With the launch of Oro Mobility, Hertz expands into new mobility channels and advances its platform for growth
“The transformation of Hertz continues to build sustained momentum,” said Gil West, Chief Executive Officer of Hertz. “We set ambitious goals for the quarter and delivered meaningful progress across revenue, asset efficiency, and unit economics. We achieved our strongest year‑over‑year revenue growth in three years alongside profitability improvements, demonstrating that our strategy is translating into tangible results.”
On the Company’s recent news, West added: “The launch of Oro Mobility marks an important milestone in the expansion of the Hertz growth platform. As the mobility ecosystem evolves, there is a clear need for an operational layer that connects demand platforms with vehicles and autonomous technology at scale. Leveraging Hertz’s century of expertise in complex fleet operations, Oro is purpose‑built to address that gap by delivering flexible, integrated fleet solutions for both driver‑led and autonomous models, opening a new chapter for Hertz.”
ESTERO, Fla, May 7, 2026 – Hertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz,” “Hertz Global,” or the “Company”) today reported results for its first quarter 2026.
Q1 2026 HIGHLIGHTS
- Revenue totaled $2.0 billion in the first quarter, up 11% year over year, Hertz’s strongest year-over-year revenue growth in three years, driven by continued progress in its commercial strategies.
- Year-over-year Revenue per Unit (RPU) and Revenue Per Day (RPD) metrics continued improving sequentially, with RPD delivering a 5.5% increase, its most significant year-over-year improvement since 2022.
- GAAP net loss for the quarter totaled $333 million and Diluted GAAP EPS was $(1.06). Adjusted net loss was $224 million and Adjusted Diluted EPS was $(0.72), resulting in a year-over-year improvement of $105 million and an Adjusted EPS improvement of $0.35.
- Adjusted Corporate EBITDA was $(161) million, an improvement of nearly 50% year over year. This is inclusive of a negative impact of over $25 million from vehicle recalls.
- Utilization was 79% in the first quarter, a decline of 70 basis points year-over-year; excluding elevated recalls, Utilization was up 140 basis points compared to the first quarter of 2025.
- Net Depreciation per Unit per Month (Net DPU) was $312 in in the first quarter, approaching the Company’s North Star target and representing a year-over-year improvement of 13%, supported by disciplined fleet rotation. The used car market was in the seasonal trough through February, but has since improved considerably.
- Hertz earned the only car rental spot on USA Today’s list of Most Trusted Brands for 2026 and the highest year over year improvement of any car rental company on Business Travel News’ satisfaction survey.
- The Company continues to drive improvements in customer experience to strengthen its Global Net Promoter score consistently across the business, measuring record satisfaction in Europe in the first quarter.
- Hertz ended the first quarter with approximately $837 million of liquidity and in April completed additional financing that added approximately $200 million.
PLATFORM HIGHLIGHTS
- Hertz recently launched an affiliated operating company Oro Mobility (Oro) to provide driver-led and autonomous end‑to‑end fleet management solutions to partners across emerging mobility segments.
- Hertz Car Sales continues to expand its digital retail presence through a new partnership with eBay, bringing thousands of Hertz Certified, near-new vehicles to one of the world’s largest online automotive marketplaces.
Q1 Summary
Hertz’s first quarter performance underscores that its transformation is driving tangible results. Through its “Back-to-Basics” strategy, the Company is delivering measurable progress in its core rental operations with a focus on disciplined fleet management, revenue optimization, and rigorous cost control, all guided by its North Star metrics of DPU sub $300, RPU over $1,500, and DOE per Transaction Day in the low $30s.
In the first quarter, the Company delivered sequential improvements through its “Buy Right, Hold Right, Sell Right” strategy with its youngest fleet in nearly a decade. Hertz achieved revenue of $2.0 billion in the first quarter, up 11% year over year and marking its strongest revenue growth in three years through continued, structural improvements to its commercial strategies. The Company drove sequential, year-over-year improvement in RPU and RPD, with RPD delivering a 5.5% increase, which was its most significant year-over-year improvement since the the travel recovery and microchip-driven spike in 2022. These results, along with the progress towards the Company’s North Star DPU target and continued implementation of cost management initiatives, resulted in an Adjusted Corporate EBITDA improvement of nearly 50% year over year. Although Direct Operating Expense (DOE) per Transaction Day increased 3%, Adjusted DOE improved approximately 2% year over year when normalizing for higher RPD-related variable costs that are EBITDA accretive, higher damages costs that are recovered through revenue and are EBITDA neutral, and higher real estate costs following sale leaseback transactions executed last year. The Company also continues to make systemic improvements across every customer touchpoint to enhance its rental experience.
Recall activity was approximately 300% higher year over year and reduced Utilization by roughly 200 basis points, impacted Transaction Days by approximately 930,000, and resulted in a revenue impact of about $50 million. The total impact to Adjusted Corporate EBITDA was more than $25 million. The Company is actively managing through this by redeploying available fleet to higher‑demand markets, working with OEMs and government officials for both tactical and structural improvements, and keeping rentable fleet well utilized relative to demand through disciplined capacity planning. The underlying business performed well in the first quarter, demonstrating that this transitory headwind has not stopped structural progress.
Platform for Growth
Hertz’s strategic transformation has two goals: to improve its core operations, while building 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 remains focused on developing capabilities across its platform to create new value beyond its rental car business.
In the first quarter, Hertz made critical advancements in the highest priority areas of its platform. In Rent-a-Car, Hertz launched an advanced fleet planning engine enabling greater precision and efficiency, which the Company expects will deliver positive impacts across the business. In Fleet, the evolution of Hertz Car Sales into an omnichannel retail business was bolstered by the announcement of a new partnership with eBay, putting the Company’s near-new, certified inventory in front of more customers than ever before.
Oro Mobility
In Mobility, Hertz recently launched its affiliated operating company, Oro, to provide flexible, integrated fleet management solutions across a range of mobility segments. As the industry transitions from personally owned vehicles to commercially operated fleets, Oro aims to fill a critical ownership, orchestration, and operations gap. Backed by Hertz’s core strengths in fleet and facility management, large-scale logistics, vehicle maintenance, and a management team with direct AV operational experience, Oro is designed to manage and serve fleets reliably, efficiently, safely, and at scale.
With the scale of a global operator and the focus of an independent entity, Oro delivers solutions for all fleets. Oro has announced Uber as a major partner across both autonomous and driver‑led operations, extending the companies’ long‑standing rideshare rental partnership.
EARNINGS WEBCAST INFORMATION
Hertz Global’s live webcast and conference call to discuss its first quarter 2026 results will be held on May 7, 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/799455480?pwd=UFsNYc6H, 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.