What the changes say
- Cybersecurity risks now cover evolving attacks, incident response, personal-data exposure, privacy enforcement, and early disclosure obligations.
- Technology disruption, truck recalls, and self-storage development and competition could pressure rental operations and expansion.
- OBBB changes 2026 deductions and deferred taxes; insurance ratings remain A but carry negative outlooks.
What changed since the prior 10-K
New
- NewRisks Related to our Business and Operations
Our response to cybersecurity incidents, our investments in our technology, and our controls, processes, and practices, may not be sufficient to shield us from significant losses or liability
Evolving cyberattacks, including AI-enabled techniques, may defeat U-Haul’s controls, delay incident understanding, and create losses, liability, or premature disclosure obligations.
- NewRisks Related to our Business and Operations
plaintiffs’ counsel or government regulators armed with the benefit of hindsight, we may be required to disclose information about a cybersecurity incident even before we determine whether it was material
Data breaches involving customer or business information could trigger privacy lawsuits, regulatory enforcement, and fines under expanding U.S. and Canadian requirements.
- NewRisks Related to our Industry
Entry into the self-storage business may be accomplished through the acquisition of existing facilities by persons or institutions with the required initial capital
Self-storage expansion faces zoning and environmental hurdles, possible overbuilding, consolidation, and competition from well-capitalized facility owners.
- NewRisks Related to our Industry
The moving and storage industry is experiencing rapid changes in technology
Self-driving vehicles, vehicle sharing, apps, chatbots, and other technologies could change how customers find and manage moving and storage services.
- NewRisks Related to Legal, Regulatory and Compliance
Safety recalls on our trucks may adversely effect our financial condition or results of operations
Truck safety recalls could ground rental vehicles, delay sales, reduce revenue, increase costs, and lower truck residual values.
Reworded
- 79% rewrittenRisks Related to Legal, Regulatory and Compliance
Changes 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
The OBBB now preserves some Tax Reform Act provisions, restores 100% bonus depreciation, permits full U.S. research-expense deduction, and changes interest deductions, creating 2026 taxable losses and higher deferred tax liabilities.
- 56% rewrittenRisks Related to our Business and Operations
Cybersecurity incidents are inevitable and disruptions in our information technology systems or a compromise of security with respect to those systems could adversely affect us
No substantive change; the risk still covers cyberattacks or system failures disrupting operations, customer service, or data security.
- 56% rewrittenRisks Related to our Industry
We operate in a highly competitive industry
The wording now omits “as well” when describing matching competitors’ price cuts; the substance is unchanged.
- 46% rewrittenRisks Related to our Industry
A.M. Best financial strength ratings are crucial to our life insurance business
September 2025 ratings remained A and “a,” but their negative outlook continued; the prior year reported the same ratings and outlook direction.
- 40% rewrittenRisks Related to our Business and Operations
We 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
2025 reinsurance recoverables rose to $0.7 million, ceded reserves fell to $29.9 million, largest reinsurer exposure fell to $18.8 million, and hedge value rose to $26.5 million on $310.1 million notional.
- 33% rewrittenRisks Related to our Business and Operations
A significant portion of our revenues are generated through third parties
The dealer network increased to over 23,000 as of March 31, 2026, while just under half of fiscal 2026 U-Move revenue still came through dealers.
All 24 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 parties33% rewritten
- 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 us56% rewritten
- 07Our response to cybersecurity incidents, our investments in our technology, and our controls, processes, and practices, may not be sufficient to shield us from significant losses or liabilitynew
- 08plaintiffs’ counsel or government regulators armed with the benefit of hindsight, we may be required to disclose information about a cybersecurity incident even before we determine whether it was materialnew
- 09We 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 future40% rewritten
Risks Related to our Industry
- 10We operate in a highly competitive industry56% rewritten
- 11Entry into the self-storage business may be accomplished through the acquisition of existing facilities by persons or institutions with the required initial capitalnew
- 12The moving and storage industry is experiencing rapid changes in technologynew
- 13Economic conditions, including those related to the credit markets, interest rates and inflation, may adversely affect our industry, business and results of operations
- 14A.M. Best financial strength ratings are crucial to our life insurance business46% rewritten
Risks Related to our Financings
- 15place us at a disadvantage compared to our competitors who may have less debt
Risks Related to our Organization
- 16A majority of our Voting Common Stock is owned by a small contingent of stockholders
- 17The 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
- 18Our operations subject us to numerous environmental laws and regulations and the possibility that environmental liability in the future could adversely affect our operations
- 19We 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
- 20As 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
- 21Safety recalls on our trucks may adversely effect our financial condition or results of operationsnew
- 22Potential risks related to our protection of our intellectual property
- 23Changes 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 changes79% rewritten
- 24Terrorist attacks could negatively impact our operations and profitability and may expose us to liability and reputational damage
Other U-Haul Holding 10-Ks
- 2025 10-K risk factors
19 risks. U-Haul relies heavily on Ford and GM for rental trucks and a massive independent dealer network for revenue.
Filed May 29, 2025
About this page
Item 1A of the 10-K on EDGAR was split into its risk factors and, where the company's previous 10-K is on file, each heading was matched to last year's and the text compared word for word. The headings are the filing's own. The one-line readings and the overview were written by a language model from the text of the new, dropped, and rewritten risks; they refer to risks by position and cannot misquote a heading.