U-HAUL HOLDING COMPANY REPORTS FIRST QUARTER FISCAL 2026 FINANCIAL RESULTS
RENO, Nev. (August 6, 2025)—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 common shareholders for its first quarter ended June 30, 2025, of $142.3 million, compared with net earnings of $195.4 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.73 for the first quarter of fiscal 2026 compared to $1.00 for the same period in fiscal 2025.
“Revenues for self-move and self-storage are up over the same quarter last year,” stated Joe Shoen, chairman of U-Haul Holding Company. “We are working through increased depreciation expense and losses on the sale of retired rental equipment. The race to zero emissions on work trucks has proven to be ephemeral. The increased costs to our customers and shareholders will persist for a while. U-Haul and truck OEMs need additional help from the EPA to have economical and effective product available.”
Highlights of First Quarter Fiscal 2026 Results
•
Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, decreased $52.2 million to $242.9 million compared to the first quarter of fiscal 2025.
•
Increased losses from the disposal of retired rental equipment accounted for $29.7 million of the decrease for the first quarter, while fleet depreciation expense increased $50.7 million for the first quarter and real estate related depreciation expense increased $7.1 million for the quarter, all compared with the first quarter of fiscal 2025.
•
Moving and Storage earnings before interest, taxes, depreciation and amortization (EBITDA) increased $30.6 million to $545.3 million compared to the first quarter of fiscal 2025 and for the trailing twelve months for June 30, 2025 increased $65.8 million to $1,650.3 million compared to the trailing twelve months for June 30, 2024.
•
Self-storage revenues increased $18.5 million, or 8.6% versus the first quarter of fiscal year 2025.
•
Same store occupancy decreased 1.0% to 92.8%, revenue per foot increased 0.6%, and the number of locations qualifying for the pool increased by 23.
•
During the first quarter of fiscal 2026, we added 15 new locations with storage and 1.2 million net rentable square feet (nrsf).
•
We have approximately 14.8 million nrsf in development or pending.
•
Self-moving equipment rental revenues increased $43.9 million, or 4.3% versus first quarter of fiscal year 2025. Revenue per transaction increased for both our In-Town and One-Way markets compared to the first quarter of fiscal 2025. Compared to the same period last year, we increased the number of Company operated retail locations, independent dealers along with the number of box trucks in the rental fleet.
•
Other revenue for Moving and Storage increased $20.6 million or 15.6% versus the first quarter of fiscal 2025 due to growth of our U-Box product offering. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
•
Fleet maintenance and repair costs experienced a $5.2 million increase, compared with the first quarter of fiscal 2025.
•
Cash and credit availability at the Moving and Storage segment was $1,191.1 million as of June 30, 2025 compared with $1,347.5 million as of March 31, 2025.
•
On June 4, 2025, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on June 16, 2025. The dividend was paid on June 27, 2025.
•
We are holding our 19th Annual Virtual Analyst and Investor meeting on Thursday, August 21, 2025 at 11 a.m. Arizona Time (2 p.m. Eastern). This is an opportunity to interact directly with Company representatives through a live video webcast at investors.uhaul.com. A brief presentation by the Company will be followed by a question-and-answer session.
•
Our latest Supplemental financial information as of June 30, 2025, is available at investors.uhaul.com under “Investor Kit”.
U-Haul Holding Company will hold its investor call for the first quarter of fiscal 2026 on Thursday, August 7, 2025, 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 more than 23,000 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 197,500 trucks, 137,200 trailers and 41,300 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,093,000 rentable storage units and 94.9 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-Q for the quarter ended June 30, 2025, which is on file with the SEC.
###
Report on Business Operations
Listed below on a consolidated basis are revenues for our major product lines for the first quarter of fiscal 2026 and 2025.
Quarter Ended June 30,
2025
2024
(Unaudited)
(In thousands)
Self-moving equipment rental revenues
$
1,058,273
$
1,014,332
Self-storage revenues
234,237
215,737
Self-moving and self-storage products and service sales
98,188
96,591
Property management fees
9,582
9,495
Life insurance premiums
19,169
20,740
Property and casualty insurance premiums
21,738
21,229
Net investment and interest income
35,211
37,125
Other revenue
154,072
133,241
Consolidated revenue
$
1,630,470
$
1,548,490
Listed below are revenues and earnings from operations at each of our operating segments for the first quarters of fiscal 2026 and 2025.
Quarter Ended June 30,
2025
2024
(Unaudited)
(In thousands)
Moving and storage
Revenues
$
1,553,859
$
1,469,161
Earnings from operations before equity in earnings of subsidiaries
242,878
295,058
Property and casualty insurance
Revenues
29,721
28,178
Earnings from operations
11,888
11,483
Life insurance
Revenues
50,094
53,749
Earnings (losses) from operations
2,676
(47)
Eliminations
Revenues
(3,204)
(2,598)
Earnings from operations before equity in earnings of subsidiaries
(28)
(252)
Consolidated Results
Revenues
1,630,470
1,548,490
Earnings from operations
257,414
306,242
Debt Metrics
Moving and Storage
(In thousands, unaudited)
June 30,
March 31,
December 31,
September 30,
June 30,
2025
2025
2024
2024
2024
Real estate secured debt
$2,727,545
$2,703,656
$2,436,840
$2,471,044
$2,497,239
Unsecured debt
1,700,000
1,700,000
1,700,000
1,700,000
1,200,000
Fleet secured debt
2,792,015
2,758,821
2,724,349
2,554,194
2,544,235
Other secured debt
65,570
66,864
68,402
69,264
70,202
Total debt
7,285,130
7,229,341
6,929,591
6,794,502
6,311,676
Cash and cash equivalents
$726,069
$872,467
$883,108
$1,279,493
$1,071,779
Total assets
17,858,535
17,522,952
17,291,214
17,164,316
16,447,193
Adjusted EBITDA (TTM)
1,650,277
1,619,714
1,614,146
1,566,396
1,584,461
Net debt to adjusted EBITDA
4.0
3.9
3.7
3.5
3.3
Net debt to total assets
36.7%
36.3%
35.0%
32.1%
31.9%
Percent of debt floating
6.1%
6.1%
6.2%
5.9%
7.7%
Percent of debt fixed
93.9%
93.9%
93.8%
94.1%
92.3%
Percent of debt unsecured
23.3%
23.5%
24.5%
25.0%
19.0%
Unencumbered asset ratio*
3.86x
3.91x
3.81x
3.78x
4.72x
* Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued
at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x
The components of depreciation, net of gains on disposals are as follows:
Quarter Ended June 30,
2025
2024
(Unaudited)
(In thousands)
Depreciation expense - rental equipment
$
208,212
$
157,528
Depreciation expense - non rental equipment
24,019
23,961
Depreciation expense - real estate
49,845
42,824
Total depreciation expense
$
282,076
$
224,313
Net (gains) losses on disposals of rental equipment
22,125
(7,948)
Net (gains) losses on disposals of non-rental equipment
(192)
180
Total net (gains) losses on disposals equipment
$
21,933
$
(7,768)
Depreciation, net of (gains) losses on disposals
$
304,009
$
216,545
Net (gains) losses on disposals of real estate
$
(1,617)
$
3,104
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 locations follows:
Quarter Ended June 30,
2025
2024
(Unaudited)
(In thousands, except occupancy rate)
Unit count as of June 30
813
748
Square footage as of June 30
69,560
63,586
Average monthly number of units occupied
632
594
Average monthly occupancy rate based on unit count
78.1%
80.0%
End of June occupancy rate based on unit count
78.8%
81.0%
Average monthly square footage occupied
55,399
51,717
Self-Storage Portfolio Summary
As of June 30, 2025
(unaudited)
U-Haul Owned Store Data by State
Annual
State/
Units
Rentable
Revenue
Occupancy
Province
Stores
Occupied
Square Feet
Per Foot
During Qtr
Texas
98
39,874
4,640,397
$14.79
77.7%
California
90
35,486
3,334,972
$21.24
82.8%
Florida
88
35,662
3,941,751
$18.52
77.0%
Illinois
83
39,790
4,175,787
$16.16
79.0%
Pennsylvania
73
29,540
3,140,190
$17.96
72.5%
Ohio
66
26,571
2,999,238
$14.92
74.7%
New York
66
28,867
2,653,223
$23.41
80.7%
Michigan
60
20,923
2,311,073
$15.77
82.0%
Georgia
53
22,717
2,608,640
$16.26
80.4%
Arizona
47
25,685
2,925,300
$15.58
78.5%
Wisconsin
44
17,426
2,025,211
$13.89
74.5%
North Carolina
41
17,981
2,046,133
$15.33
73.0%
Washington
38
14,706
1,590,390
$16.69
75.9%
Missouri
38
14,389
1,812,883
$14.23
69.4%
Tennessee
37
15,651
1,611,024
$14.91
85.2%
Ontario
33
12,611
1,410,804
$23.07
70.0%
New Jersey
33
16,365
1,517,120
$20.71
84.6%
Indiana
33
11,129
1,181,366
$14.05
81.3%
Minnesota
33
14,135
1,687,479
$13.68
76.3%
Massachusetts
31
11,466
1,030,178
$20.65
86.8%
Top 20 Totals
1,085
450,974
48,643,160
$17.07
77.9%
All Others
488
189,879
20,916,713
$16.53
78.6%
1Q 2026 Totals
1,573
640,853
69,559,933
$16.91
78.1%
Same Store 1Q26
902
330,969
30,412,656
$17.44
92.8%
Same Store 1Q25
902
336,770
30,393,006
$17.34
93.8%
Same Store 1Q24
902
338,048
30,356,491
$16.98
94.2%
Non-Same Store 1Q26
671
309,884
39,147,277
$16.31
66.7%
Non-Same Store 1Q25
591
268,531
33,192,915
$18.74
67.3%
Non-Same Store 1Q24
529
235,664
27,240,887
$18.66
70.5%
Same Store Pool Held Constant for Prior Periods
Same Store 1Q26
902
330,969
30,412,656
$17.44
92.8%
Same Store 1Q25
879
310,825
28,263,627
$17.32
93.9%
Same Store 1Q24
820
266,832
24,503,591
$16.72
95.1%
Non-Same Store 1Q26
671
309,884
39,147,277
$16.31
66.7%
Non-Same Store 1Q25
614
294,476
35,322,294
$18.65
69.0%
Non-Same Store 1Q24
613
306,221
33,026,074
$18.57
74.3%
Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of the reporting quarter.
Occupancy % reflects average occupancy during the reporting quarter.
Revenue per foot is average revenue per occupied foot over the trailing twelve months ending June 2025.
Same store includes storage locations with rentable storage inventory for more than three years and a capacity
change of less than twenty units for any year-over-year period of the reporting month.
The locations have occupancy each month during the last three years and have achieved 80% or greater occupancy for the last two years
Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month.
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30,
March 31,
2025
2025
(Unaudited)
(In thousands)
ASSETS
Cash and cash equivalents
$
877,188
$
988,828
Trade receivables and reinsurance recoverables, net
231,002
230,716
Inventories and parts
173,299
163,132
Prepaid expenses
285,540
282,406
Fixed maturity securities available-for-sale, net, at fair value
2,521,166
2,479,498
Equity securities, at fair value
65,609
65,549
Investments, other
681,692
678,254
Deferred policy acquisition costs, net
121,621
121,729
Other assets
130,993
126,732
Right of use assets - financing, net
85,661
138,698
Right of use assets - operating, net
44,048
46,025
Related party assets
40,473
45,003
Property, plant and equipment, at cost:
Land
1,835,090
1,812,820
Buildings and improvements
9,885,198
9,628,271
Furniture and equipment
1,055,983
1,047,414
Rental trailers and other rental equipment
1,081,063
1,046,135
Rental trucks
7,910,809
7,470,039
21,768,143
21,004,679
Less: Accumulated depreciation
(6,178,067)
(5,892,079)
Total property, plant and equipment, net
15,590,076
15,112,600
Total assets
$
20,848,368
$
20,479,170
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses
$
901,083
$
820,900
Notes, loans and finance leases payable, net
7,249,877
7,193,857
Operating lease liabilities
44,918
46,973
Policy benefits and losses, claims and loss expenses payable
871,530
857,521
Liabilities from investment contracts
2,537,848
2,511,422
Other policyholders' funds and liabilities
12,618
7,539
Deferred income
65,179
52,895
Deferred income taxes, net
1,504,547
1,489,920
Total liabilities
13,187,600
12,981,027
Common stock
10,497
10,497
Non-voting common stock
176
176
Additional paid-in capital
462,548
462,548
Accumulated other comprehensive loss
(200,196)
(229,314)
Retained earnings
8,065,393
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
7,660,768
7,498,143
Total liabilities and stockholders' equity
$
20,848,368
$
20,479,170
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Quarter Ended June 30,
2025
2024
(Unaudited)
(In thousands, except share and per share data)
Revenues:
Self-moving equipment rental revenues
$
1,058,273
$
1,014,332
Self-storage revenues
234,237
215,737
Self-moving and self-storage products and service sales
98,188
96,591
Property management fees
9,582
9,495
Life insurance premiums
19,169
20,740
Property and casualty insurance premiums
21,738
21,229
Net investment and interest income
35,211
37,125
Other revenue
154,072
133,241
Total revenues
1,630,470
1,548,490
Costs and expenses:
Operating expenses
826,749
789,757
Commission expenses
116,737
112,571
Cost of product sales
72,205
66,014
Benefits and losses
45,182
44,006
Amortization of deferred policy acquisition costs
4,917
4,646
Lease expense
4,874
5,605
Depreciation, net of (gains) losses on disposals
304,009
216,545
Net (gains) losses on disposal of real estate
(1,617)
3,104
Total costs and expenses
1,373,056
1,242,248
Earnings from operations
257,414
306,242
Other components of net periodic benefit costs
(346)
(372)
Other interest income
10,669
18,235
Interest expense
(82,330)
(67,218)
Fees on early extinguishment of debt and costs of defeasance
(26)
(495)
Pretax earnings
185,381
256,392
Income tax expense
(43,050)
(60,975)
Earnings available to common stockholders
$
142,331
$
195,417
Basic and diluted earnings per share of Common Stock
$
0.68
$
0.95
Weighted average shares outstanding of Common Stock: Basic and diluted
19,607,788
19,607,788
Basic and diluted earnings per share of Non-Voting Common Stock
$
0.73
$
1.00
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted
176,470,092
176,470,092
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 ended June 30, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:
For the Quarter Ended
June 30,
2025
2024
(Unaudited)
(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock
19,607,788
19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock
196,077,880
196,077,880
Percent of weighted average shares outstanding of Voting Common Stock
10%
10%
Net earnings available to common stockholders
$
142,331
$
195,417
Voting Common Stock dividends declared
–
–
Non-Voting Common Stock dividends declared
(8,824)
(8,824)
Undistributed earnings available to common stockholders
$
133,507
$
186,593
Undistributed earnings available to common stockholders allocated to Voting Common Stock
$
13,351
$
18,659
Undistributed earnings per share of Voting Common Stock
$
0.68
$
0.95
Dividends declared per share of Voting Common Stock
$
–
$
–
Basic and diluted earnings per share of Voting Common Stock
$
0.68
$
0.95
Weighted average shares outstanding of Non-Voting Common Stock
176,470,092
176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock
196,077,880
196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock
90%
90%
Net earnings available to common stockholders
$
142,331
$
195,417
Voting Common Stock dividends declared
–
–
Non-Voting Common Stock dividends declared
(8,824)
(8,824)
Undistributed earnings available to common stockholders
$
133,507
$
186,593
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock
$
120,156
$
167,934
Undistributed earnings per share of Non-Voting Common Stock
$
0.68
$
0.95
Dividends declared per share of Non-Voting Common Stock
$
0.05
$
0.05
Basic and diluted earnings per share of Non-Voting Common Stock
$
0.73
$
1.00
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 June 30, 2025 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. 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.
June 30,
March 31,
2025
2025
June 30,
ROU Assets
Property, Plant and Equipment
Property, Plant and Equipment
2025
Financing
Adjusted
Adjusted
(Unaudited)
(In thousands)
Property, plant and equipment, at cost
Land
$
1,835,090
$
-
$
1,835,090
$
1,812,820
Buildings and improvements
9,885,198
-
9,885,198
9,628,271
Furniture and equipment
1,055,983
61
1,056,044
1,047,475
Rental trailers and other rental equipment
1,081,063
48,468
1,129,531
1,104,206
Rental trucks
7,910,809
164,273
8,075,082
7,779,514
Subtotal
21,768,143
212,802
21,980,945
21,372,286
Less: Accumulated depreciation
(6,178,067)
(127,141)
(6,305,208)
(6,120,988)
Total property, plant and equipment, net
$
15,590,076
$
85,661
$
15,675,737
$
15,251,298
March 31,
2025
March 31,
ROU Assets
Property, Plant and Equipment
2025
Financing
Adjusted
(Unaudited)
(In thousands)
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
61
1,047,475
Rental trailers and other rental equipment
1,046,135
58,071
1,104,206
Rental trucks
7,470,039
309,475
7,779,514
Subtotal
21,004,679
367,607
21,372,286
Less: Accumulated depreciation
(5,892,079)
(228,909)
(6,120,988)
Total property, plant and equipment, net
$
15,112,600
$
138,698
$
15,251,298
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 supplement the transparency of the Company's disclosures and provides 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 supplements 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.
Moving and Storage EBITDA Calculations
(In thousands, unaudited)
Trailing Twelve Months
June 30,
March 31,
December 31,
September 30,
June 30,
2025
2025
2024
2024
2024
Net earnings available to common stockholders
$
314,004
$
367,090
$
448,518
$
480,576
$
567,286
Income tax expense
76,156
94,747
137,940
148,743
174,206
Fees on early extinguishment of debt and costs of defeasance
26
495
495
495
495
Interest expense
311,609
296,721
280,487
271,359
263,808
Other interest income
(51,899)
(59,489)
(87,303)
(99,292)
(111,561)
Other components of net periodic benefit costs
1,462
1,488
1,480
1,473
1,465
Net losses on disposal of real estate
11,037
15,758
12,047
11,273
9,997
Depreciation, net of gains on disposals
1,045,648
958,184
888,253
815,810
742,662
Elimination of net earnings from insurance subsidiaries
(57,766)
(55,280)
(67,771)
(64,041)
(63,897)
Adjusted EBITDA
$
1,650,277
$
1,619,714
$
1,614,146
$
1,566,396
$
1,584,461
Moving and Storage EBITDA Calculations
(In thousands, unaudited)
Quarters Ended
June 30,
June 30,
2025
2024
Net earnings available to common stockholders
$
142,331
$
195,417
Income tax expense
40,086
58,677
Fees on early extinguishment of debt and costs of defeasance
26
495
Interest expense
82,358
67,470
Other interest income
(10,765)
(18,355)
Other components of net periodic benefit costs
346
372
Net losses on disposal of real estate
(1,617)
3,104
Depreciation, net of gains on disposals
304,009
216,545
Elimination of net earnings from insurance subsidiaries