U-Haul Holding Company Reports Fiscal 2026 Financial Results

U-Haul Holding Company (NYSE:UHAL, UHAL.B)), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to shareholders for the year ended March 31, 2026 of $83.1 million compared with $367.1 million for the same period last year.

For the quarter ended March 31, 2026, the Company reported net losses available to shareholders of ($127.8) million compared with net losses of ($82.3) million for the same period last year.

"This is the second time in recent years we have had a real loss in this quarter," stated Joe Shoen, Chairman of U-Haul Holding Company. "The issues with loss on disposal of rental equipment are working themselves through. CapEx on rental trucks will likely be down this time next year helping moderate fleet depreciation. Liability cost growth will normalize, continuing to vary with fleet size and growing with inflation. We are pushing a bow wave of costs associated with built but not rented storage units. These are well located and will rent. Construction of additional storage units has been declining for several months, but until we rent more than we add, these costs will remain an increasing drain. We are increasing our dealer locations in both the US and Canada to better serve the customer. Our relations with our customer base remain solid."

Highlights of Fiscal Year and Fourth Quarter 2026 Results

• Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, decreased $39.9 million compared to the fourth quarter of fiscal 2025 and for the full year decreased $295.5 million compared to fiscal 2025.
  • Losses from the disposal of retired rental equipment accounted for $2.1 million for the fourth quarter and $117.6 million for the full year of the decrease while fleet depreciation expense increased $40.6 million for the fourth quarter and $186.6 million for the full year. Liability costs decreased $1.8 million for the quarter and increased $76.4 million for the full year, all compared with the fourth quarter and full year of fiscal 2025.
• Moving and Storage earnings before interest, taxes, depreciation and amortization adjusted (EBITDA) increased $5.7 million to $223.0 million compared to the fourth quarter of fiscal 2025 and for the full year ended March 31, 2026 increased $26.1 million to $1,645.9 compared with fiscal 2025.
• Self-storage revenues increased $16.3 million, or 7.1%, in the fourth quarter of fiscal 2026 compared with the fourth quarter of fiscal 2025 and for the full year increased $74.5 million, or 8.3%, compared with fiscal 2025.
  • Same store occupancy decreased 5.4% to 86.1%, revenue per foot increased 6.5%, and the number of locations qualifying for the pool increased by 55.
  • During the fourth quarter of fiscal 2026, we added 12 new locations with storage and 1.0 million net rentable square feet (NRSF).
  • We have approximately 11.7 million NRSF in development or pending.
• Self-moving equipment rental revenues increased $11.7 million, or 1.6%, in the fourth quarter of fiscal 2026 compared with the fourth quarter of fiscal 2025. We finished the full year up $86.4 million, or 2.3%, compared with fiscal 2025. One-way transactions increased, while revenue per transaction was flat compared to fiscal 2025. In-town revenue per transaction grew compared to fiscal 2025.
• Cash and credit availability at the Moving and Storage operating segment was $1,479.4 million and $1,347.5 million as of March 31, 2026 and 2025, respectively.
• On May 22, 2026 the U-Haul Holding Company Board of Directors authorized a $350 million share repurchase plan across both classes of shares.
• On March 4, 2026, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on March 16, 2026. The dividend was paid on March 27, 2026.

Our latest Supplemental financial information is available at investors.uhaul.com.

U-Haul Holding Company will hold its investor call for fiscal 2026 on Thursday, May 28, 2026 at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com.

About U-Haul Holding Company

U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and 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.

About U-Haul

Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers with a network of over 25,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 204,800 trucks, 136,600 trailers and 42,000 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,136,000 rentable storage units and 99.0 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America.

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company's business and future operating results, please refer to our Form 10-K for the year ended March 31, 2026, which was filed with the SEC on May 27, 2026.

Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2026 and 2025.

Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2026 and 2025.

The components of depreciation, net of gains on disposals, for the fourth quarter and the full year of fiscal 2026 and 2025 are as follows:

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned storage locations follows (unaudited):

EARNINGS PER SHARE

We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification 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 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 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 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 both Voting Common Stock and Non-Voting Common Stock.

The calculation of basic and diluted earnings per share for the quarters and years ended March 31, 2026 and 2025 for our Voting Common Stock and Non-Voting Common Stock were as follows:

NON-GAAP FINANCIAL RECONCILIATION SCHEDULE

As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net ("PPE") being reclassed to Right of use assets - financing, net ("ROU-financing"). The tables below show adjusted PPE as of March 31, 2026 and March 31, 2025 by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. The finance leases tied to these ROU-financing were paid off as of March 31, 2026. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by nor presented in accordance with GAAP. We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP.

Non-GAAP Financial Measures

Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. The non-GAAP measure reported is Adjusted EBITDA. The table below presents the reconciliation of the trailing twelve months adjusted EBITDA measures to its most directly comparable GAAP measures.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260527747120/en/

Sebastien Reyes

Director of Investor Relations

U-Haul Holding Company

(602) 263-6601

Sebastien_Reyes@uhaul.com