HTZWW Filings — Hertz Global Holdings, Inc - FilingSpy
HTZWW
Hertz Global Holdings, Inc
A global vehicle rental company, Hertz lets travelers pick up cars under the Hertz, Dollar, and Thrifty brands at airports and neighborhoods around the world. Walter Jacobs started it in 1918 in Chicago with a dozen used Ford Model Ts; the business was later bought by taxi magnate John D. Hertz, whose name it carries today. The fun twist: that same John D. Hertz founded the Yellow Cab Company and helped make yellow the classic taxi color.
Hertz Q2 2026 revenue rose 10% to $2.4B but vehicle depreciation costs climbed 17%, keeping the company unprofitable.
Hertz's recovery accelerated, but rising costs from an aging fleet erased the gains. Revenue rose 10.5% to $2.4 billion on improved pricing, yet a 17% increase in vehicle to $487 million drove a net loss of $34 million. The company is selling more cars at a loss to refresh its fleet, leaving profitability dependent on completing that cycle.
Key takeaways
Total rose 10.5% to $2.4 billion, driven by improved pricing across both the Americas and International rental car segments.
The net loss narrowed to $34 million from $294 million a year earlier, but the improvement came entirely from a $138 million swing in non-vehicle to a $94 million gain, driven by unrealized gains on exchange features of convertible notes.
Vehicle rose 17% to $487 million, as the company prioritized selling older vehicles through less favorable channels, reducing the gains it could record on those disposals.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 10% to $2.4B on improved pricing, but net loss was $34M as higher vehicle depreciation and operating costs offset gains.
⌄
Total revenues increased 10% to $2.4B in Q2 2026, driven by improved pricing across both the and segments.
Direct operating expenses grew 4% to $1.45 billion, with higher collision, refueling, and maintenance costs in the Americas pressuring margins.
fell to $984 million from $1.49 billion at year-end 2025, driven by reduced availability under the company's .
What changed
The Q1 2026 flag for vehicle materialized: after falling to $480 million in Q1, it rose to $487 million in Q2 as reduced disposal gains from selling older vehicles offset the benefit of stronger residual values.
The Q1 2026 flag for materialized: it dropped further to $984 million from $837 million at the end of Q1, driven by reduced availability on the rather than the cash payment for litigation reserves that drained cash in the prior quarter.
The Q1 2026 flag for non-vehicle reversed: it swung to a $94 million gain from a $232 million expense a year earlier, entirely due to non-cash fair value adjustments on convertible notes, not an improvement in the underlying cost of debt.
What to watch
Vehicle in Q3 2026 as the company continues to sell older vehicles through less favorable channels, reducing disposal gains and pressuring earnings.
and availability under the against $17.1 billion in total debt, after it fell to $984 million.
pricing and volume trajectory after a 10% increase driven by improved pricing, to see if the recovery is sustained.
Whether non-vehicle remains a gain or reverts to an expense, given its dependence on fair value adjustments for convertible notes.
rose 17% to $487M, primarily due to reduced gains on vehicle disposals from prioritizing older vehicles and less favorable sales channels.
grew 4% to $1.45B, mainly from higher collision, refueling, and maintenance costs in the .
fell 59% to $94M, largely due to from changes in the fair value of exchange features on convertible notes.
Corporate stood at $984M as of June 30, 2026, down from $1.49B at year-end 2025, with the decline driven by reduced availability under the .
The company expects to continue evaluating and completing sale-leasebacks of certain non-vehicle capital assets through the end of 2026.
Quantitative and Qualitative Disclosures About Market Risk
We are exposed to a variety of market risks, including the effects of changes in interest rates (including credit spreads), foreign currency exchange rates, equity price risks and fluctuations in fuel prices. We manage our exposure to these market risks through our regular opera…
⌄
We are exposed to a variety of market risks, including the effects of changes in interest rates (including credit spreads), foreign currency exchange rates, equity price risks and fluctuations in fuel prices. We manage our exposure to these market risks through our regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments. Derivative financial instruments are viewed as risk management tools and have not been used for speculative or trading purposes. In addition, derivative financial instruments are entered into with a diversified group of major financial institutions in order to manage our exposure to counterparty nonperformance on such instruments.
As of June 30, 2026, there have been no material changes to the information reported under Part II, Item 7A of our 2025 Form 10-K.
80
Table of Contents
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
THE HERTZ CORPORATION AND SUBSIDIARIES
For a description of certain pending legal proceedings see Note 12, "Contingencies and Off-Balance Sheet Commitments," in Part I, Item 1 of this Quarterly Report.
⌄
For a description of certain pending legal proceedings see Note 12, "Contingencies and Off-Balance Sheet Commitments," in Part I, Item 1 of this Quarterly Report.
Part I, Item 1A of our 2025 Form 10-K includes certain risk factors that could materially affect our business, financial condition or future results. There have been no material changes to those risk factors.
⌄
Part I, Item 1A of our 2025 Form 10-K includes certain risk factors that could materially affect our business, financial condition or future results. There have been no material changes to those risk factors.