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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


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


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
	For the transition period from __________________ to __________________

Commission File Number 001-11255


State or Other Jurisdiction of Incorporation or Organization	Registrant, State of Incorporation, Address and Telephone Number	I.R.S. Employer Identification No.

Nevada		88-0106815

	U-Haul Holding Company (A Nevada Corporation)
	5555 Kietzke Lane Ste 100 Reno, Nevada 89511 Telephone (775) 688-6300 N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered

Common Stock, $0.25 par value	UHAL	New York Stock Exchange
Series N Non-Voting Common Stock, $0.001 par value	UHAL.B	New York Stock Exchange

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

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

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


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

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

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

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

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

TABLE OF CONTENTS


		Page

	PART I FINANCIAL INFORMATION

Item 1.	Financial Statements

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

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

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

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

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

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

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

	h) Notes to Consolidated Financial Statements (unaudited)	8

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

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	76

Item 4.	Controls and Procedures	79

	PART II OTHER INFORMATION

Item 1.	Legal Proceedings	79

Item 1A.	Risk Factors	79

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

Item 3.	Defaults Upon Senior Securities	80

Item 4.	Mine Safety Disclosures	80

Item 5.	Other Information	80

Item 6.	Exhibits	80

Part i Financial information

Item 1. Financial Statements

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED balance sheets


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

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

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

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

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED Statements of operations


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

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

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

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

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

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

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

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED Statements of operations


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

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

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

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

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

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

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

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

consolidatED statements of COMPREHENSIVE INCOME (loss)


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

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

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

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


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

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

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

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

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

U-Haul Holding Company and consolidated subsidiaries

consolidated statements of changes in stockholders’ equity


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

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

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

U-Haul Holding Company and consolidated subsidiaries

consolidated statements of changes in stockholders’ equity


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

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

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

U-Haul holding company AND CONSOLIDATED subsidiaries

consolidatED statements of cash flows


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

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

Cash flows from financing activities:

U-Haul Holding Co /NV/ 10-Q