“We delivered our strongest quarterly revenue and Adjusted Corporate EBITDA performance in three years, driven by continued revenue growth and margin expansion on flat capacity,” said Gil West, Chief Executive Officer of Hertz. “The underlying progress in our core U.S. rental business is meaningful, and we see significant opportunity ahead as we continue to improve execution, expand our franchise model and build new sources of earnings and value across the Hertz platform.”
ESTERO, Fla, November 5, 2026 – Hertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz,” “Hertz Global,” or the “Company”) today reported results for its third quarter 2026.
Q3 2026 HIGHLIGHTS
- Revenue totaled $2.6 billion in the third quarter, up approximately 6% year over year and the Company’s best quarterly revenue performance in three years.
- Year-over-year Revenue per Unit (RPU) and Revenue per Day (RPD), each increased approximately 5%, marking the third consecutive quarter of sequential improvement. Strong pricing in the Company’s U.S. core business, where RPD increased approximately 8%, was achieved despite lower TSA volumes. U.S. strength was partially offset by softness in International.
- GAAP net income for the quarter totaled $116 million, down from $184 million the year before, and Diluted GAAP EPS was $0.20. Adjusted net income was $67 million and Adjusted Diluted EPS was $0.14.
- Adjusted Corporate EBITDA was $233 million, representing a 15% year-over-year improvement and the Company’s best quarter of Adjusted Corporate EBITDA in three years.
- Net Depreciation per Unit per Month (Net DPU) was $285 in the third quarter, consistent with the Company’s expectations. At an average age of nine months, Hertz’s U.S. core fleet is the youngest it has been in 12 years.
- Direct Operating Expense (DOE) per Day increased 6% year over year and Adjusted DOE per Day increased approximately 5% year over year, including approximately 240 basis points of revenue-related expenses associated with higher RPD. The remaining increase primarily reflected higher collision and maintenance expense.
- The spread between RPD and Adjusted DOE per Day improved by approximately 5% on a year-over-year basis, representing the fourth consecutive quarter of year-over-year spread improvement.
- Hertz ended the third quarter with approximately $946 million of liquidity.
- Hertz recently announced that Oro Mobility (Oro) secured an $80 million strategic equity investment from a consortium of investors, giving Oro the dedicated capital, talent, flexibility and strategic focus to scale as a standalone growth platform across the evolving mobility ecosystem. Oro drivers have completed more than ten million miles to date and its first AV partnership is now underway in the San Francisco Bay Area.
Q3 SUMMARY
Hertz’s third quarter results reflected continued progress in its transformation, led by strong commercial performance and disciplined fleet management. The Company delivered $2.6 billion in revenue, $67 million in adjusted net income, and $233 million in Adjusted Corporate EBITDA. The revenue and Adjusted Corporate EBITDA results were the Company’s strongest quarterly results in three years.
Commercial momentum remained strong in the quarter, with RPU increasing approximately 5% to $1,639 and RPD increasing approximately 5% year over year. This marked the third consecutive quarter of sequential improvement in both metrics despite a softer revenue environment in our International segment. The Company continues to execute its commercial playbook, with stronger demand generation, more sophisticated pricing and disciplined fleet management at the local level driving performance. These efforts drove an approximately 8% year over year RPD increase in the U.S. core business.
Adjusted DOE per Day increased approximately 5% year over year. Approximately 240 basis points of that increase was due to with revenue related expenses associated with higher RPD. Beyond those revenue driven costs, DOE was pressured by elevated collision and maintenance costs, and broader inflationary pressures. The Company is taking actions to reduce repair costs, improve labor productivity and vehicle utilization, as well as strengthen damage recovery and collections.
The spread between RPD and Adjusted DOE per Day improved by $1.36 globally, or approximately 5%, year over year, with improvement of more than $2.50 in the U.S. Hertz is increasingly focused on this spread as an important indicator of its ability to convert stronger revenue performance into improved operating economics.
Fleet economics remained stable, with Net DPU of $285 per month, consistent with the Company’s expectations. Today, Hertz operates one of its youngest U.S. core fleets in a dozen years and remains disciplined on model-year 2027 purchases to support current DPU levels while enhancing customer choice.
The Company ended the quarter with approximately $946 million of liquidity, including cash and cash equivalents and available capacity under its revolving credit facility.
PLATFORM FOR GROWTH
Hertz’s transformation remains focused on strengthening its core rental business while creating additional sources of earnings and value from capabilities the Company has built over decades across Rental, Service, Fleet, and Mobility. In September, Hertz aligned its organizational structure to its platform, with dedicated leaders accountable for each area’s performance.
In Rental, the Company is pursuing strategic franchise opportunities across multiple geographies, supporting a more locally operated and capital-efficient business model. It recently signed an agreement with its existing Baltic franchise partner to transition its operations in the Czech Republic and Slovakia to a franchise model.
In Service, the Company is leveraging its core capabilities to create new revenue streams and growth opportunities. Hertz has extended its vehicle transportation capabilities to third-party customers, including dealerships, fleet management companies and retail customers, with approximately 50,000 vehicle moves expected this year.
In Fleet, Hertz continues to advance its Hertz Car Sales retail strategy to prioritize higher-yielding digital channels and build on the scale of its rental business. The Company recently launched Test Drive+, an enhanced iteration of its high-conversion Rent2Buy program, at neighborhood rental locations. The Company is also expanding the use of AI in lead management, customer communications and reporting to improve efficiency and conversion, while deepening relationships with a select group of the nation’s largest used-vehicle retailers.
In Mobility, Hertz recently announced that Oro secured an $80 million strategic equity investment from new and existing investors, establishing it as a standalone growth platform. Hertz retains majority economic ownership of Oro and continues to support the business as its fleet and corporate services partner, enabling Hertz to participate in Oro’s growth. Oro continues to scale, with more than 10 million miles logged across its driver-led managed fleet business to date and its first AV partnership is now underway in the San Francisco Bay Area.
EARNINGS WEBCAST INFORMATION
Hertz Global’s live webcast and conference call to discuss its third quarter 2026 results will be held on November 5, 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/285339932?pwd=Vh4M4tvc, 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. The Company holds a majority stake in Oro, which provides integrated fleet management solutions across both driver-led and autonomous segments. For more information about Hertz, visit www.hertz.com.