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 September 30, 2026
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 ☒
19,209,493 shares of Common Stock, $0.25 par value, were outstanding as of November 3, 2026.
174,790,336 shares of Series N Non-Voting Common Stock, $0.001 par value, were outstanding as of November 3, 2026.
TABLE OF CONTENTS
Page
PART I FINANCIAL INFORMATION
Item 1.
Financial Statements
a) Consolidated Balance Sheets as of September 30, 2026 and March 31, 2026 (unaudited)
1
b) Consolidated Statements of Operations for the Quarters Ended September 30, 2026 and 2025 (unaudited)
2
c) Consolidated Statements of Operations for the Six Months ended September 30, 2026 and 2025 (unaudited)
3
d) Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Six Months Ended September 30, 2026 and 2025 (unaudited)
4
e) Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended September 30, 2026 and 2025 (unaudited)
5
f) Consolidated Statements of Changes in Stockholders' Equity for the Six Months Ended September 30, 2026 and 2025 (unaudited)
7
g) Consolidated Statements of Cash Flows for the Six Months ended September 30, 2026 and 2025 (unaudited)
9
h) Notes to Consolidated Financial Statements (unaudited)
10
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
81
Part i Financial information
Item 1. Financial Statements
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED balance sheets
September 30,
March 31,
2026
(Unaudited)
(In thousands, except share data)
ASSETS
Cash and cash equivalents
$
999,862
1,120,147
Trade receivables and reinsurance recoverables, net
370,738
159,768
Inventories and parts
182,905
178,155
Prepaid expenses
142,898
191,671
Fixed maturity securities available-for-sale (net of allowance for credit loss of $3,946 and $3,960, respectively) at fair value and amortized cost ($2,417,952 and $2,558,342 respectively)
2,255,298
2,417,912
Equity securities, at fair value
15,650
14,976
Investments, other
693,355
706,314
Deferred policy acquisition costs, net
59,497
112,852
Other assets
159,226
127,202
Right of use assets - operating, net
36,907
40,188
Related party assets
48,260
53,159
Property, plant and equipment, at cost:
Land
1,897,373
1,865,369
Buildings and improvements
10,928,024
10,542,945
Furniture and equipment
1,097,361
1,074,032
Rental trailers and other rental equipment
1,275,531
1,206,253
Rental trucks
8,985,854
8,554,508
24,184,143
23,243,107
Less: Accumulated depreciation
(7,273,917
)
(6,862,662
Total property, plant and equipment, net
16,910,226
16,380,445
Total assets
21,874,822
21,502,789
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses
872,725
850,294
Notes, loans and finance liabilities payable, net
8,230,090
8,083,374
Operating lease liabilities
37,637
40,957
Policy benefits and losses, claims and loss expenses payable
965,895
939,874
Liabilities from investment contracts
2,343,240
2,357,545
Other policyholders' funds and liabilities
9,325
2,899
Deferred income
69,270
56,614
Deferred income taxes, net
1,628,807
1,559,581
Total liabilities
14,156,989
13,891,138
Commitments and contingencies (notes 5 and 10)
Stockholders' equity:
Series preferred stock, with or without par value, 50,000,000 shares authorized: none issued and outstanding
—
Common stock, with $0.25 par value, 250,000,000 shares authorized: 41,985,700 issued and 19,209,493 and 19,607,788 outstanding as of September 30 and March 31, 2026, respectively
10,497
Serial common stock, with or without 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 174,790,336 and 176,470,092 outstanding as of September 30 and March 31, 2026, respectively
176
Additional paid-in capital
462,548
Accumulated other comprehensive loss
(171,869
(163,640
Retained earnings
8,221,772
7,979,720
Cost of common stock in treasury, net (22,776,207 and 22,377,912 shares as of September 30 and March 31, 2026, respectively)
(551,578
(525,653
Cost of Series N non-voting common stock in treasury, net (1,679,756 and 0 shares as of September 30 and March 31, 2026, respectively)
(101,716
Cost of preferred stock in treasury, net (6,100,000 shares)
(151,997
Total stockholders' equity
7,717,833
7,611,651
Total liabilities and stockholders' equity
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED Statements of operations
Quarter ended September 30,
2025
(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rental revenues
1,147,929
1,110,477
Self-storage revenues
262,138
246,299
Self-moving and self-storage products and service sales
90,302
89,829
Property management fees
9,580
9,621
Life insurance premiums
7,925
18,370
Property and casualty insurance premiums
29,545
28,272
Net investment and interest income
39,857
40,022
Other revenue
185,399
177,032
Total revenues
1,772,675
1,719,922
Costs and expenses:
Operating expenses
965,051
909,542
Commission expenses
126,644
121,811
Cost of product sales
66,967
67,625
Benefits and losses
20,750
48,178
Amortization of deferred policy acquisition costs
18,604
4,962
Lease expense
3,863
5,071
Depreciation, net of (gains) losses on disposals of ($4,290 and $38,499, respectively)
306,001
340,608
Net (gains) losses on disposal of real estate
(253
4,531
Total costs and expenses
1,507,627
1,502,328
Earnings from operations
265,048
217,594
Other components of net periodic benefit costs
(357
(345
Other interest income
8,359
10,015
Interest expense
(99,019
(90,305
Fees on early extinguishment of debt and costs of defeasance
(44
Pretax earnings
173,987
136,959
Income tax expense
(37,312
(31,409
Net earnings available to common stockholders
136,675
105,550
Basic and diluted earnings per share of Common Stock
0.66
0.49
Weighted average shares outstanding of Common Stock: Basic and diluted
19,246,975
19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock
0.71
0.54
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted
175,158,177
176,470,092
Related party revenues for the second quarters ended September 30, 2026 and 2025, net of eliminations, were $9.6 million and $9.6 million, respectively.
Related party costs and expenses for the second quarters ended September 30, 2026 and 2025, net of eliminations, were $33.0 million and $32.7 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.
Six months ended September 30,
(In thousands, except shareand per share amounts)
2,235,507
2,168,750
512,310
480,536
189,542
188,017
19,145
19,203
25,991
37,539
53,796
50,010
77,225
75,233
341,186
331,104
3,454,702
3,350,392
1,852,041
1,736,291
246,916
238,548
138,721
139,830
62,887
93,360
23,478
9,879
7,359
9,945
Depreciation, net of (gains) losses on disposal ($2,494 and $60,432, respectively)
604,841
644,617
2,815
2,914
2,939,058
2,875,384
515,644
475,008
(714
(691
17,750
20,684
(196,931
(172,635
(75
(26
335,674
322,340
(76,070
(74,459
259,604
247,881
Basic and diluted earnings per common share
1.24
1.17
Weighted average common shares outstanding: Basic and diluted
19,401,609
1.34
1.27
175,720,426
Related party revenues for the first six months ended September 30, 2026 and 2025, net of eliminations, were $19.1 million and $19.2 million, respectively.
Related party costs and expenses for the first six months ended September 30, 2026 and 2025, net of eliminations, were $64.6 million and $64.9 million, respectively.
consolidatED statements of COMPREHENSIVE INCOME (loss)
Quarter ended September 30, 2026
Pre-tax
Tax
Net
(In thousands)
Comprehensive income (loss):
Net earnings
Other comprehensive income (loss):
Foreign currency translation
5,379
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses)
3,058
(629
2,429
Change in fair value of cash flow hedges
2,209
(655
1,554
Amounts reclassified into earnings on hedging activities
(184
(137
Total other comprehensive income (loss)
10,462
(1,237
9,225
Total comprehensive income (loss)
184,449
(38,549
145,900
Quarter ended September 30, 2025
(1,459
15,451
(3,249
12,202
441
(112
329
(906
226
(680
13,527
(3,135
10,392
150,486
(34,544
115,942
Six months ended September 30, 2026
3,695
(17,277
3,591
(13,686
(37
19
(18
2,373
(593
1,780
(11,246
3,017
(8,229
324,428
(73,053
251,375
Six months ended September 30, 2025
961
49,938
(10,504
39,434
(5,909
1,472
(4,437
4,736
(1,184
3,552
49,726
(10,216
39,510
372,066
(84,675
287,391
U-Haul Holding Company and consolidated subsidiaries
consolidated statements of changes in stockholders’ equity
Common Stock - Shares
Common Stock - Amount
Series N Non-Voting Common Stock - Shares
Series N Non-Voting Common Stock - Amount
Additional Paid-In Capital
Accumulated Other ComprehensiveIncome (Loss)
Retained Earnings
Less: Treasury Common Stock
Less: Treasury Series N Non-Voting Common Stock
Less: Treasury Preferred Stock
Total Stockholders' Equity
Balance as of June 30, 2026
19,360
175,886
(181,094
8,093,836
(541,383
(32,780
7,659,803
Unrealized net gains (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)
(8,739
Repurchases of Common Stock
(150
(10,195
Repurchases of Series N Non-Voting Common Stock
(1,096
(68,936
Net activity
127,936
58,030
Balance as of September 30, 2026
19,210
174,790
Balance as of June 30, 2025
19,608
176,470
(200,196
8,065,393
7,660,768
Series N Non-Voting Common stock dividends: ($0.05 per share)
(8,823
96,727
107,119
Balance as of September 30, 2025
(189,804
8,162,120
7,767,887
6
Balance as of March 31, 2026
Series N Non-Voting Common Stock dividends: ($0.10 per share)
(17,552
(398
(25,925
(1,680
242,052
106,182
Balance as of March 31, 2025
(229,314
7,931,886
7,498,143
Series N Non-Voting Common stock dividends: ($0.10 per share)
(17,647
230,234
269,744
8
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
602,347
584,185
Amortization of premiums and accretion of discounts related to investments, net
8,434
9,182
Amortization of debt issuance costs
3,982
3,434
Interest credited to policyholders
47,940
47,809
Provision for allowance for losses on trade receivables, net
(56
(1,423
Operating lease right-of-use asset amortization
4,073
4,553
Net (gains) losses on disposals of equipment
2,494
60,432
Net (gains) losses on sales of fixed maturity securities
1,162
3,029
Net (gains) losses on equity securities and investments, other
(1,766
(126
72,764
72,387
Net change in other operating assets and liabilities:
Trade receivables and reinsurance recoverables
(211,134
56,525
(4,755
(13,004
48,665
(33,534
53,355
2,612
(24,159
(13,028
5,207
(3,143
Accounts payable and accrued expenses and operating lease liabilities
87,926
80,415
31,320
36,096
6,427
(1,615
12,732
2,873
Other liabilities
(411
1,542
Net cash provided by (used in) operating activities
1,008,966
1,149,996
Cash flows from investing activities:
Escrow deposits activity
(9,272
581
Purchases of:
Property, plant and equipment
(1,543,708
(1,914,502
Fixed maturity securities available-for-sale
(223,892
(159,726
Equity securities
(1,005
(3,458
(133,245
(84,265
Proceeds from sales of:
348,538
386,058
354,698
186,042
6,704
143,813
85,240
Net cash provided by (used in) investing activities
(1,064,073
(1,497,326
Cash flows from financing activities:
Borrowings from credit facilities
1,031,302
951,543
Principal repayments on credit facilities
(881,615
(425,838
Payment of debt issuance costs
(5,597
(5,808
Finance lease payments
(24,693
Securitization deposits
224
Series N Non-Voting Common Stock dividends paid
Repurchase of Common Stock
(25,765
Repurchase of Series N Non-Voting Common Stock
(101,381
Investment contract deposits
170,010
181,834
Investment contract withdrawals
(232,255
(222,462
Net cash provided by (used in) financing activities
(62,853
437,153
Effects of exchange rate on cash
(2,325
4,169
Increase (decrease) in cash and cash equivalents
(120,285
93,992
Cash and cash equivalents at the beginning of period
988,828
Cash and cash equivalents at the end of period
1,082,820
Supplemental disclosure of cash flow information:
Cash paid (received) for:
Interest
197,918
172,300
Interest on derivatives
(486
(1,326
Income taxes, net
(86,388
2,906
Non-cash activities:
Right-of-use assets in exchange for lease liabilities
166
260
Purchase of property, plant and equipment included in accounts payable
30,965
70,615
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
U-Haul Holding Company, a Nevada corporation (“U-Haul Holding Company”), has a second fiscal quarter that ends on the 30th of September for each year that is referenced. Our insurance company subsidiaries have a second quarter that ends on the 30th of June for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. 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 2026 and 2025 correspond to fiscal 2027 and 2026 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, 2026, 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, 2026.
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 approximately 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.
11
The calculation of basic and diluted earnings per share for the quarters ended September 30, 2026 and 2025 for the Voting Common Stock and the Non-Voting Common Stock were as follows:
For the Quarters Ended
Weighted average shares outstanding of Voting Common Stock
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock
194,405,152
196,077,880
Percent of weighted average shares outstanding of Voting Common Stock
9.90
%
10.00
Voting Common Stock dividends declared and paid
Non-Voting Common Stock dividends declared and paid
Undistributed earnings available to common stockholders
Undistributed earnings available to common stockholders allocated to Voting Common Stock
12,666
9,673
Undistributed earnings per share of Voting Common Stock
Dividends declared per share of Voting Common Stock
Basic and diluted earnings 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
90.10
90.00
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock
115,270
87,054
Undistributed earnings per share of Non-Voting Common Stock
Dividends declared per share of Non-Voting Common Stock
0.05
Basic and diluted earnings per share of Non-Voting Common Stock
12
The calculation of basic and diluted earnings per share for the six months ended September 30, 2026 and 2025 for the Voting Common Stock and the Non-Voting Common Stock were as follows:
Six months ended
195,122,035
9.94
24,060
23,023
90.06
217,992
207,211
0.10
3. Investments
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.
We deposit bonds with insurance regulatory authorities to meet statutory requirements. The amortized cost of bonds on deposit with insurance regulatory authorities was $21.0 million and $21.4 million as of September 30, 2026 and March 31, 2026, respectively.
13
Available-for-Sale Investments
Available-for-sale investments as of September 30, 2026 were as follows:
AmortizedCost
GrossUnrealizedGains
GrossUnrealizedLosses
Allowance for Expected Credit Losses
Fair Value
U.S. treasury securities and government obligations
83,050
158
(5,184
78,024
U.S. government agency mortgage-backed securities
122,914
262
(5,323
117,853
Obligations of states and political subdivisions
111,267
196
(5,363
106,100
Corporate securities
1,527,436
1,598
(115,722
(1,679
1,411,633
Mortgage-backed securities
573,285
1,537
(30,867
(2,267
541,688
2,417,952
3,751
(162,459
(3,946
Available-for-sale investments as of March 31, 2026 were as follows:
89,591
264
(4,818
85,037
159,698
981
(7,554
153,125
141,136
605
(4,727
137,014
1,603,317
6,556
(101,450
(2,304
1,506,119
564,600
4,113
(30,440
(1,656
536,617
2,558,342
12,519
(148,989
(3,960
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 September 30, 2026 and March 31, 2026 were as follows:
September 30, 2026
Less than or equal to 1 year
Greater than 1 year
Total
Unrealized Losses
2,133
(22
70,673
(5,162
72,806
44,108
(343
19,767
(4,980
63,875
40,837
(324
44,320
(5,039
85,157
381,261
(5,459
889,652
(110,263
1,270,913
160,326
(588
166,433
(30,279
326,759
628,665
(6,736
1,190,845
(155,723
1,819,510
March 31, 2026
416
(6
78,168
(4,812
78,584
13,210
(91
19,076
(7,463
32,286
23,352
(101
60,108
(4,626
83,460
108,413
(564
1,045,121
(100,886
1,153,534
24,272
(2,280
193,493
(28,160
217,765
169,663
(3,042
1,395,966
(145,947
1,565,629
14
Gross proceeds from sales of securities were $124.0 million and $2.4 million for the first six months ended September 30, 2026 and September 30, 2025, 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 $14 thousand and $1.5 million net impairment charge recorded in the first six months ended September 30, 2026 and 2025, respectively.
The amortized cost and fair value of available-for-sale investments by contractual maturity were as follows:
Due in one year or less
80,835
80,282
133,150
132,947
Due after one year through five years
552,549
535,716
589,615
578,918
Due after five years through ten years
495,844
459,855
526,745
500,476
Due after ten years
715,439
637,757
744,232
668,954
1,844,667
1,713,610
1,993,742
1,881,295
15
Equity investments of common stock and non-redeemable preferred stock were as follows:
Common stocks
10,104
10,094
9,099
9,089
Non-redeemable preferred stocks
9,000
5,556
5,887
19,104
18,099
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
671,218
667,169
Policy loans
1,873
12,633
Other investments
20,264
26,512
4. Accounts Payable and Accrued Expenses and Other Reserves
Accounts payable and accrued expenses were as follows:
Accounts payable
232,348
238,840
Accrued expenses
640,377
611,454
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 $496.5 million and $453.4 million of liabilities related to these programs as of September 30, 2026 and March 31, 2026, 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.
16
5. Notes, Loans and Finance Liabilities Payable, net
Long Term Debt
Long term debt was as follows:
Fiscal Year 2027 Interest Rates
Maturities
Weighted Avg Interest Rates (b)
March 31,2026
Real estate loans (amortizing term) (a)
4.39
-
4.94
2029
2037
4.83
270,206
254,007
Senior mortgages
2.70
6.05
2042
4.99
3,094,528
2,950,201
Real estate loans (revolving credit)
2027
Fleet loans (amortizing term)
1.61
6.02
2033
5.39
167,195
145,660
Fleet loans (revolving credit)
4.90
2031
4.92
635,000
Finance liabilities (rental equipment)
1.60
6.80
2034
5.30
2,344,491
2,376,704
Private placements
2.43
6.00
2035
3.62
1,700,000
Other obligations
1.50
8.00
2049
6.47
61,857
63,377
Notes, loans and finance liabilities payable
8,273,277
8,124,949
Less: Debt issuance costs
(43,187
(41,575
Total notes, loans and finance liabilities payable, net
(a) A certain loan has interest rate swaps fixing the rate for the relevant loan at 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.70% using the swap adjusted interest rate.
(b) Weighted average rates as of September 30, 2026.
Annual Maturities of Notes, Loans and Finance Liabilities Payable
The annual maturities and regular amortization of our notes, loans and finance liabilities payable, before debt issuance costs, as of September 30, 2026 for the next five years and thereafter are as follows:
Years Ended September 30,
2028
2030
Thereafter
981,394
923,449
1,223,833
1,140,696
839,325
3,164,580
Interest on Borrowings
Interest Expense
Components of interest expense included the following:
101,418
89,854
Capitalized interest
(4,305
(558
Amortization of transaction costs
1,996
1,571
Interest expense resulting from cash flow hedges
(90
(562
Total interest expense
99,019
90,305
17
200,573
176,473
(7,330
(5,852
3,905
3,103
(217
(1,089
196,931
172,635
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
5.62
Interest rate at the end of the quarter
5.60
Maximum amount outstanding during the quarter
$635,000
Average amount outstanding during the quarter
Facility fees
$297
Weighted average interest rate during the period
Interest rate at the end of the period
Maximum amount outstanding during the period
$835,000
$785,000
Average amount outstanding during the period
$702,760
$682,541
$505
$531
18
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
4,308
2,449
Liabilities
256
Notional amount
51,667
268,407
(Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During the first six months of fiscal 2027 and 2026, we recognized a (decrease)/increase in the fair value of our cash flow hedges of $0.0 million and $4.4 million, respectively, net of taxes. During the first six months of fiscal 2027 and 2026, we reclassified ($1.8) million and ($3.6) million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of September 30, 2026, we expect to reclassify $0.4 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 segment. 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.
Equity market contracts as economic hedging instruments:
13,121
17,630
259,411
310,104
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. Net (gains) losses recognized in net investment and interest income for the six months ended September 30, 2026 and September 30, 2025 were ($2.0) million and $5.9 million, respectively.
7. Accumulated Other Comprehensive Loss
The following tables provide the details and changes in AOCI:
ForeignCurrencyTranslation
UnrealizedNet Gains(Losses) onInvestmentsand Impactof LFPB (a) DiscountRates
FairValue ofCash FlowHedges
PostretirementBenefitObligationNet Loss
AccumulatedOtherComprehensiveLoss
(58,276
(125,058
(444
2,684
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement
Other comprehensive income (loss)
1,417
(52,897
(122,629
973
(a) Liability for future policy benefits
UnrealizedNet Gains(Losses) onInvestmentsand Impactof LFPB (a)DiscountRates
(55,120
(147,088
(590
2,602
(351
(56,579
(134,886
(941
20
(56,592
(108,943
(789
1,762
(57,540
(174,320
(885
8. Stockholders' Equity
In May 2026, the Company's Board of Directors (the "Board") authorized a $350 million stock repurchase program (the "Stock Repurchase Program") with no expiration date. Under the Stock Repurchase Program, the Company may purchase up to $350 million in aggregate for both of its Voting Common Stock and Non-Voting Common Stock in open market purchases, privately negotiated transactions, block trades, accelerated share repurchase programs, or in any other manner in compliance with applicable law. The timing and amount of stock repurchases, if any, will depend on price, market conditions, applicable regulatory requirements, and other factors. The Stock Repurchase Program does not require the Company to repurchase any specific number of shares, and may be modified, suspended or terminated at any time without prior notice. During the first six months of fiscal 2027, the Company repurchased 398,295 shares of its Voting Common Stock at a cost of $25.7 million and repurchased 1,679,756 shares of its Non-Voting Common Stock at a cost of $100.7 million, excluding any commissions related to the purchases.
21
The following table lists the dividends that have been declared and issued for the first six months of fiscal years 2027 and 2026:
Non-Voting Common Stock Dividends
Declared Date
Per Share Amount
Record Date
Dividend Date
August 20, 2026
September 14, 2026
September 25, 2026
June 3, 2026
June 15, 2026
June 26, 2026
August 21, 2025
September 15, 2025
September 26, 2025
June 4, 2025
June 16, 2025
June 27, 2025
As of September 30, 2026, 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 assets, net:
As of September 30, 2026
Operating
64,392
Right-of-use assets, gross
(27,485
Right-of-use assets, net
As of March 31, 2026
64,151
(23,963
Operating leases
Weighted average remaining lease term (years)
27.6
26.0
Weighted average discount rate
4.7
For the six months ended September 30, 2026 and 2025, cash paid for leases included in our operating cash flow activities were $6.5 million and $9.5 million, respectively. Our financing cash flow activities were $24.7 million for the six months ended September 30, 2025.
22
The components of lease costs, including leases of less than 12 months, were as follows:
September 30, 2025
Operating lease costs
Finance lease cost:
Amortization of right-of-use assets
5,979
Interest on lease liabilities
849
Total finance lease cost
6,828
The short-term lease costs for the first six months of fiscal 2027 and 2026 were not material.
Maturities of lease liabilities were as follows:
Year ending March 31,
2027 (6 months)
12,323
5,633
4,300
3,822
3,109
50,865
Total lease payments
80,052
Less: imputed interest
(42,415
Present value of lease liabilities
10. Contingencies
FTC Investigation
The United States Federal Trade Commission (the "FTC") and several U.S. states are investigating whether the truck rental prices that the Company advertises to consumers are misleading. The Company disagrees with any allegation that such advertising is misleading and is cooperating with the FTC and state investigations. However, the Company cannot predict the outcome of any such investigations with any certainty.
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
23
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.
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
7,811
7,830
U-Haul management fee revenue from Mercury
1,769
1,791
15,589
15,608
3,556
3,595
We currently manage the self-storage properties owned 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 $19.3 million and $19.4 million from the above-mentioned entities during the first six months of fiscal 2027 and 2026, 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.
24
Related Party Costs and Expenses
U-Haul lease expenses to Blackwater
663
601
U-Haul printing expenses to Blackwater
1,802
1,445
U-Haul commission expenses to Blackwater
24,194
U-Haul lease expenses to Mercury
38
U-Haul commission expenses to Mercury
6,330
6,439
33,027
32,717
1,263
1,202
3,255
2,880
47,356
47,765
12,661
12,931
64,611
64,854
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 September 30, 2026, 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 $19.1 million and $19.2 million, expenses of $4.6 million and $4.2 million and we received cash flows of $17.9 million and $18.1 million, respectively, during the first six months of fiscal 2027 and 2026. Revenues were $288.9 million and $291.9 million and commission expenses were $60.0 million and $60.7 million, respectively, related to the Dealer Agreements, during the first six months of fiscal 2027 and 2026, 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.
25
Related Party Assets
U-Haul receivable from Blackwater
29,742
36,307
U-Haul receivable from Mercury
16,740
14,972
Other (a)
1,778
1,880
26
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) losses on disposals, and total expenditures for property and equipment are only recorded within the Moving and Storage segment.
27
Revenues and net earnings available to common stockholders by reportable segment for the quarter ended September 30, 2026 were as follows:
Moving & StorageConsolidated
Property & Casualty Insurance (a)
Life Insurance (a)
Eliminations
U-Haul Holding Company Consolidated
Revenues
1,694,151
37,008
44,900
(3,384
(b,c)
Personnel expenses
332,931
Equipment maintenance and repair expenses
222,172
Other operating expenses
98,092
Other segment items
295,644
13,569
5,684
(3,041
311,856
948,839
6,371
14,379
4,067
90
(317
(b)
Depreciation, net of (gains) losses on disposal
1,452,265
20,030
38,690
(3,358
Earnings from operations before equity in earnings of subsidiaries
241,886
16,978
6,210
Equity in earnings of subsidiaries
18,325
(18,325
(d)
260,211
(18,351
8,431
(72
(99,045
98
169,196
6,138
(32,521
(3,526
(1,265
13,452
4,873
(a) Balances for the quarter ended June 30, 2026
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
28
Revenues and net earnings available to common stockholders by reportable segment for the quarter ended September 30, 2025 were as follows:
1,632,827
35,891
54,113
(2,909
322,687
223,772
91,844
256,922
12,924
3,634
(2,241
271,239
895,225
5,737
42,441
5,587
48
(640
1,435,387
18,737
51,085
(2,881
197,440
17,154
3,028
(28
16,001
(16,001
213,441
(16,029
10,111
(96
(90,333
124
132,874
2,932
(27,324
(3,515
(570
13,639
2,362
(a) Balances for the quarter ended June 30, 2025
29
Revenues and net earnings available to common stockholders by reportable segment for the six months ended September 30, 2026 were as follows:
3,296,100
68,231
96,376
(6,005
648,165
420,244
186,276
563,270
27,202
11,828
(4,944
597,356
1,817,955
11,667
51,220
8,152
168
(1,008
2,819,400
39,037
86,573
(5,952
476,700
29,194
9,803
(53
30,710
(30,710
507,410
(30,763
17,894
(144
(196,984
197
327,531
9,659
(67,927
(6,049
(2,094
23,145
7,565
(a) Balances for the six months ended June 30, 2026
Revenues and net earnings available to common stockholders by reportable segment for the six months ended September 30, 2025 were as follows:
30
3,186,686
65,612
104,207
(6,113
627,721
417,717
173,815
490,154
25,184
6,419
(4,719
517,038
1,709,407
11,236
82,124
11,052
150
(1,338
2,746,368
36,570
98,503
(6,057
440,318
29,042
5,704
27,505
(27,505
467,823
(27,561
20,876
(192
(172,691
248
315,291
5,512
(67,410
(5,983
(1,066
23,059
4,446
(a) Balances for the six months ended June 30, 2025
31
The significant segment expense categories and amounts align with the segment-level information 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 September 30, 2026 and 2025 were as follows:
Moving &StorageConsolidated
Property &CasualtyInsurance
Life Insurance
U-Haul HoldingCompanyConsolidated
Gross capital expenditures for the quarter ended September 30, 2026
721,346
Gross capital expenditures for the quarter ended September 30, 2025
997,931
Gross capital expenditures by reportable segment for the six months ended September 30, 2026 and 2025 were as follows:
Gross capital expenditures for the six months ended September 30, 2026
1,543,708
Gross capital expenditures for the six months ended September 30, 2025
1,914,502
Total assets by reportable segment as of September 30, 2026 and March 31, 2026 were as follows:
Total assets as of September 30, 2026
19,082,104
502,611
2,980,364
(690,257
Total assets as of March 31, 2026
18,687,591
485,434
3,003,054
(673,290
32
13. Geographic Area Data
United States
Canada
Consolidated
(All amounts are in thousands of U.S. $'s)
1,670,557
102,118
Depreciation and amortization, net of (gains) losses on disposals
311,217
13,135
324,352
98,684
335
166,468
7,519
35,229
2,083
37,312
Identifiable assets
20,841,567
1,033,255
1,621,719
98,203
Depreciation and amortization, net of gains (losses) on disposals
336,450
13,651
350,101
89,450
855
130,251
6,708
29,526
1,883
31,409
20,438,542
989,877
21,428,419
Six Months Ended September 30, 2026
3,260,842
193,860
604,701
26,433
631,134
196,120
811
326,817
8,857
73,686
2,384
76,070
Six Months Ended September 30, 2025
3,165,061
185,331
632,863
24,547
657,410
171,301
1,334
310,343
11,997
70,879
3,580
74,459
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
170
169
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit
382
370
Other components
(25
Total other components of net periodic benefit costs
357
345
Net periodic postretirement benefit cost
527
514
33
340
338
764
741
(50
714
691
1,054
1,029
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 estimates of 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 September 30, 2026 and March 31, 2026, 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
24,572
2,295,520
35,914
2,259,606
Embedded derivatives
8,411
Market risk benefits
11,995
33,527
20,406
34
28,961
2,461,849
41,488
2,420,361
17,886
8,937
12,113
38,936
21,050
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 $743.7 million and $830.4 million as of September 30, 2026 and March 31, 2026, 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.
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.
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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
141,578
665,395
814,669
808,846
7,325,457
2,334,829
2,292,979
10,608,106
9,618,436
128,110
664,968
807,912
805,711
7,363,642
2,348,608
2,314,586
10,473,557
9,678,228
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.
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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 September 30, 2026 and March 31, 2026.
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.
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, 2026, $1.3 million and $55.2 million was recognized as revenue for the second quarter and first six months ended September 30, 2026, respectively.
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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 and these are included in self-storage revenues.
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:
Years Ending September 30,
5,913
Property lease revenues
12,479
19,428
14,310
11,102
8,346
33,874
18,392
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:
144,961
134,942
Revenues recognized at a point in time:
110,034
109,890
Total revenues recognized under ASC 606
254,995
244,832
Revenues recognized under ASC 842
1,437,917
1,386,690
Insurance premium revenues recognized under ASC 944
39,906
48,378
Net investment and interest income recognized under other topics
264,980
250,811
227,462
226,077
492,442
476,888
2,801,496
2,707,559
83,539
90,712
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
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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 basis 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 3% as of September 30, 2026 and March 31, 2026, 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 September 30, 2026 and March 31, 2026 was $3.2 million and $3.2 million, respectively.
Accrued Interest Receivable
Accrued interest receivables on available for sale securities totaled $27.0 million and $28.3 million as of September 30, 2026 and March 31, 2026, 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 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 September 30, 2026 and March 31, 2026. As of September 30, 2026 and March 31, 2026, the Company had no commercial mortgage loans in non-accrual status. The Company had no unfunded commitment balance to commercial loan borrowers as of September 30, 2026.
Reinsurance Recoverables
Effective April 1, 2026, Life Insurance entered into a 100% coinsurance agreement to cede all directly sold final expense liabilities to a third-party reinsurer. The Company continues to service and administer these policies in the normal course of business on behalf of the reinsurer. The agreement was executed to reduce the Company's exposure to mortality and other risks within the final expense block and to provide additional capacity for future growth. Although the Company has ceded the related liabilities under the agreement, it remains the original direct writer of the final expense policies and, accordingly, is not relieved of its primary obligation to policyholders. The agreement resulted in the recognition of a related reinsurance recoverable. As of September 30, 2026, the reinsurance recoverable recorded within Trade receivables
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and reinsurance recoverables, net was approximately $199 million. The reinsurance recoverables allowance for credit losses are not material due to the fact that reinsurance is typically procured from carriers with strong credit ratings.
Premium Receivables
Premium receivables were $0.3 million and $1.1 million as of September 30, 2026 and March 31, 2026, 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)
5,082
3,104
448
8,634
Provision for (reversal of) credit losses
3,216
856
4,072
Write-offs against allowance
(5,065
Recoveries
3,233
3,960
7,641
1,084
(14
1,070
(1,157
3,160
3,946
7,554
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 prohibit the use of the deduction credit. Our effective tax rates for the second quarters ended September 30, 2026 and 2025 were a provision of 21.4% and 22.9%, respectively and for the six months ended September 30, 2026 and 2025 were a provision of 22.7% and 23.1%, respectively. Such rates differed from the federal statutory rate of 21.0% primarily due to foreign, state and local income taxes for both periods.
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 the first six months of fiscal 2027. 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 legislation does not have a material impact on our effective tax rate.
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19. Accounting Pronouncements
Adoption of New Accounting Pronouncements
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 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. The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures.
Accounting Pronouncements Not Yet Adopted
In March 2024, the United States Securities and Exchange Commission (the "SEC") issued a final rule the ("Climate 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 Climate Rule pending judicial review of consolidated challenges to the rule by the United States Court of Appeals for the Eighth Circuit (the "Court"). In March 2025, the SEC notified the Court that it was withdrawing its defense of the Climate Rule. The Court subsequently held the litigation in abeyance, pending a status report from the SEC on: (1) whether the SEC intended to review or reconsider the rule; (2) if taking no action, whether the SEC would adhere to the rule if petitions for review are denied; and (3) if not, why the SEC would not review or reconsider the rule at that time. In July 2025, the SEC provided its status report to the Court, stating that the SEC did not intend to review or reconsider the Climate Rule at that time, and declined to provide a definitive response to questions 2 or 3. On May 29, 2026, the SEC officially issued a proposal to permanently rescind the Climate Rule. 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 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, and 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.
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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.
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 six-month periods ended September 30, 2026 and 2025. Amortization expense and other for the six months ended September 30, 2026, includes a ceding commission of $35.5 million and $15.5 million of amortization related to the reinsurance transaction as described in footnote 17, Allowance for Credit Losses, under the Reinsurance Recoverables section.
Deferred Annuities
Health Insurance
Balance, beginning of year
56,980
53,291
2,581
Capitalization
5,126
489
5,644
Amortization expense and other
(5,861
(52,866
(272
(58,999
Balance, end of period
56,245
914
2,338
60,480
57,986
3,263
121,729
5,474
1,747
46
7,267
Amortization expense
(5,552
(3,893
(434
(9,879
60,402
55,840
2,875
119,117
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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
162,658
182,658
Less: Final expense block reinsured (1)
155,897
Adjusted Balance, beginning of year
6,761
Beginning balance at original discount rate
6,577
185,508
Effect of changes in cash flow assumptions
(2,922
Effect of actual variances from expected experience
(61
(1,044
Adjusted beginning of year balance
6,516
181,542
Issuances
211
2,410
Interest accrual
161
4,403
Net premium collected
(1,169
(16,776
Ending balance at original discount rate
5,719
171,579
Effect of changes in discount rate assumptions (AOCI)
298
5,800
171,877
Present value of expected future policy benefits
463,931
482,805
359,073
104,858
103,533
490,975
(3,887
Effect of actual variances from expected experiences
(283
(731
103,250
486,357
2,555
11,797
Benefit payments
(7,428
(30,450
98,588
470,114
(783
1,269
97,805
471,383
End of period, LFPB net
92,005
299,511
Payout annuities and market risk benefits
22,561
22,818
Health insurance
13,131
10,179
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable
18,874
28,229
Life DPL / Other life and health
7,469
8,214
Final expense block (1)
199,460
LFPB flooring effect
Life Insurance end of period balance
353,500
368,951
Moving and Storage balance
497,055
404,844
Property and Casualty Insurance balance
115,340
126,507
Policy benefits and losses, claims and loss expenses balance, end of period
900,302
(1) Includes liabilities related to fully reinsured final expense block. See note 17.
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(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance
11,790
319,669
Discounted balance at original discount rate
9,756
247,543
Discounted balance at current discount rate
9,824
248,018
Expected policy benefits
135,917
675,928
470,113
471,382
Mortality, lapses and morbidity
Mortality actual experience
4.52
7.15
Mortality expected experience
4.65
6.67
Lapses actual experience
1.49
2.31
Lapses expected experience
2.04
3.12
Premiums and interest expense
Gross premiums (1)
23,444
Interest expense (2)
2,394
7,394
Expected duration (persistency) of policies in-force (years)
5.9
6.7
Weighted average original interest rate of the liability for future policy benefits
5.01
4.91
Weighted average current interest rate of the liability for future policy benefits
3.97
4.37
(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.
The information in the table above lacks comparability as Life Insurance entered into a 100% coinsurance agreement to cede all directly sold final expense liabilities to a third-party reinsurer. Please see note 17.
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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
(211,536
(20,719
Interest credited
End of period
Weighted average credited rate
4.08
Cash surrender value
2,047,010
2,511,422
(205,014
(17,448
2,518,603
3.80
2,210,645
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 second quarter and first six months of fiscal 2027, compared with the second quarter and first six months of fiscal 2026, which is followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled "Liquidity and Capital Resources - Summary" and "Use of Cash". We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2027.
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, 2026. 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 second fiscal quarter that ends on the 30th of September for each year that is referenced. Our insurance company subsidiaries have a second quarter that ends on the 30th of June for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2026 and 2025 correspond to fiscal 2027 and 2026 for U-Haul Holding Company.
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® and U-Haul's mobile app are an online marketplace that connects consumers to our operations as well as independent Moving Help® service providers and thousands of independent Self-Storage Affiliates. Our network of customer-rated affiliates and service providers furnish pack and load help, cleaning help, self-storage and similar services throughout the United States and Canada. Our goal is to further utilize our web-based technology platform to increase service to consumers and businesses in the moving and storage market.
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, 2026, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Results of Operations
U-Haul Holding Company and Consolidated Entities
Quarter Ended September 30, 2026 compared with the Quarter Ended September 30, 2025
Listed below, on a consolidated basis, are revenues for our major product lines for the second quarter of fiscal 2027 and the second quarter of fiscal 2026:
Consolidated revenue
Self-moving equipment rental revenues increased $37.5 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. Total revenue, as well as revenue per transaction increased across both our In-Town and One-Way markets and total In-Town transactions increased compared to the second quarter of fiscal 2026. Compared to the same period last year, we increased the number of Company-operated retail locations and independent dealers, as well as the number of box trucks in the rental fleet.
We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage revenues increased $15.8 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 2.9% improvement in average revenue per occupied foot. During the second quarter, we added approximately 1.0 million new net rentable square feet.
Sales of self-moving and self-storage products and services increased $0.5 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. This was due to increased sales of propane.
Life insurance premiums decreased $10.4 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026 due primarily to decreased life premiums from the decrease in sales of single premium life and exiting the final expense business.
Property and casualty insurance premiums increased $1.3 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. A significant portion of Repwest's premiums are from policies sold in conjunction with U-Haul moving and storage transactions and generally correspond to the related activity at U-Haul during the same period.
Other revenue increased $8.4 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026, caused primarily by increases in our U-Box® program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
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Listed below are revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2027 and the second quarter of fiscal 2026. The insurance companies’ two quarters ended June 30, 2026 and 2025.
Moving and storage
Property and casualty insurance
Life insurance
Consolidated results
Total costs and expenses increased $5.3 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. Operating expenses for Moving and Storage increased $53.6 million. The largest contributors include freight and shipping costs of $24.4 million, personnel, which increased $10.2 million, property taxes, which increased $4.7 million and self-insured liability costs, which increased by $6.2 million.
Depreciation expense associated with our rental fleet decreased $4.5 million for the second quarter of fiscal 2027 compared with the second quarter of fiscal 2026. Net losses from the disposal of rental equipment decreased $34.1 million to $4.2 million for the second quarter of fiscal 2027, as the units sold during the second quarter of fiscal 2027 had a lower initial cost and higher average proceeds per sale. Depreciation expense on all other assets, largely from buildings and improvements increased $4.1 million. Net losses on the disposal or retirement of buildings and improvements decreased $4.8 million. Additional details are available in the following Moving and Storage section.
As a result of the changes in revenues and expenses described above, earnings from operations increased to $265.0 million for the second quarter of fiscal 2027, compared with $217.6 million for the second quarter of fiscal 2026.
Interest expense for the second quarter of fiscal 2027 was $99.0 million, compared with $90.3 million for the second quarter of fiscal 2026, due to an increase in the amount of debt outstanding and our average cost of debt.
Other interest income at Moving and Storage for the second quarter of fiscal 2027 was $8.4 million, compared with the $10.0 million for the second quarter of fiscal 2026, due to reduced interest accruals on outstanding federal income refund claims partially offset by higher interest yields compared to fiscal 2026.
Income tax expense was $37.3 million for the second quarter of fiscal 2027, compared with $31.4 million for the second quarter of fiscal 2026.
As a result of the above-mentioned items, earnings available to common stockholders were $136.7 million for the second quarter of fiscal 2027, compared with $105.6 million for the second quarter of fiscal 2026.
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Listed below are revenues for our major product lines at Moving and Storage for the second quarter of fiscal 2027 and the second quarter of fiscal 2026:
1,149,068
1,111,622
183,063
175,456
Moving and Storage revenue
Self-moving equipment rental revenues increased $37.4 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. Total revenue, as well as revenue per transaction increased across both our In-Town and One-Way markets and total In-Town transactions increased compared to the second quarter of fiscal 2026. Compared to the same period last year, we increased the number of Company-operated retail locations and independent dealers, as well as the number of box trucks in the rental fleet.
We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage revenues increased $15.8 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 2.9% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.0 million new net rentable square feet.
Listed below are self-storage data for our owned storage locations:
(In thousands, except occupancy rate)
Unit count as of September 30
876
831
Square footage as of September 30
75,741
71,167
Average monthly number of units occupied
648
630
Average monthly occupancy rate based on unit count
74.2
76.3
End of September occupancy rate based on unit count
73.6
74.4
Average monthly square footage occupied
57,863
55,623
Over the last 12 months we added approximately 4.6 million net rentable square feet of new storage to the system. This was a mix of approximately 0.6 million square feet of existing storage locations we acquired and 4.0 million square feet of new development.
Sales of self-moving and self-storage products and services increased $0.5 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. This was primarily due to increased sales of propane.
Other revenue increased $7.6 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026, caused primarily by increases in our U-Box® program.
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Total costs and expenses increased $16.9 million during the second quarter of fiscal 2027, compared with the second quarter of fiscal 2026. Operating expenses increased $53.6 million. The largest contributors include freight and shipping costs of $24.4 million, personnel, which increased $10.2 million, property taxes, which increased $4.7 million and self-insured liability costs, which increased by $6.2 million.
Depreciation expense associated with our rental fleet decreased $4.5 million for the second quarter of fiscal 2027 compared with the second quarter of fiscal 2026. Net losses from the disposal of rental equipment decreased $34.1 million to $4.2 million for the second quarter of fiscal 2027, as the units sold during the second quarter of fiscal 2027 had a lower initial cost and higher average proceeds per sale. Depreciation expense on all other assets, largely from buildings and improvements, increased $4.1 million. Net losses on the disposal or retirement of buildings and improvements decreased $4.8 million.
The components of depreciation, net of (gains) losses on disposals were as follows:
Depreciation expense - rental equipment
222,425
226,909
Depreciation expense - non rental equipment
21,969
23,760
Depreciation expense - real estate
57,317
51,440
Total depreciation expense
301,711
302,109
Net (gains) losses on disposals of rental equipment
4,248
38,329
Net (gains) losses on disposals of non-rental equipment
Total net (gains) losses on disposals of equipment
4,290
38,499
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, increased to $241.9 million for the second quarter of fiscal 2027, compared with $197.4 million for the second quarter of fiscal 2026.
Equity in the earnings of U-Haul Holding Company's insurance subsidiaries was $18.3 million for the second quarter of fiscal 2027, compared with $16.0 million for the second quarter of fiscal 2026.
As a result of the changes in revenues and expenses described above, consolidated earnings from operations for Moving and Storage increased to $260.2 million for the second quarter of fiscal 2027, compared with $213.4 million for the second quarter of fiscal 2026.
Quarter Ended June 30, 2026 compared with the Quarter Ended June 30, 2025
Net premiums were $31.3 million and $29.2 million for the quarters ended June 30, 2026 and 2025, respectively. A significant portion of Repwest’s premiums come from policies sold in conjunction with U-Haul rental transactions and generally correspond to the related activity at U-Haul during the same period.
Net investment and interest income was $5.7 million and $6.7 million for the quarters ended June 30, 2026 and 2025, respectively. The main driver of the decrease was a smaller asset base due to a $100 million dividend paid to U-Haul Holding Company in the fourth quarter of fiscal 2026.
Operating expenses were $13.6 million and $12.9 million for the quarters ended June 30, 2026 and 2025, respectively. The change was primarily due to an increase in commission expense.
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Benefits and losses incurred were $6.4 million and $5.7 million for the second quarters ended June 30, 2026 and 2025, respectively. The change was primarily attributable to an isolated increase in reserves for run-off commercial business not related to moving and storage.
As a result of the changes in revenues and expenses described above, pretax earnings from operations were $17.0 million and $17.2 million for the quarters ended June 30, 2026 and 2025, respectively.
Net premiums were $7.9 million and $18.4 million for the quarters ended June 30, 2026 and 2025, respectively. Life premiums decreased $10.5 million primarily from a reduction in sales of single premium life and exiting the final expense business. The decrease was due to policyholder lapses currently outweighing sales levels. Deferred annuity deposits were $92.0 million which was $45.8 million below the quarter ended June 30, 2025. These are accounted for on the balance sheet as deposits rather than premiums.
Net investment income was $34.5 million and $34.0 million for the quarters ended June 30, 2026 and 2025, respectively. Realized gains on derivatives used as hedges to fixed annuities decreased $0.7 million. The change in the provision for expected credit losses resulted in an increase of $2.3 million. Net interest income and realized gains on the invested assets decreased $1.1 million, primarily related to bonds.
Operating expenses were $5.7 million and $3.6 million for the quarters ended June 30, 2026 and 2025, respectively. The June 30, 2025 operating expense includes the write-off of payables that did not recur in 2026.
Benefits and losses incurred were $14.4 million and $42.4 million for the quarters ended June 30, 2026 and 2025, respectively, with the decrease primarily related to the ceding of the final expense block. Interest credited to policyholders decreased $0.4 million due to a decrease in the interest credited rates on fixed indexed annuities due to policyholders reaching the end of the surrender charge period. Life benefits decreased $27.6 million due to final expense death claims being ceded to reinsurer and lower death claims on remaning blocks. Medicare supplement benefits decreased $1.0 million from the declined policies in force. All other benefits increased $1.0 million.
Amortization of deferred acquisition costs ("DAC"), sales inducement asset ("SIA") and the value of business acquired ("VOBA") was $18.6 million and $5.0 million for the quarters ended June 30, 2026 and 2025, respectively. The increase in DAC amortization was primarily caused by the write-off of the ceding of the final expense block.
As a result of the changes in revenues and expenses described above, pretax earnings from operations were $6.1 million and $2.9 million for the quarters ended June 30, 2026 and 2025, respectively.
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Six Months Ended September 30, 2026 compared with the Six Months Ended September 30, 2025
Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2027 and the first six months of fiscal 2026:
Self-moving equipment rental revenues increased $66.8 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026. Total revenue, transactions and revenue per transaction increased across both our In-Town and One-Way markets compared to the first six months of fiscal 2026. Compared to the same period last year, we increased the number of Company-operated retail locations and independent dealers, as well as the number of box trucks in the rental fleet.
We own and manage self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage revenues increased $31.8 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 4.5% improvement in average revenue per occupied foot. During the first six months, we added approximately 2.0 million of new net rentable square feet.
Sales of self-moving and self-storage products and services increased $1.5 million for the first six months of fiscal 2027, compared with the first six months of fiscal 2026. This was due to an increase in sales of hitches and propane.
Life insurance premiums decreased $11.5 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026 due primarily to decreased Medicare supplement premiums.
Property and casualty insurance premiums increased $3.8 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026.
Net investment and interest income increased $2.0 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026. Our Life subsidiaries' investment and interest income increased primarily from gains on invested assets.
Other revenue increased $10.1 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026, caused primarily by increases in our U-Box® program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
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Listed below are revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2027 and the first six months of fiscal 2026. The insurance companies’ first six months ended June 30, 2026 and 2025.
Total costs and expenses increased $63.7 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026. Operating expenses for Moving and Storage increased $108.5 million. Freight and shipping costs increased $46.8 million during the first six months of fiscal 2027, while personnel, which increased $20.4 million, liability costs, which increased by $12.5 million and property taxes, which increased $8.9 million.
Depreciation expense associated with our rental fleet increased $9.0 million for the first six months of fiscal 2027 compared with the first six months of fiscal 2026 due to an increase in the total number of box trucks in the fleet. Net losses from the disposal of rental equipment decreased $58.1 million to $2.4 million, as the units sold during the first six months of fiscal 2027 had a lower initial cost and higher average proceeds per sale. Depreciation expense on all other assets, largely from buildings and improvements, increased $9.2 million. Net losses on the disposal or retirement of land and buildings decreased $0.1 million. Additional details are available in the following Moving and Storage section.
As a result of these changes in revenues and expenses, earnings from operations increased $40.6 million to $515.6 million for the first six months of fiscal 2027, as compared with $475.0 million for the first six months of fiscal 2026.
Interest expense for the first six months of fiscal 2027 was $196.9 million, compared with $172.6 million for the first six months of fiscal 2026, due to an increase in the amount of debt outstanding and our average cost of debt.
Other interest income at Moving and Storage for the first six months of fiscal 2027 was $17.8 million, compared with $20.7 million for the first six months of fiscal 2026, due to reduced interest accruals on outstanding federal income refund claims partially offset by higher interest yields compared to fiscal 2026.
Income tax expense was $76.1 million for the first six months of fiscal 2027, compared with $74.5 million for the first six months of fiscal 2026.
As a result of these items, earnings available to common stockholders were $259.6 million for the first six months of fiscal 2027, compared with $247.9 million for the first six months of fiscal 2026.
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Listed below are revenues for the major product lines at our Moving and Storage operating segment for the first six months of fiscal 2027 and the first six months of fiscal 2026:
2,237,466
2,170,653
337,637
328,277
Self-storage data for our owned storage locations follows:
638
631
73.5
77.2
56,900
55,511
Over the last twelve months we added approximately 4.6 million net rentable square feet of new storage to the system. This was a mix of approximately 0.6 million square feet of existing storage locations we acquired and 4.0 million square feet of new development.
Other revenue increased $9.4 million during the first six months of fiscal 2027, compared with the first six months of fiscal 2026, caused primarily by increases in our U-Box® program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
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Total costs and expenses increased $73.0 million during the first six months of fiscal 2027, compared with the six months of fiscal 2026. Operating expenses increased $108.5 million. Freight and shipping costs increased $46.8 million during the first six months of fiscal 2027, while personnel, which increased $20.4 million, liability costs, which increased by $12.5 million and property taxes, which increased $8.9 million.
Depreciation expense associated with our rental fleet increased $9.0 million for the first six months of fiscal 2027 compared with the first six months of fiscal 2026 due to an increase in the total number of box trucks in the fleet. Net losses from the disposal of rental equipment decreased $58.1 million to $2.4 million, as the units sold during the first six months of fiscal 2027 had a lower initial cost and higher average proceeds per sale. Depreciation expense on all other assets, largely from buildings and improvements, increased $9.2 million. Net losses on the disposal or retirement of land and buildings decreased $0.1 million.
444,129
435,121
44,524
47,779
113,694
101,285
2,355
60,454
139
As a result of these changes in revenues and expenses, earnings from operations for Moving and Storage before consolidation of the equity in the earnings of the insurance subsidiaries increased to $476.7 million for the first six months of fiscal 2027, compared with $440.3 million for the first six months of fiscal 2026.
Equity in the earnings of our insurance subsidiaries was $30.7 million for the first six months of fiscal 2027, compared with $27.5 million for the first six months of fiscal 2026.
As a result of these changes in revenues and expenses, earnings from operations increased to $507.4 million for the first six months of fiscal 2027, compared with $467.8 million for the first six months of fiscal 2026.
Six Months Ended June 30, 2026 compared with the Six Months Ended June 30, 2025
Premiums were $56.6 million and $52.5 million for the six months ended June 30, 2026 and 2025, respectively. A significant portion of Repwest’s premiums relate to policies sold in conjunction with U-Haul rental transactions. The premiums written corresponded with the change in moving and storage transactions at U-Haul during the same period.
Net investment and interest income was $11.7 million and $13.1 million for the six months ended June 30, 2026 and 2025, respectively. The main driver of the decrease was a smaller asset base due to a $100 million dividend paid to U-Haul Holding Company in the fourth quarter of fiscal 2026.
Operating expenses were $27.2 million and $25.2 million for the six months ended June 30, 2026 and 2025, respectively. The change was primarily due to an increase in commission expense.
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Benefits and losses incurred were $11.7 million and $11.2 million for the six months ended June 30, 2026 and 2025, respectively. The change was primarily attributable to an isolated increase in reserves for run-off commercial business.
As a result of these changes in revenues and expenses, pretax earnings from operations were $29.2 million and $29.0 million for the six months ended June 30, 2026 and 2025, respectively.
Premiums were $26.0 million and $37.5 million for the six months ended June 30, 2026 and 2025, respectively. Life premiums decreased $11.5 million primarily from the decrease in sales of single premium life and final expense. The decrease in final expense sales was a result of exiting the market in February 2026. Deferred annuity deposits were $162.0 million or $11.6 million below prior year and are accounted for on the balance sheet as deposits rather than premiums.
Net investment income was $66.6 million and $63.5 million for the six months ended June 30, 2026 and 2025, respectively. Realized gains on derivatives used as hedges to fixed annuities decreased $0.2 million. The change in the provision for expected credit losses resulted in an increase of $1.5 million. Net interest income and realized gains on the invested assets increased $4.8 million.
Operating expenses were $11.8 million and $6.4 million for the six months ended June 30, 2026 and 2025, respectively. The June 30, 2025 operating expense includes the write-off of payables that did not recur in 2026.
Benefits and losses incurred were $51.2 million and $82.1 million for the six months ended June 30, 2026 and 2025, respectively. Interest credited to policyholders increased $0.2 million due to an increase in the interest credited rates on fixed indexed annuities related to the large increase of the block of annuities. Life benefits decreased $29.1 million due to the ceding of the final expense block. Medicare supplement benefits decreased by $3.6 million from the declined policies. All other benefits increased $1.6 million.
Amortization of DAC, SIA and VOBA were $23.5 million and $9.9 million for the six months ended June 30, 2026 and 2025, respectively. The increase in DAC amortization was primarily caused by the write-off of the ceding of the final expense block.
As a result of these changes in revenues and expenses, pretax earnings from operations were $9.7 million and $5.5 million for the six months ended June 30, 2026 and 2025, respectively.
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, 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.
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As of September 30, 2026, cash and cash equivalents totaled $999.9 million, compared with $1,120.1 million as of March 31, 2026. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (Moving and Storage). As of September 30, 2026 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, other investments, fixed maturities, equity securities, and related party assets) and debt obligations of each operating segment were as follows:
Moving & Storage
870,096
79,476
50,290
Other financial assets
168,979
409,575
2,839,179
Debt obligations (b)
(a) As of June 30, 2026
(b) Excludes ($43,187) of debt issuance costs
As of September 30, 2026, 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 decreased $141.0 million in the first six months of fiscal 2027 compared with the first six months of fiscal 2026 due primarily to the Life insurance segments ceding of the final expense block, offset by improved operations and an increase in federal income tax refunds.
Net cash used in investing activities decreased $433.3 million in the first six months of fiscal 2027, compared with the first six months of fiscal 2026. Purchases of property, plant and equipment decreased $370.8 million. Fleet related spending decreased $257.7 million and investment spending on real estate acquisitions and development decreased $94.5 million. Cash from the sales of property, plant and equipment decreased $37.5 million. For our insurance subsidiaries, net cash provided by investing activities increased $109.8 million due to an increase in proceeds received for fixed maturity investments.
Net cash used in financing activities increased $500.0 million in the first six months of fiscal 2027, as compared with the first six months of fiscal 2026. This was due to a combination of increased debt repayments of $455.8 million, decreased finance lease repayments of $24.7 million, an increase in cash from borrowings of $79.8 million, a decrease in net annuity withdrawals from Life Insurance of $21.6 million and repurchases of Voting Common Stock of $25.8 million and Non-Voting Common Stock of $101.4 million in fiscal 2027.
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Liquidity and Capital Resources and Requirements of our 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 2027, the Company will reinvest in its rental equipment fleet approximately $855.0 million, net of equipment sales and excluding any lease buyouts. Through the first six months of fiscal 2027, the Company invested, net of sales, approximately $724.0 million. Fleet investments in fiscal 2027 and beyond will be dependent upon several factors including the availability of capital, the truck rental environment, the availability of equipment from our original equipment manufacturers and the used-truck sales market. We anticipate that the fiscal 2027 investments will be funded largely through debt financing, external lease financing and cash from operations. Management considers several factors including cost and tax consequences when selecting a method to fund capital expenditures. Our allocation between debt and lease financing can change from year to year based upon financial market conditions which may alter the cost or availability of financing options.
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 six months of fiscal 2027, the Company invested $431.6 million in real estate acquisitions, new construction and renovation and repair. For fiscal 2027, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, and the identification and successful acquisition of target properties and the availability of labor and materials. We are likely to maintain at or near this level of real estate capital expenditures through the remainder of fiscal 2027. U-Haul's growth plan in self-storage also includes the expansion of the U-Haul Storage Affiliate program, which does not require significant capital.
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 $1,195.2 million and $1,528.4 million for the first six months of fiscal 2027 and 2026, respectively. The components of our net capital expenditures are provided in the following table:
Purchases of rental equipment
1,067,433
1,325,141
Purchases of real estate, construction and renovations
431,573
526,041
Other capital expenditures
44,702
63,320
Gross capital expenditures
Less: Sales of property, plant and equipment
(348,538
(386,058
Net capital expenditures
1,195,170
1,528,444
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 by state regulations.
Property and Casualty Insurance’s stockholder’s equity was $370.6 million and $349.2 million as of June 30, 2026 and December 31, 2025, respectively. The increase resulted from net earnings of $23.1 million and a decrease in other comprehensive income of $1.7 million due to the decrease in the market value of its investment portfolio. Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio.
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 June 30, 2026 were $62.2 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 $285.2 million and $289.4 million as of June 30, 2026 and December 31, 2025, respectively. The decrease resulted from net earnings of $7.6 million and a decrease in other comprehensive income of $11.8 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 June 30, 2026, Oxford had outstanding deposits of $85.0 million in the FHLB, for which Oxford pays fixed interest rates between 3.91% and 4.52% with maturities between November 13, 2026 and September 30, 2030. As of June 30, 2026, available-for-sale-investments held with the FHLB totaled $196.3 million, of which $170.7 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 Segments
Net cash provided from operating activities were $1,063.1 million and $1,084.4 million for the first six months of fiscal 2027 and 2026, respectively, due to the timing of credit card receivable settlements, offset by improved operations.
Net cash provided by operating activities were $16.9 million and $22.2 million for the first six months ended June 30, 2026 and 2025, respectively. The decrease was driven primarily by timing differences in federal income tax payments.
Property and Casualty Insurance’s cash and cash equivalents amounted to $79.5 million and $64.0 million as of June 30, 2026 and December 31, 2025, 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 (used in) operating activities were ($71.0) million and $43.4 million for the second quarters ended June 30, 2026 and 2025, respectively. The decrease in operating cash flows was primarily
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due to the ceding of the final expense block. The timing of settlement of receivables for securities were offset by the increase 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 June 30, 2026 and December 31, 2025, cash and cash equivalents amounted to $50.3 million and $41.7 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.
In March 2024, the Internal Revenue Service ("IRS") completed and finalized their examination for tax years March 2014 through March 2021. During the third quarter of fiscal 2026, we received $2.4 million related to this examination. We received another $117.0 million related to this examination during the fourth quarter of fiscal 2026. We are owed $10.0 million, which is reflected in prepaid expense, plus interest of $2.2 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.
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 September 30, 2026, 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, 2026.
Fiscal 2027 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 remain stable in fiscal 2027. Revenue in the U-Move® program could be adversely impacted should we fail to execute in any of these areas. If we cannot 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 2027, 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 decrease in fiscal 2027. We will continue to invest capital and resources in the U-Box® program throughout fiscal 2027.
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Inflationary pressures may challenge our ability to maintain or improve upon our operating margin.
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 September 30, 2026 were as follows:
Property &CasualtyInsurance (a)
Assets:
111,207
32,742
226,789
Fixed maturity securities available-for-sale, net, at fair value
234,842
2,020,456
662
14,988
131,358
561,997
115,240
12,784
31,202
35,935
776
57,772
9,971
14,949
(34,432
(c)
Investment in subsidiaries
655,825
(655,825
(a) Balances as of June 30, 2026
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
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Consolidating balance sheets by segment as of September 30, 2026 continued:
829,834
5,610
37,281
36,645
783
209
9,288
1,678,665
6,476
(56,334
Related party liabilities
25,763
3,725
7,995
(37,483
11,367,322
131,971
2,695,179
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)
(174,920
(5,399
(120,282
128,732
8,221,562
281,618
376,696
(658,104
Cost of common stock in treasury, net
Cost of Series N non-voting common stock in treasury, net
Cost of preferred stock in treasury, net
7,714,782
370,640
285,185
(652,774
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Consolidating balance sheets by segment as of March 31, 2026 were as follows:
1,014,382
64,048
41,717
95,683
33,780
30,305
241,754
2,176,158
696
14,280
125,717
580,597
82,380
12,740
32,082
39,842
129
217
66,408
6,570
14,846
(34,665
638,625
(638,625
(a) Balances as of December 31, 2025
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Consolidating balance sheets by segment as of March 31, 2026 continued:
813,115
12,881
24,298
40,593
133
231
454,171
116,052
369,651
116
2,783
1,605,618
3,391
(49,428
25,684
3,627
8,583
(37,894
11,079,169
136,200
2,713,663
Non-Voting Common Stock
(166,869
(3,660
(108,511
115,400
7,979,510
258,473
369,131
(627,394
Cost of common shares in treasury, net
Cost of preferred shares in treasury, net
7,608,422
349,234
289,391
(635,396
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Consolidating statement of operations by segment for the quarter ended September 30, 2026 were as follows:
(1,139
31,348
(1,803
5,660
34,540
2,435
(99
68
Consolidating statement of operations by segment for the quarter ended September 30, 2025 were as follows:
(1,145
29,208
(936
6,683
34,007
(668
1,736
(160
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Consolidating statement of operations by segment for the six months ended September 30, 2026 were as follows:
(1,959
56,578
(2,782
11,653
66,633
(1,061
3,752
(203
70
Consolidating statement of operations by segment for the six months ended September 30, 2025 were as follows:
(1,903
52,489
(2,479
13,123
63,505
(1,395
3,163
(336
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Consolidating cash flow statements by segment for the six months ended September 30, 2026 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:
574
7,860
(42
1,204
Net (gains) losses on equity securities and investments other
(1,800
72,993
3,548
(3,777
(15,692
1,042
(196,484
(25,016
901
8,584
(3,400
77,749
(7,292
17,469
43,201
(712
(11,169
(78
6,505
1,063,089
16,873
(70,996
(21,030
(202,862
(20,100
(113,145
25,205
329,493
14,480
129,333
(1,204,442
(1,445
141,814
(page 1 of 2)
(a) Balance for the period ended June 30, 2026
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Consolidating cash flow statements by segment for the six months ended September 30, 2026 continued:
(608
(62,245
(144,286
15,428
8,573
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
(page 2 of 2)
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Consolidating cash flow statements by segment for the six months ended September 30, 2025 were as follows:
754
8,428
Provision for allowance (recoveries) for losses on trade receivables, net
(1,000
874
75,750
1,539
(4,902
64,794
3,601
(11,870
(12,998
349
(379
2,440
(5,537
(46
80,730
(934
619
42,650
(346
(6,208
199
(1,814
243
469
830
1,084,415
22,153
43,428
(12,851
(146,875
(709
(2,749
(11,850
(72,415
11,351
174,691
704
6,000
22,432
62,808
(1,527,863
9,077
21,460
(a) Balance for the period ended June 30, 2025
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Consolidating cash flow statements by segment for the six months ended September 30, 2025 continued:
477,781
(40,628
38,502
31,230
24,260
872,467
96,165
20,196
910,969
127,395
44,456
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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. 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 September 30, 2026:
Notional Amount
Effective Date
Expiration Date
Fixed Rate
Floating Rate
7/15/2022
7/15/2032
2.86
1 Month SOFR
As of September 30, 2026, we had $905.2 million of variable rate debt obligations, of this amount, $853.5 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 $8.5 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 September 30, 2026 and March 31, 2026, these derivative hedges had a net market value of $7.1 million and $8.9 million, respectively, with notional amounts of $259.4 million and $310.1 million, respectively. Of these derivative instruments, $20.3 million and $26.5 million are included in Investments, other and are offset by $13.1 million and $17.6 million, which are included in Accounts payable and accrued expenses as of September 30, 2026 and March 31, 2026, respectively 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 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 5.6% and 5.5% of our revenue was generated in Canada during the first six months of fiscal 2027 and 2026, 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,
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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, 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 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 September 30, 2026. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of September 30, 2026, 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 September 30, 2026 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, 2026.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
In May 2026, the Board authorized the Stock Repurchase Program with no expiration date. Under the Stock Repurchase Program, the Company may purchase up to $350 million in aggregate for both of its Voting Common Stock and Non-Voting Common Stock in open market purchases, privately negotiated transactions, block trades, accelerated share repurchase programs, or in any other manner in compliance with applicable law. The timing and amount of stock repurchases, if any, will depend on price, market conditions, applicable regulatory requirements, and other factors. The Stock Repurchase Program does not require the Company to repurchase any specific number of shares, and may be modified, suspended or terminated at any time without prior notice. During the first six months of fiscal 2027, the Company repurchased 398,295 shares of its Voting Common Stock at a cost of $25.7 million and repurchased 1,679,756 shares of its Non-Voting Common Stock at a cost of $100.7 million, excluding any commissions related to the purchases.
Voting Common Stock
Period
Total # of Shares Repurchased
Avg Price Paid per Share
Total # of Shares Repurchased as Part of Publicly Announced Plan
Maximum $ of Shares That May Yet be Purchased Under the Stock Repurchase Program
May 22-31, 2026
350,000,000
June 1-30, 2026
248,368
62.69
584,278
55.53
832,646
301,984,881
First Quarter Total
July 1-31, 2026
149,927
67.30
719,591
61.15
869,518
247,894,696
August 1-31, 2026
375,887
64.47
223,662,605
September 1-30, 2026
Second Quarter Total
1,095,478
62.28
1,245,405
398,295
64.43
1,679,756
59.94
2,078,051
[1]All shares were repurchased under the Board authorization covering up to $350 million of the Company’s Voting Common Stock and Non-Voting Common Stock announced on May 27, 2026. Unless modified or revoked by the Board, this authorization does not expire.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Item 5. Other Information
During the quarter ended September 30, 2026, 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: November 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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