U-Haul Holding Co /NV/
For the period ended Jun 30, 2026. Filed Aug 5, 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.
Jun 30, 2026 · Filed Aug 5, 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 2025-12-31; filed 2026-02-04.
0001193125-26-037685
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001193125-26-335008
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 161 previous paragraphs and 112 current paragraphs.
50 unchanged; 52 reworded; 8 added; 50 removed; 9 previous and 2 current paragraphs rearranged.
Tables are not compared: 24 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
Sales of self-moving and self-storage products and services increased $1.1 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. This was primarily due to increased sales of hitches and propane.
Current report
Self-storage revenues increased $15.9 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. 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 6.2% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.1 million new net rentable square feet.
Current report
Sales of self-moving and self-storage products and services increased $1.1 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. This was primarily due to increased sales of hitches and propane.
Current report
Other revenue increased $1.8 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026, caused primarily by increases in our U-Box® program.
Current report
Depreciation expense associated with our rental fleet increased $13.5 million for the first quarter of fiscal 2027 compared with the first quarter of fiscal 2026 primarily from an increase in the total number of box trucks in the fleet. Net losses from the disposal of rental equipment decreased $24.0 million to a net gain of $1.9 million for fiscal 2027, as the units sold during the first quarter of fiscal 2027 had a higher depreciation rate combined with improved sales proceeds. Depreciation expense on all other assets, largely from buildings and improvements increased $5.1 million. Net losses on the disposal or retirement of buildings increased $4.7 million.
Current report
Net investment and interest income was $6.0 million and $6.4 million for the quarters ended March 31, 2026 and March 31, 2025, respectively. The main driver of the decrease was a smaller asset base due to a $100.0 million dividend paid to U-Haul Holding Company in the fourth quarter of fiscal 2026.
Current report
Benefits and losses incurred were $5.3 million and $5.5 million for the quarters ended March 31, 2026 and March 31, 2025, respectively.
Current report
Net cash provided by operating activities increased $31.9 million in the first three months of fiscal 2027 compared with the first three months of fiscal 2026 due to an increase in federal income tax refunds.
Removed paragraphs (50)
Previous 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.
Previous report
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 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
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 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.
Previous 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.
Previous report
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 report
Nine Months Ended December 31, 2025 compared with the Nine Months Ended December 31, 2024
Previous report
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 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.
Previous report
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 report
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 report
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 report
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 report
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 report
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 report
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 report
As a result of the above-mentioned items, earnings available to common stockholders were $210.9 million for the first nine months of fiscal 2026, compared with $449.4 million for the first nine months of fiscal 2025.
Previous report
Nine Months Ended December 31, 2025 compared with the Nine Months Ended December 31, 2024
Previous report
Listed below are revenues for the major product lines at our Moving and Storage operating segment for the first nine months of fiscal 2026 and the first nine months of fiscal 2025:
Previous report
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 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.
Previous 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.
Previous report
Total costs and expenses increased $422.8 million during the first nine months of fiscal 2026, compared with the nine months of fiscal 2025. Operating expenses 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 personnel increased $48.0 and liability costs increased by $78.3 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.
Previous report
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.
Previous 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.
Previous 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.
Previous report
Nine Months Ended September 30, 2025 compared with the Nine Months Ended September 30, 2024
Previous report
Premiums were $83.8 million and $77.7 million for the nine months ended September 30, 2025 and 2024, respectively. A significant portion of Repwest’s premiums relate to policies sold in conjunction with U-Haul rental transactions.
Previous report
Net investment and interest income was $24.3 million and $20.1 million for the nine months ended September 30, 2025 and 2024, respectively. The main driver of the change in net investment income was a net increase in the valuation on unaffiliated common stock and higher income from mortgage loans and cash and cash equivalents.
Previous report
Operating expenses were $38.9 million and $36.1 million for the nine months ended September 30, 2025 and 2024, respectively. The change was primarily due to an increase in commissions.
Previous 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.
Previous report
As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $49.9 million and $44.8 million for the nine months ended September 30, 2025 and 2024, respectively.
Previous report
Nine Months Ended September 30, 2025 compared with the Nine Months Ended September 30, 2024
Previous report
Premiums were $55.4 million and $64.2 million for the nine months ended September 30, 2025 and 2024, respectively. Medicare Supplement premiums decreased $4.3 million. Life premiums decreased $4.2 million primarily from the decrease in sales of single premium life and final expense. Deferred annuity deposits were $223.5 million or $151.3 million below prior year due to an overall decline in annuity sales.
Showing the first 40 of 50 passages. Open the source sections for the rest.
Reworded paragraphs (52)
Previous wording
We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with U-Haul Holding Company's overall strategy, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the third quarter and first nine months of fiscal 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.
Current wording
We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with U-Haul Holding Company's overall strategy, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026, 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 2027.
Previous wording
U-Haul Holding Company, a Nevada corporation, has a third fiscal quarter that ends on the 31 st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30 th of September for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 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 first fiscal quarter that ends on the 30 th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31 st of March for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2026 and 2025 correspond to fiscal 2027 and 2026 for U-Haul Holding Company.
Previous wording
uhaul.com® is an online marketplace that connects consumers to our operations as well as independent Moving Help®service providers and thousands of independent Self-Storage Affiliates. Our network of customer-rated affiliates and service providers furnish pack and load help, cleaning help, self-storage and similar services throughout the United States and Canada. Our goal is to further utilize our web-based technology platform to increase service to consumers and businesses in the moving and storage market.
Current wording
uhaul.com® and U-Haul's mobile app are an online marketplace that connects consumers to our operations as well as independent Moving Help® service providers and thousands of independent Self-Storage Affiliates. Our network of customer-rated affiliates and service providers furnish pack and load help, cleaning help, self-storage and similar services throughout the United States and Canada. Our goal is to further utilize our web-based technology platform to increase service to consumers and businesses in the moving and storage market.
Previous 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:
Current wording
Listed below, on a consolidated basis, are revenues for our major product lines for the first quarter of fiscal 2027 and the first quarter of fiscal 2026:
Previous wording
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 wording
Self-moving equipment rental revenues increased $29.3 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. Transactions and revenue increased across both our In-Town and One-Way markets compared to the first quarter of fiscal 2026. Compared to the same period last year, we increased the number of Company operated retail locations and independent dealers, along with the number of box trucks in the rental fleet.
Previous 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.
Current wording
Self-storage revenues increased $15.9 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. 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 6.2% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.1 million new net rentable square feet.
Previous 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.
Current wording
Life insurance premiums decreased $1.1 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026 due primarily to decreased life premiums.
Previous 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.
Current wording
Property and casualty insurance premiums increased $2.5 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. 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 $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 wording
Net investment and interest income increased $2.2 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. Our Property and Casualty subsidiaries' investment and interest income decreased due to a smaller asset base as a result of a $100 million dividend paid to U-Haul Holding Company in the fourth quarter of fiscal 2026. Our Life subsidiaries' investment and interest income increased primarily from gains on invested assets.
Previous wording
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 wording
Other revenue increased $1.7 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026, 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 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.
Current wording
Listed below are revenues and earnings from operations at each of our operating segments for the first quarter of fiscal 2027 and the first quarter of fiscal 2026. The insurance companies’ first quarters ended March 31, 2026 and 2025.
Previous 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.
Current wording
Total costs and expenses increased $58.4 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. Operating expenses for Moving and Storage increased $54.9 million. Repair expenses associated with the rental fleet experienced a $4.1 million increase during the quarter while personnel increased $10.2 million, self-insured liability costs increased by $6.2 million and freight and shipping costs increased $22.4 million.
Previous 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.
Current wording
Depreciation expense associated with our rental fleet increased $13.5 million for the first quarter of fiscal 2027 compared with the first quarter of fiscal 2026 primarily from an increase in the total number of box trucks in the fleet. Net losses from the disposal of rental equipment decreased $24.0 million to a net gain of $1.9 million for fiscal 2027, as the units sold during the first quarter of fiscal 2027 had a higher depreciation rate combined with improved sales proceeds. Depreciation expense on all other assets, largely from buildings and improvements increased $5.1 million. Net losses on the disposal or retirement of buildings increased $4.7 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 $33.7 million for the third quarter of fiscal 2026, compared with $150.7 million for the third quarter of fiscal 2025.
Current wording
As a result of the changes in revenues and expenses described above, earnings from operations decreased to $250.6 million for the first quarter of fiscal 2027, compared with $257.4 million for the first quarter of fiscal 2026.
Previous 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.
Current wording
Interest expense for the first quarter of fiscal 2027 was $97.9 million, compared with $82.3 million for the first quarter of fiscal 2026, 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 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.
Current wording
Other interest income at Moving and Storage for the first quarter of fiscal 2027 was $9.4 million, compared with $10.7 million for the first quarter of fiscal 2026, due to reduced invested cash balances and lower interest yields compared to fiscal 2026.
Previous 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.
Current wording
Income tax expense was $38.8 million for the first quarter of fiscal 2027, compared with $43.1 million for the first quarter of fiscal 2026.
Previous 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.
Current wording
As a result of the above-mentioned items, earnings available to common stockholders were $122.9 million for the first quarter of fiscal 2027, compared with $142.3 million for the first quarter of fiscal 2026.
Previous 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:
Current wording
Listed below are revenues for our major product lines at Moving and Storage for the first quarter of fiscal 2027 and the first quarter of fiscal 2026:
Previous wording
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 wording
Self-moving equipment rental revenues increased $29.4 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. Transactions and revenue increased across both our In-Town and One-Way markets compared to the first quarter of fiscal 2026. Compared to the same period last year, we increased the number of Company operated retail locations and independent dealers, along with the number of box trucks in the rental fleet.
Previous 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.
Current wording
Over the last 12 months we added approximately 5.2 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 4.4 million square feet of new development.
Previous 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.
Current wording
Total costs and expenses increased $56.2 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. Operating expenses increased $54.9 million. Repair expenses associated with the rental fleet experienced a $4.1 million increase during the quarter while personnel increased $10.2 million, self-insured liability costs increased by $6.2 million and freight and shipping costs increased $22.4 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 $7.1 million for the third quarter of fiscal 2026, compared with $127.3 million for the third 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 $234.8 million for the first quarter of fiscal 2027, compared with $242.9 million for the first quarter of fiscal 2026.
Previous wording
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 wording
Equity in the earnings of U-Haul Holding Company’s insurance subsidiaries was $12.4 million for the first quarter of fiscal 2027, compared with $11.5 million for the first quarter of fiscal 2026.
Previous 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.
Current wording
As a result of the changes in revenues and expenses described above, consolidated earnings from operations for Moving and Storage decreased to $247.2 million for the first quarter of fiscal 2027, compared with $254.4 million for the first quarter of fiscal 2026.
Previous 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.
Current wording
Net premiums were $25.2 million and $23.3 million for the quarters ended March 31, 2026 and March 31, 2025, respectively. A significant portion of Repwest’s premiums come from policies sold in conjunction with U-Haul rental transactions and generally correspond to the related activity at U-Haul during the same period.
Previous 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.
Current wording
Operating expenses were $13.6 million and $12.3 million for the quarters ended March 31, 2026 and March 31, 2025, 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 $20.8 million and $19.5 million for the quarters ended September 30, 2025 and 2024, respectively.
Current wording
As a result of the changes in revenues and expenses described above, pretax earnings from operations were $12.2 million and $11.9 million for the quarters ended March 31, 2026 and March 31, 2025, respectively.
Previous 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.
Current wording
Net premiums were $18.1 million and $19.2 million for the quarters ended March 31, 2026 and March 31, 2025, respectively. Life premiums decreased $1.3 million primarily from a reduction in sales of single premium life and final expense. This was due to policyholder lapses currently outweighing sales levels. Deferred annuity deposits were $70.0 million or $57.4 million below the prior year. These are accounted for on the balance sheet as deposits rather than premiums.
Previous wording
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 wording
Net investment income was $32.1 million and $29.5 million for the quarters ended March 31, 2026 and March 31, 2025, respectively. Realized gains on derivatives used as hedges to fixed annuities decreased $0.5 million. The change in the provision for expected credit losses resulted in an increase of $0.8 million. Net interest income and realized gains on the invested assets increased $1.9 million.
Previous 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.
Current wording
Operating expenses were $6.1 million and $2.8 million for the quarters ended March 31, 2026 and March 31, 2025, respectively, due to the increase in administrative expenses and the write-off of uncollectible balances.
Previous 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.
Current wording
Benefits and losses incurred were $36.8 million and $39.7 million for the quarters ended March 31, 2026 and March 31, 2025, respectively. Interest credited to policyholders increased $0.6 million due higher to interest credited rates on equity - indexed annuities stemming from the improvement in the stock market over the last year. Life benefits decreased $1.5 million due to lower death claims and fewer policies in force. Medicare supplement benefits decreased $2.6 million from the declined polices in force. All other benefits increased $0.7 million.
Previous 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.
Current wording
As a result of the changes in revenues and expenses described above, pretax earnings from operations were $3.5 million and $2.6 million for the quarters ended March 31, 2026 and March 31, 2025, respectively.
Previous wording
As of December 31, 2025, cash and cash equivalents totaled $1,132.3 million, compared with $988.8 million as of March 31, 2025. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (Moving and Storage). As of December 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 as follows:
Current wording
As of June 30, 2026, cash and cash equivalents totaled $1,097.3 million, compared with $1,120.1 million as of March 31, 2026. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (Moving and Storage). As of June 30, 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 as follows:
Previous wording
Net cash used in investing activities decreased $425.8 million in the first nine months of fiscal 2026, compared with the first nine months of fiscal 2025. Purchases of property, plant and equipment decreased $260.8 million. Fleet related spending increased $161.6 million while investment spending on real estate acquisitions and development decreased $444.0 million. Cash from the sales of property, plant and equipment increased $41.4 million largely due to fleet sales. For our insurance subsidiaries, net cash used in investing activities decreased $199.3 million due to an increase in proceeds received for fixed maturity investments. For Moving and Storage investing activities for the first nine months of fiscal 2025 included the redemption of $73.0 million of short-term Treasury notes.
Current wording
Net cash used in investing activities decreased $193.1 million in the first three months of fiscal 2027, compared with the first three months of fiscal 2026. Purchases of property, plant and equipment decreased $94.2 million. Fleet related spending increased $16.8 million while investment spending on real estate acquisitions and development decreased $100.0 million. Cash from the sales of property, plant and equipment decreased $17.9 million largely due to fleet sales. For our insurance subsidiaries, net cash provided in investing activities increased $118.3 million due to an increase in proceeds received for fixed maturity investments.
Previous wording
Net cash provided by financing activities decreased $14.4 million in the first nine months of fiscal 2026, as compared with the first nine months of fiscal 2025. This was due to a combination of increased debt repayments of $188.3 million, decreased finance lease repayments of $27.8 million, an increase in cash from borrowings of $355.4 million and an increase in net annuity withdrawals from Life Insurance of $202.9 million.
Current wording
Net cash used by financing activities increased $125.8 million in the first three months of fiscal 2027, as compared with the first three months of fiscal 2026. This was due to a combination of increased debt repayments of $308.1 million, decreased finance lease payments of $11.4 million, an increase in cash from borrowings of $268.2 million, an increase in net annuity withdrawals from Life Insurance of $48.6 million, repurchases of Voting Common Stock of $15.6 million and repurchases Non-Voting Common Stock of $32.4 million.
Previous wording
To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Capital expenditures have primarily consisted of new rental equipment acquisitions and the buyouts of existing fleet from leases. The capital to fund these expenditures has historically been obtained internally from operations and the sale of used equipment and externally from debt and lease financing. U-Haul estimates that during fiscal 2026, the Company will reinvest in its rental equipment fleet approximately $1,350 million, net of equipment sales and excluding any lease buyouts. Through the first nine months of fiscal 2026, the Company invested, net of sales, approximately $1,185.9 million before any lease buyouts in its rental equipment fleet. Fleet investments in fiscal 2026 and beyond will be dependent upon several factors including the availability of capital, the truck rental environment, the availability of equipment from our original equipment manufacturers and the used-truck sales market. We anticipate that the fiscal 2026 investments will be funded largely through debt financing, external lease financing and cash from operations. Management considers several factors including cost and tax consequences when selecting a method to fund capital expenditures. Our allocation between debt and lease financing can change from year to year based upon financial market conditions which may alter the cost or availability of financing options.
Current wording
To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Capital expenditures have primarily consisted of new rental equipment acquisitions and the buyouts of existing fleet from leases. The capital to fund these expenditures has historically been obtained internally from operations and the sale of used equipment and externally from debt and lease financing. U-Haul estimates that during fiscal 2027, the Company will reinvest in its rental equipment fleet approximately $855 million, net of equipment sales and excluding any lease buyouts. Through the first three months of fiscal 2027, the Company invested, net of sales, approximately $456.3 million. 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 our original equipment 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. Management considers several factors including cost and tax consequences when selecting a method to fund capital expenditures. Our allocation between debt and lease financing can change from year to year based upon financial market conditions which may alter the cost or availability of financing options.
Previous wording
The Company has traditionally funded the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations. The Company’s plan for the expansion of owned storage properties includes the acquisition of existing self-storage locations from third parties, the acquisition and development of bare land, and the acquisition and redevelopment of existing buildings not currently used for self-storage. For the first nine months of fiscal 2026, the Company invested $770.0 million in real estate acquisitions, new construction and renovation and repair. For fiscal 2026, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, and the identification and successful acquisition of target properties and the availability of labor and materials. We are likely to maintain a high level of real estate capital expenditures through the remainder of fiscal 2026. U-Haul's growth plan in self-storage also includes the expansion of the U-Haul Storage Affiliate program, which does not require significant capital.
Current wording
The Company has traditionally funded the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations. The Company’s plan for the expansion of owned storage properties includes the acquisition of existing self-storage locations from third parties, the acquisition and development of bare land, and the acquisition and redevelopment of existing buildings not currently used for self-storage. For the first three months of fiscal 2027, the Company invested $194.3 million in real estate acquisitions, new construction and renovation and repair. For fiscal 2027, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, and the identification and successful acquisition of target properties and the availability of labor and materials. We are likely to maintain at or near this level of real estate capital expenditures through the remainder of 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 $2,031.1 million and $2,333.4 million for the first nine months of fiscal 2026 and 2025, respectively. The components of our net capital expenditures are provided in the following table:
Current wording
Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) at Moving and Storage were $674.1 million and $750.4 million for the first three months of fiscal 2027 and 2026, respectively. The components of our net capital expenditures are provided in the following table:
Previous wording
Property and Casualty Insurance’s stockholder’s equity was $437.1 million and $392.3 million as of September 30, 2025 and December 31, 2024, respectively. The increase resulted from net earnings of $39.5 million and an increase in other comprehensive income of $5.3 million due to the increase in the market value of its investment portfolio. Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio.
Current wording
Property and Casualty Insurance’s stockholder’s equity was $356.8 million and $349.2 million as of March 31, 2026 and December 31, 2025, respectively. The increase resulted from net earnings of $9.7 million and a decrease in other comprehensive income of $2.1 million due to the decrease in the market value of its investment portfolio. Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio.
Showing the first 40 of 52 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Consolidating cash flow statements by segment for the quarter ended June 30, 2025 were as follows:
Current report — wording carried from elsewhere
Consolidating cash flow statements by segment for the quarter ended June 30, 2025 continued:
Rearranged previous paragraphs (9)
Previous report — wording carried elsewhere
U-Haul Holding Company and Consolidated Entities
Previous report — wording carried elsewhere
Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2026 and the first nine months of fiscal 2025:
Previous report — wording carried elsewhere
Listed below are revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2026 and the first nine months of fiscal 2025. The insurance companies’ first nine months ended September 30, 2025 and 2024.
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned storage locations was as follows:
Previous report — wording carried elsewhere
Over the last twelve months we added approximately 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 report — wording carried elsewhere
The components of depreciation, net of (gains) losses on disposals were as follows:
Previous report — wording carried elsewhere
As a result of the above-mentioned changes in revenues and expenses, earnings from operations for Moving and Storage before consolidation of the equity in the earnings of the insurance subsidiaries decreased to $447.4 million for the first nine months of fiscal 2026, compared with $703.0 million for the first nine months of fiscal 2025.
Previous report — wording carried elsewhere
Net investment income was $100.3 million and $98.3 million for the nine months ended September 30, 2025 and 2024, respectively. Realized gains on derivatives used as hedges to fixed indexed annuities increased $0.6 million. The change in the provision for expected credit losses resulted in a decrease of $1.3 million to the investment income. Net interest income and realized gain on the invested assets increased $3.9 million.