“This quarter proves that we’re delivering on our commitments: driving strong results through focused execution and operational discipline,” said Gil West, CEO of Hertz. “Throughout this transformation, we’re rebuilding our foundation while sharpening our skills and capabilities, creating a new platform for growth. Our progress is meaningful, our heads are down, but our eyes are on the horizon as we build a company that can thrive across the full spectrum of mobility.”
ESTERO, Fla,–(BUSINESS WIRE)–Hertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz,” “Hertz Global,” or the “Company”) today reported results for its third quarter 2025.
Q3 HIGHLIGHTS
The Company completed its transformative fleet refresh, setting a new standard for the lifecycle of its vehicles.
Revenue hit $2.5 billion in the third quarter of 2025, and execution of its Back-to-Basics strategy delivered $184 million of net income and $0.42 of diluted EPS for the Company—both positive for the first time in two years.
Adjusted Corporate EBITDA surged about $350 million year-over-year in the third quarter to $190 million, reflecting the Company’s disciplined operational execution and improved fleet economics.
Utilization reached more than 84%, the highest since 2018, driven by improved processes that reduce out of service time of vehicles. This further advances the Company’s progress toward its North Star target of RPU over $1,500.
The Company drove a nearly 50% year-over-year increase in its North America Net Promoter Score in the third quarter, reflecting a relentless focus on the customer experience with measurable gains in rental ease and vehicle quality confidence.
The Company ended the quarter with over $2.2 billion in liquidity, underscoring disciplined balance sheet management, positive Adjusted free cash flow of about $250 million, and robust ABS market access.
The Company’s “Buy Right, Hold Right, Sell Right” fleet strategy continued to yield strong results:
- The Company strategically monetized its fleet through expanded retail vehicle sales, including its direct-to-consumer Hertz Car Sales platform. The percentage of fleet sold via retail channels increased by 570 basis points in 2025 compared to the first nine months of 2024
- Depreciation per unit per month (DPU) was $273, aligning with Company guidance and its North Star target of sub-$300
- The Company has successfully secured procurement for Model Year 2026 vehicles and anticipates maintaining sub-$300 DPU throughout 2026
Direct operating expenses (DOE) declined 1% year-over-year in the third quarter, while DOE per transaction day improved both sequentially and year-over-year, despite reduced capacity, through rigorous cost control and operational discipline.
EARNINGS WEBCAST INFORMATION
Hertz Global’s live webcast and conference call to discuss its third quarter 2025 results will be held on November 4, 2025 at 9:00 a.m. Eastern Time. The conference call will be broadcast live in listen-only mode on the Company’s Investor Relations website at IR.Hertz.com. If you would like to access the call by phone and ask a question, please go to Hertz Q3 2025 earnings teleco registration, and you will be provided with dial in details. Investors are encouraged to dial in approximately 15 minutes prior to the call. A web replay will remain available on the website for approximately one year. The earnings release and related supplemental schedules containing the reconciliations of non-GAAP measures will be available on the Hertz website, IR.Hertz.com.
ABOUT HERTZ
Hertz Global Holdings, Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly vehicle rental brands, with more than 11,000 rental locations in 160 countries around the globe. The Company also operates the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the United States, and the Hertz 24/7 car-sharing business in Europe. For more information about Hertz, visit www.hertz.com.
|
SUMMARY RESULTS |
|||||||||
|
|
Three Months Ended September 30, |
|
Percent Inc/(Dec) 2025 vs 2024 |
||||||
|
($ in millions, except earnings per share or where noted) |
|
2025 |
|
|
|
2024 |
|
|
|
|
Hertz Global – Consolidated |
|
|
|
|
|
||||
|
Total revenues |
$ |
2,478 |
|
|
$ |
2,576 |
|
|
(4)% |
|
Net income (loss) |
$ |
184 |
|
|
$ |
(1,332 |
) |
|
NM |
|
Diluted earnings (loss) per share |
$ |
0.42 |
|
|
$ |
(4.34 |
) |
|
NM |
|
Net income (loss) margin |
|
7 |
% |
|
|
(52 |
)% |
|
|
|
Adjusted net income (loss)(a) |
$ |
43 |
|
|
$ |
(208 |
) |
|
NM |
|
Adjusted diluted earnings (loss) per share(a) |
$ |
0.12 |
|
|
$ |
(0.68 |
) |
|
NM |
|
Adjusted Corporate EBITDA(a) |
$ |
190 |
|
|
$ |
(157 |
) |
|
NM |
|
Adjusted Corporate EBITDA Margin(a) |
|
8 |
% |
|
|
(6 |
)% |
|
|
|
|
|
|
|
|
|
||||
|
Average Vehicles (in whole units) |
|
545,395 |
|
|
|
583,516 |
|
|
(7)% |
|
Average Rentable Vehicles (in whole units) |
|
527,992 |
|
|
|
550,074 |
|
|
(4)% |
|
Vehicle Utilization |
|
84 |
% |
|
|
82 |
% |
|
|
|
Transaction Days (in thousands) |
|
40,884 |
|
|
|
41,298 |
|
|
(1)% |
|
Total RPD (in dollars)(b) |
$ |
59.26 |
|
|
$ |
61.61 |
|
|
(4)% |
|
Total RPU Per Month (in whole dollars)(b) |
$ |
1,530 |
|
|
$ |
1,542 |
|
|
(1)% |
|
Depreciation Per Unit Per Month (in whole dollars)(b) |
$ |
273 |
|
|
$ |
532 |
|
|
(49)% |
|
|
|
|
|
|
|
||||
|
Americas RAC Segment |
|
|
|
|
|
||||
|
Total revenues |
$ |
1,910 |
|
|
$ |
2,062 |
|
|
(7)% |
|
Adjusted EBITDA |
$ |
152 |
|
|
$ |
(169 |
) |
|
NM |
|
Adjusted EBITDA Margin |
|
8 |
% |
|
|
(8 |
)% |
|
|
|
|
|
|
|
|
|
||||
|
Average Vehicles (in whole units) |
|
425,004 |
|
|
|
463,467 |
|
|
(8)% |
|
Average Rentable Vehicles (in whole units) |
|
409,222 |
|
|
|
432,608 |
|
|
(5)% |
|
Vehicle Utilization |
|
85 |
% |
|
|
82 |
% |
|
|
|
Transaction Days (in thousands) |
|
31,923 |
|
|
|
32,693 |
|
|
(2)% |
|
Total RPD (in dollars)(b) |
$ |
59.67 |
|
|
$ |
62.88 |
|
|
(5)% |
|
Total RPU Per Month (in whole dollars)(b) |
$ |
1,552 |
|
|
$ |
1,584 |
|
|
(2)% |
|
Depreciation Per Unit Per Month (in whole dollars)(b) |
$ |
278 |
|
|
$ |
591 |
|
|
(53)% |
|
|
|
|
|
|
|
||||
|
International RAC Segment |
|
|
|
|
|
||||
|
Total revenues |
$ |
568 |
|
|
$ |
514 |
|
|
11% |
|
Adjusted EBITDA |
$ |
100 |
|
|
$ |
63 |
|
|
59% |
|
Adjusted EBITDA Margin |
|
18 |
% |
|
|
12 |
% |
|
|
|
|
|
|
|
|
|
||||
|
Average Vehicles (in whole units) |
|
120,391 |
|
|
|
120,049 |
|
|
—% |
|
Average Rentable Vehicles (in whole units) |
|
118,770 |
|
|
|
117,466 |
|
|
1% |
|
Vehicle Utilization |
|
82 |
% |
|
|
80 |
% |
|
|
|
Transaction Days (in thousands) |
|
8,961 |
|
|
|
8,605 |
|
|
4% |
|
Total RPD (in dollars)(b) |
$ |
57.81 |
|
|
$ |
56.82 |
|
|
2% |
|
Total RPU Per Month (in whole dollars)(b) |
$ |
1,454 |
|
|
$ |
1,387 |
|
|
5% |
|
Depreciation Per Unit Per Month (in whole dollars)(b) |
$ |
254 |
|
|
$ |
304 |
|
|
(16)% |
| 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, including the expiration of federal tax credits for battery EVs purchased after September 30, 2025, and the resulting impact on vehicle acquisition costs, residual values, fleet composition strategies and customer demand for EVs, 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 September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
(In millions, except per share data) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Revenues |
$ |
2,478 |
|
|
$ |
2,576 |
|
|
$ |
6,476 |
|
|
$ |
7,009 |
|
|
Expenses: |
|
|
|
|
|
|
|
||||||||
|
Direct vehicle and operating |
|
1,454 |
|
|
|
1,470 |
|
|
|
4,122 |
|
|
|
4,276 |
|
|
Depreciation of revenue earning vehicles and lease charges, net |
|
457 |
|
|
|
937 |
|
|
|
1,407 |
|
|
|
2,941 |
|
|
Depreciation and amortization of non-vehicle assets |
|
29 |
|
|
|
34 |
|
|
|
88 |
|
|
|
107 |
|
|
Selling, general and administrative |
|
241 |
|
|
|
189 |
|
|
|
706 |
|
|
|
594 |
|
|
Interest expense, net: |
|
|
|
|
|
|
|
||||||||
|
Vehicle |
|
161 |
|
|
|
157 |
|
|
|
453 |
|
|
|
447 |
|
|
Non-vehicle |
|
86 |
|
|
|
89 |
|
|
|
445 |
|
|
|
252 |
|
|
Total interest expense, net |
|
247 |
|
|
|
246 |
|
|
|
898 |
|
|
|
699 |
|
|
Other (income) expense, net |
|
(1 |
) |
|
|
5 |
|
|
|
2 |
|
|
|
2 |
|
|
(Gain) on sale of non-vehicle capital assets |
|
(39 |
) |
|
|
— |
|
|
|
(128 |
) |
|
|
— |
|
|
Legal settlement |
|
(154 |
) |
|
|
— |
|
|
|
(154 |
) |
|
|
— |
|
|
Bankruptcy-related litigation reserve |
|
4 |
|
|
|
288 |
|
|
|
12 |
|
|
|
288 |
|
|
Long-Lived Assets impairment |
|
— |
|
|
|
1,048 |
|
|
|
— |
|
|
|
1,048 |
|
|
Change in fair value of Public Warrants |
|
6 |
|
|
|
(21 |
) |
|
|
130 |
|
|
|
(272 |
) |
|
Total expenses |
|
2,244 |
|
|
|
4,196 |
|
|
|
7,083 |
|
|
|
9,683 |
|
|
Income (loss) before income taxes |
|
234 |
|
|
|
(1,620 |
) |
|
|
(607 |
) |
|
|
(2,674 |
) |
|
Income tax (provision) benefit |
|
(50 |
) |
|
|
288 |
|
|
|
54 |
|
|
|
291 |
|
|
Net income (loss) |
$ |
184 |
|
|
$ |
(1,332 |
) |
|
$ |
(553 |
) |
|
$ |
(2,383 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
||||||||
|
Basic |
|
311 |
|
|
|
307 |
|
|
|
309 |
|
|
|
306 |
|
|
Diluted |
|
364 |
|
|
|
307 |
|
|
|
309 |
|
|
|
306 |
|
|
Earnings (loss) per share: |
|
|
|
|
|
|
|
||||||||
|
Basic |
$ |
0.59 |
|
|
$ |
(4.34 |
) |
|
$ |
(1.79 |
) |
|
$ |
(7.79 |
) |
|
Diluted |
$ |
0.42 |
|
|
$ |
(4.34 |
) |
|
$ |
(1.79 |
) |
|
$ |
(7.79 |
) |
|
UNAUDITED CONSOLIDATED BALANCE SHEETS |
|||||||
|
(In millions, except par value and share data) |
September 30, 2025 |
|
December 31, 2024 |
||||
|
ASSETS |
|
|
|
||||
|
Cash and cash equivalents |
$ |
1,095 |
|
|
$ |
592 |
|
|
Restricted cash and cash equivalents: |
|
|
|
||||
|
Vehicle |
|
171 |
|
|
|
258 |
|
|
Non-vehicle |
|
283 |
|
|
|
283 |
|
|
Total restricted cash and cash equivalents |
|
454 |
|
|
|
541 |
|
|
Total cash and cash equivalents and restricted cash and cash equivalents |
|
1,549 |
|
|
|
1,133 |
|
|
Receivables: |
|
|
|
||||
|
Vehicle |
|
428 |
|
|
|
389 |
|
|
Non-vehicle, net of allowance of $76 and $58, respectively |
|
782 |
|
|
|
816 |
|
|
Total receivables, net |
|
1,210 |
|
|
|
1,205 |
|
|
Prepaid expenses and other assets |
|
780 |
|
|
|
894 |
|
|
Revenue earning vehicles: |
|
|
|
||||
|
Vehicles |
|
14,023 |
|
|
|
12,714 |
|
|
Less: accumulated depreciation |
|
(1,330 |
) |
|
|
(751 |
) |
|
Total revenue earning vehicles, net |
|
12,693 |
|
|
|
11,963 |
|
|
Property and equipment, net |
|
570 |
|
|
|
623 |
|
|
Operating lease right-of-use assets |
|
2,288 |
|
|
|
2,088 |
|
|
Intangible assets, net |
|
2,855 |
|
|
|
2,852 |
|
|
Goodwill |
|
1,045 |
|
|
|
1,044 |
|
|
Total assets |
$ |
22,990 |
|
|
$ |
21,802 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
|
Accounts payable: |
|
|
|
||||
|
Vehicle |
$ |
281 |
|
|
$ |
161 |
|
|
Non-vehicle |
|
549 |
|
|
|
481 |
|
|
Total accounts payable |
|
830 |
|
|
|
642 |
|
|
Accrued liabilities |
|
1,257 |
|
|
|
1,174 |
|
|
Accrued taxes, net |
|
127 |
|
|
|
158 |
|
|
Debt: |
|
|
|
||||
|
Vehicle |
|
11,759 |
|
|
|
11,231 |
|
|
Non-vehicle |
|
5,649 |
|
|
|
5,104 |
|
|
Total debt |
|
17,408 |
|
|
|
16,335 |
|
|
Public Warrants |
|
308 |
|
|
|
178 |
|
|
Operating lease liabilities |
|
2,292 |
|
|
|
2,073 |
|
|
Self-insured liabilities |
|
660 |
|
|
|
617 |
|
|
Deferred income taxes, net |
|
425 |
|
|
|
472 |
|
|
Total liabilities |
|
23,307 |
|
|
|
21,649 |
|
|
Commitments and contingencies |
|
|
|
||||
|
Stockholders’ equity: |
|
|
|
||||
|
Preferred stock, $0.01 par value, no shares issued and outstanding |
|
— |
|
|
|
— |
|
|
Common stock, $0.01 par value, 485,598,271 and 481,502,623 shares issued, respectively, and 310,786,227 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 |
|
6,432 |
|
|
|
6,396 |
|
|
Retained earnings (Accumulated deficit) |
|
(3,055 |
) |
|
|
(2,502 |
) |
|
Accumulated other comprehensive income (loss) |
|
(269 |
) |
|
|
(316 |
) |
|
Total stockholders’ equity (deficit) |
|
(317 |
) |
|
|
153 |
|
|
Total liabilities and stockholders’ equity (deficit) |
$ |
22,990 |
|
|
$ |
21,802 |
|
|
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
(In millions) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
||||||||
|
Net income (loss) |
$ |
184 |
|
|
$ |
(1,332 |
) |
|
$ |
(553 |
) |
|
$ |
(2,383 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
||||||||
|
Depreciation and reserves for revenue earning vehicles, net |
|
503 |
|
|
|
1,025 |
|
|
|
1,585 |
|
|
|
3,219 |
|
|
Depreciation and amortization, non-vehicle |
|
29 |
|
|
|
34 |
|
|
|
88 |
|
|
|
107 |
|
|
Amortization of deferred financing costs and debt discount (premium) |
|
21 |
|
|
|
21 |
|
|
|
61 |
|
|
|
54 |
|
|
PIK Interest on Exchangeable Notes |
|
10 |
|
|
|
— |
|
|
|
21 |
|
|
|
— |
|
|
Stock-based compensation charges |
|
14 |
|
|
|
16 |
|
|
|
46 |
|
|
|
48 |
|
|
Stock-based compensation forfeitures |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(68 |
) |
|
Provision for receivables allowance |
|
33 |
|
|
|
31 |
|
|
|
86 |
|
|
|
94 |
|
|
Deferred income taxes, net |
|
60 |
|
|
|
(314 |
) |
|
|
(88 |
) |
|
|
(379 |
) |
|
Long-Lived Assets impairment |
|
— |
|
|
|
1,048 |
|
|
|
— |
|
|
|
1,048 |
|
|
(Gain) loss on sale of non-vehicle capital assets |
|
(39 |
) |
|
|
— |
|
|
|
(128 |
) |
|
|
— |
|
|
Change in fair value of Public Warrants |
|
6 |
|
|
|
(21 |
) |
|
|
130 |
|
|
|
(272 |
) |
|
Changes in financial instruments |
|
(32 |
) |
|
|
(16 |
) |
|
|
72 |
|
|
|
(8 |
) |
|
Other |
|
(4 |
) |
|
|
— |
|
|
|
5 |
|
|
|
(1 |
) |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
||||||||
|
Non-vehicle receivables |
|
62 |
|
|
|
156 |
|
|
|
(22 |
) |
|
|
(45 |
) |
|
Prepaid expenses and other assets |
|
23 |
|
|
|
39 |
|
|
|
(30 |
) |
|
|
(20 |
) |
|
Operating lease right-of-use assets |
|
105 |
|
|
|
91 |
|
|
|
323 |
|
|
|
281 |
|
|
Non-vehicle accounts payable |
|
15 |
|
|
|
(81 |
) |
|
|
43 |
|
|
|
(18 |
) |
|
Accrued liabilities |
|
(79 |
) |
|
|
239 |
|
|
|
59 |
|
|
|
310 |
|
|
Accrued taxes, net |
|
(1 |
) |
|
|
12 |
|
|
|
3 |
|
|
|
64 |
|
|
Operating lease liabilities |
|
(96 |
) |
|
|
(108 |
) |
|
|
(304 |
) |
|
|
(308 |
) |
|
Self-insured liabilities |
|
21 |
|
|
|
54 |
|
|
|
35 |
|
|
|
87 |
|
|
Net cash provided by (used in) operating activities |
|
835 |
|
|
|
894 |
|
|
|
1,432 |
|
|
|
1,810 |
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
||||||||
|
Revenue earning vehicles expenditures |
|
(1,903 |
) |
|
|
(2,231 |
) |
|
|
(7,799 |
) |
|
|
(7,858 |
) |
|
Proceeds from disposal of revenue earning vehicles |
|
1,720 |
|
|
|
1,754 |
|
|
|
5,970 |
|
|
|
4,656 |
|
|
Non-vehicle capital asset expenditures |
|
(26 |
) |
|
|
(22 |
) |
|
|
(70 |
) |
|
|
(81 |
) |
|
Proceeds from non-vehicle capital assets disposed of |
|
51 |
|
|
|
12 |
|
|
|
177 |
|
|
|
19 |
|
|
Return of (investment in) equity investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3 |
) |
|
Net cash provided by (used in) investing activities |
|
(158 |
) |
|
|
(487 |
) |
|
|
(1,722 |
) |
|
|
(3,267 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
||||||||
|
Proceeds from issuance of vehicle debt |
|
850 |
|
|
|
1,576 |
|
|
|
4,624 |
|
|
|
3,259 |
|
|
Repayments of vehicle debt |
|
(1,295 |
) |
|
|
(2,159 |
) |
|
|
(4,285 |
) |
|
|
(3,280 |
) |
|
Proceeds from issuance of non-vehicle debt |
|
775 |
|
|
|
585 |
|
|
|
1,831 |
|
|
|
3,470 |
|
|
Repayments of non-vehicle debt |
|
(519 |
) |
|
|
(499 |
) |
|
|
(1,378 |
) |
|
|
(2,234 |
) |
|
Payment of financing costs |
|
(27 |
) |
|
|
(13 |
) |
|
|
(68 |
) |
|
|
(55 |
) |
|
Purchase of Capped Call Transactions, net |
|
(38 |
) |
|
|
— |
|
|
|
(38 |
) |
|
|
— |
|
|
Other |
|
(2 |
) |
|
|
(1 |
) |
|
|
(9 |
) |
|
|
(4 |
) |
|
Net cash provided by (used in) financing activities |
|
(256 |
) |
|
|
(511 |
) |
|
|
677 |
|
|
|
1,156 |
|
|
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents |
|
(1 |
) |
|
|
15 |
|
|
|
29 |
|
|
|
— |
|
|
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period |
|
420 |
|
|
|
(89 |
) |
|
|
416 |
|
|
|
(301 |
) |
|
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period |
|
1,129 |
|
|
|
994 |
|
|
|
1,133 |
|
|
|
1,206 |
|
|
Cash and cash equivalents and restricted cash and cash equivalents at end of period |
$ |
1,549 |
|
|
$ |
905 |
|
|
$ |
1,549 |
|
|
$ |
905 |
|
|
Supplemental Schedule I |
|||||||||||||||||||||||||||||||
|
HERTZ GLOBAL HOLDINGS, INC. |
|||||||||||||||||||||||||||||||
|
|
Three Months Ended September 30, 2025 |
|
Three Months Ended September 30, 2024 |
||||||||||||||||||||||||||||
|
(In millions) |
Americas RAC |
|
International RAC |
|
Corporate |
|
Hertz Global |
|
Americas RAC |
|
International RAC |
|
Corporate |
|
Hertz Global |
||||||||||||||||
|
Revenues |
$ |
1,910 |
|
|
$ |
568 |
|
|
$ |
— |
|
|
$ |
2,478 |
|
|
$ |
2,062 |
|
|
$ |
514 |
|
|
$ |
— |
|
|
$ |
2,576 |
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Direct vehicle and operating |
|
1,155 |
|
|
|
298 |
|
|
|
1 |
|
|
|
1,454 |
|
|
|
1,202 |
|
|
|
271 |
|
|
|
(3 |
) |
|
|
1,470 |
|
|
Depreciation of revenue earning vehicles and lease charges, net |
|
355 |
|
|
|
102 |
|
|
|
— |
|
|
|
457 |
|
|
|
822 |
|
|
|
115 |
|
|
|
— |
|
|
|
937 |
|
|
Depreciation and amortization of non-vehicle assets |
|
23 |
|
|
|
3 |
|
|
|
3 |
|
|
|
29 |
|
|
|
28 |
|
|
|
3 |
|
|
|
3 |
|
|
|
34 |
|
|
Selling, general and administrative |
|
127 |
|
|
|
80 |
|
|
|
34 |
|
|
|
241 |
|
|
|
113 |
|
|
|
57 |
|
|
|
19 |
|
|
|
189 |
|
|
Interest expense, net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Vehicle |
|
134 |
|
|
|
27 |
|
|
|
— |
|
|
|
161 |
|
|
|
124 |
|
|
|
33 |
|
|
|
— |
|
|
|
157 |
|
|
Non-vehicle |
|
1 |
|
|
|
(4 |
) |
|
|
89 |
|
|
|
86 |
|
|
|
(1 |
) |
|
|
(4 |
) |
|
|
94 |
|
|
|
89 |
|
|
Total interest expense, net |
|
135 |
|
|
|
23 |
|
|
|
89 |
|
|
|
247 |
|
|
|
123 |
|
|
|
29 |
|
|
|
94 |
|
|
|
246 |
|
|
Other (income) expense, net |
|
1 |
|
|
|
(3 |
) |
|
|
1 |
|
|
|
(1 |
) |
|
|
2 |
|
|
|
1 |
|
|
|
2 |
|
|
|
5 |
|
|
(Gain) on sale of non-vehicle capital assets |
|
(39 |
) |
|
|
— |
|
|
|
— |
|
|
|
(39 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Legal settlement |
|
(154 |
) |
|
|
— |
|
|
|
— |
|
|
|
(154 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Bankruptcy-related litigation reserve |
|
— |
|
|
|
— |
|
|
|
4 |
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
288 |
|
|
|
288 |
|
|
Long-Lived Assets impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
865 |
|
|
|
183 |
|
|
|
— |
|
|
|
1,048 |
|
|
Change in fair value of Public Warrants |
|
— |
|
|
|
— |
|
|
|
6 |
|
|
|
6 |
|
|
|
— |
|
|
|
— |
|
|
|
(21 |
) |
|
|
(21 |
) |
|
Total expenses |
|
1,603 |
|
|
|
503 |
|
|
|
138 |
|
|
|
2,244 |
|
|
|
3,155 |
|
|
|
659 |
|
|
|
382 |
|
|
|
4,196 |
|
|
Income (loss) before income taxes |
$ |
307 |
|
|
$ |
65 |
|
|
$ |
(138 |
) |
|
|
234 |
|
|
$ |
(1,093 |
) |
|
$ |
(145 |
) |
|
$ |
(382 |
) |
|
|
(1,620 |
) |
|
Income tax (provision) benefit |
|
|
|
|
|
|
|
(50 |
) |
|
|
|
|
|
|
|
|
288 |
|
||||||||||||
|
Net income (loss) |
|
|
|
|
|
|
$ |
184 |
|
|
|
|
|
|
|
|
$ |
(1,332 |
) |
||||||||||||
Contacts
Hertz Investor Relations:
[email protected]
Hertz Media Relations:
[email protected]
