# U-Haul Holding Co /NV/ (UHAL-B) Informational only - not investment advice. CIK: 0000004457 SIC: 7510 Services-Auto Rental & Leasing (No Drivers) SIC breadcrumb: [Services](/division/I/) > [SIC Major Group 75](/major-group/75/) > [SIC 7510 Services-Auto Rental & Leasing (No Drivers)](/industry/7510/) Latest 10-K filed: 2026-05-27 SEC page: https://www.sec.gov/edgar/browse/?CIK=4457 Filing source: https://www.sec.gov/Archives/edgar/data/4457/000119312526241850/uhal-20260331.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 6037819000 | USD | 2026 | 2026-05-27 | | Net income | 83128000 | USD | 2026 | 2026-05-27 | | Assets | 21502789000 | USD | 2026 | 2026-05-27 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000004457.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 3,421,767,000 | 3,601,114,000 | 3,768,707,000 | 3,978,868,000 | 4,541,985,000 | 5,739,747,000 | 5,864,691,000 | 5,625,674,000 | 5,828,665,000 | 6,037,819,000 | | Net income | 398,424,000 | 790,583,000 | 370,857,000 | 442,048,000 | 610,856,000 | 1,124,362,000 | 924,472,000 | 628,707,000 | 367,090,000 | 83,128,000 | | Operating income | 743,165,000 | 765,246,000 | 620,987,000 | 540,128,000 | 961,147,000 | 1,646,073,000 | 1,445,580,000 | 977,789,000 | 716,154,000 | 432,621,000 | | Operating cash flow | 1,059,455,000 | 937,684,000 | 975,583,000 | 1,075,513,000 | 1,535,395,000 | 1,946,235,000 | 1,729,610,000 | 1,452,756,000 | 1,454,429,000 | 1,794,584,000 | | Capital expenditures | 1,419,505,000 | 1,363,745,000 | 1,869,968,000 | 2,309,406,000 | 1,441,475,000 | 2,136,537,000 | 2,723,901,000 | 2,992,898,000 | 3,452,481,000 | 3,154,325,000 | | Assets | 9,405,840,000 | 10,747,422,000 | 11,891,713,000 | 14,693,044,000 | 14,651,606,000 | 17,327,183,000 | 18,100,734,000 | 19,058,758,000 | 20,479,170,000 | 21,502,789,000 | | Liabilities | 6,786,096,000 | 7,338,714,000 | 8,199,324,000 | 9,846,608,000 | 9,732,515,000 | 11,347,089,000 | 11,596,543,000 | 11,886,313,000 | 12,981,027,000 | 13,891,138,000 | | Stockholders' equity | 2,619,744,000 | 3,408,708,000 | 3,692,389,000 | 4,846,436,000 | 4,919,091,000 | 5,952,492,000 | 6,504,191,000 | 7,172,445,000 | 7,498,143,000 | 7,611,651,000 | | Cash and cash equivalents | 697,806,000 | 759,388,000 | 673,701,000 | 494,352,000 | 1,194,012,000 | 2,704,137,000 | 2,060,524,000 | 1,534,544,000 | 988,828,000 | 1,120,147,000 | | Free cash flow | -360,050,000 | -426,061,000 | -894,385,000 | -1,233,893,000 | 93,920,000 | -190,302,000 | -994,291,000 | -1,540,142,000 | -1,998,052,000 | -1,359,741,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 11.64% | 21.95% | 9.84% | 11.11% | 13.45% | 19.59% | 15.76% | 11.18% | 6.30% | 1.38% | | Operating margin | 21.72% | 21.25% | 16.48% | 13.57% | 21.16% | 28.68% | 24.65% | 17.38% | 12.29% | 7.17% | | Return on equity | 15.21% | 23.19% | 10.04% | 9.12% | 12.42% | 18.89% | 14.21% | 8.77% | 4.90% | 1.09% | | Return on assets | 4.24% | 7.36% | 3.12% | 3.01% | 4.17% | 6.49% | 5.11% | 3.30% | 1.79% | 0.39% | | Liabilities / equity | 2.59 | 2.15 | 2.22 | 2.03 | 1.98 | 1.91 | 1.78 | 1.66 | 1.73 | 1.82 | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000004457.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q1 | 2021-06-30 | 1,472,856,000 | 345,175,000 | | reported discrete quarter | | 2022-Q2 | 2021-09-30 | 1,664,254,000 | 409,898,000 | | reported discrete quarter | | 2022-Q3 | 2021-12-31 | 1,404,336,000 | 281,466,000 | | reported discrete quarter | | 2022-Q4 | 2022-03-31 | 1,198,301,000 | 86,747,000 | | derived Q4 = FY annual - nine-month YTD | | 2023-Q1 | 2022-06-30 | 1,597,840,000 | 334,002,000 | | reported discrete quarter | | 2023-Q2 | 2022-09-30 | 1,702,864,000 | 352,015,000 | | reported discrete quarter | | 2023-Q3 | 2022-12-31 | 1,375,336,000 | 199,244,000 | | reported discrete quarter | | 2023-Q4 | 2023-03-31 | 1,188,651,000 | 37,737,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q2 | 2023-09-30 | 1,649,860,000 | 273,508,000 | | reported discrete quarter | | 2024-Q1 | 2025-06-30 | 1,630,470,000 | 142,331,000 | | reported discrete quarter | | 2025-Q2 | 2025-09-30 | 1,719,922,000 | 105,550,000 | | reported discrete quarter | | 2024-Q3 | 2025-12-31 | 1,415,608,000 | 36,968,000 | | reported discrete quarter | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/4457/000119312526037685/uhal-20251231.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-02-04 Report date: 2025-12-31 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations General We begin Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) with U-Haul Holding Company's overall strategy, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for the third quarter and first nine months of fiscal 2026, compared with the third quarter and first nine months of fiscal 2025, which is followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled "Liquidity and Capital Resources - Summary" and "Use of Cash". We conclude this MD&A by discussing our current outlook for the remainder of fiscal 2026. This MD&A should be read in conjunction with the other sections of this Quarterly Report on Form 10-Q (this "Quarterly Report"), including the Notes to Consolidated Financial Statements. The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption, Cautionary Statements Regarding Forward-Looking Statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described throughout this filing or in our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Many of these risks and uncertainties are beyond our control and our actual results may differ materially from these forward-looking statements. U-Haul Holding Company, a Nevada corporation, has a third fiscal quarter that ends on the 31st of December for each year that is referenced. Our insurance company subsidiaries have a third quarter that ends on the 30th of September for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. Management believes that consolidating their calendar year into our fiscal year financial statements does not materially affect the presentation of financial position or results of operations. We disclose material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2025 and 2024 correspond to fiscal 2026 and 2025 for U-Haul Holding Company. Overall Strategy Our overall strategy is to maintain our leadership position in the North American “do-it-yourself” moving and storage industry. We accomplish this by providing a seamless and integrated supply chain to the “do-it-yourself” moving and storage market. As part of executing this strategy, we leverage the brand recognition of U-Haul® with our full line of moving and self-storage related products and services and the convenience of our broad geographic presence. Our primary focus is to provide our customers with a wide selection of moving rental equipment, convenient self-storage rental facilities, portable moving and storage units and related moving and self-storage products and services. We are able to expand our distribution and improve customer service by increasing the amount of moving equipment and storage units and portable moving and storage units available for rent, expanding the number of independent dealers and Company-operated locations in our network and taking advantage of our Storage Affiliate and Moving Help® capabilities. Property and Casualty Insurance is focused on providing and administering property and casualty insurance to U-Haul and its customers, its independent dealers and affiliates. Life Insurance is focused on long term capital growth through direct writing and reinsuring of life insurance, Medicare supplement and annuity products in the senior marketplace. 47 Description of Operating and Reportable Segments U-Haul Holding Company’s three operating and reportable segments are Moving and Storage, Property and Casualty Insurance and Life Insurance. Moving and Storage Moving and Storage consists of the rental of trucks, trailers, portable moving and storage units, specialty rental items and self-storage spaces primarily to the household mover as well as sales of moving supplies, towing accessories and propane. Operations are conducted under the registered trade name U-Haul®throughout the United States and Canada. With respect to our truck, trailer, specialty rental items and self-storage rental business, we are focused on expanding our dealer and center network, which provides added convenience for our customers, and expands the selection and availability of rental equipment to satisfy the needs of our customers. U-Haul® branded self-moving related products and services, such as boxes, pads and tape, allow our customers to, among other things, protect their belongings from potential damage during the moving process. We are committed to providing a complete line of products selected with the “do-it-yourself” moving and storage customer in mind. U-Haul’s mobile app, Truck Share 24/7, Skip-the-Counter Self-Storage rentals and Self-checkout for moving supplies provide our customers methods for conducting business with us directly via their mobile devices and also limiting physical exposure. uhaul.com® is an online marketplace that connects consumers to our operations as well as independent Moving Help®service providers and thousands of independent Self-Storage Affiliates. Our network of customer-rated affiliates and service providers furnish pack and load help, cleaning help, self-storage and similar services throughout the United States and Canada. Our goal is to further utilize our web-based technology platform to increase service to consumers and businesses in the moving and storage market. Since 1945, U-Haul has incorporated sustainable practices into its everyday operations. We believe that our basic business premise of equipment sharing helps reduce greenhouse gas emissions and reduces the inventory of total large capacity vehicles. We continue to look for ways to reduce waste within our business and are dedicated to manufacturing reusable components and recyclable products. We believe that our commitment to sustainability, through our products and services and everyday operations has helped us to reduce our impact on the environment. Property and Casualty Insurance Property and Casualty Insurance provides loss adjusting and claims handling for U-Haul through regional offices across 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. We continue to focus on increasing the penetration of these products into the moving and storage market. The business plan for Property and Casualty Insurance includes offering property and casualty insurance products in other U-Haul related programs. Life Insurance 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. Critical Accounting Policies and Estimates Please refer to our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. Results of Operations 48 U-Haul Holding Company and Consolidated Entities Quarter Ended December 31, 2025 compared with the Quarter Ended December 31, 2024 Listed below, on a consolidated basis, are revenues for our major product lines for the third quarter of fiscal 2026 and the third quarter of fiscal 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 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 Consolidated revenue $ 1,415,608 $ 1,388,558 Self-moving equipment rental revenues increased $7.6 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. Revenues from in-town transactions increased during the quarter. Compared to the same period last year, we increased the number of Company operated retail locations, independent dealers, and the number of box trucks in the rental fleet. Self-storage revenues increased $17.9 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 6.7% improvement in average revenue per occupied foot. During the third quarter of fiscal 2026, we added approximately 1.5 million new net rentable square feet. Sales of self-moving and self-storage products and services decreased $1.5 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. This was due to decreased sales of hitches and propane. Life insurance premiums decreased $5.1 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025 due primarily to decreased life and Medicare supplement premiums. Property and casualty insurance premiums increased $2.0 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. A significant portion of Repwest’s premiums are from policies sold in conjunction with U-Haul moving and storage transactions and generally correspond to the related activity at U-Haul during the same period. Net investment and interest income increased $6.7 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. Our Property and Casualty subsidiaries' investment and interest income increased primarily from our investments in mortgage loans. Our Life subsidiaries' investment and interest income increased primarily from gains on derivatives and invested assets. Other revenue decreased $0.6 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025, caused primarily by decreases in our U-Box® program. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment. 49 Listed below are revenues and earnings from operations at each of our operating segments for the third quarter of fiscal 2026 and the third quarter of fiscal 2025. The insurance companies’ third quarters ended September 30, 2025 and 2024. 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 Total costs and expenses increased $144.1 million during the third quarter of fiscal 2026, compared with the third quarter of fiscal 2025. Operating expenses for Moving and Storage increased $66.6 million. Repair expenses [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations We begin this MD&A with the overall strategy of U-Haul Holding Company, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for fiscal 2026 compared with fiscal 2025, which are followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled Liquidity and Capital Resources and Disclosures about Contractual Obligations and Commercial Commitments. The discussion of our financial condition and results of operations for the year ended March 31, 2024 included in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended March 31, 2025 is incorporated by reference into this MD&A. We conclude this MD&A by discussing our outlook for fiscal 2027. This MD&A should be read in conjunction with the other sections of this Annual Report, including Item 1: Business and Item 8: Consolidated Financial Statements and Supplementary Data. The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption, Cautionary Statements Regarding Forward-Looking Statements, all of which are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this Annual Report and particularly under the section Item 1A: Risk Factors. Our actual results may differ materially from these forward-looking statements. U-Haul Holding Company has a fiscal year that ends on the 31st of March for each year that is referenced. Our insurance company subsidiaries have fiscal years that end on the 31st of December for each year that is referenced. They have been consolidated on that basis. Our insurance companies’ financial reporting processes conform to calendar year reporting as required by state insurance departments. We believe that consolidating their calendar year into our fiscal year consolidated financial statements does not materially affect the presentation of financial position or results of operations. We disclose all material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries’ years 2025, 2024 and 2023 correspond to fiscal 2026, 2025 and 2024 for U-Haul Holding Company. Overall Strategy Our overall strategy is to maintain our leadership position in the North American “do-it-yourself” moving and storage industry. We accomplish this by providing a seamless and integrated supply chain to the “do-it-yourself” moving and storage market. As part of executing this strategy, we leverage the brand recognition of U-Haul with our full line of moving and self-storage related products and services and the convenience of our broad geographic presence. Our primary focus is to provide our customers with a wide selection of moving rental equipment, convenient self-storage rental facilities and portable moving and storage units and related moving and self-storage products and services. We are able to expand our distribution and improve customer service by increasing the amount of moving equipment and storage units and portable moving and storage units available for rent, expanding the number of independent dealers in our network and expanding and taking advantage of our Storage Affiliate and Moving Help capabilities. Property and Casualty Insurance is focused on providing and administering property and casualty insurance to U-Haul and its customers, its independent dealers and affiliates. Life Insurance is focused on long-term capital growth through direct writing and reinsuring of life, Medicare supplement and annuity products in the senior marketplace. Description of Operating and Reportable Segments U-Haul Holding Company’s three operating and reportable segments are Moving and Storage, Property and Casualty Insurance, and Life Insurance. See Note 1, Basis of Presentation, Note 21, Reportable Segment Information, and Note 22, Geographic Area Data, of the Notes to Consolidated Financial Statements. Moving and Storage Segment 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. With respect to our truck, trailer, specialty rental items and self-storage rental business, we are focused on expanding our dealer network, which provides added convenience for our customers, and expanding the selection and availability of rental equipment to satisfy the needs of our customers. 19 U-Haul branded self-moving related products and services, such as boxes, pads and tape allow our customers to, among other things, protect their belongings from potential damage during the moving process. We are committed to providing a complete line of products selected with the “do-it-yourself” moving and storage customer in mind. uhaul.com and U-Haul's mobile app are an online marketplace that connects consumers to our operations as well as independent Moving Help service providers and thousands of independent Self-Storage Affiliates. Our network of customer-rated affiliates and service providers furnish pack and load help, cleaning help, self-storage and similar services throughout the United States and Canada. Our goal is to further utilize our web-based technology platform to increase service to consumers and businesses in the moving and storage market. Truck Share 24/7, Skip-the-Counter Self-Storage rentals and Self-checkout for moving supplies provide our customers methods for conducting business with us directly via their mobile devices and also limiting physical exposure. Since 1945, U-Haul has incorporated sustainable practices into its everyday operations. We believe that our basic business premise of equipment sharing helps reduce greenhouse gas emissions and reduces the inventory of total large capacity vehicles. We continue to look for ways to reduce waste within our business and are dedicated to manufacturing reusable components and recyclable products. We believe that our commitment to sustainability, through our products and services and everyday operations has helped us to reduce our impact on the environment. Property and Casualty Insurance Segment 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. We continue to focus on increasing the penetration of these products into the moving and storage market. The business plan for Property and Casualty Insurance includes offering property and casualty products in other U-Haul related programs. Life Insurance Segment 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. Critical Accounting Estimates Our consolidated financial statements have been prepared in accordance with the generally accepted accounting principles (“GAAP”) in the United States. The methods, estimates and judgments we use in applying our accounting policies can have a significant impact on the results we report in our consolidated financial statements. Note 3, Accounting Policies, of the Notes to Consolidated Financial Statements summarizes the significant accounting policies and methods used in the preparation of our consolidated financial statements and related disclosures. Certain accounting policies require us to make difficult and subjective judgments and assumptions, often as a result of the need to estimate matters that are inherently uncertain. Following is a detailed description of the accounting estimates that we deem most critical to us and that require management’s most difficult and subjective judgments. These estimates are based on historical experience, observance of trends in particular areas, information and valuations available from outside sources and on various other assumptions that are believed to be reasonable under the circumstances and which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts may differ from these estimates under different assumptions and conditions, and such differences may be material. We also have other significant accounting policies used to record the results of the majority of our recurring operations in our financial statements, such as revenue recognition; however, these policies do not meet the definition of critical accounting estimates, because they do not generally require us to make estimates or judgments that are difficult or subjective. The accounting policies and estimates that we deem most critical to us, and involve the most difficult, subjective or complex judgments include the following: Recoverability of Property, Plant and Equipment Our property, plant and equipment is stated at cost. We regularly perform reviews to determine whether facts and circumstances exist, which indicate that the carrying amount of assets, including estimates of residual value, may not be recoverable. Reviews are performed based on vehicle class, generally subcategories of trucks and trailers. We assess the recoverability of our assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining lives against their respective carrying amounts. We consider factors such as current and expected future market price trends on used vehicles and the expected life of vehicles included in the fleet. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. If asset residual values are determined to be recoverable, but the useful lives are shorter or longer than originally estimated, then the net book value of the assets is depreciated over the newly determined remaining useful lives. 20 Insurance Reserves Life Insurance The liability for future policy benefits for traditional and limited-payment long duration life and health products is determined each reporting period based on the net level premium method. This method requires the liability for future policy benefits be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders. Both the present value of expected future benefit payments and the present value of expected future net premiums are based primarily on assumptions of discount rates, mortality, morbidity, lapse, and persistency. The Company reviews at least annually, and updates as necessary, its cash flow assumptions (mortality, morbidity, lapses and persistency) used to calculate the change in the liability for future policy benefits at least annually. Property & Casualty Property and Casualty Insurance’s liability for reported and unreported losses is based on historical data along with industry averages. The liability for unpaid loss adjustment expenses is based on historical ratios of loss adjustment expenses paid to losses paid. Amounts recoverable from reinsurers on unpaid losses are estimated in a manner consistent with the claim liability associated with the reinsured policy. Due to the nature of the underlying risks and high degree of uncertainty associated with the determination of the liability for future policy benefits and claims, the amounts to be ultimately paid to settle these liabilities cannot be precisely determined and may vary significantly from the estimated liability, especially for long-tailed casualty lines of business such as excess workers’ compensation. As a result of the long-tailed nature of the excess workers’ compensation policies written by Repwest during 1983 through 2001, it may take a number of years for claims to be fully reported and finally settled. On a regular basis, insurance reserve adequacy is reviewed by management to determine if existing assumptions need to be updated. In determining the assumptions for calculating workers’ compensation reserves, management considers multiple factors, including the following: • Claimant longevity; • Cost trends associated with claimant treatments; • Changes in ceding entity and third-party administrator reporting practices; • Changes in environmental factors, including legal and regulatory; • Current conditions affecting claim settlements; and • Future economic conditions, including inflation. We have reserved each claim based upon the accumulation of current claim costs projected through each claimant’s life expectancy and then adjusted for applicable reinsurance arrangements. Management reviews each claim bi-annually, or more frequently if there are changes in facts or circumstances, to determine if the estimated lifetime claim costs have increased and then adjusts the reserve estimate accordingly at that time. We have factored in an estimate of what the potential cost increases could be in our liability related to claims incurred but not reported ("IBNR"). We have not assumed settlement of the existing claims in calculating the reserve amount unless it is in the final stages of completion. Continued increases in claim costs, including medical inflation and new treatments and medications could lead to future adverse development resulting in additional reserve strengthening. Conversely, settlement of existing claims or if injured workers return to work or expire prematurely, could lead to future positive development. Self-Insurance Liability U-Haul retains the risk for certain public liability and third-party property damage claims related to our rental equipment. These liabilities represent an estimate for both reported claims not yet paid, and claims incurred but not yet reported and are recorded on an undiscounted basis in policy benefits and losses, claims and loss expenses payable. Requirements are based on actuarial evaluation of historical accident claims expense and trends, as well as future projection of ultimate losses, expenses and administrative costs. The adequacy of the liability is monitored based on evolving claim history. This liability is subject to change in the future based upon changes in the underlying assumptions, including claims experience, frequency of incidents, and severity of incidents. U-Haul has operated a self-insurance program for general liability coverage related to risks arising from U-Haul's moving operations since 2002. The Company maintains excess of loss coverage with third-party insurers for losses in excess of specific limits. 21 We estimate this liability based on actual claims outstanding as of the balance sheet date as well as an actuarial estimate of IBNR claims. Impairment of Investments Under the current expected credit loss model, a valuation allowance is recognized in earnings for credit losses. If we intend to sell a debt security, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, the debt security is written down to its fair value and the write down is charged against the allowance for credit losses, with any incremental impairment reported in earnings. Reversals of the allowance for credit losses are permitted and should not exceed the allowance amount initially recognized. Management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse market conditions specifically related to the security, among other factors. There was a $0.9 million and $2.1 million net impairment charge recorded in fixed maturity securities for fiscal 2026 and 2025, respectively. Income Taxes We file a consolidated tax return with all of our legal U.S. subsidiaries. There is a separate tax return filing for U-Haul's Canadian subsidiary. Our income tax expense, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits reflect the Company's best estimate of current and future taxes to be paid. We are subject to income taxes in the United States and other foreign jurisdictions. Significant judgments and estimates are required in the determination of the consolidated income tax expense. Please see Note 15, Provision for Taxes, of the Notes to Consolidated Financial Statements. Recent Accounting Pronouncements Please see Note 3, Accounting Policies, of the Notes to Consolidated Financial Statements. Results of Operations U-Haul Holding Company and Consolidated Subsidiaries Fiscal 2026 Compared with Fiscal 2025 Listed below, on a consolidated basis, are revenues for our major product lines for fiscal 2026 and fiscal 2025: Year Ended March 31, 2026 2025 (In thousands) Self-moving equipment rental revenues $ 3,811,921 $ 3,725,524 Self-storage revenues 972,427 897,913 Self-moving and self-storage products and service sales 329,614 327,490 Property management fees 36,875 36,811 Life insurance premiums 80,977 83,707 Property and casualty insurance premiums 105,119 98,900 Net investment and interest income 163,104 151,974 Other revenue 537,782 506,346 Consolidated revenue $ 6,037,819 $ 5,828,665 Self-moving equipment rental revenues increased $86.4 million during fiscal 2026, compared with fiscal 2025. Revenue from both our In-Town and one-way markets improved. One-way transactions increased while revenue per transaction was flat compared to fiscal 2025. In-town revenue per transaction grew compared to fiscal 2025. We increased the number of Company-operated retail locations and independent dealers, along with the number of box trucks in the rental fleet. The size of the towing fleet increased in fiscal 2026 from the introduction of the new Toy Hauler. Self-storage revenues increased $74.5 million during fiscal 2026, compared with fiscal 2025. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 5% improvement in average revenue per occupied foot. Net of delinquent rooms, occupied rooms increased 25,000 on average over the course of fiscal 2026, compared to fiscal 2025. During fiscal 2026, we added approximately 5.3 million net rentable square feet. Sales of self-moving and self-storage products and services increased $2.1 million during fiscal 2026, compared with fiscal 2025. This was primarily due to an increase in sales of moving supplies and hitches. 22 Life insurance premiums decreased $2.7 million during fiscal 2026, compared with fiscal 2025 primarily due to decreased sales of single premium and final expense life products. Property and casualty insurance premiums increased $6.2 million during fiscal 2026, compared with fiscal 2025. A significant portion of Repwest’s premiums are from policies sold in conjunction with U-Haul moving and storage transactions and generally correspond to the related activity at U-Haul during the same period. Net investment and interest income increased $11.1 million during fiscal 2026, compared with fiscal 2025. The improvement in our Property and Casualty segment came from realized gains on the sale of common stock and higher interest income from mortgage loans and cash and cash equivalents. Our Life insurance segment increased primarily from gains on derivatives used as hedges to fixed index annuities. Other revenue increased $31.4 million during fiscal 2026, compared with fiscal 2025, caused primarily by increases in our U-Box program. Listed below are revenues and earnings from operations at each of our operating segments for fiscal 2026 and 2025. The insurance companies’ years ended were December 31, 2025 and 2024. Year Ended March 31, 2026 2025 (In thousands) Moving and storage Revenues $ 5,686,690 $ 5,492,774 Earnings from operations before equity in earnings of subsidiaries 350,227 645,772 Property and casualty insurance Revenues 141,202 125,164 Earnings from operations 67,197 54,745 Life insurance Revenues 221,753 221,869 Earnings from operations 15,308 16,642 Eliminations Revenues (11,826 ) (11,142 ) Earnings from operations before equity in earnings of subsidiaries (111 ) (1,005 ) Consolidated Results Revenues 6,037,819 5,828,665 Earnings from operations 432,621 716,154 Total costs and expenses increased $492.7 million during fiscal 2026, compared with fiscal 2025. Operating expenses for Moving and Storage increased $147.6 million. Repair expenses associated with the rental fleet experienced a $29.5 million increase during the fiscal year. Personnel costs increased $61.3 million from a combination of employee benefit costs along with salary and wage increases. Self-insured liability costs increased $76.4 million. Fiscal 2025 included a non-recurring $16.5 million cost associated with our transition to a new box supplier. All other costs declined $2.8 million compared to fiscal 2025. Depreciation expense associated with our rental fleet increased $186.6 million for fiscal 2026 compared with fiscal 2025 due to an increase in the total number of box trucks in the fleet combined with decreases in resale values for certain units currently in the fleet. Net losses from the disposal of rental equipment increased $117.6 million as resale values decreased and the average cost of units being sold increased. We increased the number of retired trucks sold compared to the same period last year. Depreciation expense on all other assets, largely from buildings and improvements, increased $24.6 million. Net losses on the disposal or retirement of land and buildings decreased $7.1 million. Additional details are available in the following Moving and Storage section. As a result of the above-mentioned changes in revenues and expenses, earnings from operations decreased $283.5 million to $432.6 million for fiscal 2026, compared with $716.2 million for fiscal 2025. Interest expense for fiscal 2026 was $364.8 million, compared with $295.7 million for fiscal 2025 due to an increase in the amount of outstanding debt along with our average cost of debt. Other interest income at Moving and Storage decreased $11.8 million due to reduced invested cash balances and lower interest yields compared to fiscal 2025. Income tax expense was $29.5 million for fiscal 2026, compared with $110.4 million for fiscal 2025. See Note 15, Provision for Taxes, of the Notes to Consolidated Financial Statements for more information on income taxes. 23 As a result of the above-mentioned items, earnings available to common stockholders were $83.1 million for fiscal 2026, compared with $367.1 million for fiscal 2025. Moving and Storage Fiscal 2026 Compared with Fiscal 2025 Listed below are revenues for the major product lines at Moving and Storage for fiscal 2026 and fiscal 2025: Year Ended March 31, 2026 2025 (In thousands) Self-moving equipment rental revenues $ 3,815,909 $ 3,729,318 Self-storage revenues 972,427 897,913 Self-moving and self-storage products and service sales 329,614 327,490 Property management fees 36,875 36,811 Other revenue 531,865 501,242 Moving and Storage revenue $ 5,686,690 $ 5,492,774 Self-moving equipment rental revenues increased $86.6 million during fiscal 2026, compared with fiscal 2025. Revenue from both our In-Town and one-way markets improved. One-way transactions increased while revenue per transaction was flat compared to fiscal 2025. In-town revenue per transaction grew compared to fiscal 2025. We increased the number of Company-operated retail locations and independent dealers, along with the number of box trucks in the rental fleet. The size of the towing fleet increased in fiscal 2026 from the introduction of the new Toy Hauler. Self-storage revenues increased $74.5 million during fiscal 2026, compared with fiscal 2025. The growth in revenues and square feet rented comes from a combination of occupancy gains, the addition of new capacity to the portfolio and a 5% improvement in average revenue per occupied foot. Net of delinquent rooms, occupied rooms increased 25,000 on average over the course of fiscal 2026, compared to fiscal 2025. During fiscal 2026, we added approximately 5.3 million net rentable square feet. 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 storage locations follows: Year Ended March 31, 2026 2025 (In thousands, except occupancy rate) Unit count as of March 31 857 799 Square footage as of March 31 73,651 68,376 Average monthly number of units occupied 620 607 Average monthly occupancy rate based on unit count 74.4 % 79.2 % End of period occupancy rate based on unit count 71.0 % 77.0 % Average monthly square footage occupied 54,858 53,021 During fiscal 2026, we added approximately 5.3 million net rentable square feet of new storage. This was a mix of approximately 0.7 million square feet of existing self-storage acquired along with 4.6 million square feet of new development. Sales of self-moving and self-storage products and services increased $2.1 million during fiscal 2026, compared with fiscal 2025. This was primarily due to an increase in sales of moving supplies and hitches. Other revenue increased $30.6 million during fiscal 2026, compared with fiscal 2025, caused primarily by increases in our U-Box program. Total costs and expenses increased $489.5 million during fiscal 2026, compared with fiscal 2025. Operating expenses increased $147.6 million. Repair expenses associated with the rental fleet experienced a $29.5 million increase during the fiscal year. Personnel costs increased $61.3 million from a combination of employee benefit costs along with salary and wage increases. Self-insured liability costs increased $76.4 million. Fiscal 2025 included a non-recurring $16.5 million cost associated with our transition to a new box supplier. All other costs declined $2.8 million compared to fiscal 2025. Depreciation expense associated with our rental fleet increased $186.6 million for fiscal 2026, compared with fiscal 2025 due to an increase in the total number of box trucks in the fleet combined with expected decreases in resale values for certain units currently in the fleet. Net losses from the disposal of rental equipment increased $117.6 million as resale values 24 decreased and the average cost of units being sold increased. We increased the number of retired trucks sold compared to the same period last year. Depreciation expense on all other assets, largely from buildings and improvements, increased $24.6 million. Net losses on the disposal or retirement of land and buildings decreased $7.1 million. Year Ended March 31, 2026 2025 (In thousands) Depreciation expense - rental equipment $ 879,273 $ 692,660 Depreciation expense - non rental equipment 94,206 95,709 Depreciation expense - real estate 209,654 183,564 Total depreciation expense $ 1,183,133 $ 971,933 Net (gains) losses on disposals of rental equipment $ 104,496 $ (15,014 ) Net (gains) losses on disposals of non-rental equipment (608 ) 1,265 Total net (gains) losses on disposals equipment $ 103,888 $ (13,749 ) Depreciation, net of (gains) losses on disposals $ 1,287,021 $ 958,184 Net (gains) losses on disposals of real estate $ 8,611 $ 15,758 Property and Casualty Insurance 2025 Compared with 2024 Net premiums were $109.7 million and $102.0 million for the years ended December 31, 2025 and 2024, respectively. A significant portion of Repwest’s premiums are from policies sold in conjunction with U-Haul moving and storage transactions and generally correspond to the related activity at U-Haul during the same period. Net investment and interest income were $31.5 million and $23.2 million for the years ended December 31, 2025 and 2024, respectively. The main driver of the change was the increase in realized gains on the sale of common stock and higher income from mortgage loans and cash and cash equivalents. Operating expenses were $51.2 million and $47.7 million for the years ended December 31, 2025 and 2024, respectively. The change was primarily due to an increase in commissions. As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $67.2 million and $54.7 million for the twelve months ended December 31, 2025 and 2024, respectively. Life Insurance 2025 Compared with 2024 Net premiums were $81.0 million and $83.7 million for the years ended December 31, 2025 and 2024, respectively. Medicare Supplement premiums increased $2.7 million due to an acquisition of existing block of policies. Life premiums decreased $5.2 million primarily from the decrease in sales of single premium life and final expense. Deferred annuity deposits were $255.6 million or $200.3 million less than the prior year and are accounted for on the balance sheet as deposits rather than premiums. Net investment income was $134.4 million and $132.7 million for the years ended December 31, 2025 and 2024, respectively. Realized gains on derivatives used as hedges to fixed indexed annuities increased $0.8 million. The change in the provision for expected credit losses resulted in a $1.3 million decrease to the investment income. Net interest income and realized gain on the invested assets increased $2.2 million. Operating expenses were $17.0 million and $26.3 million for the years ended December 31, 2025 and 2024, respectively. The decrease was mainly driven by changes in estimated liabilities and related accounting estimates recognized during the current year. Benefits and losses incurred were $169.7 million and $160.4 million for the years ended December 31, 2025 and 2024, respectively. Interest credited to policyholders increased $11.6 million due to higher interest credited rates on equity - indexed annuities stemming from the improvement in the stock market over the last year. Life benefits decreased $5.3 million due to fewer death claims and lower sales. Medicare supplement benefits increased by $4.9 million due to the acquisition of a new block. 25 Amortization of deferred acquisition costs, sales inducement asset and the value of business acquired ("VOBA") was $19.7 million and $18.3 million for the years ended December 31, 2025 and 2024, respectively. The increase in DAC amortization was primarily due to a greater number of policy terminations. As a result of the above-mentioned changes in revenues and expenses, pretax earnings from operations were $15.0 million and $16.2 million for the years ended December 31, 2025 and 2024, respectively. Liquidity and Capital Resources We believe our current capital structure is a positive factor that will enable us to pursue our operational plans and goals and provide us with sufficient liquidity. There are many factors which could affect our liquidity, including some which are beyond our control, and there is no assurance that future cash flows and liquidity resources will be sufficient to meet our outstanding debt obligations and our other future capital needs. As of March 31, 2026, cash and cash equivalents totaled $1,120.1 million, compared with $988.8 million as of March 31, 2025. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance operations (U-Haul Holding Company, U-Haul and Real Estate). As of March 31, 2026 (or as otherwise indicated), cash and cash equivalents, other financial assets (receivables, other investments, fixed maturities, equity securities and related party assets) and debt obligations of each operating segment were: Moving & Storage Property and Casualty Insurance (a) Life Insurance (a) (In thousands) Cash and cash equivalents $ 1,014,382 $ 64,048 $ 41,717 Other financial assets 162,091 408,517 2,816,186 Debt obligations (b) 8,124,949 — — (a) As of December 31, 2025 (b) Excludes ($41,575) of debt issuance costs As of March 31, 2026, Moving and Storage had available borrowing capacity under existing credit facilities of $465.0 million. The majority of invested cash at the Moving and Storage segment is held in government money market funds. Our current forecasted debt payments for fiscal 2027 on all borrowings are $904.0 million. For detailed information regarding our debt obligations, please see Note 10, Notes, Loans and Finance Leases Payable, net, of the Notes to Consolidated Financial Statements. A summary of our consolidated cash flows for fiscal 2026 and 2025 is shown in the table below: Year Ended March 31, 2026 2025 (In thousands) Net cash provided by operating activities $ 1,794,584 $ 1,454,429 Net cash used by investing activities (2,262,889 ) (2,890,921 ) Net cash provided by financing activities 594,630 895,112 Effects of exchange rate on cash 4,994 (4,336 ) Net increase (decrease) in cash and cash equivalents 131,319 (545,716 ) Cash and cash equivalents at the beginning of the period 988,828 1,534,544 Cash and cash equivalents at the end of the period $ 1,120,147 $ 988,828 Net cash provided by operating activities increased $340.2 million in fiscal 2026, compared with fiscal 2025. Fiscal 2026 included $119.4 million of cash tax refunds. Net cash used in investing activities decreased $628.0 million in fiscal 2026, compared with fiscal 2025. Purchases of property, plant and equipment decreased $298.2 million. Fleet related spending increased $217.6 million while investment spending on real estate and development decreased $540.6 million. Cash from the sales of property, plant and equipment increased $47.9 million largely due to an increase in fleet sales. For our insurance subsidiaries, net cash provided by investing activities increased $354.8 million due to an increase in proceeds received for fixed maturity investment's. Moving and Storage investment activities for fiscal 2025 included the redemption of $73.0 million of short-term Treasury notes. 26 Net cash provided by financing activities decreased $300.5 million in fiscal 2026, as compared with fiscal 2025. This was due to a combination of increased debt repayments of $233.5 million, decreased finance lease repayments of $29.0 million, an increase in borrowings of $168.2 million and an increase in net annuity deposits from Life Insurance of $259.1 million. Liquidity and Capital Resources and Requirements of our Segments Moving and Storage To meet the needs of our customers, U-Haul maintains a large fleet of rental equipment. Capital expenditures have primarily consisted of new rental equipment acquisitions and the buyouts of existing fleet from leases. The capital to fund these expenditures has historically been obtained internally from operations and the sale of used equipment and externally from debt and lease financing. In the future, we anticipate that our internally generated funds will be used to service the existing debt and fund operations. U-Haul estimates that during fiscal 2027, the Company will reinvest in its rental equipment fleet approximately $815 million, net of equipment sales and excluding any lease buyouts. For fiscal 2026, the Company invested, net of sales, approximately $1,381.1 million before any lease buyouts in its rental equipment fleet. Fleet investments in fiscal 2027 and beyond will be dependent upon several factors, including the availability of capital, the truck rental environment, the availability of equipment from manufacturers and the used-truck sales market. We anticipate that the fiscal 2027 investments will be funded largely through debt financing, external lease financing and cash from operations. We consider several factors, including cost and tax consequences when selecting a method to fund capital expenditures. Our allocation between debt and lease financing can change from year to year based upon financial market conditions, which may alter the cost or availability of financing options. The Company has traditionally funded the acquisition of self-storage properties to support U-Haul's growth through debt financing and funds from operations. The Company’s plan for the expansion of owned storage properties includes the acquisition of existing self-storage locations from third parties, the acquisition and development of bare land, and the acquisition and redevelopment of existing buildings not currently used for self-storage. The Company expects to fund these development projects through a combination of internally generated funds, corporate debt and with borrowings against existing properties as they operationally mature. For fiscal 2026, the Company invested $965.9 million in real estate acquisitions, new construction and renovation and repair compared to $1,506.5 million in fiscal 2025. For fiscal 2027, the timing of new projects will be dependent upon several factors, including the entitlement process, availability of capital, weather, the identification and successful acquisition of target properties and the availability of labor and materials. We are likely to continue to decrease real estate capital expenditures in fiscal 2027. U-Haul's growth plan in self-storage also includes the expansion of the U-Haul Storage Affiliate program, which does not require significant capital. Net capital expenditures (purchases of property, plant and equipment less proceeds from the sale of property, plant and equipment and lease proceeds) at Moving and Storage were $2,444.0 million and $2,794.8 million for fiscal 2026 and 2025, respectively. The components of our net capital expenditures are provided in the following table: Year Ended March 31, 2026 2025 (In thousands) Purchases of rental equipment $ 2,080,759 $ 1,863,128 Purchases of real estate, construction and renovations 965,887 1,506,511 Other capital expenditures 107,679 87,485 Gross capital expenditures 3,154,325 3,457,124 Less: Sales of property, plant and equipment (710,286 ) (662,358 ) Net capital expenditures $ 2,444,039 $ 2,794,766 Moving and Storage continues to hold significant cash and we believe has access to additional liquidity. Management may invest these funds in our existing operations, expand our product lines or pursue external opportunities in the self-moving and storage marketplace, pay dividends or reduce existing indebtedness where possible. Property and Casualty Insurance State insurance regulations may restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Property and Casualty Insurance's assets are generally not available to satisfy the claims of U-Haul Holding Company, or its legal subsidiaries. For calendar year 2026, the ordinary dividend available to be paid to U-Haul Holding Company from Repwest is $60.2 million. For more information, please see Note 28, Statutory Financial Information of Insurance Subsidiaries, of the Notes to Consolidated Financial Statements. We believe that stockholders’ equity at the Property and Casualty operating segment remains sufficient and we do not believe that its ability to pay ordinary dividends to U-Haul Holding Company will be restricted per state regulations. Our Property and Casualty segment stockholders’ equity was $349.2 million and $392.3 million as of December 31, 2025 and 2024, respectively. The decrease in 2025 compared with 2024 was due to a cash dividend of $100.0 million paid to U-Haul Holding Company offset by an increase from net earnings of $51.0 million and an increase in accumulated other 27 comprehensive income of $5.9 million. Property and Casualty Insurance does not use debt or equity issues to increase capital and therefore has no direct exposure to capital market conditions other than through its investment portfolio. Life Insurance Life Insurance manages its financial assets to meet policyholder and other obligations, including investment contract withdrawals and deposits. Life Insurance's net withdrawals for the year ended December 31, 2025 were $250.4 million. State insurance regulations may restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, Life Insurance's assets are generally not available to satisfy the claims of U-Haul Holding Company or its legal subsidiaries. For calendar year 2026, the ordinary dividends available to be paid to U-Haul Holding Company from Oxford is $24.7 million. For more information, please see Note 28, Statutory Financial Information of Insurance Subsidiaries, of the Notes to Consolidated Financial Statements. Our Life Insurance segment stockholders’ equity was $289.4 million and $217.6 million as of December 31, 2025 and 2024, respectively. The increase in 2025 compared with 2024 resulted from earnings of $12.0 million and an increase in accumulated other comprehensive income of $59.8 million primarily due to the effect of interest rate changes on the fixed maturity portion of the investment portfolio. Life Insurance has not historically used debt or equity issues to increase capital and therefore has not had any significant direct exposure to capital market conditions other than through its investment portfolio. Oxford is a member of the Federal Home Loan Bank ("FHLB") and as of December 31, 2025 had outstanding advances of $85.0 million and an availability of $88.7 million. For a more detailed discussion of these advances, please see Note 10, Notes, Loans and Finance Leases Payable, net, of the Notes to Consolidated Financial Statements. Cash Flows by Segments Moving and Storage Net cash provided by operating activities was $1,635.5 million and $1,327.1 million in fiscal 2026 and 2025, respectively. Fiscal 2026 included $119.4 million of cash tax refunds. Property and Casualty Insurance Net cash provided by operating activities was $44.4 million and $43.4 million for the years ended December 31, 2025 and 2024, respectively. The increase in operating cash flows was driven primarily by growth in earnings. Property and Casualty Insurance’s cash and cash equivalents amounted to $64.0 million and $96.2 million as of December 31, 2025 and 2024, respectively. These balances reflect funds in transition from maturity proceeds to long-term investments. Management believes this level of liquid assets, combined with budgeted cash flow, is adequate to meet foreseeable cash needs. Capital and operating budgets allow Property and Casualty Insurance to schedule cash needs in accordance with investment and underwriting proceeds. Life Insurance Net cash provided by operating activities was $114.7 million and $84.0 million for the years ended December 31, 2025, and 2024, respectively. The increase in operating cash flows was primarily due to timing of settlement of receivables for securities and a decrease in premiums net of benefits and commissions. In addition to cash flows from operating activities and financing activities, a substantial amount of liquid funds are available through Life Insurance's short-term portfolio and its membership in the FHLB. As of December 31, 2025 and 2024, cash and cash equivalents amounted to $41.7 million and $20.2 million, respectively. Management believes that the overall sources of liquidity are adequate to meet foreseeable cash needs. Liquidity and Capital Resources - Summary We believe we have the financial resources needed to meet our business plans, including our working capital needs. We continue to hold significant cash and have access to additional liquidity to meet our anticipated capital expenditure requirements for investment in our rental fleet, rental equipment and storage acquisitions and build outs. The IRS completed and finalized their examination for tax years March 2014 through March 2021. During the third quarter of fiscal year 2026, we received $2.4 million related to this examination. We received another $117.0 million related to this examination during the fourth quarter of fiscal 2026. We are owed $10.0 million, which is reflected in prepaid expense, plus interest of $2.0 million, which is reflected in trade receivables and reinsurance recoverables, net. The refund is being processed by the Centralized Case Processing department of the IRS. In December 2025, Repwest paid U-Haul Holding Company a $100.0 million dividend. Our borrowing strategy has primarily focused on asset-backed financing, rental equipment leases and private placement borrowings limited by the amount of unencumbered assets available. As part of this strategy, we seek to ladder maturities and fix interest rates. While each of these loans typically contains provisions governing the amount that can be borrowed in 28 relation to specific assets, the overall structure is flexible with no limits on overall Company borrowings. Management believes it has adequate liquidity between cash and cash equivalents and unused borrowing capacity in existing credit facilities to meet the current and expected needs of the Company over the next several years. As of March 31, 2026, we had available borrowing capacity under existing credit facilities of $465.0 million. While it is possible that circumstances beyond our control could alter the ability of the financial institutions to lend us the unused lines of credit, we believe that there are additional opportunities for leverage in our existing capital structure. For a more detailed discussion of our long-term debt and borrowing capacity, please see Note 10, Notes, Loans and Finance Leases Payable, net, of the Notes to Consolidated Financial Statements. Historically, we used certain off-balance sheet arrangements in connection with the expansion of our self-storage business. For more information, please see Note 20, Related Party Transactions, of the Notes to Consolidated Financial Statements. These arrangements were primarily used when our overall borrowing structure was more limited. We do not face similar limitations currently and off-balance sheet arrangements have not been utilized in our self-storage expansion in recent years. In the future, we will continue to identify and consider off-balance sheet opportunities to the extent such arrangements would be economically advantageous to us and our stockholders. Use of Cash For material cash requirements as part of liquidity and capital resources discussion, please see Notes 10, Notes, Loans and Finance Leases Payable, net; 11, Interest on Notes, Loans and Finance Leases Payable, net; 19, Contingencies and 27, Life Insurance Liabilities, of the Notes to Consolidated Financial Statements. The following table provides additional detail for uses of cash and contingencies as of March 31, 2026. Payment due by Period (as of March 31, 2026) Total 04/01/26 - 03/31/27 04/01/27 - 03/31/29 04/01/29 - 03/31/31 Thereafter (In thousands) Notes, loans and finance leases payable - Principal $ 8,124,949 $ 904,041 $ 1,998,345 $ 2,013,040 $ 3,209,523 Notes, loans and finance leases payable - Interest 2,890,029 391,871 646,070 461,171 1,390,917 Life, health and annuity obligations (a) 3,384,026 671,119 750,470 591,631 1,370,806 Self-insurance accruals (b) 453,400 182,361 178,205 69,464 23,370 Total contractual obligations $ 14,852,404 $ 2,149,392 $ 3,573,090 $ 3,135,306 $ 5,994,616 (a) These cash flows represent our estimates of the payments we expect to make to our policyholders, without consideration of future premiums or reinsurance recoveries. These estimates are based on numerous assumptions (depending on the product type) related to mortality, morbidity, lapses, withdrawals, future premiums, future deposits, interest rates on investments, credited rates, expenses and other factors which affect our future payments. The cash flows presented are undiscounted for interest. As a result, total outflows for all years exceed the corresponding liabilities of $2,726.0 million included in our consolidated balances sheet as of March 31, 2026. As such payments are based on numerous assumptions, the actual payments may vary significantly from the amounts shown. (b) These estimated obligations are primarily the Company’s self-insurance accruals for portions of the liability coverage for our rental equipment. The estimates for future settlement are based upon historical experience and current trends. Due to the significant assumptions employed in this model, the amounts shown could materially differ from actual results. Fiscal 2027 Outlook We will continue to focus our attention on increasing transaction volume and improving pricing, product and utilization for self-moving equipment rentals. Maintaining an adequate level of new investment in our truck fleet is an important component of our plan to meet our operational goals and is likely to decrease in fiscal 2027. Revenue in the U-Move program could be adversely impacted should we fail to execute in any of these areas. Even if we execute our plans, we could see declines in revenues primarily due to unforeseen events, including adverse economic conditions or heightened competition that is beyond our control. With respect to our storage business, we have added new locations and expanded existing locations. In fiscal 2027, we are actively looking to complete current projects, increase occupancy in our existing portfolio of locations and acquire new locations. New projects and acquisitions will be considered and pursued if they fit our long-term plans and meet our financial objectives. It is likely spending on acquisitions and new development will decrease in fiscal 2027. We will continue to invest capital and resources in the U-Box program throughout fiscal 2027. Inflationary pressures may challenge our ability to maintain or improve upon our operating margin. Property and Casualty Insurance will continue to provide loss adjusting and claims handling for U-Haul and underwrite components of the Safemove, Safetow, Safemove Plus, Safestor, and Safehaul protection packages to U-Haul customers. Life Insurance is pursuing its goal of expanding its presence in the senior market through the sales of its Medicare supplement, life and annuity policies. This strategy includes growing its agency force, expanding its new product offerings, and pursuing business acquisition opportunities. 29 Consolidating Schedules by Segment This information includes elimination entries necessary to consolidate U-Haul Holding Company, the parent with its subsidiaries. Consolidating balance sheets by segment as of March 31, 2026 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Assets: Cash and cash equivalents $ 1,014,382 $ 64,048 $ 41,717 $ — $ 1,120,147 Trade receivables and reinsurance recoverables, net 95,683 33,780 30,305 — 159,768 Inventories and parts 178,155 — — — 178,155 Prepaid expenses 191,671 — — — 191,671 Fixed maturity securities available-for-sale, net, at fair value — 241,754 2,176,158 — 2,417,912 Equity securities, at fair value — 696 14,280 — 14,976 Investments, other — 125,717 580,597 — 706,314 Deferred policy acquisition costs, net — — 112,852 — 112,852 Other assets 82,380 12,740 32,082 — 127,202 Right of use assets - financing, net — — — — — Right of use assets - operating, net 39,842 129 217 — 40,188 Related party assets 66,408 6,570 14,846 (34,665 ) (c) 53,159 Investment in subsidiaries 638,625 — — (638,625 ) (b) — Property, plant and equipment, at cost: Land 1,865,369 — — — 1,865,369 Buildings and improvements 10,542,945 — — — 10,542,945 Furniture and equipment 1,074,032 — — — 1,074,032 Rental trailers and other rental equipment 1,206,253 — — — 1,206,253 Rental trucks 8,554,508 — — — 8,554,508 23,243,107 — — — 23,243,107 Less: Accumulated depreciation (6,862,662 ) — — — (6,862,662 ) Total property, plant and equipment, net 16,380,445 — — — 16,380,445 Total assets $ 18,687,591 $ 485,434 $ 3,003,054 $ (673,290 ) $ 21,502,789 (a) Balances as of December 31, 2025 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 30 Consolidating balance sheets by segment as of March 31, 2026 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Liabilities: Accounts payable and accrued expenses $ 813,115 $ 12,881 $ 24,298 $ — $ 850,294 Notes, loans and finance leases payable, net 8,083,374 — — — 8,083,374 Operating lease liabilities 40,593 133 231 — 40,957 Policy benefits and losses, claims and loss expenses payable 454,171 116,052 369,651 — 939,874 Liabilities from investment contracts — — 2,357,545 — 2,357,545 Other policyholders' funds and liabilities — 116 2,783 — 2,899 Deferred income 56,614 — — — 56,614 Deferred income taxes, net 1,605,618 3,391 (49,428 ) — 1,559,581 Related party liabilities 25,684 3,627 8,583 (37,894 ) (c) — Total liabilities 11,079,169 136,200 2,713,663 (37,894 ) 13,891,138 Stockholders' equity : Series preferred stock: Series A preferred stock — — — — — Series B preferred stock — — — — — Series A common stock — — — — — Voting Common Stock 10,497 3,301 2,500 (5,801 ) (b) 10,497 Non-Voting Common stock 176 — — — 176 Additional paid-in capital 462,758 91,120 26,271 (117,601 ) (b) 462,548 Accumulated other comprehensive income (loss) (166,869 ) (3,660 ) (108,511 ) 115,400 (b) (163,640 ) Retained earnings 7,979,510 258,473 369,131 (627,394 ) (b) 7,979,720 Cost of common stock in treasury, net (525,653 ) — — — (525,653 ) Cost of preferred stock in treasury, net (151,997 ) — — — (151,997 ) Total stockholders' equity 7,608,422 349,234 289,391 (635,396 ) 7,611,651 Total liabilities and stockholders' equity $ 18,687,591 $ 485,434 $ 3,003,054 $ (673,290 ) $ 21,502,789 (a) Balances as of December 31, 2025 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 31 Consolidating balance sheets by segment as of March 31, 2025 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Assets: Cash and cash equivalents $ 872,467 $ 96,165 $ 20,196 $ — $ 988,828 Trade receivables and reinsurance recoverables, net 158,471 39,070 33,175 — 230,716 Inventories and parts 163,132 — — — 163,132 Prepaid expenses 282,406 — — — 282,406 Fixed maturity securities available-for-sale, net, at fair value — 222,853 2,256,645 — 2,479,498 Equity securities, at fair value — 37,837 27,712 — 65,549 Investments, other — 120,873 557,381 — 678,254 Deferred policy acquisition costs, net — — 121,729 — 121,729 Other assets 77,473 13,680 35,579 — 126,732 Right of use assets - financing, net 138,698 — — — 138,698 Right of use assets - operating, net 45,611 385 29 — 46,025 Related party assets 62,241 4,169 14,461 (35,868 ) (c) 45,003 Investment in subsidiaries 609,853 — — (609,853 ) (b) — Property, plant and equipment, at cost: Land 1,812,820 — — — 1,812,820 Buildings and improvements 9,628,271 — — — 9,628,271 Furniture and equipment 1,047,414 — — — 1,047,414 Rental trailers and other rental equipment 1,046,135 — — — 1,046,135 Rental trucks 7,470,039 — — — 7,470,039 21,004,679 — — — 21,004,679 Less: Accumulated depreciation (5,892,079 ) — — — (5,892,079 ) Total property, plant and equipment, net 15,112,600 — — — 15,112,600 Total assets $ 17,522,952 $ 535,032 $ 3,066,907 $ (645,721 ) 20,479,170 (a) Balances as of December 31, 2024 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 32 Consolidating balance sheets by segment as of March 31, 2025 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Liabilities: Accounts payable and accrued expenses $ 800,084 $ 6,819 $ 13,997 $ — $ 820,900 Notes, loans and finance leases payable, net 7,193,857 — — — 7,193,857 Operating lease liabilities 46,546 398 29 — 46,973 Policy benefits and losses, claims and loss expenses payable 361,755 126,852 368,914 — 857,521 Liabilities from investment contracts — — 2,511,422 — 2,511,422 Other policyholders' funds and liabilities — 447 7,092 — 7,539 Deferred income 52,895 — — — 52,895 Deferred income taxes, net 1,547,921 4,410 (62,411 ) — 1,489,920 Related party liabilities 25,369 3,814 10,303 (39,486 ) (c) — Total liabilities 10,028,427 142,740 2,849,346 (39,486 ) 12,981,027 Stockholders' equity : Series preferred stock: Series A preferred stock — — — — — Series B preferred stock — — — — — Series A common stock — — — — — Voting Common Stock 10,497 3,301 2,500 (5,801 ) (b) 10,497 Non-Voting Common stock 176 — — — 176 Additional paid-in capital 462,758 91,120 26,271 (117,601 ) (b) 462,548 Accumulated other comprehensive income (loss) (232,932 ) (9,591 ) (168,348 ) 181,557 (b) (229,314 ) Retained earnings 7,931,676 307,462 357,138 (664,390 ) (b) 7,931,886 Cost of common stock in treasury, net (525,653 ) — — — (525,653 ) Cost of preferred stock in treasury, net (151,997 ) — — — (151,997 ) Total stockholders' equity $ 7,494,525 392,292 217,561 (606,235 ) 7,498,143 Total liabilities and stockholders' equity 17,522,952 $ 535,032 $ 3,066,907 $ (645,721 ) $ 20,479,170 (a) Balances as of December 31, 2024 (b) Eliminate investment in subsidiaries (c) Eliminate intercompany receivables and payables 33 Consolidating statement of operations by segment for year ending March 31, 2026 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Revenues: Self-moving equipment rental revenues $ 3,815,909 $ — $ — $ (3,988 ) (c) $ 3,811,921 Self-storage revenues 972,427 — — — 972,427 Self-moving and self-storage products and service sales 329,614 — — — 329,614 Property management fees 36,875 — — — 36,875 Life insurance premiums — — 80,977 — 80,977 Property and casualty insurance premiums — 109,704 — (4,585 ) (c) 105,119 Net investment and interest income — 31,498 134,429 (2,823 ) (b) 163,104 Other revenue 531,865 — 6,347 (430 ) (b) 537,782 Total revenues 5,686,690 141,202 221,753 (11,826 ) 6,037,819 Costs and expenses: Operating expenses 3,356,193 51,201 16,971 (9,003 ) (b,c) 3,415,362 Commission expenses 416,231 — — — 416,231 Cost of product sales 246,860 — — — 246,860 Benefits and losses — 22,506 169,691 — 192,197 Amortization of deferred policy acquisition costs — — 19,652 — 19,652 Lease expense 21,547 298 131 (2,712 ) (b) 19,264 Depreciation, net of (gains) losses on disposals 1,287,021 — — — 1,287,021 Net (gains) losses on disposal of real estate 8,611 — — — 8,611 Total costs and expenses 5,336,463 74,005 206,445 (11,715 ) 5,605,198 Earnings from operations before equity in earnings of subsidiaries 350,227 67,197 15,308 (111 ) 432,621 Equity in earnings of subsidiaries 63,004 — — (63,004 ) (d) — Earnings from operations 413,231 67,197 15,308 (63,115 ) 432,621 Other components of net periodic benefit costs (1,383 ) — — — (1,383 ) Other interest income 47,597 — — (336 ) (b) 47,261 Interest expense (364,868 ) — (336 ) 447 (b) (364,757 ) Fees on early extinguishment of debt and costs of defeasance (1,108 ) — — — (1,108 ) Pretax earnings 93,469 67,197 14,972 (63,004 ) 112,634 Income tax expense (10,341 ) (16,186 ) (2,979 ) — (29,506 ) Net earnings available to common stockholders $ 83,128 $ 51,011 $ 11,993 $ (63,004 ) $ 83,128 (a) Balances for the year ended December 31, 2025 (b) Eliminate intercompany lease / interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries 34 Consolidating statement of operations by segment for year ending March 31, 2025 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Revenues: Self-moving equipment rental revenues $ 3,729,318 $ — $ — $ (3,794 ) (c) $ 3,725,524 Self-storage revenues 897,913 — — — 897,913 Self-moving and self-storage products and service sales 327,490 — — — 327,490 Property management fees 36,811 — — — 36,811 Life insurance premiums — — 83,707 — 83,707 Property and casualty insurance premiums — 101,952 — (3,052 ) (c) 98,900 Net investment and interest income — 23,212 132,655 (3,893 ) (b) 151,974 Other revenue 501,242 — 5,507 (403 ) (b) 506,346 Total revenues 5,492,774 125,164 221,869 (11,142 ) 5,828,665 Costs and expenses: Operating expenses 3,208,640 47,729 26,331 (7,229 ) (b,c) 3,275,471 Commission expenses 407,368 — — — 407,368 Cost of product sales 234,145 — — — 234,145 Benefits and losses — 22,313 160,436 — 182,749 Amortization of deferred policy acquisition costs — — 18,333 — 18,333 Lease expense 22,907 377 127 (2,908 ) (b) 20,503 Depreciation, net of (gains) losses on disposals 958,184 — — — 958,184 Net (gains) losses on disposal of real estate 15,758 — — — 15,758 Total costs and expenses 4,847,002 70,419 205,227 (10,137 ) 5,112,511 Earnings from operations before equity in earnings of subsidiaries 645,772 54,745 16,642 (1,005 ) 716,154 Equity in earnings of subsidiaries 55,280 — — (55,280 ) (d) — Earnings from operations 701,052 54,745 16,642 (56,285 ) 716,154 Other components of net periodic benefit costs (1,488 ) — — — (1,488 ) Other interest income 59,489 — — (432 ) (b) 59,057 Interest expense (296,721 ) — (432 ) 1,437 (b) (295,716 ) Fees on early extinguishment of debt and costs of defeasance (495 ) — — — (495 ) Pretax earnings 461,837 54,745 16,210 (55,280 ) 477,512 Income tax expense (94,747 ) (11,693 ) (3,982 ) — (110,422 ) Net earnings available to common stockholders $ 367,090 $ 43,052 $ 12,228 $ (55,280 ) $ 367,090 (a) Balances for the year ended December 31, 2024 (b) Eliminate intercompany lease/interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries 35 Consolidating statement of operations by segment for year ending March 31, 2024 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Eliminations U-Haul Holding Company Consolidated (In thousands) Revenues: Self-moving equipment rental revenues $ 3,629,215 $ — $ — $ (4,520 ) (c) $ 3,624,695 Self-storage revenues 831,069 — — — 831,069 Self-moving and self-storage products and service sales 335,805 — — — 335,805 Property management fees 37,004 — — — 37,004 Life insurance premiums — — 89,745 — 89,745 Property and casualty insurance premiums — 97,927 — (3,125 ) (c) 94,802 Net investment and interest income — 25,158 124,686 (3,376 ) (b) 146,468 Other revenue 461,835 — 4,771 (520 ) (b) 466,086 Total revenues 5,294,928 123,085 219,202 (11,541 ) 5,625,674 Costs and expenses: Operating expenses 3,066,692 48,332 19,594 (8,147 ) (b,c) 3,126,471 Commission expenses 384,079 — — — 384,079 Cost of product sales 241,563 — — — 241,563 Benefits and losses — 11,878 155,157 — 167,035 Amortization of deferred policy acquisition costs — — 24,238 — 24,238 Lease expense 34,609 366 61 (2,382 ) (b) 32,654 Depreciation, net of (gains) losses on disposals 663,931 — — — 663,931 Net (gains) losses on disposal of real estate 7,914 — — — 7,914 Total costs and expenses 4,398,788 60,576 199,050 (10,529 ) 4,647,885 Earnings from operations before equity in earnings of subsidiaries 896,140 62,509 20,152 (1,012 ) 977,789 Equity in earnings of subsidiaries 65,109 — — (65,109 ) (d) — Earnings from operations 961,249 62,509 20,152 (66,121 ) 977,789 Other components of net periodic benefit costs (1,458 ) — — — (1,458 ) Other interest income 120,501 — — (480 ) (b) 120,021 Interest expense (257,187 ) — (480 ) 1,492 (b) (256,175 ) Pretax earnings 823,105 62,509 19,672 (65,109 ) 840,177 Income tax expense (194,398 ) (12,931 ) (4,141 ) — (211,470 ) Net earnings available to common stockholders $ 628,707 $ 49,578 $ 15,531 $ (65,109 ) $ 628,707 (a) Balances for the year ended December 31, 2023 (b) Eliminate intercompany lease/interest income (c) Eliminate intercompany premiums (d) Eliminate equity in earnings of subsidiaries 36 Consolidating cash flow statements by segment for the year ended March 31, 2026, are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination U-Haul Holding Company Consolidated (In thousands) Cash flows from operating activities: Net earnings $ 83,128 $ 51,011 $ 11,993 $ (63,004 ) $ 83,128 Earnings from consolidated entities (63,004 ) — — 63,004 — Adjustments to reconcile net earnings to cash provided by operations: Depreciation 1,183,133 — — — 1,183,133 Amortization of premiums and accretion of discounts related to investments, net — 1,377 16,466 — 17,843 Amortization of debt issuance costs 7,275 — — — 7,275 Interest credited to policyholders — — 96,532 — 96,532 Provision for allowance for losses on trade receivables, net (1,631 ) — — — (1,631 ) Operating lease right-of-use asset amortization 8,847 — — — 8,847 Net (gains) losses on disposals of equipment 103,888 — — — 103,888 Net (gains) losses on disposal of real estate 8,611 — — — 8,611 Net (gains) losses on sales of fixed maturity securities — — 2,474 — 2,474 Net (gains) losses on equity securities and investments other — (4,038 ) (2,983 ) — (7,021 ) Deferred income taxes, net 57,562 (2,594 ) (2,923 ) — 52,045 Net change in other operating assets and liabilities: Trade receivables and reinsurance recoverables 64,429 5,292 2,870 — 72,591 Inventories and parts (15,019 ) — — — (15,019 ) Prepaid expenses 91,228 — — — 91,228 Deferred policy acquisition costs, net — — 8,877 — 8,877 Other assets (4,979 ) 939 3,309 — (731 ) Related party assets (4,130 ) (2,400 ) (95 ) — (6,625 ) Accounts payable and accrued expenses and operating lease liabilities 20,210 6,116 (7,126 ) — 19,200 Policy benefits and losses, claims and loss expenses payable 91,973 (10,800 ) (8,637 ) — 72,536 Other policyholders' funds and liabilities — (330 ) (4,309 ) — (4,639 ) Deferred income 3,639 — — — 3,639 Other liabilities 312 (189 ) (1,720 ) — (1,597 ) Net cash provided by (used in) operating activities 1,635,472 44,384 114,728 — 1,794,584 Cash flows from investing activities: Escrow deposits activity 449 — — — 449 Purchases of: Property, plant and equipment (3,154,325 ) — — — (3,154,325 ) Fixed maturity securities available-for-sale — (38,510 ) (276,588 ) — (315,098 ) Equity securities — (782 ) (2,749 ) — (3,531 ) Investments, other — (41,690 ) (115,980 ) — (157,670 ) Proceeds from sales of: Property, plant and equipment 710,286 — — — 710,286 Fixed maturity securities available-for-sale — 25,732 420,188 — 445,920 Equity securities — 41,951 15,968 — 57,919 Investments, other — 36,798 116,363 — 153,161 Net cash (used in) provided by investing activities (2,443,590 ) 23,499 157,202 — (2,262,889 ) Page 1 of 2 (a) Balance for the period ended December 31, 2025 (b) Eliminate purchase and sale of real estate 37 Continuation of consolidating cash flow statements by segment for the year ended March 31, 2026, are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination U-Haul Holding Company Consolidated (In thousands) Cash flows from financing activities: Borrowings from credit facilities 2,023,578 — — — 2,023,578 Principal repayments on credit facilities (1,085,894 ) — — — (1,085,894 ) Payment of debt issuance costs (13,358 ) — — — (13,358 ) Finance lease payments (44,338 ) — — — (44,338 ) Securitization deposits 345 — — — 345 Series N Non-Voting Common Stock dividends paid (35,294 ) — — — (35,294 ) Net contribution from (to) related party 100,000 (100,000 ) — — — Investment contract deposits — — 279,834 — 279,834 Investment contract withdrawals — — (530,243 ) — (530,243 ) Net cash provided by (used in) financing activities 945,039 (100,000 ) (250,409 ) — 594,630 Effects of exchange rate on cash 4,994 — — — 4,994 Increase (decrease) in cash and cash equivalents 141,915 (32,117 ) 21,521 — 131,319 Cash and cash equivalents at beginning of period 872,467 96,165 20,196 — 988,828 Cash and cash equivalents at end of period 1,014,382 64,048 41,717 — 1,120,147 Page 2 of 2 (a) Balance for the period ended December 31, 2025 38 Consolidating cash flow statements by segment for the year ended March 31, 2025, are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination U-Haul Holding Company Consolidated (In thousands) Cash flows from operating activities: Net earnings $ 367,090 $ 43,052 $ 12,228 $ (55,280 ) $ 367,090 Earnings from consolidated entities (55,280 ) — — 55,280 — Adjustments to reconcile net earnings to cash provided by operations: Depreciation 971,933 — — — 971,933 Amortization of premiums and accretion of discounts related to investments, net — 1,431 12,960 — 14,391 Amortization of debt issuance costs 5,703 — — — 5,703 Interest credited to policyholders — — 84,920 — 84,920 Provision for allowance for losses on trade receivables, net (1,101 ) — — — (1,101 ) Operating lease right-of-use asset amortization 10,558 — — — 10,558 Net (gains) losses on disposals of equipment (13,749 ) — — — (13,749 ) Net (gains) losses on disposal of real estate 15,758 — — — 15,758 Net (gains) losses on sales of fixed maturity securities — — 2,180 — 2,180 Net (gains) losses on equity securities and investments other — (1,979 ) (3,808 ) — (5,787 ) Deferred income taxes, net 43,564 (114 ) (1,543 ) — 41,907 Net change in other operating assets and liabilities: Trade receivables and reinsurance recoverables (21,346 ) 3,009 4,169 — (14,168 ) Inventories and parts (12,259 ) — — — (12,259 ) Prepaid expenses (37,038 ) — — — (37,038 ) Deferred policy acquisition costs, net — — (505 ) — (505 ) Other assets (22,491 ) 3,769 (1,422 ) — (20,144 ) Related party assets 12,549 2,046 (1,938 ) — 12,657 Accounts payable and accrued expenses and operating lease liabilities 18,165 (2,937 ) (828 ) — 14,400 Policy benefits and losses, claims and loss expenses payable 42,927 (5,627 ) (15,546 ) — 21,754 Other policyholders' funds and liabilities — (187 ) (3,932 ) — (4,119 ) Deferred income 1,858 — — — 1,858 Other liabilities 224 928 (2,962 ) — (1,810 ) Net cash provided by (used in) operating activities 1,327,065 43,391 83,973 — 1,454,429 Cash flows from investing activities: Escrow deposits activity 3,978 — — — 3,978 Purchases of: Property, plant and equipment (3,457,124 ) — — 4,643 (b) (3,452,481 ) Fixed maturity securities available-for-sale — (10,289 ) (491,351 ) — (501,640 ) Equity securities — (1,159 ) (660 ) — (1,819 ) Investments, other 1,000 (35,818 ) (138,704 ) — (173,522 ) Proceeds from sales of: Property, plant and equipment 662,358 — — — 662,358 Fixed maturity securities available-for-sale 72,986 21,200 345,244 — 439,430 Equity securities — 11,136 11 — 11,147 Investments, other — 15,196 111,075 (4,643 ) (b) 121,628 Net cash (used in) provided by investing activities (2,716,802 ) 266 (174,385 ) — (2,890,921 ) Page 1 of 2 (a) Balance for the period ended December 31, 2024 (b) Eliminate purchase and sale of real estate 39 Continuation of consolidating cash flow statements by segment for the year ended March 31, 2025, are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination U-Haul Holding Company Consolidated (In thousands) Cash flows from financing activities: Borrowings from credit facilities 1,855,399 — — — 1,855,399 Principal repayments on credit facilities (852,395 ) — — — (852,395 ) Payment of debt issuance costs (8,531 ) — — — (8,531 ) Finance lease payments (73,303 ) — — — (73,303 ) Securitization deposits 499 — — — 499 Series N Non-Voting Common Stock dividends paid (35,294 ) — — — (35,294 ) Investment contract deposits — — 496,603 — 496,603 Investment contract withdrawals — — (487,866 ) — (487,866 ) Net cash provided by (used in) financing activities 886,375 — 8,737 — 895,112 Effects of exchange rate on cash (4,336 ) — — — (4,336 ) Increase (decrease) in cash and cash equivalents (507,698 ) 43,657 (81,675 ) — (545,716 ) Cash and cash equivalents at beginning of period 1,380,165 52,508 101,871 — 1,534,544 Cash and cash equivalents at end of period $ 872,467 $ 96,165 $ 20,196 $ — $ 988,828 Page 2 of 2 (a) Balance for the period ended December 31, 2024 40 Consolidating cash flow statements by segment for the year ended March 31, 2024 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination U-Haul Holding Company Consolidated (In thousands) Cash flows from operating activities: Net earnings $ 628,707 $ 49,578 $ 15,531 $ (65,109 ) $ 628,707 Earnings from consolidated entities (65,109 ) — — 65,109 — Adjustments to reconcile net earnings to cash provided by operations: Depreciation 817,889 — — — 817,889 Amortization of premiums and accretion of discounts related to investments, net — 1,572 15,277 — 16,849 Amortization of debt issuance costs 6,712 — — — 6,712 Interest credited to policyholders — — 71,433 — 71,433 Provision for allowance for losses on trade receivables, net 2,463 (16 ) — — 2,447 Operating lease right-of-use asset amortization 23,926 — — — 23,926 Net (gains) losses on disposals of equipment (153,958 ) — — — (153,958 ) Net (gains) losses on disposal of real estate 7,914 — — — 7,914 Net (gains) losses on sales of fixed maturity securities — 10 (167 ) — (157 ) Net (gains) losses on equity securities and investments other — (5,741 ) — — (5,741 ) Deferred income taxes, net 98,823 (37 ) (407 ) — 98,379 Net change in other operating assets and liabilities: Trade receivables and reinsurance recoverables (31,143 ) 6,145 (4,013 ) — (29,011 ) Inventories and parts 518 — — — 518 Prepaid expenses (4,451 ) — — — (4,451 ) Deferred policy acquisition costs, net — — 7,239 — 7,239 Other assets 12,359 680 (3,150 ) — 9,889 Related party assets (5,745 ) (3,869 ) — — (9,614 ) Accounts payable and accrued expenses and operating lease liabilities (3,388 ) 6,598 (13,907 ) — (10,697 ) Policy benefits and losses, claims and loss expenses payable (15,441 ) (20,528 ) (3,235 ) — (39,204 ) Other policyholders' funds and liabilities — (2,069 ) 11,991 — 9,922 Deferred income (1,096 ) — (989 ) — (2,085 ) Other liabilities 63 343 5,444 — 5,850 Net cash provided by (used in) operating activities 1,319,043 32,666 101,047 — 1,452,756 Cash flows from investing activities: Escrow deposits activity 2,983 — — — 2,983 Purchases of: Property, plant and equipment (2,992,898 ) — — — (2,992,898 ) Fixed maturity securities available-for-sale (170,317 ) (22,144 ) (151,705 ) — (344,166 ) Equity securities — (529 ) (1 ) — (530 ) Investments, other (1,000 ) (10,375 ) (163,592 ) — (174,967 ) Proceeds from sales of: Property, plant and equipment 739,178 — — — 739,178 Fixed maturity securities available-for-sale 322,330 23,321 326,470 — 672,121 Equity securities — 1,413 4 — 1,417 Investments, other — 16,880 33,609 — 50,489 Net cash (used in) provided by investing activities (2,099,724 ) 8,566 44,785 — (2,046,373 ) Page 1 of 2 (a) Balance for the period ended December 31, 2023 41 Continuation of consolidating cash flow statements by segment for the year ended March 31, 2024 are as follows: Moving & Storage Consolidated Property & Casualty Insurance (a) Life Insurance (a) Elimination U-Haul Holding Company Consolidated (In thousands) Cash flows from financing activities: Borrowings from credit facilities 1,186,363 — — — 1,186,363 Principal repayments on credit facilities (919,771 ) — — — (919,771 ) Payment of debt issuance costs (4,082 ) — — — (4,082 ) Finance lease payments (105,564 ) — — — (105,564 ) Securitization deposits 319 — — — 319 Series N Non-Voting Common Stock dividends paid (31,765 ) — — — (31,765 ) Investment contract deposits — — 360,124 — 360,124 Investment contract withdrawals — — (419,091 ) — (419,091 ) Net cash provided by (used in) financing activities 125,500 — (58,967 ) — 66,533 Effects of exchange rate on cash 1,104 — — — 1,104 Increase (decrease) in cash and cash equivalents (654,077 ) 41,232 86,865 — (525,980 ) Cash and cash equivalents at beginning of period 2,034,242 11,276 15,006 — 2,060,524 Cash and cash equivalents at end of period $ 1,380,165 $ 52,508 $ 101,871 $ — $ 1,534,544 Page 2 of 2 (a) Balance for the period ended December 31, 2023 42