U-Haul Holding Co 8-K, filed Aug 6, 2025

U-Haul Holding Co (UHAL)

8-K 2025-08-06 For: 2025-08-06

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Added on April 10, 2026

About this 8-K

U-Haul Holding Co filed this 8-K on August 6, 2025.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Nevada	001-11255	88-0106815
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

5555 Kietzke Lane Suite 100
Reno, Nevada		89511
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.25 par value	UHAL	New York Stock Exchange
Series N Non-Voting Common Stock, $0.001 par value	UHAL.B	New York Stock Exchange


Exhibit No.	Description
99.1	Press release dated August 6, 2025
104	Cover Page Interactive Data File (embedded within the Inline XBRL documents)


			U-Haul Holding Company

Date:	August 6, 2025	By:	Jason A. Berg
			Jason A. Berg Chief Financial Officer


		Quarter Ended June 30,
		2025		2024
		(Unaudited)
		(In thousands)
Self-moving equipment rental revenues	$	1,058,273	$	1,014,332
Self-storage revenues		234,237		215,737
Self-moving and self-storage products and service sales		98,188		96,591
Property management fees		9,582		9,495
Life insurance premiums		19,169		20,740
Property and casualty insurance premiums		21,738		21,229
Net investment and interest income		35,211		37,125
Other revenue		154,072		133,241
Consolidated revenue	$	1,630,470	$	1,548,490

U-Haul Holding Co 8-K, filed Aug 6, 2025

About this 8-K

Items reported

FORM 8-K

Item 2.02 Results of Operations and Financial Condition.

Item 9.01 Financial Statements and Exhibits.


Moving and Storage
(In thousands, unaudited)	June 30,	March 31,	December 31,	September 30,	June 30,
	2025	2025	2024	2024	2024
Real estate secured debt	$2,727,545	$2,703,656	$2,436,840	$2,471,044	$2,497,239
Unsecured debt	1,700,000	1,700,000	1,700,000	1,700,000	1,200,000
Fleet secured debt	2,792,015	2,758,821	2,724,349	2,554,194	2,544,235
Other secured debt	65,570	66,864	68,402	69,264	70,202
Total debt	7,285,130	7,229,341	6,929,591	6,794,502	6,311,676

Cash and cash equivalents	$726,069	$872,467	$883,108	$1,279,493	$1,071,779
Total assets	17,858,535	17,522,952	17,291,214	17,164,316	16,447,193
Adjusted EBITDA (TTM)	1,650,277	1,619,714	1,614,146	1,566,396	1,584,461

Net debt to adjusted EBITDA	4.0	3.9	3.7	3.5	3.3
Net debt to total assets	36.7%	36.3%	35.0%	32.1%	31.9%

Percent of debt floating	6.1%	6.1%	6.2%	5.9%	7.7%
Percent of debt fixed	93.9%	93.9%	93.8%	94.1%	92.3%
Percent of debt unsecured	23.3%	23.5%	24.5%	25.0%	19.0%

Unencumbered asset ratio*	3.86x	3.91x	3.81x	3.78x	4.72x

* 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


Self-Storage Portfolio Summary
As of June 30, 2025
(unaudited)
U-Haul Owned Store Data by State
				Annual
State/		Units	Rentable	Revenue	Occupancy
Province	Stores	Occupied	Square Feet	Per Foot	During Qtr
Texas	98	39,874	4,640,397	$14.79	77.7%
California	90	35,486	3,334,972	$21.24	82.8%
Florida	88	35,662	3,941,751	$18.52	77.0%
Illinois	83	39,790	4,175,787	$16.16	79.0%
Pennsylvania	73	29,540	3,140,190	$17.96	72.5%
Ohio	66	26,571	2,999,238	$14.92	74.7%
New York	66	28,867	2,653,223	$23.41	80.7%
Michigan	60	20,923	2,311,073	$15.77	82.0%
Georgia	53	22,717	2,608,640	$16.26	80.4%
Arizona	47	25,685	2,925,300	$15.58	78.5%
Wisconsin	44	17,426	2,025,211	$13.89	74.5%
North Carolina	41	17,981	2,046,133	$15.33	73.0%
Washington	38	14,706	1,590,390	$16.69	75.9%
Missouri	38	14,389	1,812,883	$14.23	69.4%
Tennessee	37	15,651	1,611,024	$14.91	85.2%
Ontario	33	12,611	1,410,804	$23.07	70.0%
New Jersey	33	16,365	1,517,120	$20.71	84.6%
Indiana	33	11,129	1,181,366	$14.05	81.3%
Minnesota	33	14,135	1,687,479	$13.68	76.3%
Massachusetts	31	11,466	1,030,178	$20.65	86.8%

Top 20 Totals	1,085	450,974	48,643,160	$17.07	77.9%

All Others	488	189,879	20,916,713	$16.53	78.6%

1Q 2026 Totals	1,573	640,853	69,559,933	$16.91	78.1%

Same Store 1Q26	902	330,969	30,412,656	$17.44	92.8%
Same Store 1Q25	902	336,770	30,393,006	$17.34	93.8%
Same Store 1Q24	902	338,048	30,356,491	$16.98	94.2%

Non-Same Store 1Q26	671	309,884	39,147,277	$16.31	66.7%
Non-Same Store 1Q25	591	268,531	33,192,915	$18.74	67.3%
Non-Same Store 1Q24	529	235,664	27,240,887	$18.66	70.5%

Same Store Pool Held Constant for Prior Periods
Same Store 1Q26	902	330,969	30,412,656	$17.44	92.8%
Same Store 1Q25	879	310,825	28,263,627	$17.32	93.9%
Same Store 1Q24	820	266,832	24,503,591	$16.72	95.1%

Non-Same Store 1Q26	671	309,884	39,147,277	$16.31	66.7%
Non-Same Store 1Q25	614	294,476	35,322,294	$18.65	69.0%
Non-Same Store 1Q24	613	306,221	33,026,074	$18.57	74.3%

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 June 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.


		For the Quarter Ended
		June 30,
		2025		2024
		(Unaudited)
		(In thousands, except share and per share amounts)

Weighted average shares outstanding of Voting Common Stock		19,607,788		19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10%		10%

Net earnings available to common stockholders	$	142,331	$	195,417
Voting Common Stock dividends declared		–		–
Non-Voting Common Stock dividends declared		(8,824)		(8,824)
Undistributed earnings available to common stockholders	$	133,507	$	186,593
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	13,351	$	18,659

Undistributed earnings per share of Voting Common Stock	$	0.68	$	0.95
Dividends declared per share of Voting Common Stock	$	–	$	–
Basic and diluted earnings per share of Voting Common Stock	$	0.68	$	0.95


Weighted average shares outstanding of Non-Voting Common Stock		176,470,092		176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90%		90%

Net earnings available to common stockholders	$	142,331	$	195,417
Voting Common Stock dividends declared		–		–
Non-Voting Common Stock dividends declared		(8,824)		(8,824)
Undistributed earnings available to common stockholders	$	133,507	$	186,593
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	120,156	$	167,934

Undistributed earnings per share of Non-Voting Common Stock	$	0.68	$	0.95
Dividends declared per share of Non-Voting Common Stock	$	0.05	$	0.05
Basic and diluted earnings per share of Non-Voting Common Stock	$	0.73	$	1.00


Moving and Storage EBITDA Calculations
(In thousands, unaudited)		Trailing Twelve Months
		June 30,		March 31,		December 31,		September 30,		June 30,
		2025		2025		2024		2024		2024

Net earnings available to common stockholders	$	314,004	$	367,090	$	448,518	$	480,576	$	567,286
Income tax expense		76,156		94,747		137,940		148,743		174,206
Fees on early extinguishment of debt and costs of defeasance		26		495		495		495		495
Interest expense		311,609		296,721		280,487		271,359		263,808
Other interest income		(51,899)		(59,489)		(87,303)		(99,292)		(111,561)
Other components of net periodic benefit costs		1,462		1,488		1,480		1,473		1,465
Net losses on disposal of real estate		11,037		15,758		12,047		11,273		9,997
Depreciation, net of gains on disposals		1,045,648		958,184		888,253		815,810		742,662
Elimination of net earnings from insurance subsidiaries		(57,766)		(55,280)		(67,771)		(64,041)		(63,897)
Adjusted EBITDA	$	1,650,277	$	1,619,714	$	1,614,146	$	1,566,396	$	1,584,461


Moving and Storage EBITDA Calculations
(In thousands, unaudited)		Quarters Ended
		June 30,		June 30,
		2025		2024

Net earnings available to common stockholders	$	142,331	$	195,417
Income tax expense		40,086		58,677
Fees on early extinguishment of debt and costs of defeasance		26		495
Interest expense		82,358		67,470
Other interest income		(10,765)		(18,355)
Other components of net periodic benefit costs		346		372
Net losses on disposal of real estate		(1,617)		3,104
Depreciation, net of gains on disposals		304,009		216,545
Elimination of net earnings from insurance subsidiaries		(11,504)		(9,018)
Adjusted EBITDA	$	545,270	$	514,707


		Quarter Ended June 30,
		2025		2024
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	1,553,859	$	1,469,161
Earnings from operations before equity in earnings of subsidiaries		242,878		295,058
Property and casualty insurance
Revenues		29,721		28,178
Earnings from operations		11,888		11,483
Life insurance
Revenues		50,094		53,749
Earnings (losses) from operations		2,676		(47)
Eliminations
Revenues		(3,204)		(2,598)
Earnings from operations before equity in earnings of subsidiaries		(28)		(252)
Consolidated Results
Revenues		1,630,470		1,548,490
Earnings from operations		257,414		306,242


	Quarter Ended June 30,
	2025	2024
	(Unaudited)
	(In thousands, except occupancy rate)
Unit count as of June 30	813	748
Square footage as of June 30	69,560	63,586
Average monthly number of units occupied	632	594
Average monthly occupancy rate based on unit count	78.1%	80.0%
End of June occupancy rate based on unit count	78.8%	81.0%
Average monthly square footage occupied	55,399	51,717


		June 30,		March 31,
		2025		2025
		(Unaudited)
		(In thousands)
ASSETS
Cash and cash equivalents	$	877,188	$	988,828
Trade receivables and reinsurance recoverables, net		231,002		230,716
Inventories and parts		173,299		163,132
Prepaid expenses		285,540		282,406
Fixed maturity securities available-for-sale, net, at fair value		2,521,166		2,479,498
Equity securities, at fair value		65,609		65,549
Investments, other		681,692		678,254
Deferred policy acquisition costs, net		121,621		121,729
Other assets		130,993		126,732
Right of use assets - financing, net		85,661		138,698
Right of use assets - operating, net		44,048		46,025
Related party assets		40,473		45,003

Property, plant and equipment, at cost:
Land		1,835,090		1,812,820
Buildings and improvements		9,885,198		9,628,271
Furniture and equipment		1,055,983		1,047,414
Rental trailers and other rental equipment		1,081,063		1,046,135
Rental trucks		7,910,809		7,470,039
		21,768,143		21,004,679
Less: Accumulated depreciation		(6,178,067)		(5,892,079)
Total property, plant and equipment, net		15,590,076		15,112,600
Total assets	$	20,848,368	$	20,479,170
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	901,083	$	820,900
Notes, loans and finance leases payable, net		7,249,877		7,193,857
Operating lease liabilities		44,918		46,973
Policy benefits and losses, claims and loss expenses payable		871,530		857,521
Liabilities from investment contracts		2,537,848		2,511,422
Other policyholders' funds and liabilities		12,618		7,539
Deferred income		65,179		52,895
Deferred income taxes, net		1,504,547		1,489,920
Total liabilities		13,187,600		12,981,027


						June 30,		March 31,
						2025		2025
		June 30,		ROU Assets		Property, Plant and Equipment		Property, Plant and Equipment
		2025		Financing		Adjusted		Adjusted
		(Unaudited)
		(In thousands)

Property, plant and equipment, at cost
Land	$	1,835,090	$	-	$	1,835,090	$	1,812,820
Buildings and improvements		9,885,198		-		9,885,198		9,628,271
Furniture and equipment		1,055,983		61		1,056,044		1,047,475
Rental trailers and other rental equipment		1,081,063		48,468		1,129,531		1,104,206
Rental trucks		7,910,809		164,273		8,075,082		7,779,514
Subtotal		21,768,143		212,802		21,980,945		21,372,286
Less: Accumulated depreciation		(6,178,067)		(127,141)		(6,305,208)		(6,120,988)
Total property, plant and equipment, net	$	15,590,076	$	85,661	$	15,675,737	$	15,251,298