“Hertz sits on a stronger foundation today than we did one year ago,” said Gil West, Chief Executive Officer of Hertz. “In the fourth quarter, we delivered measurable progress and our strongest year-over-year revenue performance in nearly two years, despite a complex environment. We achieved a $2 billion improvement in profitability in our first full year under the Back-to-Basics strategy, driven by meaningful gains in revenue, utilization, unit economics, and customer experience.”
“With a healthier fleet and improving residual performance, we are building from a position of strength and have begun to expand retail and mobility capabilities bolstering the Hertz platform. Spanning Rent-A-Car, Service, Fleet, and Mobility, we believe these businesses will generate value well beyond traditional rental, and ultimately redefine the role Hertz plays in the future of mobility.”
ESTERO, Fla.–(BUSINESS WIRE)–Hertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz,” “Hertz Global,” or the “Company”) today reported results for its fourth quarter and full year 2025.
Q4 AND FULL YEAR 2025 HIGHLIGHTS
- Revenue totaled $2.0 billion in the fourth quarter and $8.5 billion for full-year 2025, reflecting sequential improvement in pricing and resulting in Hertz’s strongest year-over-year revenue performance since Q1 2024.
- Year-over-year Revenue per Unit (RPU) and Revenue Per Day (RPD) metrics improved sequentially through 2025. This momentum has continued into Q1 2026 as the Company expects to deliver mid-single digit revenue growth, driven by continued progress on internal revenue management initiatives and a positive industry pricing environment.
- Profitability improved more than $2 billion year over year, with net loss totaling $194 million in Q4 and $747 million for the full year; Diluted EPS showed a significant year-over-year improvement, landing at $(0.72) for the quarter and $(2.43) for 2025.
- Adjusted Corporate EBITDA for Q4 was $(205) million, an improvement of approximately $150 million year-over-year. This includes more than a $100 million impact from several transitory headwinds. Full year Adjusted Corporate EBITDA was $(339) million, an improvement of more than $1 billion year over year as revenue optimization, utilization gains, and cost controls took hold.
- Utilization was 78% in the fourth quarter and averaged 81% for the full year, a year-over-year improvement of 200 basis points, driving improved RPU.
- Depreciation per Unit per Month (DPU) was $330 in Q4 and $300 for the full year, representing a year-over-year improvement of 44%, supported by disciplined fleet rotation. Depreciation was weighed down by an approximately $60 million non-cash charge driven by a revised third party forecast of residual values.
- Q4 adjusted Direct Operating Expense (DOE) per transaction day improved by 6% year over year through rigorous cost control and operational discipline. DOE declined 3% year over year in the fourth quarter and 4% for the full year while Transaction Days declined 1% and 3% respectively.
- Customer experience continued to improve in 2025, with Net Promoter Score increasing nearly 50% year-over-year, reflecting measurable gains in rental ease, fleet quality, and service reliability.
- Hertz ended the fourth quarter with approximately $1.5 billion of liquidity and potential access to more than $1 billion of liquidity enhancements.
Transitory Q4 Headwinds
A number of compounding external events impacted EBITDA in the fourth quarter by more than $100 million. This included a government shutdown coupled with FAA flight cancellations, multiple technology vendor outages, and a nearly 3 times higher than normal level of vehicles on recall.
DPU was in line with the Company’s full-year North Star target, but above its quarterly target due to a revised Black Book residual outlook and softer seasonal wholesale pricing amid elevated OEM and rental de-fleeting activity. This resulted in an approximately $60 million non-cash depreciation charge. Looking ahead, the Company sees a more normalized residual value outlook for 2026.
Excluding these items, our core EBITDA production was in line with our expectations, reflecting continued progress on our revenue and cost initiatives.
2025 Summary
2025 was a critical year in the Hertz transformation, and underscored that the structural improvements the Company is making are permanent while the headwinds it faces are transitory. The traditional rental car business is improving, guided by its North Star metrics of DPU sub $300, RPU over $1,500, and DOE per transaction day in the low $30s.
Over the course of the year, Hertz completed its fleet rotation and successfully secured model year 2026 buys at its target prices and volumes. This enabled model year 2025 sales through Hertz Car Sales, continuing the Company’s short-hold strategy and introducing a richer, more optimized car-class mix to its fleet. Hertz’s average fleet age was less than ten months and the lowest its been in almost a decade.
Through these actions, Hertz achieved a full year EBITDA improvement of more than $1 billion year over year. The Company drove sequential improvements in revenue, RPU, and RPD, while also improving utilization and driving DPU down in line with the North Star target. Hertz also brought DOE per transaction day down despite lower volumes and saw a nearly 50% improvement in customer satisfaction – a result of an intentional effort to improve operations and customer experience.
Q1 2026 Insights
Hertz’s early first quarter performance indicates that its commercial strategy continues to deliver sustained value in 2026. January revenue results show meaningful improvement year over year, with February trending more positively and March continuing that trajectory. The Company expects a mid-single digit increase in revenue for the quarter, supported by a constructive demand environment and increased year-over-year RPD. With respect to the fleet, the Company also sees signs that residual values are improving from Q4’s seasonal lows. Looking ahead to the rest of the year, the Company remains focused on growing the off-airport and mobility business and accelerating revenue growth while staying disciplined on costs.
Platform for Growth
The Company is building on the transformation of the core rental car business by establishing a diversified, value-creating platform for growth. This platform spans four strategic areas – Rent-a-Car, Service, Fleet, and Mobility – each with unique potential to scale. The Company is focused on developing capabilities across its platform, including continuing the digital evolution of Hertz Car Sales in Fleet, exploring growth and franchise opportunities in Rent-a-Car, piloting new offerings in Service, and expanding revenue channels, assets, and capabilities in Mobility.
EARNINGS WEBCAST INFORMATION
Hertz Global’s live webcast and conference call to discuss its fourth quarter and full year 2025 results will be held on February 26, 2026 at 9:00 a.m. Eastern Time. The conference call will be broadcast live in listen-only mode on the Company’s Investor Relations website at IR.Hertz.com. If you would like to access the call by phone and ask a question, please go to https://events.q4inc.com/analyst/447223111?pwd=dj5kBgTF, and you will be provided with dial in details. Investors are encouraged to dial in approximately 15 minutes prior to the call. A web replay will remain available on the website for approximately one year. The earnings release and related supplemental schedules containing the reconciliations of non-GAAP measures will be available on the Hertz website, IR.Hertz.com.
ABOUT HERTZ
Hertz Global Holdings, Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly vehicle rental brands, with approximately 11,000 rental locations in 160 countries around the globe. The Company also operates the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the United States, and the Hertz 24/7 car-sharing business in Europe. For more information about Hertz, visit www.hertz.com.
|
SUMMARY RESULTS |
|||||||||
|
|
Three Months Ended |
|
Percent |
||||||
|
($ in millions, except earnings per share or where noted) |
|
2025 |
|
|
|
2024 |
|
|
|
|
Hertz Global – Consolidated |
|
|
|
|
|
||||
|
Total revenues |
$ |
2,028 |
|
|
$ |
2,040 |
|
|
(1)% |
|
Net income (loss) |
$ |
(194 |
) |
|
$ |
(479 |
) |
|
(59)% |
|
Diluted earnings (loss) per share |
$ |
(0.72 |
) |
|
$ |
(1.56 |
) |
|
(54)% |
|
Net income (loss) margin |
|
(10 |
)% |
|
|
(23 |
)% |
|
|
|
Adjusted net income (loss)(a) |
$ |
(252 |
) |
|
$ |
(362 |
) |
|
(30)% |
|
Adjusted diluted earnings (loss) per share(a) |
$ |
(0.63 |
) |
|
$ |
(1.18 |
) |
|
(47)% |
|
Adjusted Corporate EBITDA(a) |
$ |
(205 |
) |
|
$ |
(357 |
) |
|
(43)% |
|
Adjusted Corporate EBITDA Margin(a) |
|
(10 |
)% |
|
|
(18 |
)% |
|
|
|
|
|
|
|
|
|
||||
|
Average Vehicles (in whole units) |
|
516,867 |
|
|
|
532,884 |
|
|
(3)% |
|
Average Rentable Vehicles (in whole units) |
|
498,120 |
|
|
|
497,875 |
|
|
—% |
|
Vehicle Utilization |
|
78 |
% |
|
|
79 |
% |
|
|
|
Transaction Days (in thousands) |
|
35,804 |
|
|
|
35,998 |
|
|
(1)% |
|
Total RPD (in dollars)(b) |
$ |
55.67 |
|
|
$ |
56.27 |
|
|
(1)% |
|
Total RPU Per Month (in whole dollars)(b) |
$ |
1,334 |
|
|
$ |
1,356 |
|
|
(2)% |
|
Depreciation Per Unit Per Month (in whole dollars)(b) |
$ |
330 |
|
|
$ |
418 |
|
|
(21)% |
|
Adjusted DOE per Transaction Day (in dollars)(b) |
$ |
36.39 |
|
|
$ |
38.81 |
|
|
(6)% |
|
|
|
|
|
|
|
||||
|
Americas RAC Segment |
|
|
|
|
|
||||
|
Total revenues |
$ |
1,621 |
|
|
$ |
1,669 |
|
|
(3)% |
|
Adjusted EBITDA |
$ |
(128 |
) |
|
$ |
(297 |
) |
|
(57)% |
|
Adjusted EBITDA Margin |
|
(8 |
)% |
|
|
(18 |
)% |
|
|
|
|
|
|
|
|
|
||||
|
Average Vehicles (in whole units) |
|
415,264 |
|
|
|
432,909 |
|
|
(4)% |
|
Average Rentable Vehicles (in whole units) |
|
398,106 |
|
|
|
399,927 |
|
|
—% |
|
Vehicle Utilization |
|
79 |
% |
|
|
80 |
% |
|
|
|
Transaction Days (in thousands) |
|
28,857 |
|
|
|
29,298 |
|
|
(2)% |
|
Total RPD (in dollars)(b) |
$ |
56.11 |
|
|
$ |
56.89 |
|
|
(1)% |
|
Total RPU Per Month (in whole dollars)(b) |
$ |
1,356 |
|
|
$ |
1,389 |
|
|
(2)% |
|
Depreciation Per Unit Per Month (in whole dollars)(b) |
$ |
346 |
|
|
$ |
458 |
|
|
(24)% |
|
Adjusted DOE per Transaction Day (in dollars)(b) |
$ |
36.94 |
|
|
$ |
39.73 |
|
|
(7)% |
|
|
|
|
|
|
|
||||
|
International RAC Segment |
|
|
|
|
|
||||
|
Total revenues |
$ |
407 |
|
|
$ |
371 |
|
|
10% |
|
Adjusted EBITDA |
$ |
(1 |
) |
|
$ |
1 |
|
|
NM |
|
Adjusted EBITDA Margin |
|
— |
% |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
||||
|
Average Vehicles (in whole units) |
|
101,603 |
|
|
|
99,975 |
|
|
2% |
|
Average Rentable Vehicles (in whole units) |
|
100,013 |
|
|
|
97,948 |
|
|
2% |
|
Vehicle Utilization |
|
75 |
% |
|
|
74 |
% |
|
|
|
Transaction Days (in thousands) |
|
6,948 |
|
|
|
6,700 |
|
|
4% |
|
Total RPD (in dollars)(b) |
$ |
53.89 |
|
|
$ |
53.57 |
|
|
1% |
|
Total RPU Per Month (in whole dollars)(b) |
$ |
1,248 |
|
|
$ |
1,221 |
|
|
2% |
|
Depreciation Per Unit Per Month (in whole dollars)(b) |
$ |
263 |
|
|
$ |
241 |
|
|
9% |
|
Adjusted DOE per Transaction Day (in dollars)(b) |
$ |
34.54 |
|
|
$ |
34.78 |
|
|
(1)% |
| NM = Not meaningful | ||
|
(a) |
Represents a non-GAAP measure. See the accompanying reconciliations included in Supplemental Schedule II for 2025 and 2024. |
|
|
(b) |
Based on December 31, 2024 foreign exchange rates. |
|
UNAUDITED FINANCIAL DATA, SUPPLEMENTAL SCHEDULES, NON-GAAP MEASURES AND DEFINITIONS
In this earnings release, we include select unaudited financial data of Hertz Global, Supplemental Schedules, which are provided to present segment results, and reconciliations of non-GAAP measures to their most comparable GAAP measures. Following the Supplemental Schedules, the Company provides definitions for terminology used throughout the earnings release and the Company’s rationale regarding the importance and usefulness of non-GAAP measures for investors and management.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained or incorporated by reference in this release, and in related comments by the Company’s management, include “forward-looking statements.” Forward-looking statements are identified by words such as “believe,” “expect,” “project,” “potential,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may,” “would,” “should,” “could,” “forecasts,” “guidance” or similar expressions, and include information concerning our liquidity, our results of operations, our business strategies, economic and industry conditions and other information. These forward-looking statements are based on certain assumptions that the Company has made in light of its experience in the industry, as well as its perceptions of historical trends, current conditions, expected future developments and other factors. The Company believes these judgments are reasonable, but you should understand that these forward-looking statements are not guarantees of future performance or results, and that the Company’s actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports, such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed or furnished to the SEC.
Important factors that could affect the Company’s actual results and cause them to differ materially from those expressed in forward-looking statements include, among other things.
- mix of program and non-program vehicles in the Company’s fleet, which can lead to increased exposure to residual value risk upon disposition;
- the potential for residual values associated with non-program vehicles in the Company’s fleet to decline, including suddenly or unexpectedly, or fail to follow historical seasonal patterns;
- the Company’s ability to purchase adequate supplies of competitively priced vehicles at a reasonable cost in order to efficiently service rental demand, including upon any disruptions in the global supply chain;
- the Company’s ability to effectively dispose of vehicles, at the times and through the channels, that maximize the Company’s returns;
- the age of the Company’s fleet, and its impact on vehicle carrying costs, customer service scores, as well as on the Company’s ability to sell vehicles at acceptable prices and times;
- disruptions in the supply chain, including in connection with any increases in tariffs or changes in tariff policies or trade agreements;
- whether a manufacturer of the Company’s program vehicle fulfills its repurchase obligations;
- the frequency or extent of manufacturer safety recalls;
- levels of travel demand, particularly business and leisure travel in the U.S. and in global markets;
- seasonality and other occurrences that disrupt rental activity during the Company’s peak periods, including in critical geographies;
- the Company’s ability to accurately estimate future levels of rental activity and adjust the number, location and mix of vehicles used in the Company’s rental operations accordingly;
- the Company’s ability to implement its business strategy or strategic transactions, including the Company’s ability to implement plans to support a modern mobility ecosystem;
- the Company’s ability to achieve cost savings and normalized depreciation levels, as well as revenue enhancements from its profitability initiatives and other operational programs;
- the Company’s ability to adequately respond to changes in technology impacting the mobility industry;
- significant changes in the competitive environment and the effect of competition in the Company’s markets on rental volume and pricing;
- the Company’s reliance on third-party distribution channels and related prices, commission structures and transaction volumes;
- the Company’s ability to offer services for a favorable customer experience, and to retain and develop customer loyalty and market share;
- the Company’s ability to maintain its network of leases and vehicle rental concessions at airports and other key locations in the U.S. and internationally;
- the Company’s ability to maintain favorable brand recognition and a coordinated branding and portfolio strategy;
- the Company’s ability to attract and retain effective front-line employees, senior management and other key employees;
- the Company’s ability to effectively manage its union relations and labor agreement negotiations;
- the Company’s ability to manage and respond to cybersecurity threats and cyber attacks on the Company’s information technology systems or those of the Company’s third-party providers;
- the Company’s ability, and that of the Company’s key third-party partners, to prevent the misuse or theft of information the Company possesses, including as a result of cyber attacks and other security threats;
- the Company’s ability to evaluate, maintain, upgrade and consolidate its information technology systems;
- the Company’s ability to comply with current and future laws and regulations in the U.S. and internationally regarding data protection, data security and privacy risks;
- risks associated with operating in many different countries, including the risk of a violation or alleged violation of applicable anti-corruption or anti-bribery laws and the Company’s ability to repatriate cash from non-U.S. affiliates without adverse tax consequences;
- risks relating to tax laws and those tax laws that affect the Company’s ability to recapture accelerated tax depreciation and expensing, as well as any adverse determinations or rulings by tax authorities;
- the Company’s ability to utilize its net operating loss carryforwards;
- the Company’s exposure to uninsured liabilities relating to personal injury, death and property damage, or otherwise, including material litigation;
- the potential for adverse changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, including those related to environmental matters, optional insurance products or policies, franchising and licensing matters, the ability to pass-through rental car related expenses or taxes, among others, that affect the Company’s operations, the Company’s costs or applicable tax rates;
- the risk of an impairment of the Company’s long-lived assets, which risk could be impacted by, among other things, the timing of our fleet rotation;
- the Company’s ability to recover its goodwill and indefinite-lived intangible assets when performing impairment analysis;
- the potential for changes in management’s best estimates and assessments;
- the Company’s ability to maintain an effective compliance program;
- the availability of earnings and funds from the Company’s subsidiaries;
- the Company’s ability to comply, and the cost and burden of complying, with corporate and social responsibility regulations or expectations of stakeholders, and otherwise advance the Company’s corporate responsibility priorities;
- the availability of additional, or continued sources, of financing at acceptable rates for the Company’s revenue earning vehicles and to refinance the Company’s existing indebtedness, and the Company’s ability to comply with the covenants in the agreements governing its indebtedness;
- the extent to which the Company’s consolidated assets secure its outstanding indebtedness;
- volatility in the Company’s share price, the Company’s ownership structure and certain provisions of the Company’s charter documents, which could, among other things, negatively affect the market price of the Company’s common stock;
- the Company’s ability to implement an effective business continuity plan to protect the business in exigent circumstances;
- the Company’s ability to effectively maintain effective internal control over financial reporting; and
- the Company’s ability to execute strategic transactions.
Additional information concerning these and other factors can be found in the Company’s filings with the SEC, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company, or persons acting on its behalf, are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date of this release, and, except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
|
UNAUDITED FINANCIAL INFORMATION |
|||||||||||||||
|
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
|
|
|||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
(In millions, except per share data) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Revenues |
$ |
2,028 |
|
|
$ |
2,040 |
|
|
$ |
8,504 |
|
|
$ |
9,049 |
|
|
Expenses: |
|
|
|
|
|
|
|
||||||||
|
Direct vehicle and operating |
|
1,367 |
|
|
|
1,413 |
|
|
|
5,489 |
|
|
|
5,689 |
|
|
Depreciation of revenue earning vehicles and lease charges, net |
|
520 |
|
|
|
670 |
|
|
|
1,927 |
|
|
|
3,611 |
|
|
Depreciation and amortization of non-vehicle assets |
|
29 |
|
|
|
32 |
|
|
|
117 |
|
|
|
139 |
|
|
Selling, general and administrative |
|
251 |
|
|
|
225 |
|
|
|
957 |
|
|
|
819 |
|
|
Interest expense, net: |
|
|
|
|
|
|
|
||||||||
|
Vehicle |
|
155 |
|
|
|
143 |
|
|
|
608 |
|
|
|
590 |
|
|
Non-vehicle |
|
24 |
|
|
|
117 |
|
|
|
469 |
|
|
|
369 |
|
|
Total interest expense, net |
|
179 |
|
|
|
260 |
|
|
|
1,077 |
|
|
|
959 |
|
|
Other (income) expense, net |
|
(5 |
) |
|
|
2 |
|
|
|
(3 |
) |
|
|
4 |
|
|
(Gain) on sale of non-vehicle capital assets |
|
(16 |
) |
|
|
— |
|
|
|
(144 |
) |
|
|
— |
|
|
Legal settlement |
|
— |
|
|
|
— |
|
|
|
(154 |
) |
|
|
— |
|
|
Bankruptcy-related litigation reserve |
|
12 |
|
|
|
4 |
|
|
|
24 |
|
|
|
292 |
|
|
Long-Lived Assets impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,048 |
|
|
Change in fair value of Public Warrants |
|
(86 |
) |
|
|
(3 |
) |
|
|
44 |
|
|
|
(275 |
) |
|
Total expenses |
|
2,251 |
|
|
|
2,603 |
|
|
|
9,334 |
|
|
|
12,286 |
|
|
Income (loss) before income taxes |
|
(223 |
) |
|
|
(563 |
) |
|
|
(830 |
) |
|
|
(3,237 |
) |
|
Income tax (provision) benefit |
|
29 |
|
|
|
84 |
|
|
|
83 |
|
|
|
375 |
|
|
Net income (loss) |
$ |
(194 |
) |
|
$ |
(479 |
) |
|
$ |
(747 |
) |
|
$ |
(2,862 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
||||||||
|
Basic |
|
312 |
|
|
|
307 |
|
|
|
310 |
|
|
|
306 |
|
|
Diluted |
|
399 |
|
|
|
307 |
|
|
|
322 |
|
|
|
306 |
|
|
Earnings (loss) per share: |
|
|
|
|
|
|
|
||||||||
|
Basic |
$ |
(0.62 |
) |
|
$ |
(1.56 |
) |
|
$ |
(2.41 |
) |
|
$ |
(9.34 |
) |
|
Diluted |
$ |
(0.72 |
) |
|
$ |
(1.56 |
) |
|
$ |
(2.43 |
) |
|
$ |
(9.34 |
) |
|
UNAUDITED CONSOLIDATED BALANCE SHEETS |
|||||||
|
(In millions, except par value and share data) |
December 31, |
|
December 31, |
||||
|
ASSETS |
|
|
|
||||
|
Cash and cash equivalents |
$ |
565 |
|
|
$ |
592 |
|
|
Restricted cash and cash equivalents: |
|
|
|
||||
|
Vehicle |
|
317 |
|
|
|
258 |
|
|
Non-vehicle |
|
285 |
|
|
|
283 |
|
|
Total restricted cash and cash equivalents |
|
602 |
|
|
|
541 |
|
|
Total cash and cash equivalents and restricted cash and cash equivalents |
|
1,167 |
|
|
|
1,133 |
|
|
Receivables: |
|
|
|
||||
|
Vehicle |
|
381 |
|
|
|
389 |
|
|
Non-vehicle, net of allowance of $91 and $58, respectively |
|
729 |
|
|
|
816 |
|
|
Total receivables, net |
|
1,110 |
|
|
|
1,205 |
|
|
Prepaid expenses and other assets |
|
782 |
|
|
|
894 |
|
|
Revenue earning vehicles: |
|
|
|
||||
|
Vehicles |
|
14,039 |
|
|
|
12,714 |
|
|
Less: accumulated depreciation |
|
(1,513 |
) |
|
|
(751 |
) |
|
Total revenue earning vehicles, net |
|
12,526 |
|
|
|
11,963 |
|
|
Property and equipment, net |
|
566 |
|
|
|
623 |
|
|
Operating lease right-of-use assets |
|
2,257 |
|
|
|
2,088 |
|
|
Intangible assets, net |
|
2,858 |
|
|
|
2,852 |
|
|
Goodwill |
|
1,045 |
|
|
|
1,044 |
|
|
Total assets |
$ |
22,311 |
|
|
$ |
21,802 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
|
Accounts payable: |
|
|
|
||||
|
Vehicle |
$ |
342 |
|
|
$ |
161 |
|
|
Non-vehicle |
|
517 |
|
|
|
481 |
|
|
Total accounts payable |
|
859 |
|
|
|
642 |
|
|
Accrued liabilities |
|
1,231 |
|
|
|
1,174 |
|
|
Accrued taxes, net |
|
131 |
|
|
|
158 |
|
|
Debt: |
|
|
|
||||
|
Vehicle |
|
11,629 |
|
|
|
11,231 |
|
|
Non-vehicle |
|
5,425 |
|
|
|
5,104 |
|
|
Total debt |
|
17,054 |
|
|
|
16,335 |
|
|
Public Warrants |
|
222 |
|
|
|
178 |
|
|
Operating lease liabilities |
|
2,275 |
|
|
|
2,073 |
|
|
Self-insured liabilities |
|
648 |
|
|
|
617 |
|
|
Deferred income taxes, net |
|
350 |
|
|
|
472 |
|
|
Total liabilities |
|
22,770 |
|
|
|
21,649 |
|
|
Commitments and contingencies |
|
|
|
||||
|
Stockholders’ equity: |
|
|
|
||||
|
Preferred stock, $0.01 par value, no shares issued and outstanding |
|
— |
|
|
|
— |
|
|
Common stock, $0.01 par value, 486,543,836 and 481,502,623 shares issued, respectively, and 311,731,792 and 306,690,579 shares outstanding, respectively |
|
5 |
|
|
|
5 |
|
|
Treasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively |
|
(3,430 |
) |
|
|
(3,430 |
) |
|
Additional paid-in capital |
|
6,447 |
|
|
|
6,396 |
|
|
Retained earnings (Accumulated deficit) |
|
(3,249 |
) |
|
|
(2,502 |
) |
|
Accumulated other comprehensive income (loss) |
|
(232 |
) |
|
|
(316 |
) |
|
Total stockholders’ equity (deficit) |
|
(459 |
) |
|
|
153 |
|
|
Total liabilities and stockholders’ equity (deficit) |
$ |
22,311 |
|
|
$ |
21,802 |
|
Contacts
Hertz Investor Relations:
[email protected]
Hertz Media Relations:
[email protected]
