Consolidating Financial Information by Industry Segment

9 Months Ended

Dec. 31, 2025

Consolidating Financial Information by Industry Segment

12. Reportable Segment Information:

Our Chief Executive Officer serves as our chief operating decision-maker ("CODM"). The CODM uses net earnings available to common stockholders for each reportable segment in the annual budgeting and monthly forecasting processes and as a basis for making decisions about allocating capital and other resources to each segment.

U-Haul Holding Company has identified three reportable segments, which are consistent with its operating segments and are organized based primarily on the nature of services provided, as follows:

•

Moving and Storage operations consist of the rental of trucks and trailers, sales of moving supplies, sales of towing accessories, sales of propane, and the rental of fixed and portable moving and storage units to the "do-it-yourself" mover and management of self-storage properties owned by others. Operations are conducted under the registered trade name U-Haul throughout the United States and Canada.

•

Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices in the United States and Canada. Property and Casualty Insurance also underwrites components of the Safemove, Safetow, Safemove Plus, Safestor and Safehaul protection packages to U-Haul customers.

•

Life Insurance provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement and annuity policies.

The amounts presented in the following tables represent gross amounts at each segment before the elimination column. Intersegment revenues are not presented as they are immaterial.

We track revenues separately, but do not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products. The information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent, with its subsidiaries. Depreciation, net of gains on disposals, and total expenditures for property and equipment are only recorded within the Moving and Storage segment.

Revenues and net earnings available to common stockholders by reportable segment for the third quarter ended December 31, 2025 were as follows:


		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		1,319,890		$		42,516		$		56,207		$		(3,005	)	(b,c)	$		1,415,608

Costs and expenses:
Personnel expenses			308,494				—				—				—					308,494
Equipment maintenance and repair expenses			204,299				—				—				—					204,299
Other operating expenses			101,016				—				—				—					101,016
Other segment items			219,237				13,763				4,091				(2,286	)	(b,c)			234,805
Operating expenses			833,046				13,763				4,091				(2,286	)				848,614

Commission expenses			96,101				—				—				—					96,101
Cost of product sales			50,871				—				—				—					50,871
Benefits and losses			—				7,860				41,372				—					49,232
Amortization of deferred policy acquisition costs			—				—				4,922				—					4,922
Lease expense			4,873				74				25				(691	)	(b)			4,281
Depreciation, net of (gains) losses on disposal			325,219				—				—				—					325,219
Net (gains) losses on disposal of real estate			2,696				—				—				—					2,696
Total costs and expenses			1,312,806				21,697				50,410				(2,977	)				1,381,936

Earnings from operations before equity in earnings of subsidiaries			7,084				20,819				5,797				(28	)				33,672

Equity in earnings of subsidiaries			21,018				—				—				(21,018	)	(d)			—

Earnings from operations			28,102				20,819				5,797				(21,046	)				33,672
Other components of net periodic benefit costs			(346	)			—				—				—					(346	)
Other interest income			10,856				—				—				(72	)	(b)			10,784
Interest expense			(95,555	)			—				(72	)			100		(b)			(95,527	)
Fees on early extinguishment of debt and costs of defeasance			(163	)			—				—				—					(163	)
Pretax earnings (losses)			(57,106	)			20,819				5,725				(21,018	)				(51,580	)
Income tax (expense) benefit			20,138				(4,358	)			(1,168	)			—					14,612
Net earnings (losses) available to common stockholders	$		(36,968	)	$		16,461		$		4,557		$		(21,018	)		$		(36,968	)

(a) Balances for the quarter ended September 30, 2025
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Revenues and net earnings available to common stockholders by reportable segment for the third quarter ended December 31, 2024 were as follows:


		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		1,296,556		$		38,141		$		56,762		$		(2,901	)	(b,c)	$		1,388,558

Costs and expenses:
Personnel expenses			292,289				—				—				—					292,289
Equipment maintenance and repair expenses			191,226				—				—				—					191,226
Other operating expenses			63,107				—				—				—					63,107
Other segment items			219,838				12,550				5,347				(2,006	)	(b,c)			235,729
Operating expenses			766,460				12,550				5,347				(2,006	)				782,351

Commission expenses			95,031				—				—				—					95,031
Cost of product sales			52,767				—				—				—					52,767
Benefits and losses			—				6,038				42,645				—					48,683
Amortization of deferred policy acquisition costs			—				—				4,493				—					4,493
Lease expense			5,572				90				33				(643	)	(b)			5,052
Depreciation, net of (gains) losses on disposal			246,091				—				—				—					246,091
Net (gains) losses on disposal of real estate			3,358				—				—				—					3,358
Total costs and expenses			1,169,279				18,678				52,518				(2,649	)				1,237,826

Earnings from operations before equity in earnings of subsidiaries			127,277				19,463				4,244				(252	)				150,732

Equity in earnings of subsidiaries			17,956				—				—				(17,956	)	(d)			—

Earnings from operations			145,233				19,463				4,244				(18,208	)				150,732
Other components of net periodic benefit costs			(372	)			—				—				—					(372	)
Other interest income			15,734				—				—				(96	)	(b)			15,638
Interest expense			(76,833	)			—				(96	)			348		(b)			(76,581	)
Fees on early extinguishment of debt and costs of defeasance			—				—				—				—					—
Pretax earnings			83,762				19,463				4,148				(17,956	)				89,417
Income tax expense			(16,596	)			(4,072	)			(1,583	)			—					(22,251	)
Net earnings available to common stockholders	$		67,166		$		15,391		$		2,565		$		(17,956	)		$		67,166

(a) Balances for the quarter ended September 30, 2024
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Revenues and net earnings available to common stockholders by reportable segment for the nine months ended December 31, 2025 were as follows:


		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		4,506,576		$		108,128		$		160,414		$		(9,118	)	(b,c)	$		4,766,000

Costs and expenses:
Personnel expenses			936,215				—				—				—					936,215
Equipment maintenance and repair expenses			622,016				—				—				—					622,016
Other operating expenses			274,831				—				—				—					274,831
Other segment items			709,391				38,947				10,510				(7,005	)	(b,c)			751,843
Operating expenses			2,542,453				38,947				10,510				(7,005	)				2,584,905

Commission expenses			334,649				—				—				—					334,649
Cost of product sales			190,701				—				—				—					190,701
Benefits and losses			—				19,096				123,496				—					142,592
Amortization of deferred policy acquisition costs			—				—				14,801				—					14,801
Lease expense			15,925				224				106				(2,029	)	(b)			14,226
Depreciation, net of (gains) losses on disposal			969,836				—				—				—					969,836
Net (gains) losses on disposal of real estate			5,610				—				—				—					5,610
Total costs and expenses			4,059,174				58,267				148,913				(9,034	)				4,257,320

Earnings from operations before equity in earnings of subsidiaries			447,402				49,861				11,501				(84	)				508,680

Equity in earnings of subsidiaries			48,523				—				—				(48,523	)	(d)			—

Earnings from operations			495,925				49,861				11,501				(48,607	)				508,680
Other components of net periodic benefit costs			(1,037	)			—				—				—					(1,037	)
Other interest income			31,732				—				—				(264	)	(b)			31,468
Interest expense			(268,246	)			—				(264	)			348		(b)			(268,162	)
Fees on early extinguishment of debt and costs of defeasance			(189	)			—				—				—					(189	)
Pretax earnings			258,185				49,861				11,237				(48,523	)				270,760
Income tax expense			(47,272	)			(10,341	)			(2,234	)			—					(59,847	)
Net earnings available to common stockholders	$		210,913		$		39,520		$		9,003		$		(48,523	)		$		210,913

(a) Balances for the nine months ended September 30, 2025
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Revenues and net earnings available to common stockholders by reportable segment for the nine months ended December 31, 2024 were as follows:


		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		4,339,360		$		97,780		$		166,668		$		(8,652	)	(b,c)	$		4,595,156

Costs and expenses:
Personnel expenses			888,153				—				—				—					888,153
Equipment maintenance and repair expenses			593,388				—				—				—					593,388
Other operating expenses			196,574				—				—				—					196,574
Other segment items			733,956				36,055				20,697				(5,642	)	(b,c)			785,066
Operating expenses			2,412,071				36,055				20,697				(5,642	)				2,463,181

Commission expenses			326,610				—				—				—					326,610
Cost of product sales			181,031				—				—				—					181,031
Benefits and losses			—				16,669				120,412				—					137,081
Amortization of deferred policy acquisition costs			—				—				13,578				—					13,578
Lease expense			17,259				287				94				(2,254	)	(b)			15,386
Depreciation, net of (gains) losses on disposal			689,906				—				—				—					689,906
Net (gains) losses on disposal of real estate			9,453				—				—				—					9,453
Total costs and expenses			3,636,330				53,011				154,781				(7,896	)				3,836,226

Earnings from operations before equity in earnings of subsidiaries			703,030				44,769				11,887				(756	)				758,930

Equity in earnings of subsidiaries			43,980				—				—				(43,980	)	(d)			—

Earnings from operations			747,010				44,769				11,887				(44,736	)				758,930
Other components of net periodic benefit costs			(1,116	)			—				—				—					(1,116	)
Other interest income			50,340				—				—				(336	)	(b)			50,004
Interest expense			(216,053	)			—				(336	)			1,092		(b)			(215,297	)
Fees on early extinguishment of debt and costs of defeasance			(495	)			—				—				—					(495	)
Pretax earnings			579,686				44,769				11,551				(43,980	)				592,026
Income tax expense			(130,305	)			(9,293	)			(3,047	)			—					(142,645	)
Net earnings available to common stockholders	$		449,381		$		35,476		$		8,504		$		(43,980	)		$		449,381

(a) Balances for the nine months ended September 30, 2024
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

The significant segment expense categories and amounts align with the segment-level information in that is regularly provided to the CODM. Other segment items for the reportable segments consist of insurance related expenses and obligations.

Gross capital expenditures by reportable segment for the quarters ended December 31, 2025 and 2024 were as follows:


	Moving & Storage Consolidated		Property & Casualty Insurance		Life Insurance		Eliminations		U-Haul Holding Company Consolidated
	(Unaudited)
	(In thousands)

Gross capital expenditures for the quarter ended December 31, 2025	$	688,167	$	—	$	—	$	—	$	688,167
Gross capital expenditures for the quarter ended December 31, 2024	$	936,494	$	—	$	—	$	—	$	936,494

Gross capital expenditures by reportable segment for the nine months ended December 31, 2025 and 2024 were as follows:


	Moving & Storage Consolidated		Property & Casualty Insurance		Life Insurance		Eliminations		U-Haul Holding Company Consolidated
	(Unaudited)
	(In thousands)

Gross capital expenditures for the nine months ended December 31, 2025	$	2,602,669	$	—	$	—	$	—	$	2,602,669
Gross capital expenditures for the nine months ended December 31, 2024	$	2,863,496	$	—	$	—	$	—	$	2,863,496

Total assets by reportable segment as of December 31, 2025 and March 31, 2025 were as follows:


	Moving & Storage Consolidated		Property & Casualty Insurance		Life Insurance		Eliminations			U-Haul Holding Company Consolidated
	(Unaudited)
	(In thousands)

Total assets as of December 31, 2025	$	18,717,342	$	580,267	$	3,071,603	$	(751,568	)	$	21,617,644
Total assets as of March 31, 2025	$	17,522,952	$	535,032	$	3,066,907	$	(645,721	)	$	20,479,170