U-HAUL HOLDING COMPANY REPORTS SECOND QUARTER FISCAL 2026 FINANCIAL RESULTS
RENO, Nev. (November 5, 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 second quarter ended September 30, 2025, of $105.6 million, compared with net earnings of $186.8 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.54 for the second quarter of fiscal 2026 compared to $0.96 for the same period in fiscal 2025.
For the six-month period ended September 30, 2025, net earnings available to shareholders were $247.9 million compared with net earnings of $382.2 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $1.27 for the six-month period of fiscal 2026 compared to $1.96 for the same period in fiscal 2025.
“As anticipated, the increase in fleet depreciation expense and losses on the sale of retired equipment continued into this quarter,” stated Joe Shoen, chairman of U-Haul Holding Company. “Revenues for our major product lines are up year-over-year however, profits are down two years running. The better news is Federal Agencies are jettisoning impossible green mandates. U-Haul will be renting trucks for the foreseeable future.”
Highlights of Second Quarter Fiscal 2026 Results
•
Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, decreased $83.3 million to $197.4 million compared to the second quarter of fiscal 2026.
•
Increased losses from the disposal of retired rental equipment accounted for $56.1 million of the decrease for the second quarter, while fleet depreciation expense increased $50.6 million for the second quarter, all compared with the second quarter of fiscal 2025.
•
Moving and Storage earnings before interest, taxes, depreciation and amortization (EBITDA) increased $31.6 million to $542.6 million compared to the second quarter of fiscal 2025 and for the trailing twelve months for September 30, 2025 increased $115.5 million to $1,681.9 million compared to the trailing twelve months for September 30, 2024.
•
Self-storage revenues increased $21.8 million, or 9.7% versus the second quarter of fiscal year 2025.
•
Same store occupancy decreased 3.5% to 90.5%, revenue per foot increased 4.0%, and the number of locations qualifying for the pool increased by 10.
•
During the second quarter of fiscal 2026, we added 23 new locations with storage and 1.6 million net rentable square feet (nrsf).
•
We have approximately 14.2 million NRSF in development or pending.
•
Self-moving equipment rental revenues increased $23.1 million, or 2.1% versus the second quarter of fiscal year 2025. Revenue per transaction increased for both our In-Town and One-Way markets compared to the second 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 $12.0 million or 7.4% versus the second 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 $10.4 million increase, compared with the second quarter of fiscal 2025.
•
Cash and credit availability at the Moving and Storage segment was $1,376.0 million as of September 30, 2025 compared with $1,347.5 million at March 31, 2025.
•
On August 21, 2025, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on September 15, 2025. The dividend was paid on September 26, 2025.
Supplemental financial information as of September 30, 2025 is available at investors.uhaul.com under “Investor Kit.”
U-Haul Holding Company will hold its investor call for the second quarter of fiscal 2026 on Thursday, November 6, 2025, at 8 a.m. Arizona Time (10 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 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 203,000 trucks, 137,400 trailers and 41,700 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,111,000 rentable storage units and 96.5 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 September 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 second quarter of fiscal 2026 and 2025.
Quarter Ended September 30,
2025
2024
(Unaudited)
(In thousands)
Self-moving equipment rental revenues
$
1,110,477
$
1,087,348
Self-storage revenues
246,299
224,519
Self-moving and self-storage product and service sales
89,829
87,763
Property management fees
9,621
9,586
Life insurance premiums
18,370
20,488
Property and casualty insurance premiums
28,272
25,767
Net investment and interest income
40,022
37,794
Other revenue
177,032
164,843
Consolidated revenue
$
1,719,922
$
1,658,108
Listed below are the revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2026 and 2025.
Quarter Ended September 30,
2025
2024
(Unaudited)
(In thousands)
Moving and storage
Revenues
$
1,632,827
$
1,573,643
Earnings from operations before equity in earnings of subsidiaries
197,440
280,695
Property and casualty insurance
Revenues
35,891
31,461
Earnings from operations
17,154
13,823
Life insurance
Revenues
54,113
56,157
Earnings from operations
3,028
7,690
Eliminations
Revenues
(2,909)
(3,153)
Earnings from operations before equity in earnings of subsidiaries
(28)
(252)
Consolidated Results
Revenues
1,719,922
1,658,108
Earnings from operations
217,594
301,956
Moving and Storage
Debt Metrics
(in thousands)(unaudited)
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
Real estate secured debt
$3,002,344
$2,727,545
$2,703,656
$2,436,840
$2,471,044
Unsecured debt
1,700,000
1,700,000
1,700,000
1,700,000
1,700,000
Fleet secured debt
2,965,804
2,792,015
2,758,821
2,724,349
2,554,194
Other secured debt
64,357
65,570
66,864
68,402
69,264
Total debt
7,732,505
7,285,130
7,229,341
6,929,591
6,794,502
Cash and cash equivalents
$910,969
$726,069
$872,467
$883,108
$1,279,493
Total assets
18,460,371
17,858,535
17,522,952
17,291,214
17,164,316
Adjusted EBITDA (TTM)
1,681,900
1,650,277
1,619,714
1,614,146
1,566,396
Net debt to adjusted EBITDA
4.1
4.0
3.9
3.7
3.5
Net debt to total assets
37.0%
36.7%
36.3%
35.0%
32.1%
Percent of debt floating
7.1%
6.1%
6.1%
6.2%
5.9%
Percent of debt fixed
92.9%
93.9%
93.9%
93.8%
94.1%
Percent of debt unsecured
22.0%
23.3%
23.5%
24.5%
25.0%
Unencumbered asset ratio*
3.96x
3.86x
3.91x
3.81x
3.78x
* 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) losses on disposals for the second quarter of fiscal 2026 and 2025 are as follows:
Quarter Ended September 30,
2025
2024
(Unaudited)
(In thousands)
Depreciation expense - rental equipment
$
226,909
$
176,340
Depreciation expense - non rental equipment
23,760
23,750
Depreciation expense - real estate
51,440
44,735
Total depreciation expense
$
302,109
$
244,825
Net (gains) losses on disposals of rental equipment
38,329
$
(17,892)
Net (gains) losses on disposals of non-rental equipment
170
337
Total net (gains) losses on disposals equipment
$
38,499
$
(17,555)
Depreciation, net of (gains) losses on disposals
$
340,608
$
227,270
Net (gains) losses on disposals of real estate
$
4,531
$
2,991
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 September 30,
2025
2024
(Unaudited)
(In thousands, except occupancy rate)
Unit count as of September 30
831
758
Square footage as of September 30
71,167
64,499
Average monthly number of units occupied
630
610
Average monthly occupancy rate based on unit count
76.3%
80.9%
End of September occupancy rate based on unit count
74.4%
80.0%
Average monthly square footage occupied
55,623
53,108
Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2026 and 2025.
Six Months Ended September 30,
2025
2024
(Unaudited)
(In thousands)
Self-moving equipment rental revenues
$
2,168,750
$
2,101,680
Self-storage revenues
480,536
440,256
Self-moving and self-storage product and service sales
188,017
184,354
Property management fees
19,203
19,081
Life insurance premiums
37,539
41,228
Property and casualty insurance premiums
50,010
46,996
Net investment and interest income
75,233
74,919
Other revenue
331,104
298,084
Consolidated revenue
$
3,350,392
$
3,206,598
Listed below are the revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2026 and 2025.
Six Months Ended September 30,
2025
2024
(Unaudited)
(In thousands)
Moving and storage
Revenues
$
3,186,686
$
3,042,804
Earnings from operations before equity in earnings of subsidiaries
440,318
575,753
Property and casualty insurance
Revenues
65,612
59,639
Earnings from operations
29,042
25,306
Life insurance
Revenues
104,207
109,906
Earnings from operations
5,704
7,643
Eliminations
Revenues
(6,113)
(5,751)
Earnings from operations before equity in earnings of subsidiaries
(56)
(504)
Consolidated Results
Revenues
3,350,392
3,206,598
Earnings from operations
475,008
608,198
The components of depreciation, net of (gains) losses on disposals for the first six months of fiscal 2026 and 2025 are as follows:
Six Months Ended September 30,
2025
2024
(Unaudited)
(In thousands)
Depreciation expense - rental equipment
$
435,121
$
333,868
Depreciation expense - non rental equipment
47,779
47,711
Depreciation expense - real estate
101,285
87,559
Total depreciation expense
$
584,185
$
469,138
Net (gains) losses on disposals of rental equipment
$
60,454
$
(25,840)
Net (gains) losses on disposals of non-rental equipment
(22)
517
Total net (gains) losses on disposals equipment
$
60,432
$
(25,323)
Depreciation, net of (gains) losses on disposals
$
644,617
$
443,815
Net (gains) losses on disposals of real estate
$
2,914
$
6,095
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:
Six Months Ended September 30,
2025
2024
(Unaudited)
(In thousands, except occupancy rate)
Unit count as of September 30
831
758
Square footage as of September 30
71,167
64,499
Average monthly number of units occupied
631
602
Average monthly occupancy rate based on unit count
77.2%
80.5%
End of September occupancy rate based on unit count
74.4%
80.0%
Average monthly square footage occupied
55,511
52,412
Self-Storage Portfolio Summary
As of September 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
99
36,733
4,706,618
$15.08
73.3%
California
90
33,921
3,351,341
$21.60
78.7%
Florida
89
34,655
3,944,412
$18.74
76.4%
Illinois
84
38,382
4,281,927
$16.44
77.8%
Pennsylvania
73
28,330
3,143,110
$18.16
72.5%
Ohio
67
26,072
3,052,921
$15.00
74.8%
New York
67
28,166
2,721,082
$23.66
79.7%
Michigan
60
19,832
2,330,008
$16.09
78.0%
Georgia
55
21,768
2,739,492
$16.38
75.5%
Arizona
49
23,789
3,006,228
$15.96
73.8%
Wisconsin
44
17,071
2,048,296
$14.08
74.9%
North Carolina
42
17,384
2,070,876
$15.53
74.1%
Washington
38
13,912
1,590,030
$17.03
73.5%
Missouri
38
14,022
1,815,644
$14.31
71.0%
Tennessee
37
15,073
1,628,491
$15.09
83.6%
Ontario
33
12,518
1,410,384
$23.33
70.2%
New Jersey
33
16,165
1,517,032
$20.87
84.5%
Indiana
33
10,576
1,183,758
$14.28
82.3%
Minnesota
33
13,725
1,694,678
$13.58
76.1%
Massachusetts
32
11,231
1,150,060
$20.85
79.6%
Top 20 Totals
1,096
433,325
49,386,390
$17.29
76.2%
All Others
500
184,812
21,780,368
$16.74
76.6%
2Q 2026 Totals
1,596
618,137
71,166,758
$17.12
76.3%
Same Store 2Q26
903
320,815
30,897,753
$17.88
90.5%
Same Store 2Q25
903
337,446
30,894,328
$17.20
94.0%
Same Store 2Q24
903
339,342
30,836,508
$16.58
94.3%
Non-Same Store 2Q26
693
297,322
40,269,004
$16.28
65.2%
Non-Same Store 2Q25
601
268,718
33,604,664
$16.16
68.8%
Non-Same Store 2Q24
538
237,766
27,634,059
$15.95
73.0%
Same Store Pool Held Constant for Prior Periods
Same Store 2Q26
903
320,815
30,897,753
$17.88
90.5%
Same Store 2Q25
893
319,259
29,403,609
$17.20
94.1%
Same Store 2Q24
841
280,943
25,979,561
$16.55
95.0%
Non-Same Store 2Q26
693
297,322
40,269,004
$16.28
65.2%
Non-Same Store 2Q25
611
286,905
35,095,383
$16.22
69.9%
Non-Same Store 2Q24
602
295,463
32,422,073
$16.10
75.8%
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 September 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
September 30,
March 31,
2025
2025
(Unaudited)
(In thousands)
ASSETS
Cash and cash equivalents
$
1,082,820
$
988,828
Trade receivables and reinsurance recoverables, net
175,634
230,716
Inventories and parts
176,138
163,132
Prepaid expenses
316,220
282,406
Fixed maturity securities available-for-sale, net, at fair value
2,494,429
2,479,498
Equity securities, at fair value
62,972
65,549
Investments, other
679,472
678,254
Deferred policy acquisition costs, net
119,117
121,729
Other assets
139,617
126,732
Right of use assets - financing, net
62,636
138,698
Right of use assets - operating, net
41,812
46,025
Related party assets
46,612
45,003
Property, plant and equipment, at cost:
Land
1,846,211
1,812,820
Buildings and improvements
10,095,592
9,628,271
Furniture and equipment
1,061,416
1,047,414
Rental trailers and other rental equipment
1,132,107
1,046,135
Rental trucks
8,272,598
7,470,039
22,407,924
21,004,679
Less: Accumulated depreciation
(6,376,984)
(5,892,079)
Total property, plant and equipment, net
16,030,940
15,112,600
Total assets
$
21,428,419
$
20,479,170
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses
$
869,740
$
820,900
Notes, loans and finance leases payable, net
7,694,640
7,193,857
Operating lease liabilities
42,613
46,973
Policy benefits and losses, claims and loss expenses payable
900,302
857,521
Liabilities from investment contracts
2,518,603
2,511,422
Other policyholders' funds and liabilities
5,923
7,539
Deferred income
55,847
52,895
Deferred income taxes, net
1,572,864
1,489,920
Total liabilities
13,660,532
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
(189,804)
(229,314)
Retained earnings
8,162,120
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
7,767,887
7,498,143
Total liabilities and stockholders' equity
$
21,428,419
$
20,479,170
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Quarter Ended September 30,
2025
2024
(Unaudited)
(In thousands, except share and per share data)
Revenues:
Self-moving equipment rental revenues
$
1,110,477
$
1,087,348
Self-storage revenues
246,299
224,519
Self-moving and self-storage products and service sales
89,829
87,763
Property management fees
9,621
9,586
Life insurance premiums
18,370
20,488
Property and casualty insurance premiums
28,272
25,767
Net investment and interest income
40,022
37,794
Other revenue
177,032
164,843
Total revenues
1,719,922
1,658,108
Costs and expenses:
Operating expenses
909,542
891,073
Commission expenses
121,811
119,008
Cost of product sales
67,625
62,250
Benefits and losses
48,178
44,392
Amortization of deferred policy acquisition costs
4,962
4,439
Lease expense
5,071
4,729
Depreciation, net of (gains) losses on disposals
340,608
227,270
Net (gains) losses on disposal of real estate
4,531
2,991
Total costs and expenses
1,502,328
1,356,152
Earnings from operations
217,594
301,956
Other components of net periodic benefit costs
(345)
(372)
Other interest income
10,015
16,131
Interest expense
(90,305)
(71,498)
Pretax earnings
136,959
246,217
Income tax expense
(31,409)
(59,419)
Earnings available to common stockholders
$
105,550
$
186,798
Basic and diluted earnings per share of Common Stock
$
0.49
$
0.91
Weighted average shares outstanding of Common Stock: Basic and diluted
19,607,788
19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock
$
0.54
$
0.96
Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted
176,470,092
176,470,092
U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
2025
2024
(Unaudited)
(In thousands, except share and per share data)
Revenues:
Self-moving equipment rental revenues
$
2,168,750
$
2,101,680
Self-storage revenues
480,536
440,256
Self-moving and self-storage products and service sales
188,017
184,354
Property management fees
19,203
19,081
Life insurance premiums
37,539
41,228
Property and casualty insurance premiums
50,010
46,996
Net investment and interest income
75,233
74,919
Other revenue
331,104
298,084
Total revenues
3,350,392
3,206,598
Costs and expenses:
Operating expenses
1,736,291
1,680,830
Commission expenses
238,548
231,579
Cost of product sales
139,830
128,264
Benefits and losses
93,360
88,398
Amortization of deferred policy acquisition costs
9,879
9,085
Lease expense
9,945
10,334
Depreciation, net of (gains) losses on disposals
644,617
443,815
Net (gains) losses on disposal of real estate
2,914
6,095
Total costs and expenses
2,875,384
2,598,400
Earnings from operations
475,008
608,198
Other components of net periodic benefit costs
(691)
(744)
Other interest income
20,684
34,366
Interest expense
(172,635)
(138,716)
Fees on early extinguishment of debt
(26)
(495)
Pretax earnings
322,340
502,609
Income tax expense
(74,459)
(120,394)
Earnings available to common stockholders
$
247,881
$
382,215
Basic and diluted earnings per share of Common Stock
$
1.17
$
1.86
Weighted average shares outstanding of Common Stock: Basic and diluted
19,607,788
19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock
$
1.27
$
1.96
Weighted average shares outstanding of Series N 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 than the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.
Our undistributed earnings per share were 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 was added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process was used for both Voting Common Stock and Non-Voting Common Stock.
The calculation of basic and diluted earnings per share for the quarters ended September 30, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:
For the Quarter Ended
September 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
$
105,550
$
186,798
Voting Common Stock dividends declared
-
-
Non-Voting Common Stock dividends declared
(8,823)
(8,823)
Undistributed earnings available to common stockholders
$
96,727
$
177,975
Undistributed earnings available to common stockholders allocated to Voting Common Stock
$
9,673
$
17,798
Undistributed earnings per share of Voting Common Stock
$
0.49
$
0.91
Dividends declared per share of Voting Common Stock
$
-
$
-
Basic and diluted earnings per share of Voting Common Stock
$
0.49
$
0.91
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
$
105,550
$
186,798
Voting Common Stock dividends declared
-
-
Non-Voting Common Stock dividends declared
(8,823)
(8,823)
Undistributed earnings available to common stockholders
$
96,727
$
177,975
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock
$
87,054
$
160,178
Undistributed earnings per share of Non-Voting Common Stock
$
0.49
$
0.91
Dividends declared per share of Non-Voting Common Stock
$
0.05
$
0.05
Basic and diluted earnings per share of Non-Voting Common Stock
$
0.54
$
0.96
The calculation of basic and diluted earnings per share for the first six months ended September 30, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:
For the Six Months Ended
September 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
$
247,881
$
382,215
Voting Common Stock dividends declared
-
-
Non-Voting Common Stock dividends declared
(17,647)
(17,647)
Undistributed earnings available to common stockholders
$
230,234
$
364,568
Undistributed earnings available to common stockholders allocated to Voting Common Stock
$
23,023
$
36,457
Undistributed earnings per share of Voting Common Stock
$
1.17
$
1.86
Dividends declared per share of Voting Common Stock
$
-
$
-
Basic and diluted earnings per share of Voting Common Stock
$
1.17
$
1.86
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
$
247,881
$
382,215
Voting Common Stock dividends declared
-
-
Non-Voting Common Stock dividends declared
(17,647)
(17,647)
Undistributed earnings available to common stockholders
$
230,234
$
364,568
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock
$
207,211
$
328,111
Undistributed earnings per share of Non-Voting Common Stock
$
1.17
$
1.86
Dividends declared per share of Non-Voting Common Stock
$
0.10
$
0.10
Basic and diluted earnings per share of Non-Voting Common Stock
$
1.27
$
1.96
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 September 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.
September 30,
March 31,
2025
2025
September 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
$
1,846,211
$
-
$
1,846,211
$
1,812,820
Buildings and improvements
10,095,592
-
10,095,592
9,628,271
Furniture and equipment
1,061,416
61
1,061,477
1,047,475
Rental trailers and other rental equipment
1,132,107
24,343
1,156,450
1,104,206
Rental trucks
8,272,598
149,219
8,421,817
7,779,514
Subtotal
22,407,924
173,623
22,581,547
21,372,286
Less: Accumulated depreciation
(6,376,984)
(110,987)
(6,487,971)
(6,120,988)
Total property, plant and equipment, net
$
16,030,940
$
62,636
$
16,093,576
$
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
September 30,
June 30,
March 31,
December 31,
September 30,
2025
2025
2025
2024
2024
Net earnings available to common stockholders
$
232,756
$
314,004
$
367,090
$
448,518
$
480,576
Income tax expense
48,448
76,156
94,747
137,940
148,743
Fees on early extinguishment of debt and costs of defeasance
26
26
495
495
495
Interest expense
330,192
311,609
296,721
280,487
271,359
Other interest income
(45,759)
(51,899)
(59,489)
(87,303)
(99,292)
Other components of net periodic benefit costs
1,435
1,462
1,488
1,480
1,473
Net (gains) losses on disposal of real estate
12,577
11,037
15,758
12,047
11,273
Depreciation, net of (gains) losses on disposals
1,158,986
1,045,648
958,184
888,253
815,810
Elimination of net earnings from insurance subsidiaries
(56,761)
(57,766)
(55,280)
(67,771)
(64,041)
Adjusted EBITDA
$
1,681,900
$
1,650,277
$
1,619,714
$
1,614,146
$
1,566,396
The table below presents the reconciliation of the second quarter adjusted EBITDA measures to its most directly comparable GAAP measures.
Moving and Storage EBITDA Calculations
(In thousands, unaudited)
Quarters Ended
September 30,
September 30,
2025
2024
Net earnings available to common stockholders
$
105,550
$
186,798
Income tax expense
27,324
55,032
Fees on early extinguishment of debt and costs of defeasance
-
-
Interest expense
90,333
71,750
Other interest income
(10,111)
(16,251)
Other components of net periodic benefit costs
345
372
Net (gains) losses on disposal of real estate
4,531
2,991
Depreciation, net of (gains) losses on disposals
340,608
227,270
Elimination of net earnings from insurance subsidiaries