U-Haul Holding Company Reports Third Quarter Fiscal 2026 Financial Results

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 (losses) available to common shareholders for its third quarter ended December 31, 2025, of ($37.0) million compared with net earnings of $67.2 million for the same period last year. Earnings (losses) per share for Non-Voting Shares (UHAL.B) were ($0.18) for the third quarter of fiscal 2026 compared to $0.35 for the same period in fiscal 2025.

For the nine-month period ended December 31, 2025, net earnings available to shareholders were $210.9 million compared with net earnings of $449.4 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $1.09 for the nine-month period of fiscal 2026 compared to $2.31 for the same period in fiscal 2025.

“We continue to undermine earnings with fleet depreciation and poor resale results. I expect that this will bottom out this calendar year,” stated Joe Shoen, Chairman of U-Haul Holding Company. “We have underutilized capacity in both fleet and self-storage. I anticipate improving market penetration in U-Move. Today, we are even with our self-storage peers and need to set ourselves apart to impact top line revenue. As always, the customer will determine the winners and losers.”

Highlights of Third Quarter Fiscal 2026 Results

Supplemental financial information as of December 31, 2025 is available at investors.uhaul.com under “Investor Kit.”

U-Haul Holding Company will hold its investor call for the third quarter of fiscal 2026 on Thursday, February 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 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 nearly 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 203,800 trucks, 137,400 trailers and 45,900 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,126,800 rentable storage units and 98.0 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 December 31, 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 third quarter of fiscal 2026 and 2025.

Quarter Ended December 31,

2025

2024

(Unaudited)

(In thousands)

Self-moving equipment rental revenues

886,170

878,585

Self-storage revenues

245,060

227,125

Self-moving and self-storage product and service sales

68,929

70,407

Property management fees

8,817

8,869

Life insurance premiums

17,848

22,926

Property and casualty insurance premiums

30,355

28,364

Net investment and interest income

47,259

40,536

Other revenue

111,170

111,746

Consolidated revenue

1,415,608

1,388,558

Listed below are the revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2026 and 2025.

Quarter Ended December 31,

2025

2024

(Unaudited)

(In thousands)

Moving and storage

Revenues

1,319,890

1,296,556

Earnings from operations before equity in earnings of subsidiaries

7,084

127,277

Property and casualty insurance

Revenues

42,516

38,141

Earnings from operations

20,819

19,463

Life insurance

Revenues

56,207

56,762

Earnings from operations

5,797

4,244

Eliminations

Revenues

(3,005)

(2,901)

Earnings from operations before equity in earnings of subsidiaries

(28)

(252)

Consolidated Results

Revenues

1,415,608

1,388,558

Earnings from operations

33,672

150,732

Moving and Storage

Debt Metrics

(in thousands)(unaudited)

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2024

Real estate secured debt

$3,096,564

$3,002,344

$2,727,545

$2,703,656

$2,436,840

Unsecured debt

1,700,000

Fleet secured debt

3,196,817

2,965,804

2,792,015

2,758,821

2,724,349

Other secured debt

64,798

64,357

65,570

66,864

68,402

Total debt

8,058,179

7,732,505

7,285,130

7,229,341

6,929,591

Cash and cash equivalents

$1,010,011

$910,969

$726,069

$872,467

$883,108

Total assets

18,717,342

18,460,371

17,858,535

17,522,952

17,291,214

Adjusted EBITDA (TTM)

1,640,173

1,681,900

1,650,277

1,619,714

1,614,146

Net debt to adjusted EBITDA

4.3

4.1

4.0

3.9

3.7

Net debt to total assets

37.7%

37.0%

36.7%

36.3%

35.0%

Percent of debt floating

6.8%

7.1%

6.1%

6.2%

Percent of debt fixed

93.2%

92.9%

93.9%

93.8%

Percent of debt unsecured

21.1%

22.0%

23.3%

23.5%

24.5%

Unencumbered asset ratio*

4.01x

3.96x

3.86x

3.91x

3.81x

* 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 third quarter of fiscal 2026 and 2025 are as follows:

Quarter Ended December 31,

2025

2024

(Unaudited)

(In thousands)

Depreciation expense - rental equipment

222,717

177,956

Depreciation expense - non rental equipment

23,564

24,064

Depreciation expense - real estate

52,638

47,597

Total depreciation expense

298,919

249,617

Net (gains) losses on disposals of rental equipment

26,210

(3,774)

Net (gains) losses on disposals of non-rental equipment

248

Total net (gains) losses on disposals equipment

26,300

(3,526)

Depreciation, net of (gains) losses on disposals

325,219

246,091

Net (gains) losses on disposals of real estate

2,696

3,358

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 December 31,

2025

2024

(Unaudited)

(In thousands, except occupancy rate)

Unit count as of December 31

847

781

Square footage as of December 31

72,642

66,792

Average monthly number of units occupied

610

Average monthly occupancy rate based on unit count

72.4%

78.7%

End of December occupancy rate based on unit count

71.7%

78.1%

Average monthly square footage occupied

54,286

53,444

Listed below on a consolidated basis are revenues for our major product lines for the first nine months of fiscal 2026 and 2025.

Nine Months Ended December 31,

2025

2024

(Unaudited)

(In thousands)

Self-moving equipment rental revenues

3,054,920

2,980,265

Self-storage revenues

725,596

667,381

Self-moving and self-storage product and service sales

256,946

254,761

Property management fees

28,020

27,950

Life insurance premiums

55,387

64,154

Property and casualty insurance premiums

80,365

75,360

Net investment and interest income

122,492

115,455

Other revenue

442,274

409,830

Consolidated revenue

4,766,000

4,595,156

Listed below are the revenues and earnings from operations at each of our operating segments for the first nine months of fiscal 2026 and 2025.

Nine Months Ended December 31,

2025

2024

(Unaudited)

(In thousands)

Moving and storage

Revenues

4,506,576

4,339,360

Earnings from operations before equity in earnings of subsidiaries

447,402

703,030

Property and casualty insurance

Revenues

108,128

97,780

Earnings from operations

49,861

44,769

Life insurance

Revenues

160,414

166,668

Earnings from operations

11,501

11,887

Eliminations

Revenues

(9,118)

(8,652)

Earnings from operations before equity in earnings of subsidiaries

(84)

(756)

Consolidated Results

Revenues

4,766,000

4,595,156

Earnings from operations

508,680

758,930

The components of depreciation, net of (gains) losses on disposals for the first nine months of fiscal 2026 and 2025 are as follows:

Nine Months Ended December 31,

2025

2024

(Unaudited)

(In thousands)

Depreciation expense - rental equipment

657,838

511,824

Depreciation expense - non rental equipment

71,343

71,775

Depreciation expense - real estate

153,923

135,156

Total depreciation expense

883,104

718,755

Net (gains) losses on disposals of rental equipment

86,664

(29,614)

Net (gains) losses on disposals of non-rental equipment

765

Total net (gains) losses on disposals equipment

86,732

(28,849)

Depreciation, net of (gains) losses on disposals

969,836

689,906

Net (gains) losses on disposals of real estate

5,610

9,453

Nine Months Ended December 31,

2025

2024

(Unaudited)

(In thousands, except occupancy rate)

Unit count as of December 31

847

781

Square footage as of December 31

72,642

66,792

Average monthly number of units occupied

624

605

Average monthly occupancy rate based on unit count

75.6%

79.9%

End of December occupancy rate based on unit count

71.7%

78.1%

Average monthly square footage occupied

55,103

52,756

Self-Storage Portfolio Summary

As of December 31, 2025

(unaudited)

U-Haul Owned Store Data by State

State/

Province

Stores

Units

Occupied

Rentable

Square Feet

Annual

Revenue

Per Foot

Occupancy

During Qtr

Texas

100

35,939

4,789,881

$15.47

69.1%

Florida

34,004

4,126,552

$19.05

71.8%

California

33,664

3,351,525

$22.01

77.6%

Illinois

37,637

4,402,195

$16.72

73.3%

Pennsylvania

27,780

3,148,555

$18.37

69.6%

Ohio

25,563

3,134,940

$15.24

70.3%

New York

27,588

2,722,796

$23.65

76.5%

Michigan

19,724

2,337,644

$16.31

76.3%

Georgia

21,138

2,787,198

$16.60

70.8%

Arizona

23,617

3,152,769

$16.37

67.5%

Wisconsin

16,614

2,092,746

$14.33

70.2%

North Carolina

16,937

2,125,751

$15.77

68.1%

Washington

13,694

1,672,876

$17.48

67.8%

Missouri

13,775

1,820,979

$14.51

68.9%

Tennessee

14,809

1,630,083

$15.33

80.9%

New Jersey

15,843

1,594,332

$21.10

81.3%

Minnesota

13,295

1,699,941

$13.96

73.2%

Ontario

12,308

1,415,964

$23.61

68.9%

Indiana

10,450

1,189,232

$14.54

78.6%

Alabama

8,011

1,313,068

$13.59

54.7%

Top 20 Totals

1,106

422,390

50,509,027

$17.40

71.9%

All Others

506

184,697

22,133,137

$17.38

73.6%

3Q 2026 Totals

1,612

607,087

72,642,164

$17.40

72.4%

Same Store Pool Held Constant for Prior Periods

Same Store 3Q26

923

331,655

32,661,548

$18.25

87.2%

Same Store 3Q25

923

351,888

32,647,437

$17.34

92.1%

Same Store 3Q24

923

351,559

32,608,219

$16.84

92.0%

Non-Same Store 3Q26

689

275,432

39,980,616

$16.37

60.1%

Non-Same Store 3Q25

615

258,144

34,144,096

$15.98

65.6%

Non-Same Store 3Q24

526

217,243

26,894,592

$15.90

69.4%

Same Store Pool, Prior Periods Unchanged

Same Store 3Q26

923

331,655

32,661,548

$18.25

87.2%

Same Store 3Q25

904

320,420

29,827,746

$17.28

92.4%

Same Store 3Q24

854

283,150

26,769,110

$16.64

92.9%

Non Same Store 3Q26

689

275,432

39,980,616

$16.37

60.1%

Non Same Store 3Q25

634

289,612

36,963,786

$16.20

67.5%

Non Same Store 3Q24

597

284,899

32,664,093

$16.33

73.1%

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 December 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

December 31,

March 31,

2025

(Unaudited)

(In thousands)

ASSETS

Cash and cash equivalents

1,032,257

988,828

Trade receivables and reinsurance recoverables, net

172,649

230,716

Inventories and parts

175,023

163,132

Prepaid expenses

353,201

282,406

Fixed maturity securities available-for-sale, net, at fair value

2,501,436

2,479,498

Equity securities, at fair value

57,418

65,549

Investments, other

720,713

678,254

Deferred policy acquisition costs, net

116,178

121,729

Other assets

129,516

126,732

Right of use assets - financing, net

30,561

138,698

Right of use assets - operating, net

40,689

46,025

Related party assets

60,630

45,003

Property, plant and equipment, at cost:

Land

1,854,024

1,812,820

Buildings and improvements

10,329,648

9,628,271

Furniture and equipment

1,068,623

1,047,414

Rental trailers and other rental equipment

1,175,723

1,046,135

Rental trucks

8,416,008

7,470,039

22,844,026

21,004,679

Less: Accumulated depreciation

(6,616,653)

(5,892,079)

Total property, plant and equipment, net

16,227,373

15,112,600

Total assets

21,617,644

20,479,170

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Accounts payable and accrued expenses

765,426

820,900

Notes, loans and finance leases payable, net

8,017,296

7,193,857

Operating lease liabilities

41,464

46,973

Policy benefits and losses, claims and loss expenses payable

930,764

857,521

Liabilities from investment contracts

2,453,325

2,511,422

Other policyholders' funds and liabilities

5,786

7,539

Deferred income

54,227

52,895

Deferred income taxes, net

1,605,547

1,489,920

Total liabilities

13,873,835

12,981,027

Common stock

10,497

Non-voting common stock

176

Additional paid-in capital

462,548

Accumulated other comprehensive loss

(168,090)

(229,314)

Retained earnings

8,116,328

7,931,886

Cost of common stock in treasury, net

(525,653)

Cost of preferred stock in treasury, net

(151,997)

Total stockholders' equity

7,743,809

7,498,143

Total liabilities and stockholders' equity

21,617,644

20,479,170

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Quarter Ended December 31,

2025

2024

(Unaudited)

(In thousands, except share and per share data)

Revenues:

Self-moving equipment rental revenues

886,170

878,585

Self-storage revenues

245,060

227,125

Self-moving and self-storage products and service sales

68,929

70,407

Property management fees

8,817

8,869

Life insurance premiums

17,848

22,926

Property and casualty insurance premiums

30,355

28,364

Net investment and interest income

47,259

40,536

Other revenue

111,170

111,746

Total revenues

1,415,608

1,388,558

Costs and expenses:

Operating expenses

848,614

782,351

Commission expenses

96,101

95,031

Cost of product sales

50,871

52,767

Benefits and losses

49,232

48,683

Amortization of deferred policy acquisition costs

4,922

4,493

Lease expense

4,281

5,052

Depreciation, net of (gains) losses on disposals

325,219

246,091

Net (gains) losses on disposal of real estate

2,696

3,358

Total costs and expenses

1,381,936

1,237,826

Earnings from operations

33,672

150,732

Other components of net periodic benefit costs

(346)

(372)

Other interest income

10,784

15,638

Interest expense

(95,527)

(76,581)

Fees on early extinguishment of debt

(163)

—

Pretax earnings (losses)

(51,580)

89,417

Income tax (expense) benefit

14,612

(22,251)

Earnings (losses) available to common stockholders

(36,968)

67,166

Basic and diluted earnings (losses) per share of Common Stock

(0.23)

0.30

Weighted average shares outstanding of Common Stock: Basic and diluted

19,607,788

Basic and diluted earnings (losses) per share of Series N Non-Voting Common Stock

(0.18)

0.35

Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted

176,470,092

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

2025

2024

(Unaudited)

(In thousands, except share and per share data)

Revenues:

Self-moving equipment rental revenues

3,054,920

2,980,265

Self-storage revenues

725,596

667,381

Self-moving and self-storage products and service sales

256,946

254,761

Property management fees

28,020

27,950

Life insurance premiums

55,387

64,154

Property and casualty insurance premiums

80,365

75,360

Net investment and interest income

122,492

115,455

Other revenue

442,274

409,830

Total revenues

4,766,000

4,595,156

Costs and expenses:

Operating expenses

2,584,905

2,463,181

Commission expenses

334,649

326,610

Cost of product sales

190,701

181,031

Benefits and losses

142,592

137,081

Amortization of deferred policy acquisition costs

14,801

13,578

Lease expense

14,226

15,386

Depreciation, net of (gains) losses on disposals

969,836

689,906

Net (gains) losses on disposal of real estate

5,610

9,453

Total costs and expenses

4,257,320

3,836,226

Earnings from operations

508,680

758,930

Other components of net periodic benefit costs

(1,037)

(1,116)

Other interest income

31,468

50,004

Interest expense

(268,162)

(215,297)

Fees on early extinguishment of debt

(189)

(495)

Pretax earnings

270,760

592,026

Income tax expense

(59,847)

(142,645)

Earnings available to common stockholders

210,913

449,381

Basic and diluted earnings per share of Common Stock

0.94

2.16

Weighted average shares outstanding of Common Stock: Basic and diluted

19,607,788

Basic and diluted earnings per share of Series N Non-Voting Common Stock

1.09

2.31

Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted

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 and nine months ended December 31, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:

For the Quarter Ended

December 31,

2025

2024

(Unaudited)

(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock

19,607,788

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

196,077,880

Percent of weighted average shares outstanding of Voting Common Stock

10%

Net earnings (losses) available to common stockholders

(36,968)

67,166

Voting Common Stock dividends declared

—

Non-Voting Common Stock dividends declared

(8,824)

Undistributed earnings (losses) available to common stockholders

(45,792)

58,342

Undistributed earnings (losses) available to common stockholders allocated to Voting Common Stock

(4,579)

5,834

Undistributed earnings (losses) per share of Voting Common Stock

(0.23)

0.30

Dividends declared per share of Voting Common Stock

—

Basic and diluted earnings (losses) per share of Voting Common Stock

(0.23)

0.30

Weighted average shares outstanding of Non-Voting Common Stock

176,470,092

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

196,077,880

Percent of weighted average shares outstanding of Non-Voting Common Stock

90%

Net earnings (losses) available to common stockholders

(36,968)

67,166

Voting Common Stock dividends declared

—

Non-Voting Common Stock dividends declared

(8,824)

Undistributed earnings (losses) available to common stockholders

(45,792)

58,342

Undistributed earnings (losses) available to common stockholders allocated to Non-Voting Common Stock

(41,213)

52,508

Undistributed earnings (losses) per share of Non-Voting Common Stock

(0.23)

0.30

Dividends declared per share of Non-Voting Common Stock

0.05

Basic and diluted earnings (losses) per share of Non-Voting Common Stock

(0.18)

0.35

For the Nine Months Ended

December 31,

2025

2024

(Unaudited)

(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock

19,607,788

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

196,077,880

Percent of weighted average shares outstanding of Voting Common Stock

10%

Net earnings available to common stockholders

210,913

449,381

Voting Common Stock dividends declared

—

Non-Voting Common Stock dividends declared

(26,471)

Undistributed earnings available to common stockholders

184,442

422,910

Undistributed earnings available to common stockholders allocated to Voting Common Stock

18,444

42,291

Undistributed earnings per share of Voting Common Stock

0.94

2.16

Dividends declared per share of Voting Common Stock

—

Basic and diluted earnings per share of Voting Common Stock

0.94

2.16

Weighted average shares outstanding of Non-Voting Common Stock

176,470,092

Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock

196,077,880

Percent of weighted average shares outstanding of Non-Voting Common Stock

90%

Net earnings available to common stockholders

210,913

449,381

Voting Common Stock dividends declared

—

Non-Voting Common Stock dividends declared

(26,471)

Undistributed earnings available to common stockholders

184,442

422,910

Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock

165,998

380,619

Undistributed earnings per share of Non-Voting Common Stock

0.94

2.16

Dividends declared per share of Non-Voting Common Stock

0.15

Basic and diluted earnings per share of Non-Voting Common Stock

1.09

2.31

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 December 31, 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.

December 31,

March 31,

2025

December 31,

2025

ROU Assets

Financing

Property, Plant and Equipment

Adjusted

Property, Plant and Equipment

Adjusted

(Unaudited)

(In thousands)

Property, plant and equipment, at cost

Land

1,854,024

1,812,820

Buildings and improvements

10,329,648

9,628,271

Furniture and equipment

1,068,623

1,068,684

1,047,475

Rental trailers and other rental equipment

1,175,723

9,192

1,184,915

1,104,206

Rental trucks

8,416,008

80,722

8,496,730

7,779,514

Subtotal

22,844,026

89,975

22,934,001

21,372,286

Less: Accumulated depreciation

(6,616,653)

(59,414)

(6,676,067)

(6,120,988)

Total property, plant and equipment, net

16,227,373

30,561

16,257,934

15,251,298

March 31,

2025

March 31,

2025

ROU Assets

Financing

Property, Plant and Equipment

Adjusted

(Unaudited)

(In thousands)

Property, plant and equipment, at cost

Land

1,812,820

Buildings and improvements

9,628,271

Furniture and equipment

1,047,414

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

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2024

Net earnings available to common stockholders

128,622

232,756

314,004

367,090

448,518

Income tax expense

11,714

48,448

76,156

94,747

137,940

Fees on early extinguishment of debt and costs of defeasance

189

495

Interest expense

348,914

330,192

311,609

296,721

280,487

Other interest income

(40,881)

(45,759)

(51,899)

(59,489)

(87,303)

Other components of net periodic benefit costs

1,409

1,435

1,462

1,488

1,480

Net (gains) losses on disposal of real estate

11,915

12,577

11,037

15,758

12,047

Depreciation, net of (gains) losses on disposals

1,238,114

1,158,986

1,045,648

958,184

888,253

Elimination of net earnings from insurance subsidiaries

(59,823)

(56,761)

(57,766)

(55,280)

(67,771)

Adjusted EBITDA

1,640,173

1,681,900

1,650,277

1,619,714

1,614,146

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

December 31,

2025

2024

Net earnings (losses) available to common stockholders

(36,968)

67,166

Income tax expense (benefit)

(20,138)

16,596

Fees on early extinguishment of debt and costs of defeasance

163

Interest expense

95,555

76,833

Other interest income

(10,856)

(15,734)

Other components of net periodic benefit costs

346

372

Net (gains) losses on disposal of real estate

2,696

3,358

Depreciation, net of (gains) losses on disposals

325,219

246,091

Elimination of net earnings from insurance subsidiaries

(21,018)

(17,956)

Adjusted EBITDA

334,999

376,726