Services-Auto Rental & Leasing (No Drivers) · NV · CIK 4457
U-Haul Holding Co is an American moving truck, trailer, and self-storage rental company. The company also provides moving boxes, packing supplies, LPG (propane) refills, trailer hitch and wiring installation, storage container rentals, and other services. It has three reportable segments Moving and Storage, Property…
71 added · 80 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
Consolidating balance sheets by segment as of March 31, 2026 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Assets: Cash and cash equivalents $ 1,014,382 $ 64,048 $ 41,717 $ — $ 1,120,147 Trade receivables and reinsurance recoverables, net 95,683 33,780 30,305 — 159,768 Inventories and parts 178,155 — — — 178,155 Prepaid expenses 191,671 — — — 191,671 Fixed maturity securities available-for-sale, net, at fair value — 241,754 2,176,158 — 2,417,912 Equity securities, at fair value — 696 14,280 — 14,976 Investments, other — 125,717 580,597 — 706,314 Deferred policy acquisition costs, net — — 112,852 — 112,852 Other assets 82,380 12,740 32,082 — 127,202 Right of use assets - financing, net — — — — — Right of use assets - operating, net 39,842 129 217 — 40,188 Related party assets 66,408 6,570 14,846 (34,665 ) (c) 53,159 Investment in subsidiaries 638,625 — — (638,625 ) (b) — Property, plant and equipment, at cost: Land 1,865,369 — — — 1,865,369 Buildings and improvements 10,542,945 — — — 10,542,945 Furniture and equipment 1,074,032 — — — 1,074,032 Rental trailers and other rental equipment 1,206,253 — — — 1,206,253 Rental trucks 8,554,508 — — — 8,554,508 23,243,107 — — — 23,243,107 Less: Accumulated depreciation (6,862,662 ) — — — (6,862,662 ) Total property, plant and equipment, net 16,380,445 — — — 16,380,445 Total assets $ 18,687,591 $ 485,434 $ 3,003,054 $ (673,290 ) $ 21,502,789 (a) Balances as of December 31, 2025 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 30 Consolidating balance sheets by segment as of March 31, 2026 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Liabilities: Accounts payable and accrued expenses $ 813,115 $ 12,881 $ 24,298 $ — $ 850,294 Notes, loans and finance leases payable, net 8,083,374 — — — 8,083,374 Operating lease liabilities 40,593 133 231 — 40,957 Policy benefits and losses, claims and loss expenses payable 454,171 116,052 369,651 — 939,874 Liabilities from investment contracts — — 2,357,545 — 2,357,545 Other policyholders' funds and liabilities — 116 2,783 — 2,899 Deferred income 56,614 — — — 56,614 Deferred income taxes, net 1,605,618 3,391 (49,428 ) — 1,559,581 Related party liabilities 25,684 3,627 8,583 (37,894 ) (c) — Total liabilities 11,079,169 136,200 2,713,663 (37,894 ) 13,891,138 Stockholders' equity : Series preferred stock: Series A preferred stock — — — — — Series B preferred stock — — — — — Series A common stock — — — — — Voting Common Stock 10,497 3,301 2,500 (5,801 ) (b) 10,497 Non-Voting Common stock 176 — — — 176 Additional paid-in capital 462,758 91,120 26,271 (117,601 ) (b) 462,548 Accumulated other comprehensive income (loss) (166,869 ) (3,660 ) (108,511 ) 115,400 (b) (163,640 ) Retained earnings 7,979,510 258,473 369,131 (627,394 ) (b) 7,979,720 Cost of common stock in treasury, net (525,653 ) — — — (525,653 ) Cost of preferred stock in treasury, net (151,997 ) — — — (151,997 ) Total stockholders' equity 7,608,422 349,234 289,391 (635,396 ) 7,611,651 Total liabilities and stockholders' equity $ 18,687,591 $ 485,434 $ 3,003,054 $ (673,290 ) $ 21,502,789 (a) Balances as of December 31, 2025 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 31 Consolidating balance sheets by segment as of March 31, 2025 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Assets: Cash and cash equivalents $ 872,467 $ 96,165 $ 20,196 $ — $ 988,828 Trade receivables and reinsurance recoverables, net 158,471 39,070 33,175 — 230,716 Inventories and parts 163,132 — — — 163,132 Prepaid expenses 282,406 — — — 282,406 Fixed maturity securities available-for-sale, net, at fair value — 222,853 2,256,645 — 2,479,498 Equity securities, at fair value — 37,837 27,712 — 65,549 Investments, other — 120,873 557,381 — 678,254 Deferred policy acquisition costs, net — — 121,729 — 121,729 Other assets 77,473 13,680 35,579 — 126,732 Right of use assets - financing, net 138,698 — — — 138,698 Right of use assets - operating, net 45,611 385 29 — 46,025 Related party assets 62,241 4,169 14,461 (35,868 ) (c) 45,003 Investment in subsidiaries 609,853 — — (609,853 ) (b) — Property, plant and equipment, at cost: Land 1,812,820 — — — 1,812,820 Buildings and improvements 9,628,271 — — — 9,628,271 Furniture and equipment 1,047,414 — — — 1,047,414 Rental trailers and other rental equipment 1,046,135 — — — 1,046,135 Rental trucks 7,470,039 — — — 7,470,039 21,004,679 — — — 21,004,679 Less: Accumulated depreciation (5,892,079 ) — — — (5,892,079 ) Total property, plant and equipment, net 15,112,600 — — — 15,112,600 Total assets $ 17,522,952 $ 535,032 $ 3,066,907 $ (645,721 ) 20,479,170 (a) Balances as of December 31, 2024 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 32 Consolidating balance sheets by segment as of March 31, 2025 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Liabilities: Accounts payable and accrued expenses $ 800,084 $ 6,819 $ 13,997 $ — $ 820,900 Notes, loans and finance leases payable, net 7,193,857 — — — 7,193,857 Operating lease liabilities 46,546 398 29 — 46,973 Policy benefits and losses, claims and loss expenses payable 361,755 126,852 368,914 — 857,521 Liabilities from investment contracts — — 2,511,422 — 2,511,422 Other policyholders' funds and liabilities — 447 7,092 — 7,539 Deferred income 52,895 — — — 52,895 Deferred income taxes, net 1,547,921 4,410 (62,411 ) — 1,489,920 Related party liabilities 25,369 3,814 10,303 (39,486 ) (c) — Total liabilities 10,028,427 142,740 2,849,346 (39,486 ) 12,981,027 Stockholders' equity : Series preferred stock: Series A preferred stock — — — — — Series B preferred stock — — — — — Series A common stock — — — — — Voting Common Stock 10,497 3,301 2,500 (5,801 ) (b) 10,497 Non-Voting Common stock 176 — — — 176 Additional paid-in capital 462,758 91,120 26,271 (117,601 ) (b) 462,548 Accumulated other comprehensive income (loss) (232,932 ) (9,591 ) (168,348 ) 181,557 (b) (229,314 ) Retained earnings 7,931,676 307,462 357,138 (664,390 ) (b) 7,931,886 Cost of common stock in treasury, net (525,653 ) — — — (525,653 ) Cost of preferred stock in treasury, net (151,997 ) — — — (151,997 ) Total stockholders' equity $ 7,494,525 392,292 217,561 (606,235 ) 7,498,143 Total liabilities and stockholders' equity 17,522,952 $ 535,032 $ 3,066,907 $ (645,721 ) $ 20,479,170 (a) Balances as of December 31, 2024 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 33 Consolidating statement of operations by segment for year ending March 31, 2026 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Revenues: Self-moving equipment rental revenues $ 3,815,909 $ — $ — $ (3,988 ) (c) $ 3,811,921 Self-storage revenues 972,427 — — — 972,427 Self-moving and self-storage products and service sales 329,614 — — — 329,614 Property management fees 36,875 — — — 36,875 Life insurance premiums — — 80,977 — 80,977 Property and casualty insurance premiums — 109,704 — (4,585 ) (c) 105,119 Net investment and interest income — 31,498 134,429 (2,823 ) (b) 163,104 Other revenue 531,865 — 6,347 (430 ) (b) 537,782 Total revenues 5,686,690 141,202 221,753 (11,826 ) 6,037,819 Costs and expenses: Operating expenses 3,356,193 51,201 16,971 (9,003 ) (b,c) 3,415,362 Commission expenses 416,231 — — — 416,231 Cost of product sales 246,860 — — — 246,860 Benefits and losses — 22,506 169,691 — 192,197 Amortization of deferred policy acquisition costs — — 19,652 — 19,652 Lease expense 21,547 298 131 (2,712 ) (b) 19,264 Depreciation, net of (gains) losses on disposals 1,287,021 — — — 1,287,021 Net (gains) losses on disposal of real estate 8,611 — — — 8,611 Total costs and expenses 5,336,463 74,005 206,445 (11,715 ) 5,605,198 Earnings from operations before equity in earnings of subsidiaries 350,227 67,197 15,308 (111 ) 432,621 Equity in earnings of subsidiaries 63,004 — — (63,004 ) (d) — Earnings from operations 413,231 67,197 15,308 (63,115 ) 432,621 Other components of net periodic benefit costs (1,383 ) — — — (1,383 ) Other interest income 47,597 — — (336 ) (b) 47,261 Interest expense (364,868 ) — (336 ) 447 (b) (364,757 ) Fees on early extinguishment of debt and costs of defeasance (1,108 ) — — — (1,108 ) Pretax earnings 93,469 67,197 14,972 (63,004 ) 112,634 Income tax expense (10,341 ) (16,186 ) (2,979 ) — (29,506 ) Net earnings available to common stockholders $ 83,128 $ 51,011 $ 11,993 $ (63,004 ) $ 83,128 (a) Balances for the year ended December 31, 2025 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries 34 Consolidating statement of operations by segment for year ending March 31, 2025 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Revenues: Self-moving equipment rental revenues $ 3,729,318 $ — $ — $ (3,794 ) (c) $ 3,725,524 Self-storage revenues 897,913 — — — 897,913 Self-moving and self-storage products and service sales 327,490 — — — 327,490 Property management fees 36,811 — — — 36,811 Life insurance premiums — — 83,707 — 83,707 Property and casualty insurance premiums — 101,952 — (3,052 ) (c) 98,900 Net investment and interest income — 23,212 132,655 (3,893 ) (b) 151,974 Other revenue 501,242 — 5,507 (403 ) (b) 506,346 Total revenues 5,492,774 125,164 221,869 (11,142 ) 5,828,665 Costs and expenses: Operating expenses 3,208,640 47,729 26,331 (7,229 ) (b,c) 3,275,471 Commission expenses 407,368 — — — 407,368 Cost of product sales 234,145 — — — 234,145 Benefits and losses — 22,313 160,436 — 182,749 Amortization of deferred policy acquisition costs — — 18,333 — 18,333 Lease expense 22,907 377 127 (2,908 ) (b) 20,503 Depreciation, net of (gains) losses on disposals 958,184 — — — 958,184 Net (gains) losses on disposal of real estate 15,758 — — — 15,758 Total costs and expenses 4,847,002 70,419 205,227 (10,137 ) 5,112,511 Earnings from operations before equity in earnings of subsidiaries 645,772 54,745 16,642 (1,005 ) 716,154 Equity in earnings of subsidiaries 55,280 — — (55,280 ) (d) — Earnings from operations 701,052 54,745 16,642 (56,285 ) 716,154 Other components of net periodic benefit costs (1,488 ) — — — (1,488 ) Other interest income 59,489 — — (432 ) (b) 59,057 Interest expense (296,721 ) — (432 ) 1,437 (b) (295,716 ) Fees on early extinguishment of debt and costs of defeasance (495 ) — — — (495 ) Pretax earnings 461,837 54,745 16,210 (55,280 ) 477,512 Income tax expense (94,747 ) (11,693 ) (3,982 ) — (110,422 ) Net earnings available to common stockholders $ 367,090 $ 43,052 $ 12,228 $ (55,280 ) $ 367,090 (a) Balances for the year ended December 31, 2024 (b) Eliminate intercompany lease/interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries 35 Consolidating statement of operations by segment for year ending March 31, 2024 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Revenues: Self-moving equipment rental revenues $ 3,629,215 $ — $ — $ (4,520 ) (c) $ 3,624,695 Self-storage revenues 831,069 — — — 831,069 Self-moving and self-storage products and service sales 335,805 — — — 335,805 Property management fees 37,004 — — — 37,004 Life insurance premiums — — 89,745 — 89,745 Property and casualty insurance premiums — 97,927 — (3,125 ) (c) 94,802 Net investment and interest income — 25,158 124,686 (3,376 ) (b) 146,468 Other revenue 461,835 — 4,771 (520 ) (b) 466,086 Total revenues 5,294,928 123,085 219,202 (11,541 ) 5,625,674 Costs and expenses: Operating expenses 3,066,692 48,332 19,594 (8,147 ) (b,c) 3,126,471 Commission expenses 384,079 — — — 384,079 Cost of product sales 241,563 — — — 241,563 Benefits and losses — 11,878 155,157 — 167,035 Amortization of deferred policy acquisition costs — — 24,238 — 24,238 Lease expense 34,609 366 61 (2,382 ) (b) 32,654 Depreciation, net of (gains) losses on disposals 663,931 — — — 663,931 Net (gains) losses on disposal of real estate 7,914 — — — 7,914 Total costs and expenses 4,398,788 60,576 199,050 (10,529 ) 4,647,885 Earnings from operations before equity in earnings of subsidiaries 896,140 62,509 20,152 (1,012 ) 977,789 Equity in earnings of subsidiaries 65,109 — — (65,109 ) (d) — Earnings from operations 961,249 62,509 20,152 (66,121 ) 977,789 Other components of net periodic benefit costs (1,458 ) — — — (1,458 ) Other interest income 120,501 — — (480 ) (b) 120,021 Interest expense (257,187 ) — (480 ) 1,492 (b) (256,175 ) Pretax earnings 823,105 62,509 19,672 (65,109 ) 840,177 Income tax expense (194,398 ) (12,931 ) (4,141 ) — (211,470 ) Net earnings available to common stockholders $ 628,707 $ 49,578 $ 15,531 $ (65,109 ) $ 628,707 (a) Balances for the year ended December 31, 2023 (b) Eliminate intercompany lease/interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries 36 Consolidating cash flow statements by segment for the year ended March 31, 2026, are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination U-Haul Holding Company Consolidated (In thousands) Cash flows from operating activities: Net earnings $ 83,128 $ 51,011 $ 11,993 $ (63,004 ) $ 83,128 Earnings from consolidated entities (63,004 ) — — 63,004 — Adjustments to reconcile net earnings to cash provided by operations: Depreciation 1,183,133 — — — 1,183,133 Amortization of premiums and accretion of discounts related to investments, net — 1,377 16,466 — 17,843 Amortization of debt issuance costs 7,275 — — — 7,275 Interest credited to policyholders — — 96,532 — 96,532 Provision for allowance for losses on trade receivables, net (1,631 ) — — — (1,631 ) Operating lease right-of-use asset amortization 8,847 — — — 8,847 Net (gains) losses on disposals of equipment 103,888 — — — 103,888 Net (gains) losses on disposal of real estate 8,611 — — — 8,611 Net (gains) losses on sales of fixed maturity securities — — 2,474 — 2,474 Net (gains) losses on equity securities and investments other — (4,038 ) (2,983 ) — (7,021 ) Deferred income taxes, net 57,562 (2,594 ) (2,923 ) — 52,045 Net change in other operating assets and liabilities: Trade receivables and reinsurance recoverables 64,429 5,292 2,870 — 72,591 Inventories and parts (15,019 ) — — — (15,019 ) Prepaid expenses 91,228 — — — 91,228 Deferred policy acquisition costs, net — — 8,877 — 8,877 Other assets (4,979 ) 939 3,309 — (731 ) Related party assets (4,130 ) (2,400 ) (95 ) — (6,625 ) Accounts payable and accrued expenses and operating lease liabilities 20,210 6,116 (7,126 ) — 19,200 Policy benefits and losses, claims and loss expenses payable 91,973 (10,800 ) (8,637 ) — 72,536 Other policyholders' funds and liabilities — (330 ) (4,309 ) — (4,639 ) Deferred income 3,639 — — — 3,639 Other liabilities 312 (189 ) (1,720 ) — (1,597 ) Net cash provided by (used in) operating activities 1,635,472 44,384 114,728 — 1,794,584 Cash flows from investing activities: Escrow deposits activity 449 — — — 449 Purchases of: Property, plant and equipment (3,154,325 ) — — — (3,154,325 ) Fixed maturity securities available-for-sale — (38,510 ) (276,588 ) — (315,098 ) Equity securities — (782 ) (2,749 ) — (3,531 ) Investments, other — (41,690 ) (115,980 ) — (157,670 ) Proceeds from sales of: Property, plant and equipment 710,286 — — — 710,286 Fixed maturity securities available-for-sale — 25,732 420,188 — 445,920 Equity securities — 41,951 15,968 — 57,919 Investments, other — 36,798 116,363 — 153,161 Net cash (used in) provided by investing activities (2,443,590 ) 23,499 157,202 — (2,262,889 ) Page 1 of 2 (a) Balance for the period ended December 31, 2025 (b) Eliminate purchase and sale of real estate 37 Continuation of consolidating cash flow statements by segment for the year ended March 31, 2026, are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination U-Haul Holding Company Consolidated (In thousands) Cash flows from financing activities: Borrowings from credit facilities 2,023,578 — — — 2,023,578 Principal repayments on credit facilities (1,085,894 ) — — — (1,085,894 ) Payment of debt issuance costs (13,358 ) — — — (13,358 ) Finance lease payments (44,338 ) — — — (44,338 ) Securitization deposits 345 — — — 345 Series N Non-Voting Common Stock dividends paid (35,294 ) — — — (35,294 ) Net contribution from (to) related party 100,000 (100,000 ) — — — Investment contract deposits — — 279,834 — 279,834 Investment contract withdrawals — — (530,243 ) — (530,243 ) Net cash provided by (used in) financing activities 945,039 (100,000 ) (250,409 ) — 594,630 Effects of exchange rate on cash 4,994 — — — 4,994 Increase (decrease) in cash and cash equivalents 141,915 (32,117 ) 21,521 — 131,319 Cash and cash equivalents at beginning of period 872,467 96,165 20,196 — 988,828 Cash and cash equivalents at end of period 1,014,382 64,048 41,717 — 1,120,147 Page 2 of 2 (a) Balance for the period ended December 31, 2025 38 Consolidating cash flow statements by segment for the year ended March 31, 2025, are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination U-Haul Holding Company Consolidated (In thousands) Cash flows from operating activities: Net earnings $ 367,090 $ 43,052 $ 12,228 $
Fiscal years ended March 31: 2021 2022 2023 2024 2025 2026 U-Haul Holding Company - UHAL $ 100.00 $ 97.67 $ 97.79 $ 110.72 $ 107.15 $ 78.33 U-Haul Holding Company - UHAL.B 100.00 97.67 84.13 108.52 96.62 73.23 Dow Jones US Total Market 100.00 105.14 100.89 120.70 127.35 140.51 Dow Jones US Transportation Average 100.00 111.29 98.68 110.80 100.78 127.19 Item 6. [Re served] Reserved. 18 Item 7.
This was primarily due to an increase in sales of moving supplies and hitches. 22 Life insurance premiums decreased $2.7 million during fiscal 2026, compared with fiscal 2025 primarily due to decreased sales of single premium and final expense life products.
Depreciation expense associated with our rental fleet increased $186.6 million for fiscal 2026 compared with fiscal 2025 due to an increase in the total number of box trucks in the fleet combined with decreases in resale values for certain units currently in the fleet.
See Note 15, Provision for Taxes, of the Notes to Consolidated Financial Statements for more information on income taxes. 23 As a result of the above-mentioned items, earnings available to common stockholders were $83.1 million for fiscal 2026, compared with $367.1 million for fiscal 2025.
Moving and Storage Fiscal 2026 Compared with Fiscal 2025 Listed below are revenues for the major product lines at Moving and Storage for fiscal 2026 and fiscal 2025: Year Ended March 31, 2026 2025 (In thousands) Self-moving equipment rental revenues $ 3,815,909 $ 3,729,318 Self-storage revenues 972,427 897,913 Self-moving and self-storage products and service sales 329,614 327,490 Property management fees 36,875 36,811 Other revenue 531,865 501,242 Moving and Storage revenue $ 5,686,690 $ 5,492,774 Self-moving equipment rental revenues increased $86.6 million during fiscal 2026, compared with fiscal 2025.
Depreciation expense associated with our rental fleet increased $186.6 million for fiscal 2026, compared with fiscal 2025 due to an increase in the total number of box trucks in the fleet combined with expected decreases in resale values for certain units currently in the fleet.
A summary of our consolidated cash flows for fiscal 2026 and 2025 is shown in the table below: Year Ended March 31, 2026 2025 (In thousands) Net cash provided by operating activities $ 1,794,584 $ 1,454,429 Net cash used by investing activities (2,262,889 ) (2,890,921 ) Net cash provided by financing activities 594,630 895,112 Effects of exchange rate on cash 4,994 (4,336 ) Net increase (decrease) in cash and cash equivalents 131,319 (545,716 ) Cash and cash equivalents at the beginning of the period 988,828 1,534,544 Cash and cash equivalents at the end of the period $ 1,120,147 $ 988,828 Net cash provided by operating activities increased $340.2 million in fiscal 2026, compared with fiscal 2025.
Moving and Storage investment activities for fiscal 2025 included the redemption of $73.0 million of short-term Treasury notes. 26 Net cash provided by financing activities decreased $300.5 million in fiscal 2026, as compared with fiscal 2025.
The decrease in 2025 compared with 2024 was due to a cash dividend of $100.0 million paid to U-Haul Holding Company offset by an increase from net earnings of $51.0 million and an increase in accumulated other 27 comprehensive income of $5.9 million.
Payment due by Period (as of March 31, 2026) Total 04/01/26 - 03/31/27 04/01/27 - 03/31/29 04/01/29 - 03/31/31 Thereafter (In thousands) Notes, loans and finance leases payable - Principal $ 8,124,949 $ 904,041 $ 1,998,345 $ 2,013,040 $ 3,209,523 Notes, loans and finance leases payable - Interest 2,890,029 391,871 646,070 461,171 1,390,917 Life, health and annuity obligations (a) 3,384,026 671,119 750,470 591,631 1,370,806 Self-insurance accruals (b) 453,400 182,361 178,205 69,464 23,370 Total contractual obligations $ 14,852,404 $ 2,149,392 $ 3,573,090 $ 3,135,306 $ 5,994,616 (a) These cash flows represent our estimates of the payments we expect to make to our policyholders, without consideration of future premiums or reinsurance recoveries.
Medicare Supplement premiums increased $2.7 million due to an acquisition of existing block of policies.
No longer disclosed
Consolidating balance sheets by segment as of March 31, 2025 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Assets: Cash and cash equivalents $ 872,467 $ 96,165 $ 20,196 $ — $ 988,828 Trade receivables and reinsurance recoverables, net 158,471 39,070 33,175 — 230,716 Inventories and parts 163,132 — — — 163,132 Prepaid expenses 282,406 — — — 282,406 Fixed maturity securities available-for-sale, at fair value — 222,853 2,256,645 — 2,479,498 Equity securities, at fair value — 37,837 27,712 — 65,549 Investments, other — 120,873 557,381 — 678,254 Deferred policy acquisition costs, net — — 121,729 — 121,729 Other assets 77,473 13,680 35,579 — 126,732 Right of use assets - financing, net 138,698 — — — 138,698 Right of use assets - operating, net 45,611 385 29 — 46,025 Related party assets 62,241 4,169 14,461 (35,868 ) (c) 45,003 Investment in subsidiaries 609,853 — — (609,853 ) (b) — Property, plant and equipment, at cost: Land 1,812,820 — — — 1,812,820 Buildings and improvements 9,628,271 — — — 9,628,271 Furniture and equipment 1,047,414 — — — 1,047,414 Rental trailers and other rental equipment 1,046,135 — — — 1,046,135 Rental trucks 7,470,039 — — — 7,470,039 21,004,679 — — — 21,004,679 Less: Accumulated depreciation (5,892,079 ) — — — (5,892,079 ) Total property, plant and equipment, net 15,112,600 — — — 15,112,600 Total assets $ 17,522,952 $ 535,032 $ 3,066,907 $ (645,721 ) $ 20,479,170 (a) Balances as of December 31, 2024 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 32 Consolidating balance sheets by segment as of March 31, 2025 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Liabilities: Accounts payable and accrued expenses $ 800,084 $ 6,819 $ 13,997 $ — $ 820,900 Notes, loans and finance leases payable, net 7,193,857 — — — 7,193,857 Operating lease liabilities 46,546 398 29 — 46,973 Policy benefits and losses, claims and loss expenses payable 361,755 126,852 368,914 — 857,521 Liabilities from investment contracts — — 2,511,422 — 2,511,422 Other policyholders' funds and liabilities — 447 7,092 — 7,539 Deferred income 52,895 — — — 52,895 Deferred income taxes, net 1,547,921 4,410 (62,411 ) — 1,489,920 Related party liabilities 25,369 3,814 10,303 (39,486 ) (c) — Total liabilities 10,028,427 142,740 2,849,346 (39,486 ) 12,981,027 Stockholders' equity : Series preferred stock: Series A preferred stock — — — — — Series B preferred stock — — — — — Series A common stock — — — — — Voting Common stock 10,497 3,301 2,500 (5,801 ) (b) 10,497 Non-Voting Common Stock 176 — — — 176 Additional paid-in capital 462,758 91,120 26,271 (117,601 ) (b) 462,548 Accumulated other comprehensive income (loss) (232,932 ) (9,591 ) (168,348 ) 181,557 (b) (229,314 ) Retained earnings 7,931,676 307,462 357,138 (664,390 ) (b) 7,931,886 Cost of common shares in treasury, net (525,653 ) — — — (525,653 ) Cost of preferred shares in treasury, net (151,997 ) — — — (151,997 ) Total stockholders' equity 7,494,525 392,292 217,561 (606,235 ) 7,498,143 Total liabilities and stockholders' equity $ 17,522,952 $ 535,032 $ 3,066,907 $ (645,721 ) $ 20,479,170 (a) Balances as of December 31, 2024 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 33 Consolidating balance sheets by segment as of March 31, 2024 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Assets: Cash and cash equivalents $ 1,380,165 $ 52,508 $ 101,871 $ — $ 1,534,544 Trade receivables and reinsurance recoverables, net 136,484 42,080 37,344 — 215,908 Inventories and parts 150,940 — — — 150,940 Prepaid expenses 246,082 — — — 246,082 Fixed maturity securities available-for-sale, at fair value 74,814 235,525 2,132,165 — 2,442,504 Equity securities, at fair value — 45,833 20,441 — 66,274 Investments, other 1,000 101,301 531,635 — 633,936 Deferred policy acquisition costs, net — — 121,224 — 121,224 Other assets 60,221 17,448 34,074 — 111,743 Right of use assets - financing, net 289,305 — — — 289,305 Right of use assets - operating, net 52,945 655 112 — 53,712 Related party assets 74,935 6,216 12,037 (35,254 ) (c) 57,934 Investment in subsidiaries 548,205 — — (548,205 ) (b) — Property, plant and equipment, at cost: Land 1,670,033 — — — 1,670,033 Buildings and improvements 8,237,354 — — — 8,237,354 Furniture and equipment 1,003,770 — — — 1,003,770 Rental trailers and other rental equipment 936,303 — — — 936,303 Rental trucks 6,338,324 — — — 6,338,324 18,185,784 — — — 18,185,784 Less: Accumulated depreciation (5,051,132 ) — — — (5,051,132 ) Total property, plant and equipment, net 13,134,652 — — — 13,134,652 Total assets $ 16,149,748 $ 501,566 $ 2,990,903 $ (583,459 ) 19,058,758 (a) Balances as of December 31, 2023 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 34 Consolidating balance sheets by segment as of March 31, 2024 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Liabilities: Accounts payable and accrued expenses $ 756,497 $ 9,623 $ 16,964 $ — $ 783,084 Notes, loans and leases payable, net 6,271,362 — — — 6,271,362 Operating lease liabilities 54,249 670 113 — 55,032 Policy benefits and losses, claims and loss expenses payable 319,716 132,479 396,918 — 849,113 Liabilities from investment contracts — — 2,411,352 — 2,411,352 Other policyholders' funds and liabilities — 633 17,437 — 18,070 Deferred income 51,175 — — — 51,175 Deferred income taxes, net 1,505,202 4,809 (62,886 ) — 1,447,125 Related party liabilities 25,145 2,887 13,265 (41,297 ) (c) — Total liabilities 8,983,346 151,101 2,793,163 (41,297 ) 11,886,313 Stockholders' equity : Series preferred stock: Series A preferred stock — — — — — Series B preferred stock — — — — — Series A common stock — — — — — Voting Common stock 10,497 3,301 2,500 (5,801 ) (b) 10,497 Non-Voting Common Stock 176 — — — 176 Additional paid-in capital 462,758 91,120 26,271 (117,601 ) (b) 462,548 Accumulated other comprehensive income (loss) (229,259 ) (8,366 ) (175,941 ) 190,350 (b) (223,216 ) Retained earnings 7,599,880 264,410 344,910 (609,110 ) (b) 7,600,090 Cost of common shares in treasury, net (525,653 ) — — — (525,653 ) Cost of preferred shares in treasury, net (151,997 ) — — — (151,997 ) Total stockholders' equity $ 7,166,402 350,465 197,740 (542,162 ) 7,172,445 Total liabilities and stockholders' equity 16,149,748 $ 501,566 $ 2,990,903 $ (583,459 ) $ 19,058,758 (a) Balances as of December 31, 2023 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 35 Consolidating statements of operations by segment for year ending March 31, 2025 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Revenues: Self-moving equipment rental revenues $ 3,729,318 $ — $ — $ (3,794 ) (c) $ 3,725,524 Self-storage revenues 897,913 — — — 897,913 Self-moving and self-storage products and service sales 327,490 — — — 327,490 Property management fees 36,811 — — — 36,811 Life insurance premiums — — 83,707 — 83,707 Property and casualty insurance premiums — 101,952 — (3,052 ) (c) 98,900 Net investment and interest income — 23,212 132,655 (3,893 ) (b) 151,974 Other revenue 501,242 — 5,507 (403 ) (b) 506,346 Total revenues 5,492,774 125,164 221,869 (11,142 ) 5,828,665 Costs and expenses: Operating expenses 3,208,640 47,729 26,331 (7,229 ) (b,c) 3,275,471 Commission expenses 407,368 — — — 407,368 Cost of product sales 234,145 — — — 234,145 Benefits and losses — 22,313 160,436 — 182,749 Amortization of deferred policy acquisition costs — — 18,333 — 18,333 Lease expense 22,907 377 127 (2,908 ) (b) 20,503 Depreciation, net of (gains) losses on disposal 958,184 — — — 958,184 Net (gains) losses on disposal of real estate 15,758 — — — 15,758 Total costs and expenses 4,847,002 70,419 205,227 (10,137 ) 5,112,511 Earnings from operations before equity in earnings of subsidiaries 645,772 54,745 16,642 (1,005 ) 716,154 Equity in earnings of subsidiaries 55,280 — — (55,280 ) (d) — Earnings from operations 701,052 54,745 16,642 (56,285 ) 716,154 Other components of net periodic benefit costs (1,488 ) — — — (1,488 ) Other interest income 59,489 — — (432 ) (b) 59,057 Interest expense (296,721 ) — (432 ) 1,437 (b) (295,716 ) Fees on early extinguishment of debt and costs of defeasance (495 ) — — — (495 ) Pretax earnings 461,837 54,745 16,210 (55,280 ) 477,512 Income tax expense (94,747 ) (11,693 ) (3,982 ) — (110,422 ) Net earnings available to common stockholders $ 367,090 $ 43,052 $ 12,228 $ (55,280 ) $ 367,090 (a) Balances for the year ended December 31, 2024 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries 36 Consolidating statements of operations by segment for year ending March 31, 2024 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Revenues: Self-moving equipment rental revenues $ 3,629,215 $ — $ — $ (4,520 ) (c) $ 3,624,695 Self-storage revenues 831,069 — — — 831,069 Self-moving and self-storage products and service sales 335,805 — — — 335,805 Property management fees 37,004 — — — 37,004 Life insurance premiums — — 89,745 — 89,745 Property and casualty insurance premiums — 97,927 — (3,125 ) (c) 94,802 Net investment and interest income — 25,158 124,686 (3,376 ) (b) 146,468 Other revenue 461,835 — 4,771 (520 ) (b) 466,086 Total revenues 5,294,928 123,085 219,202 (11,541 ) 5,625,674 Costs and expenses: Operating expenses 3,066,692 48,332 19,594 (8,147 ) (b,c) 3,126,471 Commission expenses 384,079 — — — 384,079 Cost of product sales 241,563 — — — 241,563 Benefits and losses — 11,878 155,157 — 167,035 Amortization of deferred policy acquisition costs — — 24,238 — 24,238 Lease expense 34,609 366 61 (2,382 ) (b) 32,654 Depreciation, net of (gains) losses on disposal 663,931 — — — 663,931 Net (gains) losses on disposal of real estate 7,914 — — — 7,914 Total costs and expenses 4,398,788 60,576 199,050 (10,529 ) 4,647,885 Earnings from operations before equity in earnings of subsidiaries 896,140 62,509 20,152 (1,012 ) 977,789 Equity in earnings of subsidiaries 65,109 — — (65,109 ) (d) — Earnings from operations 961,249 62,509 20,152 (66,121 ) 977,789 Other components of net periodic benefit costs (1,458 ) — — — (1,458 ) Other interest income 120,501 — — (480 ) (b) 120,021 Interest expense (257,187 ) — (480 ) 1,492 (b) (256,175 ) Pretax earnings 823,105 62,509 19,672 (65,109 ) 840,177 Income tax expense (194,398 ) (12,931 ) (4,141 ) — (211,470 ) Net earnings available to common stockholders $ 628,707 $ 49,578 $ 15,531 $ (65,109 ) $ 628,707 (a) Balances for the year ended December 31, 2023 (b) Eliminate intercompany lease/interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries 37 Consolidating statements of operations by segment for year ending March 31, 2023 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Revenues: Self-moving equipment rental revenues $ 3,882,620 $ — $ — $ (4,703 ) (c) $ 3,877,917 Self-storage revenues 744,492 — — — 744,492 Self-moving and self-storage products and service sales 357,286 — — — 357,286 Property management fees 37,073 — — — 37,073 Life insurance premiums — — 99,149 — 99,149 Property and casualty insurance premiums — 96,242 — (3,033 ) (c) 93,209 Net investment and interest income 70,992 7,270 102,448 (4,031 ) (b) 176,679 Other revenue 475,251 — 4,503 (868 ) (b) 478,886 Total revenues 5,567,714 103,512 206,100 (12,635 ) 5,864,691 Costs and expenses: Operating expenses 2,966,982 45,035 21,115 (8,585 ) (b,c) 3,024,547 Commission expenses 416,315 — — — 416,315 Cost of product sales 263,026 — — — 263,026 Benefits and losses — 21,535 142,544 — 164,079 Amortization of deferred policy acquisition costs — — 27,924 — 27,924 Lease expense 32,878 372 108 (2,529 ) (b) 30,829 Depreciation, net of (gains) losses on disposal 486,795 — — — 486,795 Net (gains) losses on disposal of real estate 5,596 — — — 5,596 Total costs and expenses 4,171,592 66,942 191,691 (11,114 ) 4,419,111 Earnings from operations before equity in earnings of subsidiaries 1,396,122 36,570 14,409 (1,521 ) 1,445,580 Equity in earnings of subsidiaries 41,201 — — (41,201 ) (d) — Earnings from operations 1,437,323 36,570 14,409 (42,722 ) 1,445,580 Other components of net periodic benefit costs (1,216 ) — — — (1,216 ) Interest expense (224,999 ) — (480 ) 1,521 (b) (223,958 ) Fees on early extinguishment of debt and costs of defeasance (1,009 ) — — — (1,009 ) Pretax earnings 1,210,099 36,570 13,929 (41,201 ) 1,219,397 Income tax expense (285,627 ) (6,815 ) (2,483 ) — (294,925 ) Net earnings available to common stockholders $ 924,472 $ 29,755 $ 11,446 $ (41,201 ) $ 924,472 (a) Balances for the year ended December 31, 2022 (b) Eliminate intercompany lease/interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries 38 Consolidating cash flow statements by segment for the year ended March 31, 2025, are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination U-Haul Holding Company Consolidated (In thousands) Cash flows from operating activities: Net earnings $ 367,090 $ 43,052 $ 12,228 $ (55,280 ) $ 367,090 Earnings from consolidated subsidiaries (55,280 ) — — 55,280 — Adjustments to reconcile net earnings to cash provided by operations: Depreciation 971,933 — — — 971,933 Amortization of premiums and accretion of discounts related to investments, net — 1,431 12,960 — 14,391 Amortization of debt issuance costs 5,703 — — — 5,703 Interest credited to policyholders — — 84,920 — 84,920 Provision for allowance (recoveries) for losses on trade receivables, net (1,101 ) — — — (1,101 ) Operating lease right-of-use asset amortization 10,558 — — — 10,558 Net (gains) losses on disposal of personal property (13,749 ) — — — (13,749 ) Net (gains) losses on disposal of real estate 15,758 — — — 15,758 Net (gains) losses on sales of fixed maturity securities — — 2,180 — 2,180 Net (gains) losses on equity securities and investments other — (1,979 ) (3,808 ) — (5,787 ) Deferred income taxes 43,564 (114 ) (1,543 ) — 41,907 Net change in other operating assets and liabilities: Trade receivables and reinsurance recoverables (21,346 ) 3,009 4,169 — (14,168 ) Inventories and parts (12,259 ) — — — (12,259 ) Prepaid expenses (37,038 ) — — — (37,038 ) Deferred policy acquisition costs, net — — (505 ) — (505 ) Other assets (22,491 ) 3,769 (1,422 ) — (20,144 ) Related party assets 12,549 2,046 (1,938 ) — 12,657 Accounts payable and accrued expenses and operating lease liabilities 18,165 (2,937 ) (828 ) — 14,400 Policy benefits and losses, claims and loss expenses payable 42,927 (5,627 ) (15,546 ) — 21,754 Other policyholders' funds and liabilities — (187 ) (3,932 ) — (4,119 ) Deferred income 1,858 — — — 1,858 Other liabilities 224 928 (2,962 ) — (1,810 ) Net cash provided by (used in) operating activities 1,327,065 43,391 83,973 — 1,454,429 Cash flows from investing activities: Escrow deposits activity 3,978 — — — 3,978 Purchases of: Property, plant and equipment (3,457,124 ) — — 4,643 (b) (3,452,481 ) Fixed maturity securities available-for-sale — (10,289 ) (491,351 ) — (501,640 ) Equity securities — (1,159 ) (660 ) — (1,819 ) Investments, other 1,000 (35,818 ) (138,704 ) — (173,522 ) Proceeds from sales of: Property, plant and equipment 6
The investigation determined that between November 5, 2021 and April 8, 2022, the threat actor accessed customer contracts containing customers’ names, dates of birth, and driver’s license or state identification numbers.
Fiscal years ended March 31: 2020 2021 2022 2023 2024 2025 U-Haul Holding Company - UHAL $ 100 $ 212 $ 207 $ 207 $ 235 $ 227 U-Haul Holding Company - UHAL.B 100 212 207 179 231 206 Dow Jones US Total Market 100 150 158 152 182 192 Dow Jones US Transportation Average 100 189 211 187 210 191 Item 6. [Re served] Reserved. 18 Item 7.
Property management fees decreased $0.2 million during fiscal 2025, compared with fiscal 2024, primarily due to a $3.8 million decrease in management incentive fees related to the above mentioned Mercury transaction, partially offset by an increase in base management fees of $3.6 million.
Other revenue increased $40.3 million during fiscal 2025, compared with fiscal 2024, caused primarily by increases in our U-Box program. 23 Listed below are revenues and earnings from operations at each of our operating segments for fiscal 2025 and 2024.
As a result of the above-mentioned items, earnings available to common stockholders were $367.1 million for fiscal 2025, compared with $628.7 million for fiscal 2024. 24 Moving and Storage Fiscal 2025 Compared with Fiscal 2024 Listed below are revenues for the major product lines at Moving and Storage for fiscal 2025 and fiscal 2024: Year Ended March 31, 2025 2024 (In thousands) Self-moving equipment rental revenues $ 3,729,318 $ 3,629,215 Self-storage revenues 897,913 831,069 Self-moving and self-storage products and service sales 327,490 335,805 Property management fees 36,811 37,004 Other revenue 501,242 461,835 Moving and Storage revenue $ 5,492,774 $ 5,294,928 Self-moving equipment rental revenues increased $100.1 million during fiscal 2025, compared with fiscal 2024.
Property management fees decreased $0.2 million during fiscal 2025, compared with fiscal 2024, primarily due to a $3.8 million decrease in management incentive fees related to the above mentioned Mercury transaction, partially offset by an increase in base management fees of $3.6 million. 25 Other revenue increased $39.4 million during fiscal 2025, compared with fiscal 2024, caused primarily by increases in our U-Box program.
For detailed information regarding our debt obligations, please see Note 10, Notes, Loans and Finance Leases Payable, net, of the Notes to Consolidated Financial Statements. 27 A summary of our consolidated cash flows for fiscal 2025 and 2024 is shown in the table below: Year Ended March 31, 2025 2024 (In thousands) Net cash provided by operating activities $ 1,454,429 $ 1,452,756 Net cash used by investing activities (2,890,921 ) (2,046,373 ) Net cash provided by financing activities 895,112 66,533 Effects of exchange rate on cash (4,336 ) 1,104 Net increase (decrease) in cash and cash equivalents (545,716 ) (525,980 ) Cash and cash equivalents at the beginning of the period 1,534,544 2,060,524 Cash and cash equivalents at the end of the period $ 988,828 $ 1,534,544 Net cash provided by operating activities increased $1.7 million in fiscal 2025, compared with fiscal 2024 due to an increase in Moving and Storage operating profits offset by an increase in liability claim payments and income tax payments.
Cash Flows by Segments Moving and Storage Net cash provided by operating activities was $1,327.1 million and $1,319.0 million in fiscal 2025 and 2024, respectively, due to an increase in Moving and Storage operating profits offset by an increase in liability claim payments and income tax payments.
Payment due by Period (as of March 31, 2025) Total 04/01/25 - 03/31/26 04/01/26 - 03/31/28 04/01/28 - 03/31/30 Thereafter (In thousands) Notes, loans and finance leases payable - Principal $ 7,229,341 $ 649,579 $ 2,035,767 $ 1,497,745 $ 3,046,250 Notes, loans and finance leases payable - Interest 2,453,951 363,701 607,905 440,651 1,041,694 Life, health and annuity obligations (a) 3,615,674 674,938 737,630 588,104 1,615,002 Self-insurance accruals (b) 360,894 240,839 82,684 29,925 7,446 Total contractual obligations $ 13,659,860 $ 1,929,057 $ 3,463,986 $ 2,556,425 $ 5,710,392 (a) These cash flows represent our estimates of the payments we expect to make to our policyholders, without consideration of future premiums or reinsurance recoveries.
Depreciation expense associated with our rental fleet increased $128.1 million for fiscal 2025 compared with fiscal 2024, due to an increase in the pace of new additions to the fleet combined with their higher cost.
Depreciation expense associated with our rental fleet increased $128.1 million for fiscal 2025 compared with fiscal 2024 due to an increase in the pace of new additions to the fleet combined with their higher cost.