UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended December 31, 2025
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from __________________ to __________________
Commission File Number 001-11255
State or Other Jurisdiction of
Incorporation or Organization
Registrant, State of Incorporation,
Address and Telephone Number
I.R.S. Employer
Identification No.
Nevada
88-0106815
U-Haul Holding Company
(A Nevada Corporation)
5555 Kietzke Lane Ste 100
Reno, Nevada 89511
Telephone (775) 688-6300
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, $0.25 par value
UHAL
New York Stock Exchange
Series N Non-Voting Common Stock, $0.001 par value
UHAL.B
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-accelerated Filer
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
19,607,788 shares of Common Stock, $0.25 par value, were outstanding as of February 4, 2026.
176,470,092 shares of Series N Non-Voting Common Stock, $0.001 par value, were outstanding as of February 4, 2026.
TABLE OF CONTENTS
Page
PART I FINANCIAL INFORMATION
Item 1.
Financial Statements
a) Consolidated Balance Sheets as of December 31, 2025 and March 31, 2025 (unaudited)
1
b) Consolidated Statements of Operations for the Quarters Ended December 31, 2025 and 2024 (unaudited)
2
c) Consolidated Statements of Operations for the Nine Months ended December 31, 2025 and 2024 (unaudited)
3
d) Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Nine Months Ended December 31, 2025 and 2024 (unaudited)
4
e) Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended December 31, 2025 and 2024 (unaudited)
5
f) Consolidated Statements of Changes in Stockholders' Equity for the Nine Months Ended December 31, 2025 and 2024 (unaudited)
6
g) Consolidated Statements of Cash Flows for the Nine Months ended December 31, 2025 and 2024 (unaudited)
7
h) Notes to Consolidated Financial Statements (unaudited)
8
Item 2
Management’s Discussion and Analysis of Financial Condition and Results of Operations
47
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
76
Item 4.
Controls and Procedures
79
PART II OTHER INFORMATION
Legal Proceedings
Item 1A.
Risk Factors
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Defaults Upon Senior Securities
80
Mine Safety Disclosures
Item 5.
Other Information
Item 6.
Exhibits
Part i Financial information
Item 1. Financial Statements
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED balance sheets
December 31,
March 31,
2025
(Unaudited)
(In thousands, except share data)
ASSETS
Cash and cash equivalents
$
1,032,257
988,828
Trade receivables and reinsurance recoverables, net
172,649
230,716
Inventories and parts
175,023
163,132
Prepaid expenses
353,201
282,406
Fixed maturity securities available-for-sale (net of allowance for credit loss of $3,789 and $3,104, respectively) at fair value and amortized cost ($2,649,214 and $2,708,562, respectively)
2,501,436
2,479,498
Equity securities, at fair value
57,418
65,549
Investments, other
720,713
678,254
Deferred policy acquisition costs, net
116,178
121,729
Other assets
129,516
126,732
Right of use assets - financing, net
30,561
138,698
Right of use assets - operating, net
40,689
46,025
Related party assets
60,630
45,003
Property, plant and equipment, at cost:
Land
1,854,024
1,812,820
Buildings and improvements
10,329,648
9,628,271
Furniture and equipment
1,068,623
1,047,414
Rental trailers and other rental equipment
1,175,723
1,046,135
Rental trucks
8,416,008
7,470,039
22,844,026
21,004,679
Less: Accumulated depreciation
(6,616,653
)
(5,892,079
Total property, plant and equipment, net
16,227,373
15,112,600
Total assets
21,617,644
20,479,170
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses
765,426
820,900
Notes, loans and finance leases payable, net
8,017,296
7,193,857
Operating lease liabilities
41,464
46,973
Policy benefits and losses, claims and loss expenses payable
930,764
857,521
Liabilities from investment contracts
2,453,325
2,511,422
Other policyholders' funds and liabilities
5,786
7,539
Deferred income
54,227
52,895
Deferred income taxes, net
1,605,547
1,489,920
Total liabilities
13,873,835
12,981,027
Commitments and contingencies (notes 5 and 10)
Stockholders' equity:
Series preferred stock, with or without par value, 50,000,000 shares authorized: Series A preferred stock, with no par value, 6,100,000 shares authorized; 6,100,000 shares issued and none outstanding
—
Series B preferred stock, with no par value, 100,000 shares authorized; none issued and outstanding
Serial common stock, with or without par value, 250,000,000 shares authorized: Serial common stock of $0.25 par value, 10,000,000 shares authorized; none issued and outstanding
Common stock, with $0.25 par value, 250,000,000 shares authorized: Common stock of $0.25 par value, 250,000,000 shares authorized; 41,985,700 issued and 19,607,788 outstanding
10,497
Series N Non-Voting Common Stock with $0.001 par value, 250,000,000 shares authorized Series N Non-Voting Common Stock, with $0.001 par value, 250,000,000 shares authorized; 176,470,092 shares issued and outstanding
176
Additional paid-in capital
462,548
Accumulated other comprehensive loss
(168,090
(229,314
Retained earnings
8,116,328
7,931,886
Cost of common stock in treasury, net (22,377,912 shares)
(525,653
Cost of preferred stock in treasury, net (6,100,000 shares)
(151,997
Total stockholders' equity
7,743,809
7,498,143
Total liabilities and stockholders' equity
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED Statements of operations
Quarter ended December 31,
2024
(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rental revenues
886,170
878,585
Self-storage revenues
245,060
227,125
Self-moving and self-storage products and service sales
68,929
70,407
Property management fees
8,817
8,869
Life insurance premiums
17,848
22,926
Property and casualty insurance premiums
30,355
28,364
Net investment and interest income
47,259
40,536
Other revenue
111,170
111,746
Total revenues
1,415,608
1,388,558
Costs and expenses:
Operating expenses
848,614
782,351
Commission expenses
96,101
95,031
Cost of product sales
50,871
52,767
Benefits and losses
49,232
48,683
Amortization of deferred policy acquisition costs
4,922
4,493
Lease expense
4,281
5,052
Depreciation, net of (gains) losses on disposals of ($26,300 and ($3,526) respectively)
325,219
246,091
Net (gains) losses on disposal of real estate
2,696
3,358
Total costs and expenses
1,381,936
1,237,826
Earnings from operations
33,672
150,732
Other components of net periodic benefit costs
(346
(372
Other interest income
10,784
15,638
Interest expense
(95,527
(76,581
Fees on early extinguishment of debt and costs of defeasance
(163
Pretax earnings (losses)
(51,580
89,417
Income tax (expense) benefit
14,612
(22,251
Net earnings (losses) available to common stockholders
(36,968
67,166
Basic and diluted earnings (losses) per share of Common Stock
(0.23
0.30
Weighted average shares outstanding of Common Stock: Basic and diluted
19,607,788
Basic and diluted earnings (losses) per share of Series N Non-Voting Common Stock
(0.18
0.35
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted
176,470,092
Related party revenues for the third quarters ended December 31, 2025 and 2024, net of eliminations, were $8.8 million and $8.9 million, respectively.
Related party costs and expenses for the third quarters ended December 31, 2025 and 2024, net of eliminations, were $26.2 million and $26.5 million, respectively.
Please see Note 11, Related Party Transactions, of the Notes to Consolidated Financial Statements for more information on the related party revenues and costs and expenses.
Nine months ended December 31,
(In thousands, except shareand per share amounts)
3,054,920
2,980,265
725,596
667,381
256,946
254,761
28,020
27,950
55,387
64,154
80,365
75,360
122,492
115,455
442,274
409,830
4,766,000
4,595,156
2,584,905
2,463,181
334,649
326,610
190,701
181,031
142,592
137,081
14,801
13,578
14,226
15,386
Depreciation, net of (gains) losses on disposal ($86,732 and ($28,849) respectively)
969,836
689,906
5,610
9,453
4,257,320
3,836,226
508,680
758,930
(1,037
(1,116
31,468
50,004
(268,162
(215,297
(189
(495
Pretax earnings
270,760
592,026
Income tax expense
(59,847
(142,645
Net earnings available to common stockholders
210,913
449,381
Basic and diluted earnings per common share
0.94
2.16
Weighted average common shares outstanding: Basic and diluted
Basic and diluted earnings per share of Series N Non-Voting Common Stock
1.09
2.31
Related party revenues for the first nine months ended December 31, 2025 and 2024, net of eliminations, were $28.0 million and $28.0 million, respectively.
Related party costs and expenses for the first nine months ended December 31, 2025 and 2024, net of eliminations, were $91.0 million and $90.0 million, respectively.
consolidatED statements of COMPREHENSIVE INCOME (loss)
Quarter ended December 31, 2025
Pre-tax
Tax
Net
(In thousands)
Comprehensive income:
Net earnings (losses)
Other comprehensive income (loss):
Foreign currency translation
1,841
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses)
25,393
(5,367
20,026
Change in fair value of cash flow hedges
610
(153
457
Amounts reclassified into earnings on hedging activities
(813
203
(610
Total other comprehensive income (loss)
27,031
(5,317
21,714
Total comprehensive income (loss)
(24,549
9,295
(15,254
Quarter ended December 31, 2024
Net earnings
(3,929
68,650
(14,542
54,108
6,121
(1,510
4,611
(1,596
399
(1,197
69,246
(15,653
53,593
158,663
(37,904
120,759
Nine months ended December 31, 2025
2,802
75,331
(15,871
59,460
(5,299
1,319
(3,980
3,923
(981
2,942
76,757
(15,533
61,224
347,517
(75,380
272,137
Nine months ended December 31, 2024
(3,712
57,171
(12,508
44,663
5,907
(1,505
4,402
(12,500
3,125
(9,375
46,866
(10,888
35,978
638,892
(153,533
485,359
U-Haul Holding Company and consolidated subsidiaries
consolidated statements of changes in stockholders’ equity
Common Stock
Series N Non-Voting Common Stock
Additional Paid-In Capital
Accumulated Other ComprehensiveIncome (Loss)
Retained Earnings
Less: Treasury Common Stock
Less: Treasury Preferred Stock
Total Stockholders' Equity
Balance as of September 30, 2025
(189,804
8,162,120
7,767,887
Unrealized net gain (losses) on investments and future policy benefits discount rate remeasurement gains (losses), net of tax
Change in fair value of cash flow hedges, net of tax
Series N Non-Voting Common Stock dividends: ($0.05 per share)
(8,824
Net activity
(45,792
(24,078
Balance as of December 31, 2025
Balance as of September 30, 2024
(240,831
7,964,658
7,519,398
Series N Non-Voting Common stock dividends: ($0.05 per share)
58,342
111,935
Balance as of December 31, 2024
(187,238
8,023,000
7,631,333
Balance as of March 31, 2025
Series N Non-Voting Common Stock dividends: ($0.15 per share)
(26,471
184,442
245,666
Balance as of March 31, 2024
(223,216
7,600,090
7,172,445
Series N Non-Voting Common stock dividends: ($0.15 per share)
422,910
458,888
U-Haul holding company AND CONSOLIDATED subsidiaries
consolidatED statements of cash flows
Cash flows from operating activities:
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation
883,104
718,755
Amortization of premiums and accretion of discounts related to investments, net
13,527
10,431
Amortization of debt issuance costs
5,213
4,275
Interest credited to policyholders
72,952
58,290
Provision for allowance for losses on trade receivables, net
(1,369
1,463
Operating lease right-of-use asset amortization
6,813
8,015
Net (gains) losses on disposals of equipment
86,732
(28,849
Net (gains) losses on sales of fixed maturity securities
2,356
19
Net (gains) losses on equity securities and investments, other
(5,175
(7,299
99,677
48,769
Net change in other operating assets and liabilities:
Trade receivables and reinsurance recoverables
59,566
34,720
(11,888
(4,209
(70,301
(20,559
5,551
(1,791
(2,704
(19,270
(12,987
(2,404
Accounts payable and accrued expenses and operating lease liabilities
(16,859
20,461
63,053
(22,069
(1,754
2,825
1,195
(3,602
Other liabilities
(2,630
(909
Net cash provided by (used in) operating activities
1,390,595
1,255,896
Cash flows from investing activities:
Escrow deposits activity
729
3,445
Purchases of:
Property, plant and equipment
(2,602,669
(2,863,496
Fixed maturity securities available-for-sale
(266,213
(441,974
Equity securities
(3,531
(852
(144,986
(92,774
Proceeds from sales of:
571,544
530,135
310,459
318,634
14,745
10,842
107,318
97,594
Net cash provided by (used in) provided by investing activities
(2,012,604
(2,438,446
Cash flows from financing activities:
Borrowings from credit facilities
1,760,351
1,404,974
Principal repayments on credit facilities
(902,232
(713,949
Payment of debt issuance costs
(10,602
(4,224
Finance lease payments
(32,901
(60,661
Securitization deposits
345
331
Series N Non-Voting Common Stock dividends paid
Investment contract deposits
247,328
389,848
Investment contract withdrawals
(378,377
(318,005
Net cash provided by (used in) by financing activities
657,441
671,843
Effects of exchange rate on cash
7,997
(6,439
Increase (decrease) in cash and cash equivalents
43,429
(517,146
Cash and cash equivalents at the beginning of period
1,534,544
Cash and cash equivalents at the end of period
1,017,398
Supplemental disclosure of cash flow information:
Cash paid (received) for:
Interest
251,099
207,241
Interest on derivatives
(1,935
(4,163
Income taxes, net
507
70,812
Non-cash activities:
Right-of-use assets in exchange for lease liabilities
1,471
3,067
Purchase of property, plant and equipment included in accounts payable
66,124
62,709
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
U-Haul Holding Company, a Nevada corporation (“U-Haul Holding Company”), has a third fiscal quarter that ends on the 31st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30th 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. We believe that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of consolidated financial position or consolidated 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.
Accounts denominated in non-U.S. currencies have been translated into U.S. dollars.
The accompanying interim consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with the accounting principles generally accepted in the United States of America (“GAAP”). Interim results are not necessarily indicative of full year performance. The year-end consolidated balance sheet data was derived from audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, which include all disclosures required by GAAP. Compared to the consolidated annual financial statements, certain footnotes within the accompanying interim consolidated financial statements have been condensed. Therefore, these interim consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025.
In our opinion, all adjustments necessary for the fair presentation of such consolidated financial statements have been included. Such adjustments consist only of normal recurring items.
Intercompany accounts and transactions have been eliminated.
Description of Legal Entities
U-Haul Holding Company is the holding company for:
U-Haul International, Inc. (“U-Haul”);
Amerco Real Estate Company (“Real Estate”);
Repwest Insurance Company (“Repwest”); and
Oxford Life Insurance Company (“Oxford”).
Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to U-Haul Holding Company and all of its legal subsidiaries.
Description of Operating and Reportable Segments
U-Haul Holding Company's three operating and reportable segments are Moving and Storage, Property and Casualty Insurance and Life Insurance.
Moving and Storage operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul® throughout the United States and Canada.
Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safehaul® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul-related programs. ARCOA Risk Retention Group is a
group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business.
Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.
2. Earnings per Share
We calculate earnings per share using the two-class method in accordance with ASC Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”), and the Company's Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”), based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and the Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and the Non-Voting Common Stock.
Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for the Voting Common Stock and the Non-Voting Common Stock.
9
The calculation of basic and diluted earnings per share for the quarters ended December 31, 2025 and 2024 for the Voting Common Stock and the Non-Voting Common Stock were as follows:
Quarter Ended
Weighted average shares outstanding of Voting Common Stock
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock
196,077,880
Percent of weighted average shares outstanding of Voting Common Stock
10
%
Voting Common Stock dividends declared and paid
Non-Voting Common Stock dividends declared and paid
Undistributed earnings (losses) available to common stockholders
Undistributed earnings (losses) available to common stockholders allocated to Voting Common Stock
(4,579
5,834
Undistributed earnings (losses) per share of Voting Common Stock
Dividends declared per share of Voting Common Stock
Basic and diluted earnings (losses) per share of Voting Common Stock
Weighted average shares outstanding of Non-Voting Common Stock
Percent of weighted average shares outstanding of Non-Voting Common Stock
90
Undistributed earnings (losses) available to common stockholders allocated to Non-Voting Common Stock
(41,213
52,508
Undistributed earnings (losses) per share of Non-Voting Common Stock
Dividends declared per share of Non-Voting Common Stock
0.05
Basic and diluted earnings (losses) per share of Non-Voting Common Stock
The calculation of basic and diluted earnings per share for the nine months ended December 31, 2025 and 2024 for the voting Common Stock and the Non-Voting Common Stock were as follows:
Nine months ended
Undistributed earnings available to common stockholders
Undistributed earnings available to common stockholders allocated to Voting Common Stock
18,444
42,291
Undistributed earnings per share of Voting Common Stock
Basic and diluted earnings per share of Voting Common Stock
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock
165,998
380,619
Undistributed earnings per share of Non-Voting Common Stock
0.15
Basic and diluted earnings per share of Non-Voting Common Stock
11
3. Investments
We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $21.4 million and $21.5 million as of December 31, 2025 and March 31, 2025, respectively.
Available-for-Sale Investments
Available-for-sale investments as of December 31, 2025 were as follows:
AmortizedCost
GrossUnrealizedGains
GrossUnrealizedLosses
Allowance for Expected Credit Losses
Fair Value
U.S. treasury securities and government obligations
104,262
265
(5,320
99,207
U.S. government agency mortgage-backed securities
156,754
1,024
(7,672
150,106
Obligations of states and political subdivisions
133,861
520
(5,904
128,477
Corporate securities
1,660,382
5,420
(102,335
(3,789
1,559,678
Mortgage-backed securities
593,955
3,847
(33,834
563,968
2,649,214
11,076
(155,065
Available-for-sale investments as of March 31, 2025 were as follows:
119,289
206
(8,353
111,142
81,909
232
(8,712
73,429
137,280
272
(8,808
128,744
1,807,605
1,623
(155,749
(3,104
1,650,375
562,479
582
(47,253
515,808
2,708,562
2,915
(228,875
A summary of available-for-sale investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31, 2025 and March 31, 2025 were as follows:
December 31, 2025
Less than or equal to 1 year
Greater than 1 year
Total
Unrealized Losses
92,760
37,360
(190
19,478
(7,482
56,838
18,120
(434
62,533
(5,470
80,653
72,656
(370
1,113,633
(101,965
1,186,289
35,644
(2,192
194,896
(31,642
230,540
163,780
(3,186
1,483,300
(151,879
1,647,080
12
March 31, 2025
1,760
(24
95,058
(8,329
96,818
36,871
(197
20,928
(8,515
57,799
46,036
(1,628
52,903
(7,179
98,939
(8,807
294,133
(5,822
1,239,884
(149,927
1,534,017
188,328
(3,911
217,020
(43,343
405,348
(47,254
567,128
(11,582
1,625,793
(217,293
2,192,921
Gross proceeds from sales of securities were $7.4 million and $10.8 million for the first nine months ended December 31, 2025 and December 31, 2024, respectively. No material gross realized gains or losses were recognized.
For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade. For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment. Declines in value due to credit are recognized as an allowance. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year. The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis.
Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized.
Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a $0.7 million and $2.0 million net impairment charge recorded in the first nine months ended December 31, 2025 and 2024, respectively.
Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
13
The amortized cost and fair value of available-for-sale investments by contractual maturity were as follows:
Due in one year or less
176,399
175,753
196,238
Due after one year through five years
577,465
568,566
591,589
576,204
Due after five years through ten years
547,894
518,739
611,788
558,430
Due after ten years
753,501
674,410
746,468
634,160
2,055,259
1,937,468
2,146,083
1,963,690
Equity investments of common stock and non-redeemable preferred stock were as follows:
Common stocks
32,990
49,343
30,108
43,413
Non-redeemable preferred stocks
11,045
8,075
25,144
22,136
44,035
55,252
Changes in the market value of common stock and non-redeemable preferred stock are recognized in earnings.
The carrying value of the other investments was as follows:
Mortgage loans, net
699,878
657,567
Policy loans
12,521
11,868
Other investments
8,314
8,819
14
4. Accounts Payable and Accrued Expenses and Other Reserves
Accounts payable and accrued expenses were as follows:
Accounts payable
181,825
263,280
Accrued expenses
583,601
557,620
Other Reserves
Self-Insurance Liabilities
U-Haul retains the risk for certain public liability and third-party property damage claims related to our rental equipment. The consolidated balance sheets include $439.8 million and $360.8 million of liabilities related to these programs as of December 31, 2025 and March 31, 2025, respectively. These liabilities represent an estimate for both reported claims not yet paid and claims incurred but not yet reported and are recorded on an undiscounted basis in policy benefits and losses, claims and loss expenses payable. Requirements are based on actuarial evaluations of historical accident claims expense and trends, as well as future projection of ultimate losses, expenses and administrative costs. The adequacy of the liability is monitored based on evolving claim history. This liability is subject to change in the future based upon changes in the underlying assumptions including claims experience, frequency of incidents and severity of incidents.
15
5. Notes, Loans and Finance Leases Payable, net
Long Term Debt
Long term debt was as follows:
Fiscal Year 2026 Interest Rates
Maturities
Weighted Avg Interest Rates (c)
March 31,2025
Real estate loans (amortizing term) (a)
4.30
-
5.35
2027
2037
4.88
256,977
265,887
Senior mortgages
2.70
6.05
2026
2042
4.69
2,839,587
2,437,769
Real estate loans (revolving credit)
Fleet loans (amortizing term)
1.61
6.02
2033
5.37
154,964
125,839
Fleet loans (revolving credit) (b)
4.77
5.27
2028
2030
5.14
635,000
625,000
Finance leases (rental equipment)
2.89
4.66
4.25
11,437
44,338
Finance liability (rental equipment)
1.60
6.80
5.19
2,395,416
1,963,644
Private placements
2.43
6.00
2029
2035
3.62
1,700,000
Other obligations
1.50
8.00
2049
6.41
64,798
66,864
Notes, loans and finance leases payable
8,058,179
7,229,341
Less: Debt issuance costs
(40,883
(35,484
Total notes, loans and finance leases payable, net
(a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72% and 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.10% using the swap adjusted interest rate.
(b) A certain loan has an interest rate swap fixing a portion of the rate for the relevant loan at 4.36% based on current margin. The weighted average interest rate calculation for all loans was 5.19% using the swap adjusted interest rate.
(c) Weighted average rates as of December 31, 2025.
Annual Maturities of Notes, Loans and Finance Leases Payable
The annual maturities and regular amortization of our notes, loans and finance leases payable, before debt issuance costs, as of December 31, 2025 for the next five years and thereafter are as follows:
Years Ended December 31,
Thereafter
863,796
1,089,226
864,684
956,517
925,310
3,358,646
Interest on Borrowings
Interest Expense
Components of interest expense included the following:
96,337
80,760
Capitalized interest
(2,161
(4,608
Amortization of transaction costs
1,779
1,390
Interest expense resulting from cash flow hedges
(428
(961
Total interest expense
95,527
76,581
16
272,810
226,148
(8,013
(11,188
4,882
4,229
(1,517
(3,892
268,162
215,297
Interest Rates
Interest rates and Company borrowings related to our revolving credit facilities were as follows:
Revolving Credit Activity
(In thousands, except interest rates)
Weighted average interest rate during the quarter
Interest rate at the end of the quarter
5.22
5.88
Maximum amount outstanding during the quarter
785,000
765,000
Average amount outstanding during the quarter
732,826
745,272
Facility fees
234
214
Weighted average interest rate during the period
5.53
6.43
Interest rate at the end of the period
Maximum amount outstanding during the period
Average amount outstanding during the period
699,364
665,376
764
793
17
6. Derivatives
Cash Flow Hedges
We manage exposure to changes in market interest rates. We use interest rate swap agreements and forward swaps to reduce our exposure to changes in interest rates. Our use of derivative instruments is limited to highly effective interest rate swaps to hedge the risk of changes in cash flows (future interest payments) attributable to changes in secured overnight financing rate ("SOFR") swap rates with the designated benchmark interest rate being hedged on certain of our SOFR indexed variable rate debt. The interest rate swaps effectively fix our interest payments on certain SOFR indexed variable rate debt through July 2032. We monitor our positions and the credit ratings of our counterparties and do not currently anticipate non-performance by the counterparties. Interest rate swap agreements are not entered into for trading purposes. These fair values are determined using pricing valuation models, which include broker quotes for which significant inputs are observable. They include adjustments for counterparty credit quality and other deal-specific factors, where appropriate, and are classified as Level 2 in the fair value hierarchy.
The derivative fair values reflected in prepaid expense and accounts payable and accrued expenses in the consolidated balance sheet were as follows:
Derivatives Fair Values as of
Interest rate swaps designated as cash flow hedges:
Assets
2,310
4,381
Liabilities
411
777
Notional amount
270,527
376,887
(Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During the first nine months of fiscal 2026 and 2025, we recognized a (decrease)/increase in the fair value of our cash flow hedges of ($4.0) million and $4.4 million, respectively, net of taxes. During the first nine months of fiscal 2026 and 2025, we reclassified $2.9 million and ($9.4) million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of December 31, 2025, we expect to reclassify $1.2 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next 12 months.
Economic Hedges
We use derivatives to economically hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contract holder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair value on our balance sheet. These derivative instruments are included in Investments, other on the consolidated balance sheets. The fair values of these call options are determined based on quoted market prices from the relevant exchange and are classified as Level 1 in the fair value hierarchy. Net (gains) losses recognized in net investment and interest income for the first nine months of December 31, 2025 and 2024 were $7.5 million and $5.0 million, respectively.
18
Equity market contracts as economic hedging instruments:
296,776
326,218
Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the changes in fair value of the call options are recognized each reporting date as a component of net investment and interest income. The change in fair value of the call options include the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts.
7. Accumulated Other Comprehensive Loss
The following tables provide the details and changes in AOCI:
ForeignCurrencyTranslation
UnrealizedNet Gains(Losses) onInvestmentsand Impactof LFPBDiscountRates (a)
FairValue ofCash FlowHedges
PostretirementBenefitObligationNet Loss
AccumulatedOtherComprehensiveLoss
(56,579
(134,886
(941
2,602
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement
Other comprehensive income (loss)
(54,738
(114,860
(1,094
(a) Liability for future policy benefits
(53,490
(186,328
(2,057
1,044
3,414
(57,419
(132,220
1,357
(57,540
(174,320
(56
(1,038
(53,707
(176,883
6,330
(4,973
8. Dividends
The following table lists the dividends that have been declared and issued for the first nine months of fiscal years 2026 and 2025:
Non-Voting Common Stock Dividends
Declared Date
Per Share Amount
Record Date
Dividend Date
December 3, 2025
December 15, 2025
December 30, 2025
August 21, 2025
September 15, 2025
September 26, 2025
June 4, 2025
June 16, 2025
June 27, 2025
December 4, 2024
December 16, 2024
December 27, 2024
August 15, 2024
September 16, 2024
September 27, 2024
June 5, 2024
June 17, 2024
June 28, 2024
20
As of December 31, 2025, no awards had been issued under the 2025 U-Haul Holding Company Stock Option Plan.
9. Leases
The following tables show the components of our right-of-use (“ROU") assets, net:
As of December 31, 2025
Finance
Operating
72,557
61
9,192
80,722
Right-of-use assets, gross
89,975
162,532
(59,414
(31,868
(91,282
Right-of-use assets, net
71,250
As of March 31, 2025
71,330
58,071
309,475
367,607
438,937
(228,909
(25,305
(254,214
184,723
As of December 31, 2025 and March 31, 2025, we had finance lease liabilities for the ROU assets, net of $11.4 million and $44.3 million, respectively, included in Notes, loans and finance leases payable, net in the consolidated balance sheets. Non-cash acquisitions of property, plant and equipment from ROU assets - financing, net were $108.1 million and $120.5 million as of December 31, 2025 and December 31, 2024, respectively.
Finance leases
Weighted average remaining lease term (years)
0.2
0.6
Weighted average discount rate
4.3
4.4
Operating leases
26.0
24.1
4.7
4.6
21
For the nine months ended December 31, 2025 and 2024, cash paid for leases included in our operating cash flow activities were $25.4 million and $15.7 million, respectively, and our financing cash flow activities were $32.9 million and $60.7 million, respectively.
The components of lease costs, including leases of less than 12 months, were as follows:
December 31, 2024
Operating lease costs
Finance lease cost:
Amortization of right-of-use assets
7,631
23,903
Interest on lease liabilities
1,062
3,048
Total finance lease cost
8,693
26,951
The short-term lease costs for the first nine months of fiscal 2026 and 2025 were not material.
Maturities of lease liabilities were as follows:
Year ending March 31,
2026 (3 months)
11,558
2,439
8,696
7,265
5,309
4,018
57,278
Total lease payments
85,005
Less: imputed interest
(121
(43,541
Present value of lease liabilities
10. Contingencies
Environmental
Compliance with environmental requirements of federal, state, provincial and local governments may affect the Company's business operations. Among other things, these requirements regulate the discharge of materials into the air, land and water and govern the use and disposal of hazardous substances. The Company is aware of issues regarding hazardous substances on some of its properties. The Company regularly makes capital and operating expenditures to stay in compliance with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary.
Based upon the information currently available to the Company, compliance with environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on the Company’s financial position, results of operations or cash flows.
Other
We are named as a defendant in various other claims and litigation arising out of the normal course of business. In our opinion, none of these other claims and litigation will have a material effect on our financial position and results of operations.
22
11. Related Party Transactions
U-Haul Holding Company has engaged in related party transactions and has continuing related party interests with certain major stockholders, directors and officers of the consolidated group, as disclosed below.
SAC Holding Corporation and SAC Holding II Corporation (collectively, “SAC Holdings”) were established in order to acquire and develop self-storage properties. These properties are being managed by us pursuant to management agreements. SAC Holdings, Four SAC Self-Storage Corporation, Five SAC Self-Storage Corporation, Galaxy Investments, L.P. and 2015 SAC-Self-Storage, LLC are substantially controlled by Blackwater Investments, Inc. (“Blackwater”). Blackwater is wholly owned by Willow Grove Holdings LP, which is owned by Mark V. Shoen (a significant stockholder), and various trusts associated with Edward J. Shoen (our Chairman of the Board, President and a significant stockholder) and Mark V. Shoen.
Related Party Revenue
U-Haul management fee revenue from Blackwater
7,167
7,193
U-Haul management fee revenue from Mercury
1,650
1,676
22,776
22,713
5,244
5,237
We currently manage the self-storage properties owned or leased by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $28.2 million and $28.5 million from the above-mentioned entities during the first nine months of fiscal 2026 and 2025, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefiting Edward J. Shoen and James P. Shoen or their descendants.
23
Related Party Costs and Expenses
U-Haul lease expenses to Blackwater
600
604
U-Haul printing expenses to Blackwater
1,756
1,176
U-Haul commission expenses to Blackwater
18,611
19,409
U-Haul lease expenses to Mercury
38
U-Haul commission expenses to Mercury
5,148
5,304
26,153
26,531
1,802
1,812
4,636
3,734
66,376
66,538
114
18,080
17,755
91,008
89,953
We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater and Mercury. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us.
SAC Holdings provides ancillary and specialty printing services to us. The financial and other terms of the transactions are substantially identical to the terms of additional specialty printing vendors.
As of December 31, 2025, subsidiaries of Blackwater and Mercury acted as independent dealers. The financial and other terms of the dealership contracts are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues.
These agreements with subsidiaries of Blackwater and Mercury, excluding Dealer Agreements, provided revenues of $28.0 million and $28.0 million, expenses of $6.6 million and $5.7 million and we received cash flows of $26.3 million and $26.5 million, during the first nine months of fiscal 2026 and 2025, respectively. Revenues were $404.6 million and $408.6 million and commission expenses were $84.5 million and $84.3 million, related to the Dealer Agreements, during the first nine months of fiscal 2026 and 2025, respectively.
We determined that we do not have a variable interest pursuant to the variable interest entity model under ASC 810, Consolidation in the holding entities of Blackwater and Mercury.
24
Related Party Assets
U-Haul receivable from Blackwater
41,445
28,442
U-Haul receivable from Mercury
16,528
12,517
Other (a)
2,657
4,044
25
12. Reportable Segment Information:
Our Chief Executive Officer serves as our chief operating decision-maker ("CODM"). The CODM uses net earnings available to common stockholders for each reportable segment in the annual budgeting and monthly forecasting processes and as a basis for making decisions about allocating capital and other resources to each segment.
U-Haul Holding Company has identified three reportable segments, which are consistent with its operating segments and are organized based primarily on the nature of services provided, as follows:
The amounts presented in the following tables represent gross amounts at each segment before the elimination column. Intersegment revenues are not presented as they are immaterial.
We track revenues separately, but do not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products. The information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent, with its subsidiaries. Depreciation, net of gains on disposals, and total expenditures for property and equipment are only recorded within the Moving and Storage segment.
Revenues and net earnings available to common stockholders by reportable segment for the third quarter ended December 31, 2025 were as follows:
26
Moving & StorageConsolidated
Property & Casualty Insurance (a)
Life Insurance (a)
Eliminations
U-Haul Holding Company Consolidated
Revenues
1,319,890
42,516
56,207
(3,005
(b,c)
Personnel expenses
308,494
Equipment maintenance and repair expenses
204,299
Other operating expenses
101,016
Other segment items
219,237
13,763
4,091
(2,286
234,805
833,046
7,860
41,372
4,873
74
(691
(b)
Depreciation, net of (gains) losses on disposal
1,312,806
21,697
50,410
(2,977
Earnings from operations before equity in earnings of subsidiaries
7,084
20,819
5,797
(28
Equity in earnings of subsidiaries
21,018
(21,018
(d)
28,102
(21,046
10,856
(72
(95,555
100
(57,106
5,725
20,138
(4,358
(1,168
16,461
4,557
(a) Balances for the quarter ended September 30, 2025
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
27
Revenues and net earnings available to common stockholders by reportable segment for the third quarter ended December 31, 2024 were as follows:
1,296,556
38,141
56,762
(2,901
292,289
191,226
63,107
219,838
12,550
5,347
(2,006
235,729
766,460
6,038
42,645
5,572
33
(643
1,169,279
18,678
52,518
(2,649
127,277
19,463
4,244
(252
17,956
(17,956
145,233
(18,208
15,734
(96
(76,833
348
83,762
4,148
(16,596
(4,072
(1,583
15,391
2,565
(a) Balances for the quarter ended September 30, 2024
28
Revenues and net earnings available to common stockholders by reportable segment for the nine months ended December 31, 2025 were as follows:
4,506,576
108,128
160,414
(9,118
936,215
622,016
274,831
709,391
38,947
10,510
(7,005
751,843
2,542,453
19,096
123,496
15,925
224
106
(2,029
4,059,174
58,267
148,913
(9,034
447,402
49,861
11,501
(84
48,523
(48,523
495,925
(48,607
31,732
(264
(268,246
258,185
11,237
(47,272
(10,341
(2,234
39,520
9,003
(a) Balances for the nine months ended September 30, 2025
29
Revenues and net earnings available to common stockholders by reportable segment for the nine months ended December 31, 2024 were as follows:
4,339,360
97,780
166,668
(8,652
888,153
593,388
196,574
733,956
36,055
20,697
(5,642
785,066
2,412,071
16,669
120,412
17,259
287
94
(2,254
3,636,330
53,011
154,781
(7,896
703,030
44,769
11,887
(756
43,980
(43,980
747,010
(44,736
50,340
(336
(216,053
1,092
579,686
11,551
(130,305
(9,293
(3,047
35,476
8,504
(a) Balances for the nine months ended September 30, 2024
30
The significant segment expense categories and amounts align with the segment-level information in that is regularly provided to the CODM. Other segment items for the reportable segments consist of insurance related expenses and obligations.
Gross capital expenditures by reportable segment for the quarters ended December 31, 2025 and 2024 were as follows:
Moving &StorageConsolidated
Property &CasualtyInsurance
Life Insurance
U-Haul HoldingCompanyConsolidated
Gross capital expenditures for the quarter ended December 31, 2025
688,167
Gross capital expenditures for the quarter ended December 31, 2024
936,494
Gross capital expenditures by reportable segment for the nine months ended December 31, 2025 and 2024 were as follows:
Gross capital expenditures for the nine months ended December 31, 2025
2,602,669
Gross capital expenditures for the nine months ended December 31, 2024
2,863,496
Total assets by reportable segment as of December 31, 2025 and March 31, 2025 were as follows:
Total assets as of December 31, 2025
18,717,342
580,267
3,071,603
(751,568
Total assets as of March 31, 2025
17,522,952
535,032
3,066,907
(645,721
31
13. Geographic Area Data
United States
Canada
Consolidated
(All amounts are in thousands of U.S. $'s)
1,341,619
73,989
Depreciation and amortization, net of (gains) losses on disposals
318,818
14,019
332,837
94,878
649
Pretax losses
(48,362
(3,218
Income tax benefit
(14,013
(599
(14,612
Identifiable assets
20,642,541
975,103
1,318,694
69,864
242,717
11,225
253,942
76,138
443
89,456
(39
22,180
71
22,251
19,416,798
913,367
20,330,165
4,506,680
259,320
951,681
38,566
990,247
266,179
1,983
261,981
8,779
56,866
2,981
59,847
4,351,865
243,291
688,729
24,208
712,937
213,811
1,486
573,375
18,651
137,269
5,376
142,645
14. Employee Benefit Plans
The components of the net periodic benefit costs with respect to postretirement benefits were as follows:
Service cost for benefits earned during the period
169
245
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit
371
374
Other components
(25
(2
Total other components of net periodic benefit costs
346
372
Net periodic postretirement benefit cost
515
617
32
736
1,112
1,124
(75
(8
1,037
1,116
1,544
1,852
15. Fair Value Measurements
Certain assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities are recorded at fair value and are classified and disclosed in one of the following three categories:
Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and
Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
Fair values of investments available-for-sale are based on quoted market prices, dealer quotes or discounted cash flows.
Fair values of derivatives are based on using pricing valuation models which include broker quotes.
The following tables represent the financial assets and liabilities on the consolidated balance sheets as of December 31, 2025 and March 31, 2025 that are measured at fair value on a recurring basis and the level within the fair value hierarchy:
Level 1
Level 2
Level 3
Fixed maturities - available for sale
Preferred stock
Common stock
Derivatives
10,624
2,569,478
65,732
2,503,746
Embedded derivatives
8,966
Market risk benefits
12,123
21,500
21,089
13,200
2,558,247
74,368
2,483,879
13,432
22,902
22,125
We estimate the fair value for financial instruments not carried at fair value using the same methods and assumptions as those we carry at fair value. The financial instruments presented below are reported at carrying value on the consolidated balance sheets.
Cash equivalents were $839.7 million and $700.0 million as of December 31, 2025 and March 31, 2025, respectively. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity.
Fair values of mortgage loans and notes on real estate are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value.
Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution.
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We have mortgage loans, which potentially expose us to credit risk. The portfolio of loans is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the loans from individual or groups of loans in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings.
The carrying and fair value of interest sensitive contract liabilities below includes fixed indexed and traditional fixed annuities without mortality or morbidity risks, funding agreements and payout annuities without life contingencies. The embedded derivatives within fixed indexed annuities without mortality or morbidity risks are excluded, as they are carried at fair value. The valuation of the investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using currently credited market interest rates.
Other investments are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value.
The following tables represent our financial instruments not carried at fair value on the consolidated balance sheets and corresponding placement in the fair value hierarchy:
Fair Value Hierarchy
Carrying
Value
Trade receivables, net
140,467
695,362
852,866
848,350
7,462,822
2,444,359
2,406,345
10,502,538
9,869,167
195,710
639,162
865,145
846,740
6,703,510
2,502,729
2,436,537
9,732,070
9,140,047
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16. Revenue Recognition
Revenue Recognized in Accordance with Topic 606
ASC Topic 606, Revenue from Contracts with Customers ("Topic 606"), outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments.
We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, the payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets as of December 31, 2025 and March 31, 2025.
Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. The performance obligations identified for this portfolio of contracts include moving and storage product sales, installation services and/or propane sales. Each of these performance obligations has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied at a point in time. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time.
Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity’s ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. We measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the incentive fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the third quarter of fiscal 2026 did not have a material effect on our financial statements.
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Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help® are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box portable moving and storage units to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 842 (as defined below), while the shipping obligation represents a contract with a customer accounted for under Topic 606. Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help® services fees are recognized in accordance with Topic 606. Moving Help® services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed-upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer.
Deferred income primarily relates to payments received from customers prior to satisfaction of our performance obligations. Of the amounts recorded as unearned revenue as of March 31, 2025, $0.8 million and $52.4 million, was recognized as revenue for the third quarter and nine months ended December 31, 2025, respectively.
Revenue Recognized in Accordance with Topic 842
The Company’s self-moving rental revenues meet the definition of a lease pursuant to the guidance in ASC Topic 842, Leases (Topic 842"), because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right. Please see Note 9, Leases, of the Notes to Consolidated Financial Statements.
Self-moving equipment rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals, which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year.
Self-storage revenues are recognized as earned over the contract period based upon the number of paid storage contract days.
We lease portions of our operating properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers.
The following table summarizes the minimum lease payments due from our customers and operating property tenants on leases for the next five years and thereafter:
Year Ending December 31,
5,918
Property lease revenues
5,187
17,934
11,134
8,051
6,006
26,067
37
11,105
The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases.
Revenue Recognized in Accordance with Other Topics
Traditional life and Medicare supplement insurance premiums are recognized as revenue over the premium-paying periods of the contracts when due from the policyholders. For products where premiums are due over a significantly shorter duration than the period over which benefits are provided, such as our single premium whole life product, premiums are recognized when received and excess profits are deferred and recognized in relation to the insurance in-force.
Property and casualty insurance premiums are recognized as revenue over the policy periods. Interest and investment income are recognized as earned.
Net investment and interest income has multiple components. Interest income from bonds and mortgage notes are recognized when earned. Dividends on common and preferred stocks are recognized on the ex-dividend dates. Realized gains and losses on the sale or exchange of investments are recognized at the trade date.
In the following tables, revenue is disaggregated by timing of revenue recognition:
Revenues recognized over time:
80,898
81,773
Revenues recognized at a point in time:
82,274
83,703
Total revenues recognized under ASC 606
163,172
165,476
Revenues recognized under ASC 842
1,155,366
1,129,821
Insurance premium revenues recognized under ASC 944
49,811
52,725
Net investment and interest income recognized under other topics
331,709
307,740
308,351
304,810
640,060
612,550
3,862,925
3,723,458
140,523
143,693
In the above tables, the revenues recognized over time include property management fees, the shipping fees associated with U-Box container rentals and a portion of other revenues. Revenues recognized at a point in time include self-moving and self-storage products and service sales and a portion of other revenues.
We recognized liabilities resulting from contracts with customers for self-moving equipment rentals, self-storage revenues, U-Box revenues and tenant revenues, in which the length of the contract goes beyond the reported period end, although rental periods of the equipment, storage and U-Box contract are generally short-term in nature. The timing of revenue recognition results in liabilities that are reflected in deferred income on the balance sheet.
17. Allowance for Credit Losses
Trade Receivables
Moving and Storage has two primary components of trade receivables, receivables from corporate customers and credit card receivables from customer sales and rental of equipment. The Company rents equipment to corporate customers for which the payment terms are 30 days.
The Company performs ongoing credit evaluations of its customers and assesses each customer’s credit worthiness. In addition, the Company monitors collections and payments from its customers and maintains an allowance based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high-risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. For credit card receivables, the Company uses a trailing 13-month average historical chargeback percentage of total credit card receivables to estimate a credit loss reserve. Delinquent account balances are written off after management has determined that the likelihood of collection is remote.
We believe that the historical loss information it has compiled is a reasonable base on which to determine expected credit losses for trade receivables because the composition of trade receivables as of that date is consistent with that used in developing the historical credit loss percentages (i.e., the similar risk characteristics of its customers and its lending practices have not changed significantly over time). To adjust the historical loss rates to reflect the effects of these differences in current conditions and forecasted changes, management assigns a rating to each customer which varies depending on the assessment of risk. Management estimated the loss rate at approximately 4% and 4% as of December 31, 2025 and March 31, 2025, respectively. Management developed this estimate based on its knowledge of past experience for which there were similar improvements in the economy. As a result, management applied the applicable credit loss rates to determine the expected credit loss estimate for each aging category. Accordingly, the allowance for expected credit losses as of December 31, 2025 and March 31, 2025 was $3.5 million and $5.1 million, respectively.
Accrued Interest Receivable
Accrued interest receivables on available for sale securities totaled $28.8 million and $29.4 million as of December 31, 2025 and March 31, 2025, respectively, and are excluded from the estimate of credit losses.
We have elected not to measure an allowance on accrued interest receivables as our practice is to write off the uncollectible balance that is 90 days or more past due. Furthermore, we have elected to write off accrued interest receivables by reversing interest income.
Mortgage Loans, Net
Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at amortized cost. Modeling for the Company’s mortgage loans is based on inputs most highly correlated to defaults, including loan-to-value, occupancy, and payment history. Historical credit loss experience provides additional support for the estimation of expected credit losses. In assessing the credit losses, the portfolio is reviewed on a collective basis, using loan-specific cash flows to determine
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the fair value of the collateral in the event of default. Adjustments to this analysis are made to assess loans with a loan-to-value of 65% or greater. These loans are evaluated on an individual basis and loan specific risk characteristics such as occupancy levels, expense, income growth and other relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts.
When management determines that credit losses are expected to occur, an allowance for expected credit losses based on the fair value of the collateral is recorded.
There were no delinquent commercial mortgage loans as of December 31, 2025 and March 31, 2025. As of December 31, 2025 and March 31, 2025, the Company had no commercial mortgage loans in non-accrual status. The Company had no unfunded commitment balance to commercial loan borrowers as of December 31, 2025.
Reinsurance Recoverables
Reinsurance recoverables on paid and unpaid benefits was less than 1% of the total assets as of December 31, 2025, which is immaterial based on historical loss experience and high credit rating of the reinsurers.
Premium Receivables
Premium receivables were $0.9 million and $4.1 million as of December 31, 2025 and March 31, 2025, respectively, in which the credit loss allowance is immaterial based on our ability to cancel the policy if the policyholder does not pay premiums.
The following table details the changes in the Company’s reserve allowance for credit losses for trade receivables, fixed maturities and investments, other:
Allowance for Credit Losses
Investments, Fixed Maturities
(in thousands)
6,236
1,052
817
8,105
Provision for (reversal of) credit losses
10,534
2,052
(369
12,217
Write-offs against allowance
(11,688
Recoveries
5,082
3,104
448
8,634
3,359
685
(4,943
3,498
3,789
7,735
18. Income Tax
Tax regulations may require items to be included in our tax return at different times than when those items are reflected in our financial statements. Some of the differences are permanent, such as expenses that are not deductible on our tax return, and some are temporary differences, such as the timing of depreciation expense. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that will be used as a tax deduction or credit in our tax return in future years, which we have already recorded in our financial statements. Deferred tax liabilities generally represent deductions taken on our tax return that have not yet been recognized as an expense in our financial statements. We establish valuation allowances for our deferred tax assets if the amount of expected future taxable income is more likely than not to allow for the use of the deduction credit. Our effective tax rates for the third quarter ended December 31, 2025 and 2024 was a provision of 28.3% and 24.9%, respectively
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and for the nine months ended December 31, 2025 and 2024 was a provision of 22.1% and 24.1%, respectively. Such rates differed from the federal statutory rate of 21.0% primarily due to state and local income taxes for both periods. The third quarter fiscal 2026 tax rate change was also affected by U-Haul being in a pre-tax loss position and continuing to recognize income tax credits for this quarter.
The Canadian government issued draft Pillar Two legislation (Global Minimum Tax Act) on June 20, 2024. The Canadian legislation went into effect for our fiscal year beginning April 1, 2024. We have performed an assessment of the potential exposure to Pillar Two income taxes. Based on the assessment performed, the Pillar Two rules did not have an impact on the income tax provision or cash taxes for this quarter. We will continue to evaluate such legislation.
On July 4, 2025, the One Big Beautiful Bill Act ("OBBB") was enacted into law. OBBB extends the expiring tax provisions from the 2017 Tax Cuts and Jobs Act, reinstates immediate expensing of qualified business property and bonus depreciation and allows for full expensing of domestic research and experimental expenditures. We have evaluated the tax provisions of OBBB and the impact to our financial statements, and the newly enacted legislation does not have a material impact on our effective tax rate.
19. Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (the "FASB") issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure. ("ASU 2023-09") which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income tax paid. Early adoption is permitted. The amendment is effective prospectively to all annual periods beginning after December 15, 2024. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
In March 2024, the United States Securities and Exchange Commission (the "SEC") issued a final rule that requires disclosure of: (i) financial statement impacts of severe weather events and other natural conditions; (ii) a roll forward of carbon offset and renewable energy credit balances if material to the Company's plan to achieve climate-related targets or goals; and (iii) material impacts on estimates and assumptions in the financial statements. In April 2024, the SEC issued an order staying the final rule pending judicial review of consolidated challenges to the rules by the Court of Appeals for the Eighth Circuit. In March 2025, the SEC notified the Court that it was withdrawing its defense of the rules. The Court subsequently held the litigation in abeyance, pending a status report from the SEC on: (1) whether the SEC intends to review or reconsider the rules; (2) if taking no action, whether the SEC would adhere to the rules if petitions for review are denied; and (3) if not, why the SEC will not review or reconsider the rules at this time. In July 2025, the SEC provided its status report to the Court, stating that the SEC does not intend to review or reconsider the rules at this time, and declined to provide a definitive response to questions 2 or 3. The SEC further advised that given the previously expressed views of a majority of the current Commissioners, it is possible that the SEC would consider whether to replace, rescind, or modify the rules. The Company cannot determine at this time the future outcome of the litigation or future actions of the SEC.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-30): Clarifying the Effective Date, which clarified the effective date of this standard. The standard requires the disclosure of additional information about specific expense categories in the notes to the financial statements. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The standard allows for adoption on a prospective or retrospective basis. We are currently assessing the impact of adopting ASU 2024-03 on our consolidated financial statements and related disclosures.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326) which provides public companies with a practical expedient in developing reasonable and supportable forecasts
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as part of estimating expected credit losses. All entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. Early adoption is permitted. The amendment is effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) which amends Subtopic 350-40 by removing all references to prescriptive and sequential software development stages previously used to determine the timing of software cost capitalization. Instead, the new guidance establishes that an entity should begin capitalizing software costs when both of the following conditions are met: 1) Management has authorized and committed funding for the software project. 2) It is probable that the project will be completed and the software will be used for its intended functional purpose. These changes are intended to align software cost capitalization practices with a more principles-based approach, improving consistency and comparability across entities. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. We are currently assessing the impact of this standard on our consolidated financial statements and related disclosures.
In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which provides clarification on certain topics which are meant to more closely align hedge accounting with the economics of the entities' risk management activities. The standard is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. The amendment should apply on a prospective basis for all hedging relationships. An entity may elect to adopt the amendment for hedging relationships that exist as of the date of adoption. Upon adoption entities are permitted to modify certain critical terms of certain hedging relationships without de-designating the hedge. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. Topic 270 addresses required disclosures, including that entities must disclose any events that had a material impact since their last annual reporting period and clarifies types of interim reporting and the form and content of interim financial statements in accordance with GAAP. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The amendment may be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
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20. Deferred Policy Acquisition Costs, Net
The following tables present a roll-forward of deferred policy acquisition costs related to long-duration contracts for the nine months ended December 31, 2025 and 2024.
Deferred Annuities
Health Insurance
Balance, beginning of year
60,480
57,986
3,263
Capitalization
6,810
2,375
65
9,250
Amortization expense
(8,414
(5,794
(593
(14,801
Balance, end of period
58,876
54,567
2,735
54,747
62,426
4,051
121,224
12,561
2,716
92
15,369
(6,679
(6,260
(639
(13,578
60,629
58,882
3,504
123,015
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21. Life Insurance Liabilities
The following tables summarize the balances and changes in the liability for future policy benefits for life insurance contracts and a reconciliation to policy benefits and losses, claims and loss expense payable.
Present value of expected net premiums
182,658
205,389
Beginning balance at original discount rate
185,508
204,306
Effect of changes in cash flow assumptions
(2,788
Effect of actual variances from expected experience
(1,396
(2,233
Adjusted beginning of year balance
181,324
202,073
Issuances
3,058
7,353
Interest accrual
6,624
7,486
Net premium collected
(24,750
(27,224
Ending balance at original discount rate
166,256
189,688
Effect of changes in discount rate assumptions (AOCI)
1,445
3,322
167,701
193,010
Present value of expected future policy benefits
482,805
522,122
490,975
514,113
(3,773
Effect of actual variances from expected experiences
(1,591
(4,279
485,611
509,834
3,057
17,739
18,888
Benefit payments
(42,413
(39,689
463,994
496,386
5,426
13,778
469,420
510,164
End of period, LFPB net
301,719
317,153
Payout annuities and market risk benefits
22,637
24,752
Health insurance
10,042
11,598
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable
23,222
24,527
Life DPL / Other life and health
8,085
8,941
LFPB flooring effect
(1
52
Life Insurance end of period balance
365,704
387,023
Moving and Storage balance
440,597
313,439
Property and Casualty Insurance balance
124,463
129,530
Policy benefits and losses, claims and loss expenses balance, end of period
829,992
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(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance
309,987
348,354
Discounted balance at original discount rate
240,279
270,029
Discounted balance at current discount rate
242,432
274,428
Expected policy benefits
665,628
714,265
463,993
496,385
469,419
510,163
Mortality, lapses and morbidity
Mortality actual experience
6.53
4.89
Mortality expected experience
6.58
5.43
Lapses actual experience
2.14
2.18
Lapses expected experience
3.10
2.72
Premiums and interest expense
Gross premiums (1)
34,519
37,561
Interest expense (2)
11,115
11,402
Expected duration (persistency) of policies in-force (years)
6.7
6.8
Weighted average original interest rate of the liability for future policy benefits
4.90
4.97
Weighted average current interest rate of the liability for future policy benefits
4.28
5.20
(1) Gross premiums are related to life insurance and are included in Life insurance premiums.
(2) Interest expense is included in Policy benefits and losses, claims and loss expenses payable.
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The following tables present the balances and changes in liabilities from investment contracts account balances:
(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year
Deposits received
Surrenders and withdrawals
(353,662
(24,715
Interest credited
End of period
Weighted average credited rate
3.92
Cash surrender value
2,157,343
2,411,352
(290,875
(27,130
5,455
2,546,940
3.35
2,257,207
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
General
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.
This MD&A should be read in conjunction with the other sections of this Quarterly Report on Form 10-Q (this "Quarterly Report"), including the Notes to Consolidated Financial Statements. The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption, Cautionary Statements Regarding Forward-Looking Statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described throughout this filing or in our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Many of these risks and uncertainties are beyond our control and our actual results may differ materially from these forward-looking statements.
U-Haul Holding Company, a Nevada corporation, has a third fiscal quarter that ends on the 31st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30th 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.
Overall Strategy
Our overall strategy is to maintain our leadership position in the North American “do-it-yourself” moving and storage industry. We accomplish this by providing a seamless and integrated supply chain to the “do-it-yourself” moving and storage market. As part of executing this strategy, we leverage the brand recognition of U-Haul® with our full line of moving and self-storage related products and services and the convenience of our broad geographic presence.
Our primary focus is to provide our customers with a wide selection of moving rental equipment, convenient self-storage rental facilities, portable moving and storage units and related moving and self-storage products and services. We are able to expand our distribution and improve customer service by increasing the amount of moving equipment and storage units and portable moving and storage units available for rent, expanding the number of independent dealers and Company-operated locations in our network and taking advantage of our Storage Affiliate and Moving Help® capabilities.
Property and Casualty Insurance is focused on providing and administering property and casualty insurance to U-Haul and its customers, its independent dealers and affiliates.
Life Insurance is focused on long term capital growth through direct writing and reinsuring of life insurance, Medicare supplement and annuity products in the senior marketplace.
U-Haul Holding Company’s three operating and reportable segments are Moving and Storage, Property and Casualty Insurance and Life Insurance.
Moving and Storage
Moving and Storage consists of the rental of trucks, trailers, portable moving and storage units, specialty rental items and self-storage spaces primarily to the household mover as well as sales of moving supplies, towing accessories and propane. Operations are conducted under the registered trade name U-Haul®throughout the United States and Canada.
With respect to our truck, trailer, specialty rental items and self-storage rental business, we are focused on expanding our dealer and center network, which provides added convenience for our customers, and expands the selection and availability of rental equipment to satisfy the needs of our customers.
U-Haul® branded self-moving related products and services, such as boxes, pads and tape, allow our customers to, among other things, protect their belongings from potential damage during the moving process. We are committed to providing a complete line of products selected with the “do-it-yourself” moving and storage customer in mind.
U-Haul’s mobile app, Truck Share 24/7, Skip-the-Counter Self-Storage rentals and Self-checkout for moving supplies provide our customers methods for conducting business with us directly via their mobile devices and also limiting physical exposure.
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.
Since 1945, U-Haul has incorporated sustainable practices into its everyday operations. We believe that our basic business premise of equipment sharing helps reduce greenhouse gas emissions and reduces the inventory of total large capacity vehicles. We continue to look for ways to reduce waste within our business and are dedicated to manufacturing reusable components and recyclable products. We believe that our commitment to sustainability, through our products and services and everyday operations has helped us to reduce our impact on the environment.
Property and Casualty Insurance
Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices across the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safehaul® protection packages to U-Haul customers. We continue to focus on increasing the penetration of these products into the moving and storage market. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul related programs.
Critical Accounting Policies and Estimates
Please refer to our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Results of Operations
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U-Haul Holding Company and Consolidated Entities
Quarter Ended December 31, 2025 compared with the Quarter Ended December 31, 2024
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:
Consolidated revenue
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.
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.
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.
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.
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.
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.
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.
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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.
Moving and storage
Property and casualty insurance
Life insurance
Consolidated results
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.
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.
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.
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.
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.
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.
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.
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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:
887,365
879,695
109,719
110,460
Moving and Storage revenue
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.
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.
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:
(In thousands, except occupancy rate)
Unit count as of December 31
847
781
Square footage as of December 31
72,642
66,792
Average monthly number of units occupied
Average monthly occupancy rate based on unit count
72.4
78.7
End of December occupancy rate based on unit count
71.7
78.1
Average monthly square footage occupied
54,286
53,444
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.
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.
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.
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
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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.
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.
The components of depreciation, net of (gains) losses on disposals were as follows:
Depreciation expense - rental equipment
222,717
177,956
Depreciation expense - non rental equipment
23,564
24,064
Depreciation expense - real estate
52,638
47,597
Total depreciation expense
298,919
249,617
Net (gains) losses on disposals of rental equipment
26,210
(3,774
Net (gains) losses on disposals of non-rental equipment
248
Total net (gains) losses on disposals equipment
26,300
(3,526
Depreciation, net of gains (losses) on disposals
Net (gains) losses on disposals of real estate
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.
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.
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.
Quarter Ended September 30, 2025 compared with the Quarter Ended September 30, 2024
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Nine Months Ended December 31, 2025 compared with the Nine Months Ended December 31, 2024
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:
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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.
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.
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.
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.
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.
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.
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.
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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.
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.
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.
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.
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.
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.
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.
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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.
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:
3,058,018
2,983,192
437,996
406,076
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.
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:
624
605
75.6
79.9
55,103
52,756
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.
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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.
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.
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.
657,838
511,824
71,343
71,775
153,923
135,156
86,664
(29,614
68
765
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.
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.
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.
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Nine Months Ended September 30, 2025 compared with the Nine Months Ended September 30, 2024
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.
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.
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.
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.
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.
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.
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.
Operating expenses were $10.5 million and $20.7 million for the nine months ended September 30, 2025 and 2024, respectively. This change was due to adjustments in accruals and accounting estimates made in the current year.
Benefits and losses incurred were $123.5 million and $120.4 million for the nine months ended September 30, 2025 and 2024, respectively. Interest credited to policyholders increased $10.6 million due to an increase in the rates we credit to contract holders. Life benefits decreased $3.5 million due to lower death claims and lower sales due to premium adjustments that took place in late 2021. All other benefits increased $4.0 million.
Amortization of DAC, SIA and VOBA were $14.8 million and $13.6 million for the nine months ended September 30, 2025 and 2024, respectively. The increase in DAC amortization was primarily due to a greater number of policy terminations.
As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $11.2 million and $11.6 million for the nine months ended September 30, 2025 and 2024, respectively.
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Liquidity and Capital Resources
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.
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:
Moving & Storage
1,010,011
104,536
17,710
Other financial assets
178,977
462,493
2,904,862
Debt obligations (b)
(a) As of September 30, 2025
(b) Excludes ($40,883) of debt issuance costs
As of December 31, 2025, Moving and Storage had additional cash available under existing credit facilities of $465.0 million. The majority of invested cash in the Moving and Storage segment is held in government money market funds.
Net cash provided by operating activities increased $134.7 million in the first nine months of fiscal 2026 compared with the first nine months of fiscal 2025 due to improved operations, a decrease in income taxes paid, and the timing of credit card receivable settlements.
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.
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.
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Liquidity and Capital Resources and Requirements of Our Operating Segments
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.
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.
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:
Purchases of rental equipment
1,748,456
1,586,857
Purchases of real estate, construction and renovations
769,961
1,213,940
Other capital expenditures
84,252
62,699
Gross capital expenditures
Less: Sales of property, plant and equipment
(571,544
(530,135
Net capital expenditures
2,031,125
2,333,361
Moving and Storage continues to hold significant cash and we believe has access to additional liquidity. Management may invest these funds in our existing operations, expand our product lines or pursue external opportunities in the self-moving and storage marketplace, pay dividends, repurchase shares of common stock or reduce existing indebtedness where possible.
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State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Property and Casualty Insurance’s assets are generally not available to satisfy the claims of U-Haul Holding Company or its legal subsidiaries. We believe that stockholders’ equity at Property and Casualty Insurance remains sufficient, and we do not believe that its ability to pay ordinary dividends to U-Haul Holding Company will be restricted per state regulations.
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.
Life Insurance manages its financial assets to meet policyholder and other obligations, including investment contract withdrawals and deposits. Life Insurance’s net withdrawals as of September 30, 2025 were $131.0 million. State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Life Insurance’s assets are generally not available to satisfy the claims of U-Haul Holding Company or its legal subsidiaries.
Life Insurance’s stockholder’s equity was $281.0 million and $217.6 million as of September 30, 2025 and December 31, 2024, respectively. The increase resulted from net earnings of $9.0 million and an increase in other comprehensive income of $54.4 million primarily due to the effect of interest rate changes on the fixed maturity portion of the investment portfolio. Outside of its membership in the Federal Home Loan Bank (“FHLB”) system, Life Insurance has not historically used debt or equity issues to increase capital and therefore has not had any significant direct exposure to capital market conditions other than through its investment portfolio. As of September 30, 2025, Oxford had outstanding deposits of $85.0 million in the FHLB, for which Oxford pays fixed interest rates between 0.55% and 4.52% with maturities between September 29, 2025 and April 2, 2029. As of September 30, 2025, available-for-sale-investments held with the FHLB totaled $201.8 million, of which $177.0 million were pledged as collateral to secure the outstanding advances. The balances of these advances are included within liabilities from investment contracts on the consolidated balance sheets.
Cash Flows by Operating Segments
Net cash provided from operating activities were $1,271.5 million and $1,166.3 million for the first nine months of fiscal 2026 and 2025, respectively, due to improved operations, a decrease in income taxes paid, and the timing of credit card receivable settlements.
Net cash provided by operating activities were $38.4 million and $36.1 million for the first nine months ended September 30, 2025 and 2024, respectively. The increase was driven primarily by growth in earnings.
Property and Casualty Insurance’s cash and cash equivalents amounted to $104.5 million and $96.2 million as of September 30, 2025 and December 31, 2024, respectively. These balances reflect funds in transition from maturity proceeds to long-term investments. Management believes this level of liquid assets, combined with budgeted cash flow, is adequate to meet our future operating cash needs. Capital and operating budgets allow Property and Casualty Insurance to schedule cash needs in accordance with investment and underwriting proceeds.
Net cash provided by operating activities were $80.7 million and $53.5 million for the third quarters ended September 30, 2025 and 2024, respectively. The increase in operating cash flows was primarily due
to timing of settlement of receivables for securities. This was offset by the decrease in premiums net of benefits and commissions.
In addition to cash flows from operating activities and financing activities, a substantial amount of liquid funds are available through Life Insurance’s short-term portfolio and its membership in the FHLB. As of September 30, 2025 and December 31, 2024, cash and cash equivalents amounted to $17.7 million and $101.9 million, respectively. Management believes that the overall sources of liquidity are adequate to meet our future operating cash needs.
Liquidity and Capital Resources - Summary
We believe we have the financial resources needed to meet our business plans, including our working capital needs. We continue to hold significant cash and have access to existing credit facilities and additional liquidity to meet our anticipated capital expenditure requirements for investment in our rental fleet, rental equipment and storage acquisitions and build outs.
The Internal Revenue Service ("IRS") completed and finalized their examination for tax years March 2014 through March 2021. During the third quarter of fiscal year 2026, we received $2.4 million related to this examination. We are owed $127 million which is reflected in prepaid expense, plus interest of $23.6 million, which is reflected in trade receivables and reinsurance recoverables, net. The refund is being processed by the Centralized Case Processing department of the IRS.
In December 2025, Repwest paid U-Haul Holding Company a $100.0 million dividend.
Our borrowing strategy has primarily focused on asset-backed financing, rental equipment leases and private placement borrowings limited by the amount of unencumbered assets available. As part of this strategy, we seek to ladder maturities and fix interest rates. While each of these loans typically contains provisions governing the amount that can be borrowed in relation to specific assets, the overall structure is flexible with no limits on overall Company borrowings. Management believes it has adequate liquidity between cash and cash equivalents and unused borrowing capacity in existing credit facilities to meet the current and expected needs of the Company over the next several years. As of December 31, 2025, we had available borrowing capacity under existing credit facilities of $465.0 million. While it is possible that circumstances beyond our control could alter the ability of the financial institutions to lend us the unused lines of credit, we believe that there are additional opportunities for leverage in our existing capital structure.
Use of Cash
Our estimates as to future use of cash have not materially changed from the disclosure included under the subheading Use of Cash in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended March 31, 2025.
Fiscal 2026 Outlook
We will continue to focus our attention on increasing transaction volume and improving pricing, product and utilization for self-moving equipment rentals. Maintaining an adequate level of new investment in our truck fleet is an important component of our plan to meet our operational goals and is likely to increase in fiscal 2026. Revenue in the U-Move® program could be adversely impacted should we fail to execute in any of these areas. Should we be unable to acquire enough new rental equipment to properly rotate our fleet, repair and maintenance costs will continue to increase. Even if we execute our plans, we could see declines in revenues primarily due to unforeseen events including adverse economic conditions or heightened competition that is beyond our control.
With respect to our storage business, we have added new locations and expanded existing locations. In fiscal 2026, we are actively looking to complete current projects, increase occupancy in our existing portfolio of locations and acquire new locations. New projects and acquisitions will be considered and pursued if they fit our long-term plans and meet our financial objectives. It is likely spending on acquisitions and new development will increase in fiscal 2026. We will continue to invest capital and resources in the U-Box® program throughout fiscal 2026.
Inflationary pressures may challenge our ability to maintain or improve upon our operating margin.
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Property and Casualty Insurance will continue to provide loss adjusting and claims handling for U-Haul and underwrite components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safehaul® protection packages to U-Haul customers.
Life Insurance is pursuing its goal of expanding its presence in the senior market through the sales of its Medicare supplement, life and annuity policies. This strategy includes growing its agency force, expanding its new product offerings, and pursuing business acquisition opportunities.
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Consolidating Schedules by Segment (Unaudited)
This information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent with its subsidiaries.
Consolidating balance sheets by segment as of December 31, 2025 were as follows:
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Property &CasualtyInsurance (a)
Assets:
(100,000
107,126
34,695
30,828
Fixed maturity securities available-for-sale, net, at fair value
249,548
2,251,888
40,936
16,482
129,750
590,963
83,845
13,046
32,625
40,269
192
228
71,851
7,564
14,701
(33,486
(c)
Investment in subsidiaries
618,082
(618,082
(a) Balances as of September 30, 2025
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
(d) Eliminate dividend from subsidiary
Consolidating balance sheets by segment as of December 31, 2025 continued:
747,963
5,928
11,535
41,024
199
241
528
5,258
1,651,129
7,816
(53,398
Related party liabilities
24,671
4,247
7,942
(36,860
10,976,907
143,181
2,790,607
Series preferred stock:
Series A preferred stock
Series B preferred stock
Series A common stock
Voting Common stock
3,301
2,500
(5,801
Non-Voting Common stock
462,758
91,120
26,271
(117,601
Accumulated other comprehensive income (loss)
(171,464
(4,317
(113,916
121,607
8,116,118
346,982
366,141
(712,913
Cost of common stock in treasury, net
Cost of preferred stock in treasury, net
7,740,435
437,086
280,996
(714,708
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Consolidating balance sheets by segment as of March 31, 2025 were as follows:
872,467
96,165
20,196
158,471
39,070
33,175
222,853
2,256,645
37,837
27,712
120,873
557,381
77,473
13,680
35,579
45,611
385
62,241
4,169
14,461
(35,868
609,853
(609,853
(a) Balances as of December 31, 2024
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Consolidating balance sheets by segment as of March 31, 2025 continued:
800,084
6,819
13,997
46,546
398
361,755
126,852
368,914
447
7,092
1,547,921
4,410
(62,411
25,369
3,814
10,303
(39,486
10,028,427
142,740
2,849,346
Non-Voting Common Stock
(232,932
(9,591
(168,348
181,557
7,931,676
307,462
357,138
(664,390
Cost of common shares in treasury, net
Cost of preferred shares in treasury, net
7,494,525
392,292
217,561
(606,235
Consolidating statement of operations by segment for the quarter ended December 31, 2025 were as follows:
(1,195
31,291
(936
36,751
(717
1,608
(157
Depreciation, net of (gains) losses on disposals
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Consolidating statement of operations by segment for the quarter ended December 31, 2024 were as follows:
(1,110
29,115
(751
9,026
32,401
(891
1,435
(149
70
Consolidating statement of operations by segment for the nine months ended December 31, 2025 were as follows:
(3,098
83,780
(3,415
24,348
100,256
(2,112
4,771
(493
Consolidating statement of operations by segment for the nine months ended December 31, 2024 were as follows:
(2,927
77,662
(2,302
20,118
98,334
(2,997
4,180
(426
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Consolidating cash flow statements by segment for the nine months ended December 31, 2025 were as follows:
Moving &Storage Consolidated
Property &Casualty Insurance (a)
Elimination
Earnings from consolidated entities
Adjustments to reconcile net earnings to the cash provided by operations:
1,076
12,451
Net (gains) losses on equity securities and investments other
(3,095
(2,080
103,127
2,006
(5,456
52,844
4,375
2,347
(6,092
633
2,755
(9,523
(3,394
(70
(13,793
(815
(2,251
78,091
(2,390
(12,648
81
(1,835
(700
431
(2,361
1,271,453
38,428
80,714
(38,510
(227,703
(782
(2,749
(36,290
(108,696
17,409
293,050
13,968
27,339
79,979
Net cash (used in) provided by investing activities
(2,030,396
(30,057
47,849
(page 1 of 2)
(a) Balance for the period ended September 30, 2025
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Consolidating cash flow statements by segment for the nine months ended December 31, 2025 continued:
Net contribution from (to) related party
100,000
Net cash provided by (used in) financing activities
888,490
(131,049
137,544
8,371
(2,486
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
(page 2 of 2)
(b) Eliminate dividend with subsidiary
Consolidating cash flow statements by segment for the nine months ended December 31, 2024 were as follows:
9,339
Provision for allowance (recoveries) for losses on trade receivables, net
(590
2,053
(4,086
(3,213
46,384
2,003
382
33,525
713
482
(17,909
(341
(1,020
(1,456
2,091
(3,039
23,426
(5,182
2,217
(5,305
(2,949
(13,815
6,166
(3,341
0
(443
1,151
(1,617
1,166,312
36,134
53,450
(15,218
(77,556
72,986
8,997
236,651
10,831
9,910
87,684
(2,256,930
13,668
(195,184
(a) Balance for the period ended September 30, 2024
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Consolidating cash flow statements by segment for the nine months ended December 31, 2024 continued:
600,000
71,843
(497,057
49,802
(69,891
1,380,165
101,871
883,108
102,310
31,980
Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are exposed to financial market risks, including changes in interest rates and currency exchange rates. To mitigate these risks, we may utilize derivative financial instruments, among other strategies. We do not use derivative financial instruments for speculative purposes.
Interest Rate Risk
The exposure to market risk for changes in interest rates relates primarily to our variable rate debt obligations and one variable rate operating lease. We have used interest rate swap agreements and forward swaps to reduce our exposure to changes in interest rates. We enter into these arrangements with counterparties that are significant financial institutions with whom we generally have other financial arrangements. We are exposed to credit risk should these counterparties not be able to perform their obligations. The following table is a summary of our interest rate swap agreements as of December 31, 2025:
Notional Amount
Effective Date
Expiration Date
Fixed Rate
Floating Rate
53,527
1,684
7/15/2022
7/15/2032
2.86
1 Month SOFR
65,000
310
8/1/2022
8/1/2026
64,500
316
8/31/2026
2.75
87,500
(411
8/1/2024
4.36
As of December 31, 2025, we had $818.0 million of variable rate debt obligations, of this amount, $547.5 million is not fixed through interest rate swaps. If Secured Overnight Funding Rate (“SOFR”) were to increase 100 basis points, the increase in interest expense on the variable rate debt would decrease future earnings and cash flows by $5.5 million annually (after consideration of the effect of the above derivative contracts). Certain senior mortgages have an anticipated repayment date and a maturity date. If these senior mortgages are not repaid by the anticipated repayment date the interest rate on these mortgages would increase from the current fixed rate. We are using the anticipated repayment date for our maturity schedule.
Additionally, our insurance subsidiaries’ fixed income investment portfolios expose us to interest rate risk. This interest rate risk is the price sensitivity of a fixed income security to changes in interest rates. As part of our insurance companies’ asset and liability management, actuaries estimate the cash flow patterns of our existing liabilities to determine their duration. These outcomes are compared to the characteristics of the assets that are currently supporting these liabilities assisting management in determining an asset allocation strategy for future investments that management believes will mitigate the overall effect of interest rates.
We use derivatives to hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contract holder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair market value on our balance sheet. As of December 31, 2025 and March 31, 2025, these derivative hedges had a net market value of $8.3 million and $8.8 million, respectively, with notional amounts of $296.8 million and $326.2 million, respectively. These derivative instruments are included in Investments, other, on the consolidated balance sheets.
Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the call options are marked to fair value on each reporting date with the change in fair value, plus or minus, included as a component of net investment and interest income. The change in fair value of
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the call options includes the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts.
Foreign Currency Exchange Rate Risk
The exposure to market risk for changes in foreign currency exchange rates relates primarily to our Canadian business. Approximately 5.4% and 5.3% of our revenue was generated in Canada during the first nine months of fiscal 2026 and 2025, respectively. The result of a 10% change in the value of the U.S. dollar relative to the Canadian dollar would not be material to net income. We typically do not hedge any foreign currency risk since the exposure is not considered material.
Cautionary Statements Regarding Forward-Looking Statements
This Quarterly Report contains “forward-looking statements” regarding future events and our future results of operations. We may make additional written or oral forward-looking statements from time to time in filings with the SEC or otherwise. We believe such forward-looking statements are within the meaning of the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such statements may include, but are not limited to:
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The words “believe,” “expect,” “anticipate,” “plan,” “may,” “will,” “could,” “estimate,” “project” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made.
Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could significantly affect results include, without limitation,
The above factors, as well as other statements in this Quarterly Report and in the Notes to Consolidated Financial Statements, could contribute to or cause such risks or uncertainties, or could cause our stock price to fluctuate dramatically. Consequently, the forward-looking statements should not be regarded as representations or warranties by us that such matters will be realized. We assume no obligation to update or revise any of the forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise, except as required by law.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures (as such term is defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, 2025. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of December 31, 2025, our disclosure controls and procedures were effective.
Changes in Internal Control Over Financial Reporting
There have not been any changes in our internal control over financial reporting as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f) during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II Other information
Item 1. Legal Proceedings
The information regarding our legal proceedings in Note 10, Contingencies, of the Notes to Consolidated Financial Statements is incorporated by reference herein.
SEC regulations require us to disclose certain information about environmental proceedings if a governmental authority is a party to such proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed a stated threshold. Pursuant to the SEC regulations, we will use a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required. We believe that this threshold is reasonably designed to result in disclosure of any such proceedings that are material to our business or financial condition.
Item 1A. Risk Factors
We are not aware of any material updates to the Risk Factors described in our previously filed Annual Report on Form 10-K for the fiscal year ended March 31, 2025.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Not applicable.
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
During the quarter ended December 31, 2025, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement”, as those terms are defined in Item 408 of Regulation S-K.
Item 6. Exhibits
The following documents are filed or furnished as part of this Quarterly Report:
Exhibit Number
Description
Page or Method of Filing
31.1
Rule 13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and Chairman of the Board of U-Haul Holding Company
Filed herewith
31.2
Rule 13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Chief Financial Officer of U-Haul Holding Company
32.1
Certificate of Edward J. Shoen, President and Chairman of the Board of U-Haul Holding Company pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Furnished herewith
32.2
Certificate of Jason A. Berg, Chief Financial Officer of U-Haul Holding Company pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL Document
101.SCH
Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents
104
Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: February 4, 2026
/s/ Edward J. Shoen
Edward J. Shoen
President and Chairman of the Board
(Principal Executive Officer)
/s/ Jason A. Berg
Jason A. Berg
Chief Financial Officer
(Principal Financial Officer)
/s/ Maria L. Bell
Maria L. Bell
Chief Accounting Officer
(Principal Accounting Officer)
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