Oct 22, 2025 4:32 PM Eastern Daylight Time About U-Haul Celebrating our 80th anniversary in 2025, U-Haul is the No. 1 choice of do-it-yourself movers with more than 24,000 rental locations across all 50 states and 10 Canadian provinces. The U-Haul app makes it easy for customers to use U-Haul Truck Share 24/7 to access trucks anytime through the self-dispatch and -return options on their smartphones with our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to ap ...

Core Points - U-Haul Company of Alaska is providing 30 days of free self-storage and U-Box container usage to support displaced residents affected by Typhoon Halong [1] - The typhoon caused significant destruction, leaving over 1,500 residents without homes due to hurricane-force winds and storm surges [1] Company Initiatives - All 11 U-Haul facilities across Alaska are participating in the initiative to assist those impacted by the disaster [1] - The company's response highlights its commitment to community support during emergencies [1]

Core Points - U-Haul has initiated a disaster relief program offering 30 days of free self-storage and U-Box container usage across all 90 Company stores in Arizona to assist residents affected by recent powerful storms [1][2] - The storms have caused significant damage in various areas, including Tempe, where a microburst resulted in over 100 people being displaced, and flooding in Gila County and Tucson [2] - U-Haul's Area District Vice President, Joe Krueger, emphasized the company's commitment to helping local communities during this crisis [2] Company Operations - The free self-storage and U-Box offer is available for new rentals and is subject to availability at each location [2] - U-Haul operates over 24,000 rental locations across the U.S. and Canada, with a fleet of 197,500 trucks and 1,093,000 rentable storage units [6] - The company is recognized as the third largest self-storage operator in North America, providing 94.9 million square feet of self-storage space [6] Community Engagement - U-Haul is an official American Red Cross Disaster Responder, highlighting its role in aiding communities during emergencies [5] - The company has set up multiple regional offices to facilitate access to its disaster relief program, with specific contact information provided for various locations [3][4][5]

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Financial Data and Key Metrics Changes - The company reported a modest increase in equipment rental revenue year over year, indicating a gradual improvement in moving customer optimism, although it is not yet sufficient to declare a positive trend [15] - The depreciation on the fleet reflects higher costs for replacement equipment and additional investments made to increase fleet capacity, which will continue to impact the company into fiscal year 2026 [16] Business Line Data and Key Metrics Changes - The company added 6,500,000 net rentable square feet of self-storage during the fiscal year, increasing covered storage capacity by nearly 25% [16] - Consumer awareness for U Box as both a moving product and storage solution continues to grow, indicating its importance in the company's future [16] Market Data and Key Metrics Changes - The company surpassed 24,000 rental locations across the United States and Canada, which is a significant strength in its distribution network [15] Company Strategy and Development Direction - The company is focused on attracting talent and ensuring its survival and prosperity by expanding the knowledge and ranks of its personnel [17] - The management emphasizes the importance of affirming the actions of officers and directors to attract talent and reduce potential legal disputes over past decisions [21][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that while there is an improvement in customer optimism, it is not yet strong enough to indicate a definitive positive trend [15] - The company is entering its eightieth year in business, which reflects its long-standing presence and commitment to growth [17] Other Important Information - The company conducted its annual meeting both in person and via live webcast as part of its sustainability initiatives, which has been in practice for nineteen years [4] - Preliminary voting results showed that over 17,200,000 shares were voted, representing more than 87% of eligible shares, with all board nominees receiving over 91% of votes cast [18] Q&A Session Summary Question: Why does the company ask shareholders to ratify the actions of officers and directors? - Management explained that this practice is common in private organizations but uncommon in public ones, and it aims to attract talent by reducing the risk of lawsuits over past decisions [21][22] Question: Is this ratification process unpopular among shareholders? - Management acknowledged that it is the least popular motion among shareholders but emphasized its importance for maintaining good governance and attracting talent [21][22]

Financial Data and Key Metrics Changes - The company reported a modest increase in equipment rental revenue year over year, although moving customer optimism has gradually improved, it has not yet established a definitively positive trend [14] - The depreciation realized on the fleet reflects higher costs for replacement equipment and additional investments made to increase fleet capacity, which will continue to impact fiscal year 2026 [15] Business Line Data and Key Metrics Changes - The company added 6,500,000 net rentable square feet of self-storage during the fiscal year, increasing covered storage capacity by nearly 25% [15] - Consumer awareness for U Box as both a moving product and a storage solution continues to grow, indicating its importance in the company's future [15][16] Market Data and Key Metrics Changes - The company surpassed 24,000 rental locations across the United States and Canada, which is a significant strength in its distribution network [14] Company Strategy and Development Direction - The company is focused on attracting talent and ensuring the survival and prosperity of the organization as it enters its eightieth year in business [16] - The management emphasizes the importance of affirming the judgments of officers and directors to attract talent and reduce potential legal disputes over past decisions [22][23] Management Comments on Operating Environment and Future Outlook - Management acknowledges that while there is an improvement in customer optimism, it is not yet sufficient to declare a positive trend [14] - The company is committed to expanding its self-storage capabilities and enhancing consumer awareness of its products [15][16] Other Important Information - The company conducted its annual meeting both in person and via live webcast as part of its sustainability initiatives, marking the nineteenth year of this format [4] Q&A Session Summary Question: Why does the company ask shareholders to ratify the actions of the officers and directors? - Management noted that this practice is uncommon in public corporations but aims to attract talent and avoid lawsuits over past decisions, emphasizing that judgments can always be questioned [21][22] - It was acknowledged that this proposal is the least popular among shareholders, but management believes it serves the best interest of the company [21][23]

Financial Data and Key Metrics Changes - The company reported first quarter earnings of $142 million, down from $195 million in the same quarter last year, resulting in a decline in earnings per share (EPS) from $1 to $0.73 per non-voting share [5] - Adjusted EBITDA for the Moving and Storage segment increased by 6%, or nearly $31 million, driven by strong revenue growth across all product lines [5] - A $22 million loss was recorded on the disposal of retired rental equipment, compared to an $8 million gain last year, attributed to higher initial costs and lower resale values [6] Business Line Data and Key Metrics Changes - Equipment rental revenue increased by $44 million, or just over 4%, with revenue per transaction rising for both in-town and one-way markets [7] - Storage revenues increased by $19 million, representing a 9% increase for the quarter, with average revenue per foot improving by just over 1% [8] - U Box revenue increased by approximately 16%, contributing significantly to the other revenue line item [11] Market Data and Key Metrics Changes - Same store occupancy decreased by 100 basis points to just under 93%, with efforts underway to increase available rooms by focusing on delinquent units [9] - The company added 15 locations with storage, resulting in approximately 1.2 million new net rentable square feet, while currently developing about 6.5 million square feet across 124 projects [10] Company Strategy and Development Direction - The company is focusing on increasing U Box capacity and warehouse space, indicating optimism about its growth potential [17] - Management is rationalizing capital allocation, slowing down real estate spending while ensuring sufficient development to avoid past issues experienced during COVID [41] - Future revenue growth from existing storage locations is projected to be significant, with estimates suggesting around $260 million could flow to the bottom line as occupancy improves [36] Management's Comments on Operating Environment and Future Outlook - Management noted that while revenue is trending positively, transaction volumes have not yet seen significant improvement [7][49] - The company is facing headwinds related to truck-related liability costs and increased depreciation from fleet expansion, which are impacting margins [38][40] - Management expressed confidence that the investments in fleet and locations will pay off in the long term [51] Other Important Information - Capital expenditures for new rental equipment in the first quarter were $585 million, an increase of $46 million compared to the same period last year [8] - The company is holding its nineteenth Annual Virtual Analyst and Investor Meeting on August 21, providing an opportunity for direct interaction with company representatives [12] Q&A Session Summary Question: What is the growth potential for U Box? - Management believes U Box could grow significantly, potentially matching the size of U Haul, but consumer understanding of the product is still developing [18][19] Question: How many locations currently support U Box functionality? - Approximately 5-10% of locations have U Box functionality, with company stores closer to 50% [21] Question: Are U Box one-way moves growing faster than truck rental transactions? - U Box one-way transactions are indeed growing faster than truck rental transactions, indicating a decoupled performance between the two segments [30] Question: What is causing margin trends in the business? - Margins are affected by increased liability costs and depreciation from fleet expansion, with expectations for improvement as the fleet stabilizes [38][40] Question: What is the expected future revenue from non-same store locations? - Future revenue from non-same store locations could be around $260 million as occupancy improves, with a significant portion expected to flow to the bottom line [36] Question: What is the investment cost per square foot for new storage? - The estimated investment cost per square foot for new storage is closer to $150, factoring in non-productive investments and U Box developments [62]

Financial Data and Key Metrics Changes - The company reported first quarter earnings of $142 million, down from $195 million in the same quarter last year, resulting in an EPS of $0.73 compared to $1 last year [5] - Adjusted EBITDA for the Moving and Storage segment increased by 6%, or nearly $31 million, driven by strong revenue growth across all product lines [5] - A $22 million loss was recorded on the disposal of retired rental equipment, compared to an $8 million gain last year, attributed to higher initial costs and lower resale values [6] Business Line Data and Key Metrics Changes - Equipment rental revenue increased by $44 million, just over 4%, with revenue per transaction rising for both in-town and one-way markets [7] - Storage revenues were up $19 million, representing a 9% increase for the quarter, with average revenue per foot improving by just over 1% [8] - U Box revenue increased by $21 million, with U Box itself up about 16%, indicating success in increasing moving transactions and storage container usage [12] Market Data and Key Metrics Changes - Same store occupancy decreased by 100 basis points to just under 93%, with efforts underway to increase available rooms by focusing on delinquent units [10] - The company added 15 locations with approximately 1.2 million new net rentable square feet, with 6.5 million square feet currently under development across 124 projects [11] Company Strategy and Development Direction - The company is focusing on increasing the number of available rooms at existing locations and improving the U Box service, which is seen as a growing area with potential for significant expansion [22] - Capital expenditures for new rental equipment were $585 million, a $46 million increase compared to the same time last year, indicating a commitment to fleet expansion [8] - The company aims to rationalize capital allocation while continuing to invest in self-storage and U Box warehouse development [43] Management's Comments on Operating Environment and Future Outlook - Management noted that while revenue is trending positively, transaction volumes have not yet seen significant improvement [7][56] - The company is facing challenges in placing new equipment efficiently across its expanded network of locations, which has increased significantly over the past two years [53] - Future revenue growth from existing storage locations is projected to be substantial, with estimates suggesting around $260 million could flow to the bottom line as occupancy improves [39] Other Important Information - The company will hold its nineteenth Annual Virtual Analyst and Investor Meeting on August 21, providing an opportunity for direct interaction with company representatives [13] - Management emphasized the importance of understanding the U Box product and service as it continues to grow, indicating optimism about its future potential [21] Q&A Session Summary Question: U Box growth potential - Management believes U Box could grow significantly, potentially matching the size of traditional U Haul services, but consumer understanding of the product is still developing [21][22] Question: U Box one-way moves compared to rental segment - U Box one-way transactions are growing faster than truck rental transactions, indicating a decoupled performance between the two segments [32] Question: Margin trends and storage segment dynamics - Management noted that headwinds affecting margins are primarily truck-related, with increased liability costs and depreciation impacting earnings [40][42] Question: Future revenue from storage and development costs - Approximately 80% of additional revenue from non-same store locations is expected to flow to the bottom line, with development costs estimated at around $150 per square foot [59][64]

Core Insights - U-Haul reported Q1 FY2026 GAAP revenue of $1.63 billion, aligning with analyst expectations, but experienced a decline in earnings per share to $0.73 from $1.00 in Q1 FY2025, primarily due to increased depreciation and losses on equipment disposal [1][2][8] Financial Performance - GAAP revenue increased by 5.3% year-over-year, with the moving and storage segment generating $1.55 billion, up 5.8% [5] - Adjusted EBITDA for the moving and storage segment rose to $545 million, reflecting a 5.8% increase [2][5] - Self-moving equipment rental revenue grew by 4.3% to $1.06 billion, driven by increased revenue per transaction [2][5] - Self-storage revenue reached $234 million, an increase of 8.6%, despite a decline in average occupancy rates [2][6] - Net earnings available to common stockholders fell by 27.1% to $142 million [2] Strategic Focus - U-Haul operates the largest network of do-it-yourself moving rental trucks and is the third-largest self-storage operator in North America, focusing on network expansion and innovation [3][4] - The company aims to maintain market leadership through location breadth, scaling self-storage, and promoting U-Box containers while managing rising costs [4] Growth and Expansion - U-Haul added 15 new storage sites, increasing total rentable square footage by 1.2 million feet, although occupancy rates declined [6] - U-Box product line saw a 15.6% increase in revenue, with moving transactions growing over 20% [7] Profitability Challenges - Net earnings available to shareholders dropped by 41.6%, attributed to increased depreciation and losses from equipment sales [8][9] - Maintenance and repair costs rose by $5.2 million, contributing to profitability pressures [9] Balance Sheet and Capital Allocation - Total debt increased to $7.3 billion, with net debt to adjusted EBITDA rising to 4.0x [10] - Management indicated no significant changes in capital allocation or dividend policy, despite ongoing cost pressures [12]

[Executive Summary & Company Overview](index=1&type=section&id=Executive%20Summary%20%26%20Company%20Overview) U-Haul Holding Company reported **decreased** Q1 net earnings due to **higher depreciation** and **equipment disposal losses**, despite **revenue growth** in moving and storage [First Quarter Fiscal 2026 Financial Highlights](index=1&type=section&id=First%20Quarter%20Fiscal%202026%20Financial%20Highlights) U-Haul Holding Company reported a **decrease** in net earnings for Q1 Fiscal 2026 compared to the prior year, **primarily due to increased depreciation expense and losses from the disposal of retired rental equipment**. Despite this, both self-move and self-storage revenues saw **increases**, and Moving and Storage EBITDA **improved** First Quarter Fiscal 2026 Financial Highlights | Metric | Q1 Fiscal 2026 | Q1 Fiscal 2025 | Change | Source Chunk | | :----------------------------------- | :------------- | :------------- | :----- | :----------- | | Net Earnings Available to Common Shareholders | **$142.3 million** | **$195.4 million** | **-$53.1 million** | [1] | | EPS (Non-Voting Shares UHAL.B) | **$0.73** | **$1.00** | **-$0.27** | [1] | | Moving and Storage Earnings from Operations (before insurance consolidation) | **$242.9 million** | **$295.1 million** | **-$52.2 million** | [3] | | Self-storage revenues | **$234.2 million** | **$215.7 million** | **+$18.5 million (8.6%)** | [3] | | Self-moving equipment rental revenues | **$1,058.3 million** | **$1,014.3 million** | **+$43.9 million (4.3%)** | [3] | | Other revenue (Moving and Storage) | **$154.1 million** | **$133.2 million** | **+$20.6 million (15.6%)** | [3] | - **Increased losses from the disposal of retired rental equipment** accounted for **$29.7 million** of the **decrease** in Moving and Storage earnings from operations[3](index=3&type=chunk) - **Fleet depreciation expense increased $50.7 million** and **real estate related depreciation expense increased $7.1 million**[3](index=3&type=chunk) Moving and Storage EBITDA | Metric | Q1 Fiscal 2026 | Q1 Fiscal 2025 | Change | Source Chunk | | :----------------------------------- | :------------- | :------------- | :----- | :----------- | | Moving and Storage EBITDA | **$545.3 million** | **$514.7 million** | **+$30.6 million** | [3] | | Trailing Twelve Months M&S EBITDA (June 30, 2025) | **$1,650.3 million** | **$1,584.5 million** (June 30, 2024) | **+$65.8 million** | [3] | - **Self-storage same store occupancy decreased 1.0% to 92.8%**, while **revenue per foot increased 0.6%**[3](index=3&type=chunk) - **Added 15 new self-storage locations** with **1.2 million net rentable square feet** (nrsf) during the quarter, with approximately **14.8 million nrsf in development or pending**[3](index=3&type=chunk) [Chairman's Statement](index=1&type=section&id=Chairman%27s%20Statement) Chairman Joe Shoen noted **revenue increases** in self-move and self-storage but highlighted challenges from **increased depreciation** and **losses on equipment sales**. He also commented on the **persistence of increased costs related to the 'race to zero emissions'** and called for **EPA assistance for economical product availability** - **Revenues for self-move and self-storage are up** over the same quarter last year[2](index=2&type=chunk) - **Working through increased depreciation expense and losses on the sale of retired rental equipment**[2](index=2&type=chunk) - The **'race to zero emissions on work trucks has proven to be ephemeral,' leading to increased costs for customers and shareholders that will persist**[2](index=2&type=chunk) - **U-Haul and truck OEMs need additional help from the EPA to have economical and effective product available**[2](index=2&type=chunk) [Company Profile and Business Model](index=2&type=section&id=Company%20Profile%20and%20Business%20Model) U-Haul Holding Company is the parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company, and Amerco Real Estate Company. U-Haul, founded in 1945, is a **leader in do-it-yourself moving and self-storage**, operating a **vast network of locations** and a **large fleet**, emphasizing a **shared-use business philosophy** - U-Haul Holding Company is the parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company[5](index=5&type=chunk) - U-Haul was founded on the **fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment**[5](index=5&type=chunk) - U-Haul is the **No. 1 choice of do-it-yourself movers** with a **network of more than 23,000 locations** across all **50 states** and **10 Canadian provinces**[6](index=6&type=chunk) - The U-Haul fleet includes approximately **197,500 trucks**, **137,200 trailers**, and **41,300 towing devices**[6](index=6&type=chunk) - U-Haul is the **third largest self-storage operator in North America**, offering **1,093,000 rentable storage units** and **94.9 million square feet of self-storage space**[6](index=6&type=chunk) [Additional Corporate Updates](index=2&type=section&id=Additional%20Corporate%20Updates) The company announced **upcoming investor calls and meetings**, declared a **cash dividend** on Non-Voting Common Stock, and noted an **increase** in **fleet maintenance and repair costs** - U-Haul Holding Company will hold its **investor call for Q1 Fiscal 2026** on Thursday, **August 7, 2025**[4](index=4&type=chunk) - A **cash dividend of $0.05 per share** on Non-Voting Common Stock was declared on **June 4, 2025**, and paid on **June 27, 2025**[8](index=8&type=chunk) - The **19th Annual Virtual Analyst and Investor meeting** is scheduled for Thursday, **August 21, 2025**[8](index=8&type=chunk) - **Fleet maintenance and repair costs increased by $5.2 million** compared to Q1 Fiscal 2025[8](index=8&type=chunk) [Business Operations and Segment Performance](index=3&type=section&id=Business%20Operations%20and%20Segment%20Performance) Consolidated revenue **increased by 5.3%** driven by self-moving and self-storage, while Moving and Storage segment earnings **declined** despite **revenue growth** [Consolidated Revenue by Product Line](index=3&type=section&id=Consolidated%20Revenue%20by%20Product%20Line) Consolidated revenue for Q1 Fiscal 2026 **increased by 5.3%** year-over-year, **primarily driven by growth** in self-moving equipment rental, self-storage, and other revenue, which includes the U-Box product offering Consolidated Revenue by Product Line (Quarter Ended June 30, in thousands) | Product Line | 2025 | 2024 | YoY Change | YoY % Change | | :------------------------------------ | :--------- | :--------- | :--------- | :----------- | | Self-moving equipment rental revenues | **$1,058,273** | **$1,014,332** | **+$43,941** | **+4.3%** | | Self-storage revenues | **$234,237** | **$215,737** | **+$18,500** | **+8.6%** | | Self-moving and self-storage products and service sales | **$98,188** | **$96,591** | **+$1,597** | **+1.7%** | | Property management fees | **$9,582** | **$9,495** | **+$87** | **+0.9%** | | Life insurance premiums | **$19,169** | **$20,740** | **-$1,571** | **-7.6%** | | Property and casualty insurance premiums | **$21,738** | **$21,229** | **+$509** | **+2.4%** | | Net investment and interest income | **$35,211** | **$37,125** | **-$1,914** | **-5.2%** | | Other revenue | **$154,072** | **$133,241** | **+$20,831** | **+15.6%** | | **Consolidated revenue** | **$1,630,470** | **$1,548,490** | **+$81,980** | **+5.3%** | - Other revenue for Moving and Storage **increased by 15.6%** due to the **growth of the U-Box product offering**[3](index=3&type=chunk) [Segment Revenues and Earnings from Operations](index=3&type=section&id=Segment%20Revenues%20and%20Earnings%20from%20Operations) The Moving and Storage segment saw a **revenue increase** but a **significant decrease in earnings from operations**. Property and Casualty Insurance experienced **growth in both revenue and earnings**, while Life Insurance **revenues declined, but earnings from operations turned positive** Segment Revenues and Earnings from Operations (Quarter Ended June 30, in thousands) | Segment | Metric | 2025 | 2024 | YoY Change | | :-------------------------- | :--------------------------------------- | :--------- | :--------- | :--------- | | **Moving and storage** | Revenues | **$1,553,859** | **$1,469,161** | **+$84,698** | | | Earnings from operations before equity in earnings of subsidiaries | **$242,878** | **$295,058** | **-$52,180** | | **Property and casualty insurance** | Revenues | **$29,721** | **$28,178** | **+$1,543** | | | Earnings from operations | **$11,888** | **$11,483** | **+$405** | | **Life insurance** | Revenues | **$50,094** | **$53,749** | **-$3,655** | | | Earnings (losses) from operations | **$2,676** | **($47)** | **+$2,723** | | **Consolidated Results** | Revenues | **$1,630,470** | **$1,548,490** | **+$81,980** | | | Earnings from operations | **$257,414** | **$306,242** | **-$48,828** | [Financial Metrics and Debt](index=4&type=section&id=Financial%20Metrics%20and%20Debt) Total debt and net debt to adjusted EBITDA **increased**, accompanied by a **significant rise** in depreciation and **net losses on equipment disposals** [Debt Metrics](index=4&type=section&id=Debt%20Metrics) Total debt for the Moving and Storage segment **increased to $7.29 billion** as of June 30, 2025, from **$6.31 billion** a year prior. Net debt to adjusted EBITDA also **increased to 4.0x**, reflecting **higher debt levels** and a **decrease in cash and cash equivalents** Moving and Storage Debt Metrics (in thousands, unaudited) | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :-------------------------- | :------------ | :------------- | :------------ | | Real estate secured debt | **$2,727,545** | **$2,703,656** | **$2,497,239** | | Unsecured debt | **$1,700,000** | **$1,700,000** | **$1,200,000** | | Fleet secured debt | **$2,792,015** | **$2,758,821** | **$2,544,235** | | Other secured debt | **$65,570** | **$66,864** | **$70,202** | | **Total debt** | **$7,285,130** | **$7,229,341** | **$6,311,676** | | Cash and cash equivalents | **$726,069** | **$872,467** | **$1,071,779** | | Total assets | **$17,858,535** | **$17,522,952** | **$16,447,193** | | Adjusted EBITDA (TTM) | **$1,650,277** | **$1,619,714** | **$1,584,461** | | Net debt to adjusted EBITDA | **4.0** | **3.9** | **3.3** | | Net debt to total assets | **36.7%** | **36.3%** | **31.9%** | - Cash and credit availability at the Moving and Storage segment **decreased to $1,191.1 million** as of June 30, 2025, from **$1,347.5 million** as of March 31, 2025[8](index=8&type=chunk) [Depreciation and Disposal Gains/Losses](index=4&type=section&id=Depreciation%20and%20Disposal%20Gains%2FLosses) Total depreciation expense **significantly increased by 25.7%** year-over-year, **primarily due to rental equipment**. The company also recorded **net losses on disposals of rental equipment** in Q1 Fiscal 2026, a **reversal from net gains** in the prior year Components of Depreciation, Net of Gains on Disposals (Quarter Ended June 30, in thousands) | Component | 2025 | 2024 | YoY Change | YoY % Change | | :------------------------------------ | :--------- | :--------- | :--------- | :----------- | | Depreciation expense - rental equipment | **$208,212** | **$157,528** | **+$50,684** | **+32.2%** | | Depreciation expense - non rental equipment | **$24,019** | **$23,961** | **+$58** | **+0.2%** | | Depreciation expense - real estate | **$49,845** | **$42,824** | **+$7,021** | **+16.4%** | | **Total depreciation expense** | **$282,076** | **$224,313** | **+$57,763** | **+25.7%** | | Net (gains) losses on disposals of rental equipment | **$22,125** | **($7,948)** | **+$30,073** | N/A | | Net (gains) losses on disposals of non-rental equipment | **($192)** | **$180** | **-$372** | N/A | | **Total net (gains) losses on disposals equipment** | **$21,933** | **($7,768)** | **+$29,701** | N/A | | Net (gains) losses on disposals of real estate | **($1,617)** | **$3,104** | **-$4,721** | N/A | | **Depreciation, net of (gains) losses on disposals** | **$304,009** | **$216,545** | **+$87,464** | **+40.4%** | [Self-Storage Performance Analysis](index=5&type=section&id=Self-Storage%20Performance%20Analysis) Self-storage portfolio **expanded significantly** in units and square footage, with a **slight decline** in occupancy rates, while same-store revenue per foot **increased** [Self-Storage Key Data (Owned Locations)](index=5&type=section&id=Self-Storage%20Key%20Data%20(Owned%20Locations)) U-Haul's owned self-storage portfolio **expanded significantly**, with **unit count increasing by 8.7%** and **square footage by 9.4%** year-over-year. However, **average monthly occupancy rates based on unit count slightly decreased from 80.0% to 78.1%** Self-Storage Data for Owned Locations (Quarter Ended June 30, in thousands, except occupancy rate) | Metric | 2025 | 2024 | YoY Change | YoY % Change | | :------------------------------------ | :--------- | :--------- | :--------- | :----------- | | Unit count as of June 30 | **813** | **748** | **+65** | **+8.7%** | | Square footage as of June 30 | **69,560** | **63,586** | **+5,974** | **+9.4%** | | Average monthly number of units occupied | **632** | **594** | **+38** | **+6.4%** | | Average monthly occupancy rate based on unit count | **78.1%** | **80.0%** | **-1.9% pts** | N/A | | End of June occupancy rate based on unit count | **78.8%** | **81.0%** | **-2.2% pts** | N/A | | Average monthly square footage occupied | **55,399** | **51,717** | **+3,682** | **+7.1%** | [Self-Storage Portfolio Summary by State](index=6&type=section&id=Self-Storage%20Portfolio%20Summary%20by%20State) As of June 30, 2025, U-Haul's self-storage portfolio comprised **1,573 owned stores** with **nearly 69.56 million rentable square feet**. Texas, California, and Florida represent the **largest markets by store count**, with New York and California showing the **highest revenue per foot** U-Haul Owned Store Data by State (As of June 30, 2025, unaudited) | State/Province | Stores | Units Occupied | Rentable Square Feet | Annual Revenue Per Foot | Occupancy During Qtr | | :--------------- | :----- | :------------- | :------------------- | :---------------------- | :------------------- | | Texas | **98** | **39,874** | **4,640,397** | **$14.79** | **77.7%** | | California | **90** | **35,486** | **3,334,972** | **$21.24** | **82.8%** | | Florida | **88** | **35,662** | **3,941,751** | **$18.52** | **77.0%** | | Illinois | **83** | **39,790** | **4,175,787** | **$16.16** | **79.0%** | | Pennsylvania | **73** | **29,540** | **3,140,190** | **$17.96** | **72.5%** | | Ohio | **66** | **26,571** | **2,999,238** | **$14.92** | **74.7%** | | New York | **66** | **28,867** | **2,653,223** | **$23.41** | **80.7%** | | Michigan | **60** | **20,923** | **2,311,073** | **$15.77** | **82.0%** | | Georgia | **53** | **22,717** | **2,608,640** | **$16.26** | **80.4%** | | Arizona | **47** | **25,685** | **2,925,300** | **$15.58** | **78.5%** | | **1Q 2026 Totals** | **1,573** | **640,853** | **69,559,933** | **$16.91** | **78.1%** | [Same Store vs. Non-Same Store Performance](index=6&type=section&id=Same%20Store%20vs.%20Non-Same%20Store%20Performance) Same store occupancy for Q1 Fiscal 2026 **decreased to 92.8%** from **93.8%** in Q1 Fiscal 2025, while non-same store occupancy also saw a **slight decline**. **Revenue per foot for same stores increased**, indicating **pricing power despite lower occupancy** Self-Storage Same Store vs. Non-Same Store Performance (Quarter Ended June 30) | Metric | 1Q 2026 | 1Q 2025 | 1Q 2024 | | :------------------------------------ | :------ | :------ | :------ | | **Same Store Pool (Constant for Prior Periods)** | | | | | Stores | **902** | **879** | **820** | | Units Occupied | **330,969** | **310,825** | **266,832** | | Rentable Square Feet | **30,412,656** | **28,263,627** | **24,503,591** | | Revenue Per Foot | **$17.44** | **$17.32** | **$16.72** | | Occupancy During Qtr | **92.8%** | **93.9%** | **95.1%** | | **Non-Same Store** | | | | | Stores | **671** | **614** | **613** | | Units Occupied | **309,884** | **294,476** | **306,221** | | Rentable Square Feet | **39,147,277** | **35,322,294** | **33,026,074** | | Revenue Per Foot | **$16.31** | **$18.65** | **$18.57** | | Occupancy During Qtr | **66.7%** | **69.0%** | **74.3%** | - **Self-storage same store occupancy decreased 1.0% to 92.8%** compared to the first quarter of fiscal 2025, while **revenue per foot increased 0.6%**[3](index=3&type=chunk) - **Same store includes storage locations with rentable storage inventory for more than three years and a capacity change of less than twenty units for any year-over-year period of the reporting month**[16](index=16&type=chunk) [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) Total assets and liabilities **increased**, while total revenues **grew by 5.3%**, but earnings from operations and net earnings **declined** due to **faster growth** in costs [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, **total assets increased to $20.85 billion** from **$20.48 billion** at March 31, 2025, **primarily driven by an increase in property, plant and equipment**. **Total liabilities also rose to $13.19 billion**, while **total stockholders' equity increased to $7.66 billion** Condensed Consolidated Balance Sheets (In thousands) | Asset/Liability/Equity | June 30, 2025 | March 31, 2025 | | :------------------------------------ | :------------ | :------------- | | Cash and cash equivalents | **$877,188** | **$988,828** | | Total property, plant and equipment, net | **$15,590,076** | **$15,112,600** | | **Total assets** | **$20,848,368** | **$20,479,170** | | Notes, loans and finance leases payable, net | **$7,249,877** | **$7,193,857** | | Policy benefits and losses, claims and loss expenses payable | **$871,530** | **$857,521** | | Liabilities from investment contracts | **$2,537,848** | **$2,511,422** | | **Total liabilities** | **$13,187,600** | **$12,981,027** | | Retained earnings | **$8,065,393** | **$7,931,886** | | **Total stockholders' equity** | **$7,660,768** | **$7,498,143** | [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the quarter ended June 30, 2025, **total revenues increased by 5.3% to $1.63 billion**. However, **total costs and expenses grew at a faster rate (10.5%)**, **primarily due to higher depreciation and net losses on disposals**, leading to a **15.9% decrease in earnings from operations** and a **27.2% decrease in net earnings available to common stockholders** Condensed Consolidated Statements of Operations (Quarter Ended June 30, in thousands) | Metric | 2025 | 2024 | YoY Change | YoY % Change | | :------------------------------------ | :--------- | :--------- | :--------- | :----------- | | Total revenues | **$1,630,470** | **$1,548,490** | **+$81,980** | **+5.3%** | | Operating expenses | **$826,749** | **$789,757** | **+$36,992** | **+4.7%** | | Depreciation, net of (gains) losses on disposals | **$304,009** | **$216,545** | **+$87,464** | **+40.4%** | | Net (gains) losses on disposal of real estate | **($1,617)** | **$3,104** | **-$4,721** | N/A | | **Total costs and expenses** | **$1,373,056** | **$1,242,248** | **+$130,808** | **+10.5%** | | **Earnings from operations** | **$257,414** | **$306,242** | **-$48,828** | **-15.9%** | | Interest expense | **($82,330)** | **($67,218)** | **-$15,112** | **+22.5%** | | Pretax earnings | **$185,381** | **$256,392** | **-$71,011** | **-27.7%** | | Income tax expense | **($43,050)** | **($60,975)** | **+$17,925** | **-29.4%** | | **Earnings available to common stockholders** | **$142,331** | **$195,417** | **-$53,086** | **-27.2%** | [Earnings Per Share Analysis](index=10&type=section&id=Earnings%20Per%20Share%20Analysis) Earnings per share are calculated using the **two-class method**, with Non-Voting Common Stock EPS **decreasing to $0.73** from **$1.00** year-over-year [EPS Calculation and Details](index=10&type=section&id=EPS%20Calculation%20and%20Details) Earnings per share are calculated using the **two-class method**, **allocating undistributed earnings** **10%** to Voting Common Stock and **90%** to Non-Voting Common Stock. For Q1 Fiscal 2026, **basic and diluted EPS for Non-Voting Common Stock decreased to $0.73** from **$1.00** in the prior year, reflecting the **overall decline in net earnings** - Earnings per share are calculated using the **two-class method**, **allocating undistributed earnings** available to common stockholders **10%** to Voting Common Stock and **90%** to Non-Voting Common Stock[21](index=21&type=chunk) Basic and Diluted Earnings Per Share (Quarter Ended June 30) | Metric | 2025 | 2024 | | :---------------------------------------------------- | :----- | :----- | | Basic and diluted earnings per share of Common Stock | **$0.68** | **$0.95** | | Basic and diluted earnings per share of Non-Voting Common Stock | **$0.73** | **$1.00** | | Non-Voting Common Stock dividends declared per share | **$0.05** | **$0.05** | - **Weighted average shares outstanding remained constant** for both Voting Common Stock (**19,607,788**) and Non-Voting Common Stock (**176,470,092**) year-over-year[19](index=19&type=chunk)[23](index=23&type=chunk) [Non-GAAP Financial Measures](index=11&type=section&id=Non-GAAP%20Financial%20Measures) The company provides adjusted non-GAAP measures for PPE, including ROU-financing, and reported an **increase** in Moving and Storage Adjusted EBITDA [Adjusted Property, Plant and Equipment (PPE)](index=11&type=section&id=Adjusted%20Property%2C%20Plant%20and%20Equipment%20(PPE)) The company provides an adjusted non-GAAP measure for Property, Plant and Equipment (PPE) by including 'Right of use assets - financing' (ROU-financing), which were **reclassified** due to new lease accounting standards. This adjustment aims to offer investors a more comprehensive view of the company's asset base - Approximately **$1 billion** of property, plant and equipment, net ('PPE') was **reclassed to Right of use assets - financing, net ('ROU-financing')** due to the **adoption of new lease accounting standards** as of April 1, 2019[25](index=25&type=chunk) Adjusted Property, Plant and Equipment, Net (In thousands) | Metric | June 30, 2025 (GAAP) | ROU Assets Financing | June 30, 2025 (Adjusted) | March 31, 2025 (Adjusted) | | :------------------------------------ | :------------------- | :------------------- | :----------------------- | :------------------------ | | Property, plant and equipment, at cost: Subtotal | **$21,768,143** | **$212,802** | **$21,980,945** | **$21,372,286** | | Less: Accumulated depreciation | **($6,178,067)** | **($127,141)** | **($6,305,208)** | **($6,120,988)** | | **Total property, plant and equipment, net** | **$15,590,076** | **$85,661** | **$15,675,737** | **$15,251,298** | - This non-GAAP measure is intended as a **supplemental measure for evaluating financial condition** and **should not be considered in isolation from GAAP measures**[25](index=25&type=chunk) [Moving and Storage Adjusted EBITDA Reconciliation](index=13&type=section&id=Moving%20and%20Storage%20Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA for the Moving and Storage segment **increased by 5.9% to $545.3 million** for Q1 Fiscal 2026 compared to the prior year. The **trailing twelve months (TTM) Adjusted EBITDA also showed a 4.1% increase to $1.65 billion** as of June 30, 2025, **demonstrating operational profitability growth despite the decline in GAAP earnings** - **Adjusted EBITDA is presented as a non-GAAP measure to provide transparency into core business operations, excluding items not related to ongoing core business**[27](index=27&type=chunk) Moving and Storage Adjusted EBITDA (Trailing Twelve Months, in thousands) | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :------------------------------------ | :------------ | :------------- | :------------ | | Net earnings available to common stockholders | **$314,004** | **$367,090** | **$567,286** | | Income tax expense | **$76,156** | **$94,747** | **$174,206** | | Interest expense | **$311,609** | **$296,721** | **$263,808** | | Depreciation, net of gains on disposals | **$1,045,648** | **$958,184** | **$742,662** | | Elimination of net earnings from insurance subsidiaries | **($57,766)** | **($55,280)** | **($63,897)** | | **Adjusted EBITDA** | **$1,650,277** | **$1,619,714** | **$1,584,461** | Moving and Storage Adjusted EBITDA (Quarters Ended June 30, in thousands) | Metric | 2025 | 2024 | YoY Change | YoY % Change | | :------------------------------------ | :--------- | :--------- | :--------- | :----------- | | Net earnings available to common stockholders | **$142,331** | **$195,417** | **-$53,086** | **-27.2%** | | Income tax expense | **$40,086** | **$58,677** | **-$18,591** | **-31.7%** | | Interest expense | **$82,358** | **$67,470** | **+$14,888** | **+22.1%** | | Depreciation, net of gains on disposals | **$304,009** | **$216,545** | **+$87,464** | **+40.4%** | | Elimination of net earnings from insurance subsidiaries | **($11,504)** | **($9,018)** | **-$2,486** | **+27.6%** | | **Adjusted EBITDA** | **$545,270** | **$514,707** | **+$30,563** | **+5.9%** |