U-Haul Holding Co /NV/
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 4, 2026
UHAL$56.74-3.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001193125-26-335008
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001193125-26-447303
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 112 previous paragraphs and 159 current paragraphs.
47 unchanged; 59 reworded; 44 added; 4 removed; 2 previous and 9 current paragraphs rearranged.
Tables are not compared: 17 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (44)
Current report
Self-moving equipment rental revenues increased $37.5 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. Total revenue, as well as revenue per transaction increased across both our In-Town and One-Way markets and total In-Town transactions increased compared to the second quarter of fiscal 2026. 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.
Current report
Life insurance premiums decreased $10.4 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026 due primarily to decreased life premiums from the decrease in sales of single premium life and exiting the final expense business.
Current report
Other revenue increased $8.4 million during the second quarter of fiscal 2027, compared with the second 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.
Current report
Depreciation expense associated with our rental fleet decreased $4.5 million for the second quarter of fiscal 2027 compared with the second quarter of fiscal 2026. Net losses from the disposal of rental equipment decreased $34.1 million to $4.2 million for the second quarter of fiscal 2027, as the units sold during the second quarter of fiscal 2027 had a lower initial cost and higher average proceeds per sale. Depreciation expense on all other assets, largely from buildings and improvements increased $4.1 million. Net losses on the disposal or retirement of buildings and improvements decreased $4.8 million. Additional details are available in the following Moving and Storage section.
Current report
Self-moving equipment rental revenues increased $37.4 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. Total revenue, as well as revenue per transaction increased across both our In-Town and One-Way markets and total In-Town transactions increased compared to the second quarter of fiscal 2026. 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.
Current report
Other revenue increased $7.6 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026, caused primarily by increases in our U-Box® program.
Current report
Depreciation expense associated with our rental fleet decreased $4.5 million for the second quarter of fiscal 2027 compared with the second quarter of fiscal 2026. Net losses from the disposal of rental equipment decreased $34.1 million to $4.2 million for the second quarter of fiscal 2027, as the units sold during the second quarter of fiscal 2027 had a lower initial cost and higher average proceeds per sale. Depreciation expense on all other assets, largely from buildings and improvements, increased $4.1 million. Net losses on the disposal or retirement of buildings and improvements decreased $4.8 million.
Current report
Benefits and losses incurred were $6.4 million and $5.7 million for the second quarters ended June 30, 2026 and 2025, respectively. The change was primarily attributable to an isolated increase in reserves for run-off commercial business not related to moving and storage.
Current report
Operating expenses were $5.7 million and $3.6 million for the quarters ended June 30, 2026 and 2025, respectively. The June 30, 2025 operating expense includes the write-off of payables that did not recur in 2026.
Current report
Benefits and losses incurred were $14.4 million and $42.4 million for the quarters ended June 30, 2026 and 2025, respectively, with the decrease primarily related to the ceding of the final expense block. Interest credited to policyholders decreased $0.4 million due to a decrease in the interest credited rates on fixed indexed annuities due to policyholders reaching the end of the surrender charge period. Life benefits decreased $27.6 million due to final expense death claims being ceded to reinsurer and lower death claims on remaning blocks. Medicare supplement benefits decreased $1.0 million from the declined policies in force. All other benefits increased $1.0 million.
Current report
Amortization of deferred acquisition costs ("DAC"), sales inducement asset ("SIA") and the value of business acquired ("VOBA") was $18.6 million and $5.0 million for the quarters ended June 30, 2026 and 2025, respectively. The increase in DAC amortization was primarily caused by the write-off of the ceding of the final expense block.
Current report
Six Months Ended September 30, 2026 compared with the Six Months Ended September 30, 2025
Current report
We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage revenues increased $31.8 million during the first six months of fiscal 2027, compared with the first six months 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 4.5% improvement in average revenue per occupied foot. During the first six months, we added approximately 2.0 million of new net rentable square feet.
Current report
Sales of self-moving and self-storage products and services increased $1.5 million for the first six months of fiscal 2027, compared with the first six months of fiscal 2026. This was due to an increase in sales of hitches and propane.
Current report
Property and casualty insurance premiums increased $3.8 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026.
Current report
Other revenue increased $10.1 million during the first six months of fiscal 2027, compared with the first six months 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.
Current report
Total costs and expenses increased $63.7 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026. Operating expenses for Moving and Storage increased $108.5 million. Freight and shipping costs increased $46.8 million during the first six months of fiscal 2027, while personnel, which increased $20.4 million, liability costs, which increased by $12.5 million and property taxes, which increased $8.9 million.
Current report
As a result of these changes in revenues and expenses, earnings from operations increased $40.6 million to $515.6 million for the first six months of fiscal 2027, as compared with $475.0 million for the first six months of fiscal 2026.
Current report
Other interest income at Moving and Storage for the first six months of fiscal 2027 was $17.8 million, compared with $20.7 million for the first six months of fiscal 2026, due to reduced interest accruals on outstanding federal income refund claims partially offset by higher interest yields compared to fiscal 2026.
Current report
Income tax expense was $76.1 million for the first six months of fiscal 2027, compared with $74.5 million for the first six months of fiscal 2026.
Current report
As a result of these items, earnings available to common stockholders were $259.6 million for the first six months of fiscal 2027, compared with $247.9 million for the first six months of fiscal 2026.
Current report
Six Months Ended September 30, 2026 compared with the Six Months Ended September 30, 2025
Current report
Listed below are revenues for the major product lines at our Moving and Storage operating segment for the first six months of fiscal 2027 and the first six months of fiscal 2026:
Current report
We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage revenues increased $31.8 million during the first six months of fiscal 2027, compared with the first six months 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 4.5% improvement in average revenue per occupied foot. During the first six months, we added approximately 2.0 million of new net rentable square feet.
Current report
Sales of self-moving and self-storage products and services increased $1.5 million for the first six months of fiscal 2027, compared with the first six months of fiscal 2026. This was due to an increase in sales of hitches and propane.
Current report
Other revenue increased $9.4 million during the first six months of fiscal 2027, compared with the first six months 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.
Current report
Total costs and expenses increased $73.0 million during the first six months of fiscal 2027, compared with the six months of fiscal 2026. Operating expenses increased $108.5 million. Freight and shipping costs increased $46.8 million during the first six months of fiscal 2027, while personnel, which increased $20.4 million, liability costs, which increased by $12.5 million and property taxes, which increased $8.9 million.
Current report
As a result of these changes in revenues and expenses, earnings from operations for Moving and Storage before consolidation of the equity in the earnings of the insurance subsidiaries increased to $476.7 million for the first six months of fiscal 2027, compared with $440.3 million for the first six months of fiscal 2026.
Current report
Equity in the earnings of our insurance subsidiaries was $30.7 million for the first six months of fiscal 2027, compared with $27.5 million for the first six months of fiscal 2026.
Current report
As a result of these changes in revenues and expenses, earnings from operations increased to $507.4 million for the first six months of fiscal 2027, compared with $467.8 million for the first six months of fiscal 2026.
Current report
Six Months Ended June 30, 2026 compared with the Six Months Ended June 30, 2025
Current report
Premiums were $56.6 million and $52.5 million for the six months ended June 30, 2026 and 2025, respectively. A significant portion of Repwest’s premiums relate to policies sold in conjunction with U-Haul rental transactions. The premiums written corresponded with the change in moving and storage transactions at U-Haul during the same period.
Current report
Operating expenses were $27.2 million and $25.2 million for the six months ended June 30, 2026 and 2025, respectively. The change was primarily due to an increase in commission expense.
Current report
Benefits and losses incurred were $11.7 million and $11.2 million for the six months ended June 30, 2026 and 2025, respectively. The change was primarily attributable to an isolated increase in reserves for run-off commercial business.
Current report
As a result of these changes in revenues and expenses, pretax earnings from operations were $29.2 million and $29.0 million for the six months ended June 30, 2026 and 2025, respectively.
Current report
Six Months Ended June 30, 2026 compared with the Six Months Ended June 30, 2025
Current report
Premiums were $26.0 million and $37.5 million for the six months ended June 30, 2026 and 2025, respectively. Life premiums decreased $11.5 million primarily from the decrease in sales of single premium life and final expense. The decrease in final expense sales was a result of exiting the market in February 2026. Deferred annuity deposits were $162.0 million or $11.6 million below prior year and are accounted for on the balance sheet as deposits rather than premiums.
Current report
Operating expenses were $11.8 million and $6.4 million for the six months ended June 30, 2026 and 2025, respectively. The June 30, 2025 operating expense includes the write-off of payables that did not recur in 2026.
Current report
Amortization of DAC, SIA and VOBA were $23.5 million and $9.9 million for the six months ended June 30, 2026 and 2025, respectively. The increase in DAC amortization was primarily caused by the write-off of the ceding of the final expense block.
Current report
Cash Flows by Segments
Showing the first 40 of 44 passages. Open the source sections for the rest.
Removed paragraphs (4)
Previous report
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 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.
Previous report
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 report
Cash Flows by Operating Segments
Reworded paragraphs (59)
Previous wording
We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with U-Haul Holding Company's overall strategy, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the first quarter of fiscal 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.
Current wording
We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with U-Haul Holding Company's overall strategy, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the second quarter and first six months of fiscal 2027, compared with the second quarter and first six months 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 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.
Current wording
U-Haul Holding Company, a Nevada corporation, has a second fiscal quarter that ends on the 30 th of September for each year that is referenced. Our insurance company subsidiaries have a second quarter that ends on the 30 th of June for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2026 and 2025 correspond to fiscal 2027 and 2026 for U-Haul Holding Company.
Previous wording
Listed below, on a consolidated basis, are revenues for our major product lines for the first quarter of fiscal 2027 and the first quarter of fiscal 2026:
Current wording
Listed below, on a consolidated basis, are revenues for our major product lines for the second quarter of fiscal 2027 and the second quarter of fiscal 2026:
Previous 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.
Current wording
We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage revenues increased $15.8 million during the second quarter of fiscal 2027, compared with the second 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 2.9% improvement in average revenue per occupied foot. During the second quarter, we added approximately 1.0 million new net rentable square feet.
Previous wording
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 wording
Sales of self-moving and self-storage products and services increased $0.5 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. This was due to increased sales of propane.
Previous 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.
Current wording
Property and casualty insurance premiums increased $1.3 million during the second quarter of fiscal 2027, compared with the second 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
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.
Current wording
Listed below are revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2027 and the second quarter of fiscal 2026. The insurance companies’ two quarters ended June 30, 2026 and 2025.
Previous 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.
Current wording
Total costs and expenses increased $5.3 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. Operating expenses for Moving and Storage increased $53.6 million. The largest contributors include freight and shipping costs of $24.4 million, personnel, which increased $10.2 million, property taxes, which increased $4.7 million and self-insured liability costs, which increased by $6.2 million.
Previous 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.
Current wording
As a result of the changes in revenues and expenses described above, earnings from operations increased to $265.0 million for the second quarter of fiscal 2027, compared with $217.6 million for the second quarter of fiscal 2026.
Previous 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.
Current wording
Interest expense for the second quarter of fiscal 2027 was $99.0 million, compared with $90.3 million for the second 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 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.
Current wording
Other interest income at Moving and Storage for the second quarter of fiscal 2027 was $8.4 million, compared with the $10.0 million for the second quarter of fiscal 2026, due to reduced interest accruals on outstanding federal income refund claims partially offset by higher interest yields compared to fiscal 2026.
Previous 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.
Current wording
Income tax expense was $37.3 million for the second quarter of fiscal 2027, compared with $31.4 million for the second quarter of fiscal 2026.
Previous 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.
Current wording
As a result of the above-mentioned items, earnings available to common stockholders were $136.7 million for the second quarter of fiscal 2027, compared with $105.6 million for the second quarter of fiscal 2026.
Previous 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:
Current wording
Listed below are revenues for our major product lines at Moving and Storage for the second quarter of fiscal 2027 and the second quarter of fiscal 2026:
Previous 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.
Current wording
We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage revenues increased $15.8 million during the second quarter of fiscal 2027, compared with the second 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 2.9% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.0 million new net rentable square feet.
Previous wording
We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Listed below are self-storage data for our owned storage locations:
Current wording
Listed below are self-storage data for our owned storage locations:
Previous 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.
Current wording
Over the last 12 months we added approximately 4.6 million net rentable square feet of new storage to the system. This was a mix of approximately 0.6 million square feet of existing storage locations we acquired and 4.0 million square feet of new development.
Previous wording
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 wording
Sales of self-moving and self-storage products and services increased $0.5 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. This was primarily due to increased sales of propane.
Previous 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.
Current wording
Total costs and expenses increased $16.9 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. Operating expenses increased $53.6 million. The largest contributors include freight and shipping costs of $24.4 million, personnel, which increased $10.2 million, property taxes, which increased $4.7 million and self-insured liability costs, which increased by $6.2 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 $234.8 million for the first quarter of fiscal 2027, compared with $242.9 million for the first quarter of fiscal 2026.
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, increased to $241.9 million for the second quarter of fiscal 2027, compared with $197.4 million for the second quarter of fiscal 2026.
Previous 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.
Current wording
Equity in the earnings of U-Haul Holding Company's insurance subsidiaries was $18.3 million for the second quarter of fiscal 2027, compared with $16.0 million for the second 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 $247.2 million for the first quarter of fiscal 2027, compared with $254.4 million for the first quarter of fiscal 2026.
Current wording
As a result of the changes in revenues and expenses described above, consolidated earnings from operations for Moving and Storage increased to $260.2 million for the second quarter of fiscal 2027, compared with $213.4 million for the second quarter of fiscal 2026.
Previous 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.
Current wording
Net premiums were $31.3 million and $29.2 million for the quarters ended June 30, 2026 and 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
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 wording
Net investment and interest income was $5.7 million and $6.7 million for the quarters ended June 30, 2026 and 2025, respectively. The main driver of the decrease was a smaller asset base due to a $100 million dividend paid to U-Haul Holding Company in the fourth quarter of fiscal 2026.
Previous 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.
Current wording
Operating expenses were $13.6 million and $12.9 million for the quarters ended June 30, 2026 and 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 $12.2 million and $11.9 million for the quarters ended March 31, 2026 and March 31, 2025, respectively.
Current wording
As a result of the changes in revenues and expenses described above, pretax earnings from operations were $17.0 million and $17.2 million for the quarters ended June 30, 2026 and 2025, respectively.
Previous 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.
Current wording
Net premiums were $7.9 million and $18.4 million for the quarters ended June 30, 2026 and 2025, respectively. Life premiums decreased $10.5 million primarily from a reduction in sales of single premium life and exiting the final expense business. The decrease was due to policyholder lapses currently outweighing sales levels. Deferred annuity deposits were $92.0 million which was $45.8 million below the quarter ended June 30, 2025. These are accounted for on the balance sheet as deposits rather than premiums.
Previous 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.
Current wording
As a result of the changes in revenues and expenses described above, pretax earnings from operations were $6.1 million and $2.9 million for the quarters ended June 30, 2026 and 2025, respectively.
Previous 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.
Current wording
Self-moving equipment rental revenues increased $66.8 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026. Total revenue, transactions and revenue per transaction increased across both our In-Town and One-Way markets compared to the first six months of fiscal 2026. 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.
Previous 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.
Current wording
Life insurance premiums decreased $11.5 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026 due primarily to decreased Medicare supplement premiums.
Previous 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.
Current wording
Net investment and interest income increased $2.0 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026. Our Life subsidiaries' investment and interest income increased primarily from gains on invested assets.
Previous 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.
Current wording
Depreciation expense associated with our rental fleet increased $9.0 million for the first six months of fiscal 2027 compared with the first six months of fiscal 2026 due to an increase in the total number of box trucks in the fleet. Net losses from the disposal of rental equipment decreased $58.1 million to $2.4 million, as the units sold during the first six months of fiscal 2027 had a lower initial cost and higher average proceeds per sale. Depreciation expense on all other assets, largely from buildings and improvements, increased $9.2 million. Net losses on the disposal or retirement of land and buildings decreased $0.1 million. Additional details are available in the following Moving and Storage section.
Previous 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.
Current wording
Self-moving equipment rental revenues increased $66.8 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026. Total revenue, transactions and revenue per transaction increased across both our In-Town and One-Way markets compared to the first six months of fiscal 2026. 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.
Previous 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.
Current wording
Depreciation expense associated with our rental fleet increased $9.0 million for the first six months of fiscal 2027 compared with the first six months of fiscal 2026 due to an increase in the total number of box trucks in the fleet. Net losses from the disposal of rental equipment decreased $58.1 million to $2.4 million, as the units sold during the first six months of fiscal 2027 had a lower initial cost and higher average proceeds per sale. Depreciation expense on all other assets, largely from buildings and improvements, increased $9.2 million. Net losses on the disposal or retirement of land and buildings decreased $0.1 million.
Previous 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.
Current wording
Net investment income was $66.6 million and $63.5 million for the six months ended June 30, 2026 and 2025, respectively. Realized gains on derivatives used as hedges to fixed annuities decreased $0.2 million. The change in the provision for expected credit losses resulted in an increase of $1.5 million. Net interest income and realized gains on the invested assets increased $4.8 million.
Previous 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.
Current wording
Benefits and losses incurred were $51.2 million and $82.1 million for the six months ended June 30, 2026 and 2025, respectively. Interest credited to policyholders increased $0.2 million due to an increase in the interest credited rates on fixed indexed annuities related to the large increase of the block of annuities. Life benefits decreased $29.1 million due to the ceding of the final expense block. Medicare supplement benefits decreased by $3.6 million from the declined policies. All other benefits increased $1.6 million.
Previous wording
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 wording
As a result of these changes in revenues and expenses, pretax earnings from operations were $9.7 million and $5.5 million for the six months ended June 30, 2026 and 2025, respectively.
Previous wording
We believe our current capital structure is a positive factor that will enable us to pursue our operational plans and goals and provide us with sufficient liquidity. There are many factors that could affect our liquidity, including some which are beyond our control, and there is no assurance that future cash flows and liquidity resources will be sufficient to meet our outstanding debt obligations and our other future capital needs.
Current wording
We believe our current capital structure is a positive factor that will enable us to pursue our operational plans and goals and provide us with sufficient liquidity. There are many factors that could affect our liquidity, some which are beyond our control, and there is no assurance that future cash flows and liquidity resources will be sufficient to meet our outstanding debt obligations and our other future capital needs.
Previous 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:
Current wording
As of September 30, 2026, cash and cash equivalents totaled $999.9 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 September 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 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.
Current wording
Net cash provided by operating activities decreased $141.0 million in the first six months of fiscal 2027 compared with the first six months of fiscal 2026 due primarily to the Life insurance segments ceding of the final expense block, offset by improved operations and an increase in federal income tax refunds.
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Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
Net investment income was $34.5 million and $34.0 million for the quarters ended June 30, 2026 and 2025, respectively. Realized gains on derivatives used as hedges to fixed annuities decreased $0.7 million. The change in the provision for expected credit losses resulted in an increase of $2.3 million. Net interest income and realized gains on the invested assets decreased $1.1 million, primarily related to bonds.
Current report — wording carried from elsewhere
U-Haul Holding Company and Consolidated Entities
Current report — wording carried from elsewhere
Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2027 and the first six months of fiscal 2026:
Current report — wording carried from elsewhere
Listed below are revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2027 and the first six months of fiscal 2026. The insurance companies’ first six months ended June 30, 2026 and 2025.
Current report — wording carried from elsewhere
Interest expense for the first six months of fiscal 2027 was $196.9 million, compared with $172.6 million for the first six months of fiscal 2026, due to an increase in the amount of debt outstanding and our average cost of debt.
Current report — wording carried from elsewhere
Self-storage data for our owned storage locations follows:
Current report — wording carried from elsewhere
Over the last twelve months we added approximately 4.6 million net rentable square feet of new storage to the system. This was a mix of approximately 0.6 million square feet of existing storage locations we acquired and 4.0 million square feet of new development.
Current report — wording carried from elsewhere
The components of depreciation, net of (gains) losses on disposals were as follows:
Current report — wording carried from elsewhere
Net investment and interest income was $11.7 million and $13.1 million for the six months ended June 30, 2026 and 2025, respectively. The main driver of the decrease was a smaller asset base due to a $100 million dividend paid to U-Haul Holding Company in the fourth quarter of fiscal 2026.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Consolidating cash flow statements by segment for the quarter ended June 30, 2025 were as follows:
Previous report — wording carried elsewhere
Consolidating cash flow statements by segment for the quarter ended June 30, 2025 continued: