EX-99.1

Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the second quarter of fiscal 2026 and 2025.


		Quarter Ended September 30,
		2025		2024
		(Unaudited)
		(In thousands)
Self-moving equipment rental revenues	$	1,110,477	$	1,087,348
Self-storage revenues		246,299		224,519
Self-moving and self-storage product and service sales		89,829		87,763
Property management fees		9,621		9,586
Life insurance premiums		18,370		20,488
Property and casualty insurance premiums		28,272		25,767
Net investment and interest income		40,022		37,794
Other revenue		177,032		164,843
Consolidated revenue	$	1,719,922	$	1,658,108

Listed below are the revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2026 and 2025.


		Quarter Ended September 30,
		2025		2024
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	1,632,827	$	1,573,643
Earnings from operations before equity in earnings of subsidiaries		197,440		280,695
Property and casualty insurance
Revenues		35,891		31,461
Earnings from operations		17,154		13,823
Life insurance
Revenues		54,113		56,157
Earnings from operations		3,028		7,690
Eliminations
Revenues		(2,909)		(3,153)
Earnings from operations before equity in earnings of subsidiaries		(28)		(252)
Consolidated Results
Revenues		1,719,922		1,658,108
Earnings from operations		217,594		301,956


Moving and Storage
Debt Metrics
(in thousands)(unaudited)	September 30,	June 30,	March 31,	December 31,	September 30,
	2025	2025	2025	2024	2024
Real estate secured debt	$3,002,344	$2,727,545	$2,703,656	$2,436,840	$2,471,044
Unsecured debt	1,700,000	1,700,000	1,700,000	1,700,000	1,700,000
Fleet secured debt	2,965,804	2,792,015	2,758,821	2,724,349	2,554,194
Other secured debt	64,357	65,570	66,864	68,402	69,264
Total debt	7,732,505	7,285,130	7,229,341	6,929,591	6,794,502

Cash and cash equivalents	$910,969	$726,069	$872,467	$883,108	$1,279,493
Total assets	18,460,371	17,858,535	17,522,952	17,291,214	17,164,316
Adjusted EBITDA (TTM)	1,681,900	1,650,277	1,619,714	1,614,146	1,566,396

Net debt to adjusted EBITDA	4.1	4.0	3.9	3.7	3.5
Net debt to total assets	37.0%	36.7%	36.3%	35.0%	32.1%

Percent of debt floating	7.1%	6.1%	6.1%	6.2%	5.9%
Percent of debt fixed	92.9%	93.9%	93.9%	93.8%	94.1%
Percent of debt unsecured	22.0%	23.3%	23.5%	24.5%	25.0%

Unencumbered asset ratio*	3.96x	3.86x	3.91x	3.81x	3.78x

* 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) losses on disposals for the second quarter of fiscal 2026 and 2025 are as follows:


		Quarter Ended September 30,
		2025		2024
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment	$	226,909	$	176,340
Depreciation expense - non rental equipment		23,760		23,750
Depreciation expense - real estate		51,440		44,735
Total depreciation expense	$	302,109	$	244,825

Net (gains) losses on disposals of rental equipment		38,329	$	(17,892)
Net (gains) losses on disposals of non-rental equipment		170		337
Total net (gains) losses on disposals equipment	$	38,499	$	(17,555)

Depreciation, net of (gains) losses on disposals	$	340,608	$	227,270

Net (gains) losses on disposals of real estate	$	4,531	$	2,991

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,
	2025	2024
	(Unaudited)
	(In thousands, except occupancy rate)
Unit count as of September 30	831	758
Square footage as of September 30	71,167	64,499
Average monthly number of units occupied	630	610
Average monthly occupancy rate based on unit count	76.3%	80.9%
End of September occupancy rate based on unit count	74.4%	80.0%
Average monthly square footage occupied	55,623	53,108

Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2026 and 2025.


		Six Months Ended September 30,
		2025		2024
		(Unaudited)
		(In thousands)
Self-moving equipment rental revenues	$	2,168,750	$	2,101,680
Self-storage revenues		480,536		440,256
Self-moving and self-storage product and service sales		188,017		184,354
Property management fees		19,203		19,081
Life insurance premiums		37,539		41,228
Property and casualty insurance premiums		50,010		46,996
Net investment and interest income		75,233		74,919
Other revenue		331,104		298,084
Consolidated revenue	$	3,350,392	$	3,206,598

Listed below are the revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2026 and 2025.


		Six Months Ended September 30,
		2025		2024
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	3,186,686	$	3,042,804
Earnings from operations before equity in earnings of subsidiaries		440,318		575,753
Property and casualty insurance
Revenues		65,612		59,639
Earnings from operations		29,042		25,306
Life insurance
Revenues		104,207		109,906
Earnings from operations		5,704		7,643
Eliminations
Revenues		(6,113)		(5,751)
Earnings from operations before equity in earnings of subsidiaries		(56)		(504)
Consolidated Results
Revenues		3,350,392		3,206,598
Earnings from operations		475,008		608,198

The components of depreciation, net of (gains) losses on disposals for the first six months of fiscal 2026 and 2025 are as follows:


		Six Months Ended September 30,
		2025		2024
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment	$	435,121	$	333,868
Depreciation expense - non rental equipment		47,779		47,711
Depreciation expense - real estate		101,285		87,559
Total depreciation expense	$	584,185	$	469,138

Net (gains) losses on disposals of rental equipment	$	60,454	$	(25,840)
Net (gains) losses on disposals of non-rental equipment		(22)		517
Total net (gains) losses on disposals equipment	$	60,432	$	(25,323)

Depreciation, net of (gains) losses on disposals	$	644,617	$	443,815

Net (gains) losses on disposals of real estate	$	2,914	$	6,095


	Six Months Ended September 30,
	2025	2024
	(Unaudited)
	(In thousands, except occupancy rate)
Unit count as of September 30	831	758
Square footage as of September 30	71,167	64,499
Average monthly number of units occupied	631	602
Average monthly occupancy rate based on unit count	77.2%	80.5%
End of September occupancy rate based on unit count	74.4%	80.0%
Average monthly square footage occupied	55,511	52,412


Self-Storage Portfolio Summary
As of September 30, 2025
(unaudited)
U-Haul Owned Store Data by State
				Annual
State/		Units	Rentable	Revenue	Occupancy
Province	Stores	Occupied	Square Feet	Per Foot	During Qtr
Texas	99	36,733	4,706,618	$15.08	73.3%
California	90	33,921	3,351,341	$21.60	78.7%
Florida	89	34,655	3,944,412	$18.74	76.4%
Illinois	84	38,382	4,281,927	$16.44	77.8%
Pennsylvania	73	28,330	3,143,110	$18.16	72.5%
Ohio	67	26,072	3,052,921	$15.00	74.8%
New York	67	28,166	2,721,082	$23.66	79.7%
Michigan	60	19,832	2,330,008	$16.09	78.0%
Georgia	55	21,768	2,739,492	$16.38	75.5%
Arizona	49	23,789	3,006,228	$15.96	73.8%
Wisconsin	44	17,071	2,048,296	$14.08	74.9%
North Carolina	42	17,384	2,070,876	$15.53	74.1%
Washington	38	13,912	1,590,030	$17.03	73.5%
Missouri	38	14,022	1,815,644	$14.31	71.0%
Tennessee	37	15,073	1,628,491	$15.09	83.6%
Ontario	33	12,518	1,410,384	$23.33	70.2%
New Jersey	33	16,165	1,517,032	$20.87	84.5%
Indiana	33	10,576	1,183,758	$14.28	82.3%
Minnesota	33	13,725	1,694,678	$13.58	76.1%
Massachusetts	32	11,231	1,150,060	$20.85	79.6%

Top 20 Totals	1,096	433,325	49,386,390	$17.29	76.2%

All Others	500	184,812	21,780,368	$16.74	76.6%

2Q 2026 Totals	1,596	618,137	71,166,758	$17.12	76.3%

Same Store 2Q26	903	320,815	30,897,753	$17.88	90.5%
Same Store 2Q25	903	337,446	30,894,328	$17.20	94.0%
Same Store 2Q24	903	339,342	30,836,508	$16.58	94.3%

Non-Same Store 2Q26	693	297,322	40,269,004	$16.28	65.2%
Non-Same Store 2Q25	601	268,718	33,604,664	$16.16	68.8%
Non-Same Store 2Q24	538	237,766	27,634,059	$15.95	73.0%

Same Store Pool Held Constant for Prior Periods
Same Store 2Q26	903	320,815	30,897,753	$17.88	90.5%
Same Store 2Q25	893	319,259	29,403,609	$17.20	94.1%
Same Store 2Q24	841	280,943	25,979,561	$16.55	95.0%

Non-Same Store 2Q26	693	297,322	40,269,004	$16.28	65.2%
Non-Same Store 2Q25	611	286,905	35,095,383	$16.22	69.9%
Non-Same Store 2Q24	602	295,463	32,422,073	$16.10	75.8%

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 2025.
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


		September 30,		March 31,
		2025		2025
		(Unaudited)
		(In thousands)
ASSETS
Cash and cash equivalents	$	1,082,820	$	988,828
Trade receivables and reinsurance recoverables, net		175,634		230,716
Inventories and parts		176,138		163,132
Prepaid expenses		316,220		282,406
Fixed maturity securities available-for-sale, net, at fair value		2,494,429		2,479,498
Equity securities, at fair value		62,972		65,549
Investments, other		679,472		678,254
Deferred policy acquisition costs, net		119,117		121,729
Other assets		139,617		126,732
Right of use assets - financing, net		62,636		138,698
Right of use assets - operating, net		41,812		46,025
Related party assets		46,612		45,003

Property, plant and equipment, at cost:
Land		1,846,211		1,812,820
Buildings and improvements		10,095,592		9,628,271
Furniture and equipment		1,061,416		1,047,414
Rental trailers and other rental equipment		1,132,107		1,046,135
Rental trucks		8,272,598		7,470,039
		22,407,924		21,004,679
Less: Accumulated depreciation		(6,376,984)		(5,892,079)
Total property, plant and equipment, net		16,030,940		15,112,600
Total assets	$	21,428,419	$	20,479,170
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	869,740	$	820,900
Notes, loans and finance leases payable, net		7,694,640		7,193,857
Operating lease liabilities		42,613		46,973
Policy benefits and losses, claims and loss expenses payable		900,302		857,521
Liabilities from investment contracts		2,518,603		2,511,422
Other policyholders' funds and liabilities		5,923		7,539
Deferred income		55,847		52,895
Deferred income taxes, net		1,572,864		1,489,920
Total liabilities		13,660,532		12,981,027

Common stock		10,497		10,497
Non-voting common stock		176		176
Additional paid-in capital		462,548		462,548
Accumulated other comprehensive loss		(189,804)		(229,314)
Retained earnings		8,162,120		7,931,886
Cost of common stock in treasury, net		(525,653)		(525,653)
Cost of preferred stock in treasury, net		(151,997)		(151,997)
Total stockholders' equity		7,767,887		7,498,143
Total liabilities and stockholders' equity	$	21,428,419	$	20,479,170

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


		Quarter Ended September 30,
		2025		2024
		(Unaudited)
		(In thousands, except share and per share data)
Revenues:
Self-moving equipment rental revenues	$	1,110,477	$	1,087,348
Self-storage revenues		246,299		224,519
Self-moving and self-storage products and service sales		89,829		87,763
Property management fees		9,621		9,586
Life insurance premiums		18,370		20,488
Property and casualty insurance premiums		28,272		25,767
Net investment and interest income		40,022		37,794
Other revenue		177,032		164,843
Total revenues		1,719,922		1,658,108

Costs and expenses:
Operating expenses		909,542		891,073
Commission expenses		121,811		119,008
Cost of product sales		67,625		62,250
Benefits and losses		48,178		44,392
Amortization of deferred policy acquisition costs		4,962		4,439
Lease expense		5,071		4,729
Depreciation, net of (gains) losses on disposals		340,608		227,270
Net (gains) losses on disposal of real estate		4,531		2,991
Total costs and expenses		1,502,328		1,356,152

Earnings from operations		217,594		301,956
Other components of net periodic benefit costs		(345)		(372)
Other interest income		10,015		16,131
Interest expense		(90,305)		(71,498)
Pretax earnings		136,959		246,217
Income tax expense		(31,409)		(59,419)
Earnings available to common stockholders	$	105,550	$	186,798
Basic and diluted earnings per share of Common Stock	$	0.49	$	0.91
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788		19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock	$	0.54	$	0.96
Weighted average shares outstanding of Series N 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,
		2025		2024
		(Unaudited)
		(In thousands, except share and per share data)
Revenues:
Self-moving equipment rental revenues	$	2,168,750	$	2,101,680
Self-storage revenues		480,536		440,256
Self-moving and self-storage products and service sales		188,017		184,354
Property management fees		19,203		19,081
Life insurance premiums		37,539		41,228
Property and casualty insurance premiums		50,010		46,996
Net investment and interest income		75,233		74,919
Other revenue		331,104		298,084
Total revenues		3,350,392		3,206,598

Costs and expenses:
Operating expenses		1,736,291		1,680,830
Commission expenses		238,548		231,579
Cost of product sales		139,830		128,264
Benefits and losses		93,360		88,398
Amortization of deferred policy acquisition costs		9,879		9,085
Lease expense		9,945		10,334
Depreciation, net of (gains) losses on disposals		644,617		443,815
Net (gains) losses on disposal of real estate		2,914		6,095
Total costs and expenses		2,875,384		2,598,400

Earnings from operations		475,008		608,198
Other components of net periodic benefit costs		(691)		(744)
Other interest income		20,684		34,366
Interest expense		(172,635)		(138,716)
Fees on early extinguishment of debt		(26)		(495)
Pretax earnings		322,340		502,609
Income tax expense		(74,459)		(120,394)
Earnings available to common stockholders	$	247,881	$	382,215
Basic and diluted earnings per share of Common Stock	$	1.17	$	1.86
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788		19,607,788
Basic and diluted earnings per share of Series N Non-Voting Common Stock	$	1.27	$	1.96
Weighted average shares outstanding of Series N 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 than the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.

Our undistributed earnings per share were 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 was added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process was 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, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:


		For the Quarter Ended
		September 30,
		2025		2024
		(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	$	105,550	$	186,798
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(8,823)		(8,823)
Undistributed earnings available to common stockholders	$	96,727	$	177,975
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	9,673	$	17,798

Undistributed earnings per share of Voting Common Stock	$	0.49	$	0.91
Dividends declared per share of Voting Common Stock	$	-	$	-
Basic and diluted earnings per share of Voting Common Stock	$	0.49	$	0.91


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	$	105,550	$	186,798
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(8,823)		(8,823)
Undistributed earnings available to common stockholders	$	96,727	$	177,975
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	87,054	$	160,178

Undistributed earnings per share of Non-Voting Common Stock	$	0.49	$	0.91
Dividends declared per share of Non-Voting Common Stock	$	0.05	$	0.05
Basic and diluted earnings per share of Non-Voting Common Stock	$	0.54	$	0.96

The calculation of basic and diluted earnings per share for the first six months ended September 30, 2025 and 2024 for our Voting Common Stock and Non-Voting Common Stock were as follows:


		For the Six Months Ended
		September 30,
		2025		2024
		(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	$	247,881	$	382,215
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(17,647)		(17,647)
Undistributed earnings available to common stockholders	$	230,234	$	364,568
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	23,023	$	36,457

Undistributed earnings per share of Voting Common Stock	$	1.17	$	1.86
Dividends declared per share of Voting Common Stock	$	-	$	-
Basic and diluted earnings per share of Voting Common Stock	$	1.17	$	1.86


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	$	247,881	$	382,215
Voting Common Stock dividends declared		-		-
Non-Voting Common Stock dividends declared		(17,647)		(17,647)
Undistributed earnings available to common stockholders	$	230,234	$	364,568
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	207,211	$	328,111

Undistributed earnings per share of Non-Voting Common Stock	$	1.17	$	1.86
Dividends declared per share of Non-Voting Common Stock	$	0.10	$	0.10
Basic and diluted earnings per share of Non-Voting Common Stock	$	1.27	$	1.96

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, 2025 and March 31, 2025, 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,
						2025		2025
		September 30,		ROU Assets		Property, Plant and Equipment		Property, Plant and Equipment
		2025		Financing		Adjusted		Adjusted
		(Unaudited)
		(In thousands)

Property, plant and equipment, at cost
Land	$	1,846,211	$	-	$	1,846,211	$	1,812,820
Buildings and improvements		10,095,592		-		10,095,592		9,628,271
Furniture and equipment		1,061,416		61		1,061,477		1,047,475
Rental trailers and other rental equipment		1,132,107		24,343		1,156,450		1,104,206
Rental trucks		8,272,598		149,219		8,421,817		7,779,514
Subtotal		22,407,924		173,623		22,581,547		21,372,286
Less: Accumulated depreciation		(6,376,984)		(110,987)		(6,487,971)		(6,120,988)
Total property, plant and equipment, net	$	16,030,940	$	62,636	$	16,093,576	$	15,251,298


						March 31,
						2025
		March 31,		ROU Assets		Property, Plant and Equipment
		2025		Financing		Adjusted
		(Unaudited)
		(In thousands)
Property, plant and equipment, at cost
Land	$	1,812,820	$	-	$	1,812,820
Buildings and improvements		9,628,271		-		9,628,271
Furniture and equipment		1,047,414		61		1,047,475
Rental trailers and other rental equipment		1,046,135		58,071		1,104,206
Rental trucks		7,470,039		309,475		7,779,514
Subtotal		21,004,679		367,607		21,372,286
Less: Accumulated depreciation		(5,892,079)		(228,909)		(6,120,988)
Total property, plant and equipment, net	$	15,112,600	$	138,698	$	15,251,298

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 supplement the transparency of the Company's disclosures and provides 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 supplements 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 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
		September 30,		June 30,		March 31,		December 31,		September 30,
		2025		2025		2025		2024		2024

Net earnings available to common stockholders	$	232,756	$	314,004	$	367,090	$	448,518	$	480,576
Income tax expense		48,448		76,156		94,747		137,940		148,743
Fees on early extinguishment of debt and costs of defeasance		26		26		495		495		495
Interest expense		330,192		311,609		296,721		280,487		271,359
Other interest income		(45,759)		(51,899)		(59,489)		(87,303)		(99,292)
Other components of net periodic benefit costs		1,435		1,462		1,488		1,480		1,473
Net (gains) losses on disposal of real estate		12,577		11,037		15,758		12,047		11,273
Depreciation, net of (gains) losses on disposals		1,158,986		1,045,648		958,184		888,253		815,810
Elimination of net earnings from insurance subsidiaries		(56,761)		(57,766)		(55,280)		(67,771)		(64,041)
Adjusted EBITDA	$	1,681,900	$	1,650,277	$	1,619,714	$	1,614,146	$	1,566,396

The table below presents the reconciliation of the second quarter adjusted EBITDA measures to its most directly comparable GAAP measures.


Moving and Storage EBITDA Calculations
(In thousands, unaudited)		Quarters Ended
		September 30,		September 30,
		2025		2024

Net earnings available to common stockholders	$	105,550	$	186,798
Income tax expense		27,324		55,032
Fees on early extinguishment of debt and costs of defeasance		-		-
Interest expense		90,333		71,750
Other interest income		(10,111)		(16,251)
Other components of net periodic benefit costs		345		372
Net (gains) losses on disposal of real estate		4,531		2,991
Depreciation, net of (gains) losses on disposals		340,608		227,270
Elimination of net earnings from insurance subsidiaries		(16,001)		(17,006)
Adjusted EBITDA	$	542,579	$	510,956

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