Tag: Financial News

“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, February 26, 2026 – 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 $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.

 

Read the Full Results

ESTERO, Fla., February 02, 2026 – Hertz Global Holdings, Inc. (NASDAQ: HTZ) (the “Company”) announced today that it plans to report its fourth quarter and full year 2025 financial results at 8:00 a.m. ET on Thursday, February 26, 2026, followed by an earnings call at 9:00 a.m. ET.

A live webcast of the call will be available on the Investor Relations page of the Company’s website at https://ir.hertz.com. To access the call by phone, please register through this link: Hertz Q4 and Full Year 2025 earnings teleco registration, and you will be provided with dial-in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A web replay will remain available on the website for approximately one year.

 

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.

For more information, please email investorrelations@hertz.com or mediarelations@hertz.com.

“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, November 4, 2025 – 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.

Read the Full Results

Involvement of Pershing Square Capital Management L.P. affirms confidence in Company’s turnaround strategy 

ESTERO, Fla., September 29, 2025 — Hertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz” or the “Company”), a leading global rental car company, today announced that its wholly-owned indirect subsidiary, The Hertz Corporation (“Hertz Corp.”) has completed an offering of $425 million aggregate principal amount of its 5.500% Exchangeable Senior Notes due 2030 (the “Notes”), which includes the exercise in full of the initial purchasers’ option to purchase up to an additional $50 million principal amount of the Notes. 

With the completion of this offering, the Company has further strengthened its financial position with the support of notable investors, including Pershing Square, to further its ongoing corporate transformation.  

“The decision by Pershing Square and other key Hertz investors to increase their long economic exposure to the company, combined with the oversubscription of this offering, underscores the strong confidence in our company,” said Scott Haralson, Chief Financial Officer at Hertz. “As we transform our business, the substantial investment from existing and new investors demonstrates their shared belief that our strategy and disciplined execution have positioned the company for future success.” 

For additional details, please refer to the Company’s Form 8-K filing with the U.S. Securities and Exchange Commission. 

 

ABOUT HERTZ 

Hertz Global Holdings Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries 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, as well as the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the US, and the Hertz 24/7 car sharing business in Europe. 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 

This press release contains “forward-looking statements” within the meaning of the federal securities laws. Words such as “expect,” “will” and “intend” and similar expressions identify forward-looking statements, which include but are not limited to statements related to our positioning, strategy, vision, forward looking investments, conditions in the travel industry, our financial and operational condition, our sources of liquidity, the consummation of the offering, Hertz Corp.’s expected use of proceeds from the proposed offering. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including risks and uncertainties related to completion of the offering, market conditions (including market interest rates) and the satisfaction of customary closing conditions related to the offering, unanticipated uses of capital and those in our risk factors that we identify in the offering memorandum for the offering and our most recent annual report on Form 10-K for the year ended December 31, 2024, as filed with the U.S. Securities and Exchange Commission on February 18, 2025, and any updates thereto in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K. We caution you not to place undue reliance on our forward-looking statements, which speak only as of their date, and we undertake no obligation to update this information. 

Contact 

Hertz Investor Relations: investorrelations@hertz.com

Hertz Media Relations: Mediarelations@hertz.com 

 

 

 

The Exchangeable Senior Notes will be Issued by The Hertz Corporation 

ESTERO, Fla., September 25, 2025 — Hertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz” or the “Company”), a leading global rental car company, today announced that its wholly-owned indirect subsidiary, The Hertz Corporation (“Hertz Corp.”), has entered into an agreement to sell $375 million in aggregate principal amount of 5.500% Exchangeable Senior Notes due 2030 (the “Notes”), in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). Hertz Corp. also granted the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $50 million in aggregate principal amount of the Notes. The aggregate principal amount of the offering was increased from the previously announced offering size of $250 million. The offering is expected to close on or about September 29, 2025, subject to customary closing conditions.

Hertz Corp. estimates that the net proceeds from the issuance of the Notes, after deducting the initial purchasers’ discount and estimated offering expenses payable by Hertz Corp., will be approximately $360.13 million (or approximately $408.38 million if the initial purchasers exercise in full their option to purchase additional Notes). Hertz Corp. intends to use approximately $33.26 million of the net proceeds from the issuance of the Notes to fund the cost of entering into the capped call transactions described below. Hertz Corp. intends to use $300 million of the net proceeds from the issuance of the Notes to fund the partial redemption or repurchase of its outstanding Senior Notes due 2026 on or before December 31, 2025 and to use the remaining net proceeds for general corporate purposes, which may include the repayment of outstanding indebtedness. If the initial purchasers exercise their option to purchase additional Notes, then Hertz Corp. intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions and apply the remainder towards general corporate purposes, which may include the repayment of outstanding indebtedness.

The Notes will bear interest at a rate of 5.500% per year, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026. The Notes will mature on October 1, 2030, unless repurchased, redeemed or exchanged in accordance with their terms prior to maturity.

The exchange rate will initially be 108.2808 shares of common stock of the Company (“Common Stock”) per $1,000 principal amount of Notes (equivalent to an initial exchange price of approximately $9.24 per share of Common Stock). The initial exchange price of the Notes represents a premium of approximately 32.5% to the $6.97 closing price of the Common Stock on the Nasdaq Global Select Market on September 24, 2025. The exchange rate and exchange price will be subject to adjustment upon the occurrence of certain events. If a “make-whole fundamental change” (as defined in the indenture for the Notes) occurs, Hertz Corp. will, in certain circumstances, increase the exchange rate for a specified time for holders who exchange their Notes in connection with that make-whole fundamental change. Prior to July 1, 2030, the Notes will be exchangeable only upon satisfaction of certain conditions and during certain periods, and thereafter, the Notes will be exchangeable at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Notes will be exchangeable on the terms set forth in the indenture into cash, shares of Common Stock, or a combination thereof, at Hertz Corp.’s election.

Holders of the Notes will have the right to require Hertz Corp. to repurchase all or a portion of their Notes at 100% of the principal amount of the Notes to be repurchased plus accrued and unpaid interest to, but excluding, the date of such repurchase, upon the occurrence of certain corporate events constituting a “fundamental change” as defined in the indenture governing the Notes. Hertz Corp. may not redeem the Notes prior to October 6, 2028. On or after October 6, 2028 and on or prior to the 26th scheduled trading day immediately preceding the maturity date, if the last reported sale price per share of Common Stock has been at least 130% of the exchange price for the Notes for certain specified periods, and certain other conditions are satisfied, Hertz Corp. may redeem all or a portion (subject to certain limitations) of the Notes at a cash redemption price equal to the principal amount of the Notes to be redeemed plus accrued and unpaid interest on such Notes to, but excluding, the redemption date.

The Notes are expected to be guaranteed by the Company, Rental Car Intermediate Holdings, LLC, Hertz Corp.’s direct parent company, and each of Hertz Corp.’s existing domestic subsidiaries and future subsidiaries that guarantee indebtedness under Hertz Corp.’s first lien credit facilities or certain other indebtedness for borrowed money.

Hertz Corp. has been advised by one of the initial purchasers that, in connection with the pricing of the Notes, affiliates of Pershing Square Capital Management, L.P. entered into privately negotiated cash-settled total return swap transactions (the “Swap Transactions”) with a swap counterparty that is an affiliate of one of the initial purchasers (the “Swap Counterparty”), pursuant to which such Pershing Square entities will obtain long economic exposure to approximately $125 million notional amount of the Common Stock.  The Swap Transactions have a fixed term of 36 months, subject to the right of the Swap Counterparty to terminate the Swap Transactions at its option at any time upon certain prior notice, and the requirement that the Swap Transactions be terminated in certain circumstances.  Neither Hertz Corp. nor the Company is party to the Swap Transactions.

The Swap Transactions are generally intended to facilitate privately negotiated derivative transactions, including cash-settled swaps, directly or indirectly between the Swap Counterparty or its affiliates and certain investors in the Notes relating to the Common Stock, by which such investors in the Notes will hedge their investments in the Notes.

Pershing Square’s entry into the Swap Transactions with the Swap Counterparty and the entry by the Swap Counterparty directly or indirectly into derivative transactions in respect of the Common Stock with the investors of the Notes, particularly if investors purchase shares of the Common Stock on or shortly after the day Hertz Corp. prices the Notes, could have the effect of increasing (or reducing the size of any decrease in) the market price of the Common Stock concurrently with, or shortly after, the pricing of the Notes and effectively raising the initial exchange price of the Notes.

In addition, the Swap Counterparty or its affiliates may modify their hedge positions with respect to the swap by entering into or unwinding one or more derivative transactions with respect to the Common Stock (including the privately negotiated derivative transactions with certain investors in the Notes or derivative transactions with other market participants) and/or purchasing or selling shares of the Common Stock or other securities of the Company in secondary market transactions at any time following the pricing of the Notes and prior to the maturity of the Notes, including in connection with any increase or decrease in the short positions that investors desire to maintain with the Swap Counterparty to hedge their investments in the Notes, and during any observation period related to an exchange of Notes. These activities could also increase (or reduce the size of any decrease in) or decrease (or reduce the size of any increase in) the market price of the Common Stock or the Notes, which could affect holders’ ability to exchange the Notes and, to the extent the activity occurs following exchange or during any observation period related to an exchange of Notes, it could affect the amount and value of the consideration that holders will receive upon exchange of the Notes.

In connection with the pricing of the Notes, Hertz Corp. and the Company entered into privately negotiated cash-settled capped call transactions with certain of the initial purchasers or their affiliates (the “option counterparties”). The capped call transactions initially cover, subject to anti-dilution adjustments substantially similar to those applicable to the Notes, the number of shares of Common Stock underlying the Notes. If the initial purchasers exercise their option to purchase additional Notes, Hertz Corp. and the Company expect to enter into additional capped call transactions with the option counterparties.

The cap price of the capped call transactions will initially be $13.94 per share, which represents a premium of 100% above the last reported sale price of the Common Stock of $6.97 per share on the Nasdaq Global Select Market on September 24, 2025 and is subject to customary adjustments.

The capped call transactions are expected generally to compensate (through the payment of cash to Hertz Corp.) for potential dilution to the Common Stock upon any exchange of the Notes and/or offset any potential cash payments Hertz Corp. is required to make in excess of the principal amount of exchanged Notes, as the case may be, with such compensation and/or offset subject to a cap.

In connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to the Common Stock and/or purchase shares of the Common Stock concurrently with or shortly after the pricing of the Notes. This activity could increase (or reduce the size of any decrease in) the market price of the Common Stock or the Notes at that time.

In addition, the option counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the Common Stock and/or purchasing or selling shares of the Common Stock or other securities of the Company in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so (x) during any observation period related to an exchange of Notes, following any redemption of Notes by Hertz Corp. or following any repurchase of Notes by Hertz Corp. in connection with any fundamental change and (y) following any repurchase of Notes by Hertz Corp. other than in connection with any such redemption or any fundamental change if Hertz Corp. elects to unwind a corresponding portion of the capped call transactions in connection with such repurchase). This activity could also cause or avoid an increase or a decrease in the market price of the Common Stock or the Notes, which could affect holders’ ability to exchange the Notes and, to the extent the activity occurs following exchange or during any observation period related to an exchange of Notes, it could affect the amount and value of the consideration that holders will receive upon exchange of the Notes.

Unlike most exchangeable debt issuances that are coupled with a capped call where each instrument generally will be settled with the same proportion of cash and shares as the other instrument, the capped call transactions can only be cash-settled, and the Notes can be settled for all cash, shares of the Common Stock or a combination of cash and shares of the Common Stock. Thus, at and/or immediately preceding the expiration date for the capped call transactions or at approximately the time of any early termination, the option counterparties and/or their respective affiliates are likely to sell the Common Stock or other securities or instruments of the Company, or enter into or unwind other hedge positions, all in a manner that can be expected to decrease or avoid an increase in the market price of the Common Stock. By contrast, Hertz Corp. may elect to deliver shares of the Common Stock to holders upon exchange of the Notes, and if Hertz Corp. does so, holders who have hedged their equity price risk may use those shares to reduce their hedge positions rather than purchasing shares of the Common Stock (or engaging in hedging activities or hedge unwind activities that have a similar effect) in the market. As a result, the option counterparties’ hedge unwind activities at and/or immediately preceding the expiration date for the capped call transactions or at approximately the time of any early termination likely will not be offset by buying activity of holders who have hedged their equity price risk to the same extent as if Hertz Corp. had elected to deliver a greater amount of cash in settlement of the Notes. This could have the effect of further reducing or avoiding an increase in the market price of the Common Stock, which could affect holders’ ability to exchange the Notes and the amount and value of the consideration that holders will receive upon exchange of such Notes.

The Notes and the guarantees of the Notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The Notes, the guarantees of the Notes and any shares of Common Stock issuable upon exchange of the Notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold absent registration or an applicable exemption from the registration requirements under the Securities Act and the securities laws of any other jurisdiction.

This press release is not an offer to sell or purchase, or a solicitation of an offer to sell or purchase, the Notes, the guarantees of the Notes or the shares of Common Stock issuable upon exchange of the Notes and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful.

 

ABOUT HERTZ

Hertz Global Holdings Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries 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, as well as the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the US, and the Hertz 24/7 car sharing business in Europe.

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the federal securities laws. Words such as “expect,” “will” and “intend” and similar expressions identify forward-looking statements, which include but are not limited to statements related to our positioning, strategy, vision, forward looking investments, conditions in the travel industry, our financial and operational condition, our sources of liquidity, the consummation of the offering, Hertz Corp.’s expected use of proceeds from the proposed offering. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including risks and uncertainties related to completion of the offering, market conditions (including market interest rates) and the satisfaction of customary closing conditions related to the offering, unanticipated uses of capital and those in our risk factors that we identify in the offering memorandum for the offering and our most recent annual report on Form 10-K for the year ended December 31, 2024, as filed with the U.S. Securities and Exchange Commission on February 18, 2025, and any updates thereto in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K. We caution you not to place undue reliance on our forward-looking statements, which speak only as of their date, and we undertake no obligation to update this information.

 

Contact 

Hertz Investor Relations: investorrelations@hertz.com

Hertz Media Relations: Mediarelations@hertz.com 

 

The Exchangeable Senior Notes will be Issued by The Hertz Corporation 

ESTERO, Fla., September 24, 2025 — Hertz Global Holdings, Inc. (NASDAQ: HTZ) (the “Company”), a leading global rental car company, today announced that its wholly-owned indirect subsidiary, The Hertz Corporation (“Hertz Corp.”), intends to offer, subject to market and other conditions, $250 million in aggregate principal amount of Exchangeable Senior Notes due 2030 (the “Notes”), in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). Hertz Corp. also expects to grant the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $37.5 million in aggregate principal amount of the Notes.   

Hertz Corp. intends to use a portion of the net proceeds from the issuance of the Notes to fund the cost of entering into the capped call transactions described below. Hertz Corp. intends to use the remainder of the net proceeds from the issuance of the Notes to fund the partial redemption or repurchase of its outstanding Senior Notes due 2026 on or before December 31, 2025. If the initial purchasers exercise their option to purchase additional Notes, then Hertz Corp. intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions and apply the remainder towards the partial redemption or repurchase of the Senior Notes due 2026.   

The Notes will bear interest payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026. The interest rate, the exchange rate and certain other terms of the Notes will be determined by negotiations between Hertz Corp. and the initial purchasers. The Notes will mature on October 1, 2030, unless repurchased, redeemed or exchanged in accordance with their terms prior to maturity. Prior to July 1, 2030, the Notes will be exchangeable only upon satisfaction of certain conditions and during certain periods, and thereafter, the Notes will be exchangeable at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Notes will be exchangeable on the terms set forth in the indenture governing the Notes into cash, shares of common stock of the Company (“Common Stock”), or a combination thereof, at Hertz Corp.’s election. 

Holders of the Notes will have the right to require Hertz Corp. to repurchase all or a portion of their Notes at 100% of the principal amount of the Notes to be repurchased plus accrued and unpaid interest to, but excluding, the date of such repurchase, upon the occurrence of certain corporate events constituting a “fundamental change” as defined in the indenture governing the Notes. Hertz Corp. may not redeem the Notes prior to October 6, 2028. On or after October 6, 2028 and on or prior to the 26th scheduled trading day immediately preceding the maturity date, if the last reported sale price per share of Common Stock has been at least 130% of the exchange price for the Notes for certain specified periods, and certain other conditions are satisfied, Hertz Corp. may redeem all or a portion (subject to certain limitations) of the Notes at a cash redemption price equal to the principal amount of the Notes to be redeemed plus accrued and unpaid interest on such Notes to, but excluding, the redemption date. 

The Notes are expected to be guaranteed by the Company, Rental Car Intermediate Holdings, LLC, Hertz Corp.’s direct parent company, and each of Hertz Corp.’s existing domestic subsidiaries and future subsidiaries that guarantee indebtedness under Hertz Corp.’s first lien credit facilities or certain other indebtedness for borrowed money.  

Hertz Corp. has been advised by one of the initial purchasers that, in connection with the pricing of the Notes, an affiliate of Pershing Square Capital Management, L.P. intends to enter into privately negotiated cash-settled total return swap transactions (the “Swap Transactions”) with a swap counterparty that is an affiliate of one of the initial purchasers (the “Swap Counterparty”), pursuant to which such Pershing Square entity will obtain long economic exposure to approximately $100 million notional amount of the Common Stock.  The Swap Transactions have a fixed term of 36 months, subject to the right of the Swap Counterparty to terminate the Swap Transactions at its option at any time upon certain prior notice, and the requirement that the Swap Transactions be terminated in certain circumstances.  Neither Hertz Corp. nor the Company is party to the Swap Transactions. 

The Swap Transactions are generally intended to facilitate privately negotiated derivative transactions, including cash-settled swaps, directly or indirectly between the Swap Counterparty or its affiliates and certain investors in the Notes relating to the Common Stock, by which such investors in the Notes will hedge their investments in the Notes.   

Pershing Square’s entry into the Swap Transactions with the Swap Counterparty and the entry by the Swap Counterparty directly or indirectly into derivative transactions in respect of the Common Stock with the investors of the Notes, particularly if investors purchase shares of the Common Stock on or shortly after the day Hertz Corp. prices the Notes, could have the effect of increasing (or reducing the size of any decrease in) the market price of the Common Stock concurrently with, or shortly after, the pricing of the Notes and effectively raising the initial exchange price of the Notes.   

In addition, the Swap Counterparty or its affiliates may modify their hedge positions with respect to the swap by entering into or unwinding one or more derivative transactions with respect to the Common Stock (including the privately negotiated derivative transactions with certain investors in the Notes or derivative transactions with other market participants) and/or purchasing or selling shares of the Common Stock or other securities of the Company in secondary market transactions at any time following the pricing of the Notes and prior to the maturity of the Notes, including in connection with any increase or decrease in the short positions that investors desire to maintain with the Swap Counterparty to hedge their investments in the Notes, and during any observation period related to an exchange of Notes. These activities could also increase (or reduce the size of any decrease in) or decrease (or reduce the size of any increase in) the market price of the Common Stock or the Notes, which could affect holders’ ability to exchange the Notes and, to the extent the activity occurs following exchange or during any observation period related to an exchange of Notes, it could affect the amount and value of the consideration that holders will receive upon exchange of the Notes. 

Certain limited partners of CK Amarillo LP (collectively, “CK Amarillo”) have expressed an indication of interest to purchase up to $25.0 million aggregate principal amount of the Notes. Any such purchase will be on the same terms as purchases of the Notes by other investors. An indication of interest is not binding and there can be no assurance that CK Amarillo will purchase any Notes or will be allocated any Notes by the initial purchasers. 

In connection with the pricing of the Notes, Hertz Corp. and the Company expect to enter into privately negotiated cash-settled capped call transactions with one or more of the initial purchasers or their affiliates and/or other financial institutions (the “option counterparties”). The capped call transactions will initially cover, subject to anti-dilution adjustments substantially similar to those applicable to the Notes, the number of shares of the Common Stock underlying the Notes. If the initial purchasers exercise their option to purchase additional Notes, Hertz Corp. and the Company expect to enter into additional capped call transactions with the option counterparties. 

The capped call transactions are expected generally to compensate (through the payment of cash to Hertz Corp.) for potential dilution to the Common Stock upon any exchange of the Notes and/or offset any potential cash payments Hertz Corp. is required to make in excess of the principal amount of exchanged Notes, as the case may be, with such compensation and/or offset subject to a cap. 

In connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to the Common Stock and/or purchase shares of the Common Stock concurrently with or shortly after the pricing of the Notes. This activity could increase (or reduce the size of any decrease in) the market price of the Common Stock or the Notes at that time. 

In addition, the option counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the Common Stock and/or purchasing or selling shares of the Common Stock or other securities of the Company in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so (x) during any observation period related to an exchange of Notes, following any redemption of Notes by Hertz Corp. or following any repurchase of Notes by Hertz Corp. in connection with any fundamental change and (y) following any repurchase of Notes by Hertz Corp. other than in connection with any such redemption or any fundamental change if Hertz Corp. elects to unwind a corresponding portion of the capped call transactions in connection with such repurchase). This activity could also cause or avoid an increase or a decrease in the market price of the Common Stock or the Notes, which could affect holders’ ability to exchange the Notes and, to the extent the activity occurs following exchange or during any observation period related to an exchange of Notes, it could affect the amount and value of the consideration that holders will receive upon exchange of the Notes. 

Unlike most exchangeable debt issuances that are coupled with a capped call where each instrument generally will be settled with the same proportion of cash and shares as the other instrument, the capped call transactions can only be cash-settled, and the Notes can be settled for all cash, shares of the Common Stock or a combination of cash and shares of the Common Stock. Thus, at and/or immediately preceding the expiration date for the capped call transactions or at approximately the time of any early termination, the option counterparties and/or their respective affiliates are likely to sell the Common Stock or other securities or instruments of the Company, or enter into or unwind other hedge positions, all in a manner that can be expected to decrease or avoid an increase in the market price of the Common Stock. By contrast, Hertz Corp. may elect to deliver shares of the Common Stock to holders upon exchange of the Notes, and if Hertz Corp. does so, holders who have hedged their equity price risk may use those shares to reduce their hedge positions rather than purchasing shares of the Common Stock (or engaging in hedging activities or hedge unwind activities that have a similar effect) in the market. As a result, the option counterparties’ hedge unwind activities at and/or immediately preceding the expiration date for the capped call transactions or at approximately the time of any early termination likely will not be offset by buying activity of holders who have hedged their equity price risk to the same extent as if Hertz Corp. had elected to deliver a greater amount of cash in settlement of the Notes. This could have the effect of further reducing or avoiding an increase in the market price of the Common Stock, which could affect holders’ ability to exchange the Notes and the amount and value of the consideration that holders will receive upon exchange of such Notes.  

The Notes and the guarantees of the Notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The Notes, the guarantees of the Notes and any shares of Common Stock issuable upon exchange of the Notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold absent registration or an applicable exemption from the registration requirements under the Securities Act and the securities laws of any other jurisdiction. 

This press release is not an offer to sell or purchase, or a solicitation of an offer to sell or purchase, the Notes, the guarantees of the Notes or the shares of Common Stock issuable upon exchange of the Notes and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful. 

 

ABOUT HERTZ 

Hertz Global Holdings Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries 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, as well as the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the US, and the Hertz 24/7 car sharing business in Europe.  

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 

This press release contains “forward-looking statements” within the meaning of the federal securities laws. Words such as “expect,” “will” and “intend” and similar expressions identify forward-looking statements, which include but are not limited to statements related to our positioning, strategy, vision, forward looking investments, conditions in the travel industry, our financial and operational condition, our sources of liquidity, the consummation of the offering, Hertz Corp.’s expected use of proceeds from the proposed offering. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including risks and uncertainties related to completion of the offering, market conditions (including market interest rates) and the satisfaction of customary closing conditions related to the offering, unanticipated uses of capital and those in our risk factors that we identify in the offering memorandum for the offering and our most recent annual report on Form 10-K for the year ended December 31, 2024, as filed with the U.S. Securities and Exchange Commission on February 18, 2025, and any updates thereto in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K. We caution you not to place undue reliance on our forward-looking statements, which speak only as of their date, and we undertake no obligation to update this information. 

 

Contact 

Hertz Investor Relations: investorrelations@hertz.com

Hertz Media Relations: Mediarelations@hertz.com 

ESTERO, Fla., August 28, 2025 – Hertz Global Holdings, Inc. (NASDAQ: HTZ) (the “Company”) announced today that it plans to report its third quarter 2025 financial results at 8:00 a.m. ET on Tuesday, November 4, 2025, followed by an earnings call at 9:00 a.m. ET. 

A live webcast of the call will be available on the Investor Relations page of the Company’s website at https://ir.hertz.com. To access the call by phone, please register through this link: Hertz Q3 2025 earnings teleco registration, and you will be provided with dial-in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A web replay will remain available on the website for approximately one year.   

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. 

For more information, please email investorrelations@hertz.com or mediarelations@hertz.com. 

“Our transformation is taking hold,” said Gil West, CEO of Hertz. “Through smarter fleet management, improved utilization, enhanced customer experience, disciplined cost control, and the hard work of our people, it’s clear our strategy is working. We’re building a stronger, more resilient Hertz – one that’s operationally sound, financially disciplined, and positioned to lead in the future of mobility.”

ESTERO, Fla, August 7, 2025 – Hertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz,” “Hertz Global,” or the “Company”) today reported results for its second quarter 2025.

HIGHLIGHTS

• Net income and Adjusted Corporate EBITDA both improved ~$0.5 billion year-over-year, marking the Company’s first quarter of positive Adjusted Corporate EBITDA in nearly two years, a result of its disciplined fleet management, operational efficiency, and rigorous cost management
• The Company’s “Buy Right, Hold Right, Sell Right” strategy continued to deliver results:
  • Hertz achieved depreciation per unit per month (DPU) of $251, exceeding its North Star target of sub $300 by 16% and building on the momentum from the first quarter of 2025. The Company has secured all of its Model Year 2025 fleet at pre-tariff pricing
  • Vehicle Utilization reached 83%, a year-over-year increase of 300 basis points, as the Company executed on fleet optimization with greater precision and agility. Nearly 80% of the core U.S. rental fleet is less than a year old
  • Hertz achieved its highest second-quarter retail vehicle sales volume in five years, including through its direct-to-consumer Hertz Car sales, highlighting strong demand
• Direct operating expenses (DOE) declined 3% year-over-year. DOE per transaction day improved both sequentially and year-over-year, reflecting disciplined cost control and operational agility
• The Company’s global Net Promoter Score improved by 11 points year-over-year, underscoring its commitment to service excellence and digital innovation
• The Company ended the quarter with over $1.45 billion in liquidity

EARNINGS WEBCAST INFORMATION

Hertz Global’s live webcast and conference call to discuss its second quarter 2025 results will be held on August 7, 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 Q2 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.

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