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 first quarter ended June 30, 2026, of $122.9 million, compared with net earnings of $142.3 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.63 for the first quarter of fiscal 2027 compared to $0.73 for the same period in fiscal 2026.
“The pickup and van resale market is tepid, yet we produced a gain on sale this quarter after several quarters of losses. Our U-Haul truck resale team is thoughtfully gaining ground,” stated Joe Shoen, Chairman of U-Haul Holding Company. “The pace of storage unit rent up is increasing and rates are holding. More improvement is needed as we are still completing new storage units faster than we are filling them. We are successfully expanding our U-Haul independent dealer teams. This is a bright spot which will help drive U-Move transactions and fleet utilization.”
Highlights of First Quarter Fiscal 2027 Results
-
Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, decreased $8.1 million to $234.8 million compared to the first quarter of fiscal 2026.
- Fleet depreciation expense increased $13.5 million for the first quarter and real estate related depreciation expense increased $5.1 million for the quarter, all compared with the first quarter of fiscal 2026, while net losses from the disposal of retired rental equipment decreased $24.0 million to a net gain of $1.9 million for the first quarter, all compared with the first quarter of fiscal 2026.
- Moving and Storage earnings before interest, taxes, depreciation and amortization adjusted (EBITDA) decreased $8.5 million to $536.7 million compared to the first quarter of fiscal 2026 and for the trailing twelve months for June 30, 2026 decreased $13.0 million to $1,637.3 million compared to the trailing twelve months for June 30, 2025.
-
Self-storage revenues increased $15.9 million, or 6.8% versus the first quarter of fiscal year 2026.
- Same store occupancy decreased 4.5% to 88.3%, revenue per foot increased 7.6%, and the number of locations qualifying for the pool increased by 71.
- During the first quarter of fiscal 2027, we added 18 new locations with storage and 1.1 million net rentable square feet (NRSF).
- We have approximately 12 million NRSF in development or pending.
- Self-moving equipment rental revenues increased $29.3 million, or 2.8% versus first quarter of fiscal year 2026. Transactions and revenue increased for both our In-Town and One-Way markets compared to the first quarter of fiscal 2026. Compared to the same period last year, we increased the number of Company operated retail locations and independent dealers, along with the number of box trucks in the rental fleet.
- Other revenue for Moving and Storage increased $1.8 million or 1.2% versus the first quarter of fiscal 2026 due to growth of our U-Box product offering. We continue to expand our breadth and reach of this program through additional warehouse space, moving and storage containers and delivery equipment.
- Fleet maintenance and repair costs experienced a $4.1 million increase, compared with the first quarter of fiscal 2026.
- Cash and credit availability at the Moving and Storage segment was $1,348.6 million as of June 30, 2026 compared with $1,479.4 million as of March 31, 2026.
- During the first quarter of fiscal 2027, we repurchased 248,368 shares of our Voting common stock at a cost of $15.6 million and 584,278 shares of our Non-Voting common stock at a cost of $32.4 million.
- On June 3, 2026, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on June 15, 2026. The dividend was paid on June 26, 2026.
- We are holding our 20th Annual Virtual Analyst and Investor meeting on Thursday, August 20, 2026 at 11 a.m. Arizona Time (2 p.m. Eastern). This is an opportunity to interact directly with Company representatives through a live video webcast at investors.uhaul.com. A brief presentation by the Company will be followed by a question-and-answer session.
- Our latest Supplemental financial information is available at investors.uhaul.com.
U-Haul Holding Company will hold its investor call for the first quarter of fiscal 2027 on Thursday, August 6, 2026, at 8 a.m. Arizona Time (11 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 25,000 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 207,600 trucks, 136,500 trailers and 43,200 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,147,300 rentable storage units and 100.3 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 June 30, 2026, 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 first quarter of fiscal 2027 and 2026.
|
Quarter Ended June 30, |
|||||
|
2026 |
2025 |
||||
|
(Unaudited) |
|||||
|
(In thousands) |
|||||
|
Self-moving equipment rental revenues |
$ |
1,087,578 |
$ |
1,058,273 |
|
|
Self-storage revenues |
250,172 |
234,237 |
|||
|
Self-moving and self-storage products and service sales |
99,240 |
98,188 |
|||
|
Property management fees |
9,565 |
9,582 |
|||
|
Life insurance premiums |
18,066 |
19,169 |
|||
|
Property and casualty insurance premiums |
24,251 |
21,738 |
|||
|
Net investment and interest income |
37,368 |
35,211 |
|||
|
Other revenue |
155,787 |
154,072 |
|||
|
Consolidated revenue |
$ |
1,682,027 |
$ |
1,630,470 |
|
Listed below are revenues and earnings from operations at each of our operating segments for the first quarters of fiscal 2027 and 2026.
|
Quarter Ended June 30, |
|||||||
|
2026 |
2025 |
||||||
|
(Unaudited) |
|||||||
|
(In thousands) |
|||||||
|
Moving and storage |
|||||||
|
Revenues |
$ |
1,601,949 |
|
$ |
1,553,859 |
|
|
|
Earnings from operations before equity in earnings of subsidiaries |
234,814 |
|
242,878 |
|
|||
|
Property and casualty insurance |
|||||||
|
Revenues |
31,223 |
|
29,721 |
|
|||
|
Earnings from operations |
12,216 |
|
11,888 |
|
|||
|
Life insurance |
|||||||
|
Revenues |
51,476 |
|
50,094 |
|
|||
|
Earnings (losses) from operations |
3,593 |
|
2,676 |
|
|||
|
Eliminations |
|||||||
|
Revenues |
(2,621 |
) |
(3,204 |
) |
|||
|
Earnings from operations before equity in earnings of subsidiaries |
(27 |
) |
(28 |
) |
|||
|
Consolidated Results |
|||||||
|
Revenues |
1,682,027 |
|
1,630,470 |
|
|||
|
Earnings from operations |
250,596 |
|
257,414 |
|
|||
|
Moving and Storage |
||||||||||
|
Debt Metrics |
||||||||||
|
(In thousands, unaudited) |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
|||||
|
2026 |
|
2026 |
|
2025 |
|
2025 |
|
2025 |
||
|
Real estate secured debt |
$3,196,940 |
$3,204,208 |
$3,096,564 |
$3,002,344 |
$2,727,545 |
|||||
|
Unsecured debt |
1,700,000 |
1,700,000 |
1,700,000 |
1,700,000 |
1,700,000 |
|||||
|
Fleet secured debt |
3,187,699 |
3,157,364 |
3,196,817 |
2,965,804 |
2,792,015 |
|||||
|
Other secured debt |
62,245 |
63,377 |
64,798 |
64,357 |
65,570 |
|||||
|
Total debt |
8,146,884 |
8,124,949 |
8,058,179 |
7,732,505 |
7,285,130 |
|||||
|
Cash and cash equivalents |
$883,630 |
$1,014,382 |
$1,010,011 |
$910,969 |
$726,069 |
|||||
|
Total assets |
18,885,168 |
18,687,591 |
18,717,342 |
18,460,371 |
17,858,535 |
|||||
|
Adjusted EBITDA (TTM) |
|
1,637,311 |
1,645,859 |
1,640,173 |
1,681,900 |
1,650,277 |
||||
|
Net debt to adjusted EBITDA |
4.4 |
4.3 |
4.3 |
4.1 |
4.0 |
|||||
|
Net debt to total assets |
38.5% |
38.0% |
37.7% |
37.0% |
36.7% |
|||||
|
Percent of debt floating |
8.4% |
6.7% |
6.8% |
7.1% |
6.1% |
|||||
|
Percent of debt fixed |
91.6% |
93.3% |
93.2% |
92.9% |
93.9% |
|||||
|
Percent of debt unsecured |
20.9% |
20.9% |
21.1% |
22.0% |
23.3% |
|||||
|
Unencumbered asset ratio* |
4.08x |
3.98x |
4.01x |
3.96x |
3.86x |
|||||
|
* 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 are as follows:
|
|
|
Quarter Ended June 30, |
|||||
|
|
|
2026 |
|
2025 |
|||
|
|
|
(Unaudited) |
|||||
|
|
|
(In thousands) |
|||||
|
Depreciation expense – rental equipment |
$ |
221,704 |
|
$ |
208,212 |
|
|
|
Depreciation expense – non rental equipment |
|
22,555 |
|
|
24,019 |
|
|
|
Depreciation expense – real estate |
|
56,377 |
|
|
49,845 |
|
|
|
Total depreciation expense |
$ |
300,636 |
|
$ |
282,076 |
|
|
|
|
|
|
|
|
|||
|
Net (gains) losses on disposals of rental equipment |
|
(1,893 |
) |
|
22,125 |
|
|
|
Net (gains) losses on disposals of non-rental equipment |
|
97 |
|
|
(192 |
) |
|
|
Total net (gains) losses on disposals equipment |
$ |
(1,796 |
) |
$ |
21,933 |
|
|
|
|
|
|
|
|
|||
|
Depreciation, net of (gains) losses on disposals |
$ |
298,840 |
|
$ |
304,009 |
|
|
|
|
|
|
|
|
|||
|
Net (gains) losses on disposals of real estate |
$ |
3,068 |
|
$ |
(1,617 |
) |
|
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 June 30, |
||||
|
2026 |
2025 |
|||
|
|
|
(Unaudited) |
||
|
(In thousands, except occupancy rate) |
||||
|
Unit count as of June 30 |
867 |
813 |
||
|
Square footage as of June 30 |
74,742 |
69,560 |
||
|
Average monthly number of units occupied |
628 |
632 |
||
|
Average monthly occupancy rate based on unit count |
72.9% |
78.1% |
||
|
End of June occupancy rate based on unit count |
|
73.9% |
|
78.8% |
|
Average monthly square footage occupied |
55,937 |
55,399 |
||
|
Self-Storage Portfolio Summary |
||||||||||
|
As of June 30, 2026 |
||||||||||
|
(unaudited) |
||||||||||
|
U-Haul Owned Store Data by State |
|
|
|
|
|
|
||||
|
State/ |
|
Stores |
|
Units |
|
Rentable |
|
Annual |
|
Occupancy |
|
Texas |
102 |
37,612 |
4,937,884 |
$16.22 |
68.1% |
|||||
|
Florida |
93 |
34,775 |
4,282,690 |
$19.53 |
69.0% |
|||||
|
California |
90 |
35,348 |
3,385,898 |
$22.90 |
80.3% |
|||||
|
Illinois |
86 |
41,257 |
4,517,046 |
$17.35 |
76.3% |
|||||
|
Pennsylvania |
76 |
29,717 |
3,255,737 |
$18.81 |
71.4% |
|||||
|
Ohio |
68 |
26,866 |
3,152,368 |
$15.74 |
72.8% |
|||||
|
New York |
67 |
29,656 |
2,744,132 |
$24.34 |
80.4% |
|||||
|
Michigan |
61 |
20,872 |
2,399,534 |
$16.82 |
77.0% |
|||||
|
Georgia |
57 |
21,849 |
2,869,994 |
$17.07 |
71.1% |
|||||
|
Arizona |
53 |
24,281 |
3,258,082 |
$17.13 |
66.5% |
|||||
|
Wisconsin |
44 |
17,232 |
2,079,153 |
$14.73 |
72.0% |
|||||
|
Missouri |
43 |
15,343 |
2,043,099 |
$14.90 |
65.8% |
|||||
|
North Carolina |
42 |
17,893 |
2,270,695 |
$16.26 |
65.5% |
|||||
|
Washington |
39 |
14,483 |
1,672,602 |
$18.40 |
71.0% |
|||||
|
Tennessee |
38 |
15,302 |
1,708,974 |
$15.83 |
79.7% |
|||||
|
Minnesota |
35 |
14,130 |
1,773,948 |
$14.52 |
71.8% |
|||||
|
New Jersey |
34 |
16,290 |
1,593,010 |
$21.75 |
79.6% |
|||||
|
Indiana |
34 |
11,215 |
1,190,289 |
$14.95 |
82.0% |
|||||
|
Ontario |
33 |
12,779 |
1,448,676 |
$24.11 |
69.2% |
|||||
|
Alabama |
32 |
8,672 |
1,312,958 |
$14.15 |
56.6% |
|||||
|
Top 20 Totals |
1,127 |
445,572 |
51,896,768 |
$18.00 |
72.4% |
|||||
|
All Others |
515 |
195,004 |
22,845,007 |
$17.87 |
73.9% |
|||||
|
1Q 2027 Totals |
1,642 |
640,576 |
74,741,775 |
$17.96 |
72.9% |
|||||
|
Same Store 1Q27 |
973 |
370,663 |
35,677,662 |
$18.82 |
88.3% |
|||||
|
Same Store 1Q26 |
973 |
390,032 |
35,651,823 |
$17.49 |
92.8% |
|||||
|
Same Store 1Q25 |
973 |
393,297 |
35,632,735 |
$17.04 |
92.9% |
|||||
|
Non-Same Store 1Q27 |
669 |
269,913 |
39,064,113 |
$16.78 |
58.6% |
|||||
|
Non-Same Store 1Q26 |
600 |
250,821 |
33,908,110 |
$15.97 |
62.5% |
|||||
|
Non-Same Store 1Q25 |
520 |
212,004 |
27,953,187 |
$16.03 |
63.4% |
|||||
|
Same Store Pool Held Constant for Prior Periods |
|
|
|
|
|
|
|
|
|
|
|
Same Store 1Q27 |
|
973 |
|
370,663 |
|
35,677,662 |
|
$18.82 |
|
88.3% |
|
Same Store 1Q26 |
|
902 |
|
390,032 |
|
30,412,656 |
|
$17.44 |
|
92.8% |
|
Same Store 1Q25 |
|
879 |
|
393,297 |
|
28,263,627 |
|
$17.05 |
|
93.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Same Store 1Q27 |
|
669 |
|
269,913 |
|
39,064,113 |
|
$16.78 |
|
58.6% |
|
Non-Same Store 1Q26 |
|
671 |
|
309,884 |
|
39,147,277 |
|
$16.31 |
|
66.7% |
|
Non-Same Store 1Q25 |
|
614 |
|
294,476 |
|
35,322,294 |
|
$16.28 |
|
69.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of the reporting quarter. |
||||||||||
|
Occupancy % reflects average occupancy during the reporting quarter. |
||||||||||
|
Revenue per foot is average revenue per occupied foot over the trailing twelve months ending June 2026. |
||||||||||
|
Same store includes storage locations with rentable storage inventory for more than three years and a capacity change of less than twenty units for any year-over-year period of the reporting month. |
||||||||||
|
The locations have occupancy each month during the last three years and have achieved 80% or greater occupancy for the last two years. |
||||||||||
|
Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month. |
||||||||||
|
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
|
June 30, |
|
|
March 31, |
||||
|
2026 |
|
|
2026 |
||||
|
(Unaudited) |
|||||||
|
(In thousands) |
|||||||
|
ASSETS |
|||||||
|
Cash and cash equivalents |
$ |
1,097,336 |
|
$ |
1,120,147 |
|
|
|
Trade receivables and reinsurance recoverables, net |
190,912 |
|
159,768 |
|
|||
|
Inventories and parts |
180,325 |
|
178,155 |
|
|||
|
Prepaid expenses |
137,688 |
|
191,671 |
|
|||
|
Fixed maturity securities available-for-sale, net, at fair value |
2,321,038 |
|
2,417,912 |
|
|||
|
Equity securities, at fair value |
|
14,724 |
|
|
14,976 |
|
|
|
Investments, other |
655,316 |
|
706,314 |
|
|||
|
Deferred policy acquisition costs, net |
110,550 |
|
112,852 |
|
|||
|
Other assets |
146,498 |
|
127,202 |
|
|||
|
Right of use assets – operating, net |
|
38,833 |
|
|
40,188 |
|
|
|
Related party assets |
44,141 |
|
53,159 |
|
|||
|
|
|
|
|||||
|
Property, plant and equipment, at cost: |
|||||||
|
Land |
1,866,794 |
|
1,865,369 |
|
|||
|
Buildings and improvements |
10,727,955 |
|
10,542,945 |
|
|||
|
Furniture and equipment |
1,087,938 |
|
1,074,032 |
|
|||
|
Rental trailers and other rental equipment |
1,239,808 |
|
1,206,253 |
|
|||
|
Rental trucks |
8,876,256 |
|
8,554,508 |
|
|||
|
23,798,751 |
|
23,243,107 |
|
||||
|
Less: Accumulated depreciation |
(7,074,624 |
) |
(6,862,662 |
) |
|||
|
Total property, plant and equipment, net |
16,724,127 |
|
16,380,445 |
|
|||
|
Total assets |
$ |
21,661,488 |
|
$ |
21,502,789 |
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|||||||
|
Liabilities: |
|||||||
|
Accounts payable and accrued expenses |
$ |
909,147 |
|
$ |
850,294 |
|
|
|
Notes, loans and finance liabilities payable, net |
8,105,429 |
|
8,083,374 |
|
|||
|
Operating lease liabilities |
|
39,577 |
|
|
40,957 |
|
|
|
Policy benefits and losses, claims and loss expenses payable |
947,870 |
|
939,874 |
|
|||
|
Liabilities from investment contracts |
2,335,870 |
|
2,357,545 |
|
|||
|
Other policyholders’ funds and liabilities |
2,451 |
|
2,899 |
|
|||
|
Deferred income |
69,269 |
|
56,614 |
|
|||
|
Deferred income taxes, net |
1,592,072 |
|
1,559,581 |
|
|||
|
Total liabilities |
14,001,685 |
|
13,891,138 |
|
|||
|
Common stock |
10,497 |
|
10,497 |
|
|||
|
Non-voting common stock |
|
176 |
|
|
176 |
|
|
|
Additional paid-in capital |
462,548 |
|
462,548 |
|
|||
|
Accumulated other comprehensive loss |
(181,094 |
) |
(163,640 |
) |
|||
|
Retained earnings |
8,093,836 |
|
7,979,720 |
|
|||
|
Cost of common stock in treasury, net |
(541,383 |
) |
(525,653 |
) |
|||
|
Cost of Series N non-voting common stock in treasury, net |
|
(32,780 |
) |
|
– |
|
|
|
Cost of preferred stock in treasury, net |
(151,997 |
) |
(151,997 |
) |
|||
|
Total stockholders’ equity |
7,659,803 |
|
7,611,651 |
|
|||
|
Total liabilities and stockholders’ equity |
$ |
21,661,488 |
|
$ |
21,502,789 |
|
|
|
U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||
|
Quarter Ended June 30, |
|||||||
|
2026 |
|
2025 |
|||||
|
(Unaudited) |
|||||||
|
(In thousands, except share and per share data) |
|||||||
|
Revenues: |
|||||||
|
Self-moving equipment rental revenues |
$ |
1,087,578 |
|
$ |
1,058,273 |
|
|
|
Self-storage revenues |
250,172 |
|
234,237 |
|
|||
|
Self-moving and self-storage products and service sales |
99,240 |
|
98,188 |
|
|||
|
Property management fees |
9,565 |
|
9,582 |
|
|||
|
Life insurance premiums |
18,066 |
|
19,169 |
|
|||
|
Property and casualty insurance premiums |
24,251 |
|
21,738 |
|
|||
|
Net investment and interest income |
37,368 |
|
35,211 |
|
|||
|
Other revenue |
155,787 |
|
154,072 |
|
|||
|
Total revenues |
1,682,027 |
|
1,630,470 |
|
|||
|
Costs and expenses: |
|||||||
|
Operating expenses |
886,990 |
|
826,749 |
|
|||
|
Commission expenses |
120,272 |
|
116,737 |
|
|||
|
Cost of product sales |
71,754 |
|
72,205 |
|
|||
|
Benefits and losses |
42,137 |
|
45,182 |
|
|||
|
Amortization of deferred policy acquisition costs |
4,874 |
|
4,917 |
|
|||
|
Lease expense |
3,496 |
|
4,874 |
|
|||
|
Depreciation, net of (gains) losses on disposals |
298,840 |
|
304,009 |
|
|||
|
Net (gains) losses on disposal of real estate |
3,068 |
|
(1,617 |
) |
|||
|
Total costs and expenses |
1,431,431 |
|
1,373,056 |
|
|||
|
Earnings from operations |
250,596 |
|
257,414 |
|
|||
|
Other components of net periodic benefit costs |
(357 |
) |
(346 |
) |
|||
|
Other interest income |
|
9,391 |
|
|
10,669 |
|
|
|
Interest expense |
(97,912 |
) |
(82,330 |
) |
|||
|
Fees on early extinguishment of debt and costs of defeasance |
|
(31 |
) |
|
(26 |
) |
|
|
Pretax earnings |
161,687 |
|
185,381 |
|
|||
|
Income tax expense |
(38,758 |
) |
(43,050 |
) |
|||
|
Earnings available to common stockholders |
$ |
122,929 |
|
$ |
142,331 |
|
|
|
Basic and diluted earnings per share of Common Stock |
$ |
0.58 |
|
$ |
0.68 |
|
|
|
Weighted average shares outstanding of Common Stock: Basic and diluted |
19,545,696 |
|
19,607,788 |
|
|||
|
Basic and diluted earnings per share of Non-Voting Common Stock |
$ |
0.63 |
|
$ |
0.73 |
|
|
|
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted |
|
176,324,023 |
|
|
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 June 30, 2026 and 2025 for our Voting Common Stock and Non-Voting Common Stock were as follows:
|
|
|
For the Quarter Ended |
|||||
|
|
|
June 30, |
|||||
|
|
|
2026 |
2025 |
||||
|
|
|
(Unaudited) |
|||||
|
|
|
(In thousands, except share and per share amounts) |
|||||
|
|
|
|
|
|
|||
|
Weighted average shares outstanding of Voting Common Stock |
|
19,545,696 |
|
|
19,607,788 |
|
|
|
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock |
|
195,869,719 |
|
|
196,077,880 |
|
|
|
Percent of weighted average shares outstanding of Voting Common Stock |
|
10 |
% |
|
10 |
% |
|
|
|
|
|
|
|
|||
|
Net earnings available to common stockholders |
$ |
122,929 |
|
$ |
142,331 |
|
|
|
Voting Common Stock dividends declared |
|
– |
|
|
– |
|
|
|
Non-Voting Common Stock dividends declared |
|
(8,813 |
) |
|
(8,824 |
) |
|
|
Undistributed earnings available to common stockholders |
$ |
114,116 |
|
$ |
133,507 |
|
|
|
Undistributed earnings available to common stockholders allocated to Voting Common Stock |
$ |
11,412 |
|
$ |
13,351 |
|
|
|
|
|
|
|
|
|||
|
Undistributed earnings per share of Voting Common Stock |
$ |
0.58 |
|
$ |
0.68 |
|
|
|
Dividends declared per share of Voting Common Stock |
$ |
– |
|
$ |
– |
|
|
|
Basic and diluted earnings per share of Voting Common Stock |
$ |
0.58 |
|
$ |
0.68 |
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
Weighted average shares outstanding of Non-Voting Common Stock |
|
176,324,023 |
|
|
176,470,092 |
|
|
|
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock |
|
195,869,719 |
|
|
196,077,880 |
|
|
|
Percent of weighted average shares outstanding of Non-Voting Common Stock |
|
90 |
% |
|
90 |
% |
|
|
|
|
|
|
|
|||
|
Net earnings available to common stockholders |
$ |
122,929 |
|
$ |
142,331 |
|
|
|
Voting Common Stock dividends declared |
|
– |
|
|
– |
|
|
|
Non-Voting Common Stock dividends declared |
|
(8,813 |
) |
|
(8,824 |
) |
|
|
Undistributed earnings available to common stockholders |
$ |
114,116 |
|
$ |
133,507 |
|
|
|
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock |
$ |
102,704 |
|
$ |
120,156 |
|
|
|
|
|
|
|
|
|||
|
Undistributed earnings per share of Non-Voting Common Stock |
$ |
0.58 |
|
$ |
0.68 |
|
|
|
Dividends declared per share of Non-Voting Common Stock |
$ |
0.05 |
|
$ |
0.05 |
|
|
|
Basic and diluted earnings per share of Non-Voting Common Stock |
$ |
0.63 |
|
$ |
0.73 |
|
|
Non-GAAP Financial Measures
Below is a reconciliation of Moving and Storage non-GAAP financial measures adjusted EBITDA. The Company believes that these widely accepted measures of operating profitability enhance the transparency of its disclosures, provide a meaningful presentation of the Company’s results from its core business operations excluding the impact of items not related to ongoing core business operations, and improve the period-to-period comparability of those results. 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 non-GAAP measure reported is adjusted EBITDA. The table below presents the reconciliation of the trailing twelve months adjusted EBITDA measures to its most directly comparable GAAP measures.
|
Moving and Storage EBITDA Calculations |
||||||||||||||
|
(In thousands, unaudited) |
Trailing Twelve Months |
|||||||||||||
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
||||||
|
2026 |
|
|
2026 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
||
|
Net earnings available to common stockholders |
$ |
63,726 |
$ |
83,128 |
$ |
128,622 |
$ |
232,756 |
$ |
314,004 |
||||
|
Income tax expense |
5,661 |
10,341 |
11,714 |
48,448 |
76,156 |
|||||||||
|
Fees on early extinguishment of debt and costs of defeasance |
1,113 |
1,108 |
189 |
26 |
26 |
|||||||||
|
Interest expense |
380,449 |
364,868 |
348,914 |
330,192 |
311,609 |
|||||||||
|
Other interest income |
(46,295) |
(47,597) |
(40,881) |
(45,759) |
(51,899) |
|||||||||
|
Other components of net periodic benefit costs |
1,394 |
1,383 |
1,409 |
1,435 |
1,462 |
|||||||||
|
Net losses on disposal of real estate |
13,296 |
8,611 |
11,915 |
12,577 |
11,037 |
|||||||||
|
Depreciation, net of gains on disposals |
1,281,852 |
1,287,021 |
1,238,114 |
1,158,986 |
1,045,648 |
|||||||||
|
Elimination of net earnings from insurance subsidiaries |
(63,885) |
(63,004) |
(59,823) |
(56,761) |
(57,766) |
|||||||||
|
Adjusted EBITDA |
$ |
1,637,311 |
$ |
1,645,859 |
$ |
1,640,173 |
$ |
1,681,900 |
$ |
1,650,277 |
||||
|
Moving and Storage EBITDA Calculations |
|||||||
|
(In thousands, unaudited) |
|
Quarters Ended |
|||||
|
June 30, |
June 30, |
||||||
|
2026 |
2025 |
||||||
|
Net earnings available to common stockholders |
$ |
122,929 |
|
$ |
142,331 |
|
|
|
Income tax expense |
35,406 |
|
40,086 |
|
|||
|
Fees on early extinguishment of debt and costs of defeasance |
31 |
|
26 |
|
|||
|
Interest expense |
97,939 |
|
82,358 |
|
|||
|
Other interest income |
(9,463 |
) |
(10,765 |
) |
|||
|
Other components of net periodic benefit costs |
357 |
|
346 |
|
|||
|
Net losses on disposal of real estate |
3,068 |
|
(1,617 |
) |
|||
|
Depreciation, net of gains on disposals |
298,840 |
|
304,009 |
|
|||
|
Elimination of net earnings from insurance subsidiaries |
(12,385 |
) |
(11,504 |
) |
|||
|
Adjusted EBITDA |
$ |
536,722 |
|
$ |
545,270 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260805342587/en/
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