U-Haul Holding Co /NV/
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
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.
Sep 30, 2025 · Filed Nov 5, 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 2025-06-30; filed 2025-08-06.
0000950170-25-104050
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001193125-25-267088
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 113 previous paragraphs and 160 current paragraphs.
53 unchanged; 50 reworded; 49 added; 8 removed; 2 previous and 8 current paragraphs rearranged.
Tables are not compared: 17 previous and 24 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 (49)
Current report
Self-moving equipment rental revenues increased $23.1 million during the second quarter of fiscal 2026, compared with the second 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
Self-storage revenues increased $21.8 million during the second quarter of fiscal 2026, compared with the second 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 4.9% improvement in average revenue per occupied foot. During the second quarter of fiscal 2026, we added approximately 1.6 million new net rentable square feet.
Current report
Other revenue increased $12.2 million during the second quarter of fiscal 2026, compared with the second 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
Self-moving equipment rental revenues increased $23.3 million during the second quarter of fiscal 2026, compared with the second 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
Other revenue increased $12.0 million during the second quarter of fiscal 2026, compared with the second quarter of fiscal 2025, caused primarily by increases in our U-Box® program.
Current report
Depreciation expense associated with our rental fleet increased $50.6 million for the second quarter of fiscal 2026 compared with the second 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 $56.1 million as resale values decreased, while the average cost of units being sold has increased. Depreciation expense on all other assets, largely from buildings and improvements, increased $6.7 million. Net losses on the disposal or retirement of land and buildings increased $1.5 million.
Current report
Equity in the earnings of our insurance subsidiaries was $16.0 million for the second quarter of fiscal 2026, compared with $17.0 million for the second quarter of fiscal 2025.
Current report
Net investment and interest income was $6.7 million and $4.9 million for the quarters ended June 31, 2025 and 2024, respectively. The main driver of the change in net investment and interest income was an increase in the realized gains on common stock and higher income from mortgage loans and cash and cash equivalents.
Current report
Benefits and losses incurred for the second quarters ended June 30, 2025 were even with the second quarter ended June 30, 2024 of $5.7 million.
Current report
Net investment income was $34.0 million and $34.1 million for the quarters ended June 30, 2025 and 2024, respectively.
Current report
Benefits and losses incurred were $42.4 million and $38.7 million for the quarters ended June 30, 2025 and 2024, respectively. Interest credited to policyholders increased $6.2 million due to an increase in the interest rate we credit to contract holders. Life benefits decreased $2.1 million due to lower death claims related to COVID-19 and lower sales stemming from premium adjustments that occurred in late 2021. All other benefits decreased $0.4 million.
Current report
Six Months Ended September 30, 2025 compared with the Six Months Ended September 30, 2024
Current report
Self-moving equipment rental revenues increased $67.1 million during the first six months of fiscal 2026, compared with the first six months of fiscal 2025. Revenue per transaction increased for both our In-Town and one-way markets. Compared to the same period last year, we increased the number of Company operated retail locations, independent dealers, along with the number of box trucks in the rental fleet.
Current report
Self-storage revenues increased $40.3 million during the first six months of fiscal 2026, compared with the first six months of fiscal 2025. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 3.1% improvement in average revenue per occupied foot. During the first six months, we added approximately 2.8 million of new net rentable square feet.
Current report
Sales of self-moving and self-storage products and services increased $3.7 million for the first six months of fiscal 2026, compared with the first six months of fiscal 2025. This was due to an increase in sales of hitches and moving supplies.
Current report
Life insurance premiums decreased $3.7 million during the first six months of fiscal 2026, compared with the first six months of fiscal 2025 due primarily to decreased Medicare supplement premiums.
Current report
Property and casualty insurance premiums increased $3.0 million during the first six months of fiscal 2026, compared with the first six months of fiscal 2025.
Current report
Net investment and interest income increased $0.3 million during the first six months of fiscal 2026, compared with the first six months of fiscal 2025.
Current report
Other revenue increased $33.0 million during the first six months of fiscal 2026, compared with the first six months of fiscal 2025, caused primarily by increases in our U-Box®program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
Current report
Total costs and expenses increased $277.0 million during the first six months of fiscal 2026, compared with the first six months of fiscal 2025. Operating expenses for Moving and Storage increased $63.8 million. Repair costs associated with the rental fleet experienced a $15.6 million increase during the first six months of fiscal 2026 while personnel increased $31.8 million and liability costs increased by $40.3 million. These increases were offset by a decrease of $16.5 million due to non-recurring costs associated with our transition to a new box supplier in the second quarter of fiscal 2025.
Current report
Depreciation expense associated with our rental fleet increased $101.3 million for the first six months of fiscal 2026 compared with the first six months of fiscal 2025 due to an increase in the total number of box trucks in the fleet combined with expected decreases in resale values for certain units currently in the fleet. Net losses from the disposal of rental equipment increased $85.8 million as resale values decreased, while the average cost of units being sold has increased. We increased the number of retired trucks sold compared to the same period last year. Depreciation expense on all other assets, largely from buildings and improvements, increased $13.8 million. Net gains on the disposal or retirement of land and buildings increased $3.2 million. Additional details are available in the following Moving and Storage section.
Current report
As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased $133.2 million to $475.0 million for the first six months of fiscal 2026, as compared with $608.2 million for the first six months of fiscal 2025.
Current report
Interest expense for the first six months of fiscal 2026 was $172.6 million, compared with $138.7 million for the first six months of fiscal 2025, due to an increase in our average cost of debt.
Current report
Income tax expense was $74.5 million for the first six months of fiscal 2026, compared with $120.4 million for the first six months of fiscal 2025.
Current report
As a result of the above-mentioned items, earnings available to common stockholders were $247.9 million for the first six months of fiscal 2026, compared with $382.2 million for the first six months of fiscal 2025.
Current report
Six Months Ended September 30, 2025 compared with the Six Months Ended September 30, 2024
Current report
Listed below are revenues for the major product lines at our Moving and Storage operating segment for the first six months of fiscal 2026 and the first six months of fiscal 2025:
Current report
Self-moving equipment rental revenues increased $67.2 million during the first six months of fiscal 2026, compared with the first six months of fiscal 2025. Revenue per transaction increased for both our In-Town and one-way markets. Compared to the same period last year, we increased the number of Company operated retail locations, independent dealers, along with the number of box trucks in the rental fleet.
Current report
Self-storage revenues increased $40.3 million during the first six months of fiscal 2026, compared with the first six months of fiscal 2025. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 3.1% improvement in average revenue per occupied foot. During the first six months, we added approximately 2.8 million of new net rentable square feet.
Current report
Sales of self-moving and self-storage products and services increased $3.7 million for the first six months of fiscal 2026, compared with the first six months of fiscal 2025. This was due to an increase in sales of hitches and moving supplies.
Current report
Other revenue increased $32.7 million during the first six months of fiscal 2026, compared with the first six months of fiscal 2025, caused primarily by increases in our U-Box®program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
Current report
Total costs and expenses increased $279.3 million during the first six months of fiscal 2026, compared with the six months of fiscal 2025. Operating expenses increased $63.8 million. Repair costs associated with the rental fleet experienced a $15.6 million increase during the first six months of fiscal 2026 while personnel increased $31.8 million and liability costs increased by $40.3 million. These increases were offset by a decrease of $16.5 million due to non-recurring costs associated with our transition to a new box supplier in the second quarter of fiscal 2025.
Current report
The components of depreciation, net of gains on disposals for the first six months of fiscal 2026 were as follows:
Current report
Equity in the earnings of our insurance subsidiaries was $27.5 million for the first six months of fiscal 2026, compared with $26.0 million for the first six months of fiscal 2025.
Current report
As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased to $467.8 million for the first six months of fiscal 2026, compared with $601.8 million for the first six months of fiscal 2025.
Current report
Six Months Ended June 30, 2025 compared with the Six Months Ended June 30, 2024
Current report
Premiums were $52.5 million and $48.5 million for the six months ended June 30, 2025 and 2024, respectively. A significant portion of Repwest’s premiums relate to policies sold in conjunction with U-Haul rental transactions. The premiums written corresponded with the change in moving and storage transactions at U-Haul during the same period.
Current report
Net investment and interest income was $13.1 million and $11.1 million for the six months ended June 30, 2025 and 2024, respectively. The main driver of the change in net investment income was a net increase in the valuation on unaffiliated common stock and higher income from mortgage loans and cash and cash equivalents.
Current report
Operating expenses were $25.2 million and $23.5 million for the six months ended June 30, 2025 and 2024, respectively. The change was primarily due to an increase in commissions.
Current report
As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $29.0 million and $25.3 million for the six months ended June 30, 2025 and 2024, respectively.
Showing the first 40 of 49 passages. Open the source sections for the rest.
Removed paragraphs (8)
Previous 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.
Previous 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.
Previous 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.
Previous report
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 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.
Previous report
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 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.
Previous report
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.
Reworded paragraphs (50)
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 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.
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 second quarter and first six months of fiscal 2026, compared with the second quarter and first six months of fiscal 2025, which is followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled "Liquidity and Capital Resources - Summary" and "Use of Cash". We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2026.
Previous 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.
Current wording
U-Haul Holding Company, a Nevada corporation, has a second fiscal quarter that ends on the 30 th of September for each year that is referenced. Our insurance company subsidiaries have a second quarter that ends on the 30 th of June 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
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:
Current wording
Listed below, on a consolidated basis, are revenues for our major product lines for the second quarter of fiscal 2026 and the second quarter of fiscal 2025:
Previous wording
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 wording
Sales of self-moving and self-storage products and services increased $2.1 million during the second quarter of fiscal 2026, compared with the second quarter of fiscal 2025. This was due to increased sales of hitches and moving supplies.
Previous 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.
Current wording
Life insurance premiums decreased $2.1 million during the second quarter of fiscal 2026, compared with the second quarter of fiscal 2025 due primarily to decreased life and Medicare supplement premiums.
Previous 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.
Current wording
Property and casualty insurance premiums increased $2.5 million during the second quarter of fiscal 2026, compared with the second 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
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 wording
Net investment and interest income increased $2.2 million during the second quarter of fiscal 2026, compared with the second quarter of fiscal 2025. Our Property and Casualty subsidiaries' investment and interest income increased primarily from mortgage loans and cash and cash equivalents and changes in the market value of common stock investments.
Previous 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.
Current wording
Listed below are revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2026 and the second quarter of fiscal 2025. The insurance companies’ two quarters ended June 30, 2025 and 2024.
Previous 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.
Current wording
Total costs and expenses increased $146.2 million during the second quarter of fiscal 2026, compared with the second quarter of fiscal 2025. Operating expenses for Moving and Storage increased $19.4 million. Repair expenses associated with the rental fleet experienced a $10.4 million increase during the quarter while personnel increased $11.7 and liability costs increased by $23.1 million. These increases were offset by a decrease of $16.5 million due to non-recurring costs associated with our transition to a new box supplier in the second quarter of fiscal 2025.
Previous 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.
Current wording
Depreciation expense associated with our rental fleet increased $50.6 million for the second quarter of fiscal 2026 compared with the second 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 $56.1 million as resale values decreased, while the average cost of units being sold has increased. Depreciation expense on all other assets, largely from buildings and improvements, increased $6.7 million. Net losses on the disposal or retirement of buildings largely from renovation activity increased $1.5 million. Additional details are available in the following Moving and Storage section.
Previous wording
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 wording
As a result of the changes in revenues and expenses described above, earnings from operations decreased to $217.6 million for the second quarter of fiscal 2026, compared with $302.0 million for the second quarter of fiscal 2025.
Previous wording
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 wording
Interest expense for the second quarter of fiscal 2026 was $90.3 million, compared with $71.5 million for the second quarter of fiscal 2025, due to an increase in the amount of debt outstanding and our average cost of debt.
Previous 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.
Current wording
Other interest income at Moving and Storage for the second quarter of fiscal 2026 was $10.0 million, compared with the $16.1 million for the second quarter of fiscal 2025, due to reduced invested cash balances and lower interest yields compared to fiscal 2025.
Previous 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.
Current wording
Income tax expense was $31.4 million for the second quarter of fiscal 2026, compared with $59.4 million for the second quarter of fiscal 2025.
Previous 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.
Current wording
As a result of the above-mentioned items, earnings available to common stockholders were $105.6 million for the second quarter of fiscal 2026, compared with $186.8 million for the second quarter of fiscal 2025.
Previous 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:
Current wording
Listed below are revenues for our major product lines at Moving and Storage for the second quarter of fiscal 2026 and the second quarter of fiscal 2025:
Previous 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.
Current wording
Self-storage revenues increased $21.8 million during the second quarter of fiscal 2026, compared with the second 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 4.9% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.6 million new net rentable square feet.
Previous 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.
Current wording
Over the last 12 months we added approximately 6.7 million net rentable square feet of new storage to the system. This was a mix of approximately 2.0 million square feet of existing storage locations we acquired and 4.7 million square feet of new development.
Previous wording
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 wording
Sales of self-moving and self-storage products and services increased $2.1 million during the second quarter of fiscal 2026, compared with the second quarter of fiscal 2025. This was due to increased sales of hitches and moving supplies.
Previous wording
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 wording
Total costs and expenses increased $142.4 million during the second quarter of fiscal 2026, compared with the second quarter of fiscal 2025. Operating expenses increased $19.4 million. Repair expenses associated with the rental fleet experienced a $10.4 million increase during the quarter while personnel increased $11.7 million and liability costs increased by $23.1 million. These increases were offset by a decrease of $16.5 million due to non-recurring costs associated with our transition to a new box supplier in the second quarter of fiscal 2025.
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 $242.9 million for the first quarter of fiscal 2026, compared with $295.1 million for the first quarter of fiscal 2025.
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 $197.4 million for the second quarter of fiscal 2026, compared with $280.7 million for the second 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 $254.4 million for the first quarter of fiscal 2026, compared with $304.1 million for the first quarter of fiscal 2025.
Current wording
As a result of the changes in revenues and expenses described above, consolidated earnings from operations for Moving and Storage decreased to $213.4 million for the second quarter of fiscal 2026, compared with $297.7 million for the second quarter of fiscal 2025.
Previous 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.
Current wording
Net premiums were $29.2 million and $26.5 million for the quarters ended June 30, 2025 and 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 $12.3 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.
Current wording
Operating expenses were $12.9 million and $11.9 million for the quarters ended June 30, 2025 and 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 $11.9 million and $11.5 million for the quarters ended March 31, 2025 and March 31, 2024, respectively.
Current wording
As a result of the changes in revenues and expenses described above, pretax earnings from operations were $17.2 million and $13.8 million for the quarters ended June 30, 2025 and 2024, respectively.
Previous 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.
Current wording
Net premiums were $18.4 million and $20.5 million for the quarters ended June 30, 2025 and 2024, respectively. Medicare Supplement premiums decreased $0.9 million from the policy decrements offset by premium rate increases. Life premiums decreased $1.0 million primarily from the decrease in sales of single premium life and final expense. Both decreases are due to policyholder lapses currently outweighing sales levels. Deferred annuity deposits were $46.2 million or $104.0 million below the second quarter ended June 30, 2024 and are accounted for on the balance sheet as deposits rather than premiums.
Previous wording
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 wording
Operating expenses were $3.6 million and $5.3 million for the quarters ended June 30, 2025 and 2024, respectively due to the write-off of uncollectible balances..
Previous 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.
Current wording
Amortization of deferred acquisition costs (“DAC”), sales inducement asset ("SIA") and the value of business acquired ("VOBA") was $5.0 million and $4.4 million for the quarters ended June 30, 2025 and 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 (losses) from operations were $2.6 million and ($0.2) million for the quarters ended March 31, 2025 and March 31, 2024, respectively.
Current wording
As a result of the changes in revenues and expenses described above, pretax earnings from operations were $2.9 million and $7.6 million for the quarters ended June 30, 2025 and 2024, respectively.
Previous 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.
Current wording
Depreciation expense associated with our rental fleet increased $101.3 million for the first six months of fiscal 2026 compared with the first six months of fiscal 2025 due to an increase in the total number of box trucks in the fleet combined with expected decreases in resale values for certain units currently in the fleet. Net losses from the disposal of rental equipment increased $85.8 million as resale values decreased, while the average cost of units being sold has increased. We increased the number of retired trucks sold compared to the same period last year. Depreciation expense on all other assets, largely from buildings and improvements, increased $13.8 million. Net gains on the disposal or retirement of land and buildings increased $3.2 million.
Previous wording
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 wording
Benefits and losses incurred were $11.2 million and $10.6 million for the six months ended June 30, 2025 and 2024, respectively. Benefits and losses incurred corresponded with the change in moving and storage transactions at U-Haul during the same period.
Previous 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.
Current wording
Net investment income was $63.5 million and $65.9 million for the six months ended June 30, 2025 and 2024, respectively. The change in the provision for expected credit losses resulted in a decrease of $1.4 million to the investment income. Net interest income and realized gain on the invested assets decreased $1.2 million.
Previous wording
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 wording
Benefits and losses incurred were $82.1 million and $77.8 million for the six months ended June 30, 2025 and 2024, respectively. Interest credited to policyholders increased $7.4 million due to an increase in the interest rates we credited to contract holders. Life benefits decreased $2.6 million due to lower death claims related to COVID-19 and lower sales due to premium adjustments that took place in late 2021. All other benefits increased $0.7 million.
Previous 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:
Current wording
As of September 30, 2025, cash and cash equivalents totaled $1,083.3 million, compared with $988.8 million as of March 31, 2025. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (Moving and Storage). As of September 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 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.
Current wording
Net cash used in investing activities decreased $100.5 million in the first six months of fiscal 2026, compared with the first six months of fiscal 2025. Purchases of property, plant and equipment decreased $12.5 million. Fleet related spending increased $169.0 million while investment spending on real estate acquisitions and development decreased $208.2 million. Cash from the sales of property, plant and equipment increased $21.2 million largely due to fleet sales. For our insurance subsidiaries, net cash used in investing activities decreased $134.4 million due to an increase in proceeds received for fixed maturity investments. For Moving and Storage investing activities for the first six months of last year included the redemption of $73.0 million of short-term Treasury notes.
Previous 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.
Current wording
Net cash provided by financing activities increased $73.4 million in the first six months of fiscal 2026, as compared with the first six months of fiscal 2025. This was due to a combination of decreased debt repayments of $17.6 million, decreased finance lease repayments of $14.6 million, a decrease in cash from borrowings of $20.9 million and an increase in net annuity withdrawals from Life Insurance of $82.9 million.
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 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.
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 $1,295 million, net of equipment sales and excluding any lease buyouts. Through the first six months of fiscal 2026, the Company invested, net of sales, approximately $947.1 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 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.
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 six months of fiscal 2026, the Company invested $526.0 million in real estate acquisitions, new construction and renovation and repair. For fiscal 2026, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, and the identification and successful acquisition of target properties and the availability of labor and materials. We are likely to maintain a high level of real estate capital expenditures 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 $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:
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 $1,528.4 million and $1,562.2 million for the first six 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 $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.
Current wording
Property and Casualty Insurance’s stockholder’s equity was $417.9 million and $392.3 million as of June 30, 2025 and December 31, 2024, respectively. The increase resulted from net earnings of $23.1 million and an increase in other comprehensive income of $2.6 million due to the increase in the market value of its investment portfolio. Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio.
Showing the first 40 of 50 pairs. Open the source sections for the rest.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
U-Haul Holding Company and Consolidated Entities
Current report — wording carried from elsewhere
Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2026 and the first six months of fiscal 2025:
Current report — wording carried from elsewhere
Listed below are revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2026 and the first six months of fiscal 2025. The insurance companies’ first six months ended June 30, 2025 and 2024.
Current report — wording carried from elsewhere
Other interest income at Moving and Storage for the first six months of fiscal 2026 was $20.7 million, compared with $34.4 million for the first six months of fiscal 2025, due to reduced invested cash balances and lower interest yields compared to fiscal 2025.
Current report — wording carried from 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 follows:
Current report — wording carried from elsewhere
Over the last twelve months we added approximately 6.7 million net rentable square feet of new storage to the system. This was a mix of approximately 2.0 million square feet of existing storage locations we acquired and 4.7 million square feet of new development.
Current report — wording carried from 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 $440.3 million for the first six months of fiscal 2026, compared with $575.8 million for the first six months of fiscal 2025.
Current report — wording carried from elsewhere
Amortization of DAC, SIA and VOBA were $9.9 million and $9.1 million for the six months ended June 30, 2025 and 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.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Consolidating cash flow statements by segment for the quarter ended June 30, 2024 were as follows:
Previous report — wording carried elsewhere
Consolidating cash flow statements by segment for the quarter ended June 30, 2024 continued: