U-Haul Holding's biggest risks in the FY2025 10-K
- U-Haul relies heavily on Ford and GM for rental trucks and a massive independent dealer network for revenue.
The risks most specific to U-Haul Holding
- Risks Related to our Business and Operations
Our fleet rotation program can be adversely affected by financial market conditions
Our fleet rotation program can be hurt by financial market conditions impacting box trucks, cargo vans, pickups, and trailers.
- Risks Related to our Business and Operations
We obtain our rental trucks from a limited number of manufacturers
We buy the majority of our rental trucks from Ford Motor Company and General Motors Corporation, exposing us to production cuts.
- Risks Related to our Business and Operations
A significant portion of our revenues are generated through third parties
Just under half of our fiscal 2025 U-Move rental revenue originated from over 21,600 independent equipment rental dealers.
- Risks Related to our Business and Operations
Existing and future laws or regulations favoring electric, autonomous, and connected vehicles may negatively impact the composition of our fleet and negatively affect our business and results of operations
Regulations favoring electric, autonomous, and connected vehicles could require costly infrastructure improvements and increase truck acquisition costs.
- Risks Related to our Business and Operations
We face liability risks associated with the operation of our rental fleet, sales of our products, and operation of our locations
We face liability claims for property damage, personal injury, and death from our moving centers, truck rentals, and propane refilling.
- Risks Related to our Industry
A.M. Best financial strength ratings are crucial to our life insurance business
A.M. Best revised the financial strength rating outlook for Oxford and Christian Fidelity Life Insurance Company to negative from stable.
- Risks Related to our Organization
A majority of our Voting Common Stock is owned by a small contingent of stockholders
Willow Grove Holdings LP, Edward J. Shoen, and Mark V. Shoen own approximately 50.1 percent of our Voting Common Stock.
- Risks Related to Legal, Regulatory and Compliance
As our U-Box operations increasingly provide services to customers for moves to countries other than the United States and Canada, we may also be exposed to laws and regulations in those other countries. The need to comply with any such laws or regulations could increase expenses
Our insurance companies are heavily regulated by state insurance departments and the National Association of Insurance Commissioners.
- Risks Related to Legal, Regulatory and Compliance
Potential risks related to our protection of our intellectual property
We protect our brand using trade dress like distinctive orange U-Haul trucks, trailers, U-Boxes, and orange door self-storage units.
All 19 risk factors
Headings as the filing states them, in filing order.
Risks Related to our Business and Operations
- 01Our fleet rotation program can be adversely affected by financial market conditions
- 02We obtain our rental trucks from a limited number of manufacturers
- 03A significant portion of our revenues are generated through third parties
- 04Existing and future laws or regulations favoring electric, autonomous, and connected vehicles may negatively impact the composition of our fleet and negatively affect our business and results of operations
- 05We face liability risks associated with the operation of our rental fleet, sales of our products, and operation of our locations
- 06Cybersecurity incidents are inevitable and disruptions in our information technology systems or a compromise of security with respect to those systems could adversely affect us
- 07We may incur losses due to our reinsurers’ or counterparties’ failure to perform under existing contracts or we may be unable to secure sufficient reinsurance or hedging protection in the future
Risks Related to our Industry
- 08We operate in a highly competitive industry
- 09Economic conditions, including those related to the credit markets, interest rates and inflation, may adversely affect our industry, business and results of operations
- 10A.M. Best financial strength ratings are crucial to our life insurance business
Risks Related to our Financings
- 11place us at a disadvantage compared to our competitors who may have less debt
Risks Related to our Organization
- 12A majority of our Voting Common Stock is owned by a small contingent of stockholders
- 13The trading price for our outstanding Voting Common Stock and Series N Non-Voting Common Stock may be volatile
Risks Related to Legal, Regulatory and Compliance
- 14Our operations subject us to numerous environmental laws and regulations and the possibility that environmental liability in the future could adversely affect our operations
- 15We are highly regulated and changes in existing laws and regulations or violations of existing or future laws and regulations could have a material adverse effect on our operations and profitability
- 16As our U-Box operations increasingly provide services to customers for moves to countries other than the United States and Canada, we may also be exposed to laws and regulations in those other countries. The need to comply with any such laws or regulations could increase expenses
- 17Potential risks related to our protection of our intellectual property
- 18Changes to U.S. tax laws may adversely affect our financial condition or results of operations and create the risk that we may need to adjust our accounting for these changes
- 19Terrorist attacks could negatively impact our operations and profitability and may expose us to liability and reputational damage
Other U-Haul Holding 10-Ks
- FY2026 10-K risk factors24 risks5 new6 reworded
Cybersecurity risks now cover evolving attacks, incident response, personal-data exposure, privacy enforcement, and early disclosure obligations.
Filed May 27, 2026
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.