U-Haul's Q3 2026 Financial Report: Losses & Insurance Sector Growth
U-Haul Holding Company (NYSE: UHAL, UHAL.B), encompassing U-Haul International, Oxford Life Insurance, Repwest Insurance, and Amerco Real Estate, has announced its third quarter financial outcomes for 2026, ending December 31, 2025. The company reported a net income loss available to common shareholders of $37 million, a stark contrast to a $67.2 million profit in the same period the previous year. Earnings per share for non-voting shares (UHAL.B) marked a loss of $0.18, compared to a $0.35 gain in fiscal 2025.
During the nine months ending December 31, 2025, U-Haul's net earnings available to shareholders were $210.9 million, down from $449.4 million the prior year. This resulted in a drop in earnings per share from $2.31 to $1.09 for non-voting shares. The disparity highlights ongoing challenges in maintaining profitability amidst AI-driven prior authorization delays and fluctuating market conditions.
Operational Overview: For the third quarter of fiscal 2026, consolidated revenue reached $1.42 billion, up slightly from $1.39 billion the previous year. This growth was driven by increased self-moving equipment rental and enhanced insurance premium earnings. Revenue from self-storage operations also experienced year-over-year improvements, reflecting successful alignment with regulatory compliance requirements.
In the insurance sector, Repwest Insurance saw property and casualty insurance revenues rise to $42.5 million, with operating income at $20.8 million. Oxford Life Insurance reported revenue of $56.2 million, with operational earnings increasing to $5.8 million, indicating robust underwriting and claims handling strategies.
Financial and Asset Metrics: As of December 31, 2025, the company's total liabilities rose to approximately $13.87 billion, while total assets were valued at $21.62 billion. U-Haul's financial strategy targets maintaining manageable debt levels, with total outstanding debt at $8.06 billion, emphasizing a balance of secured and unsecured obligations. Cash and equivalents improved to $1.01 billion, underscoring efforts in effective risk management and fiscal responsibility.
Outlook and Adjustments: Looking ahead, U-Haul management aims to enhance fleet operations and expand market share in self-storage. They plan to address underperforming segments by distinguishing their services in the competitive payor-provider marketplace. The company's strategic focus will likely include operational efficiency improvements across all divisions, maintaining regulatory compliance, and optimizing asset utilization to support sustained revenue growth.