury transaction of $3.8 million, offset by an increase in base management fees of $3.2 million.
Previous report
Property and casualty insurance premiums increased $3.0 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024.
Previous report
Net investment and interest income decreased $71.3 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024. At our Property and Casualty Insurance subsidiaries, investment income increased $5.8 million due to changes in the market value of common stock investments and realized gains on the sale of common stock. Our Life Insurance subsidiaries investment income increased $6.5 million primarily from gains on derivatives used as hedges to fixed indexed annuities. The Moving and Storage segment interest income has been classified as Other interest income in fiscal 2025 and accounts for $83.5 million of the decrease.
Previous report
Other revenue increased $25.7 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024, caused primarily by increases in moving and storage transactions related to our U-Box®program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
Previous report
Total costs and expenses increased $326.1 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024. Operating expenses for Moving and Storage increased $88.3 million. Repair costs associated with the rental fleet experienced a $38.8 million decrease during the first nine months of fiscal 2025 while we experienced increases in personnel, liability costs, property taxes, utilities and building maintenance. Approximately $16.5 million of the operating expense increase was due to non-recurring costs associated with our transition to a new box supplier that we recognized in the second quarter of fiscal 2025.
Previous report
Depreciation expense associated with our rental fleet increased $92.5 million for the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024 due to an increase in the pace of new additions to the fleet combined with their higher cost. Net gains from the disposal of rental equipment decreased $109.8 million as resale values have decreased while the average cost of units being sold has increased. We increased the number of retired trucks sold compared to the same period last year. Depreciation expense on all other assets, largely from buildings and improvements, increased $22.0 million. Net losses on the disposal or retirement of land and buildings increased $4.1 million. Additional details are available in the following Moving and Storage section.
Previous report
As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased $260.7 million to $758.9 million for the first nine months of fiscal 2025, as compared with $1,019.6 million for the first nine months of fiscal 2024.
Previous report
Income tax expense was $142.6 million for the first nine months of fiscal 2025, compared with $196.9 million for the first nine months of fiscal 2024.
Previous report
As a result of the above-mentioned items, earnings available to common stockholders were $449.4 million for the first nine months of fiscal 2025, compared with $629.6 million for the first nine months of fiscal 2024.
Previous report
Nine Months Ended December 31, 2024 compared with the Nine Months Ended December 31, 2023
Previous report
Listed below are revenues for the major product lines at our Moving and Storage operating segment for the first nine months of fiscal 2025 and the first nine months of fiscal 2024:
Showing the first 40 of 76 passages. Open the source sections for the rest.
Reworded paragraphs (46)
Previous wording
We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with U-Haul Holding Company's overall strategy, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the third quarter and first nine months of fiscal 2025, compared with the third quarter and first nine months of fiscal 2024, which is followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled "Liquidity and Capital Resources - Summary" and "Use of Cash". We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2025.
Current wording
We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with U-Haul Holding Company's overall strategy, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025, which is followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled "Liquidity and Capital Resources - Summary" and "Use of Cash". We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2026.
Previous wording
U-Haul Holding Company, a Nevada corporation, has a third fiscal quarter that ends on the 31 st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30 th of September for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2024 and 2023 correspond to fiscal 2025 and 2024 for U-Haul Holding Company.
Current wording
U-Haul Holding Company, a Nevada corporation, has a first fiscal quarter that ends on the 30 th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31 st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2025 and 2024 correspond to fiscal 2026 and 2025 for U-Haul Holding Company.
Previous wording
U-Haul Holding Company’s three operating and reportable segments are:
Current wording
U-Haul Holding Company’s three operating and reportable segments are Moving and Storage, Property and Casualty Insurance and Life Insurance.
Previous wording
Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices across the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safestor Mobile® protection packages to U-Haul customers. We continue to focus on increasing the penetration of these products into the moving and storage market. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul related programs.
Current wording
Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices across the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safehaul® protection packages to U-Haul customers. We continue to focus on increasing the penetration of these products into the moving and storage market. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul related programs.
Previous wording
Listed below, on a consolidated basis, are revenues for our major product lines for the third quarter of fiscal 2025 and the third quarter of fiscal 2024:
Current wording
Listed below, on a consolidated basis, are revenues for our major product lines for the first quarter of fiscal 2026 and the first quarter of fiscal 2025:
Previous wording
Self-storage revenues increased $16.6 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. The average monthly number of occupied units increased by 6.8%, or 39,055 units, during the third quarter of fiscal 2025 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 0.9% improvement in average revenue per occupied foot. During the quarter, we added approximately 2.3 million new net rentable square feet.
Current wording
Self-storage revenues increased $18.5 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 1.3% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.2 million new net rentable square feet.
Previous wording
Life insurance premiums decreased $4.0 million during the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024 due primarily to decreased Medicare supplement premiums.
Current wording
Life insurance premiums decreased $1.6 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025 due primarily to decreased life and Medicare supplement premiums.
Previous wording
Property and casualty insurance premiums increased $1.9 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. A significant portion of Repwest’s premiums relate to policies sold in conjunction with U-Haul rental transactions. The premium written corresponded with the change in moving and storage transactions at U-Haul during the same period.
Current wording
Property and casualty insurance premiums increased $0.5 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025. A significant portion of Repwest's premiums are from policies sold in conjunction with U-Haul moving and storage transactions and generally correspond to the related activity at U-Haul during the same period.
Previous wording
Listed below are revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2025 and the third quarter of fiscal 2024. The insurance companies’ two quarters ended June 30, 2024 and 2023.
Current wording
Listed below are revenues and earnings from operations at each of our operating segments for the first quarter of fiscal 2026 and the first quarter of fiscal 2025. The insurance companies’ first quarters ended March 31, 2025 and 2024.
Previous wording
Total costs and expenses increased $95.9 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. Operating expenses for Moving and Storage increased $11.6 million. Repair expenses associated with the rental fleet experienced a $10.2 million decrease during the quarter while increases in personnel and liability costs accounted for the remainder of the increase.
Current wording
Total costs and expenses increased $130.8 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025. Operating expenses for Moving and Storage increased $44.4 million. Repair expenses associated with the rental fleet experienced a $5.2 million increase during the quarter while personnel increased $20.2 million and liability costs increased by $17.2 million.
Previous wording
Depreciation expense associated with our rental fleet increased $34.2 million for the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024 due to the higher cost of new additions to the fleet combined with expected decreases in resale values for certain units currently in the fleet. Net gains from the disposal of rental equipment decreased $32.7 million as resale values have decreased while the average cost of units being sold has increased. Depreciation expense on all other assets, largely from buildings and improvements, increased $5.6 million. Net losses on the disposal or retirement of land and buildings increased $0.8 million. Additional details are available in the following Moving and Storage section.
Current wording
Depreciation expense associated with our rental fleet increased $50.7 million for the first quarter of fiscal 2026 compared with the first quarter of fiscal 2025 due to an increase in the total number of box trucks in the fleet combined with expected decreases in resale values for certain units currently in the fleet. Net losses from the disposal of rental equipment increased $29.7 million as resale values have decreased while the average cost of units being sold has increased. Depreciation expense on all other assets, largely from buildings and improvements, increased $7.1 million. Net gains on the disposal or retirement of land and buildings increased $4.7 million. Additional details are available in the following Moving and Storage section.
Previous wording
Interest expense for the first nine months of fiscal 2025 was $215.3 million, compared with $192.0 million for the first nine months of fiscal 2024, due to an increase in our average cost of debt. Other interest income at Moving and Storage increased $50.0 million due to the new presentation this year compared to last year. Prior year interest income was presented as part of operating earnings; notwithstanding the new presentation, we had a decrease of $33.2 million due to reduced invested cash balances and lower interest yields compared to the to the first nine months of fiscal 2024.
Current wording
Other interest income at Moving and Storage for the first quarter of fiscal 2026 was $10.7 million, compared with $18.2 million for the first quarter of fiscal 2025, due to reduced invested cash balances and lower interest yields compared to fiscal 2025.
Previous wording
Income tax expense was $22.3 million for the third quarter of fiscal 2025, compared with $30.5 million for the third quarter of fiscal 2024.
Current wording
Income tax expense was $43.1 million for the first quarter of fiscal 2026, compared with $61.0 million for the first quarter of fiscal 2025.
Previous wording
As a result of the above-mentioned items, earnings available to common stockholders were $67.2 million for the third quarter of fiscal 2025, compared with $99.2 million for the third quarter of fiscal 2024.
Current wording
As a result of the above-mentioned items, earnings available to common stockholders were $142.3 million for the first quarter of fiscal 2026, compared with $195.4 million for the first quarter of fiscal 2025.
Previous wording
Listed below are revenues for our major product lines at Moving and Storage for the third quarter of fiscal 2025 and the third quarter of fiscal 2024:
Current wording
Listed below are revenues for our major product lines at Moving and Storage for the first quarter of fiscal 2026 and the first quarter of fiscal 2025:
Previous wording
Self-storage revenues increased $16.6 million during the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024. The average monthly number of occupied units increased by 6.8%, or 39,055 units, during the third quarter of fiscal 2025 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 0.9% improvement in average revenue per occupied foot. During the quarter, we added approximately 2.3 million new net rentable square feet.
Current wording
Self-storage revenues increased $18.5 million during the first quarter of fiscal 2026, compared with the first quarter of fiscal 2025. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 1.3% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.2 million new net rentable square feet.
Previous wording
We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned storage locations was as follows:
Current wording
We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Listed below are self-storage data for our owned storage locations:
Previous wording
Over the last 12 months we added approximately 7.4 million net rentable square feet of new storage to the system. This was a mix of approximately 2.4 million square feet of existing storage locations we acquired and 5.0 million square feet of new development.
Current wording
Over the last 12 months we added approximately 6.0 million net rentable square feet of new storage to the system. This was a mix of approximately 1.6 million square feet of existing storage locations we acquired and 4.4 million square feet of new development.
Previous wording
Depreciation expense associated with our rental fleet increased $34.2 million for the third quarter of fiscal 2025, compared with the third quarter of fiscal 2024 due to the higher cost of new additions to the fleet combined with expected decreases in resale values for certain units currently in the fleet. Net gains from the disposal of rental equipment decreased $32.7 million as resale values have decreased while the average cost of units being sold has increased. Depreciation expense on all other assets, largely from buildings and improvements, increased $5.6 million. Net losses on the disposal or retirement of land and buildings increased $0.8 million.
Current wording
Depreciation expense associated with our rental fleet increased $50.7 million for the first quarter of fiscal 2026 compared with the first quarter of fiscal 2025 due to an increase in the total number of box trucks in the fleet combined with expected decreases in resale values for certain units currently in the fleet. Net losses from the disposal of rental equipment increased $29.7 million as resale values have decreased while the average cost of units being sold has increased. Depreciation expense on all other assets, largely from buildings and improvements, increased $7.1 million. Net gains on the disposal or retirement of land and buildings increased $4.7 million.
Previous wording
As a result of the changes in revenues and expenses described above, earnings from operations for Moving and Storage, before consolidation of the equity in the earnings of the insurance subsidiaries, decreased to $127.3 million for the third quarter of fiscal 2025, compared with $180.5 million for the third quarter of fiscal 2024.
Current wording
As a result of the changes in revenues and expenses described above, earnings from operations for Moving and Storage, before consolidation of the equity in the earnings of the insurance subsidiaries, decreased to $242.9 million for the first quarter of fiscal 2026, compared with $295.1 million for the first quarter of fiscal 2025.
Previous wording
Equity in the earnings of U-Haul Holding Company’s insurance subsidiaries was $18.0 million for the third quarter of fiscal 2025, compared with $14.2 million for the third quarter of fiscal 2024.
Current wording
Equity in the earnings of U-Haul Holding Company’s insurance subsidiaries was $11.5 million for the first quarter of fiscal 2026, compared with $9.0 million for the first quarter of fiscal 2025.
Previous wording
As a result of the changes in revenues and expenses described above, consolidated earnings from operations for Moving and Storage decreased to $145.2 million for the third quarter of fiscal 2025, compared with $194.7 million for the third quarter of fiscal 2024.
Current wording
As a result of the changes in revenues and expenses described above, consolidated earnings from operations for Moving and Storage decreased to $254.4 million for the first quarter of fiscal 2026, compared with $304.1 million for the first quarter of fiscal 2025.
Previous wording
Premiums were $29.1 million and $27.3 million for the quarters ended September 30, 2024 and 2023, respectively. A significant portion of Repwest’s premiums relate to policies sold in conjunction with U-Haul rental transactions. The premium written corresponded with the change in moving and storage transactions at U-Haul during the same period.
Current wording
Net premiums were $23.3 million and $22.0 million for the quarters ended March 31, 2025 and March 31, 2024, respectively. A significant portion of Repwest’s premiums come from policies sold in conjunction with U-Haul rental transactions. The premium written corresponded with the change in moving and storage transactions at U-Haul during the same period.
Previous wording
Operating expenses were $12.6 million and $13.1 million for the quarters ended September 30, 2024 and 2023, respectively. The change was primarily due to a decrease in commissions in select geographies.
Current wording
Operating expenses were $12.3 million and $11.6 million for the quarters ended March 31, 2025 and March 31, 2024, respectively. The change was primarily due to an increase in commission expense.
Previous wording
As a result of the changes in revenues and expenses described above, pretax earnings from operations were $19.5 million and $9.4 million for the quarters ended September 30, 2024 and 2023, respectively.
Current wording
As a result of the changes in revenues and expenses described above, pretax earnings from operations were $11.9 million and $11.5 million for the quarters ended March 31, 2025 and March 31, 2024, respectively.
Previous wording
Premiums were $64.2 million and $68.2 million for the nine months ended September 30, 2024 and 2023, respectively. Medicare Supplement premiums decreased $2.4 million. Life premiums decreased $1.7 million primarily from the decrease in sales of single premium life and final expense. Deferred annuity deposits were $374.8 million or $168.0 million above prior year due to increased sales activity; these are accounted for on the balance sheet as deposits rather than premiums.
Current wording
Net premiums were $19.2 million and $20.7 million for the quarters ended March 31, 2025 and March 31, 2024, respectively. Medicare Supplement premiums decreased $1.0 million from the policy decrements offset by premium rate increases. Life premiums decreased $0.6 million primarily from the decrease in sales of single premium life and final expense. Deferred annuity deposits were $127.4 million or $66.0 million above prior year and are accounted for on the balance sheet as deposits rather than premiums.
Previous wording
Net investment income was $32.4 million and $28.7 million for the quarters ended September 30, 2024 and 2023, respectively. Realized gains on derivatives used as hedges to fixed indexed annuities were $2.0 million. The reduction in the provision for expected credit losses resulted in a $1.6 million increase to investment income. Net interest income and realized gains on the invested assets increased $2.6 million, primarily from bonds.
Current wording
Net investment income was $29.5 million and $31.8 million for the quarters ended March 31, 2025 and March 31, 2024, respectively. Realized losses on derivatives used as hedges to fixed indexed annuities was $2.7 million. Net interest income and realized losses on the invested assets decreased $1.8 million, primarily bonds. These were offset by the change in the provision for expected credit losses which resulted in a $2.3 million increase to investment income.
Previous wording
Amortization of deferred acquisition costs (“DAC”), sales inducement asset ("SIA") and the value of business acquired ("VOBA") was $4.5 million and $4.2 million for the quarters ended September 30, 2024 and 2023, respectively. The increase in DAC amortization was primarily due to a higher amount of mortgage prepayment penalty gains, for which we offset gains with a corresponding level of amortization.
Current wording
Amortization of deferred acquisition costs (“DAC”), sales inducement asset and the value of business acquired was $4.9 million and $4.6 million for the quarters ended March 31, 2025 and March 31, 2024, respectively. The increase in DAC amortization is primarily due to a higher amount of mortgage prepayment penalty gains, for which we offset gains with a corresponding level of amortization.
Previous wording
As a result of the changes in revenues and expenses described above, pretax earnings from operations were $4.1 million and $8.0 million for the quarters ended September 30, 2024 and 2023, respectively.
Current wording
As a result of the changes in revenues and expenses described above, pretax earnings (losses) from operations were $2.6 million and ($0.2) million for the quarters ended March 31, 2025 and March 31, 2024, respectively.
Previous wording
As of December 31, 2024, cash and cash equivalents totaled $1,017.4 million, compared with $1,534.5 million as of March 31, 2024. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (Moving and Storage). As of December 31, 2024 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, other investments, fixed maturities, equity securities, and related party assets) and debt obligations of each operating segment were as follows:
Current wording
As of June 30, 2025, cash and cash equivalents totaled $877.2 million, compared with $988.8 million as of March 31, 2025. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (Moving and Storage). As of June 30, 2025 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, other investments, fixed maturities, equity securities, and related party assets) and debt obligations of each operating segment were as follows:
Previous wording
Net cash provided by operating activities increased $15.9 million in the first nine months of fiscal 2025 compared with the first nine months of fiscal 2024 due to the timing of the settlement of credit cards.
Current wording
Net cash provided by operating activities increased $144.5 million in the first three months of fiscal 2026 compared with the first three months of fiscal 2025 due to the timing of the settlement of credit cards and reduction of payments on payables.
Previous wording
Net cash used in investing activities increased $728.6 million in the first nine months of fiscal 2025, compared with the first nine months of fiscal 2024. Purchases of property, plant and equipment increased $462.5 million. Fleet related spending increased $236.8 million while investment spending on real estate and development increased $245.4 million. Cash from the sales of property, plant and equipment decreased $68.0 million largely due to fleet sales. For our insurance subsidiaries, net cash used in investing activities increased $219.7 million due to an increase in purchases and decreased proceeds on sales in fixed maturity investments and net cash provided by investing activities for Moving and Storage increased $19.3 million on short-term Treasury notes.
Current wording
Net cash used in investing activities decreased $39.3 million in the first three months of fiscal 2026, compared with the first three months of fiscal 2025. Purchases of property, plant and equipment decreased $46.6 million. Fleet related spending increased $45.9 million while investment spending on real estate acquisitions and development decreased $107.4 million. Cash from the sales of property, plant and equipment increased $19.5 million largely due to fleet sales. For our insurance subsidiaries, net cash used in investing activities decreased $46.3 million due to an increase in proceeds received for fixed maturity investments. For Moving and Storage investing activities for the first quarter of last year included the redemption of $73.0 million of short-term Treasury notes.
Previous wording
Net cash provided by financing activities increased $460.6 million in the first nine months of fiscal 2025, as compared with the first nine months of fiscal 2024. This was due to a combination of increased debt payments of $88.9 million, decreased finance lease repayments of $25.5 million, an increase in cash from borrowings of $367.9 million, an increase in dividend payments of $3.5 million and an increase in net annuity deposits from Life Insurance of $159.7 million.
Current wording
Net cash provided by financing activities increased $78.9 million in the first three months of fiscal 2026, as compared with the first three months of fiscal 2025. This was due to a combination of decreased debt repayments of $35.1 million, decreased finance lease payments of $7.9 million, an increase in cash from borrowings of $0.7 million, and an increase in net annuity deposits from Life Insurance of $36.3 million.
Previous wording
Liquidity and Capital Resources and Requirements of Our Operating Segments
Current wording
Liquidity and Capital Resources and Requirements of our Segments
Previous wording
To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Capital expenditures have primarily consisted of new rental equipment acquisitions and the buyouts of existing fleet from leases. The capital to fund these expenditures has historically been obtained internally from operations and the sale of used equipment and externally from debt and lease financing. U-Haul estimates that during fiscal 2025, the Company will reinvest in its rental equipment fleet approximately $1,115 million, net of equipment sales and excluding any lease buyouts. Through the first nine months of fiscal 2025, the Company invested, net of sales, approximately $1,066 million before any lease buyouts in its rental equipment fleet. Fleet investments in fiscal 2025 and beyond will be dependent upon several factors including the availability of capital, the truck rental environment, the availability of equipment from our original equipment manufacturers and the used-truck sales market. We anticipate that the fiscal 2025 investments will be funded largely through debt financing, external lease financing and cash from operations. Management considers several factors including cost and tax consequences when selecting a method to fund capital expenditures. Our allocation between debt and lease financing can change from year to year based upon financial market conditions which may alter the cost or availability of financing options.
Current wording
To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Capital expenditures have primarily consisted of new rental equipment acquisitions and the buyouts of existing fleet from leases. The capital to fund these expenditures has historically been obtained internally from operations and the sale of used equipment and externally from debt and lease financing. U-Haul estimates that during fiscal 2026, the Company will reinvest in its rental equipment fleet approximately $1,275 million, net of equipment sales and excluding any lease buyouts. Through the first three months of fiscal 2026, the Company invested, net of sales, approximately $425.8 million before any lease buyouts in its rental equipment fleet. Fleet investments in fiscal 2026 and beyond will be dependent upon several factors including the availability of capital, the truck rental environment, the availability of equipment from our original equipment manufacturers and the used-truck sales market. We anticipate that the fiscal 2026 investments will be funded largely through debt financing, external lease financing and cash from operations. Management considers several factors including cost and tax consequences when selecting a method to fund capital expenditures. Our allocation between debt and lease financing can change from year to year based upon financial market conditions which may alter the cost or availability of financing options.
Previous wording
The Company has traditionally funded the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations. The Company’s plan for the expansion of owned storage properties includes the acquisition of existing self-storage locations from third parties, the acquisition and development of bare land, and the acquisition and redevelopment of existing buildings not currently used for self-storage. For the first nine months of fiscal 2025, the Company invested $1,213.9 million in real estate acquisitions, new construction and renovation and repair. For fiscal 2025, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, and the identification and successful acquisition of target properties and the availability of labor and materials. We are likely to maintain a high level of real estate capital expenditures through the remainder of fiscal 2025. U-Haul's growth plan in self-storage also includes the expansion of the U-Haul Storage Affiliate program, which does not require significant capital.
Current wording
The Company has traditionally funded the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations. The Company’s plan for the expansion of owned storage properties includes the acquisition of existing self-storage locations from third parties, the acquisition and development of bare land, and the acquisition and redevelopment of existing buildings not currently used for self-storage. For the first three months of fiscal 2026, the Company invested $294.3 million in real estate acquisitions, new construction and renovation and repair. For fiscal 2026, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, and the identification and successful acquisition of target properties and the availability of labor and materials. We are likely to maintain a high level of real estate capital expenditures in fiscal 2026. U-Haul's growth plan in self-storage also includes the expansion of the U-Haul Storage Affiliate program, which does not require significant capital.
Previous wording
Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) at Moving and Storage were $2,333.4 million and $1,802.8 million for the first nine months of fiscal 2025 and 2024, respectively. The components of our net capital expenditures are provided in the following table:
Current wording
Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) at Moving and Storage were $750.4 million and $816.5 million for the first three months of fiscal 2026 and 2025, respectively. The components of our net capital expenditures are provided in the following table:
Previous wording
Property and Casualty Insurance’s stockholder’s equity was $389.9 million and $350.5 million as of September 30, 2024 and December 31, 2023, respectively. The increase resulted from net earnings of $35.5 million and an increase in other comprehensive income of $4.0 million due to the decrease in the market value of its investment portfolio. Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio.
Current wording
Property and Casualty Insurance’s stockholder’s equity was $403.5 million and $392.3 million as of March 31, 2025 and December 31, 2024, respectively. The increase resulted from net earnings of $9.6 million and an increase in other comprehensive income of $1.6 million due to the decrease in the market value of its investment portfolio. Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio.
Previous wording
Life Insurance manages its financial assets to meet policyholder and other obligations, including investment contract withdrawals and deposits. Life Insurance’s net deposits as of September 30, 2024 were $71.8 million. State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Life Insurance’s assets are generally not available to satisfy the claims of U-Haul Holding Company or its legal subsidiaries.
Current wording
Life Insurance manages its financial assets to meet policyholder and other obligations, including investment contract withdrawals and deposits. Life Insurance’s net deposits as of March 31, 2025 were $5.4 million. State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Life Insurance’s assets are generally not available to satisfy the claims of U-Haul Holding Company or its legal subsidiaries.
Previous wording
Life Insurance’s stockholder’s equity was $251.3 million and $197.7 million as of September 30, 2024 and December 31, 2023, respectively. The increase resulted from net earnings of $8.5 million and an increase in other comprehensive income of $45.2 million primarily due to the effect of interest rate changes on the fixed maturity portion of the investment portfolio. Outside of its membership in the Federal Home Loan Bank (“FHLB”) system, Life Insurance has not historically used debt or equity issues to increase capital and therefore has not had any significant direct exposure to capital market conditions other than through its investment portfolio. As of September 30, 2024, Oxford had outstanding deposits of $60.0 million in the FHLB, for which Oxford pays fixed interest rates between 0.55% and 4.52% with maturities between March 31, 2025 and April 2, 2029. As of September 30, 2024, available-for-sale-investments held with the FHLB totaled $218.1 million, of which $196.0 million were pledged as collateral to secure the outstanding advances. The balances of these advances are included within liabilities from investment contracts on the consolidated balance sheets.
Current wording
Life Insurance’s stockholder’s equity was $245.3 million and $217.6 million as of March 31, 2025 and December 31, 2024, respectively. The increase resulted from net earnings of $2.1 million and an increase in other comprehensive income of $25.6 million primarily due to the effect of interest rate changes on the fixed maturity portion of the investment portfolio. Outside of its membership in the Federal Home Loan Bank (“FHLB”) system, Life Insurance has not historically used debt or equity issues to increase capital and therefore has not had any significant direct exposure to capital market conditions other than through its investment portfolio. As of March 31, 2025, Oxford had outstanding deposits of $85.0 million in the FHLB, for which Oxford pays fixed interest rates between 0.55% and 4.52% with maturities between September 29, 2025 and April 2, 2029. As of March 31, 2025, available-for-sale-investments held with the FHLB totaled $210.2 million, of which $185.9 million were pledged as collateral to secure the outstanding advances. The balances of these advances are included within liabilities from investment contracts on the consolidated balance sheets.
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Previous report — wording carried elsewhere
U-Haul Holding Company and Consolidated Entities
Previous report — wording carried elsewhere
Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2025 and the first nine months of fiscal 2024:
Previous report — wording carried elsewhere
Listed below are revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2025 and the first nine months of fiscal 2024. The insurance companies’ first nine months ended September 30, 2024 and 2023.
Previous report — wording carried elsewhere
We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned storage locations was as follows:
Previous report — wording carried elsewhere
Over the last twelve months we added approximately 7.4 million net rentable square feet of new storage to the system. This was a mix of approximately 2.4 million square feet of existing storage locations we acquired and 5.0 million square feet of new development.
Previous report — wording carried elsewhere
As a result of the above-mentioned changes in revenues and expenses, earnings from operations for Moving and Storage before consolidation of the equity in the earnings of the insurance subsidiaries decreased to $703.0 million for the first nine months of fiscal 2025, compared with $968.9 million for the first nine months of fiscal 2024.
Previous report — wording carried elsewhere
Net cash provided by operating activities were $36.1 million and $27.4 million for the first nine months ended September 30, 2024 and 2023, respectively. The increase in operating cash flows was primarily due to timing of settlement of payables for securities.