Company Website: https://investors.uhaul.com
RENO, Nev. -- (Business Wire)

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 stockholders for its second quarter ended September 30, 2026, of $136.7 million, compared with net earnings of $105.6 million for the same period last year. Earnings per share for Non-Voting Common Stock (UHAL.B) were $0.71 for the second quarter of fiscal 2027 compared to $0.54 for the same period in fiscal 2026.

For the six-month period ended September 30, 2026, net earnings available to common stockholders were $259.6 million compared with net earnings of $247.9 million for the same period last year. Earnings per share for Non-Voting Common Stock (UHAL.B) were $1.34 for the six-month period of fiscal 2027 compared to $1.27 for the same period in fiscal 2026.

“Many people worked hard to serve customers and create the quarterly results,” stated Joe Shoen, chairman of U-Haul Holding Company. “I am going to call our results a modest win. We continue to reinvest, but at an appropriately slower pace.”

Highlights of Second Quarter Fiscal 2027 Results

• Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, increased $44.5 million to $241.9 million compared to the second quarter of fiscal 2026.
  • Fleet depreciation expense decreased $4.5 million for the second quarter and net losses from the disposal of retired rental equipment decreased $34.1 million to $4.2 million for the second quarter, all compared with the second quarter of fiscal 2026.
• Moving and Storage earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) increased $5.0 million to $547.6 million compared to the second quarter of fiscal 2026 and for the trailing twelve months for September 30, 2026 decreased $39.5 million to $1,642.4 million compared to the trailing twelve months for September 30, 2025.
• Self-storage revenues increased $15.8 million, or 6.4% versus the second quarter of fiscal year 2026.
  • Same store occupancy decreased 1.1% to 89.5%, revenue per foot increased 6.7%, and the number of locations qualifying for the pool increased by 77.
  • During the second quarter of fiscal 2027, we added 10 new locations with storage and 1.0 million net rentable square feet (NRSF).
  • We have approximately 11.4 million NRSF in development or pending.
• Self-moving equipment rental revenues increased $37.4 million, or 3.4% versus the second quarter of fiscal year 2026. Total revenue, as well as revenue per transaction increased across both our In-Town and One-Way markets and total In-Town transactions increased compared to the second quarter of fiscal 2026. 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 $7.6 million or 4.3% versus the second quarter of fiscal 2026 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.
• The largest contributors to our operating expense increases were, freight and shipping costs, which increased $24.4 million, personnel expense, which increased $10.2 million, property taxes, which increased $4.7 million and self-insured liability costs, which increased $6.2 million, compared with the second quarter of fiscal 2026.
• Cash and credit availability at the Moving and Storage segment was $1,335.1 million as of September 30, 2026 compared with $1,479.4 million at March 31, 2026.
• During the second quarter of fiscal 2027, we repurchased 149,927 shares of our Voting Common Stock at a cost of $10.1 million and 1,095,478 shares of our Non-Voting Common Stock at a cost of $68.2 million. For the six months, we repurchased 398,295 shares of our Voting Common Stock at a cost of $25.7 million and 1,679,756 shares of our Non-Voting Common Stock at a cost of $100.7 million.
• On August 20, 2026, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on September 14, 2026. The dividend was paid on September 25, 2026.
• Our latest Supplemental financial information is available at investors.uhaul.com.

U-Haul Holding Company will hold its investor call for the second quarter of fiscal 2027 on Thursday, November 5, 2026, at 8 a.m. Arizona Time (10 a.m. Eastern). The call will be broadcast live over the Internet at investors.uhaul.com. To listen to the call live, or to listen to 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 205,600 trucks, 137,200 trailers and 44,400 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,156,200 rentable storage units and 101.4 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, 2026, 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 2027 and 2026.

Listed below are the revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2027 and 2026.

The components of depreciation, net of (gains) losses on disposals for the second quarter of fiscal 2027 and 2026 are as follows:

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:

Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2027 and 2026.

Listed below are the revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2027 and 2026.

The components of depreciation, net of (gains) losses on disposals for the first six months of fiscal 2027 and 2026 are as follows:

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:

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 2026. Same store includes storage locations with rental 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.

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 approximately 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, 2026 and 2025 for our Voting Common Stock and Non-Voting Common Stock were as follows:

The calculation of basic and diluted earnings per share for the first six months ended September 30, 2026 and 2025 for our Voting Common Stock and Non-Voting Common Stock were as follows:

Non-GAAP Financial Measures

Below is a reconciliation of Moving and Storage non-GAAP financial measures adjusted EBITDA. The Company believes that this widely accepted measures of operating profitability enhance the transparency of its disclosures, provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the ongoing core business operations, and improves the period-to-period comparability of those results. This 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.

The table below presents the reconciliation of the second quarter adjusted EBITDA measure to its most directly comparable GAAP measures.

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Contacts:

Sebastien Reyes
Director of Investor Relations
U-Haul Holding Company
(602) 263-6601
Sebastien_Reyes@uhaul.com

Source: U-Haul Holding Company