U-Haul Holding Co /NV/
For the period ended Mar 31, 2026. Filed May 27, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed May 27, 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-K
Period ended 2025-03-31; filed 2025-05-29.
0000950170-25-078451
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2026-03-31; filed 2026-05-27.
0001193125-26-241850
Item 7. 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 202 previous paragraphs and 198 current paragraphs.
132 unchanged; 52 reworded; 12 added; 17 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 22 previous and 22 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 (12)
Current report
Sales of self-moving and self-storage products and services increased $2.1 million during fiscal 2026, compared with fiscal 2025. This was primarily due to an increase in sales of moving supplies and hitches.
Current report
Sales of self-moving and self-storage products and services increased $2.1 million during fiscal 2026, compared with fiscal 2025. This was primarily due to an increase in sales of moving supplies and hitches.
Current report
Operating expenses were $17.0 million and $26.3 million for the years ended December 31, 2025 and 2024, respectively. The decrease was mainly driven by changes in estimated liabilities and related accounting estimates recognized during the current year.
Current report
Net cash provided by operating activities increased $340.2 million in fiscal 2026, compared with fiscal 2025. Fiscal 2026 included $119.4 million of cash tax refunds.
Current report
Net cash provided by operating activities was $1,635.5 million and $1,327.1 million in fiscal 2026 and 2025, respectively. Fiscal 2026 included $119.4 million of cash tax refunds.
Current report
Net cash provided by operating activities was $44.4 million and $43.4 million for the years ended December 31, 2025 and 2024, respectively. The increase in operating cash flows was driven primarily by growth in earnings.
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 year ending March 31, 2026 are as follows:
Current report
Consolidating statement of operations by segment for year ending March 31, 2025 are as follows:
Current report
Consolidating statement of operations by segment for year ending March 31, 2024 are as follows:
Current report
Eliminate intercompany lease/interest income
Current report
Eliminate intercompany premiums
Removed paragraphs (17)
Previous report
Cybersecurity Incident
Previous report
On September 9, 2022, we announced that the Company was made aware of a data security incident involving U-Haul's information technology network. U-Haul detected two unique passwords were compromised and used to access U-Haul customers' information. U-Haul took immediate steps to contain the incident and promptly enhanced its security measures to prevent any further unauthorized access. U-Haul retained cybersecurity experts and incident response counsel to investigate the incident and implement additional security safeguards. The investigation determined that between November 5, 2021 and April 8, 2022, the threat actor accessed customer contracts containing customers’ names, dates of birth, and driver’s license or state identification numbers. None of U-Haul’s financial, payment processing or email systems were involved. U-Haul has notified impacted customers and relevant governmental authorities.
Previous report
Several class action lawsuits related to the incident were filed against U-Haul, which were consolidated into one action in the U.S. District Court for the District of Arizona (the "Court"). On October 27, 2023, the Court dismissed with prejudice all claims, except those brought under the California Consumer Privacy Act. The parties settled all remaining claims for $5.1 million pursuant to a settlement agreement approved by order of the Court on October 25, 2024. The full amount of $5.1 million is covered by insurance and has been paid by the insurer into trust for disbursement in accordance with the terms of the settlement agreement.
Previous report
Sales of self-moving and self-storage products and services decreased $8.3 million during fiscal 2025, compared with fiscal 2024. Approximately $15.7 million of the decrease was related to the exercise of an option by Mercury in February 2024 to purchase 78 U-Haul branded self-storage locations from W.P. Carey resulting in locations formerly leased by U-Haul now being treated as managed properties. From an operational standpoint, our customers will not recognize any changes to the services they receive from these locations (described in Note 20 - Related Party Transactions - Related Party Revenues). Excluding the effects of this ownership change, moving supplies, propane and hitch sales from U-Haul owned and operated locations increased.
Previous report
Property management fees decreased $0.2 million during fiscal 2025, compared with fiscal 2024, primarily due to a $3.8 million decrease in management incentive fees related to the above mentioned Mercury transaction, partially offset by an increase in base management fees of $3.6 million.
Previous report
Sales of self-moving and self-storage products and services decreased $8.3 million during fiscal 2025, compared with fiscal 2024. Approximately $15.7 million of the decrease was related to the exercise of an option by Mercury in February 2024 to purchase 78 U-Haul branded self-storage locations from W.P. Carey resulting in locations formerly leased by U-Haul now being treated as managed properties. From an operational standpoint, our customers will not recognize any changes to the services they receive from these locations (described in Note 20 - Related Party Transactions - Related Party Revenues). Excluding the effects of this ownership change, moving supplies, propane and hitch sales from U-Haul owned and operated locations increased.
Previous report
Property management fees decreased $0.2 million during fiscal 2025, compared with fiscal 2024, primarily due to a $3.8 million decrease in management incentive fees related to the above mentioned Mercury transaction, partially offset by an increase in base management fees of $3.6 million.
Previous report
Benefits and losses expenses were $22.3 million and $11.9 million for the years ended December 31, 2024 and 2023, respectively. The main driver of the change was a decrease in the amount of favorable development in the current year as compared with the amount of favorable development in the prior year.
Previous report
Operating expenses were $26.3 million and $19.6 million for the years ended December 31, 2024 and 2023, respectively. The increase was due to the salary and wage expenses, receivable write-off and audit fees.
Previous report
(a) As of December 31, 2024
Previous report
(b) Excludes ($35,484) of debt issuance costs
Previous report
Net cash provided by operating activities increased $1.7 million in fiscal 2025, compared with fiscal 2024 due to an increase in Moving and Storage operating profits offset by an increase in liability claim payments and income tax payments.
Previous report
Net cash provided by operating activities was $1,327.1 million and $1,319.0 million in fiscal 2025 and 2024, respectively, due to an increase in Moving and Storage operating profits offset by an increase in liability claim payments and income tax payments.
Previous report
Net cash provided by operating activities was $43.4 million and $32.7 million for the years ended December 31, 2024 and 2023, respectively. The increase was the result of changes in intercompany balances and the timing of payables activity.
Previous report
Consolidating statements of operations by segment for year ending March 31, 2025 are as follows:
Previous report
Consolidating statements of operations by segment for year ending March 31, 2024 are as follows:
Previous report
Consolidating statements of operations by segment for year ending March 31, 2023 are as follows:
Reworded paragraphs (52)
Previous wording
See Note 1, Basis of Presentation, Note 21, Reportable Segment Information, and Note 22, Financial Information by Geographic Area, of the Notes to Consolidated Financial Statements.
Current wording
See Note 1, Basis of Presentation, Note 21, Reportable Segment Information, and Note 22, Geographic Area Data, of the Notes to Consolidated Financial Statements.
Previous wording
The liability for future policy benefits for traditional and limited-payment long duration life and health products is determined each reporting period based on the net level premium method. This method requires the liability for future policy benefits be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders. Both the present value of expected future benefit payments and the present value of expected future net premiums are based primarily on assumptions of discount rates, mortality, morbidity, lapse, and persistency. The Company reviews, and updates as necessary, its cash flow assumptions (mortality, morbidity, lapses and persistency) used to calculate the change in the liability for future policy benefits at least annually.
Current wording
The liability for future policy benefits for traditional and limited-payment long duration life and health products is determined each reporting period based on the net level premium method. This method requires the liability for future policy benefits be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders. Both the present value of expected future benefit payments and the present value of expected future net premiums are based primarily on assumptions of discount rates, mortality, morbidity, lapse, and persistency. The Company reviews at least annually, and updates as necessary, its cash flow assumptions (mortality, morbidity, lapses and persistency) used to calculate the change in the liability for future policy benefits at least annually.
Previous wording
There was a $2.1 million and ($1.0) million net impairment charge recorded in fixed maturity securities for fiscal 2025 and 2024, respectively.
Current wording
There was a $0.9 million and $2.1 million net impairment charge recorded in fixed maturity securities for fiscal 2026 and 2025, respectively.
Previous wording
Self-moving equipment rental revenues increased $100.8 million during fiscal 2025, compared with fiscal 2024. In-Town transactions improved, while revenue per transaction increased for both our In-Town and one-way markets. Average miles driven per transaction decreased for one-way moves. Compared to the same period last year, we increased the number of Company-operated retail locations and independent dealers, as well as the number of box trucks in the rental fleet. Conversely, over this same time period we have reduced the number of pickup trucks in the rental fleet.
Current wording
Self-moving equipment rental revenues increased $86.4 million during fiscal 2026, compared with fiscal 2025. Revenue from both our In-Town and one-way markets improved. One-way transactions increased while revenue per transaction was flat compared to fiscal 2025. In-town revenue per transaction grew compared to fiscal 2025. We increased the number of Company-operated retail locations and independent dealers, along with the number of box trucks in the rental fleet. The size of the towing fleet increased in fiscal 2026 from the introduction of the new Toy Hauler.
Previous wording
Self-storage revenues increased $66.8 million during fiscal 2025, compared with fiscal 2024. The average monthly number of occupied units increased by 6.2%, or 35,441 units during fiscal 2025 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 1.5% improvement in average revenue per occupied square foot. The occupancy gains and revenue per square foot improvements slowed over the course of the fiscal year. During fiscal 2025, we added approximately 6.5 million net rentable square feet.
Current wording
Self-storage revenues increased $74.5 million during fiscal 2026, compared with 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 5% improvement in average revenue per occupied foot. Net of delinquent rooms, occupied rooms increased 25,000 on average over the course of fiscal 2026, compared to fiscal 2025. During fiscal 2026, we added approximately 5.3 million net rentable square feet.
Previous wording
Life insurance premiums decreased $6.0 million during fiscal 2025, compared with fiscal 2024 primarily due to decreased sales of single premium life products and policy decrements in Medicare supplement.
Current wording
Life insurance premiums decreased $2.7 million during fiscal 2026, compared with fiscal 2025 primarily due to decreased sales of single premium and final expense life products.
Previous wording
Property and casualty insurance premiums increased $4.1 million during fiscal 2025, compared with fiscal 2024. 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 $6.2 million during fiscal 2026, compared with 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 increased $5.5 million during fiscal 2025, compared with fiscal 2024. At our Property and Casualty insurance subsidiaries, investment income decreased $1.9 million due to changes in the market value of common stocks investments offset by realized gains on the sale of common stock. Our Life insurance subsidiaries investment income increased $8.0 million primarily from gains on derivatives used as hedges to fixed index annuities.
Current wording
Net investment and interest income increased $11.1 million during fiscal 2026, compared with fiscal 2025. The improvement in our Property and Casualty segment came from realized gains on the sale of common stock and higher interest income from mortgage loans and cash and cash equivalents. Our Life insurance segment increased primarily from gains on derivatives used as hedges to fixed index annuities.
Previous wording
Other revenue increased $40.3 million during fiscal 2025, compared with fiscal 2024, caused primarily by increases in our U-Box program.
Current wording
Other revenue increased $31.4 million during fiscal 2026, compared with fiscal 2025, caused primarily by increases in our U-Box program.
Previous wording
Listed below are revenues and earnings from operations at each of our operating segments for fiscal 2025 and 2024. The insurance companies’ years ended December 31, 2024 and 2023.
Current wording
Listed below are revenues and earnings from operations at each of our operating segments for fiscal 2026 and 2025. The insurance companies’ years ended were December 31, 2025 and 2024.
Previous wording
Total costs and expenses increased $464.6 million during fiscal 2025, compared with fiscal 2024. Operating expenses for Moving and Storage increased $142.0 million. Repair expenses associated with the rental fleet experienced a $43.1 million decrease during the fiscal year while increases in personnel, liability costs, property taxes, utilities and building maintenance accounted for the remainder of the increase. Approximately $16.5 million of the operating expense increase was due to non-recurring costs associated with our transition to a new box supplier that we recognized in the second quarter of fiscal 2025.
Current wording
Total costs and expenses increased $492.7 million during fiscal 2026, compared with fiscal 2025. Operating expenses for Moving and Storage increased $147.6 million. Repair expenses associated with the rental fleet experienced a $29.5 million increase during the fiscal year. Personnel costs increased $61.3 million from a combination of employee benefit costs along with salary and wage increases. Self-insured liability costs increased $76.4 million. Fiscal 2025 included a non-recurring $16.5 million cost associated with our transition to a new box supplier. All other costs declined $2.8 million compared to fiscal 2025.
Previous wording
Depreciation expense associated with our rental fleet increased $128.1 million for fiscal 2025 compared with fiscal 2024 due to an increase in the pace of new additions to the fleet combined with their higher cost. Net gains from the disposal of rental equipment decreased $140.2 million as resale values have decreased and 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 $25.9 million. Net losses on the disposal or retirement of land and buildings increased $7.8 million. Additional details are available in the following Moving and Storage section.
Current wording
Depreciation expense associated with our rental fleet increased $186.6 million for fiscal 2026 compared with fiscal 2025 due to an increase in the total number of box trucks in the fleet combined with decreases in resale values for certain units currently in the fleet. Net losses from the disposal of rental equipment increased $117.6 million as resale values decreased and the average cost of units being sold 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 $24.6 million. Net losses on the disposal or retirement of land and buildings decreased $7.1 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 $261.6 million to $716.2 million for fiscal 2025, compared with $977.8 million for fiscal 2024.
Current wording
As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased $283.5 million to $432.6 million for fiscal 2026, compared with $716.2 million for fiscal 2025.
Previous wording
Interest expense for fiscal 2025 was $295.7 million, compared with $256.2 million for fiscal 2024 due to an increase in our average amount of debt outstanding combined with a higher incremental cost of new debt.
Current wording
Interest expense for fiscal 2026 was $364.8 million, compared with $295.7 million for fiscal 2025 due to an increase in the amount of outstanding debt along with our average cost of debt.
Previous wording
Other interest income at Moving and Storage decreased $61.0 million due to reduced invested cash balances and lower interest yields compared to fiscal 2024.
Current wording
Other interest income at Moving and Storage decreased $11.8 million due to reduced invested cash balances and lower interest yields compared to fiscal 2025.
Previous wording
Income tax expense was $110.4 million for fiscal 2025, compared with $211.5 million for fiscal 2024. See Note 15, Provision for Taxes, of the Notes to Consolidated Financial Statements for more information on income taxes.
Current wording
Income tax expense was $29.5 million for fiscal 2026, compared with $110.4 million for fiscal 2025. See Note 15, Provision for Taxes, of the Notes to Consolidated Financial Statements for more information on income taxes.
Previous wording
As a result of the above-mentioned items, earnings available to common stockholders were $367.1 million for fiscal 2025, compared with $628.7 million for fiscal 2024.
Current wording
As a result of the above-mentioned items, earnings available to common stockholders were $83.1 million for fiscal 2026, compared with $367.1 million for fiscal 2025.
Previous wording
Self-moving equipment rental revenues increased $100.1 million during fiscal 2025, compared with fiscal 2024. In-Town transactions improved, while revenue per transaction increased for both our In-Town and one-way markets. Average miles driven per transaction decreased for one-way moves. Compared to the same period last year, we increased the number of Company-operated retail locations and independent dealers, as well as the number of box trucks in the rental fleet. Conversely, over this same time period we have reduced the number of pickup trucks in the rental fleet.
Current wording
Self-moving equipment rental revenues increased $86.6 million during fiscal 2026, compared with fiscal 2025. Revenue from both our In-Town and one-way markets improved. One-way transactions increased while revenue per transaction was flat compared to fiscal 2025. In-town revenue per transaction grew compared to fiscal 2025. We increased the number of Company-operated retail locations and independent dealers, along with the number of box trucks in the rental fleet. The size of the towing fleet increased in fiscal 2026 from the introduction of the new Toy Hauler.
Previous wording
Self-storage revenues increased $66.8 million during fiscal 2025, compared with fiscal 2024. The average monthly number of occupied units increased by 6.2%, or 35,441 units during fiscal 2025 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 1.5% improvement in average revenue per occupied square foot. The occupancy gains and revenue per square foot improvements slowed over the course of the fiscal year. During fiscal 2025, we added approximately 6.5 million net rentable square feet.
Current wording
Self-storage revenues increased $74.5 million during fiscal 2026, compared with 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 5% improvement in average revenue per occupied foot. Net of delinquent rooms, occupied rooms increased 25,000 on average over the course of fiscal 2026, compared to fiscal 2025. During fiscal 2026, we added approximately 5.3 million net rentable square feet.
Previous wording
During fiscal 2025, we added approximately 6.5 million net rentable square feet of new storage. This was a mix of approximately 1.8 million square feet of existing self-storage acquired along with 4.7 million square feet of new development.
Current wording
During fiscal 2026, we added approximately 5.3 million net rentable square feet of new storage. This was a mix of approximately 0.7 million square feet of existing self-storage acquired along with 4.6 million square feet of new development.
Previous wording
Other revenue increased $39.4 million during fiscal 2025, compared with fiscal 2024, caused primarily by increases in our U-Box program.
Current wording
Other revenue increased $30.6 million during fiscal 2026, compared with fiscal 2025, caused primarily by increases in our U-Box program.
Previous wording
Total costs and expenses increased $448.2 million during fiscal 2025, compared with fiscal 2024. Operating expenses increased $142.0 million. Repair expenses associated with the rental fleet experienced a $43.1 million decrease during the fiscal year while increases in personnel, liability costs, property taxes, utilities and building maintenance accounted for the remainder of the increase. Approximately $16.5 million of the operating expense increase was due to non-recurring costs associated with our transition to a new box supplier that we recognized in the second quarter of fiscal 2025.
Current wording
Total costs and expenses increased $489.5 million during fiscal 2026, compared with fiscal 2025. Operating expenses increased $147.6 million. Repair expenses associated with the rental fleet experienced a $29.5 million increase during the fiscal year. Personnel costs increased $61.3 million from a combination of employee benefit costs along with salary and wage increases. Self-insured liability costs increased $76.4 million. Fiscal 2025 included a non-recurring $16.5 million cost associated with our transition to a new box supplier. All other costs declined $2.8 million compared to fiscal 2025.
Previous wording
Depreciation expense associated with our rental fleet increased $128.1 million for fiscal 2025 compared with fiscal 2024, due to an increase in the pace of new additions to the fleet combined with their higher cost. Net gains from the disposal of rental equipment decreased $140.2 million as resale values have decreased and the average cost of units being sold has increased. Depreciation expense on all other assets, largely from buildings and improvements, increased $25.9 million. Net losses on the disposal or retirement of land and buildings increased $7.8 million.
Current wording
Depreciation expense associated with our rental fleet increased $186.6 million for fiscal 2026, compared with 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 $117.6 million as resale values decreased and the average cost of units being sold 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 $24.6 million. Net losses on the disposal or retirement of land and buildings decreased $7.1 million.
Previous wording
Net premiums were $102.0 million and $97.9 million for the years ended December 31, 2024 and 2023, respectively. 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
Net premiums were $109.7 million and $102.0 million for the years ended December 31, 2025 and 2024, respectively. 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 were $23.2 million and $25.2 million for the years ended December 31, 2024 and 2023, respectively. The main driver of the change in net investment income was the decrease in valuation of unaffiliated common stocks offset by an increase in realized investment gain from the sale of common stock.
Current wording
Net investment and interest income were $31.5 million and $23.2 million for the years ended December 31, 2025 and 2024, respectively. The main driver of the change was the increase in realized gains on the sale of common stock and higher income from mortgage loans and cash and cash equivalents.
Previous wording
Operating expenses were $47.7 million and $48.3 million for the years ended December 31, 2024 and 2023, respectively. The change was primarily due to a decrease in commissions in select geographies.
Current wording
Operating expenses were $51.2 million and $47.7 million for the years ended December 31, 2025 and 2024, respectively. The change was primarily due to an increase in commissions.
Previous wording
As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $54.7 million and $62.5 million for the twelve months ended December 31, 2024 and 2023, respectively.
Current wording
As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $67.2 million and $54.7 million for the twelve months ended December 31, 2025 and 2024, respectively.
Previous wording
Net premiums were $83.7 million and $89.7 million for the years ended December 31, 2024 and 2023, respectively. Medicare Supplement premiums decreased $3.6 million due to the advanced age of the block. Life premiums decreased $2.8 million primarily from the decrease in sales of single premium life and final expense. Deferred annuity deposits were $455.9 million or $103.3 million above prior year and are accounted for on the balance sheet as deposits rather than premiums.
Current wording
Net premiums were $81.0 million and $83.7 million for the years ended December 31, 2025 and 2024, respectively. Medicare Supplement premiums increased $2.7 million due to an acquisition of existing block of policies. Life premiums decreased $5.2 million primarily from the decrease in sales of single premium life and final expense. Deferred annuity deposits were $255.6 million or $200.3 million less than the prior year and are accounted for on the balance sheet as deposits rather than premiums.
Previous wording
Net investment income was $132.7 million and $124.7 million for the years ended December 31, 2024 and 2023, respectively. Realized gains on derivatives used as hedges to fixed indexed annuities were $2.0 million current year to date. The change in the provision for expected credit losses resulted in a current year to date $2.3 million additional increase to the investment income. Net interest income and realized gain on the invested assets increased $5.2 million.
Current wording
Net investment income was $134.4 million and $132.7 million for the years ended December 31, 2025 and 2024, respectively. Realized gains on derivatives used as hedges to fixed indexed annuities increased $0.8 million. The change in the provision for expected credit losses resulted in a $1.3 million decrease to the investment income. Net interest income and realized gain on the invested assets increased $2.2 million.
Previous wording
Benefits and losses incurred were $160.4 million and $155.2 million for the years ended December 31, 2024 and 2023, respectively. Interest credited to policyholders increased $13.5 million due to the rolling of the block into a higher interest rate environment. Life benefits decreased $3.5 million due to fewer death claims and lower sales. Medicare supplement benefits decreased by $2.2 million from fewer policies in force.
Current wording
Benefits and losses incurred were $169.7 million and $160.4 million for the years ended December 31, 2025 and 2024, respectively. Interest credited to policyholders increased $11.6 million due to higher interest credited rates on equity - indexed annuities stemming from the improvement in the stock market over the last year. Life benefits decreased $5.3 million due to fewer death claims and lower sales. Medicare supplement benefits increased by $4.9 million due to the acquisition of a new block.
Previous wording
Amortization of deferred acquisition costs, sales inducement asset and the value of business acquired was $18.3 million and $24.2 million for the years ended December 31, 2024 and 2023, respectively. The decrease in amortization was driven by experience updates to assumptions impacting the expected term of the underlying contracts.
Current wording
Amortization of deferred acquisition costs, sales inducement asset and the value of business acquired ("VOBA") was $19.7 million and $18.3 million for the years ended December 31, 2025 and 2024, respectively. The increase in DAC amortization was primarily due to a greater number of policy terminations.
Previous wording
As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $16.2 million and $19.7 million for the years ended December 31, 2024 and 2023, respectively.
Current wording
As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $15.0 million and $16.2 million for the years ended December 31, 2025 and 2024, respectively.
Previous wording
As of March 31, 2025, cash and cash equivalents totaled $988.8 million, compared with $1,534.5 million as of March 31, 2024. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (U-Haul Holding Company, U-Haul and Real Estate). As of March 31, 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:
Current wording
As of March 31, 2026, cash and cash equivalents totaled $1,120.1 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 (U-Haul Holding Company, U-Haul and Real Estate). As of March 31, 2026 (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:
Previous wording
As of March 31, 2025, Moving and Storage had available borrowing capacity under existing credit facilities of $475.0 million. The majority of invested cash at the Moving and Storage segment is held in government money market funds. Our current forecasted debt payments for fiscal 2026 on all borrowings are $649.6 million. For detailed information regarding our debt obligations, please see Note 10, Notes, Loans and Finance Leases Payable, net, of the Notes to Consolidated Financial Statements.
Current wording
As of March 31, 2026, Moving and Storage had available borrowing capacity under existing credit facilities of $465.0 million. The majority of invested cash at the Moving and Storage segment is held in government money market funds. Our current forecasted debt payments for fiscal 2027 on all borrowings are $904.0 million. For detailed information regarding our debt obligations, please see Note 10, Notes, Loans and Finance Leases Payable, net, of the Notes to Consolidated Financial Statements.
Previous wording
Net cash used in investing activities increased $844.5 million in fiscal 2025, compared with fiscal 2024. Purchases of property, plant and equipment increased $464.2 million. Fleet related spending increased $243.8 million while investment spending on real estate and development increased $248.5 million. Cash from the sales of property, plant and equipment decreased $76.8 million largely due to fleet sales. For our insurance subsidiaries, net cash used by investing activities increased $225.0 million. Net cash provided by investing activities for Moving and Storage decreased $79.0 million on short-term Treasury notes.
Current wording
Net cash used in investing activities decreased $628.0 million in fiscal 2026, compared with fiscal 2025. Purchases of property, plant and equipment decreased $298.2 million. Fleet related spending increased $217.6 million while investment spending on real estate and development decreased $540.6 million. Cash from the sales of property, plant and equipment increased $47.9 million largely due to an increase in fleet sales. For our insurance subsidiaries, net cash provided by investing activities increased $354.8 million due to an increase in proceeds received for fixed maturity investment's. Moving and Storage investment activities for fiscal 2025 included the redemption of $73.0 million of short-term Treasury notes.
Previous wording
Net cash provided by financing activities increased $828.6 million in fiscal 2025, as compared with fiscal 2024. This was due primarily to an increase in cash from borrowings of $669.0 million along with decreased debt payments of $67.4 million, decreased finance lease payments of $32.3 million, and an increase in net annuity deposits from Life Insurance of $71.9 million.
Current wording
Net cash provided by financing activities decreased $300.5 million in fiscal 2026, as compared with fiscal 2025. This was due to a combination of increased debt repayments of $233.5 million, decreased finance lease repayments of $29.0 million, an increase in borrowings of $168.2 million and an increase in net annuity deposits from Life Insurance of $259.1 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. In the future, we anticipate that our internally generated funds will be used to service the existing debt and fund operations. 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. For fiscal 2025, the Company invested, net of sales, approximately $1,211.2 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 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. We consider 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. In the future, we anticipate that our internally generated funds will be used to service the existing debt and fund operations. U-Haul estimates that during fiscal 2027, the Company will reinvest in its rental equipment fleet approximately $815 million, net of equipment sales and excluding any lease buyouts. For fiscal 2026, the Company invested, net of sales, approximately $1,381.1 million before any lease buyouts in its rental equipment fleet. Fleet investments in fiscal 2027 and beyond will be dependent upon several factors, including the availability of capital, the truck rental environment, the availability of equipment from manufacturers and the used-truck sales market. We anticipate that the fiscal 2027 investments will be funded largely through debt financing, external lease financing and cash from operations. We consider 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. The Company expects to fund these development projects through a combination of internally generated funds, corporate debt and with borrowings against existing properties as they operationally mature. For fiscal 2025, the Company invested $1,506.5 million in real estate acquisitions, new construction and renovation and repair compared to $1,258.0 million in fiscal 2024. For fiscal 2026, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, 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. The Company expects to fund these development projects through a combination of internally generated funds, corporate debt and with borrowings against existing properties as they operationally mature. For fiscal 2026, the Company invested $965.9 million in real estate acquisitions, new construction and renovation and repair compared to $1,506.5 million in fiscal 2025. For fiscal 2027, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, the identification and successful acquisition of target properties and the availability of labor and materials. We are likely to continue to decrease real estate capital expenditures in fiscal 2027. U-Haul's growth plan in self-storage also includes the expansion of the U-Haul Storage Affiliate program, which does not require significant capital.
Previous wording
Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) at Moving and Storage were $2,794.8 million and $2,253.7 million for fiscal 2025 and 2024, respectively. The components of our net capital expenditures are provided in the following table:
Current wording
Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) at Moving and Storage were $2,444.0 million and $2,794.8 million for fiscal 2026 and 2025, respectively. The components of our net capital expenditures are provided in the following table:
Previous wording
State insurance regulations may restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Property and Casualty Insurance's assets are generally not available to satisfy the claims of U-Haul Holding Company, or its legal subsidiaries. For calendar year 2025, the ordinary dividend available to be paid to U-Haul Holding Company from Repwest is $38.3 million. For more information, please see Note 28, Statutory Financial Information of Insurance Subsidiaries, of the Notes to Consolidated Financial Statements. We believe that stockholders’ equity at the Property and Casualty operating segment remains sufficient and we do not believe that its ability to pay ordinary dividends to U-Haul Holding Company will be restricted per state regulations.
Current wording
State insurance regulations may restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Property and Casualty Insurance's assets are generally not available to satisfy the claims of U-Haul Holding Company, or its legal subsidiaries. For calendar year 2026, the ordinary dividend available to be paid to U-Haul Holding Company from Repwest is $60.2 million. For more information, please see Note 28, Statutory Financial Information of Insurance Subsidiaries, of the Notes to Consolidated Financial Statements. We believe that stockholders’ equity at the Property and Casualty operating segment remains sufficient and we do not believe that its ability to pay ordinary dividends to U-Haul Holding Company will be restricted per state regulations.
Showing the first 40 of 52 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Balances for the year ended December 31, 2023
Current report — wording carried from elsewhere
Eliminate equity in earnings of subsidiaries
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
(b) Eliminate purchase and sale of real estate