Contact: Sebastien Reyes Director of Investor Relations U-Haul Holding Company (602) 263-6601 Sebastien_Reyes@uhaul.com U-HAUL HOLDING COMPANY REPORTS THIRD QUARTER FISCAL 2026 FINANCIAL RESULTS For the nine-month period ended December 31, 2025, net earnings available to shareholders were $210.9 million compared with net earnings of $449.4 million for the same period last year. Earnings per share for Non- Voting Shares (UHAL.B) were $1.09 for the nine-month period of fiscal 2026 compared to $2.31 for the sa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from __________________ to __________________ Commission File Number 001-11255 State or Other Jurisdiction of Incorporation or Organization Registrant, State ...

Financial Performance - Net earnings available to common shareholders for Q2 fiscal 2026 were $105.6 million, down from $186.8 million in the same period last year, representing a decrease of 43.4%[1] - Earnings per share for Non-Voting Shares (UHAL.B) were $0.54, compared to $0.96 for the same period in fiscal 2025, a decline of 43.8%[1] - Earnings from operations decreased to $475,008, down 21.8% from $608,198 in the same period last year[15] - Earnings available to common stockholders for the quarter decreased to $105,550,000, down 43.5% from $186,798,000 in 2024[21] - Earnings available to common stockholders for the six months decreased to $247,881,000, down 35.1% from $382,215,000 in the prior year[22] - Basic and diluted earnings per share of Common Stock fell to $0.49, a decrease of 46.2% from $0.91 in the same quarter last year[21] - Basic and diluted earnings per share of Common Stock for the six months were $1.17, a decline of 37.0% from $1.86 in 2024[22] Revenue and Growth - Total consolidated revenue for Q2 fiscal 2026 was $1,719.9 million, up from $1,658.1 million in Q2 fiscal 2025, an increase of 3.7%[11] - Consolidated revenue for the first six months of fiscal 2026 reached $3,350,392, an increase of 4.5% compared to $3,206,598 in the same period of fiscal 2025[15] - Total revenues for the quarter ended September 30, 2025, increased to $1,719,922,000, up from $1,658,108,000 in 2024, representing a growth of 3.7%[21] - For the six months ended September 30, 2025, total revenues reached $3,350,392,000, a 4.5% increase from $3,206,598,000 in 2024[22] Operational Metrics - Moving and Storage earnings from operations decreased by $83.3 million to $197.4 million compared to Q2 fiscal 2025[3] - Self-storage revenues increased by $21.8 million, or 9.7%, versus Q2 fiscal 2025[3] - Self-moving equipment rental revenues increased by $23.1 million, or 2.1%, compared to Q2 fiscal 2025[3] - Self-moving equipment rental revenues increased to $2,168,750, up 3.5% from $2,101,680 year-over-year[14] - Self-storage revenues grew to $480,536, representing a 9.1% increase from $440,256 in the prior year[14] - Average monthly occupancy rate for self-storage units decreased to 76.3% from 80.9% in the same quarter last year[13] - Average monthly occupancy rate for self-storage facilities declined to 77.2%, down from 80.5% in the prior year[16] - The company added 23 new storage locations and 1.6 million net rentable square feet during Q2 fiscal 2026[3] Expenses and Liabilities - Total costs and expenses for the quarter were $1,502,328,000, up from $1,356,152,000, reflecting an increase of 10.8%[21] - Total debt increased to $7,732.5 million as of September 30, 2025, up from $7,285.1 million at June 30, 2025[12] - Total liabilities increased to $13,660,532, compared to $12,981,027 in the previous reporting period[20] - Total depreciation expense rose to $584,185, an increase of 24.5% compared to $469,138 in the previous year[16] - Depreciation expenses for the quarter increased significantly to $340,608,000, compared to $227,270,000 in the previous year, indicating a rise of 49.8%[21] Assets and Cash Flow - Cash and cash equivalents increased to $1,082,820, up from $988,828 as of March 31, 2025[20] - Total assets grew to $21,428,419, an increase from $20,479,170 as of March 31, 2025[20] - Cash and credit availability at the Moving and Storage segment was $1,376.0 million as of September 30, 2025, compared to $1,347.5 million at March 31, 2025[8] - Total property, plant, and equipment, net as of September 30, 2025, is $16,030,940, an increase of 5.1% from $15,251,298 as of March 31, 2025[30] - The total property, plant, and equipment at cost as of September 30, 2025, is $22,407,924, an increase of 4.8% from $21,372,286 as of March 31, 2025[30] Other Financial Metrics - Adjusted EBITDA for the trailing twelve months ending September 30, 2025, is $1,681,900, reflecting a 7.1% increase from $1,566,396 for the same period ending September 30, 2024[32] - Adjusted EBITDA for the second quarter of 2025 is $542,579, which is a 6.2% increase from $510,956 in the second quarter of 2024[33] - Interest expense for the quarter ended September 30, 2025, is $90,333, an increase of 25.9% from $71,750 in the same quarter of 2024[33] - The company reported net (gains) losses on disposal of real estate of $4,531 for the quarter ended September 30, 2025, compared to $2,991 in the same quarter of 2024, showing an increase of 51.5%[33] - The company’s income tax expense for the quarter ended September 30, 2025, is $27,324, down from $55,032 in the same quarter of 2024, indicating a decrease of 50.5%[33]

Revenue Growth - Self-moving equipment rental revenues increased by $23.1 million to $1,110,477 thousand in Q2 fiscal 2026 compared to Q2 fiscal 2025[194]. - Self-storage revenues rose by $21.8 million to $246,299 thousand in Q2 fiscal 2026, driven by occupancy gains and a 4.9% improvement in average revenue per occupied foot[195]. - Consolidated revenue for Q2 fiscal 2026 was $1,719,922 thousand, an increase from $1,658,108 thousand in Q2 fiscal 2025[194]. - Self-storage revenues increased by $40.3 million to $480.5 million for the first six months of fiscal 2026, compared to $440.2 million in the same period of fiscal 2025[227]. - Total consolidated revenue for the first six months of fiscal 2026 was $3.35 billion, up from $3.21 billion in the first six months of fiscal 2025, representing an increase of 4.5%[226]. - Total revenues for the quarter ended September 30, 2025, were $1,719,922,000, a decrease from $1,658,108,000 in the same quarter of 2024, representing a decline of approximately 3.3%[289][290]. - For the six months ended September 30, 2025, total revenues reached $3,350,392,000, compared to $3,200,000,000 for the same period in 2024, indicating an increase of approximately 4.7%[291]. Operating Performance - Earnings from operations decreased to $217,594 thousand in Q2 fiscal 2026 from $301,956 thousand in Q2 fiscal 2025[202]. - Earnings from operations for Moving and Storage decreased to $475.0 million for the first six months of fiscal 2026, down from $608.2 million in the same period of fiscal 2025, a decline of 22%[234]. - The company reported earnings from operations of $217,594,000 for Q3 2025, a decrease from $301,956,000 in Q3 2024, representing a decline of approximately 28.0%[290]. - Net earnings available to common stockholders for the quarter ended September 30, 2025, were $105,550,000, consistent with the previous year’s earnings of $186,798,000, indicating a significant decline of approximately 43.4%[290]. - Operating expenses for the quarter ended September 30, 2025, totaled $909,542,000, compared to $891,073,000 in Q3 2024, marking an increase of about 2.5%[290]. Costs and Expenses - Total costs and expenses increased by $146.2 million in Q2 fiscal 2026 compared to Q2 fiscal 2025, with significant increases in operating expenses for Moving and Storage[202]. - Total costs and expenses increased by $277.0 million during the first six months of fiscal 2026 compared to the same period in fiscal 2025[232]. - Total costs and expenses for the quarter ended September 30, 2025, were $1,502,328,000, an increase from $1,356,152,000 in Q3 2024, representing a rise of approximately 10.8%[290]. Investment and Capital Expenditures - The company invested approximately $947.1 million in its rental equipment fleet during the first six months of fiscal 2026[262]. - The company plans to invest $1,295 million in its rental equipment fleet for fiscal 2026, net of equipment sales[262]. - The company invested $526.0 million in real estate acquisitions, new construction, and renovation during the first six months of fiscal 2026[263]. - Net capital expenditures for Moving and Storage were $1,528.4 million in the first six months of fiscal 2026, a decrease of 2.1% from $1,562.2 million in the same period of fiscal 2025[264]. Financial Position - Total liabilities as of September 30, 2025, amounted to $13,660,530,000, with significant components including notes, loans, and finance leases payable of $7,694,640,000[286]. - Stockholders' equity totaled $7,767,887,000, with retained earnings contributing $8,162,120,000, reflecting a strong equity position[286]. - As of March 31, 2025, total assets were reported at $20,479,170,000, with cash and cash equivalents of $988,828,000[287]. - The company reported accounts payable and accrued expenses of $820,900,000 as of March 31, 2025, indicating a stable liquidity position[288]. Insurance Segment - Life insurance premiums decreased by $2.1 million to $18,370 thousand in Q2 fiscal 2026, primarily due to lower life and Medicare supplement premiums[196]. - Equity in the earnings of insurance subsidiaries decreased to $16.0 million in Q2 2026 from $17.0 million in Q2 2025[215]. - Life insurance premiums for the quarter ended September 30, 2025, amounted to $18,370,000, compared to $20,488,000 in Q3 2024, indicating a decrease of about 10.3%[290]. - Life Insurance aims to expand its presence in the senior market through new product offerings and business acquisitions[283]. Future Outlook and Strategy - The company plans to increase investment in its truck fleet and rental equipment to meet operational goals in fiscal 2026, with a focus on improving transaction volume and pricing[280]. - The company anticipates increased spending on acquisitions and new developments in fiscal 2026 to support growth in its storage business[281]. - The company expects to maintain a high level of real estate capital expenditures in fiscal 2026[306]. - The company believes fiscal 2026 investments will be largely funded through debt financing, external lease financing, private placements, and cash from operations[306]. Risks and Challenges - The company anticipates challenges from inflationary pressures and tariffs that may affect operating margins[306]. - The company acknowledges risks related to technology, cybersecurity, and data security breaches impacting financial performance[306]. - The company is reliant on a limited number of manufacturers for rental trucks, which poses a risk to operations[306]. - The company faces competition and general economic conditions that could affect its performance[306]. - The company is exposed to interest rate risk from its insurance subsidiaries' fixed income investment portfolios, which are managed to mitigate overall interest rate effects[300].

Financial Performance - Net earnings available to common shareholders for Q1 fiscal 2026 were $142.3 million, down from $195.4 million in the same period last year, with earnings per share for Non-Voting Shares at $0.73 compared to $1.00 in Q1 fiscal 2025[1][3] - The company reported earnings available to common stockholders of $142,331,000 for Q2 2025, a decrease from $195,417,000 in Q2 2024, representing a decline of 27.2%[19] - Basic and diluted earnings per share of Voting Common Stock decreased to $0.68 from $0.95, representing a decline of 28.4% year-over-year[23] - Undistributed earnings per share of Non-Voting Common Stock decreased to $0.73 from $1.00, a decline of 27% year-over-year[23] Revenue and Growth - Total consolidated revenue for Q1 fiscal 2026 was $1,630.5 million, up from $1,548.5 million in Q1 fiscal 2025[11] - Total revenues for the quarter ended June 30, 2025, were $1,630,470,000, an increase from $1,548,490,000 in the same quarter of 2024, representing a growth of 5.3%[19] - Self-storage revenues increased by $18.5 million, or 8.6%, versus Q1 fiscal 2025, with same store occupancy decreasing by 1.0% to 92.8%[3][11] - Self-storage revenues increased to $234,237,000 in Q2 2025, up from $215,737,000 in Q2 2024, reflecting a growth of 8.6%[19] - Self-moving equipment rental revenues rose by $43.9 million, or 4.3%, compared to Q1 fiscal 2025, with revenue per transaction increasing in both In-Town and One-Way markets[3][11] Operational Metrics - Moving and Storage earnings from operations decreased by $52.2 million to $242.9 million compared to Q1 fiscal 2025, primarily due to increased losses from the disposal of retired rental equipment and higher fleet depreciation expenses[3][11] - The average revenue per occupied square foot for the same store in Q1 2026 was $17.44, compared to $17.34 in Q1 2025, indicating a year-over-year increase of 0.6%[19] - The total occupancy rate for all stores in Q1 2026 was 78.1%, slightly down from 78.6% in Q1 2025[15] - The occupancy rate for same stores in Q1 2026 was 92.8%, down from 93.8% in Q1 2025[15] - Non-same store occupancy in Q1 2026 was 66.7%, a slight decrease from 67.3% in Q1 2025[15] Assets and Liabilities - Total assets increased to $20,848,368,000 as of June 30, 2025, compared to $20,479,170,000 as of March 31, 2025, reflecting a growth of 1.8%[18] - The company’s total liabilities were $13,187,600,000 as of June 30, 2025, an increase from $12,981,027,000 as of March 31, 2025[18] - Total debt increased to $7,285.1 million as of June 30, 2025, compared to $7,229.3 million as of March 31, 2025[12] - Cash and cash equivalents as of June 30, 2025, were $877,188,000, down from $988,828,000 as of March 31, 2025[18] - Cash and credit availability at the Moving and Storage segment was $1,191.1 million as of June 30, 2025, down from $1,347.5 million as of March 31, 2025[8] Dividends and Shareholder Returns - The company declared a cash dividend of $0.05 per share on June 4, 2025, paid on June 27, 2025[8] - The company declared dividends of $0.05 per share for Non-Voting Common Stock, consistent with the previous year[23] - The company reported a weighted average of 196,077,880 shares outstanding for both Voting and Non-Voting Common Stock, unchanged from the previous year[23] Accounting and Depreciation - The company adopted a new accounting standard for leases, resulting in approximately $1 billion of property, plant, and equipment being reclassified to Right of Use assets[25] - The total accumulated depreciation as of June 30, 2025, was $6,178,067, compared to $6,120,988 as of March 31, 2025[26] - Total property, plant, and equipment, net as of June 30, 2025, was $15,590,076, an increase from $15,251,298 as of March 31, 2025[26] EBITDA - Adjusted EBITDA for the trailing twelve months increased to $1,650.3 million, up $65.8 million from the previous year[3][12] - Adjusted EBITDA for the quarter ended June 30, 2025, was $545,270, an increase of 5.9% compared to $514,707 in the same quarter of 2024[29] Real Estate Transactions - The company reported net losses on disposal of real estate of $1,617 for the quarter ended June 30, 2025, compared to gains of $3,104 in the same quarter of 2024[29] - The company added 15 new storage locations and 1.2 million net rentable square feet during Q1 fiscal 2026, with approximately 14.8 million net rentable square feet in development or pending[3][11]

Revenue Growth - Self-moving equipment rental revenues increased by $43.9 million to $1,058.3 million in Q1 fiscal 2026 compared to Q1 fiscal 2025[177] - Self-storage revenues rose by $18.5 million to $234.2 million in Q1 fiscal 2026, driven by occupancy gains and new capacity additions[178] - Total consolidated revenue for Q1 fiscal 2026 was $1,630.5 million, an increase of $82 million from $1,548.5 million in Q1 fiscal 2025[177] - Other revenue increased by $20.8 million to $154.1 million in Q1 fiscal 2026, largely due to growth in the U-Box program[182] - Total revenues for the quarter ended June 30, 2025, were $1,630,470,000, an increase from $1,548,490,000 in the same quarter of 2024, representing a growth of approximately 5.3%[243] - Self-moving equipment rental revenues reached $1,058,273,000 for Q2 2025, up from $1,014,332,000 in Q2 2024, indicating a year-over-year increase of about 4.3%[243] Earnings and Operations - Earnings from operations decreased to $257.4 million in Q1 fiscal 2026, down from $306.2 million in Q1 fiscal 2025[186] - Earnings available to common stockholders were $142.3 million in Q1 fiscal 2026, down from $195.4 million in Q1 fiscal 2025[188] - Earnings from operations for Moving and Storage decreased to $242.9 million in Q1 2026 from $295.1 million in Q1 2025[196] - Consolidated earnings from operations for Moving and Storage fell to $254.4 million in Q1 2026 from $304.1 million in Q1 2025[197] - The company reported earnings from operations of $257,414,000 for Q2 2025, slightly down from $306,242,000 in Q2 2024, a decline of approximately 15.9%[244] - Net earnings available to common stockholders for Q2 2025 were $142,331,000, compared to $195,417,000 in Q2 2024, reflecting a decrease of approximately 27.2%[244] Costs and Expenses - Total costs and expenses increased by $130.8 million in Q1 2026 compared to Q1 2025, with operating expenses for Moving and Storage rising by $44.4 million[184] - Total costs and expenses increased by $136.9 million in Q1 2026 compared to Q1 2025, with operating expenses rising by $44.4 million[193] - The company’s total costs and expenses for Q2 2025 were $1,373,056,000, compared to $1,242,248,000 in Q2 2024, marking an increase of approximately 10.5%[244] - Operating expenses for Q2 2025 totaled $826,749,000, an increase from $789,757,000 in Q2 2024, which is an increase of about 4.7%[244] Cash Flow and Investments - Net cash provided by operating activities increased by $144.5 million in the first three months of fiscal 2026 compared to the same period in fiscal 2025[212] - Net cash provided from operating activities for Moving and Storage was $554.8 million for the first three months of fiscal 2026, compared to $435.6 million for the same period in fiscal 2025[224] - Cash provided by operating activities totaled $598,376,000, compared to $453,903,000 in the prior year, representing a 31.8% increase[246][248] - Cash used in investing activities was $(764,041,000), a significant increase from $(803,318,000) in the same quarter of the previous year[246][248] - The company reported a net cash increase of $(111,640,000) during the quarter, compared to a net cash increase of $195,417,000 in the previous year[247][248] Insurance Premiums - Life insurance premiums decreased by $1.6 million to $19.2 million in Q1 fiscal 2026, primarily due to lower life and Medicare supplement premiums[179] - Property and casualty insurance premiums increased by $0.5 million to $21.7 million in Q1 fiscal 2026, reflecting related activity at U-Haul[180] - Life insurance premiums increased to $19,169,000 in Q2 2025 from $20,740,000 in Q2 2024, showing a decrease of about 7.6%[243] - Property and casualty insurance premiums for Q2 2025 were $21,738,000, down from $21,229,000 in Q2 2024, indicating a slight increase of about 2.4%[244] Capital Expenditures - Capital expenditures for rental equipment acquisitions in fiscal 2026 are estimated at approximately $1,275 million, with $425.8 million already invested in Q1 2026[216] - The company invested $294.3 million in real estate acquisitions, new construction, and renovations in the first three months of fiscal 2026[217] - Net capital expenditures for Moving and Storage were $750.4 million in Q1 2026, down from $816.5 million in Q1 2025[218] - The company anticipates maintaining a high level of real estate capital expenditures in fiscal 2026, indicating ongoing investment in property and facilities[258] Financial Position - The company has available borrowing capacity under existing credit facilities of $465.0 million as of June 30, 2025, indicating strong liquidity[232] - As of June 30, 2025, total liabilities amounted to $13,187,600, with accounts payable and accrued expenses at $901,083[240] - Total stockholders' equity as of March 31, 2025, was $7,498,143, with retained earnings of $7,931,886[242] - The company had total assets of $20,479,170 as of March 31, 2025, with property, plant, and equipment net totaling $15,112,600[242] Strategic Plans - The company plans to increase investment in its truck fleet and rental equipment to meet operational goals in fiscal 2026, with potential revenue impacts if execution falters[234] - Life Insurance aims to expand its presence in the senior market through new product offerings and business acquisitions[237] - The company plans to expand its U-Haul storage affiliate program and increase its breadth and reach of the U-Box program, indicating a focus on growth in storage solutions[257] - The company expects fiscal 2026 investments to be largely funded through debt financing, external lease financing, and cash from operations[258] Risk Management - Interest expense rose to $82.3 million in Q1 fiscal 2026, compared to $67.2 million in Q1 fiscal 2025, due to increased debt[186] - The company had $822.3 million in variable rate debt obligations as of June 30, 2025, with $447.5 million not fixed through interest rate swaps, exposing it to potential interest expense increases of $4.5 million annually if SOFR rises by 100 basis points[251] - Interest rate swap agreements are in place to mitigate exposure to interest rate changes, with fixed rates ranging from 2.72% to 4.71% on various agreements[251] - The company has utilized derivative financial instruments to hedge against equity market exposure, with a net market value change included in net investment and interest income[254]

Financial Performance - For the fiscal year ended March 31, 2025, net earnings available to shareholders were $367.1 million, down from $628.7 million in the previous year[1] - For the fourth quarter ended March 31, 2025, the company reported net losses available to shareholders of ($82.3) million, compared to net losses of ($0.9) million for the same period last year[2] - Total revenues for the quarter ended March 31, 2025, increased to $1,233,509,000, up from $1,179,170,000 in the same quarter of 2024, representing a growth of approximately 4.6%[22] - For the year ended March 31, 2025, total revenues reached $5,828,665,000, a rise from $5,625,674,000 in 2024, marking an increase of approximately 3.6%[23] - The company reported a net loss available to common shareholders of $82,291,000 for the quarter ended March 31, 2025, compared to a loss of $863,000 in the same quarter of 2024[22] - Basic and diluted losses per share of Common Stock for the quarter were $0.46, compared to $0.05 in the prior year[22] - Earnings available to common shareholders for the year ended March 31, 2025, were $367,090,000, down from $628,707,000 in 2024, a decrease of approximately 41.6%[23] - Basic and diluted earnings per share of Non-Voting Common Stock for the year were $1.89, down from $3.22 in the previous year[28] Revenue and Occupancy - Self-storage revenues rose by $17.8 million, or 8.4%, in Q4 2025, and for the full year, they increased by $66.8 million, or 8.0%[4] - The total portfolio of average occupied rooms increased by 39,197, or 6.8%, compared to March 31, 2024, with a full-year increase of 35,441, or 6.2%[4] - Average monthly occupancy rate for owned storage locations in Q4 FY 2025 was 77.3%, down from 79.8% in Q4 FY 2024[16] - The average monthly number of occupied units increased to 613 in Q4 FY 2025 from 573 in Q4 FY 2024, a rise of 7%[16] Expenses and Depreciation - Total depreciation expense for Q4 FY 2025 was $253,178,000, an increase of 18.5% from $213,652,000 in Q4 FY 2024[15] - For the full year FY 2025, total depreciation expense reached $971,933,000, up 18.8% from $817,889,000 in FY 2024[16] - The company experienced a significant increase in depreciation expenses, which rose to $268,278,000 for the quarter, compared to $198,347,000 in the prior year[22] - Operating expenses for the quarter increased to $812,290,000, compared to $757,567,000 in the same quarter of 2024, an increase of about 7.2%[22] Debt and Financial Position - Total debt as of March 31, 2025, was $7,229.3 million, up from $6,929.6 million in the previous year[14] - The net debt to EBITDA ratio increased to 3.9 as of March 31, 2025, compared to 3.7 in the previous quarter[14] - Cash and credit availability at the Moving and Storage operating segment was $1,347.5 million as of March 31, 2025, down from $1,886.3 million in the previous year[9] - Cash and cash equivalents decreased to $988,828,000 from $1,534,544,000, a decline of 35.5% year-over-year[21] - The company reported total liabilities of $12,981,027,000 as of March 31, 2025, an increase of 9.2% from $11,886,313,000 in the previous year[21] Asset Growth - Total assets increased to $20,479,170,000 as of March 31, 2025, compared to $19,058,758,000 a year earlier, reflecting a growth of 7.4%[21] - Total property, plant and equipment, net increased to $15,112,600 thousand as of March 31, 2025, up from $13,423,957 thousand in the previous year, representing a growth of 12.6%[31] - Right-of-use assets, gross reached $21,004,679 thousand as of March 31, 2025, up from $18,185,784 thousand in the previous year, marking an increase of 15.5%[31] - Rental trucks value increased to $7,470,039 thousand as of March 31, 2025, compared to $6,338,324 thousand in the previous year, indicating a growth of 17.9%[31] Other Financial Metrics - Adjusted EBITDA for the trailing twelve months as of March 31, 2025, was $1,619,714 thousand, slightly up from $1,614,146 thousand in the previous quarter, indicating stable operational performance[33] - Interest expense increased to $296,721 thousand for the quarter ending March 31, 2025, compared to $280,487 thousand in the previous quarter, showing a rise of 7.4%[33] - Other interest income decreased to $(59,489) thousand for the quarter ending March 31, 2025, compared to $(87,303) thousand in the previous quarter, indicating a decline of 31.8%[33] - Losses on disposals of real estate for FY 2025 amounted to $15,758,000, compared to $7,914,000 in FY 2024, indicating a significant increase in losses[16] - Net losses on disposal of real estate were reported at $15,758 thousand for the quarter ending March 31, 2025, up from $12,047 thousand in the previous year, representing an increase of 30.5%[33] Dividends - The company declared a cash dividend of $0.05 per share on March 5, 2025, paid on March 28, 2025[9] Transparency and Reporting - The company aims to enhance transparency in financial disclosures through the use of non-GAAP measures like Adjusted EBITDA, which provides a clearer view of core business operations[32]

Business Operations and Risks - As of March 31, 2025, the company had over 21,600 independent equipment rental dealers, with nearly 50% of U-Move rental revenue generated through this network[78]. - The company faces risks related to the significant increase in costs for acquiring new rental trucks, which could adversely affect the fleet rotation program[77]. - The company relies on a limited number of manufacturers for rental trucks, primarily Ford and General Motors, exposing it to production risks[76]. - Cybersecurity incidents pose a risk to the company's operations, with past incidents not resulting in material impacts but future risks remaining significant[91]. - The company has implemented security protocols and employs IT security team members to mitigate cybersecurity risks[87]. - The company’s ability to maintain its network of independent dealers is crucial for serving customers and could impact financial results if disrupted[79]. - The company faces significant competition in the truck rental and self-storage industries, which could adversely impact occupancy levels and rental rates[95][96]. - Economic conditions, including credit markets and inflation, may negatively affect the company's business and results of operations[98]. - The company is subject to numerous environmental laws and regulations, which could lead to increased compliance costs and potential liabilities[108][109]. - The company is actively developing new technologies to adapt to changing customer demands, but the success of these initiatives is uncertain[97]. - The company may face challenges in maintaining its competitive position due to rapid technological changes and the emergence of new competitors[97]. Financial Position and Market Conditions - The company reported $0.4 million of reinsurance recoverables and $32.4 million of reserves and liabilities ceded to reinsurers as of December 31, 2024[93]. - The company's largest exposure to a single reinsurer was $20.3 million as of December 31, 2024[93]. - As of March 31, 2025, the company had total debt outstanding of $7,229.3 million and operating lease liabilities of $47.0 million[101]. - A.M. Best affirmed the financial strength rating for Oxford and Christian Fidelity Life Insurance Company of A, with the outlook revised to negative from stable[100]. - The trading prices of the company's Voting Common Stock and Non-Voting Common Stock may be volatile, influenced by various market factors[107]. - Approximately 5.1% of the company's revenue was generated in Canada for both fiscal 2025 and 2024[260]. Interest Rate and Derivative Exposure - As of March 31, 2025, the company had $814.4 million in variable rate debt obligations, with $437.5 million not fixed through interest rate swaps[254]. - A 100 basis point increase in the Secured Overnight Funding Rate (SOFR) would decrease future earnings and cash flows by $4.4 million annually[254]. - The market value of the fixed maturity portfolio as of March 31, 2025, was $2,479,498 thousand, with a potential decrease to $2,372,291 thousand if interest rates increased by 100 basis points[257]. - The net market value of derivative hedges related to equity market exposure was $8.8 million as of March 31, 2025, with notional amounts of $326.2 million[258]. - The company does not hedge foreign currency risk as the exposure is not considered material[260]. - Interest rate swap agreements are used to mitigate exposure to changes in interest rates, with fixed rates ranging from 2.72% to 4.71%[254]. - The interest rate risk sensitivity of the fixed maturity portfolio indicates a decrease in fair value with rising interest rates, with a drop of $121,207 thousand at +300 basis points[257]. - The company does not use derivative financial instruments for speculative purposes, focusing instead on risk mitigation[253]. Regulatory and Tax Considerations - Regulatory pressures favoring electric vehicles may require significant infrastructure improvements, potentially impacting the company's business model[80]. - The Tax Cuts and Jobs Act and the CARES Act have introduced significant changes to U.S. tax laws that may adversely affect the company's financial condition[117]. - The company is classified as a "controlled company," with approximately 50.1% of Voting Common Stock owned by a small group of stockholders, potentially limiting governance standards[103][104]. - The company carries excess of loss insurance coverage to mitigate risks associated with potential terrorist attacks[119].

Financial Performance - Net earnings available to shareholders for Q3 fiscal 2025 were $67.2 million, down from $99.2 million in the same period last year, with earnings per share for Non-Voting Shares at $0.35 compared to $0.51 in fiscal 2024[1] - For the nine-month period ended December 31, 2024, net earnings were $449.4 million, a decrease from $629.6 million year-over-year, with earnings per share at $2.31 compared to $3.22 in fiscal 2024[2] - Earnings from operations for the first nine months of fiscal 2024 were $758,930,000, a decrease of 25.6% compared to $1,019,601,000 in fiscal 2023[15] - Earnings available to common stockholders for the quarter were $67,166,000, down from $99,224,000 in the previous year, indicating a decline of approximately 32.3%[21] - Basic and diluted earnings per share of Common Stock decreased to $0.30 from $0.46, a drop of about 34.8% year-over-year[21] - Net earnings available to common stockholders decreased to $449,381,000 for the nine months ended December 31, 2024, down from $629,570,000 in the same period of 2023, representing a decline of approximately 28.6%[27] - Undistributed earnings per share of Voting Common Stock fell to $2.16, down from $3.09, indicating a decrease of about 30% year-over-year[27] - Non-Voting Common Stock's undistributed earnings per share also decreased to $2.31 from $3.22, reflecting a decline of approximately 28.3%[27] Revenue and Growth - Total consolidated revenue for Q3 fiscal 2025 was $1,388.6 million, compared to $1,339.5 million in Q3 fiscal 2024[11] - Self-storage revenues increased by $16.6 million, or 7.9%, with same-store occupancy at 92.4% and revenue per foot up by 3.0%[3] - Self-moving equipment rental revenues rose by $38.8 million, or 4.6%, marking the third consecutive quarter of year-over-year improvement[3] - Total revenues for the quarter ended December 31, 2024, increased to $1,388,558,000, up from $1,339,514,000 in the same quarter of 2023, representing a growth of approximately 3.6%[21] - Total revenues for the nine months ended December 31, 2024, were $4,595,156,000, compared to $4,529,682,000 in the same period of 2023, showing a growth of approximately 1.4%[22] Expenses and Liabilities - Operating expenses for the quarter were $782,351,000, compared to $770,405,000 in the same quarter of 2023, reflecting an increase of approximately 1.2%[21] - Total liabilities increased to $12,698,832,000 from $11,886,313,000, marking an increase of about 6.8%[20] - Total depreciation expense for the first nine months of fiscal 2024 was $718,755,000, up from $604,237,000 in fiscal 2023[16] - Depreciation expenses for the quarter rose significantly to $246,091,000 from $173,648,000, an increase of about 41.7%[21] Assets and Investments - Total assets as of December 31, 2024, amounted to $20,330,165,000, an increase from $19,058,758,000 as of March 31, 2024, representing a growth of approximately 6.7%[20] - Total property, plant, and equipment, net increased to $15,044,034,000 as of December 31, 2024, compared to $13,423,957,000 as of March 31, 2024, reflecting a growth of approximately 12.1%[30] - The accumulated depreciation for total property, plant, and equipment increased to $5,954,369,000 as of December 31, 2024, compared to $5,484,016,000 as of March 31, 2024, indicating an increase of about 8.6%[30] Operational Highlights - Moving and Storage EBITDA increased by $47.8 million to $376.7 million compared to Q3 fiscal 2024, and for the trailing twelve months, it rose by $20.7 million to $1,614.1 million[3] - The company added 34 new storage locations during the third quarter, contributing 2.3 million net rentable square feet[3] - Average monthly occupancy rate based on unit count for December 2024 was 79.9%, down from 82.9% in December 2023[16] - The end of December occupancy rate based on unit count was 78.1% in 2024, compared to 81.0% in 2023[16] - The average monthly number of occupied units increased to 605 in December 2024 from 571 in December 2023[16] - The average revenue per occupied square foot for the top 20 states was $16.98, with an overall occupancy rate of 78.6% for the third quarter of 2025[17] - The company operates 1,538 self-storage facilities with a total of 610,032 rentable square feet as of the third quarter of 2025[17] Cash Flow and Financing - Cash and credit availability in the Moving and Storage segment was $1,348.1 million as of December 31, 2024, down from $1,886.3 million at March 31, 2024[8] - Total debt as of December 31, 2024, was $6,929.6 million, with a net debt to EBITDA ratio of 3.7[12] - The company reported a net investment and interest income of $40,536,000 for the quarter, down from $57,457,000 in the previous year, indicating a decline of about 29.4%[21] Dividends - The company declared dividends of $0.15 per share for Non-Voting Common Stock, up from $0.13 per share in the previous year, marking a 15.4% increase[27] Accounting Changes - The company reclassified approximately $1 billion of property, plant, and equipment to Right of Use assets as part of the new accounting standard for leases adopted on April 1, 2019[29] - EBITDA for the trailing twelve months ended December 31, 2024, was reported at $1,614,146,000, an increase from $1,593,446,000 for the same period in 2023, showing a growth of about 1.3%[32] - The company reported a net loss on disposals of real estate amounting to $12,047,000 for the trailing twelve months ended December 31, 2024[32]

Revenue Growth - Self-moving equipment rental revenues increased by $38.8 million to $878.6 million in Q3 fiscal 2025, compared to $839.8 million in Q3 fiscal 2024[193]. - Self-storage revenues rose by $16.6 million to $227.1 million in Q3 fiscal 2025, with a 6.8% increase in the average monthly number of occupied units[194]. - Consolidated revenue for Q3 fiscal 2025 was $1.39 billion, up from $1.34 billion in Q3 fiscal 2024, reflecting a growth of approximately 3.5%[193]. - Self-moving equipment rental revenues increased by $38.6 million to $879.7 million in Q3 fiscal 2025 compared to Q3 fiscal 2024[208]. - Self-storage revenues rose by $16.6 million to $227.1 million in Q3 fiscal 2025, with a 6.8% increase in average monthly occupied units[209]. - Self-moving equipment rental revenues for the first nine months of fiscal 2025 increased by $71.9 million to $2.98 billion compared to the same period in fiscal 2024[228]. - Self-storage revenues for the first nine months of fiscal 2025 increased by $49.0 million to $667.4 million, with a 6.0% increase in average monthly occupied units[229]. - Total revenues for the Moving and Storage segment were $4,339.4 million for the first nine months of fiscal 2025, up from $4,285.8 million in the same period of fiscal 2024[237]. - Total revenues for the quarter ended December 31, 2024, were $1,388,558,000, an increase from $1,339,514,000 in the same quarter of 2023, representing a growth of approximately 3.6%[296][297]. - For the nine months ended December 31, 2024, total revenues were $4,595,156,000, compared to $4,339,360,000 for the same period in 2023, showing an increase of approximately 5.9%[298]. Earnings and Profitability - Earnings from operations decreased to $150.7 million in Q3 fiscal 2025, down from $197.6 million in Q3 fiscal 2024, representing a decline of about 23.7%[205]. - Earnings available to common stockholders decreased to $67.2 million in Q3 fiscal 2025 from $99.2 million in Q3 fiscal 2024[207]. - Consolidated earnings from operations for Moving and Storage decreased to $145.2 million in Q3 fiscal 2025 from $194.7 million in Q3 fiscal 2024[218]. - Earnings from operations for the Moving and Storage segment decreased to $703.0 million for the first nine months of fiscal 2025, down from $968.9 million in the same period of fiscal 2024[243]. - Net earnings available to common stockholders for the quarter ended December 31, 2024, were $67,166,000, consistent with the previous year’s figure of $99,224,000, reflecting a decrease of approximately 32.3%[296][297]. - The company reported net investment and interest income of $40,536,000 for the quarter ended December 31, 2024, compared to $57,457,000 in the same quarter of 2023, a decrease of approximately 29.4%[296][297]. - The company’s pretax earnings for the quarter ended December 31, 2024, were $89,417,000, down from $129,773,000 in the same quarter of 2023, reflecting a decrease of approximately 31.1%[296][297]. Costs and Expenses - Total costs and expenses rose by $95.9 million in Q3 fiscal 2025, with operating expenses for Moving and Storage increasing by $11.6 million[203]. - Total costs and expenses increased by $89.1 million in Q3 fiscal 2025 compared to Q3 fiscal 2024, with operating expenses rising by $11.6 million[215]. - Depreciation expense associated with the rental fleet increased by $34.2 million in Q3 fiscal 2025, attributed to higher costs of new additions and expected decreases in resale values[204]. - Depreciation expense for rental equipment increased by $34.2 million to $178.0 million in Q3 fiscal 2025 compared to Q3 fiscal 2024[216]. - The company’s total costs and expenses for the quarter ended December 31, 2024, were $1,237,826,000, compared to $1,141,926,000 in the same quarter of 2023, representing an increase of approximately 8.4%[296][297]. - Total costs and expenses increased by $326.1 million during the first nine months of fiscal 2025 compared to the same period in fiscal 2024[237]. Cash Flow and Investments - Cash and cash equivalents totaled $1,017.4 million as of December 31, 2024, down from $1,534.5 million as of March 31, 2024[266]. - Net cash provided by operating activities increased by $15.9 million in the first nine months of fiscal 2025 compared to fiscal 2024[267]. - Net cash used in investing activities increased by $728.6 million in the first nine months of fiscal 2025, with property, plant, and equipment purchases increasing by $462.5 million[268]. - Net capital expenditures at Moving and Storage were $2,333.4 million for the first nine months of fiscal 2025, compared to $1,802.8 million for the same period in 2024[273]. - The company reported net cash used in investing activities of $(2,438,446,000) for the nine months ended December 31, 2024, primarily due to purchases of property, plant, and equipment[302]. - Cash flows from operating activities for the nine months ended December 31, 2024, amounted to $1,255,896,000, indicating strong operational cash generation[301]. - The company reported a net change in cash and cash equivalents of $(517,146,000) for the nine months ended December 31, 2024, indicating cash flow challenges[302]. Financial Position - Total assets as of December 31, 2024, amounted to $20,330.1 million, with cash and cash equivalents at $883.1 million[292]. - Total liabilities reached $12,698.8 million, including accounts payable and accrued expenses of $799.5 million[293]. - Stockholders' equity totaled $7,631.3 million, with retained earnings reported at $0[293]. - The company reported trade receivables and reinsurance recoverables, net, of $181.3 million[292]. - Total property, plant, and equipment, net, was valued at $14,875.2 million[292]. - Total liabilities reached $13,886.3 million, with accounts payable and accrued expenses contributing $783.1 million[295]. - Stockholders' equity totaled $7,172.4 million, with retained earnings reported at $0 due to significant losses[295]. - The company holds fixed maturity securities available-for-sale valued at $2,442.5 million, indicating a strong investment position[294]. Strategic Plans and Risks - The company plans to reinvest approximately $1,115 million in its rental equipment fleet during fiscal 2025[271]. - The company anticipates increased spending on acquisitions and new development in fiscal 2025[289]. - The company plans to expand its U-Haul storage affiliate program and continue investing in the U-Box program, indicating a focus on growth strategies[314]. - The company is focused on expanding its Life Insurance segment in the senior market and growing its agency force[315]. - The company faces risks related to inflationary pressures that may challenge its ability to maintain or improve operating margins[315]. - The company acknowledges the potential impact of technology, cybersecurity, or data security breaches on its financial performance and business operations[315]. - The company is reliant on a limited number of manufacturers that supply its rental trucks, which poses a risk to operations[315]. - The company is controlled by a small contingent of stockholders, which may affect governance and decision-making[315]. - The company anticipates fluctuations in quarterly results and seasonality, which could impact overall performance[315].