U-Haul Holding Company (NYSE: UHAL, UHAL.B), the parent company of U-Haul International, Inc, Oxford Life Insurance Company, Repwest Insurance Company, and Amerco Real Estate Company, has reported a net loss attributable to common shareholders of $37.0 million for the third quarter ended December 31, 2025. This compares with net earnings of $67.2 million in the same quarter last year. Earnings per share for Non-Voting Common Shares (UHAL.B) were a loss of $0.18 in the third quarter of fiscal 2026, compared with earnings of $0.35 in the corresponding period of fiscal 2025.
For the nine months ended December 31, 2025, net earnings attributable to shareholders stood at $210.9 million, down from $449.4 million in the prior-year period. Earnings per Non-Voting Share were $1.09, compared with $2.31 last year.
Commenting on the results, Joe Shoen, Chairman of U-Haul Holding Company, said, “Our earnings continue to be pressured by fleet depreciation and weaker resale values, which I expect will stabilise later this year. We currently have unused capacity across both our fleet and self-storage businesses. Improving utilisation and differentiation, particularly in self-storage, will be key to driving revenue growth. Ultimately, customer choice will determine success.”
During the third quarter of fiscal 2026, U-Haul Holding Company’s Moving and Storage segment reported a year-on-year decline in earnings, with operating income before consolidation of insurance subsidiaries falling by $120.2 million to $7.1 million. The decrease was largely driven by higher losses related to the disposal of retired rental equipment and increased fleet depreciation, which together accounted for $74.6 million, while rising liability-related costs added a further $37.9 million to the decline.
Adjusted EBITDA from the Moving and Storage business also softened during the quarter, declining by $41.7 million to $335.0 million compared with the same period last year. However, on a trailing twelve-month basis, adjusted EBITDA increased by $26.0 million to $1,640.2 million as of December 31, 2025, reflecting longer-term operational stability despite near-term pressures.
The company’s self-storage business continued to show revenue growth, with quarterly revenues rising by $17.9 million, or 7.9%, year-on-year. While same-store occupancy levels declined to 87.2%, this was offset by a 5.2% increase in revenue per square foot, highlighting improved pricing and yield management across the portfolio.
Expansion remained a key focus for the self-storage segment during the quarter, with 16 new locations added, contributing approximately 1.5 million net rentable square feet. In addition, the company has a strong development pipeline, with around 12.9 million net rentable square feet currently under development or in pending stages.
Revenue from self-moving equipment rentals increased by $7.6 million compared with the prior-year quarter, driven primarily by stronger demand for In-Town rentals. At the same time, fleet maintenance and repair expenses rose by $13.1 million year-on-year, reflecting higher operating and upkeep costs across the rental fleet.
During the quarter, U-Haul Holding Company received a $100 million dividend from its Property and Casualty Insurance subsidiary. Liquidity remained strong, with cash and available credit at the Moving and Storage segment totaling $1,475.0 million as of December 31, 2025. The company also declared a cash dividend of $0.05 per Non-Voting Share on December 3, 2025, which was paid on December 30, 2025.
U-Haul Holding Company is the parent of U-Haul International, Inc, Oxford Life Insurance Company, Repwest Insurance Company, and Amerco Real Estate Company, operating under a shared-use model focused on efficiency and sustainability. Founded in 1945, U-Haul has grown into the leading choice for do-it-yourself movers, with nearly 25,000 locations across North America, a fleet of more than 203,800 trucks, extensive self-storage operations, and a strong presence in propane retailing and trailer hitch installation, while also earning recognition for workplace health and veteran employment initiatives.
