U-Haul Holding Co /NV/ (Form: 10-Q, Received: 02/04/2026 16:33:18)

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
	For the quarterly period ended December 31, 2025


☐	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	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer	☒	Accelerated Filer	☐
Non-accelerated Filer	☐	Smaller Reporting Company	☐
Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

19,607,788 shares of Common Stock, $0.25 par value, were outstanding as of February 4, 2026.

176,470,092 shares of Series N Non-Voting Common Stock, $0.001 par value, were outstanding as of February 4, 2026.

TABLE OF CONTENTS


		Page

	PART I FINANCIAL INFORMATION

Item 1.	Financial Statements

	a) Consolidated Balance Sheets as of December 31, 2025 and March 31, 2025 (unaudited)	1

	b) Consolidated Statements of Operations for the Quarters Ended December 31, 2025 and 2024 (unaudited)	2

	c) Consolidated Statements of Operations for the Nine Months ended December 31, 2025 and 2024 (unaudited)	3

	d) Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Nine Months Ended December 31, 2025 and 2024 (unaudited)	4

	e) Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended December 31, 2025 and 2024 (unaudited)	5

	f) Consolidated Statements of Changes in Stockholders' Equity for the Nine Months Ended December 31, 2025 and 2024 (unaudited)	6

	g) Consolidated Statements of Cash Flows for the Nine Months ended December 31, 2025 and 2024 (unaudited)	7

	h) Notes to Consolidated Financial Statements (unaudited)	8

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	47

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	76

Item 4.	Controls and Procedures	79

	PART II OTHER INFORMATION

Item 1.	Legal Proceedings	79

Item 1A.	Risk Factors	79

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	79

Item 3.	Defaults Upon Senior Securities	80

Item 4.	Mine Safety Disclosures	80

Item 5.	Other Information	80

Item 6.	Exhibits	80

Part i Financial information

Item 1. Financial Statements

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED balance sheets


	December 31,			March 31,
	2025			2025
	(Unaudited)
	(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	1,032,257		$	988,828
Trade receivables and reinsurance recoverables, net		172,649			230,716
Inventories and parts		175,023			163,132
Prepaid expenses		353,201			282,406
Fixed maturity securities available-for-sale (net of allowance for credit loss of $3,789 and $3,104, respectively) at fair value and amortized cost ($2,649,214 and $2,708,562, respectively)		2,501,436			2,479,498
Equity securities, at fair value		57,418			65,549
Investments, other		720,713			678,254
Deferred policy acquisition costs, net		116,178			121,729
Other assets		129,516			126,732
Right of use assets - financing, net		30,561			138,698
Right of use assets - operating, net		40,689			46,025
Related party assets		60,630			45,003

Property, plant and equipment, at cost:
Land		1,854,024			1,812,820
Buildings and improvements		10,329,648			9,628,271
Furniture and equipment		1,068,623			1,047,414
Rental trailers and other rental equipment		1,175,723			1,046,135
Rental trucks		8,416,008			7,470,039
		22,844,026			21,004,679
Less: Accumulated depreciation		(6,616,653	)		(5,892,079	)
Total property, plant and equipment, net		16,227,373			15,112,600
Total assets	$	21,617,644		$	20,479,170
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	765,426		$	820,900
Notes, loans and finance leases payable, net		8,017,296			7,193,857
Operating lease liabilities		41,464			46,973
Policy benefits and losses, claims and loss expenses payable		930,764			857,521
Liabilities from investment contracts		2,453,325			2,511,422
Other policyholders' funds and liabilities		5,786			7,539
Deferred income		54,227			52,895
Deferred income taxes, net		1,605,547			1,489,920
Total liabilities		13,873,835			12,981,027

Commitments and contingencies (notes 5 and 10)
Stockholders' equity:
Series preferred stock, with or without par value, 50,000,000 shares authorized: Series A preferred stock, with no par value, 6,100,000 shares authorized; 6,100,000 shares issued and none outstanding		—			—
Series B preferred stock, with no par value, 100,000 shares authorized; none issued and outstanding		—			—
Serial common stock, with or without par value, 250,000,000 shares authorized: Serial common stock of $0.25 par value, 10,000,000 shares authorized; none issued and outstanding		—			—
Common stock, with $0.25 par value, 250,000,000 shares authorized: Common stock of $0.25 par value, 250,000,000 shares authorized; 41,985,700 issued and 19,607,788 outstanding		10,497			10,497
Series N Non-Voting Common Stock with $0.001 par value, 250,000,000 shares authorized Series N Non-Voting Common Stock, with $0.001 par value, 250,000,000 shares authorized; 176,470,092 shares issued and outstanding		176			176
Additional paid-in capital		462,548			462,548
Accumulated other comprehensive loss		(168,090	)		(229,314	)
Retained earnings		8,116,328			7,931,886
Cost of common stock in treasury, net (22,377,912 shares)		(525,653	)		(525,653	)
Cost of preferred stock in treasury, net (6,100,000 shares)		(151,997	)		(151,997	)
Total stockholders' equity		7,743,809			7,498,143
Total liabilities and stockholders' equity	$	21,617,644		$	20,479,170

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED Statements of operations


	Quarter ended December 31,
	2025			2024
	(Unaudited)
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rental revenues	$	886,170		$	878,585
Self-storage revenues		245,060			227,125
Self-moving and self-storage products and service sales		68,929			70,407
Property management fees		8,817			8,869
Life insurance premiums		17,848			22,926
Property and casualty insurance premiums		30,355			28,364
Net investment and interest income		47,259			40,536
Other revenue		111,170			111,746
Total revenues		1,415,608			1,388,558

Costs and expenses:
Operating expenses		848,614			782,351
Commission expenses		96,101			95,031
Cost of product sales		50,871			52,767
Benefits and losses		49,232			48,683
Amortization of deferred policy acquisition costs		4,922			4,493
Lease expense		4,281			5,052
Depreciation, net of (gains) losses on disposals of ($26,300 and ($3,526) respectively)		325,219			246,091
Net (gains) losses on disposal of real estate		2,696			3,358
Total costs and expenses		1,381,936			1,237,826

Earnings from operations		33,672			150,732
Other components of net periodic benefit costs		(346	)		(372	)
Other interest income		10,784			15,638
Interest expense		(95,527	)		(76,581	)
Fees on early extinguishment of debt and costs of defeasance		(163	)		—
Pretax earnings (losses)		(51,580	)		89,417
Income tax (expense) benefit		14,612			(22,251	)
Net earnings (losses) available to common stockholders	$	(36,968	)	$	67,166
Basic and diluted earnings (losses) per share of Common Stock	$	(0.23	)	$	0.30
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788			19,607,788
Basic and diluted earnings (losses) per share of Series N Non-Voting Common Stock	$	(0.18	)	$	0.35
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted		176,470,092			176,470,092

Related party revenues for the third quarters ended December 31, 2025 and 2024, net of eliminations, were $8.8 million and $8.9 million, respectively.

Related party costs and expenses for the third quarters ended December 31, 2025 and 2024, net of eliminations, were $26.2 million and $26.5 million, respectively.

Please see Note 11, Related Party Transactions, of the Notes to Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED Statements of operations


	Nine months ended December 31,
	2025			2024
	(Unaudited)
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rental revenues	$	3,054,920		$	2,980,265
Self-storage revenues		725,596			667,381
Self-moving and self-storage products and service sales		256,946			254,761
Property management fees		28,020			27,950
Life insurance premiums		55,387			64,154
Property and casualty insurance premiums		80,365			75,360
Net investment and interest income		122,492			115,455
Other revenue		442,274			409,830
Total revenues		4,766,000			4,595,156

Costs and expenses:
Operating expenses		2,584,905			2,463,181
Commission expenses		334,649			326,610
Cost of product sales		190,701			181,031
Benefits and losses		142,592			137,081
Amortization of deferred policy acquisition costs		14,801			13,578
Lease expense		14,226			15,386
Depreciation, net of (gains) losses on disposal ($86,732 and ($28,849) respectively)		969,836			689,906
Net (gains) losses on disposal of real estate		5,610			9,453
Total costs and expenses		4,257,320			3,836,226

Earnings from operations		508,680			758,930
Other components of net periodic benefit costs		(1,037	)		(1,116	)
Other interest income		31,468			50,004
Interest expense		(268,162	)		(215,297	)
Fees on early extinguishment of debt and costs of defeasance		(189	)		(495	)
Pretax earnings		270,760			592,026
Income tax expense		(59,847	)		(142,645	)
Net earnings available to common stockholders	$	210,913		$	449,381
Basic and diluted earnings per common share	$	0.94		$	2.16
Weighted average common shares outstanding: Basic and diluted		19,607,788			19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock	$	1.09		$	2.31
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted		176,470,092			176,470,092

Related party revenues for the first nine months ended December 31, 2025 and 2024, net of eliminations, were $28.0 million and $28.0 million, respectively.

Related party costs and expenses for the first nine months ended December 31, 2025 and 2024, net of eliminations, were $91.0 million and $90.0 million, respectively.

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.

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

consolidatED statements of COMPREHENSIVE INCOME (loss)


Quarter ended December 31, 2025	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings (losses)	$	(51,580	)	$	14,612		$	(36,968	)
Other comprehensive income (loss):
Foreign currency translation		1,841			—			1,841
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses)		25,393			(5,367	)		20,026
Change in fair value of cash flow hedges		610			(153	)		457
Amounts reclassified into earnings on hedging activities		(813	)		203			(610	)
Total other comprehensive income (loss)		27,031			(5,317	)		21,714

Total comprehensive income (loss)	$	(24,549	)	$	9,295		$	(15,254	)

Quarter ended December 31, 2024	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings	$	89,417		$	(22,251	)	$	67,166
Other comprehensive income (loss):
Foreign currency translation		(3,929	)		—			(3,929	)
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses)		68,650			(14,542	)		54,108
Change in fair value of cash flow hedges		6,121			(1,510	)		4,611
Amounts reclassified into earnings on hedging activities		(1,596	)		399			(1,197	)
Total other comprehensive income (loss)		69,246			(15,653	)		53,593

Total comprehensive income (loss)	$	158,663		$	(37,904	)	$	120,759


Nine months ended December 31, 2025	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings	$	270,760		$	(59,847	)	$	210,913
Other comprehensive income (loss):
Foreign currency translation		2,802			—			2,802
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses)		75,331			(15,871	)		59,460
Change in fair value of cash flow hedges		(5,299	)		1,319			(3,980	)
Amounts reclassified into earnings on hedging activities		3,923			(981	)		2,942
Total other comprehensive income (loss)		76,757			(15,533	)		61,224

Total comprehensive income (loss)	$	347,517		$	(75,380	)	$	272,137

Nine months ended December 31, 2024	Pre-tax			Tax			Net
	(Unaudited)
	(In thousands)
Comprehensive income:
Net earnings	$	592,026		$	(142,645	)	$	449,381
Other comprehensive income (loss):
Foreign currency translation		(3,712	)		—			(3,712	)
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement gains (losses)		57,171			(12,508	)		44,663
Change in fair value of cash flow hedges		5,907			(1,505	)		4,402
Amounts reclassified into earnings on hedging activities		(12,500	)		3,125			(9,375	)
Total other comprehensive income (loss)		46,866			(10,888	)		35,978

Total comprehensive income (loss)	$	638,892		$	(153,533	)	$	485,359

The accompanying notes are an integral part of these consolidated financial statements.

U-Haul Holding Company and consolidated subsidiaries

consolidated statements of changes in stockholders’ equity


		Common Stock		Series N Non-Voting Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Less: Treasury Common Stock			Less: Treasury Preferred Stock			Total Stockholders' Equity
	(Unaudited)
	(In thousands)
Balance as of September 30, 2025		$	10,497	$	176		$	462,548	$	(189,804	)	$	8,162,120		$	(525,653	)	$	(151,997	)	$	7,767,887
Foreign currency translation			—		—			—		1,841			—			—			—			1,841
Unrealized net gain (losses) on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—		—			—		20,026			—			—			—			20,026
Change in fair value of cash flow hedges, net of tax			—		—			—		457			—			—			—			457
Amounts reclassified into earnings on hedging activities			—		—			—		(610	)		—			—			—			(610	)
Net earnings (losses)			—		—			—		—			(36,968	)		—			—			(36,968	)
Series N Non-Voting Common Stock dividends: ($0.05 per share)			—		—			—		—			(8,824	)		—			—			(8,824	)
Net activity			—		—			—		21,714			(45,792	)		—			—			(24,078	)
Balance as of December 31, 2025		$	10,497	$	176		$	462,548	$	(168,090	)	$	8,116,328		$	(525,653	)		(151,997	)	$	7,743,809

Balance as of September 30, 2024		$	10,497	$	176		$	462,548	$	(240,831	)	$	7,964,658		$	(525,653	)	$	(151,997	)	$	7,519,398
Foreign currency translation			—		—			—		(3,929	)		—			—			—			(3,929	)
Unrealized net gain (losses) on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—		—			—		54,108			—			—			—			54,108
Change in fair value of cash flow hedges, net of tax			—		—			—		4,611			—			—			—			4,611
Amounts reclassified into earnings on hedging activities			—		—			—		(1,197	)		—			—			—			(1,197	)
Net earnings			—		—			—		—			67,166			—			—			67,166
Series N Non-Voting Common stock dividends: ($0.05 per share)			—		—			—		—			(8,824	)		—			—			(8,824	)
Net activity			—		—			—		53,593			58,342			—			—			111,935
Balance as of December 31, 2024		$	10,497	$	176	$	$	462,548	$	(187,238	)	$	8,023,000		$	(525,653	)	$	(151,997	)	$	7,631,333

The accompanying notes are an integral part of these consolidated financial statements.

U-Haul Holding Company and consolidated subsidiaries

consolidated statements of changes in stockholders’ equity


		Common Stock		Series N Non-Voting Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Less: Treasury Common Stock			Less: Treasury Preferred Stock			Total Stockholders' Equity
	(Unaudited)
	(In thousands)
Balance as of March 31, 2025		$	10,497	$	176	$	462,548	$	(229,314	)	$	7,931,886		$	(525,653	)	$	(151,997	)	$	7,498,143
Foreign currency translation			—		—		—		2,802			—			—			—			2,802
Unrealized net gain (losses) on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—		—		—		59,460			—			—			—			59,460
Change in fair value of cash flow hedges, net of tax			—		—		—		(3,980	)		—			—			—			(3,980	)
Amounts reclassified into earnings on hedging activities			—		—		—		2,942			—			—			—			2,942
Net earnings			—		—		—		—			210,913			—			—			210,913
Series N Non-Voting Common Stock dividends: ($0.15 per share)			—		—		—		—			(26,471	)		—			—			(26,471	)
Net activity			—		—		—		61,224			184,442			—			—			245,666
Balance as of December 31, 2025		$	10,497	$	176		462,548	$	(168,090	)	$	8,116,328		$	(525,653	)		(151,997	)	$	7,743,809

Balance as of March 31, 2024		$	10,497	$	176	$	462,548	$	(223,216	)	$	7,600,090		$	(525,653	)	$	(151,997	)	$	7,172,445
Foreign currency translation			—		—		—		(3,712	)		—			—			—			(3,712	)
Unrealized net gain (losses) on investments and future policy benefits discount rate remeasurement gains (losses), net of tax			—		—		—		44,663			—			—			—			44,663
Change in fair value of cash flow hedges, net of tax			—		—		—		4,402			—			—			—			4,402
Amounts reclassified into earnings on hedging activities			—		—		—		(9,375	)		—			—			—			(9,375	)
Net earnings			—		—		—		—			449,381			—			—			449,381
Series N Non-Voting Common stock dividends: ($0.15 per share)			—		—		—		—			(26,471	)		—			—			(26,471	)
Net activity			—		—		—		35,978			422,910			—			—			458,888
Balance as of December 31, 2024		$	10,497	$	176	$	462,548	$	(187,238	)	$	8,023,000		$	(525,653	)	$	(151,997	)	$	7,631,333

The accompanying notes are an integral part of these consolidated financial statements.

U-Haul holding company AND CONSOLIDATED subsidiaries

consolidatED statements of cash flows


	Nine months ended December 31,
	2025			2024
	(Unaudited)
	(In thousands)
Cash flows from operating activities:
Net earnings	$	210,913		$	449,381
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		883,104			718,755
Amortization of premiums and accretion of discounts related to investments, net		13,527			10,431
Amortization of debt issuance costs		5,213			4,275
Interest credited to policyholders		72,952			58,290
Provision for allowance for losses on trade receivables, net		(1,369	)		1,463
Operating lease right-of-use asset amortization		6,813			8,015
Net (gains) losses on disposals of equipment		86,732			(28,849	)
Net (gains) losses on disposal of real estate		5,610			9,453
Net (gains) losses on sales of fixed maturity securities		2,356			19
Net (gains) losses on equity securities and investments, other		(5,175	)		(7,299	)
Deferred income taxes, net		99,677			48,769
Net change in other operating assets and liabilities:
Trade receivables and reinsurance recoverables		59,566			34,720
Inventories and parts		(11,888	)		(4,209	)
Prepaid expenses		(70,301	)		(20,559	)
Deferred policy acquisition costs, net		5,551			(1,791	)
Other assets		(2,704	)		(19,270	)
Related party assets		(12,987	)		(2,404	)
Accounts payable and accrued expenses and operating lease liabilities		(16,859	)		20,461
Policy benefits and losses, claims and loss expenses payable		63,053			(22,069	)
Other policyholders' funds and liabilities		(1,754	)		2,825
Deferred income		1,195			(3,602	)
Other liabilities		(2,630	)		(909	)
Net cash provided by (used in) operating activities		1,390,595			1,255,896

Cash flows from investing activities:
Escrow deposits activity		729			3,445
Purchases of:
Property, plant and equipment		(2,602,669	)		(2,863,496	)
Fixed maturity securities available-for-sale		(266,213	)		(441,974	)
Equity securities		(3,531	)		(852	)
Investments, other		(144,986	)		(92,774	)
Proceeds from sales of:
Property, plant and equipment		571,544			530,135
Fixed maturity securities available-for-sale		310,459			318,634
Equity securities		14,745			10,842
Investments, other		107,318			97,594
Net cash provided by (used in) provided by investing activities		(2,012,604	)		(2,438,446	)

Cash flows from financing activities:
Borrowings from credit facilities		1,760,351			1,404,974
Principal repayments on credit facilities		(902,232	)		(713,949	)
Payment of debt issuance costs		(10,602	)		(4,224	)
Finance lease payments		(32,901	)		(60,661	)
Securitization deposits		345			331
Series N Non-Voting Common Stock dividends paid		(26,471	)		(26,471	)
Investment contract deposits		247,328			389,848
Investment contract withdrawals		(378,377	)		(318,005	)
Net cash provided by (used in) by financing activities		657,441			671,843

Effects of exchange rate on cash		7,997			(6,439	)

Increase (decrease) in cash and cash equivalents		43,429			(517,146	)
Cash and cash equivalents at the beginning of period		988,828			1,534,544
Cash and cash equivalents at the end of period	$	1,032,257		$	1,017,398


Supplemental disclosure of cash flow information:
Cash paid (received) for:
Interest	$	251,099		$	207,241
Interest on derivatives		(1,935	)		(4,163	)
Income taxes, net		507			70,812
Non-cash activities:
Right-of-use assets in exchange for lease liabilities		1,471			3,067
Purchase of property, plant and equipment included in accounts payable		66,124			62,709

The accompanying notes are an integral part of these consolidated financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

U-Haul Holding Company, a Nevada corporation (“U-Haul Holding Company”), has a third fiscal quarter that ends on the 31st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30th of September for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. We believe that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of consolidated financial position or consolidated results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2025 and 2024 correspond to fiscal 2026 and 2025 for U-Haul Holding Company.

Accounts denominated in non-U.S. currencies have been translated into U.S. dollars.

The accompanying interim consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with the accounting principles generally accepted in the United States of America (“GAAP”). Interim results are not necessarily indicative of full year performance. The year-end consolidated balance sheet data was derived from audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, which include all disclosures required by GAAP. Compared to the consolidated annual financial statements, certain footnotes within the accompanying interim consolidated financial statements have been condensed. Therefore, these interim consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

In our opinion, all adjustments necessary for the fair presentation of such consolidated financial statements have been included. Such adjustments consist only of normal recurring items.

Intercompany accounts and transactions have been eliminated.

Description of Legal Entities

U-Haul Holding Company is the holding company for:

U-Haul International, Inc. (“U-Haul”);

Amerco Real Estate Company (“Real Estate”);

Repwest Insurance Company (“Repwest”); and

Oxford Life Insurance Company (“Oxford”).

Unless the context otherwise requires, the terms “Company,” “we,” “us” or “our” refer to U-Haul Holding Company and all of its legal subsidiaries.

Description of Operating and Reportable Segments

U-Haul Holding Company's three operating and reportable segments are Moving and Storage, Property and Casualty Insurance and Life Insurance.

Moving and Storage operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane and the rental of fixed and portable moving and storage units to the “do-it-yourself” mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul® throughout the United States and Canada.

Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul® through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove®, Safetow®, Safemove Plus®, Safestor® and Safehaul® protection packages to U-Haul customers. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul-related programs. ARCOA Risk Retention Group is a

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

group captive insurer owned by us and our wholly owned subsidiaries whose purpose is to provide insurance products related to our moving and storage business.

Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

2. Earnings per Share

We calculate earnings per share using the two-class method in accordance with ASC Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”), and the Company's Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”), based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and the Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and the Non-Voting Common Stock.

Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for the Voting Common Stock and the Non-Voting Common Stock.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The calculation of basic and diluted earnings per share for the quarters ended December 31, 2025 and 2024 for the Voting Common Stock and the Non-Voting Common Stock were as follows:


	Quarter Ended
	December 31,
	2025			2024
	(Unaudited)
	(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock		19,607,788			19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10	%		10	%

Net earnings (losses) available to common stockholders	$	(36,968	)	$	67,166
Voting Common Stock dividends declared and paid		—			—
Non-Voting Common Stock dividends declared and paid		(8,824	)		(8,824	)
Undistributed earnings (losses) available to common stockholders	$	(45,792	)	$	58,342
Undistributed earnings (losses) available to common stockholders allocated to Voting Common Stock	$	(4,579	)	$	5,834

Undistributed earnings (losses) per share of Voting Common Stock	$	(0.23	)	$	0.30
Dividends declared per share of Voting Common Stock		—			—
Basic and diluted earnings (losses) per share of Voting Common Stock	$	(0.23	)	$	0.30


Weighted average shares outstanding of Non-Voting Common Stock		176,470,092			176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90	%		90	%

Net earnings (losses) available to common stockholders	$	(36,968	)	$	67,166
Voting Common Stock dividends declared and paid		—			—
Non-Voting Common Stock dividends declared and paid		(8,824	)		(8,824	)
Undistributed earnings (losses) available to common stockholders	$	(45,792	)	$	58,342
Undistributed earnings (losses) available to common stockholders allocated to Non-Voting Common Stock	$	(41,213	)	$	52,508

Undistributed earnings (losses) per share of Non-Voting Common Stock	$	(0.23	)	$	0.30
Dividends declared per share of Non-Voting Common Stock		0.05			0.05
Basic and diluted earnings (losses) per share of Non-Voting Common Stock	$	(0.18	)	$	0.35

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The calculation of basic and diluted earnings per share for the nine months ended December 31, 2025 and 2024 for the voting Common Stock and the Non-Voting Common Stock were as follows:


	Nine months ended
	December 31,
	2025			2024
	(Unaudited)
	(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock		19,607,788			19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10	%		10	%

Net earnings available to common stockholders	$	210,913		$	449,381
Voting Common Stock dividends declared and paid		—			—
Non-Voting Common Stock dividends declared and paid		(26,471	)		(26,471	)
Undistributed earnings available to common stockholders	$	184,442		$	422,910
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	18,444		$	42,291

Undistributed earnings per share of Voting Common Stock	$	0.94		$	2.16
Dividends declared per share of Voting Common Stock		—			—
Basic and diluted earnings per share of Voting Common Stock	$	0.94		$	2.16


Weighted average shares outstanding of Non-Voting Common Stock		176,470,092			176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880			196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90	%		90	%

Net earnings available to common stockholders	$	210,913		$	449,381
Voting Common Stock dividends declared and paid		—			—
Non-Voting Common Stock dividends declared and paid		(26,471	)		(26,471	)
Undistributed earnings available to common stockholders	$	184,442		$	422,910
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	165,998		$	380,619

Undistributed earnings per share of Non-Voting Common Stock	$	0.94		$	2.16
Dividends declared per share of Non-Voting Common Stock		0.15			0.15
Basic and diluted earnings per share of Non-Voting Common Stock	$	1.09		$	2.31

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Investments

We deposit bonds with insurance regulatory authorities to meet statutory requirements. The adjusted cost of bonds on deposit with insurance regulatory authorities was $21.4 million and $21.5 million as of December 31, 2025 and March 31, 2025, respectively.

Available-for-Sale Investments

Available-for-sale investments as of December 31, 2025 were as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Expected Credit Losses			Fair Value
	(Unaudited)
	(In thousands)
U.S. treasury securities and government obligations	$	104,262	$	265	$	(5,320	)	$	—		$	99,207
U.S. government agency mortgage-backed securities		156,754		1,024		(7,672	)		—			150,106
Obligations of states and political subdivisions		133,861		520		(5,904	)		—			128,477
Corporate securities		1,660,382		5,420		(102,335	)		(3,789	)		1,559,678
Mortgage-backed securities		593,955		3,847		(33,834	)		—			563,968
	$	2,649,214	$	11,076	$	(155,065	)	$	(3,789	)	$	2,501,436

Available-for-sale investments as of March 31, 2025 were as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Expected Credit Losses			Fair Value
	(Unaudited)
	(In thousands)
U.S. treasury securities and government obligations	$	119,289	$	206	$	(8,353	)	$	—		$	111,142
U.S. government agency mortgage-backed securities		81,909		232		(8,712	)		—			73,429
Obligations of states and political subdivisions		137,280		272		(8,808	)		—			128,744
Corporate securities		1,807,605		1,623		(155,749	)		(3,104	)		1,650,375
Mortgage-backed securities		562,479		582		(47,253	)		—			515,808
	$	2,708,562	$	2,915	$	(228,875	)	$	(3,104	)	$	2,479,498

A summary of available-for-sale investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31, 2025 and March 31, 2025 were as follows:


	December 31, 2025
	Less than or equal to 1 year					Greater than 1 year					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Unaudited)
	(In thousands)
U.S. treasury securities and government obligations	$	—	$	—		$	92,760	$	(5,320	)	$	92,760	$	(5,320	)
U.S. government agency mortgage-backed securities		37,360		(190	)		19,478		(7,482	)		56,838		(7,672	)
Obligations of states and political subdivisions		18,120		(434	)		62,533		(5,470	)		80,653		(5,904	)
Corporate securities		72,656		(370	)		1,113,633		(101,965	)		1,186,289		(102,335	)
Mortgage-backed securities		35,644		(2,192	)		194,896		(31,642	)		230,540		(33,834	)
	$	163,780	$	(3,186	)	$	1,483,300	$	(151,879	)	$	1,647,080	$	(155,065	)

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	March 31, 2025
	Less than or equal to 1 year					Greater than 1 year					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Unaudited)
	(In thousands)
U.S. treasury securities and government obligations	$	1,760	$	(24	)	$	95,058	$	(8,329	)	$	96,818	$	(8,353	)
U.S. government agency mortgage-backed securities		36,871		(197	)		20,928		(8,515	)		57,799		(8,712	)
Obligations of states and political subdivisions		46,036		(1,628	)		52,903		(7,179	)		98,939		(8,807	)
Corporate securities		294,133		(5,822	)		1,239,884		(149,927	)		1,534,017		(155,749	)
Mortgage-backed securities		188,328		(3,911	)		217,020		(43,343	)		405,348		(47,254	)
	$	567,128	$	(11,582	)	$	1,625,793	$	(217,293	)	$	2,192,921	$	(228,875	)

Gross proceeds from sales of securities were $7.4 million and $10.8 million for the first nine months ended December 31, 2025 and December 31, 2024, respectively. No material gross realized gains or losses were recognized.

For available-for-sale debt securities in an unrealized loss position, we first assess whether the security is below investment grade. For securities that are below investment grade, we evaluate whether the decline in fair value has resulted from credit losses or other factors such as the interest rate environment. Declines in value due to credit are recognized as an allowance. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, cumulative default rates based on ratings are used to determine the potential cost of default, by year. The present value of these potential costs is then compared to the amortized cost of the security to determine the credit loss, limited by the amount that the fair value is less than the amortized cost basis.

Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are recorded through accumulated other comprehensive income, net of applicable taxes. If we intend to sell a security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized.

Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. There was a $0.7 million and $2.0 million net impairment charge recorded in the first nine months ended December 31, 2025 and 2024, respectively.

Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The amortized cost and fair value of available-for-sale investments by contractual maturity were as follows:


	December 31, 2025				March 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Unaudited)
	(In thousands)
Due in one year or less	$	176,399	$	175,753	$	196,238	$	194,896
Due after one year through five years		577,465		568,566		591,589		576,204
Due after five years through ten years		547,894		518,739		611,788		558,430
Due after ten years		753,501		674,410		746,468		634,160
		2,055,259		1,937,468		2,146,083		1,963,690

Mortgage-backed securities		593,955		563,968		562,479		515,808
	$	2,649,214	$	2,501,436	$	2,708,562	$	2,479,498

Equity investments of common stock and non-redeemable preferred stock were as follows:


	December 31, 2025				March 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Unaudited)
	(In thousands)
Common stocks	$	32,990	$	49,343	$	30,108	$	43,413
Non-redeemable preferred stocks		11,045		8,075		25,144		22,136
	$	44,035	$	57,418	$	55,252	$	65,549

Changes in the market value of common stock and non-redeemable preferred stock are recognized in earnings.

Investments, other

The carrying value of the other investments was as follows:


	December 31,		March 31,
	2025		2025
	(Unaudited)
	(In thousands)
Mortgage loans, net	$	699,878	$	657,567
Policy loans		12,521		11,868
Other investments		8,314		8,819
	$	720,713	$	678,254

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4. Accounts Payable and Accrued Expenses and Other Reserves

Accounts payable and accrued expenses were as follows:


		December 31,			March 31,
		2025			2025
		(Unaudited)
		(In thousands)
Accounts payable	$		181,825	$		263,280
Accrued expenses			583,601			557,620
	$		765,426	$		820,900

Other Reserves

Self-Insurance Liabilities

U-Haul retains the risk for certain public liability and third-party property damage claims related to our rental equipment. The consolidated balance sheets include $439.8 million and $360.8 million of liabilities related to these programs as of December 31, 2025 and March 31, 2025, respectively. These liabilities represent an estimate for both reported claims not yet paid and claims incurred but not yet reported and are recorded on an undiscounted basis in policy benefits and losses, claims and loss expenses payable. Requirements are based on actuarial evaluations of historical accident claims expense and trends, as well as future projection of ultimate losses, expenses and administrative costs. The adequacy of the liability is monitored based on evolving claim history. This liability is subject to change in the future based upon changes in the underlying assumptions including claims experience, frequency of incidents and severity of incidents.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. Notes, Loans and Finance Leases Payable, net

Long Term Debt

Long term debt was as follows:


	Fiscal Year 2026 Interest Rates						Maturities				Weighted Avg Interest Rates (c)			December 31, 2025			March 31, 2025
														(Unaudited)
														(In thousands)
Real estate loans (amortizing term) (a)		4.30	%	-	5.35	%	2027		-	2037		4.88	%	$	256,977		$	265,887
Senior mortgages		2.70	%	-	6.05	%	2026		-	2042		4.69	%		2,839,587			2,437,769
Real estate loans (revolving credit)		—	%	-	—	%		—	-	2027	-		%		—			—
Fleet loans (amortizing term)		1.61	%	-	6.02	%	2026		-	2033		5.37	%		154,964			125,839
Fleet loans (revolving credit) (b)		4.77	%	-	5.27	%	2028		-	2030		5.14	%		635,000			625,000
Finance leases (rental equipment)		2.89	%	-	4.66	%	2026		-	2026		4.25	%		11,437			44,338
Finance liability (rental equipment)		1.60	%	-	6.80	%	2025		-	2033		5.19	%		2,395,416			1,963,644
Private placements		2.43	%	-	6.00	%	2029		-	2035		3.62	%		1,700,000			1,700,000
Other obligations		1.50	%	-	8.00	%	2026		-	2049		6.41	%		64,798			66,864
Notes, loans and finance leases payable															8,058,179			7,229,341
Less: Debt issuance costs															(40,883	)		(35,484	)
Total notes, loans and finance leases payable, net														$	8,017,296		$	7,193,857

(a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72% and 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.10% using the swap adjusted interest rate.
(b) A certain loan has an interest rate swap fixing a portion of the rate for the relevant loan at 4.36% based on current margin. The weighted average interest rate calculation for all loans was 5.19% using the swap adjusted interest rate.
(c) Weighted average rates as of December 31, 2025.

Annual Maturities of Notes, Loans and Finance Leases Payable

The annual maturities and regular amortization of our notes, loans and finance leases payable, before debt issuance costs, as of December 31, 2025 for the next five years and thereafter are as follows:


	Years Ended December 31,
	2026		2027		2028		2029		2030		Thereafter		Total
	(Unaudited)
	(In thousands)
Notes, loans and finance leases payable	$	863,796	$	1,089,226	$	864,684	$	956,517	$	925,310	$	3,358,646	$	8,058,179

Interest on Borrowings

Interest Expense

Components of interest expense included the following:


	Quarter ended December 31,
	2025			2024
	(Unaudited)
	(In thousands)
Interest expense	$	96,337		$	80,760
Capitalized interest		(2,161	)		(4,608	)
Amortization of transaction costs		1,779			1,390
Interest expense resulting from cash flow hedges		(428	)		(961	)
Total interest expense	$	95,527		$	76,581

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	Nine months ended December 31,
	2025			2024
	(Unaudited)
	(In thousands)
Interest expense	$	272,810		$	226,148
Capitalized interest		(8,013	)		(11,188	)
Amortization of transaction costs		4,882			4,229
Interest expense resulting from cash flow hedges		(1,517	)		(3,892	)
Total interest expense	$	268,162		$	215,297

Interest Rates

Interest rates and Company borrowings related to our revolving credit facilities were as follows:


	Revolving Credit Activity
	Quarter ended December 31,
		2025			2024
	(Unaudited)
	(In thousands, except interest rates)
Weighted average interest rate during the quarter		5.35	%		6.05	%
Interest rate at the end of the quarter		5.22	%		5.88	%
Maximum amount outstanding during the quarter	$	785,000		$	765,000
Average amount outstanding during the quarter	$	732,826		$	745,272
Facility fees	$	234		$	214


	Revolving Credit Activity
	Nine months ended December 31,
		2025			2024
	(Unaudited)
	(In thousands, except interest rates)
Weighted average interest rate during the period		5.53	%		6.43	%
Interest rate at the end of the period		5.22	%		5.88	%
Maximum amount outstanding during the period	$	785,000		$	765,000
Average amount outstanding during the period	$	699,364		$	665,376
Facility fees	$	764		$	793

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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
	December 31, 2025		March 31, 2025
	(Unaudited)
	(In thousands)
Interest rate swaps designated as cash flow hedges:
Assets	$	2,310	$	4,381
Liabilities	$	411	$	777
Notional amount	$	270,527	$	376,887

(Gains) or losses recognized in income on interest rate derivatives are recorded as interest expense in the consolidated statements of operations. During the first nine months of fiscal 2026 and 2025, we recognized a (decrease)/increase in the fair value of our cash flow hedges of ($4.0) million and $4.4 million, respectively, net of taxes. During the first nine months of fiscal 2026 and 2025, we reclassified $2.9 million and ($9.4) million, respectively, from accumulated other comprehensive income (loss) (“AOCI”) to interest expense, net of tax. As of December 31, 2025, we expect to reclassify $1.2 million of net gains on interest rate contracts from AOCI to earnings as interest expense over the next 12 months.

Economic Hedges

We use derivatives to economically hedge our equity market exposure to indexed annuity products sold by our Life Insurance company. These contracts earn a return for the contract holder based on the change in the value of the S&P 500 index between annual index point dates. We buy and sell listed equity and index call options and call option spreads. The credit risk is with the party in which the options are written. The net option price is paid up front and there are no additional cash requirements or additional contingent liabilities. These contracts are held at fair value on our balance sheet. These derivative instruments are included in Investments, other on the consolidated balance sheets. The fair values of these call options are determined based on quoted market prices from the relevant exchange and are classified as Level 1 in the fair value hierarchy. Net (gains) losses recognized in net investment and interest income for the first nine months of December 31, 2025 and 2024 were $7.5 million and $5.0 million, respectively.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	Derivatives Fair Values as of
	December 31, 2025		March 31, 2025
	(Unaudited)
	(In thousands)
Equity market contracts as economic hedging instruments:
Assets	$	8,314	$	8,819
Notional amount	$	296,776	$	326,218

Although the call options are employed to be effective hedges against our policyholder obligations from an economic standpoint, they do not meet the requirements for hedge accounting under GAAP. Accordingly, the changes in fair value of the call options are recognized each reporting date as a component of net investment and interest income. The change in fair value of the call options include the gains or losses recognized at the expiration of the option term and the changes in fair value for open contracts.

7. Accumulated Other Comprehensive Loss

The following tables provide the details and changes in AOCI:


	Foreign Currency Translation			Unrealized Net Gains (Losses) on Investments and Impact of LFPB Discount Rates (a)			Fair Value of Cash Flow Hedges			Postretirement Benefit Obligation Net Loss		Accumulated Other Comprehensive Loss
	(Unaudited)
	(In thousands)
Balance as of September 30, 2025	$	(56,579	)	$	(134,886	)	$	(941	)	$	2,602	$	(189,804	)
Foreign currency translation		1,841			—			—			—		1,841
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement		—			20,026			—			—		20,026
Change in fair value of cash flow hedges		—			—			457			—		457
Amounts reclassified into earnings on hedging activities		—			—			(610	)		—		(610	)
Other comprehensive income (loss)		1,841			20,026			(153	)		—		21,714
Balance as of December 31, 2025	$	(54,738	)	$	(114,860	)	$	(1,094	)	$	2,602	$	(168,090	)

(a) Liability for future policy benefits


	Foreign Currency Translation			Unrealized Net Gains (Losses) on Investments and Impact of LFPB Discount Rates (a)			Fair Value of Cash Flow Hedges			Postretirement Benefit Obligation Net Loss		Accumulated Other Comprehensive Loss
	(Unaudited)
	(In thousands)
Balance as of September 30, 2024	$	(53,490	)	$	(186,328	)	$	(2,057	)	$	1,044	$	(240,831	)
Foreign currency translation		(3,929	)		—			—			—		(3,929	)
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement		—			54,108			—			—		54,108
Change in fair value of cash flow hedges		—			—			4,611			—		4,611
Amounts reclassified into earnings on hedging activities		—			—			(1,197	)		—		(1,197	)
Other comprehensive income (loss)		(3,929	)		54,108			3,414			—		53,593
Balance as of December 31, 2024	$	(57,419	)	$	(132,220	)	$	1,357		$	1,044	$	(187,238	)

(a) Liability for future policy benefits

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	Foreign Currency Translation			Unrealized Net Gains (Losses) on Investments and Impact of LFPB Discount Rates (a)			Fair Value of Cash Flow Hedges			Postretirement Benefit Obligation Net Loss		Accumulated Other Comprehensive Loss
	(Unaudited)
	(In thousands)
Balance as of March 31, 2025	$	(57,540	)	$	(174,320	)	$	(56	)	$	2,602	$	(229,314	)
Foreign currency translation		2,802			—			—			—		2,802
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement		—			59,460			—			—		59,460
Change in fair value of cash flow hedges		—			—			(3,980	)		—		(3,980	)
Amounts reclassified into earnings on hedging activities		—			—			2,942			—		2,942
Other comprehensive income (loss)		2,802			59,460			(1,038	)		—		61,224
Balance as of December 31, 2025	$	(54,738	)	$	(114,860	)	$	(1,094	)	$	2,602	$	(168,090	)

(a) Liability for future policy benefits


	Foreign Currency Translation			Unrealized Net Gains (Losses) on Investments and Impact of LFPB Discount Rates (a)			Fair Value of Cash Flow Hedges			Postretirement Benefit Obligation Net Loss		Accumulated Other Comprehensive Loss
	(Unaudited)
	(In thousands)
Balance as of March 31, 2024	$	(53,707	)	$	(176,883	)	$	6,330		$	1,044	$	(223,216	)
Foreign currency translation		(3,712	)		—			—			—		(3,712	)
Unrealized net gains (losses) on investments and future policy benefits discount rate remeasurement		—			44,663			—			—		44,663
Change in fair value of cash flow hedges		—			—			4,402			—		4,402
Amounts reclassified into earnings on hedging activities		—			—			(9,375	)		—		(9,375	)
Other comprehensive income (loss)		(3,712	)		44,663			(4,973	)		—		35,978
Balance as of December 31, 2024	$	(57,419	)	$	(132,220	)	$	1,357		$	1,044	$	(187,238	)

(a) Liability for future policy benefits

8. Dividends

The following table lists the dividends that have been declared and issued for the first nine months of fiscal years 2026 and 2025:


Non-Voting Common Stock Dividends
Declared Date	Per Share Amount		Record Date	Dividend Date

December 3, 2025	$	0.05	December 15, 2025	December 30, 2025
August 21, 2025		0.05	September 15, 2025	September 26, 2025
June 4, 2025		0.05	June 16, 2025	June 27, 2025
December 4, 2024		0.05	December 16, 2024	December 27, 2024
August 15, 2024		0.05	September 16, 2024	September 27, 2024
June 5, 2024		0.05	June 17, 2024	June 28, 2024

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of December 31, 2025, no awards had been issued under the 2025 U-Haul Holding Company Stock Option Plan.

9. Leases

The following tables show the components of our right-of-use (“ROU") assets, net:


	As of December 31, 2025
	Finance			Operating			Total
	(Unaudited)
	(In thousands)
Buildings and improvements	$	—		$	72,557		$	72,557
Furniture and equipment		61			—			61
Rental trailers and other rental equipment		9,192			—			9,192
Rental trucks		80,722			—			80,722
Right-of-use assets, gross		89,975			72,557			162,532
Less: Accumulated depreciation		(59,414	)		(31,868	)		(91,282	)
Right-of-use assets, net	$	30,561		$	40,689		$	71,250


	As of March 31, 2025
	Finance			Operating			Total
	(Unaudited)
	(In thousands)
Buildings and improvements	$	—		$	71,330		$	71,330
Furniture and equipment		61			—			61
Rental trailers and other rental equipment		58,071			—			58,071
Rental trucks		309,475			—			309,475
Right-of-use assets, gross		367,607			71,330			438,937
Less: Accumulated depreciation		(228,909	)		(25,305	)		(254,214	)
Right-of-use assets, net	$	138,698		$	46,025		$	184,723

As of December 31, 2025 and March 31, 2025, we had finance lease liabilities for the ROU assets, net of $11.4 million and $44.3 million, respectively, included in Notes, loans and finance leases payable, net in the consolidated balance sheets. Non-cash acquisitions of property, plant and equipment from ROU assets - financing, net were $108.1 million and $120.5 million as of December 31, 2025 and December 31, 2024, respectively.


	Finance leases
	December 31,			March 31,
	2025			2025
	(Unaudited)
Weighted average remaining lease term (years)	0.2			0.6
Weighted average discount rate		4.3	%		4.4	%


	Operating leases
	December 31,			March 31,
	2025			2025
	(Unaudited)
Weighted average remaining lease term (years)		26.0		24.1
Weighted average discount rate		4.7	%		4.6	%

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the nine months ended December 31, 2025 and 2024, cash paid for leases included in our operating cash flow activities were $25.4 million and $15.7 million, respectively, and our financing cash flow activities were $32.9 million and $60.7 million, respectively.

The components of lease costs, including leases of less than 12 months, were as follows:


	Nine months ended
	December 31, 2025		December 31, 2024
	(Unaudited)
	(In thousands)

Operating lease costs	$	14,226	$	15,386

Finance lease cost:
Amortization of right-of-use assets	$	7,631	$	23,903
Interest on lease liabilities		1,062		3,048
Total finance lease cost	$	8,693	$	26,951

The short-term lease costs for the first nine months of fiscal 2026 and 2025 were not material.

Maturities of lease liabilities were as follows:


	Finance leases			Operating leases
	(Unaudited)
Year ending March 31,	(In thousands)

2026 (3 months)	$	11,558		$	2,439
2027		—			8,696
2028		—			7,265
2029		—			5,309
2030		—			4,018
Thereafter		—			57,278
Total lease payments		11,558			85,005
Less: imputed interest		(121	)		(43,541	)
Present value of lease liabilities	$	11,437		$	41,464

10. Contingencies

Environmental

Compliance with environmental requirements of federal, state, provincial and local governments may affect the Company's business operations. Among other things, these requirements regulate the discharge of materials into the air, land and water and govern the use and disposal of hazardous substances. The Company is aware of issues regarding hazardous substances on some of its properties. The Company regularly makes capital and operating expenditures to stay in compliance with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary.

Based upon the information currently available to the Company, compliance with environmental laws and its share of the costs of investigation and cleanup of known hazardous waste sites are not expected to result in a material adverse effect on the Company’s financial position, results of operations or cash flows.

Other

We are named as a defendant in various other claims and litigation arising out of the normal course of business. In our opinion, none of these other claims and litigation will have a material effect on our financial position and results of operations.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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


	Quarter ended December 31,
	2025		2024
	(Unaudited)
	(In thousands)
U-Haul management fee revenue from Blackwater	$	7,167	$	7,193
U-Haul management fee revenue from Mercury		1,650		1,676
	$	8,817	$	8,869


	Nine months ended December 31,
	2025		2024
	(Unaudited)
	(In thousands)
U-Haul management fee revenue from Blackwater	$	22,776	$	22,713
U-Haul management fee revenue from Mercury		5,244		5,237
	$	28,020	$	27,950

We currently manage the self-storage properties owned or leased by Blackwater and Mercury Partners, L.P. (“Mercury”), pursuant to a standard form of management agreement, under which we receive a management fee of between 4% and 10% of the gross receipts plus reimbursement for certain expenses. We received management fees, exclusive of reimbursed expenses, of $28.2 million and $28.5 million from the above-mentioned entities during the first nine months of fiscal 2026 and 2025, respectively. This management fee is consistent with the fee received for other properties we previously managed for third parties. Mark V. Shoen controls the general partner of Mercury. The limited partner interests of Mercury are owned indirectly by James P. Shoen and various trusts benefiting Edward J. Shoen and James P. Shoen or their descendants.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Related Party Costs and Expenses


	Quarter ended December 31,
	2025		2024
	(Unaudited)
	(In thousands)
U-Haul lease expenses to Blackwater	$	600	$	604
U-Haul printing expenses to Blackwater		1,756		1,176
U-Haul commission expenses to Blackwater		18,611		19,409
U-Haul lease expenses to Mercury		38		38
U-Haul commission expenses to Mercury		5,148		5,304
	$	26,153	$	26,531


	Nine months ended December 31,
	2025		2024
	(Unaudited)
	(In thousands)
U-Haul lease expenses to Blackwater	$	1,802	$	1,812
U-Haul printing expenses to Blackwater		4,636		3,734
U-Haul commission expenses to Blackwater		66,376		66,538
U-Haul lease expenses to Mercury		114		114
U-Haul commission expenses to Mercury		18,080		17,755
	$	91,008	$	89,953

We lease space for marketing company offices, vehicle repair shops and hitch installation centers from subsidiaries of Blackwater and Mercury. The terms of the leases are similar to the terms of leases for other properties owned by unrelated parties that are leased to us.

SAC Holdings provides ancillary and specialty printing services to us. The financial and other terms of the transactions are substantially identical to the terms of additional specialty printing vendors.

As of December 31, 2025, subsidiaries of Blackwater and Mercury acted as independent dealers. The financial and other terms of the dealership contracts are substantially identical to the terms of those with our other independent dealers whereby commissions are paid by us based upon equipment rental revenues.

These agreements with subsidiaries of Blackwater and Mercury, excluding Dealer Agreements, provided revenues of $28.0 million and $28.0 million, expenses of $6.6 million and $5.7 million and we received cash flows of $26.3 million and $26.5 million, during the first nine months of fiscal 2026 and 2025, respectively. Revenues were $404.6 million and $408.6 million and commission expenses were $84.5 million and $84.3 million, related to the Dealer Agreements, during the first nine months of fiscal 2026 and 2025, respectively.

We determined that we do not have a variable interest pursuant to the variable interest entity model under ASC 810, Consolidation in the holding entities of Blackwater and Mercury.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Related Party Assets


	December 31,		March 31,
	2025		2025
	(Unaudited)
	(In thousands)
U-Haul receivable from Blackwater	$	41,445	$	28,442
U-Haul receivable from Mercury		16,528		12,517
Other (a)		2,657		4,044
	$	60,630	$	45,003

(a)

Timing differences for intercompany receivables and payables with insurance subsidiaries resulting from the three-month difference in reporting periods.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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:

•

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.

•

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.

The amounts presented in the following tables represent gross amounts at each segment before the elimination column. Intersegment revenues are not presented as they are immaterial.

We track revenues separately, but do not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products. The information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent, with its subsidiaries. Depreciation, net of gains on disposals, and total expenditures for property and equipment are only recorded within the Moving and Storage segment.

Revenues and net earnings available to common stockholders by reportable segment for the third quarter ended December 31, 2025 were as follows:

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		1,319,890		$		42,516		$		56,207		$		(3,005	)	(b,c)	$		1,415,608

Costs and expenses:
Personnel expenses			308,494				—				—				—					308,494
Equipment maintenance and repair expenses			204,299				—				—				—					204,299
Other operating expenses			101,016				—				—				—					101,016
Other segment items			219,237				13,763				4,091				(2,286	)	(b,c)			234,805
Operating expenses			833,046				13,763				4,091				(2,286	)				848,614

Commission expenses			96,101				—				—				—					96,101
Cost of product sales			50,871				—				—				—					50,871
Benefits and losses			—				7,860				41,372				—					49,232
Amortization of deferred policy acquisition costs			—				—				4,922				—					4,922
Lease expense			4,873				74				25				(691	)	(b)			4,281
Depreciation, net of (gains) losses on disposal			325,219				—				—				—					325,219
Net (gains) losses on disposal of real estate			2,696				—				—				—					2,696
Total costs and expenses			1,312,806				21,697				50,410				(2,977	)				1,381,936

Earnings from operations before equity in earnings of subsidiaries			7,084				20,819				5,797				(28	)				33,672

Equity in earnings of subsidiaries			21,018				—				—				(21,018	)	(d)			—

Earnings from operations			28,102				20,819				5,797				(21,046	)				33,672
Other components of net periodic benefit costs			(346	)			—				—				—					(346	)
Other interest income			10,856				—				—				(72	)	(b)			10,784
Interest expense			(95,555	)			—				(72	)			100		(b)			(95,527	)
Fees on early extinguishment of debt and costs of defeasance			(163	)			—				—				—					(163	)
Pretax earnings (losses)			(57,106	)			20,819				5,725				(21,018	)				(51,580	)
Income tax (expense) benefit			20,138				(4,358	)			(1,168	)			—					14,612
Net earnings (losses) available to common stockholders	$		(36,968	)	$		16,461		$		4,557		$		(21,018	)		$		(36,968	)

(a) Balances for the quarter ended September 30, 2025
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Revenues and net earnings available to common stockholders by reportable segment for the third quarter ended December 31, 2024 were as follows:


		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		1,296,556		$		38,141		$		56,762		$		(2,901	)	(b,c)	$		1,388,558

Costs and expenses:
Personnel expenses			292,289				—				—				—					292,289
Equipment maintenance and repair expenses			191,226				—				—				—					191,226
Other operating expenses			63,107				—				—				—					63,107
Other segment items			219,838				12,550				5,347				(2,006	)	(b,c)			235,729
Operating expenses			766,460				12,550				5,347				(2,006	)				782,351

Commission expenses			95,031				—				—				—					95,031
Cost of product sales			52,767				—				—				—					52,767
Benefits and losses			—				6,038				42,645				—					48,683
Amortization of deferred policy acquisition costs			—				—				4,493				—					4,493
Lease expense			5,572				90				33				(643	)	(b)			5,052
Depreciation, net of (gains) losses on disposal			246,091				—				—				—					246,091
Net (gains) losses on disposal of real estate			3,358				—				—				—					3,358
Total costs and expenses			1,169,279				18,678				52,518				(2,649	)				1,237,826

Earnings from operations before equity in earnings of subsidiaries			127,277				19,463				4,244				(252	)				150,732

Equity in earnings of subsidiaries			17,956				—				—				(17,956	)	(d)			—

Earnings from operations			145,233				19,463				4,244				(18,208	)				150,732
Other components of net periodic benefit costs			(372	)			—				—				—					(372	)
Other interest income			15,734				—				—				(96	)	(b)			15,638
Interest expense			(76,833	)			—				(96	)			348		(b)			(76,581	)
Fees on early extinguishment of debt and costs of defeasance			—				—				—				—					—
Pretax earnings			83,762				19,463				4,148				(17,956	)				89,417
Income tax expense			(16,596	)			(4,072	)			(1,583	)			—					(22,251	)
Net earnings available to common stockholders	$		67,166		$		15,391		$		2,565		$		(17,956	)		$		67,166

(a) Balances for the quarter ended September 30, 2024
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Revenues and net earnings available to common stockholders by reportable segment for the nine months ended December 31, 2025 were as follows:


		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		4,506,576		$		108,128		$		160,414		$		(9,118	)	(b,c)	$		4,766,000

Costs and expenses:
Personnel expenses			936,215				—				—				—					936,215
Equipment maintenance and repair expenses			622,016				—				—				—					622,016
Other operating expenses			274,831				—				—				—					274,831
Other segment items			709,391				38,947				10,510				(7,005	)	(b,c)			751,843
Operating expenses			2,542,453				38,947				10,510				(7,005	)				2,584,905

Commission expenses			334,649				—				—				—					334,649
Cost of product sales			190,701				—				—				—					190,701
Benefits and losses			—				19,096				123,496				—					142,592
Amortization of deferred policy acquisition costs			—				—				14,801				—					14,801
Lease expense			15,925				224				106				(2,029	)	(b)			14,226
Depreciation, net of (gains) losses on disposal			969,836				—				—				—					969,836
Net (gains) losses on disposal of real estate			5,610				—				—				—					5,610
Total costs and expenses			4,059,174				58,267				148,913				(9,034	)				4,257,320

Earnings from operations before equity in earnings of subsidiaries			447,402				49,861				11,501				(84	)				508,680

Equity in earnings of subsidiaries			48,523				—				—				(48,523	)	(d)			—

Earnings from operations			495,925				49,861				11,501				(48,607	)				508,680
Other components of net periodic benefit costs			(1,037	)			—				—				—					(1,037	)
Other interest income			31,732				—				—				(264	)	(b)			31,468
Interest expense			(268,246	)			—				(264	)			348		(b)			(268,162	)
Fees on early extinguishment of debt and costs of defeasance			(189	)			—				—				—					(189	)
Pretax earnings			258,185				49,861				11,237				(48,523	)				270,760
Income tax expense			(47,272	)			(10,341	)			(2,234	)			—					(59,847	)
Net earnings available to common stockholders	$		210,913		$		39,520		$		9,003		$		(48,523	)		$		210,913

(a) Balances for the nine months ended September 30, 2025
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Revenues and net earnings available to common stockholders by reportable segment for the nine months ended December 31, 2024 were as follows:


		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		4,339,360		$		97,780		$		166,668		$		(8,652	)	(b,c)	$		4,595,156

Costs and expenses:
Personnel expenses			888,153				—				—				—					888,153
Equipment maintenance and repair expenses			593,388				—				—				—					593,388
Other operating expenses			196,574				—				—				—					196,574
Other segment items			733,956				36,055				20,697				(5,642	)	(b,c)			785,066
Operating expenses			2,412,071				36,055				20,697				(5,642	)				2,463,181

Commission expenses			326,610				—				—				—					326,610
Cost of product sales			181,031				—				—				—					181,031
Benefits and losses			—				16,669				120,412				—					137,081
Amortization of deferred policy acquisition costs			—				—				13,578				—					13,578
Lease expense			17,259				287				94				(2,254	)	(b)			15,386
Depreciation, net of (gains) losses on disposal			689,906				—				—				—					689,906
Net (gains) losses on disposal of real estate			9,453				—				—				—					9,453
Total costs and expenses			3,636,330				53,011				154,781				(7,896	)				3,836,226

Earnings from operations before equity in earnings of subsidiaries			703,030				44,769				11,887				(756	)				758,930

Equity in earnings of subsidiaries			43,980				—				—				(43,980	)	(d)			—

Earnings from operations			747,010				44,769				11,887				(44,736	)				758,930
Other components of net periodic benefit costs			(1,116	)			—				—				—					(1,116	)
Other interest income			50,340				—				—				(336	)	(b)			50,004
Interest expense			(216,053	)			—				(336	)			1,092		(b)			(215,297	)
Fees on early extinguishment of debt and costs of defeasance			(495	)			—				—				—					(495	)
Pretax earnings			579,686				44,769				11,551				(43,980	)				592,026
Income tax expense			(130,305	)			(9,293	)			(3,047	)			—					(142,645	)
Net earnings available to common stockholders	$		449,381		$		35,476		$		8,504		$		(43,980	)		$		449,381

(a) Balances for the nine months ended September 30, 2024
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The significant segment expense categories and amounts align with the segment-level information in that is regularly provided to the CODM. Other segment items for the reportable segments consist of insurance related expenses and obligations.

Gross capital expenditures by reportable segment for the quarters ended December 31, 2025 and 2024 were as follows:


	Moving & Storage Consolidated		Property & Casualty Insurance		Life Insurance		Eliminations		U-Haul Holding Company Consolidated
	(Unaudited)
	(In thousands)

Gross capital expenditures for the quarter ended December 31, 2025	$	688,167	$	—	$	—	$	—	$	688,167
Gross capital expenditures for the quarter ended December 31, 2024	$	936,494	$	—	$	—	$	—	$	936,494

Gross capital expenditures by reportable segment for the nine months ended December 31, 2025 and 2024 were as follows:


	Moving & Storage Consolidated		Property & Casualty Insurance		Life Insurance		Eliminations		U-Haul Holding Company Consolidated
	(Unaudited)
	(In thousands)

Gross capital expenditures for the nine months ended December 31, 2025	$	2,602,669	$	—	$	—	$	—	$	2,602,669
Gross capital expenditures for the nine months ended December 31, 2024	$	2,863,496	$	—	$	—	$	—	$	2,863,496

Total assets by reportable segment as of December 31, 2025 and March 31, 2025 were as follows:


	Moving & Storage Consolidated		Property & Casualty Insurance		Life Insurance		Eliminations			U-Haul Holding Company Consolidated
	(Unaudited)
	(In thousands)

Total assets as of December 31, 2025	$	18,717,342	$	580,267	$	3,071,603	$	(751,568	)	$	21,617,644
Total assets as of March 31, 2025	$	17,522,952	$	535,032	$	3,066,907	$	(645,721	)	$	20,479,170

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13. Geographic Area Data


	United States			Canada			Consolidated
	(Unaudited)
	(All amounts are in thousands of U.S. $'s)
Quarter ended December 31, 2025
Total revenues	$	1,341,619		$	73,989		$	1,415,608
Depreciation and amortization, net of (gains) losses on disposals		318,818			14,019			332,837
Interest expense		94,878			649			95,527
Pretax losses		(48,362	)		(3,218	)		(51,580	)
Income tax benefit		(14,013	)		(599	)		(14,612	)
Identifiable assets		20,642,541			975,103			21,617,644

Quarter ended December 31, 2024
Total revenues	$	1,318,694		$	69,864		$	1,388,558
Depreciation and amortization, net of (gains) losses on disposals		242,717			11,225			253,942
Interest expense		76,138			443			76,581
Pretax earnings (losses)		89,456			(39	)		89,417
Income tax expense		22,180			71			22,251
Identifiable assets		19,416,798			913,367			20,330,165


	United States		Canada		Consolidated
	(Unaudited)
	(All amounts are in thousands of U.S. $'s)
Nine months ended December 31, 2025
Total revenues	$	4,506,680	$	259,320	$	4,766,000
Depreciation and amortization, net of (gains) losses on disposals		951,681		38,566		990,247
Interest expense		266,179		1,983		268,162
Pretax earnings		261,981		8,779		270,760
Income tax expense		56,866		2,981		59,847
Identifiable assets		20,642,541		975,103		21,617,644

Nine months ended December 31, 2024
Total revenues	$	4,351,865	$	243,291	$	4,595,156
Depreciation and amortization, net of (gains) losses on disposals		688,729		24,208		712,937
Interest expense		213,811		1,486		215,297
Pretax earnings		573,375		18,651		592,026
Income tax expense		137,269		5,376		142,645
Identifiable assets		19,416,798		913,367		20,330,165

14. Employee Benefit Plans

The components of the net periodic benefit costs with respect to postretirement benefits were as follows:


	Quarter ended December 31,
	2025			2024
	(Unaudited)
	(In thousands)

Service cost for benefits earned during the period	$	169		$	245
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		371			374
Other components		(25	)		(2	)
Total other components of net periodic benefit costs		346			372
Net periodic postretirement benefit cost	$	515		$	617

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	Nine months ended December 31,
	2025			2024
	(Unaudited)
	(In thousands)

Service cost for benefits earned during the period	$	507		$	736
Other components of net periodic benefit costs:
Interest cost on accumulated postretirement benefit		1,112			1,124
Other components		(75	)		(8	)
Total other components of net periodic benefit costs		1,037			1,116
Net periodic postretirement benefit cost	$	1,544		$	1,852

15. Fair Value Measurements

Certain assets and liabilities are recorded at fair value on the consolidated balance sheets and are measured and classified based upon a three-tiered approach to valuation. Financial assets and liabilities are recorded at fair value and are classified and disclosed in one of the following three categories:

Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 – Quoted prices for identical or similar financial instruments in markets that are not considered to be active, or similar financial instruments for which all significant inputs are observable, either directly or indirectly, or inputs other than quoted prices that are observable, or inputs that are derived principally from or corroborated by observable market data through correlation or other means; and

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable. These reflect management’s assumptions about the assumptions a market participant would use in pricing the asset or liability.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Fair values of investments available-for-sale are based on quoted market prices, dealer quotes or discounted cash flows.

Fair values of derivatives are based on using pricing valuation models which include broker quotes.

The following tables represent the financial assets and liabilities on the consolidated balance sheets as of December 31, 2025 and March 31, 2025 that are measured at fair value on a recurring basis and the level within the fair value hierarchy:

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


As of December 31, 2025	Total		Level 1		Level 2		Level 3
	(Unaudited)
Assets	(In thousands)
Fixed maturities - available for sale	$	2,501,436	$	—	$	2,501,436	$	—
Preferred stock		8,075		8,075		—		—
Common stock		49,343		49,343		—		—
Derivatives		10,624		8,314		2,310		—
Total	$	2,569,478	$	65,732	$	2,503,746	$	—


Liabilities
Derivatives	$	411	$	—	$	411	$	—
Embedded derivatives		8,966		—		—		8,966
Market risk benefits		12,123		—		—		12,123
Total	$	21,500	$	—	$	411	$	21,089


As of March 31, 2025	Total		Level 1		Level 2		Level 3
	(Unaudited)
Assets	(In thousands)
Fixed maturities - available for sale	$	2,479,498	$	—	$	2,479,498	$	—
Preferred stock		22,136		22,136		—		—
Common stock		43,413		43,413		—		—
Derivatives		13,200		8,819		4,381		—
Total	$	2,558,247	$	74,368	$	2,483,879	$	—


Liabilities
Derivatives	$	777	$	—	$	777	$	—
Embedded derivatives		8,693		—		—		8,693
Market risk benefits		13,432		—		—		13,432
Total	$	22,902	$	—	$	777	$	22,125

We estimate the fair value for financial instruments not carried at fair value using the same methods and assumptions as those we carry at fair value. The financial instruments presented below are reported at carrying value on the consolidated balance sheets.

Cash equivalents were $839.7 million and $700.0 million as of December 31, 2025 and March 31, 2025, respectively. Fair values of cash equivalents approximate carrying value due to the short period of time to maturity.

Fair values of mortgage loans and notes on real estate are based on quoted market prices, dealer quotes or discounted cash flows. Fair values of trade receivables approximate their recorded value.

Our financial instruments that are exposed to concentrations of credit risk consist primarily of temporary cash investments, trade receivables and notes receivable. Limited credit risk exists on trade receivables due to the diversity of our customer base and their dispersion across broad geographic markets. We place our temporary cash investments with financial institutions and limit the amount of credit exposure to any one financial institution.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

We have mortgage loans, which potentially expose us to credit risk. The portfolio of loans is principally collateralized by self-storage facilities and commercial properties. We have not experienced any material losses related to the loans from individual or groups of loans in any particular industry or geographic area. The estimated fair values were determined using the discounted cash flow method and using interest rates currently offered for similar loans to borrowers with similar credit ratings.

The carrying and fair value of interest sensitive contract liabilities below includes fixed indexed and traditional fixed annuities without mortality or morbidity risks, funding agreements and payout annuities without life contingencies. The embedded derivatives within fixed indexed annuities without mortality or morbidity risks are excluded, as they are carried at fair value. The valuation of the investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using currently credited market interest rates.

Other investments are substantially current or bear reasonable interest rates. As a result, the carrying values of these financial instruments approximate fair value.

The following tables represent our financial instruments not carried at fair value on the consolidated balance sheets and corresponding placement in the fair value hierarchy:


	Fair Value Hierarchy
	Carrying								Total
As of December 31, 2025	Value		Level 1		Level 2		Level 3		Fair Value
	(Unaudited)
Assets	(In thousands)
Trade receivables, net	$	140,467	$	—	$	—	$	140,467	$	140,467
Mortgage loans, net		699,878		—		—		695,362		695,362
Policy loans		12,521		—		—		12,521		12,521
Total	$	852,866	$	—	$	—	$	848,350	$	848,350


Liabilities
Notes, loans and finance leases payable	$	8,058,179	$	—	$	7,462,822	$	—	$	7,462,822
Liabilities from investment contracts		2,444,359		—		—		2,406,345		2,406,345
Total	$	10,502,538	$	—	$	7,462,822	$	2,406,345	$	9,869,167


	Fair Value Hierarchy
	Carrying								Total
As of March 31, 2025	Value		Level 1		Level 2		Level 3		Fair Value
	(Unaudited)
Assets	(In thousands)
Trade receivables, net	$	195,710	$	—	$	—	$	195,710	$	195,710
Mortgage loans, net		657,567		—		—		639,162		639,162
Policy loans		11,868		—		—		11,868		11,868
Total	$	865,145	$	—	$	—	$	846,740	$	846,740


Liabilities
Notes, loans and finance leases payable	$	7,229,341	$	—	$	6,703,510		—	$	6,703,510
Liabilities from investment contracts		2,502,729		—		—		2,436,537		2,436,537
Total	$	9,732,070	$	—	$	6,703,510	$	2,436,537	$	9,140,047

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

16. Revenue Recognition

Revenue Recognized in Accordance with Topic 606

ASC Topic 606, Revenue from Contracts with Customers ("Topic 606"), outlines a five-step model for entities to use in accounting for revenue arising from contracts with customers. The standard applies to all contracts with customers except for leases, insurance contracts, financial instruments, certain nonmonetary exchanges and certain guarantees. The standard also requires disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments.

We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, and remitted to the applicable taxing authorities. We account for a contract under Topic 606 when it has approval and commitment from both parties, the rights of the parties are identified, the payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For contracts scoped into this standard, revenue is recognized when (or as) the performance obligations are satisfied by means of transferring goods or services to the customer as applicable to each revenue stream as discussed below. There were no material contract assets as of December 31, 2025 and March 31, 2025.

Sales of self-moving and self-storage related products are recognized at the time that title passes and the customer accepts delivery. The performance obligations identified for this portfolio of contracts include moving and storage product sales, installation services and/or propane sales. Each of these performance obligations has an observable stand-alone selling price. We concluded that the performance obligations identified are satisfied at a point in time. The basis for this conclusion is that the customer does not receive the product/propane or benefit from the installation services until the related performance obligation is satisfied. These products/services being provided have an alternative use as they are not customized and can be sold/provided to any customer. In addition, we only have the right to receive payment once the products have been transferred to the customer or the installation services have been completed. Although product sales have a right of return policy, our estimated obligation for future product returns is not material to the financial statements at this time.

Property management fees are recognized over the period that agreed-upon services are provided. The performance obligation for this portfolio of contracts is property management services, which represents a series of distinct days of service, each of which is comprised of activities that may vary from day to day. However, those tasks are activities to fulfill the property management services and are not separate promises in the contract. We determined that each increment of the promised service is distinct. This is because the customer can benefit from each increment of service on its own and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the entity’s ability to fulfill another day of service or the benefit to the customer of another day of service. As such, we concluded that the performance obligation is satisfied over time. Additionally, in certain contracts the Company has the ability to earn an incentive fee based on operational results. We measure and recognize the progress toward completion of the performance obligation on a quarterly basis using the most likely amount method to determine an accrual for the incentive fee portion of the compensation received in exchange for the property management service. The variable consideration recognized is subject to constraints due to a range of possible consideration amounts based on actual operational results. The amount accrued in the third quarter of fiscal 2026 did not have a material effect on our financial statements.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Other revenue consists of numerous services or rentals, of which U-Box contracts and service fees from Moving Help® are the main components. The performance obligations identified for U-Box contracts are fees for rental, storage and shipping of U-Box portable moving and storage units to a specified location, each of which are distinct. A contract may be partially within the scope of Topic 606 and partially within the scope of other topics. The rental and storage obligations in U-Box contracts meet the definition of a lease in Topic 842 (as defined below), while the shipping obligation represents a contract with a customer accounted for under Topic 606. Therefore, we allocate the total transaction price between the performance obligations of storage fees and rental fees and the shipping fees on a standalone selling price basis. U-Box shipping fees are collected once the shipment is in transit. Shipping fees in U-Box contracts are set at the initiation of the contract based on the shipping origin and destination, and the performance obligation is satisfied over time. U-Box shipping contracts span over a relatively short period of time, and the majority of these contracts begin and end within the same fiscal year. Moving Help® services fees are recognized in accordance with Topic 606. Moving Help® services are generated as we provide a neutral venue for the connection between the service provider and the customer for agreed-upon services. We do not control the specified services provided by the service provider before that service is transferred to the customer.

Deferred income primarily relates to payments received from customers prior to satisfaction of our performance obligations. Of the amounts recorded as unearned revenue as of March 31, 2025, $0.8 million and $52.4 million, was recognized as revenue for the third quarter and nine months ended December 31, 2025, respectively.

Revenue Recognized in Accordance with Topic 842

The Company’s self-moving rental revenues meet the definition of a lease pursuant to the guidance in ASC Topic 842, Leases (Topic 842"), because those substitution rights do not provide an economic benefit to the Company that would exceed the cost of exercising the right. Please see Note 9, Leases, of the Notes to Consolidated Financial Statements.

Self-moving equipment rentals are recognized over the contract period that trucks and moving equipment are rented. We offer two types of self-moving rental contracts, one-way rentals and in-town rentals, which have varying payment terms. Customer payment is received at the initiation of the contract for one-way rentals, which covers an allowable limit for equipment usage. An estimated fee in the form of a deposit is received at the initiation of the contract for in-town rentals, and final payment is received upon the return of the equipment based on actual fees incurred. Self-moving rental contracts span a relatively short period of time, and the majority of these contracts began and ended within the same fiscal year.

Self-storage revenues are recognized as earned over the contract period based upon the number of paid storage contract days.

We lease portions of our operating properties to tenants under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers.

The following table summarizes the minimum lease payments due from our customers and operating property tenants on leases for the next five years and thereafter:


Year Ending December 31,
2026	2027	2028	2029	2030