# 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 ## At a glance FY2026 · period end 2026-03-31 · filed 2026-05-27 · accession 0001193125-26-241850 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000004457.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 6,037,819,000 USD | 2026 | verified | | Net income | 83,128,000 USD | 2026 | verified | | Assets | 21,502,789,000 USD | 2026 | verified | | Free cash flow | -1,359,741,000 USD | 2026 | computed | | Net margin | 1.38% | 2026 | computed | | Operating margin | 7.17% | 2026 | computed | | Revenue YoY | +3.59% | 2026 | computed | | ROE | 1.09% | 2026 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ## 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 | ## As-reported value updates 6 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/UHAL-B/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. 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 | | 345,175,000 | | reported discrete quarter | | 2022-Q2 | 2021-09-30 | | 409,898,000 | | reported discrete quarter | | 2022-Q3 | 2021-12-31 | | 281,466,000 | | reported discrete quarter | | 2022-Q4 | 2022-03-31 | | 86,747,000 | | derived Q4 = FY annual - nine-month YTD | | 2023-Q1 | 2022-06-30 | | 334,002,000 | | reported discrete quarter | | 2023-Q2 | 2022-09-30 | | 352,015,000 | | reported discrete quarter | | 2023-Q3 | 2022-12-31 | | 199,244,000 | | reported discrete quarter | | 2023-Q4 | 2023-03-31 | | 37,737,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q2 | 2023-09-30 | | 273,508,000 | | reported discrete quarter | | 2025-Q2 | 2025-09-30 | | 105,550,000 | | reported discrete quarter | | 2024-Q3 | 2025-12-31 | | 36,968,000 | | reported discrete quarter | | 2024-Q1 | 2026-06-30 | 237,447,000 | 122,929,000 | | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from UHAL-B's latest 10-K: [/company/UHAL-B/business/](/company/UHAL-B/business/). ## Risk Factors Verbatim Item 1A Risk Factors from UHAL-B's latest 10-K: [/company/UHAL-B/risk-factors/](/company/UHAL-B/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/4457/000119312526335008/uhal-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-05 Report date: 2026-06-30 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 first quarter of fiscal 2027, compared with the first quarter of fiscal 2026, 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 2027. 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, 2026. 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 first fiscal quarter that ends on the 30th of June for each year that is referenced. Our insurance company subsidiaries have a first quarter that ends on the 31st of March 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 2026 and 2025 correspond to fiscal 2027 and 2026 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. 38 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® 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. 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, 2026, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 39 Results of Operations U-Haul Holding Company and Consolidated Entities Quarter Ended June 30, 2026 compared with the Quarter Ended June 30, 2025 Listed below, on a consolidated basis, are revenues for our major product lines for the first quarter of fiscal 2027 and the first quarter of fiscal 2026: [[GREPCENT_TABLE]] [["","","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"]] [[/GREPCENT_TABLE]] Self-moving equipment rental revenues increased $29.3 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. Transactions and revenue increased across 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. Self-storage revenues increased $15.9 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. 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 6.2% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.1 million new net rentable square feet. Sales of self-moving and self-storage products and services increased $1.1 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. This was primarily due to increased sales of hitches and propane. Life insurance premiums decreased $1.1 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026 due primarily to decreased life premiums. Property and casualty insurance premiums increased $2.5 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. 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 $2.2 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026. Our Property and Casualty subsidiaries' investment and interest income decreased due to a smaller asset base as a result of a $100 million dividend paid to U-Haul Holding Company in the fourth quarter of fiscal 2026. Our Life subsidiaries' investment and interest income increased primarily from gains on invested assets. Other revenue increased $1.7 million during the first quarter of fiscal 2027, compared with the first quarter of fiscal 2026, caused primarily by increases 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. 40 Listed below are revenues and earnings from operations at each of our operating segments for the first quarter of fiscal 2027 and the first quarter of fiscal 2026. The insurance companies’ first quarters ended March 31, 2026 and 2025. [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/4457/000119312526241850/uhal-20260331.htm Complete FY 2026 MD&A: /company/UHAL-B/mda/fy2026/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-05-27 Report date: 2026-03-31 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 [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2026 MD&A: /company/UHAL-B/mda/fy2026/ All MD&A years: /company/UHAL-B/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2025 MD&A](/company/UHAL-B/mda/fy2025/): filed 2025-05-29; accession 0000950170-25-078451 (https://www.sec.gov/Archives/edgar/data/4457/000095017025078451/uhal-20250331.htm) - [FY 2024 MD&A](/company/UHAL-B/mda/fy2024/): filed 2024-05-30; accession 0000950170-24-066736 (https://www.sec.gov/Archives/edgar/data/4457/000095017024066736/uhal-20240331.htm) - [FY 2023 MD&A](/company/UHAL-B/mda/fy2023/): filed 2023-06-02; accession 0000004457-23-000052 (https://www.sec.gov/Archives/edgar/data/4457/000000445723000052/uhal-20230331.htm) - [FY 2022 MD&A](/company/UHAL-B/mda/fy2022/): filed 2022-05-25; accession 0000004457-22-000041 (https://www.sec.gov/Archives/edgar/data/4457/000000445722000041/uhal-20220331.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 7510 Services-Auto Rental & Leasing (No Drivers)) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/UHAL-B.md · JSON record: /company/UHAL-B.json · verified financials: /company/UHAL-B/financials.json / /company/UHAL-B/financials.csv · machine TOC for the whole site: /llms.txt