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Reportable Segment Information

3 Months Ended

Jun. 30, 2025

Consolidating Financial Information by Industry Segment

12. Reportable Segment Information:

Our Chief Executive Officers 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 quarter ended June 30, 2025 were as follows:


		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		1,553,859		$		29,721		$		50,094		$		(3,204	)	(b,c)	$		1,630,470

Costs and expenses:
Personnel expenses			305,034				—				—				—					305,034
Equipment maintenance and repair expenses			193,945				—				—				—					193,945
Other operating expenses			81,971				—				—				—					81,971
Other segment items			233,232				12,260				2,785				(2,478	)	(b,c)			245,799
Operating expenses			814,182				12,260				2,785				(2,478	)				826,749

Commission expenses			116,737				—				—				—					116,737
Cost of product sales			72,205				—				—				—					72,205
Benefits and losses			—				5,499				39,683				—					45,182
Amortization of deferred policy acquisition costs			—				—				4,917				—					4,917
Lease expense			5,465				74				33				(698	)	(b)			4,874
Depreciation, net of (gains) losses on disposal			304,009				—				—				—					304,009
Net (gains) losses on disposal of real estate			(1,617	)			—				—				—					(1,617	)
Total costs and expenses			1,310,981				17,833				47,418				(3,176	)				1,373,056

Earnings from operations before equity in earnings of subsidiaries			242,878				11,888				2,676				(28	)				257,414

Equity in earnings of subsidiaries			11,504				—				—				(11,504	)	(d)			—

Earnings from operations			254,382				11,888				2,676				(11,532	)				257,414
Other components of net periodic benefit costs			(346	)			—				—				—					(346	)
Other interest income			10,765				—				—				(96	)	(b)			10,669
Interest expense			(82,358	)			—				(96	)			124		(b)			(82,330	)
Fees on early extinguishment of debt and costs of defeasance			(26	)			—				—				—					(26	)
Pretax earnings			182,417				11,888				2,580				(11,504	)				185,381
Income tax expense			(40,086	)			(2,468	)			(496	)			—					(43,050	)
Net earnings available to common stockholders	$		142,331		$		9,420		$		2,084		$		(11,504	)		$		142,331

(a) Balances for the quarter ended March 31, 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 quarter ended June 30, 2024 were as follows:


		Moving & Storage Consolidated				Property & Casualty Insurance (a)				Life Insurance (a)				Eliminations					U-Haul Holding Company Consolidated
		(Unaudited)
		(In thousands)
Revenues	$		1,469,161		$		28,178		$		53,749		$		(2,598	)	(b,c)	$		1,548,490

Costs and expenses:
Personnel expenses			284,855				—				—				—					284,855
Equipment maintenance and repair expenses			188,749				—				—				—					188,749
Other operating expenses			64,736				—				—				—					64,736
Other segment items			231,456				11,630				10,072				(1,741	)	(b,c)			251,417
Operating expenses			769,796				11,630				10,072				(1,741	)				789,757

Commission expenses			112,571				—				—				—					112,571
Cost of product sales			66,014				—				—				—					66,014
Benefits and losses			—				4,959				39,047				—					44,006
Amortization of deferred policy acquisition costs			—				—				4,646				—					4,646
Lease expense			6,073				106				31				(605	)	(b)			5,605
Depreciation, net of (gains) losses on disposal			216,545				—				—				—					216,545
Net (gains) losses on disposal of real estate			3,104				—				—				—					3,104
Total costs and expenses			1,174,103				16,695				53,796				(2,346	)				1,242,248

Earnings from operations before equity in earnings of subsidiaries			295,058				11,483				(47	)			(252	)				306,242

Equity in earnings of subsidiaries			9,018				—				—				(9,018	)	(d)			—

Earnings from operations			304,076				11,483				(47	)			(9,270	)				306,242
Other components of net periodic benefit costs			(372	)			—				—				—					(372	)
Other interest income			18,355				—				—				(120	)	(b)			18,235
Interest expense			(67,470	)			—				(120	)			372		(b)			(67,218	)
Fees on early extinguishment of debt and costs of defeasance			(495	)			—				—				—					(495	)
Pretax earnings			254,094				11,483				(167	)			(9,018	)				256,392
Income tax expense			(58,677	)			(2,377	)			79				—					(60,975	)
Net earnings available to common stockholders	$		195,417		$		9,106		$		(88	)	$		(9,018	)		$		195,417

(a) Balances for the quarter ended March 31, 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 June 30, 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 June 30, 2025	$	916,571	$	-	$	-	$	-	$	916,571
Gross capital expenditures for the quarter ended June 30, 2024	$	963,163	$	-	$	-	$	-	$	963,163

Total assets by reportable segment as of June 30, 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 June 30, 2025	$	17,858,535	$	545,984	$	3,134,650	$	(690,801	)	$	20,848,368
Total assets as of March 31, 2025	$	17,522,952	$	535,032	$	3,066,907	$	(645,721	)	$	20,479,170