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Consolidating Financial Information by Industry Segment

6 Months Ended

Sep. 30, 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 quarter ended September 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	$		1,632,827		$		35,891		$		54,113		$		(2,909	)	(b,c)	$		1,719,922

Costs and expenses:
Personnel expenses			322,687				—				—				—					322,687
Equipment maintenance and repair expenses			223,772				—				—				—					223,772
Other operating expenses			91,844				—				—				—					91,844
Other segment items			256,922				12,924				3,634				(2,241	)	(b,c)			271,239
Operating expenses			895,225				12,924				3,634				(2,241	)				909,542

Commission expenses			121,811				—				—				—					121,811
Cost of product sales			67,625				—				—				—					67,625
Benefits and losses			—				5,737				42,441				—					48,178
Amortization of deferred policy acquisition costs			—				—				4,962				—					4,962
Lease expense			5,587				76				48				(640	)	(b)			5,071
Depreciation, net of (gains) losses on disposal			340,608				—				—				—					340,608
Net (gains) losses on disposal of real estate			4,531				—				—				—					4,531
Total costs and expenses			1,435,387				18,737				51,085				(2,881	)				1,502,328

Earnings from operations before equity in earnings of subsidiaries			197,440				17,154				3,028				(28	)				217,594

Equity in earnings of subsidiaries			16,001				—				—				(16,001	)	(d)			—

Earnings from operations			213,441				17,154				3,028				(16,029	)				217,594
Other components of net periodic benefit costs			(345	)			—				—				—					(345	)
Other interest income			10,111				—				—				(96	)	(b)			10,015
Interest expense			(90,333	)			—				(96	)			124		(b)			(90,305	)
Fees on early extinguishment of debt and costs of defeasance			—				—				—				—					—
Pretax earnings			132,874				17,154				2,932				(16,001	)				136,959
Income tax expense			(27,324	)			(3,515	)			(570	)			—					(31,409	)
Net earnings available to common stockholders	$		105,550		$		13,639		$		2,362		$		(16,001	)		$		105,550

(a) Balances for the quarter ended June 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 quarter ended September 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	$		1,573,643		$		31,461		$		56,157		$		(3,153	)	(b,c)	$		1,658,108

Costs and expenses:
Personnel expenses			311,009				—				—				—					311,009
Equipment maintenance and repair expenses			213,413				—				—				—					213,413
Other operating expenses			68,731				—				—				—					68,731
Other segment items			282,662				11,875				5,278				(1,895	)	(b,c)			297,920
Operating expenses			875,815				11,875				5,278				(1,895	)				891,073

Commission expenses			119,008				—				—				—					119,008
Cost of product sales			62,250				—				—				—					62,250
Benefits and losses			—				5,672				38,720				—					44,392
Amortization of deferred policy acquisition costs			—				—				4,439				—					4,439
Lease expense			5,614				91				30				(1,006	)	(b)			4,729
Depreciation, net of (gains) losses on disposal			227,270				—				—				—					227,270
Net (gains) losses on disposal of real estate			2,991				—				—				—					2,991
Total costs and expenses			1,292,948				17,638				48,467				(2,901	)				1,356,152

Earnings from operations before equity in earnings of subsidiaries			280,695				13,823				7,690				(252	)				301,956

Equity in earnings of subsidiaries			17,006				—				—				(17,006	)	(d)			—

Earnings from operations			297,701				13,823				7,690				(17,258	)				301,956
Other components of net periodic benefit costs			(372	)			—				—				—					(372	)
Other interest income			16,251				—				—				(120	)	(b)			16,131
Interest expense			(71,750	)			—				(120	)			372		(b)			(71,498	)
Fees on early extinguishment of debt and costs of defeasance			—				—				—				—					—
Pretax earnings			241,830				13,823				7,570				(17,006	)				246,217
Income tax expense			(55,032	)			(2,844	)			(1,543	)			—					(59,419	)
Net earnings available to common stockholders	$		186,798		$		10,979		$		6,027		$		(17,006	)		$		186,798

(a) Balances for the quarter ended June 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 six months ended September 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	$		3,186,686		$		65,612		$		104,207		$		(6,113	)	(b,c)	$		3,350,392

Costs and expenses:
Personnel expenses			627,721				—				—				—					627,721
Equipment maintenance and repair expenses			417,717				—				—				—					417,717
Other operating expenses			173,815				—				—				—					173,815
Other segment items			490,154				25,184				6,419				(4,719	)	(b,c)			517,038
Operating expenses			1,709,407				25,184				6,419				(4,719	)				1,736,291

Commission expenses			238,548				—				—				—					238,548
Cost of product sales			139,830				—				—				—					139,830
Benefits and losses			—				11,236				82,124				—					93,360
Amortization of deferred policy acquisition costs			—				—				9,879				—					9,879
Lease expense			11,052				150				81				(1,338	)	(b)			9,945
Depreciation, net of (gains) losses on disposal			644,617				—				—				—					644,617
Net (gains) losses on disposal of real estate			2,914				—				—				—					2,914
Total costs and expenses			2,746,368				36,570				98,503				(6,057	)				2,875,384

Earnings from operations before equity in earnings of subsidiaries			440,318				29,042				5,704				(56	)				475,008

Equity in earnings of subsidiaries			27,505				—				—				(27,505	)	(d)			—

Earnings from operations			467,823				29,042				5,704				(27,561	)				475,008
Other components of net periodic benefit costs			(691	)			—				—				—					(691	)
Other interest income			20,876				—				—				(192	)	(b)			20,684
Interest expense			(172,691	)			—				(192	)			248		(b)			(172,635	)
Fees on early extinguishment of debt and costs of defeasance			(26	)			—				—				—					(26	)
Pretax earnings			315,291				29,042				5,512				(27,505	)				322,340
Income tax expense			(67,410	)			(5,983	)			(1,066	)			—					(74,459	)
Net earnings available to common stockholders	$		247,881		$		23,059		$		4,446		$		(27,505	)		$		247,881

(a) Balances for the six months ended June 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 six months ended September 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	$		3,042,804		$		59,639		$		109,906		$		(5,751	)	(b,c)	$		3,206,598

Costs and expenses:
Personnel expenses			595,864				—				—				—					595,864
Equipment maintenance and repair expenses			402,162				—				—				—					402,162
Other operating expenses			133,467				—				—				—					133,467
Other segment items			514,118				23,505				15,350				(3,636	)	(b,c)			549,337
Operating expenses			1,645,611				23,505				15,350				(3,636	)				1,680,830

Commission expenses			231,579				—				—				—					231,579
Cost of product sales			128,264				—				—				—					128,264
Benefits and losses			—				10,631				77,767				—					88,398
Amortization of deferred policy acquisition costs			—				—				9,085				—					9,085
Lease expense			11,687				197				61				(1,611	)	(b)			10,334
Depreciation, net of (gains) losses on disposal			443,815				—				—				—					443,815
Net (gains) losses on disposal of real estate			6,095				—				—				—					6,095
Total costs and expenses			2,467,051				34,333				102,263				(5,247	)				2,598,400

Earnings from operations before equity in earnings of subsidiaries			575,753				25,306				7,643				(504	)				608,198

Equity in earnings of subsidiaries			26,024				—				—				(26,024	)	(d)			—

Earnings from operations			601,777				25,306				7,643				(26,528	)				608,198
Other components of net periodic benefit costs			(744	)			—				—				—					(744	)
Other interest income			34,606				—				—				(240	)	(b)			34,366
Interest expense			(139,220	)			—				(240	)			744		(b)			(138,716	)
Fees on early extinguishment of debt and costs of defeasance			(495	)			—				—				—					(495	)
Pretax earnings			495,924				25,306				7,403				(26,024	)				502,609
Income tax expense			(113,709	)			(5,221	)			(1,464	)			—					(120,394	)
Net earnings available to common stockholders	$		382,215		$		20,085		$		5,939		$		(26,024	)		$		382,215

(a) Balances for the six months ended June 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 September 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 September 30, 2025	$	997,931	$	-	$	-	$	-	$	997,931
Gross capital expenditures for the quarter ended September 30, 2024	$	963,839	$	-	$	-	$	-	$	963,839

Gross capital expenditures by reportable segment for the six months ended September 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 six months ended September 30, 2025	$	1,914,502	$	-	$	-	$	-	$	1,914,502
Gross capital expenditures for the six months ended September 30, 2024	$	1,927,002	$	-	$	-	$	-	$	1,927,002

Total assets by reportable segment as of September 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 September 30, 2025	$	18,460,371	$	562,065	$	3,120,354	$	(714,371	)	$	21,428,419
Total assets as of March 31, 2025	$	17,522,952	$	535,032	$	3,066,907	$	(645,721	)	$	20,479,170