Q1 2026 total revenues grew 11% YoY to $2,004M, driven by improved pricing and volume across both segments. Americas RAC Adjusted EBITDA narrowed to -$103M (from -$235M) on Total RPD up 6% to $57.00, Transaction Days up 3% to 28.6M, and Depreciation Per Unit Per Month down 14% to $319; International RAC Adjusted EBITDA improved to -$2M (from -$10M) with Total RPD up 3% to $59.12. Consolidated Adjusted Corporate EBITDA (newly defined to exclude financial-instrument gains/losses, stock-based comp, and FX effects, with prior periods recast) was -$161M vs -$302M in the prior-year quarter.
Hertz expanded its rental fleet, with revenue-earning vehicle capital expenditures rising 27% YoY to $3,602M (net of $2,527M disposal proceeds) and Americas RAC Average Rentable Vehicles up 4% to ~401,100 units. Fleet composition shifted modestly: Americas program-vehicle share increased to 11% of period-end fleet (from 8% a year earlier) while International program-vehicle share declined to 16% (from 24%). The company stated it continues to balance its mix of EVs, non-program, and program vehicles based on residual-value conditions.
The long-running Wells Fargo make-whole/post-petition interest case was resolved in Q1 2026. After the U.S. Supreme Court denied Hertz's certiorari petition on January 12, 2026, Hertz paid Wells Fargo $346M (the previously reserved, undisputed amount including accrued interest) on January 27, 2026. The Delaware Bankruptcy Court subsequently denied Wells Fargo's request for additional pre-judgment interest, though Wells Fargo indicated intent to appeal that portion. The $346M cash outflow was a principal driver of the $231M YoY decline in operating cash flow to $20M for the quarter.
In April 2026 (subsequent to quarter-end), Hertz completed several vehicle-financing actions: extended the HVF III Series 2021-A Class A variable funding notes maturity to May 2028 (maximum principal $3.2B to May 2027, then $3.0B); issued $221M of Class E medium-term notes across ten HVF III series at rates of 10.67%–12.54%; extended the European ABS maturity to April 2028 (max principal €1.4B to April 2027, then €1.1B); and increased the Hertz Canadian Securitization maximum borrowings from CAD$475M to CAD$625M through November 2026, with maturity also extended to April 2028.
The securities class action (Doller v. Hertz Global, alleging misstatements regarding EV demand in statements by former CEO Stephen Scherr in January and April 2023) was settled in principle during mediation on March 12, 2026, subject to court approval. Separately, more than ten data-breach class actions were pending against Hertz and its file-transfer vendor Cleo Communications, arising from zero-day exploits of Cleo's platform in October and December 2024; defendants' responses are stayed pending mediation with Cleo scheduled for June 30, 2026. Hertz stated it does not believe the data-breach actions will have a material adverse effect on financial condition, results, or liquidity.
Corporate liquidity (cash plus unused First Lien RCF capacity) declined to $837M at March 31, 2026 from $1,489M at December 31, 2025, reflecting higher RCF draws (RCF balance rose to $1,230M from $395M) to fund fleet growth. Hertz remained in compliance with its First Lien Ratio (≤3.0x in Q1) and minimum-liquidity ($500M in Q1) covenants. In February 2026, the company increased committed amounts under its Standby LC facilities by approximately $200M. No shares had been sold under the $250M ATM equity program filed in May 2025.
(Filed on February 26, 2026)
-0.6%
—
$565M
(Annual context) The 'Back-to-Basics' fleet refresh produced a 47% decline in Americas RAC depreciation per unit per month to $310 (from $587 in 2024) and reduced the average holding period for vehicles sold by over 25% to 18 months. Program vehicle mix in Americas RAC rose to 11% from 7%. Consolidated revenues fell 6% to $8,504M on lower pricing and volume in Americas RAC (-9%), partially offset by International RAC growth (+6%); Americas RAC Adjusted EBITDA improved to -$172M from -$1,357M, while International RAC turned positive at $124M from $31M.
(Q4 2025) In December, HVF III issued Series 2025-5 ($450M, maturing May 2029) and Series 2025-6 ($550M, maturing May 2031) medium-term notes, extending the 2025 vehicle debt issuance program that had added $1.8B across six series from March through December. Also in December, the U.K. ABS maturity was extended to March 2028 and Hertz redeemed $300M of the 4.625% Senior Notes Due 2026, reducing that balance to $200M.
(Annual, with Q4 component) Hertz completed three sale-leaseback transactions at Americas RAC operating sites during 2025—June ($89M pre-tax gain, 40-year leaseback), July ($39M gain, 50- and 15-year leasebacks), and December ($16M gain, 19-year leaseback)—for a combined $144M pre-tax gain on non-vehicle capital asset sales. These transactions increased facility rent expense in the segment, partially offsetting lower direct vehicle and operating costs.
(2025 regulatory/strategic) The One Big Beautiful Bill Act, enacted July 4, 2025, eliminated federal EV tax credits, reinstated 100% bonus depreciation on vehicle purchases, and permitted EBITDA-based interest deductions. The company's EV fleet now represents less than 10% of its U.S. operating fleet following the 2024 disposition program (which generated $223M in incremental net depreciation expense in 2024). Management expects lower near-term federal cash taxes, assuming fleet investment levels are maintained, and noted that vehicles purchased under certain financing arrangements are not eligible for the accelerated depreciation election.
(Q3 2025) Hertz received a $154M pro-rata settlement distribution in September 2025 from the In re Automotive Parts Antitrust Litigation class action (E.D. Mich.), recorded as a legal settlement gain. Separately, in May 2025 Hertz filed an S-3 registration for a $250M at-the-market equity offering program; no shares had been sold under the program as of December 31, 2025.
(Filed on November 4, 2025)
-3.8%
—
$1.1B
Americas RAC Adjusted EBITDA turned positive at $152M in Q3 (vs. -$169M in Q3 2024), driven by 85% vehicle utilization (up from 82%), a 53% decline in depreciation per unit per month to $278 (from $591), and lower Average Rentable Vehicles (409K vs. 433K); International RAC revenue grew 10% to $568M with EBITDA up 59% to $100M. Program vehicle mix in Americas rose to 12% at quarter end from 4% a year earlier, and the company cites fleet refresh reducing capital cost of new acquisitions and strengthening residual values as key drivers of lower depreciation.
In September 2025, Hertz issued $425M of 5.500% Exchangeable Senior Notes due 2030 (exchangeable at $9.24/share; effective rate ~12.0% including bifurcated exchange feature) and entered $38M of capped call hedges covering 46M shares; approximately $300M of proceeds is earmarked for partial redemption of the 2026 Senior Notes. Also in Q3, the First Lien RCF was amended (Amendment No. 10, May 2025) to extend $1.7B of commitments to March 2028 with a minimum liquidity covenant ($400M–$500M by quarter); a $250M ATM equity program registered in May 2025 had no shares sold as of September 30. Vehicle debt was extended across multiple geographies: HVF III Series 2021-A Class A to May 2027, European ABS to April 2027 (with new €100M Class C), Australian securitization to June 2027, and New Zealand RCF to August 2027. Four new HVF III MTN tranches totaling $1.685B were issued in March and June 2025.
Hertz completed two sale-leaseback transactions in the Americas RAC segment generating a combined $128M pre-tax gain ($89M in June, $39M in July) with operating-lease terms of 40, 50, and 15 years and aggregate future minimum lease payments of $867M; the company expects to continue evaluating additional sale-leasebacks through year-end 2025. Separately, the company received a $154M settlement distribution on September 30, 2025 from its participation in the In re Automotive Parts Antitrust Litigation class action.
The Wells Fargo make-whole litigation remains a material contingent liability with ~$334M accrued (including ~$74M in pre-judgment interest still accruing). Hertz filed its petition for a writ of certiorari with the U.S. Supreme Court on April 4, 2025; on June 2, 2025 the Court called for the views of the Solicitor General. Settlement negotiations with noteholders were unsuccessful. The case has been remanded to the Delaware Bankruptcy Court to determine the exact amount owed, with a dispute remaining on the calculation methodology.
The One Big Beautiful Bill Act (OBBBA), enacted July 4, 2025, reinstated full bonus depreciation and EBITDA-based interest deductions and is expected to reduce Hertz's near-term federal cash taxes assuming fleet investment is maintained or increased. A related sector-specific risk disclosed is the expiration of federal tax credits for battery EVs purchased after September 30, 2025, which the company states could affect vehicle acquisition costs, residual values, fleet composition strategy, and customer demand for EVs.
(Filed on August 7, 2025)
-7.1%
—
$503M
Fleet refresh drove a sharp decline in depreciation: Americas RAC depreciation per unit per month fell 61% to $248 (from $644) and International RAC fell 32% to $261 (from $384), attributed to lower capital costs on new acquisitions, stronger residual values at expected disposal, and per-unit gains on dispositions of older vehicles through optimized channels. Average Rentable Vehicles contracted 7% in Americas (407,336 vs. 439,284) and 1% in International (105,518 vs. 106,903), while vehicle utilization improved to 83% and 81%, respectively, from 81% and 77%. Program vehicle share rose to 7% in Americas (from 4%) and declined to 26% in International (from 33%).
Q2 2025 operating results: total revenue declined 7% to $2,185M, reflecting lower pricing (Americas RPD $56.08, down 6%) and lower volume in Americas (Transaction Days 30.9M, down 4%), while International volume grew 3% to 7.8M Transaction Days. Adjusted Corporate EBITDA turned positive at $1M versus a $460M loss in Q2 2024. Net loss attributable to Hertz was $179M (vs. $1,029M prior year), though non-vehicle interest expense rose sharply to $232M (from $88M) driven by unrealized fair-value losses on the Exchangeable Notes' bifurcated Exchange Features ($105M charge in Q2) and higher debt levels.
In June 2025, Hertz completed a sale-leaseback of land and buildings at Americas RAC operating sites, recognizing an $89M pre-tax gain. The land portions qualified for sale-leaseback accounting as 40-year operating leases with $483M in aggregate future minimum payments; the buildings portion ($6M) was accounted for as a financial liability because sale criteria were not met. In July 2025 (subsequent event), Hertz completed an additional Americas RAC sale-leaseback with an expected $35M–$40M pre-tax gain, a 50-year operating lease term, and $375M–$385M in future minimum lease payments.
Extensive vehicle debt refinancing activity in H1 2025: HVF III issued four new U.S. medium-term note series totaling $1.685B (Series 2025-1 and 2025-2 of $500M each in March; Series 2025-3 of $375M and 2025-4 of $310M in June) with maturities ranging from December 2028 to December 2030. HVF III extended the Series 2021-A Class A maturity from April 2026 to May 2027 and, in June 2025, increased Class B commitments from $188M to $300M with a June 2027 maturity. Internationally, the European ABS was extended to April 2027 (with a new €100M Class C revolving note added in July 2025, raising capacity to €1.3B), the Australian Securitization was extended to June 2027, and the Canadian Securitization was increased to CAD$588M through November 2025 before reverting to CAD$475M.
First Lien Credit Agreement: Amendment No. 8 expired April 1, 2025, reverting the First Lien Ratio covenant to 3.5x for Q2/Q3 (from the temporary 4.75x under the expired amendment). In May 2025, Amendment No. 10 extended the maturity of $1.7B of RCF commitments from June 2026 to March 2028 and reinstated a minimum liquidity covenant ($400M in Q2/Q3, $500M in Q1/Q4) along with restrictions on Restricted Payments and Permitted Investments, both of which sunset upon the end of the defined Relief Period. Hertz reported compliance with the First Lien Ratio and all Corporate Indebtedness covenants as of June 30, 2025. Corporate liquidity (cash plus First Lien RCF availability) was $1,449M.
Post-quarter regulatory and capital developments: The One Big Beautiful Bill Act (OBBBA), enacted July 4, 2025, restores 100% bonus depreciation for qualified property including vehicle purchases, provides full write-off of R&D costs, and eliminates EV tax credits for vehicles purchased after September 30, 2025; Hertz stated it is assessing the impact on its financial statements. Separately, in May 2025 Hertz Global filed a Form S-3 registration statement for an at-the-market equity offering program of up to $250M in common stock; no shares had been sold under the program as of June 30, 2025. On the litigation front, the U.S. Supreme Court issued a call for the views of the Solicitor General (CVSG) on June 2, 2025, regarding Hertz's petition for certiorari in the Wells Fargo make-whole case, in which Hertz has accrued approximately $330M.
