Company Overview

U-Haul Holding Company, founded in 1945 and headquartered in Reno, Nevada, operates as a leading do-it-yourself moving and storage provider for household and commercial goods across the United States and Canada. Formerly known as AMERCO, the company is publicly listed on the NYSE under ticker symbols UHAL (common shares) and UHAL-B (non-voting shares).

Business Segments

The company operates through three primary segments: Moving and Storage, Property and Casualty Insurance, and Life Insurance. The Moving and Storage segment is the largest contributor to its revenue.

Moving and Storage Operations

This core segment involves the rental of trucks, trailers, and specialty equipment, along with offering fixed and portable moving and storage units. It also sells moving supplies, towing accessories, and propane. Services include trailer hitch installation, storage container rentals, and online marketplace connections for independent moving help and self-storage facilities via uhaul.com.

Insurance Services

U-Haul Holding Company provides a suite of protection packages for its customers:

- Moving Protection: Safemove and Safetow packages offer damage waivers, cargo protection, and medical/life insurance for moving and towing customers.

- Storage Protection: Safestor covers customer goods stored in facilities and U-Box units.

- Transit Protection: Safehaul protects belongings during transit via U-Box portable units.

- Additional Coverage: Safemove Plus provides primary liability protection, Safetrip offers roadside assistance, and the company also handles loss adjusting and claims.

Additionally, it offers life and health insurance products, primarily to the senior market, including Medicare supplement and annuity policies.

Financial Performance and Market Position

Recent Quarterly Performance (Q1 FY2026)

For the quarter ended June 30, 2025, U-Haul Holding Company reported net earnings available to common shareholders of $142.3 million, a decrease from $195.4 million in the prior year's Q1. Earnings per share for Non-Voting Shares (UHAL.B) were $0.73, down from $1.00 in Q1 FY2025.

Revenue Growth by Segment (Q1 FY2026 vs. Q1 FY2025):

- Self-storage revenues: Increased by $18.5 million (8.6%).

- Self-moving equipment rental revenues: Increased by $43.9 million (4.3%).

- Other Moving and Storage revenues (e.g., U-Box): Increased by $20.6 million (15.6%).

Key Metrics (Q1 FY2026):

- Moving and Storage EBITDA: $545.3 million (an increase of $30.6 million year-over-year).

- Same store occupancy: 92.8% (a decrease of 1.0%).

- Revenue per foot: Increased by 0.6%.

Annual Performance (FY2025)

For the fiscal year ended March 31, 2025, net earnings available to shareholders were $367.1 million, down from $628.7 million in the prior year. Total revenue for FY2025 was $5.83 billion, a 3.61% increase from $5.63 billion in FY2024. Earnings experienced a significant decrease of -41.61%.

Operational Challenges and Investments

The company is navigating several operational challenges impacting its profitability:

- Disposal of Retired Equipment: Increased losses from retired rental equipment contributed $29.7 million to the quarterly decrease.

- Fleet Depreciation: Fleet depreciation expense rose by $50.7 million, and real estate depreciation increased by $7.1 million in Q1 FY2026 compared to the previous year.

- Gains on Equipment Sales: Reduced gains on the sale of rental equipment and higher fleet depreciation collectively decreased earnings by nearly $260 million for the full year compared to FY2024.

Growth Initiatives

U-Haul Holding Company is actively pursuing strategic growth initiatives:

- Self-Storage Expansion: In Q1 FY2026, 15 new locations with storage were added, representing 1.2 million net rentable square feet (nrsf). Approximately 14.8 million nrsf are currently in development or pending.

- U-Box Service Enhancement: The company is expanding its U-Box program through increased warehouse space, containers, and delivery equipment.

- Fleet Modernization: Efforts are underway to enhance the rental fleet, including an increase in company-operated retail locations, independent dealers, and box trucks.

Financial Position

As of June 30, 2025, cash and credit availability within the Moving and Storage segment stood at $1,191.1 million, down slightly from $1,347.5 million on March 31, 2025.

Dividend Policy: A cash dividend of $0.05 per share on its Non-Voting Common Stock was declared on June 4, 2025, and paid on June 27, 2025.

U-Haul Holding Company continues to maintain its prominent position in the do-it-yourself moving and storage market. While facing increased costs associated with fleet modernization and expansion, the company's diverse revenue streams from equipment rentals, self-storage, and insurance services provide multiple avenues for future growth and resilience.