U-Haul Holding Company Reports Second Quarter Fiscal 2025 Financial Results

Rhea-AI Summary

U-Haul Holding Company reported Q2 fiscal 2025 net earnings of $186.8 million, down from $273.5 million in the same period last year. Earnings per share for Non-Voting Shares decreased to $0.96 from $1.40. Self-storage revenues grew 7.5% with same-store occupancy at 94.1%. Self-moving equipment rental revenues increased 1.7%. Notable developments include a $92.5 million decrease in Moving and Storage operations earnings, partly due to reduced gains from rental equipment disposal ($29.2 million) and increased fleet depreciation ($36.0 million). Cash and credit availability stood at $1,774.5 million as of September 30, 2024.

Positive

• Self-storage revenues increased 7.5% year-over-year
• Self-moving equipment rental revenues grew 1.7%
• Total portfolio occupied rooms increased 5.5%
• Revenue per foot increased 1.6% in self-storage segment
• Added 0.9 million net rentable square feet of storage space

Negative

• Net earnings declined 31.7% year-over-year to $186.8 million
• EPS decreased from $1.40 to $0.96
• Moving and Storage operations earnings decreased by $92.5 million
• Same store occupancy decreased 0.8%
• Fleet depreciation expense increased by $36.0 million

Insights

Financial Analyst

U-Haul's Q2 FY2025 results show concerning trends with $186.8 million in net earnings, marking a significant 31.7% decline from the previous year. Key metrics reveal mixed performance:

• Self-storage revenues grew 7.5% but with slightly lower occupancy at 94.1%
• Equipment rental revenues increased marginally by 1.7% with flat transaction volumes
• Moving and Storage EBITDA decreased by $18.1 million

The company's substantial $1.77 billion cash position provides stability, but increased depreciation expenses and reduced gains from equipment disposal signal potential pressure on future profitability. The expansion of storage facilities, while strategic, may face challenges with slower-than-expected unit absorption rates.

Real Estate Investment Analyst

The self-storage segment shows resilience but faces headwinds. While adding 0.9 million NRSF and maintaining high occupancy at 94.1%, the 0.8% same-store occupancy decline suggests market saturation concerns. The ambitious 16.8 million NRSF development pipeline requires careful monitoring given the slower absorption rates. The 1.6% revenue per foot increase demonstrates pricing power, but the pace of new unit additions outstripping demand growth could pressure future returns. The strategy of combining acquisitions with internal development appears measured, though market conditions warrant cautious expansion.

RENO, Nev.--(BUSINESS WIRE)-- U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to common shareholders for its second quarter ended September 30, 2024, of $186.8 million, compared with net earnings of $273.5 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.96 for the second quarter of fiscal 2025 compared to $1.40 for the same period in fiscal 2024.

For the six-month period ended September 30, 2024, net earnings available to shareholders were $382.2 million compared with net earnings of $530.3 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $1.96 for the six-month period of fiscal 2025 compared to $2.71 for the same period in fiscal 2024.

“We are continuing to fine tune our U-Move efforts. Customers remain uncertain and conservative,” stated Joe Shoen, Chairman of U-Haul Holding Company. “U-Box is steadily gaining, U-Store is growing, but still at a pace slower than we are adding additional units. We have made some modest gains in repair. We will continue to focus on serving customers in a superior fashion.”

Highlights of Second Quarter Fiscal 2025 Results

• Self-storage revenues increased $15.6 million, or 7.5% versus the second quarter of fiscal year 2024.
  • Same store occupancy decreased 0.8% to 94.1%, revenue per foot increased 1.6%, and the number of locations qualifying for the pool increased by 52.
  • Total portfolio occupied rooms increased 31,933 or 5.5% compared to September 30, 2023.
  • During the quarter we added 11 new locations with storage and 0.9 million net rentable square feet (NRSF). One was an acquisition of an existing storage location totaling 49 thousand NRSF and ten were internally developed. These newly developed locations along with expansion projects at existing facilities accounted for the remaining 0.9 million NRSF.
  • We have approximately 16.8 million NRSF in development or pending.
• Self-moving equipment rental revenues increased $17.9 million, or 1.7% versus the second quarter of fiscal year 2024 resulting in our second consecutive quarter of year-over-year improvement. Transactions were flat compared to the second quarter of last year while revenue per transaction increased for both our In-Town and One-way markets.
• Moving and Storage Other revenue increased $6.8 million or 4.3% versus the second quarter of fiscal 2024 due to growth of our U-Box product offering.
• Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, adjusted to remove interest income, decreased $92.5 million compared to the second quarter of fiscal 2024.
  • Reduced gains from the disposal of retired rental equipment accounted for $29.2 million of the decrease while fleet depreciation expense increased $36.0 million and real estate related depreciation expense increased $7.9 million all compared with the second quarter of fiscal 2024.
  • Fleet maintenance and repair costs declined $5.4 million compared with the second quarter of fiscal 2024.
• Moving and Storage earnings before interest, taxes and depreciation (EBITDA), adjusted to remove interest income, decreased $18.1 million compared to the second quarter of fiscal 2024.
• Cash and credit availability at the Moving and Storage segment was $1,774.5 million as of September 30, 2024 compared with $1,886.3 million at March 31, 2024.
• On August 15, 2024, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on September 16, 2024. The dividend was paid on September 27, 2024.

Supplemental financial information as of September 30, 2024 is available at investors.uhaul.com under “Investor Kit.”

U-Haul Holding Company will hold its investor call for the second quarter of fiscal 2025 on Thursday, November 7, 2024, at 8 a.m. Arizona Time (10 a.m. Eastern). The call will be broadcast live over the Internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com.

About U-Haul Holding Company

U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.

About U-Haul

Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 193,100 trucks, 138,700 trailers and 40,200 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,037,000 rentable storage units and 89.6 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America.

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company’s business and future operating results, please refer to our Form 10-Q for the quarter ended September 30, 2024, which is on file with the SEC.

Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the second quarter of fiscal 2025 and 2024.

		Quarter Ended September 30,
		2024		2023
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	1,087,348	$	1,069,405
Self-storage revenues		224,519		208,890
Self-moving and self-storage product and service sales		87,763		91,571
Property management fees		9,586		9,267
Life insurance premiums		20,488		22,498
Property and casualty insurance premiums		25,767		25,571
Net investment and interest income		37,794		64,738
Other revenue		164,843		157,920
Consolidated revenue	$	1,658,108	$	1,649,860

Listed below are the revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2025 and 2024.

		Quarter Ended September 30,
		2024		2023
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	1,573,643	$	1,565,578
Earnings from operations before equity in earnings of subsidiaries		280,695		401,704
Property and casualty insurance
Revenues		31,461		31,852
Earnings from operations		13,823		15,419
Life insurance
Revenues		56,157		55,522
Earnings from operations		7,690		5,608
Eliminations
Revenues		(3,153)		(3,092)
Earnings from operations before equity in earnings of subsidiaries		(252)		(376)
Consolidated Results
Revenues		1,658,108		1,649,860
Earnings from operations		301,956		422,355

Debt Metrics

Debt Metrics
(in thousands) (unaudited)		September 30,			June 30,			March 31,			December 31,			September 30,
			2024			2024			2024			2023			2023
Real estate secured debt		$	2,471,044		$	2,497,239		$	2,562,620		$	2,716,180		$	2,771,027
Unsecured debt			1,700,000			1,200,000			1,200,000			1,200,000			1,200,000
Fleet secured debt			2,554,194			2,544,235			2,470,603			2,482,356			2,392,021
Other secured debt			69,264			70,202			70,815			72,869			73,752
Total debt			6,794,502			6,311,676			6,304,038			6,471,405			6,436,800
Moving and Storage cash		$	1,279,493		$	1,071,779		$	1,380,165		$	1,736,295		$	2,068,790
Moving and Storage assets			17,164,316			16,447,193			16,149,748			16,193,912			16,156,182
Moving and Storage EBITDA (TTM)			1,566,396			1,584,461			1,567,985			1,593,446			1,683,912
Net debt to EBITDA			3.5			3.3			3.1			3.0			2.6
Net debt to total assets			32.1%			31.9%			30.5%			29.2%			27.0%
Percent of debt floating			5.9%			7.7%			7.2%			6.9%			6.3%
Percent of debt fixed			94.1%			92.3%			92.8%			93.1%			93.7%
Percent of debt unsecured			25.0%			19.0%			19.0%			18.5%			18.6%
Unencumbered asset ratio*		3.78x			4.72x			4.43x			4.00x			3.74x

*

Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x

The components of depreciation, net of gains on disposals for the second quarter of fiscal 2025 and 2024 are as follows:

		Quarter Ended September 30,
		2024		2023
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment	$	176,340	$	140,341
Depreciation expense - non rental equipment		23,750		23,392
Depreciation expense - real estate		44,735		37,192
Total depreciation expense	$	244,825	$	200,925
Net gains on disposals of rental equipment		(17,892)	$	(46,928)
Net losses on disposals of non-rental equipment		337		125
Total net gains on disposals equipment	$	(17,555)	$	(46,803)
Depreciation, net of gains on disposals	$	227,270	$	154,122
Net losses on disposals of real estate	$	2,991	$	1,715

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 locations follows:

		Quarter Ended September 30,
		2024		2023
		(Unaudited)
		(In thousands, except occupancy rate)
Unit count as of September 30		758		691
Square footage as of September 30		64,499		58,402
Average monthly number of units occupied		610		578
Average monthly occupancy rate based on unit count		80.9%		84.2%
End of September occupancy rate based on unit count		80.0%		83.5%
Average monthly square footage occupied		53,108		49,931

Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2025 and 2024.

		Six Months Ended September 30,
		2024		2023
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	2,101,680	$	2,068,611
Self-storage revenues		440,256		407,851
Self-moving and self-storage product and service sales		184,354		192,443
Property management fees		19,081		18,444
Life insurance premiums		41,228		45,629
Property and casualty insurance premiums		46,996		45,893
Net investment and interest income		74,919		129,330
Other revenue		298,084		281,967
Consolidated revenue	$	3,206,598	$	3,190,168

Listed below are the revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2025 and 2024.

		Six Months Ended September 30,
		2024		2023
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	3,042,804	$	3,025,091
Earnings from operations before equity in earnings of subsidiaries		575,753		788,395
Property and casualty insurance
Revenues		59,639		59,691
Earnings from operations		25,306		27,401
Life insurance
Revenues		109,906		111,203
Earnings from operations		7,643		6,964
Eliminations
Revenues		(5,751)		(5,817)
Earnings from operations before equity in earnings of subsidiaries		(504)		(747)
Consolidated Results
Revenues		3,206,598		3,190,168
Earnings from operations		608,198		822,013

The components of depreciation, net of gains on disposals for the first six months of fiscal 2025 and 2024 are as follows:

		Six Months Ended September 30,
		2024		2023
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment	$	333,868	$	275,533
Depreciation expense - non rental equipment		47,711		45,694
Depreciation expense - real estate		87,559		73,173
Total depreciation expense	$	469,138	$	394,400
Net gains on disposals of rental equipment	$	(25,840)	$	(102,735)
Net losses on disposals of non-rental equipment		517		271
Total net gains on disposals equipment	$	(25,323)	$	(102,464)
Depreciation, net of gains on disposals	$	443,815	$	291,936
Net losses on disposals of real estate	$	6,095	$	2,736

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 locations follows:

		Six Months Ended September 30,
		2024		2023
		(Unaudited)
		(In thousands, except occupancy rate)
Unit count as of September 30		758		691
Square footage as of September 30		64,499		58,402
Average monthly number of units occupied		602		529
Average monthly occupancy rate based on unit count		80.5%		83.5%
End of September occupancy rate based on unit count		80.0%		83.5%
Average monthly square footage occupied		52,412		49,279

Self-Storage Portfolio Summary
As of September 30, 2024
(unaudited)
U-Haul Owned Store Data by State
								Annual
State/				Units		Rentable		Revenue		Occupancy
Province		Stores		Occupied		Square Feet		Per Foot		During Qtr
Texas		95		38,681		4,464,341		$14.70		79.3%
California		88		34,103		3,181,088		$21.12		82.4%
Florida		85		33,813		3,736,937		$18.40		77.6%
Illinois		81		37,392		3,904,707		$15.76		83.9%
Pennsylvania		71		28,216		3,013,510		$17.56		76.1%
New York		66		27,725		2,611,589		$23.18		80.5%
Ohio		60		25,124		2,646,025		$14.93		81.6%
Michigan		57		20,530		2,103,664		$15.58		86.7%
Georgia		51		22,373		2,464,567		$16.26		85.2%
Wisconsin		44		17,109		2,009,358		$13.45		75.3%
Arizona		43		25,431		2,736,698		$15.33		84.2%
North Carolina		37		16,825		1,836,403		$15.27		78.5%
Washington		36		14,019		1,502,356		$16.69		76.8%
Tennessee		36		15,100		1,519,561		$14.84		87.5%
Missouri		35		12,982		1,609,272		$14.42		76.2%
New Jersey		34		16,196		1,512,750		$20.77		83.9%
Ontario		33		11,857		1,211,460		$23.05		76.1%
Indiana		33		10,718		1,174,751		$13.68		82.4%
Massachusetts		31		11,244		997,282		$20.47		87.8%
Alabama		27		7,241		852,224		$13.91		78.7%
Top 20 Totals		1,043		426,679		45,088,542		$16.95		80.9%
All Others		464		180,234		19,486,826		$16.32		81.0%
2Q 2025 Totals		1,507		606,913		64,575,368		$16.76		80.9%
Same Store Pool Held Constant for Prior Periods
Same Store 2Q25		893		318,885		29,373,505		$17.20		94.1%
Same Store 2Q24		893		322,797		29,340,207		$16.59		94.9%
Same Store 2Q23		893		324,205		29,339,784		$15.42		95.1%
Non-Same Store 2Q25		614		288,028		35,201,862		$16.23		70.0%
Non-Same Store 2Q24		551		255,097		29,206,735		$15.97		73.6%
Non-Same Store 2Q23		494		218,320		24,107,327		$15.20		74.3%
Same Store 2Q25		893		318,885		29,373,505		$17.20		94.1%
Same Store 2Q24		841		280,565		25,949,457		$16.55		95.0%
Same Store 2Q23		753		233,947		21,916,035		$15.18		96.7%
Non Same Store 2Q25		614		288,028		35,201,862		$16.23		70.0%
Non Same Store 2Q24		605		296,627		32,528,552		$16.11		75.9%
Non Same Store 2Q23		636		307,535		31,463,318		$15.48		78.4%
Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of the reporting quarter.
Occupancy % reflects average occupancy during the reporting quarter.
Revenue per foot is average revenue per occupied foot over the trailing twelve months ending September 2024.
Same store includes storage locations with rentable storage inventory for more than three years and have had a capacity change of less than twenty units for any year-over-year period of the reporting month.
The locations have occupancy each month during the last three years and have achieved 80% or greater physical occupancy for the last two years.
Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
		September 30,		March 31,
		2024		2024
		(Unaudited)
		(In thousands)
ASSETS
Cash and cash equivalents	$	1,435,639	$	1,534,544
Trade receivables and reinsurance recoverables, net		217,556		215,908
Inventories and parts		157,592		150,940
Prepaid expenses		279,539		246,082
Fixed maturity securities available-for-sale, net, at fair value		2,437,923		2,442,504
Equity securities, at fair value		63,295		66,274
Investments, other		643,893		633,936
Deferred policy acquisition costs, net		121,329		121,224
Other assets		130,071		111,743
Right of use assets - financing, net		208,804		289,305
Right of use assets - operating, net		51,308		53,712
Related party assets		54,288		57,934
		5,801,237		5,924,106
Property, plant and equipment, at cost:
Land		1,739,422		1,670,033
Buildings and improvements		8,915,534		8,237,354
Furniture and equipment		1,022,945		1,003,770
Rental trailers and other rental equipment		989,672		936,303
Rental trucks		7,123,968		6,338,324
		19,791,541		18,185,784
Less: Accumulated depreciation		(5,466,227)		(5,051,132)
Total property, plant and equipment, net		14,325,314		13,134,652
Total assets	$	20,126,551	$	19,058,758
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	896,811	$	783,084
Notes, loans and finance leases payable, net		6,760,781		6,271,362
Operating lease liabilities		52,471		55,032
Policy benefits and losses, claims and loss expenses payable		833,632		849,113
Liabilities from investment contracts		2,497,031		2,411,352
Other policyholders' funds and liabilities		8,045		18,070
Deferred income		54,026		51,175
Deferred income taxes, net		1,504,356		1,447,125
Total liabilities		12,607,153		11,886,313
Common stock		10,497		10,497
Non-voting common stock		176		176
Additional paid-in capital		462,548		462,548
Accumulated other comprehensive loss		(240,831)		(223,216)
Retained earnings		7,964,658		7,600,090
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		7,519,398		7,172,445
Total liabilities and stockholders' equity	$	20,126,551	$	19,058,758

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
		Quarter Ended September 30,
		2024		2023
		(Unaudited)
		(In thousands, except share and per share data)
Revenues:
Self-moving equipment rentals	$	1,087,348	$	1,069,405
Self-storage revenues		224,519		208,890
Self-moving and self-storage products and service sales		87,763		91,571
Property management fees		9,586		9,267
Life insurance premiums		20,488		22,498
Property and casualty insurance premiums		25,767		25,571
Net investment and interest income		37,794		64,738
Other revenue		164,843		157,920
Total revenues		1,658,108		1,649,860
Costs and expenses:
Operating expenses		891,073		835,258
Commission expenses		119,008		111,961
Cost of sales		62,250		66,620
Benefits and losses		44,392		42,553
Amortization of deferred policy acquisition costs		4,439		6,826
Lease expense		4,729		8,450
Depreciation, net of gains on disposals		227,270		154,122
Net losses on real estate		2,991		1,715
Total costs and expenses		1,356,152		1,227,505
Earnings from operations		301,956		422,355
Other components of net periodic benefit costs		(372)		(364)
Other interest income		16,131		-
Interest expense		(71,498)		(63,943)
Pretax earnings		246,217		358,048
Income tax expense		(59,419)		(84,540)
Earnings available to common shareholders	$	186,798	$	273,508
Basic and diluted earnings per share of Common Stock	$	0.91	$	1.36
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788		19,607,788
Basic and diluted earnings per share of Non-Voting Common Stock	$	0.96	$	1.40
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted		176,470,092		176,470,092

U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
		Six Months Ended September 30,
		2024		2023
		(Unaudited)
		(In thousands, except share and per share data)
Revenues:
Self-moving equipment rentals	$	2,101,680	$	2,068,611
Self-storage revenues		440,256		407,851
Self-moving and self-storage products and service sales		184,354		192,443
Property management fees		19,081		18,444
Life insurance premiums		41,228		45,629
Property and casualty insurance premiums		46,996		45,893
Net investment and interest income		74,919		129,330
Other revenue		298,084		281,967
Total revenues		3,206,598		3,190,168
Costs and expenses:
Operating expenses		1,680,830		1,598,499
Commission expenses		231,579		218,888
Cost of sales		128,264		137,295
Benefits and losses		88,398		87,897
Amortization of deferred policy acquisition costs		9,085		14,871
Lease expense		10,334		16,033
Depreciation, net of gains on disposals		443,815		291,936
Net losses on real estate		6,095		2,736
Total costs and expenses		2,598,400		2,368,155
Earnings from operations		608,198		822,013
Other components of net periodic benefit costs		(744)		(729)
Other interest income		34,366		—
Interest expense		(138,716)		(124,541)
Fees on early extinguishment of debt		(495)		—
Pretax earnings		502,609		696,743
Income tax expense		(120,394)		(166,397)
Earnings available to common shareholders	$	382,215	$	530,346
Basic and diluted earnings per share of Common Stock	$	1.86	$	2.63
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788		19,607,788
Basic and diluted earnings per share of Non-Voting Common Stock	$	1.96	$	2.71
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted		176,470,092		176,470,092

EARNINGS PER SHARE

We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company’s outstanding common stock, $0.25 par value (the “Voting Common Stock”) and the Series N Non-Voting Common Stock, $0.001 par value (the “Non-Voting Common Stock”) based on each share’s percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.

Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock.

The calculation of basic and diluted earnings per share for the quarters ended September 30, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock were as follows:

		For the Quarter Ended
		September 30,
		2024		2023
		(Unaudited)
		(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock		19,607,788		19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10%		10%
Net earnings available to common stockholders	$	186,798	$	273,508
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(8,823)		(7,059)
Undistributed earnings available to common stockholders	$	177,975	$	266,449
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	17,798	$	26,645
Undistributed earnings per share of Voting Common Stock	$	0.91	$	1.36
Dividends declared per share of Voting Common Stock	$	-	$	-
Basic and diluted earnings per share of Voting Common Stock	$	0.91	$	1.36
Weighted average shares outstanding of Non-Voting Common Stock		176,470,092		176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90%		90%
Net earnings available to common stockholders	$	186,798	$	273,508
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(8,823)		(7,059)
Undistributed earnings available to common stockholders	$	177,975	$	266,449
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	160,178	$	239,804
Undistributed earnings per share of Non-Voting Common Stock	$	0.91	$	1.36
Dividends declared per share of Non-Voting Common Stock	$	0.05	$	0.04
Basic and diluted earnings per share of Non-Voting Common Stock	$	0.96	$	1.40

The calculation of basic and diluted earnings per share for the first six months ended September 30, 2024 and 2023 for our Voting Common Stock and Non-Voting Common Stock were as follows:

		For the Six Months Ended
		September 30,
		2024		2023
		(Unaudited)
		(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock		19,607,788		19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10%		10%
Net earnings available to common stockholders	$	382,215	$	530,346
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(17,647)		(14,118)
Undistributed earnings available to common stockholders	$	364,568	$	516,228
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	36,457	$	51,623
Undistributed earnings per share of Voting Common Stock	$	1.86	$	2.63
Dividends declared per share of Voting Common Stock	$	-	$	-
Basic and diluted earnings per share of Voting Common Stock	$	1.86	$	2.63
Weighted average shares outstanding of Non-Voting Common Stock		176,470,092		176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90%		90%
Net earnings available to common stockholders	$	382,215	$	530,346
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(17,647)		(14,118)
Undistributed earnings available to common stockholders	$	364,568	$	516,228
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	328,111	$	464,605
Undistributed earnings per share of Non-Voting Common Stock	$	1.86	$	2.63
Dividends declared per share of Non-Voting Common Stock	$	0.10	$	0.08
Basic and diluted earnings per share of Non-Voting Common Stock	$	1.96	$	2.71

NON-GAAP FINANCIAL RECONCILIATION SCHEDULE

As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net (“PPE”) being reclassed to Right of use assets - financing, net (“ROU-financing”). The tables below show adjusted PPE as of September 30, 2024 and March 31, 2024, by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by, nor presented in accordance with, GAAP. We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP.

						September 30,		March 31,
						2024		2024
		September 30,		ROU Assets		Property, Plant and Equipment		Property, Plant and Equipment
		2024		Financing		Adjusted		Adjusted
		(Unaudited)
		(In thousands)
Property, plant and equipment, at cost
Land	$	1,739,422	$	-	$	1,739,422	$	1,670,033
Buildings and improvements		8,915,534		-		8,915,534		8,237,354
Furniture and equipment		1,022,945		61		1,023,006		1,003,831
Rental trailers and other rental equipment		989,672		96,006		1,085,678		1,050,910
Rental trucks		7,123,968		436,576		7,560,544		6,945,845
Subtotal		19,791,541		532,643		20,324,184		18,907,973
Less: Accumulated depreciation		(5,466,227)		(323,839)		(5,790,066)		(5,484,016)
Total property, plant and equipment, net	$	14,325,314	$	208,804	$	14,534,118	$	13,423,957

						March 31,
						2024
		March 31,		ROU Assets		Property, Plant and Equipment
		2024		Financing		Adjusted
		(In thousands)
Property, plant and equipment, at cost
Land	$	1,670,033	$	-	$	1,670,033
Buildings and improvements		8,237,354		-		8,237,354
Furniture and equipment		1,003,770		61		1,003,831
Rental trailers and other rental equipment		936,303		114,607		1,050,910
Rental trucks		6,338,324		607,521		6,945,845
Subtotal		18,185,784		722,189		18,907,973
Less: Accumulated depreciation		(5,051,132)		(432,884)		(5,484,016)
Total property, plant and equipment, net	$	13,134,652	$	289,305	$	13,423,957

Non-GAAP Financial Measures

Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. The earnings from operations for December 31, 2023, September 30, 2023 and June 30, 2023 have been adjusted from previously presented earnings releases as Moving and Storage interest income has been classified as Other interest income.

Moving and Storage EBITDA (In thousands, unaudited)	TTM
		September 30,		June 30,		March 31,		December 31,		September 30,
		2024		2024		2024		2023		2023
Earnings from operations *	$	739,313	$	831,802	$	896,140	$	980,169	$	1,132,142
Depreciation		892,627		848,727		817,889		793,940		768,475
Net gains on disposals		(76,817)		(106,065)		(153,958)		(186,541)		(220,858)
Net losses on disposal of real estate		11,273		9,997		7,914		5,878		4,153
Depreciation, net of (gains) losses on disposals		827,083		752,659		671,845		613,277		551,770
EBITDA	$	1,566,396	$	1,584,461	$	1,567,985	$	1,593,446	$	1,683,912

*

before insurance subsidiaries

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241106548589/en/

Sebastien Reyes

Director of Investor Relations

U-Haul Holding Company

(602) 263-6601

Sebastien_Reyes@uhaul.com

Source: U-Haul Holding Company

FAQ

What was U-Haul's (UHAL) earnings per share for Q2 2025?

U-Haul reported earnings per share of $0.96 for Non-Voting Shares (UHAL.B) in Q2 fiscal 2025, compared to $1.40 in the same period last year.

How much did U-Haul's (UHAL) self-storage revenue grow in Q2 2025?

U-Haul's self-storage revenues increased by $15.6 million, or 7.5%, compared to Q2 fiscal 2024.

What was U-Haul's (UHAL) net earnings for Q2 2025?

U-Haul reported net earnings of $186.8 million for Q2 fiscal 2025, down from $273.5 million in the same quarter last year.

How many new storage locations did U-Haul (UHAL) add in Q2 2025?

U-Haul added 11 new locations with storage, including one acquisition and ten internally developed facilities, adding 0.9 million net rentable square feet.