U-Haul Holding Co /NV/
For the period ended Dec 31, 2025. Filed Feb 4, 2026.
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.
Dec 31, 2025 · Filed Feb 4, 2026
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 2025-09-30; filed 2025-11-05.
0001193125-25-267088
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-04.
0001193125-26-037685
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 160 previous paragraphs and 161 current paragraphs.
52 unchanged; 75 reworded; 34 added; 32 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 24 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 (34)
Current report
Self-moving equipment rental revenues increased $7.6 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. Revenues from in-town transactions increased during the quarter. Compared to the same period last year, we increased the number of Company operated retail locations, independent dealers, and the number of box trucks in the rental fleet.
Current report
Sales of self-moving and self-storage products and services decreased $1.5 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. This was due to decreased sales of hitches and propane.
Current report
Net investment and interest income increased $6.7 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. Our Property and Casualty subsidiaries' investment and interest income increased primarily from our investments in mortgage loans. Our Life subsidiaries' investment and interest income increased primarily from gains on derivatives and invested assets.
Current report
Other revenue decreased $0.6 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025, caused primarily by decreases 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
Income tax expense (benefit) was ($14.6) million for the third quarter of fiscal 2026, compared with $22.3 million for the third quarter of fiscal 2025.
Current report
Self-moving equipment rental revenues increased $7.7 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. Revenues from in-town transactions increased during the quarter. Compared to the same period last year, we increased the number of Company operated retail locations, independent dealers, and the number of box trucks in the rental fleet.
Current report
Sales of self-moving and self-storage products and services decreased $1.5 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. This was due to decreases in sales of hitches and propane.
Current report
Other revenue decreased $0.7 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025, caused primarily by decreases in our U-Box® program.
Current report
Equity in the earnings of U-Haul Holding Company's insurance subsidiaries was $21.0 million for the third quarter of fiscal 2026, compared with $18.0 million for the third quarter of fiscal 2025.
Current report
Net investment and interest income was $11.2 million and $9.0 million for the quarters ended September 30, 2025 and 2024, respectively. The main driver of the increase was a $2.7 million gain resulting from the payoff of a mortgage loan we had previously purchased at a discount.
Current report
Benefits and losses incurred were $7.9 million and $6.7 million for the third quarters ended September 30, 2025 and 2024, respectively. The increase was driven by lower levels of favorable development in the runoff business.
Current report
Net investment income was $36.8 million and $32.4 million for the quarters ended September 30, 2025 and 2024, respectively. Realized gains on derivatives used as hedges to fixed annuities increased $0.7 million. The change in the provision for expected credit losses resulted in an increase of $0.9 million. Net interest income and realized gains on the invested assets increased $2.2 million.
Current report
Nine Months Ended December 31, 2025 compared with the Nine Months Ended December 31, 2024
Current report
Self-moving equipment rental revenues increased $74.7 million during the first nine months of fiscal 2026, compared with the first nine 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
Sales of self-moving and self-storage products and services increased $2.2 million for the first nine months of fiscal 2026, compared with the first nine months of fiscal 2025. This was due to an increase in sales of hitches and moving supplies.
Current report
Other revenue increased $32.4 million during the first nine months of fiscal 2026, compared with the first nine 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
Nine Months Ended December 31, 2025 compared with the Nine Months Ended December 31, 2024
Current report
Self-moving equipment rental revenues increased $74.8 million during the first nine months of fiscal 2026, compared with the first nine 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
Sales of self-moving and self-storage products and services increased $2.2 million for the first nine months of fiscal 2026, compared with the first nine months of fiscal 2025. This was due to an increase in sales of hitches and moving supplies.
Current report
Other revenue increased $31.9 million during the first nine months of fiscal 2026, compared with the first nine months of fiscal 2025, 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.
Current report
Equity in the earnings of U-Haul Holding Company’s insurance subsidiaries was $48.5 million for the first nine months of fiscal 2026, compared with $44.0 million for the first nine months of fiscal 2025.
Current report
As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased to $495.9 million for the first nine months of fiscal 2026, compared with $747.0 million for the first nine months of fiscal 2025.
Current report
Nine Months Ended September 30, 2025 compared with the Nine Months Ended September 30, 2024
Current report
Benefits and losses incurred were $19.1 million and $16.7 million for the nine months ended September 30, 2025 and 2024, respectively. The increase in benefits and losses incurred was driven by lower levels of favorable development in the runoff business.
Current report
Nine Months Ended September 30, 2025 compared with the Nine Months Ended September 30, 2024
Current report
Operating expenses were $10.5 million and $20.7 million for the nine months ended September 30, 2025 and 2024, respectively. This change was due to adjustments in accruals and accounting estimates made in the current year.
Current report
Cash Flows by Operating Segments
Current report
In December 2025, Repwest paid U-Haul Holding Company a $100.0 million dividend.
Current report
Consolidating statement of operations by segment for the nine months ended December 31, 2025 were as follows:
Current report
Consolidating statement of operations by segment for the nine months ended December 31, 2024 were as follows:
Current report
Consolidating cash flow statements by segment for the nine months ended December 31, 2025 were as follows:
Current report
Consolidating cash flow statements by segment for the nine months ended December 31, 2025 continued:
Current report
Consolidating cash flow statements by segment for the nine months ended December 31, 2024 were as follows:
Current report
Consolidating cash flow statements by segment for the nine months ended December 31, 2024 continued:
Removed paragraphs (32)
Previous 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.
Previous report
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 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.
Previous report
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 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.
Previous report
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 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.
Previous 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.
Previous 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.
Previous report
Net investment income was $34.0 million and $34.1 million for the quarters ended June 30, 2025 and 2024, respectively.
Previous report
Six Months Ended September 30, 2025 compared with the Six Months Ended September 30, 2024
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
Six Months Ended September 30, 2025 compared with the Six Months Ended September 30, 2024
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
Six Months Ended June 30, 2025 compared with the Six Months Ended June 30, 2024
Previous report
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 report
Six Months Ended June 30, 2025 compared with the Six Months Ended June 30, 2024
Previous report
Operating expenses were $6.4 million and $15.4 million for the six months ended June 30, 2025 and 2024, respectively. The prior year included a write-down of a receivable with no such adjustment made this year.
Previous report
Cash Flows by Segments
Previous report
Consolidating statement of operations by segment for the six months ended September 30, 2025 were as follows:
Previous report
Consolidating statement of operations by segment for the six months ended September 30, 2024 were as follows:
Previous report
Consolidating cash flow statements by segment for the six months ended September 30, 2025 were as follows:
Previous report
Consolidating cash flow statements by segment for the six months ended September 30, 2025 continued:
Previous report
Consolidating cash flow statements by segment for the six months ended September 30, 2024 were as follows:
Previous report
Consolidating cash flow statements by segment for the six months ended September 30, 2024 continued:
Reworded paragraphs (75)
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 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.
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 third quarter and first nine months of fiscal 2026, compared with the third quarter and first nine 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 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.
Current 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 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 second quarter of fiscal 2026 and the second quarter of fiscal 2025:
Current wording
Listed below, on a consolidated basis, are revenues for our major product lines for the third quarter of fiscal 2026 and the third quarter of fiscal 2025:
Previous 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 second quarter of fiscal 2026, we added approximately 1.6 million new net rentable square feet.
Current wording
Self-storage revenues increased $17.9 million during the third quarter of fiscal 2026, compared with the third 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 6.7% improvement in average revenue per occupied foot. During the third quarter of fiscal 2026, we added approximately 1.5 million new net rentable square feet.
Previous 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.
Current wording
Life insurance premiums decreased $5.1 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025 due primarily to decreased life and Medicare supplement premiums.
Previous 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.
Current wording
Property and casualty insurance premiums increased $2.0 million during the third quarter of fiscal 2026, compared with the third 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 second quarter of fiscal 2026 and the second quarter of fiscal 2025. The insurance companies’ two quarters ended June 30, 2025 and 2024.
Current wording
Listed below are revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2026 and the third quarter of fiscal 2025. The insurance companies’ third quarters ended September 30, 2025 and 2024.
Previous 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.
Current wording
Total costs and expenses increased $144.1 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. Operating expenses for Moving and Storage increased $66.6 million. Repair expenses associated with the rental fleet experienced a $13.1 million increase during the quarter while personnel increased $16.2 and liability costs increased by $37.9 million.
Previous 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.
Current wording
Depreciation expense associated with our rental fleet increased $44.8 million for the third quarter of fiscal 2026, compared with the third 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 $29.8 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 $4.5 million. Net losses on the disposal or retirement of buildings largely from renovation activity decreased $0.7 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 $217.6 million for the second quarter of fiscal 2026, compared with $302.0 million for the second quarter of fiscal 2025.
Current wording
As a result of the changes in revenues and expenses described above, earnings from operations decreased to $33.7 million for the third quarter of fiscal 2026, compared with $150.7 million for the third quarter of fiscal 2025.
Previous 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.
Current wording
Interest expense for the third quarter of fiscal 2026 was $95.5 million, compared with $76.6 million for the third 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 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.
Current wording
Other interest income at Moving and Storage for the third quarter of fiscal 2026 was $10.9 million, compared with the $15.7 million for the third quarter of fiscal 2025, due to reduced invested cash balances and lower interest yields compared to fiscal 2025.
Previous 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.
Current wording
As a result of the above-mentioned items, earnings (losses) available to common stockholders were ($37.0) million for the third quarter of fiscal 2026, compared with $67.2 million for the third quarter of fiscal 2025.
Previous 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:
Current wording
Listed below are revenues for our major product lines at Moving and Storage for the third quarter of fiscal 2026 and the third quarter of fiscal 2025:
Previous 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.
Current wording
Self-storage revenues increased $17.9 million during the third quarter of fiscal 2026, compared with the third 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 6.7% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.5 million new net rentable square feet.
Previous 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.
Current wording
Over the last 12 months we added approximately 5.9 million net rentable square feet of new storage to the system. This was a mix of approximately 0.8 million square feet of existing storage locations we acquired and 5.1 million square feet of new development.
Previous 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.
Current wording
Total costs and expenses increased $143.5 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. Operating expenses increased $66.6 million. Repair expenses associated with the rental fleet experienced a $13.1 million increase during the quarter while personnel increased $16.2 million and liability costs increased $37.9 million.
Previous 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 land and buildings increased $1.5 million.
Current wording
Depreciation expense associated with our rental fleet increased $44.8 million for the third quarter of fiscal 2026, compared with the third 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 $29.8 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 $4.5 million. Net losses on the disposal or retirement of land and buildings decreased $0.7 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 $197.4 million for the second quarter of fiscal 2026, compared with $280.7 million for the second 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 $7.1 million for the third quarter of fiscal 2026, compared with $127.3 million for the third 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 $213.4 million for the second quarter of fiscal 2026, compared with $297.7 million for the second 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 $28.1 million for the third quarter of fiscal 2026, compared with $145.2 million for the third quarter of fiscal 2025.
Previous 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.
Current wording
Net premiums were $31.3 million and $29.1 million for the quarters ended September 30, 2025 and 2024, respectively. A significant portion of Repwest’s premiums come from policies sold in conjunction with U-Haul rental transactions.
Previous 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.
Current wording
Operating expenses were $13.8 million and $12.6 million for the quarters ended September 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 $17.2 million and $13.8 million for the quarters ended June 30, 2025 and 2024, respectively.
Current wording
As a result of the changes in revenues and expenses described above, pretax earnings from operations were $20.8 million and $19.5 million for the quarters ended September 30, 2025 and 2024, respectively.
Previous 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.
Current wording
Net premiums were $17.8 million and $22.9 million for the quarters ended September 30, 2025 and 2024, respectively. Medicare Supplement premiums decreased $2.3 million from a decline in the number of policies in force, partially offset by premium rate increases. Life premiums decreased $2.8 million due to policyholder lapses outweighing new sales levels. Deferred annuity deposits were $49.9 million or $113.3 million below prior year due to decreased sales activity; these are accounted for on the balance sheet as deposits rather than premiums.
Previous 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..
Current wording
Operating expenses were $4.1 million and $5.3 million for the quarters ended September 30, 2025 and 2024, respectively due to the write-off of uncollectible balances in the prior year quarter.
Previous wording
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 wording
Benefits and losses incurred were $41.4 million and $42.6 million for the quarters ended September 30, 2025 and 2024, respectively. Interest credited to policyholders increased $3.3 million due to an increase in the interest rate we credit to contract holders. Life benefits decreased $0.9 million due to lower death claims and fewer policies in force. All other benefits decreased $3.6 million.
Previous 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.
Current wording
Amortization of deferred acquisition costs (“DAC”), sales inducement asset ("SIA") and the value of business acquired ("VOBA") was $4.9 million and $4.5 million for the quarters ended September 30, 2025 and 2024, 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.
Previous 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.
Current wording
As a result of the changes in revenues and expenses described above, pretax earnings from operations were $5.7 million and $4.1 million for the quarters ended September 30, 2025 and 2024, respectively.
Previous wording
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 wording
Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2026 and the first nine months of fiscal 2025:
Previous wording
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 wording
Self-storage revenues increased $58.2 million during the first nine months of fiscal 2026, compared with the first nine 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 4.3% improvement in average revenue per occupied foot. During the first nine months, we added approximately 4.3 million of new net rentable square feet.
Previous wording
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 wording
Life insurance premiums decreased $8.8 million during the first nine months of fiscal 2026, compared with the first nine months of fiscal 2025 due primarily to decreased Medicare supplement premiums.
Previous wording
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 wording
Property and casualty insurance premiums increased $5.0 million during the first nine months of fiscal 2026, compared with the first nine months of fiscal 2025.
Previous 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.
Current wording
Net investment and interest income increased $7.0 million during the first nine months of fiscal 2026, compared with the first nine months 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. Our Life subsidiaries' investment and interest income increased primarily from gains on derivatives and invested assets.
Previous wording
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 wording
Listed below are revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2026 and the first nine months of fiscal 2025. The insurance companies’ first nine months ended September 30, 2025 and 2024.
Previous wording
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 wording
Total costs and expenses increased $421.1 million during the first nine months of fiscal 2026, compared with the first nine months of fiscal 2025. Operating expenses for Moving and Storage increased $130.4 million. Repair costs associated with the rental fleet experienced a $28.6 million increase during the first nine months of fiscal 2026 while we experienced increases in personnel, liability costs, property taxes and utilities. 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 $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 wording
Depreciation expense associated with our rental fleet increased $146.0 million for the first nine months of fiscal 2026, compared with the first nine 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 $115.6 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 $18.3 million. Net losses on the disposal or retirement of land and buildings decreased $3.8 million. Additional details are available in the following Moving and Storage section.
Previous wording
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 wording
As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased $250.3 million to $508.7 million for the first nine months of fiscal 2026, as compared with $758.9 million for the first nine months of fiscal 2025.
Previous wording
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 wording
Interest expense for the first nine months of fiscal 2026 was $268.2 million, compared with $215.3 million for the first nine months of fiscal 2025, due to an increase in our average cost of debt.
Previous wording
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 wording
Other interest income at Moving and Storage for the first nine months of fiscal 2026 was $31.7 million, compared with $50.3 million for the first nine months of fiscal 2025 due to reduced invested cash balances and lower interest yields compared to fiscal 2025.
Previous wording
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 wording
Income tax expense was $59.8 million for the first nine months of fiscal 2026, compared with $142.6 million for the first nine months of fiscal 2025.
Showing the first 40 of 75 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
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.