| Revenues and earnings by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Moving & Storage
Consolidated |
|
|
Property & Casualty Insurance (a) |
|
|
Life
Insurance (a) |
|
|
Eliminations |
|
|
|
U-Haul Holding Company Consolidated |
|
|
|
(Unaudited) |
|
|
|
(In thousands) |
|
Revenues |
$ |
|
3,186,686 |
|
$ |
|
65,612 |
|
$ |
|
104,207 |
|
$ |
|
(6,113 |
) |
(b,c) |
$ |
|
3,350,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses |
|
|
627,721 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
627,721 |
|
Equipment maintenance and repair expenses |
|
|
417,717 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
417,717 |
|
Other operating expenses |
|
|
173,815 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
173,815 |
|
Other segment items |
|
|
490,154 |
|
|
|
25,184 |
|
|
|
6,419 |
|
|
|
(4,719 |
) |
(b,c) |
|
|
517,038 |
|
Operating expenses |
|
|
1,709,407 |
|
|
|
25,184 |
|
|
|
6,419 |
|
|
|
(4,719 |
) |
|
|
|
1,736,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commission expenses |
|
|
238,548 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
238,548 |
|
Cost of product sales |
|
|
139,830 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
139,830 |
|
Benefits and losses |
|
|
— |
|
|
|
11,236 |
|
|
|
82,124 |
|
|
|
— |
|
|
|
|
93,360 |
|
Amortization of deferred policy acquisition costs |
|
|
— |
|
|
|
— |
|
|
|
9,879 |
|
|
|
— |
|
|
|
|
9,879 |
|
Lease expense |
|
|
11,052 |
|
|
|
150 |
|
|
|
81 |
|
|
|
(1,338 |
) |
(b) |
|
|
9,945 |
|
Depreciation, net of (gains) losses on disposal |
|
|
644,617 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
644,617 |
|
Net (gains) losses on disposal of real estate |
|
|
2,914 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
2,914 |
|
Total costs and expenses |
|
|
2,746,368 |
|
|
|
36,570 |
|
|
|
98,503 |
|
|
|
(6,057 |
) |
|
|
|
2,875,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from operations before equity in earnings of subsidiaries |
|
|
440,318 |
|
|
|
29,042 |
|
|
|
5,704 |
|
|
|
(56 |
) |
|
|
|
475,008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of subsidiaries |
|
|
27,505 |
|
|
|
— |
|
|
|
— |
|
|
|
(27,505 |
) |
(d) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from operations |
|
|
467,823 |
|
|
|
29,042 |
|
|
|
5,704 |
|
|
|
(27,561 |
) |
|
|
|
475,008 |
|
Other components of net periodic benefit costs |
|
|
(691 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
(691 |
) |
Other interest income |
|
|
20,876 |
|
|
|
— |
|
|
|
— |
|
|
|
(192 |
) |
(b) |
|
|
20,684 |
|
Interest expense |
|
|
(172,691 |
) |
|
|
— |
|
|
|
(192 |
) |
|
|
248 |
|
(b) |
|
|
(172,635 |
) |
Fees on early extinguishment of debt and costs of defeasance |
|
|
(26 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
(26 |
) |
Pretax earnings |
|
|
315,291 |
|
|
|
29,042 |
|
|
|
5,512 |
|
|
|
(27,505 |
) |
|
|
|
322,340 |
|
Income tax expense |
|
|
(67,410 |
) |
|
|
(5,983 |
) |
|
|
(1,066 |
) |
|
|
— |
|
|
|
|
(74,459 |
) |
Net earnings available to common stockholders |
$ |
|
247,881 |
|
$ |
|
23,059 |
|
$ |
|
4,446 |
|
$ |
|
(27,505 |
) |
|
$ |
|
247,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Balances for the six months ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Eliminate intercompany lease / interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) Eliminate intercompany premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d) Eliminate equity in earnings of subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets by operating segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Moving &
Storage
Consolidated |
|
|
Property &
Casualty
Insurance |
|
|
Life
Insurance |
|
|
Eliminations |
|
|
U-Haul Holding
Company
Consolidated |
|
|
|
(Unaudited) |
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets as of September 30, 2025 |
|
$ |
18,460,371 |
|
|
$ |
562,065 |
|
|
$ |
3,120,354 |
|
|
$ |
(714,371 |
) |
|
$ |
21,428,419 |
|
Total assets as of March 31, 2025 |
|
$ |
17,522,952 |
|
|
$ |
535,032 |
|
|
$ |
3,066,907 |
|
|
$ |
(645,721 |
) |
|
$ |
20,479,170 |
|
|