ESTERO, Fla.–(BUSINESS WIRE)–Might per chance well 7, 2026–
Hertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz,” “Hertz Global,” or the “Firm”) this day reported results for its first quarter 2026.
Q1 2026 HIGHLIGHTS
- Income totaled $2.0 billion within the key quarter, up 11% yr over yr, Hertz’s strongest yr-over-yr income development in three years, driven by continued development in its industrial programs.
- Year-over-yr Income per Unit (RPU) and Income Per Day (RPD) metrics continued improving sequentially, with RPD handing over a 5.5% raise, its most critical yr-over-yr improvement since 2022.
- GAAP rep loss for the quarter totaled $333 million and Diluted GAAP EPS changed into once $(1.06). Adjusted rep loss changed into once $224 million and Adjusted Diluted EPS changed into once $(0.72), ensuing in a yr-over-yr improvement of $105 million and an Adjusted EPS improvement of $0.35.
- Adjusted Corporate EBITDA changed into once $(161) million, an improvement of virtually 50% yr over yr. Here is inclusive of a negative impact of over $25 million from automobile recalls.
- Utilization changed into once seventy 9% within the key quarter, a decline of 70 foundation facets yr-over-yr; excluding elevated recalls, Utilization changed into once up 140 foundation facets when compared with the key quarter of 2025.
- Web Depreciation per Unit per Month (Web DPU) changed into once $312 in within the key quarter, impending the Firm’s North Famous particular person target and representing a yr-over-yr improvement of 13%, supported by disciplined like a flash rotation. The conventional automobile market changed into once within the seasonal trough by February, but has since improved considerably.
- Hertz earned essentially the most exciting automobile rental dilemma on USA This day’s checklist of Most Relied on Brands for 2026 and essentially the most exciting yr over yr improvement of any automobile rental company on Industry Recede back and forth News’ pride uncover.
- The Firm continues to drive enhancements in buyer skills to toughen its Global Web Promoter fetch consistently at some stage within the alternate, measuring document pride in Europe within the key quarter.
- Hertz ended the key quarter with roughly $837 million of liquidity and in April finished additional financing that added roughly $200 million.
PLATFORM HIGHLIGHTS
- Hertz recently launched an affiliated working company Oro Mobility (Oro) to invent driver-led and self enough cease‑to‑cease like a flash administration solutions to companions at some stage in emerging mobility segments.
- Hertz Automobile Gross sales continues to amplify its digital retail presence by a brand original partnership with eBay, bringing thousands of Hertz Certified, cease to-original vehicles to 1 in all the field’s biggest on-line automobile marketplaces.
Q1 Abstract
Hertz’s first quarter performance underscores that its transformation is utilizing tangible results. By its “Again-to-Fundamentals” strategy, the Firm is handing over measurable development in its core rental operations with a focal point on disciplined like a flash administration, income optimization, and rigorous mark bear a watch on, all guided by its North Famous particular person metrics of DPU sub $300, RPU over $1,500, and DOE per Transaction Day within the low $30s.
In the key quarter, the Firm delivered sequential enhancements by its “Aquire Actual, Respect Actual, Sell Actual” strategy with its youngest like a flash in virtually a decade. Hertz finished income of $2.0 billion within the key quarter, up 11% yr over yr and marking its strongest income development in three years by continued, structural enhancements to its industrial programs. The Firm drove sequential, yr-over-yr improvement in RPU and RPD, with RPD handing over a 5.5% raise, which changed into once its most critical yr-over-yr improvement since the the skedaddle restoration and microchip-driven spike in 2022. These results, along with the development against the Firm’s North Famous particular person DPU target and continued implementation of mark administration initiatives, resulted in an Adjusted Corporate EBITDA improvement of virtually 50% yr over yr. Even though Instruct Operating Expense (DOE) per Transaction Day increased 3%, Adjusted DOE improved roughly 2% yr over yr when normalizing for higher RPD-linked variable charges that are EBITDA accretive, higher damages charges that are recovered by income and are EBITDA neutral, and higher real estate charges following sale leaseback transactions accomplished final yr. The Firm also continues to procedure systemic enhancements at some stage in every buyer touchpoint to beef up its rental skills.
Recall exercise changed into once roughly 300% higher yr over yr and reduced Utilization by roughly 200 foundation facets, impacted Transaction Days by roughly 930,000, and resulted in a income impact of about $50 million. The overall impact to Adjusted Corporate EBITDA changed into once higher than $25 million. The Firm is actively managing by this by redeploying available like a flash to higher‑demand of markets, working with OEMs and authorities officers for every tactical and structural enhancements, and conserving rentable like a flash successfully utilized relative to demand of by disciplined capacity planning. The underlying alternate performed successfully within the key quarter, demonstrating that this transitory headwind has no longer stopped structural development.
Platform for Utter
Hertz’s strategic transformation has two targets: to toughen its core operations, whereas constructing a varied, charge-creating platform for development. This platform spans four strategic areas – Rent-a-Automobile, Provider, Fleet, and Mobility – every with uncommon doable to scale. The Firm stays infected by constructing capabilities at some stage in its platform to find original charge beyond its rental automobile alternate.
In the key quarter, Hertz made serious trends in essentially the most exciting precedence areas of its platform. In Rent-a-Automobile, Hertz launched an developed like a flash planning engine enabling better precision and effectivity, which the Firm expects will voice sure impacts at some stage within the alternate. In Fleet, the evolution of Hertz Automobile Gross sales into an omnichannel retail alternate changed into once bolstered by the announcement of a brand original partnership with eBay, striking the Firm’s cease to-original, certified inventory in front of extra customers than ever sooner than.
Oro Mobility
In Mobility, Hertz recently launched its affiliated working company, Oro, to invent flexible, integrated like a flash administration solutions at some stage in a unfold of mobility segments. Because the alternate transitions from for my half owned vehicles to commercially operated fleets, Oro objectives to beget a predominant possession, orchestration, and operations hole. Backed by Hertz’s core strengths in like a flash and facility administration, dapper-scale logistics, automobile maintenance, and a administration crew with utter AV operational skills, Oro is designed to administer and support fleets reliably, successfully, safely, and at scale.
With the scale of a world operator and the well-known target of an neutral entity, Oro delivers solutions for all fleets. Oro has announced Uber as a predominant partner at some stage in every self enough and driver‑led operations, extending the companies’ lengthy‑standing rideshare rental partnership.
EARNINGS WEBCAST INFORMATION
Hertz Global’s are living webcast and convention call to keep in touch about its first quarter 2026 results would per chance be held on Might per chance well 7, 2026 at 9:00 a.m. Jap Time. The convention call would per chance be broadcast are living in pay consideration-most exciting mode on the Firm’s Investor Family individuals web site at IR.Hertz.com. Whenever you happen to’d admire to entry the dedication by cell phone and demand of a quiz, please scuttle to https://events.q4inc.com/analyst/799455480?pwd=UFsNYc6H, and likewise you are going to be offered with dial in small print. Investors are encouraged to dial in roughly quarter-hour sooner than the dedication. A web replay will live available on the web site for roughly one yr. The earnings originate and linked supplemental schedules containing the reconciliations of non-GAAP measures would per chance be available on the Hertz web site, IR.Hertz.com.
ABOUT HERTZ
Hertz Global Holdings, Inc. is one in all the field’s leading automobile rental and mobility solutions providers. Its subsidiaries, in conjunction with The Hertz Corporation, and licensees honest the Hertz, Greenback, Thrifty, and Firefly automobile rental brands, with roughly 11,000 rental locations in 160 worldwide locations at some stage within the globe. The Firm also operates the Hertz Automobile Gross sales tag, which offers a unfold of quality, competitively priced conventional vehicles within the marketplace on-line and at locations at some stage within the US, and the Hertz 24/7 automobile-sharing alternate in Europe. For added data about Hertz, consult with www.hertz.com.
SUMMARY RESULTS
Three Months Ended
March 31,
Percent Inc/(Dec)
2026 vs 2025
($ in tens of millions, as antagonistic to earnings per fragment or where well-liked)
2026
2025
Hertz Global – Consolidated
Total revenues
$
2,004
$
1,813
11
%
Web earnings (loss)
$
(333
)
$
(443
)
(25
)%
Diluted earnings (loss) per fragment
$
(1.06
)
$
(1.44
)
(26
)%
Web earnings (loss) margin
(17
)%
(24
)%
Adjusted rep earnings (loss) (a)
$
(224
)
$
(329
)
(32
)%
Adjusted diluted earnings (loss) per fragment (a)
$
(0.72
)
$
(1.07
)
(33
)%
Adjusted Corporate EBITDA (a)
$
(161
)
$
(302
)
(47
)%
Adjusted Corporate EBITDA Margin (a)
(8
)%
(17
)%
Common Autos (in total models)
514,163
505,552
2
%
Common Rentable Autos (in total models)
493,359
475,117
4
%
Automobile Utilization
seventy 9
%
seventy 9
%
Transaction Days (in thousands)
34,893
33,902
3
%
Total RPD (in bucks) (b)
$
57.38
$
54.40
5
%
Total RPU Per Month (in total bucks) (b)
$
1,353
$
1,294
5
%
Depreciation Per Unit Per Month (in total bucks) (b)
$
312
$
358
(13
)%
DOE per Transaction Day (in bucks)
$
38.52
$
37.58
3
%
Adjusted DOE per Transaction Day (in bucks) (b)(c)
$
38.43
$
37.seventy 9
2
%
Americas RAC Section
Total revenues
$
1,628
$
1,490
9
%
Adjusted EBITDA
$
(103
)
$
(235
)
(56
)%
Adjusted EBITDA Margin
(6
)%
(16
)%
Common Autos (in total models)
419,829
413,892
1
%
Common Rentable Autos (in total models)
401,094
385,191
4
%
Automobile Utilization
seventy 9
%
80
%
Transaction Days (in thousands)
28,562
27,758
3
%
Total RPD (in bucks) (b)
$
57.00
$
fifty three.77
6
%
Total RPU Per Month (in total bucks) (b)
$
1,353
$
1,292
5
%
Depreciation Per Unit Per Month (in total bucks) (b)
$
319
$
373
(14
)%
DOE per Transaction Day (in bucks)
$
38.44
$
38.40
—
%
Adjusted DOE per Transaction Day (in bucks) (b)(c)
$
38.34
$
37.90
1
%
Worldwide RAC Section
Total revenues
$
376
$
323
16
%
Adjusted EBITDA
$
(2
)
$
(10
)
(80
)%
Adjusted EBITDA Margin
(1
)%
(3
)%
Common Autos (in total models)
94,334
91,660
3
%
Common Rentable Autos (in total models)
92,265
89,926
3
%
Automobile Utilization
76
%
76
%
Transaction Days (in thousands)
6,331
6,144
3
%
Total RPD (in bucks) (b)
$
59.12
$
57.28
3
%
Total RPU Per Month (in total bucks) (b)
$
1,352
$
1,304
4
%
Depreciation Per Unit Per Month (in total bucks) (b)
$
277
$
294
(6
)%
DOE per Transaction Day (in bucks)
$
38.22
$
33.69
13
%
Adjusted DOE per Transaction Day (in bucks) (b)(c)
$
38.22
$
37.11
3
%
NM = No longer well-known
(a)
Represents a non-GAAP measure. Look the accompanying reconciliations integrated in Supplemental Schedule II for 2026 and 2025.
(b)
Per December 31, 2025 foreign alternate charges.
(c)
Represents a non-GAAP measure. Look the accompanying reconciliations integrated in Supplemental Schedule V for 2026 and 2025.
UNAUDITED FINANCIAL DATA, SUPPLEMENTAL SCHEDULES, NON-GAAP MEASURES AND DEFINITIONS
In this earnings originate, we embody make a selection unaudited monetary data of Hertz Global, Supplemental Schedules, that are offered to show section results, and reconciliations of non-GAAP measures to their most comparable GAAP measures. Following the Supplemental Schedules, the Firm offers definitions for terminology conventional at some stage within the earnings originate and the Firm’s rationale referring to the importance and price of non-GAAP measures for consumers and administration.
Efficient within the key quarter of 2026, the Firm revised its definition of Adjusted Web Earnings (Loss) and Adjusted Corporate EBITDA to alter for realized (gains) losses from monetary instruments, fragment-essentially based fully fully compensation expense and foreign currency echange (gains) losses. The update changed into once made so as to better reflect administration’s perceive of ongoing operations and operational performance. The presentation of the prior duration has been recast to evolve to essentially the most original duration presentation.
Moreover efficient within the key quarter of 2026, the Firm changed its definition of Common Rentable Autos and Common Autos to exercise a day-to-day common of vehicles as against a straightforward common of vehicles first and essential and cease of a duration, which the Firm believes is a higher, extra upright measure of its vehicles. The presentation of the prior duration has been recast to evolve to essentially the most original duration presentation.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained or integrated by reference on this originate, and in linked feedback by the Firm’s administration, embody “ahead-having a scrutinize statements.” Forward-having a scrutinize statements are acknowledged by words reminiscent of “imagine,” “search data from,” “project,” “doable,” “count on,” “intend,” “opinion,” “estimate,” “scrutinize,” “will,” “would possibly per chance per chance well perhaps,” “would,” “have to aloof,” “would possibly per chance per chance well perhaps,” “forecasts,” “guidance” or a similar expressions, and embody data pertaining to our liquidity, our results of operations, our alternate programs, economic and alternate stipulations and other data. These ahead-having a scrutinize statements are in step with obvious assumptions that the Firm has made in light of its skills within the alternate, as successfully as its perceptions of historic traits, most original stipulations, expected future trends and other components. The Firm believes these judgments are inexpensive, but you must aloof have in mind that these ahead-having a scrutinize statements are no longer ensures of future performance or results, and that the Firm’s real results would possibly per chance per chance well perhaps fluctuate materially from those expressed within the ahead-having a scrutinize statements attributable to a vary of crucial components, every sure and negative, that would possibly per chance per chance well perhaps be revised or supplemented in subsequent reports, reminiscent of Annual Experiences on Invent 10-K, Quarterly Experiences on Invent 10-Q and Recent Experiences on Invent 8-K filed or furnished to the SEC.
Important components that would possibly per chance bear an imprint on the Firm’s real results and trigger them to fluctuate materially from those expressed in ahead-having a scrutinize statements embody, among other issues.
- combination of program and non-program vehicles within the Firm’s like a flash, that would possibly per chance lead to increased publicity to residual charge menace upon disposition;
- the functionality for residual values associated with non-program vehicles within the Firm’s like a flash to voice no, in conjunction with all straight away or all of a sudden, or fail to exercise historic seasonal patterns;
- the Firm’s ability to aquire enough offers of competitively priced vehicles at an less expensive mark in discuss in self belief to successfully provider rental demand of, in conjunction with upon any disruptions within the worldwide supply chain;
- the Firm’s ability to successfully find rid of vehicles, at the instances and by the channels, that maximize the Firm’s returns;
- the age of the Firm’s like a flash, and its impact on automobile carrying charges, buyer provider ratings, as successfully as on the Firm’s ability to promote vehicles at acceptable prices and instances;
- disruptions within the provision chain, in conjunction with in reference to any increases in tariffs or adjustments in tariff insurance policies or alternate agreements;
- whether or no longer a manufacturer of the Firm’s program automobile fulfills its repurchase tasks;
- the frequency or extent of manufacturer security recalls;
- levels of skedaddle demand of, in particular alternate and leisure skedaddle within the U.S. and in worldwide markets;
- seasonality and other occurrences that disrupt rental exercise at some stage within the Firm’s peak sessions, in conjunction with in serious geographies;
- the Firm’s ability to accurately estimate future levels of rental exercise and alter the number, space and combination of vehicles conventional within the Firm’s rental operations accordingly;
- the Firm’s ability to place in drive its alternate strategy or strategic transactions, in conjunction with the Firm’s ability to place in drive plans to enhance a latest mobility ecosystem and Oro Mobility’s partnership with Uber;
- the Firm’s ability to invent mark savings and normalized depreciation levels, as successfully as income enhancements from its profitability initiatives and other operational capabilities;
- the Firm’s ability to adequately reply to adjustments in technology impacting the mobility alternate;
- well-known adjustments within the aggressive atmosphere and the place of opponents within the Firm’s markets on rental volume and pricing;
- the Firm’s reliance on third-party distribution channels and linked prices, commission constructions and transaction volumes;
- the Firm’s ability to provide providers and products for a favorable buyer skills, and to comprise and invent buyer loyalty and market fragment;
- the Firm’s ability to comprise its network of leases and automobile rental concessions at airports and other key locations within the U.S. and internationally;
- the Firm’s ability to comprise favorable tag recognition and a coordinated branding and portfolio strategy;
- the Firm’s ability to map and comprise efficient front-line workers, senior administration and other key workers;
- the Firm’s ability to successfully arrange its union relatives and labor agreement negotiations;
- the Firm’s ability to administer and reply to cybersecurity threats and cyber assaults on the Firm’s data technology programs or those of the Firm’s third-party providers;
- the Firm’s ability, and that of the Firm’s key third-party companions, to quit the misuse or theft of data the Firm possesses, in conjunction with as a results of cyber assaults and other security threats;
- the Firm’s ability to build in ideas, comprise, toughen and consolidate its data technology programs;
- the Firm’s ability to conform with most original and future guidelines and guidelines within the U.S. and internationally referring to data security, data security and privacy dangers;
- dangers associated with working in many diversified worldwide locations, in conjunction with the menace of a violation or alleged violation of acceptable anti-corruption or anti-bribery guidelines and the Firm’s ability to repatriate cash from non-U.S. friends without detrimental tax penalties;
- dangers referring to to tax guidelines and folks tax guidelines that bear an imprint on the Firm’s ability to recapture accelerated tax depreciation and expensing, as successfully as any detrimental determinations or rulings by tax authorities;
- the Firm’s ability to procedure essentially the most of its rep working loss carryforwards;
- the Firm’s publicity to uninsured liabilities referring to to non-public harm, death and property hurt, or in every other case, in conjunction with field topic litigation;
- the functionality for detrimental adjustments in guidelines, guidelines, insurance policies or other actions of governments, agencies and a similar organizations, in conjunction with those linked to environmental issues, no longer well-known insurance protection products or insurance policies, franchising and licensing issues, the ability to pass-by rental automobile linked expenses or taxes, among others, that bear an imprint on the Firm’s operations, the Firm’s charges or acceptable tax charges;
- the menace of an impairment of the Firm’s lengthy-lived resources, which menace would per chance be impacted by, among other issues, the timing of our like a flash rotation;
- the Firm’s ability to recover its goodwill and indefinite-lived intangible resources when performing impairment prognosis;
- the functionality for adjustments in administration’s most productive estimates and assessments;
- the Firm’s ability to comprise an efficient compliance program;
- the provision of earnings and funds from the Firm’s subsidiaries;
- the Firm’s ability to conform, and the mark and burden of complying, with corporate and social accountability guidelines or expectations of stakeholders, and in every other case advance the Firm’s corporate accountability priorities;
- the provision of additional, or continued sources, of financing at acceptable charges for the Firm’s income earning vehicles and to refinance the Firm’s existing indebtedness, and the Firm’s ability to conform with the covenants within the agreements governing its indebtedness;
- the extent to which the Firm’s consolidated resources stable its outstanding indebtedness;
- volatility within the Firm’s fragment mark, the Firm’s possession structure and obvious provisions of the Firm’s charter paperwork, which would possibly per chance per chance well perhaps, among other issues, negatively bear an imprint within the marketplace mark of the Firm’s overall inventory;
- the Firm’s ability to place in drive an efficient alternate continuity opinion to guard the alternate in exigent circumstances;
- the Firm’s ability to successfully comprise efficient interior bear a watch on over monetary reporting; and
- the Firm’s ability to invent strategic transactions.
More data pertaining to those and other components would per chance be chanced on within the Firm’s filings with the SEC, in conjunction with its Annual Experiences on Invent 10-K, Quarterly Experiences on Invent 10-Q and Recent Experiences on Invent 8-K.
You mustn’t tell undue reliance on ahead-having a scrutinize statements. All ahead-having a scrutinize statements attributable to the Firm, or persons acting on its behalf, are expressly qualified of their entirety by the foregoing cautionary statements. All such statements keep in touch most exciting as of the date of this originate, and, as antagonistic to as required by law, the Firm undertakes no duty to update or revise publicly any ahead-having a scrutinize statements, whether or no longer as a results of original data, future events or in every other case.
UNAUDITED FINANCIAL INFORMATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
March 31,(In tens of millions, as antagonistic to per fragment data)
2026
2025
Revenues
$
2,004
$
1,813
Bills:
Instruct automobile and working
1,344
1,274
Depreciation of income earning vehicles and lease charges, rep
481
535
Depreciation and amortization of non-automobile resources
26
30
Selling, overall and administrative
236
219
Ardour expense, rep:
Automobile
146
140
Non-automobile
110
127
Total hobby expense, rep
256
267
Other (earnings) expense, rep
(2
)
4
Swap in vivid charge of Public Warrants
(33
)
9
Total expenses
2,308
2,338
Earnings (loss) sooner than earnings taxes
(304
)
(525
)
Earnings tax (provision) inspire
(29
)
82
Web earnings (loss)
$
(333
)
$
(443
)
Weighted common sequence of shares outstanding:
Customary
314
307
Diluted
314
307
Earnings (loss) per fragment:
Customary
$
(1.06
)
$
(1.44
)
Diluted
$
(1.06
)
$
(1.44
)
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In tens of millions, as antagonistic to par charge and fragment data)
March 31, 2026
December 31, 2025
ASSETS
Money and cash equivalents
$
583
$
565
Restricted cash and cash equivalents:
Automobile
361
317
Non-automobile
275
285
Total restricted cash and cash equivalents
636
602
Total cash and cash equivalents and restricted cash and cash equivalents
1,219
1,167
Receivables:
Automobile
364
381
Non-automobile, rep of allowance of $100 and $91, respectively
756
729
Total receivables, rep
1,120
1,110
Prepaid expenses and other resources
1,193
782
Income earning vehicles:
Autos
14,532
14,039
Less: accumulated depreciation
(1,573
)
(1,513
)
Total income earning vehicles, rep
12,959
12,526
Property and gear, rep
560
566
Operating lease staunch-of-exercise resources
2,328
2,257
Intangible resources, rep
2,864
2,858
Goodwill
1,045
1,045
Total resources
$
23,288
$
22,311
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable:
Automobile
$
576
$
342
Non-automobile
570
517
Total accounts payable
1,146
859
Collected liabilities
980
1,231
Collected taxes, rep
156
131
Debt:
Automobile
11,950
11,629
Non-automobile
6,246
5,425
Total debt
18,196
17,054
Public Warrants
189
222
Operating lease liabilities
2,389
2,275
Self-insured liabilities
641
648
Deferred earnings taxes, rep
377
350
Total liabilities
24,074
22,770
Commitments and contingencies
Stockholders’ equity:
Most trendy inventory, $0.01 par charge, no shares issued and outstanding
—
—
Licensed inventory, $0.01 par charge, 489,865,099 and 486,543,836 shares issued, respectively, and 315,053,055 and 311,731,792 shares outstanding, respectively
5
5
Treasury inventory, at mark, 174,812,044 and 174,812,044 overall shares, respectively
(3,430
)
(3,430
)
Additional paid-in capital
6,457
6,447
Retained earnings (Gathered deficit)
(3,582
)
(3,249
)
Gathered other comprehensive earnings (loss)
(236
)
(232
)
Total stockholders’ equity (deficit)
(786
)
(459
)
Total liabilities and stockholders’ equity (deficit)
$
23,288
$
22,311
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
March 31,
(In tens of millions)
2026
2025
Money flows from working actions:
Web earnings (loss)
$
(333
)
$
(443
)
Adjustments to reconcile rep earnings (loss) to rep cash offered by (conventional in) working actions:
Depreciation and reserves for income earning vehicles, rep
537
624
Depreciation and amortization, non-automobile
26
30
Amortization of deferred financing charges and debt discount (top class)
19
18
Accreted hobby on Exchangeable Notes
7
2
PIK Ardour on Exchangeable Notes
11
11
Inventory-essentially based fully fully compensation charges
17
16
Provision for receivables allowance
44
25
Deferred earnings taxes, rep
26
(124
)
(Create) loss on sale of non-automobile capital resources
(3
)
(3
)
Swap in vivid charge of Public Warrants
(33
)
9
Unrealized (manufacture) loss on monetary instruments
(30
)
—
Other
1
4
Changes in resources and liabilities:
Non-automobile receivables
(73
)
43
Prepaid expenses and other resources
(fifty three
)
(34
)
Operating lease staunch-of-exercise resources
112
113
Non-automobile accounts payable
46
7
Collected liabilities
(251
)
21
Collected taxes, rep
24
38
Operating lease liabilities
(69
)
(113
)
Self-insured liabilities
(5
)
7
Web cash offered by (conventional in) working actions
20
251
Money flows from investing actions:
Income earning vehicles expenditures
(3,602
)
(2,847
)
Proceeds from disposal of income earning vehicles
2,527
2,124
Non-automobile capital asset expenditures
(29
)
(22
)
Proceeds from non-automobile capital resources disposed of
6
27
Web cash offered by (conventional in) investing actions
(1,098
)
(718
)
Money flows from financing actions:
Proceeds from issuance of automobile debt
745
1,126
Repayments of automobile debt
(425
)
(1,384
)
Proceeds from issuance of non-automobile debt
1,205
900
Repayments of non-automobile debt
(374
)
(280
)
Rate of financing charges
(7
)
(13
)
Buy of Capped Name Transactions, rep
—
—
Other
(8
)
(3
)
Web cash offered by (conventional in) financing actions
1,136
346
Attain of foreign currency echange alternate rate adjustments on cash and cash equivalents and restricted cash and cash equivalents
(6
)
9
Web raise (lower) in cash and cash equivalents and restricted cash and cash equivalents at some stage within the duration
52
(112
)
Money and cash equivalents and restricted cash and cash equivalents at starting up of duration
1,167
1,133
Money and cash equivalents and restricted cash and cash equivalents at cease of duration
$
1,219
$
1,021
Supplemental Schedule I
HERTZ GLOBAL HOLDINGS, INC.
CONDENSED STATEMENT OF OPERATIONS BY SEGMENT
Unaudited
Three Months Ended March 31, 2026
Three Months Ended March 31, 2025
(In tens of millions)
Americas RAC
Worldwide
RAC
Corporate
Hertz Global
Americas RAC
Worldwide
RAC
Corporate
Hertz Global
Revenues
$
1,628
$
376
$
—
$
2,004
$
1,490
$
323
$
—
$
1,813
Bills:
Instruct automobile and working
1,098
242
4
1,344
1,066
207
1
1,274
Depreciation of income earning vehicles and lease charges, rep
402
seventy 9
—
481
462
73
—
535
Depreciation and amortization of non-automobile resources
21
3
2
26
26
3
1
30
Selling, overall and administrative
122
58
56
236
114
47
58
219
Ardour expense, rep:
Automobile
124
22
—
146
117
23
—
140
Non-automobile
3
(3
)
110
110
(1
)
(4
)
132
127
Total hobby expense, rep
127
19
110
256
116
19
132
267
Other (earnings) expense, rep
(3
)
1
—
(2
)
—
(3
)
7
4
Swap in vivid charge of Public Warrants
—
—
(33
)
(33
)
—
—
9
9
Total expenses
1,767
402
139
2,308
1,784
346
208
2,338
Earnings (loss) sooner than earnings taxes
$
(139
)
$
(26
)
$
(139
)
(304
)
$
(294
)
$
(23
)
$
(208
)
(525
)
Earnings tax (provision) inspire
(29
)
82
Web earnings (loss)
$
(333
)
$
(443
)
Supplemental Schedule II
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – ADJUSTED NET INCOME (LOSS), ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE AND ADJUSTED CORPORATE EBITDA
Unaudited
Three Months Ended
March 31,
(In tens of millions, as antagonistic to per fragment data)
2026
2025
Adjusted Web Earnings (Loss) and Adjusted Diluted Earnings (Loss) Per Portion:
Web earnings (loss) (a)
$
(333
)
$
(443
)
Adjustments:
Earnings tax provision (inspire)
29
(82
)
Automobile and non-automobile debt-linked charges (b)
32
25
Restructuring and restructuring linked charges (c)
8
3
Web (gains) losses on monetary instruments (d)
(29
)
3
Portion-essentially based fully fully compensation expense
17
15
International currency echange (gains) losses (e)
—
4
Swap in vivid charge of Public Warrants
(33
)
9
Other items (f)(g)
10
28
Adjusted pre-tax earnings (loss) (h)
(299
)
(438
)
Earnings tax (provision) inspire on adjusted pre-tax earnings (loss) (i)
75
109
Adjusted Web Earnings (Loss)
$
(224
)
$
(329
)
Weighted-common sequence of diluted shares outstanding
314
307
Adjusted Diluted Earnings (Loss) Per Portion (j)
$
(0.72
)
$
(1.07
)
Supplemental Schedule II (continued)
Three Months Ended
March 31,
(In tens of millions, as antagonistic to per fragment data)
2026
2025
Adjusted Corporate EBITDA:
Web earnings (loss)
$
(333
)
$
(443
)
Adjustments:
Earnings tax provision (inspire)
29
(82
)
Non-automobile depreciation and amortization
26
30
Non-automobile debt hobby, rep of hobby earnings (okay)
137
121
Automobile debt-linked charges (b)
12
11
Restructuring and restructuring linked charges (c)
8
3
Web (gains) losses on monetary instruments (e)
(29
)
3
Portion-essentially based fully fully compensation expense
17
15
International currency echange (gains) losses (f)
—
4
Swap in vivid charge of Public Warrants
(33
)
9
Other items (g)
5
27
Adjusted Corporate EBITDA (l)
$
(161
)
$
(302
)
Adjusted Corporate EBITDA margin
(8
)%
(17
)%
(a)
Web earnings (loss) margin for the three months ended March 31, 2026 changed into once (17)%. Web earnings (loss) margin for the three months ended March 31, 2025 changed into once (24)%.
(b)
Represents debt-linked charges referring to to the amortization of deferred financing charges and debt discounts and premiums.
(c)
Represents charges incurred below restructuring actions as outlined in U.S. GAAP. Moreover involves restructuring linked charges reminiscent of incremental charges incurred linked to personnel reductions, litigation and closure of underperforming locations.
(d)
Represents total realized and unrealized (gains) losses on derivative monetary instruments, in conjunction with gains (losses) linked to the vivid charge of the Alternate Ingredients 2029, Alternate Feature 2030 and Capped Name Transactions 2030. In consequence from the revision to the definitions of Adjusted pre-tax earnings (loss) and Adjusted Corporate EBITDA, involves realized losses of $1 million and $4 million on derivative monetary instruments for the three months ended March 31, 2026 and 2025, respectively.
(e)
Represents charges incurred linked essentially to foreign currency echange remeasurements.
(f)
Represents miscellaneous items. For the threes months ended March 31, 2026, essentially involves obvious IT-linked charges and cloud computing charges. For the three months ended March 31, 2025, essentially involves obvious litigation charges, obvious IT-linked charges and obvious concession-linked adjustments.
(g)
Moreover involves letter of credit charges.
Supplemental Schedule II (continued)
(h)
The desk underneath reconciles expenses as reported within the condensed consolidated unaudited assertion of operations to adjusted expenses utilized in calculating Adjusted Pretax Earnings (Loss) and Adjusted Web Earnings (Loss), all of that are deemed non-GAAP measures.
(in tens of millions)
Three Months Ended March 31, 2026
Three Months Ended March 31, 2025
Bills:
As Reported
Adjustment
As Adjusted
As Reported
Adjustment
As Adjusted
Instruct automobile and working
$
1,344
$
(2
)
$
1,342
$
1,274
$
(16
)
$
1,258
Depreciation of income earning vehicles and lease charges, rep
481
—
481
535
—
535
Depreciation and amortization of non-automobile resources
26
—
26
30
—
30
Selling, overall and administrative
236
(26
)
210
219
(2
)
217
Ardour expense, rep:
Automobile
146
(10
)
136
140
(11
)
129
Non-automobile
110
—
110
127
(24
)
103
Total hobby expense, rep
256
(10
)
246
267
(35
)
232
Other (earnings) expense, rep
(2
)
1
(1
)
4
(2
)
2
Swap in vivid charge of Public Warrants
(33
)
33
—
9
(9
)
—
Total expenses
$
2,308
$
(4
)
$
2,304
$
2,338
$
(64
)
$
2,274
(i)
Derived utilizing an efficient rate of 25% for the three months ended March 31, 2026 and 2025, respectively, applied to the respective Adjusted Pre-tax Earnings (Loss).
(j)
Adjustments conventional to reconcile diluted earnings (loss) per fragment on a GAAP foundation to Adjusted Diluted Earnings (Loss) Per Portion are comprised of the identical adjustments, inclusive of the tax impact, conventional to reconcile rep earnings (loss) to Adjusted Web Earnings (Loss) divided by the weighted-common diluted shares outstanding at some stage within the duration.
(okay)
Excludes gains (losses) linked to the vivid charge of the Alternate Ingredients 2029, Alternate Feature 2030 and Capped Name Transactions 2030.
(l)
The desk underneath reconciles expenses as reported within the condensed consolidated unaudited assertion of operations to adjusted expenses utilized in calculating Adjusted Corporate EBITDA, every of that are deemed non-GAAP measures.
(in tens of millions)
Three Months Ended March 31, 2026
Three Months Ended March 31, 2025
Bills:
As Reported
Adjustment
As Adjusted
As Reported
Adjustment
As Adjusted
Instruct automobile and working
$
1,344
$
(2
)
$
1,342
$
1,274
$
(16
)
$
1,258
Depreciation of income earning vehicles and lease charges, rep
481
—
481
535
—
535
Depreciation and amortization of non-automobile resources
26
(26
)
—
30
(30
)
—
Selling, overall and administrative
236
(28
)
208
219
(2
)
217
Ardour expense, rep:
Automobile
146
(10
)
136
140
(11
)
129
Non-automobile
110
(110
)
—
127
(127
)
—
Total hobby expense, rep
256
(120
)
136
267
(138
)
129
Other (earnings) expense, rep
(2
)
1
(1
)
4
(5
)
(1
)
Swap in vivid charge of Public Warrants
(33
)
33
—
9
(9
)
—
Total expenses
$
2,308
$
(142
)
$
2,166
$
2,338
$
(200
)
$
2,138
Supplemental Schedule III
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – ADJUSTED OPERATING CASH FLOW
AND ADJUSTED FREE CASH FLOW
Unaudited
Three Months Ended
March 31,
(In tens of millions)
2026
2025
ADJUSTED OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW:
Web cash offered by (conventional in) working actions
$
20
$
251
Depreciation and reserves for income earning vehicles, rep
(537
)
(624
)
Financial catastrophe linked funds (submit emergence) and other funds
359
—
Adjusted working cash float
(158
)
(373
)
Non-automobile capital asset proceeds (expenditures), rep
(23
)
5
Adjusted working cash float sooner than automobile funding
(181
)
(368
)
Web like a flash development after financing
(285
)
(210
)
Adjusted free cash float
$
(466
)
$
(578
)
CALCULATION OF NET FLEET GROWTH AFTER FINANCING:
Income earning vehicles expenditures
$
(3,602
)
$
(2,847
)
Proceeds from disposal of income earning vehicles
2,527
2,124
Income earning vehicles capital expenditures, rep
(1,075
)
(723
)
Depreciation and reserves for income earning vehicles, rep
537
624
Financing exercise linked to vehicles:
Borrowings
745
1,126
Payments
(425
)
(1,384
)
Restricted cash adjustments, automobile
(67
)
147
Web financing exercise linked to vehicles
253
(111
)
Web like a flash development after financing
$
(285
)
$
(210
)
Supplemental Schedule IV
HERTZ GLOBAL HOLDINGS, INC.
NET DEBT CALCULATION
Unaudited
As of March 31, 2026
As of December 31, 2025
(In tens of millions)
Automobile
Non-Automobile
Total
Automobile
Non-Automobile
Total
First Lien RCF
$
—
$
1,230
$
1,230
$
—
$
395
$
395
Time duration loans
—
1,972
1,972
—
1,977
1,977
First lien senior notes
—
1,250
1,250
—
1,250
1,250
2nd lien exchangeable notes
—
282
282
—
271
271
Unsecured exchangeable notes
—
425
425
—
425
425
Unsecured senior notes
—
1,200
1,200
—
1,200
1,200
U.S. automobile financing (HVF III)
10,254
—
10,254
9,886
—
9,886
Worldwide automobile financing (Completely different)
1,622
—
1,622
1,673
—
1,673
Other debt
119
6
125
120
6
126
Supreme charge of the Alternate Ingredients 2029
—
63
63
—
78
78
Supreme charge of the Alternate Feature 2030
—
40
40
—
54
54
Debt field charges, discounts and premiums
(forty five
)
(222
)
(267
)
(50
)
(231
)
(281
)
Debt as reported within the steadiness sheet
11,950
6,246
18,196
11,629
5,425
17,054
Add:
Debt field charges, discounts and premiums
forty five
222
267
50
231
281
Less:
Money and cash equivalents
—
583
583
—
565
565
Restricted cash
361
—
361
317
—
317
Restricted cash and restricted cash equivalents associated with Time duration C Mortgage
—
245
245
—
245
245
Web Debt
$
11,634
$
5,640
$
17,274
$
11,362
$
4,846
$
16,208
LTM Adjusted Corporate EBITDA (a)
(122
)
(264
)
Web Corporate Leverage
NM
NM
NM = No longer well-known
(a)
Reconciliation of LTM Adjusted Corporate EBITDA for the three months ended March 31, 2026, and the twelve months ended December 31, 2025, are as follows:
(In tens of millions)
Three Months Ended
March 31, 2026
Twelve Months Ended
December 31, 2025
Web earnings (loss) three months ended:
June 30, 2025
$
(294
)
n/a
September 30, 2025
184
n/a
December 31, 2025
(194
)
n/a
March 31, 2026
(333
)
n/a
LTM rep earnings (loss)
(637
)
$
(747
)
Adjustments:
Earnings tax provision (inspire)
28
(83
)
Non-automobile depreciation and amortization
113
117
Non-automobile debt hobby, rep of hobby earnings
512
496
Automobile debt-linked charges
47
46
Restructuring and restructuring linked charge
23
18
Web (gains) losses on monetary instruments
(68
)
(35
)
Portion-essentially based fully fully compensation expense
63
62
International currency echange transactions
10
14
Swap in vivid charge of Public Warrants
2
44
(Create) on sale of non-automobile capital resources
(144
)
(144
)
Ethical settlement
(154
)
(154
)
Financial catastrophe-linked litigation reserve
16
24
Other items
67
78
LTM Adjusted Corporate EBITDA
$
(122
)
$
(264
)
Supplemental Schedule V
HERTZ GLOBAL HOLDINGS, INC.
KEY METRICS AND OTHER NON-GAAP CALCULATIONS
Unaudited
Global RAC
Three Months Ended March 31,
Percent Inc/(Dec)
($ in tens of millions, as antagonistic to where well-liked)
2026
2025
Total RPD
Revenues
$
2,004
$
1,813
International currency echange adjustment (a)
(2
)
31
Total Revenues – adjusted for foreign currency echange
$
2,002
$
1,844
Transaction Days (in thousands)
34,893
33,902
Total RPD (in bucks)
$
57.38
$
54.40
5
%
Total Income Per Unit Per Month
Total Revenues – adjusted for foreign currency echange
$
2,002
$
1,844
Common Rentable Autos (in total models)
493,359
475,117
Total income per unit (in total bucks)
$
4,058
$
3,882
Collection of months in duration (in total models)
3
3
Total RPU Per Month (in total bucks)
$
1,353
$
1,294
5
%
Automobile Utilization
Transaction Days (in thousands)
34,893
33,902
Common Rentable Autos (in total models)
493,359
475,117
Collection of days in duration (in total models)
90
90
Available Automobile Days (in thousands)
44,409
42,770
Automobile Utilization (b)
seventy 9
%
seventy 9
%
Depreciation Per Unit Per Month
Depreciation of income earning vehicles and lease charges, rep
$
481
$
535
International currency echange adjustment (a)
—
8
Adjusted depreciation of income earning vehicles and lease charges
$
481
$
543
Common Autos (in total models)
514,163
505,552
Adjusted depreciation of income earning vehicles and lease charges divided by Common Autos (in total bucks)
$
935
$
1,075
Collection of months in duration (in total models)
3
3
Depreciation Per Unit Per Month (in total bucks)
$
312
$
358
(13
)%
DOE per Transaction Day
Instruct Operating Expense – as reported
$
1,344
$
1,274
Transaction Days (in thousands)
34,893
33,902
DOE per Transaction Day
$
38.52
$
37.58
3
%
Adjusted DOE per Transaction Day
Instruct Operating Expense – as reported
$
1,344
$
1,274
Adjustments:
International currency echange adjustment (a)
(1
)
23
Other (c)
(2
)
(16
)
Instruct Operating Expense (DOE) – as adjusted
1,341
1,281
Transaction Days (in thousands)
34,893
33,902
Adjusted DOE per Transaction Day
$
38.43
$
37.seventy 9
2
%
Demonstrate: Global RAC represents Americas RAC and Worldwide RAC section data on a mixed foundation and excludes Corporate
(a)
Per December 31, 2025 foreign alternate charges.
(b)
Calculated as Transaction Days divided by Available Automobile Days.
(c)
For Q1 2026, essentially involves restructuring linked IT charges. For Q1 2025, essentially involves obvious concession-linked adjustments and restructuring linked IT charges.
Supplemental Schedule V (continued)
HERTZ GLOBAL HOLDINGS, INC.
KEY METRICS AND OTHER NON-GAAP CALCULATIONS
Unaudited
Americas RAC
Three Months Ended
March 31,
Percent Inc/(Dec)
($ in tens of millions, as antagonistic to where well-liked)
2026
2025
Total RPD
Revenues
$
1,628
$
1,490
International currency echange adjustment (a)
—
2
Total Revenues – adjusted for foreign currency echange
$
1,628
$
1,492
Transaction Days (in thousands)
28,562
27,758
Total RPD (in bucks)
$
57.00
$
fifty three.77
6
%
Total Income Per Unit Per Month
Total Revenues – adjusted for foreign currency echange
$
1,628
$
1,492
Common Rentable Autos (in total models)
401,094
385,191
Total income per unit (in total bucks)
$
4,059
$
3,875
Collection of months in duration (in total models)
3
3
Total RPU Per Month (in total bucks)
$
1,353
$
1,292
5
%
Automobile Utilization
Transaction Days (in thousands)
28,562
27,758
Common Rentable Autos (in total models)
401,094
385,191
Collection of days in duration (in total models)
90
90
Available Automobile Days (in thousands)
36,099
34,671
Automobile Utilization (b)
seventy 9
%
80
%
Depreciation Per Unit Per Month
Depreciation of income earning vehicles and lease charges, rep
$
402
$
462
International currency echange adjustment (a)
—
1
Adjusted depreciation of income earning vehicles and lease charges
$
402
$
463
Common Autos (in total models)
419,829
413,892
Adjusted depreciation of income earning vehicles and lease charges divided by Common Autos (in total bucks)
$
958
$
1,118
Collection of months in duration (in total models)
3
3
Depreciation Per Unit Per Month (in total bucks)
$
319
$
373
(14
)%
DOE per Transaction Day
Instruct Operating Expense – as reported
$
1,098
$
1,066
Transaction Days (in thousands)
28,562
27,758
DOE per Transaction Day
$
38.44
$
38.40
—
%
Adjusted DOE per Transaction Day
Instruct Operating Expense – as reported
$
1,098
$
1,066
Adjustments:
International Forex Adjustment (a)
—
2
Other (c)
(3
)
(16
)
Instruct Operating Expense (DOE) – as adjusted
1,095
1,052
Transaction Days (in thousands)
28,562
27,758
Adjusted DOE per Transaction Day
$
38.34
$
37.90
1
%
(a)
Per December 31, 2025 foreign alternate charges.
(b)
Calculated as Transaction Days divided by Available Automobile Days.
(c)
For Q1 2026, essentially involves restructuring linked IT charges. For Q1 2025, essentially involves obvious concession-linked adjustments and restructuring linked IT charges.
Supplemental Schedule V (continued)
HERTZ GLOBAL HOLDINGS, INC.
KEY METRICS AND OTHER NON-GAAP CALCULATIONS
Unaudited
Worldwide RAC
Three Months Ended March 31,
Percent Inc/(Dec)
($ in tens of millions, as antagonistic to where well-liked)
2026
2025
Total RPD
Revenues
$
376
$
323
International currency echange adjustment (a)
(2
)
29
Total Revenues – adjusted for foreign currency echange
$
374
$
352
Transaction Days (in thousands)
6,331
6,144
Total RPD (in bucks)
$
59.12
$
57.28
3
%
Total Income Per Unit Per Month
Total Revenues – adjusted for foreign currency echange
$
374
$
352
Common Rentable Autos (in total models)
92,265
89,926
Total income per unit (in total bucks)
$
4,057
$
3,913
Collection of months in duration (in total models)
3
3
Total RPU Per Month (in total bucks)
$
1,352
$
1,304
4
%
Automobile Utilization
Transaction Days (in thousands)
6,331
6,144
Common Rentable Autos (in total models)
92,265
89,926
Collection of days in duration (in total models)
90
90
Available Automobile Days (in thousands)
8,310
8,099
Automobile Utilization (b)
76
%
76
%
Depreciation Per Unit Per Month
Depreciation of income earning vehicles and lease charges, rep
$
seventy 9
$
73
International currency echange adjustment (a)
(1
)
8
Adjusted depreciation of income earning vehicles and lease charges
$
78
$
81
Common Autos (in total models)
94,334
91,660
Adjusted depreciation of income earning vehicles and lease charges divided by Common Autos (in total bucks)
$
831
$
881
Collection of months in duration (in total models)
3
3
Depreciation Per Unit Per Month (in total bucks)
$
277
$
294
(6
)%
DOE per Transaction Day
Instruct Operating Expense – as reported
$
242
$
207
Transaction Days (in thousands)
6,331
6,144
DOE per Transaction Day
$
38.22
$
33.69
13
%
Adjusted DOE per Transaction Day
Instruct Operating Expense – as reported
$
242
$
207
Adjustments:
International Forex Adjustment (a)
(1
)
21
Other (c)
1
—
Instruct Operating Expense (DOE) – as adjusted
242
228
Transaction Days (in thousands)
6,331
6,144
Adjusted DOE per Transaction Day
$
38.22
$
37.11
3
%
(a)
Per December 31, 2025 foreign alternate charges.
(b)
Calculated as Transaction Days divided by Available Automobile Days.
NON-GAAP MEASURES AND KEY METRICS
The term “GAAP” refers to accounting principles customarily accredited within the US. Adjusted EBITDA is the Firm’s section measure of profitability and complies with GAAP when conventional in that context.
NON-GAAP MEASURES
Non-GAAP measures are no longer acknowledged measurements below GAAP. When evaluating the Firm’s working performance or liquidity, consumers have to aloof no longer build in ideas non-GAAP measures in isolation of, superior to, or as an alternative aside for measures of the Firm’s monetary performance as sure per GAAP.
Adjusted Web Earnings (Loss) and Adjusted Diluted Earnings (Loss) Per Portion (“Adjusted EPS”)
Adjusted Web Earnings (Loss) represents earnings or loss attributable to the Firm as adjusted to place away with the impact of GAAP earnings tax; automobile and non-automobile debt-linked charges; restructuring and restructuring linked charges; acquisition accounting-linked depreciation and amortization; rep (gains) losses on monetary instruments; fragment-essentially based fully fully compensation expense; foreign currency echange (gains) losses; alternate in vivid charge of Public Warrants and obvious other miscellaneous or non-recurring items on a pre-tax foundation. Efficient within the key quarter of 2026, the Firm revised its definition of Adjusted Web Earnings (Loss) to alter for realized (gains) losses from monetary instruments, fragment-essentially based fully fully compensation expense and foreign currency echange (gains) losses so as to better align with the administration’s perceive of the Firm’s ongoing operations and its operational performance. The presentation of the prior duration has been recast to evolve to essentially the most original duration presentation.
Adjusted Web Earnings (Loss) involves a provision (inspire) for earnings taxes derived utilizing a mixed statutory rate. The mixed statutory rate is administration’s estimate of the Firm’s lengthy-term tax rate. Its most comparable GAAP measure is rep earnings (loss).
Adjusted EPS represents Adjusted Web Earnings (Loss) on a per diluted fragment foundation the exercise of the weighted-common sequence of diluted shares outstanding for the duration. Its most comparable GAAP measure is diluted earnings (loss) per fragment.
Adjusted Web Earnings (Loss) and Adjusted EPS are crucial working metrics because they enable administration and consumers to evaluate operational performance of the Firm’s alternate, uncommon of the items talked about above that are no longer operational in nature or reminiscent of those of the Firm’s opponents.
Adjusted Corporate EBITDA and Adjusted Corporate EBITDA Margin
Adjusted Corporate EBITDA represents earnings or loss attributable to the Firm as adjusted to place away with the impact of GAAP earnings tax; non-automobile depreciation and amortization; non-automobile debt hobby, rep; automobile debt-linked charges; restructuring and restructuring linked charges; rep (gains) losses on monetary instruments; fragment-essentially based fully fully compensation expense; foreign currency echange (gains) losses; alternate in vivid charge of Public Warrants and obvious other miscellaneous or non-recurring items. Efficient within the key quarter of 2026, the Firm revised its definition of Adjusted Corporate EBITDA to alter for realized (gains) losses from monetary instruments, fragment-essentially based fully fully compensation expense and foreign currency echange (gains) losses so as to better align with administration’s perceive of the Firm’s ongoing operations and its operational performance. The presentation of the prior duration has been recast to evolve to essentially the most original duration presentation.
Adjusted Corporate EBITDA Margin is calculated because the ratio of Adjusted Corporate EBITDA to total revenues.
Management uses these measures as working performance metrics for interior monitoring and planning applications, in conjunction with the preparation of the Firm’s annual working price range and monthly working critiques, and prognosis of funding choices, profitability and performance traits. These measures enable administration and consumers to isolate the outcomes on profitability of working metrics most critical to the alternate of renting and leasing vehicles. To boot they enable administration and consumers to evaluate the performance of the entire alternate on the identical foundation as its reportable segments. Adjusted Corporate EBITDA would per chance be utilized within the dedication of obvious executive compensation. Its most comparable GAAP measure is rep earnings (loss) attributable to the Firm.
Adjusted Instruct Operating Expense per Transaction Day (“Adjusted DOE per Transaction Day”)
Adjusted DOE per Transaction Day is calculated as Instruct Operating Bills – as reported, uncommon of the impacts of foreign currency echange alternate charges and adjustments for obvious other miscellaneous or non-recurring items, divided by the sequence of Transaction Days at some stage within the duration. Adjusted DOE per Transaction Day is wanted to administration and consumers as it measures the Firm’s mark effectivity on a per unit foundation excluding the impact of variable utter working expense fluctuations attributable to adjustments in volume, so as no longer to bear an imprint on the comparability of underlying traits. Its most comparable GAAP measure is DOE per Transaction Day.
Adjusted working cash float and adjusted free cash float
Adjusted working cash float represents rep cash offered by working actions rep of the non-cash add inspire for automobile depreciation and reserves, and uncommon of monetary demolish linked funds made submit emergence. Adjusted working cash float is a wanted performance measure to administration and consumers as it offers precious data referring to the quantity of cash generated from operations when fully careworn by like a flash charges.
Adjusted free cash float represents adjusted working cash float plus the impact of rep non-automobile capital expenditures and rep like a flash development after financing. Adjusted free cash float is a wanted performance measure to administration and consumers as it offers precious data referring to the quantity of cash available for, but no longer minute to, the reduction of non-automobile debt, fragment repurchase and acquisition.
Essentially the most comparable GAAP measure for adjusted working cash float and adjusted free cash float is rep cash offered by (conventional in) working actions.
Web Fleet Utter After Financing
U.S. and Worldwide Apartment Automobile segments Fleet Utter is outlined as income earning vehicles expenditures, rep of proceeds from disposals, plus automobile depreciation and rep automobile financing, which accommodates borrowings, repayments and the alternate in restricted cash associated with vehicles. Fleet Utter is wanted as it permits the Firm to evaluate the cash float required to enhance its funding in income earning vehicles.
Web Non-automobile Debt
Web Non-automobile Debt is calculated as non-automobile debt as reported on the Firm’s steadiness sheet, excluding the impact of unamortized debt issuance charges associated with non-automobile debt, less cash and cash equivalents. Non-automobile debt consists of the Firm’s Senior Time duration Loans, Senior RCF, First Lien Senior Notes, 2nd Lien Exchangeable Notes, Senior Unsecured Exchangeable Notes, Senior Unsecured Notes, Promissory Notes and obvious other non-automobile indebtedness of its home and foreign subsidiaries. Web Non-automobile Debt is wanted to administration and consumers as it helps measure the Firm’s corporate leverage. Web Non-automobile Debt also assists within the analysis of the Firm’s ability to provider its non-automobile debt regardless of the expense associated with the automobile debt, which is collateralized by resources no longer available to lenders below the non-automobile debt facilities.
Web Automobile Debt
Web Automobile Debt is calculated as automobile debt as reported on the Firm’s steadiness sheet, excluding the impact of unamortized debt field charges associated with automobile debt, less restricted cash associated with vehicles. Restricted cash associated with automobile debt is limited for the aquire of income earning vehicles and other specified uses below the Firm’s automobile debt facilities. Web Automobile Debt is wanted to administration, consumers and ratings agencies as it helps measure the Firm’s leverage with recognize to its automobile resources.
Total Web Debt
Total Web Debt is calculated as total debt, excluding the impact of unamortized debt issuance charges, less total cash and cash equivalents and restricted cash associated with automobile debt. Unamortized debt issuance charges are required to be reported as a deduction from the carrying quantity of the linked debt duty below GAAP. Management believes that getting rid of the outcomes that these charges bear on debt will extra accurately reflect the Firm’s rep debt situation. Total Web Debt is wanted to administration, consumers and ratings agencies as it helps measure the Firm’s imperfect leverage.
Web Corporate Leverage
Web Corporate Leverage is calculated as non-automobile rep debt divided by Adjusted Corporate EBITDA for the final twelve months. Web Corporate Leverage is wanted to administration and consumers as it measures the Firm’s corporate leverage rep of unrestricted cash. Web Corporate Leverage also assists within the analysis of the Firm’s ability to provider its non-automobile debt on the field of the generation of Adjusted Corporate EBITDA.
KEY METRICS
Available Automobile Days
Available Automobile Days represents Common Rentable Autos multiplied by the sequence of days in a given duration.
Common Autos (“Fleet Ability” or “Ability”)
Common Autos is sure the exercise of a day-to-day common of the sequence of vehicles within the like a flash whether or no longer owned or leased by the Firm. Efficient within the key quarter of 2026, we changed our definition of Common Autos to exercise a day-to-day common of vehicles as against a straightforward common of vehicles first and essential and cease of a duration. The Firm believes this a higher, extra upright measure of our vehicles. The prior duration has been recast to mirror this alternate.
Common Rentable Autos
Common Rentable Autos shows Common Autos excluding vehicles within the marketplace on the Firm’s retail tons or actively within the formula of being equipped by other disposition channels. Efficient within the key quarter of 2026, the Firm changed its definition of Common Rentable Autos to exercise a day-to-day common of rentable vehicles as against a straightforward common of rentable vehicles first and essential and cease of a duration. The Firm believes this a higher, extra upright measure of its rentable vehicles. The prior duration has been recast to mirror this alternate.
Depreciation Per Unit Per Month (“Depreciation Per Unit” or “DPU”)
Depreciation Per Unit Per Month represents the quantity of common depreciation expense and lease charges per automobile per 30 days, uncommon of the impacts of foreign currency echange alternate charges so as no longer to bear an imprint on the comparability of underlying traits. This metric is wanted to administration and consumers as it shows how successfully the Firm is managing the charges of its vehicles and facilitates comparisons with other contributors within the automobile rental alternate.
Total Income Per Transaction Day (“Total RPD” or “RPD”; also referred to as “pricing”)
Total RPD represents revenue generated per transaction day, excluding the impact of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it represents a measure of changes in the underlying pricing in the vehicle rental business and encompasses the elements in vehicle rental pricing that management has the ability to control.
Total Revenue Per Unit Per Month (“Total RPU”, “RPU” or “Total RPU Per Month”)
Total RPU Per Month represents the amount of revenue generated per vehicle in the rental fleet each month, excluding the impact of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it provides a measure of revenue productivity relative to the number of vehicles in our rental fleet whether owned or leased, or asset efficiency.
Transaction Days (“Days”; now and again called “volume”)
Transaction Days represents the total sequence of 24-hour sessions, with any partial duration counted as one Transaction Day, that vehicles bear been on rent (the duration between when a rental contract is opened and closed) in a given duration. Thus, it’s that you are going to imagine for a automobile to attain higher than one Transaction Day in a 24-hour duration. This metric is wanted to administration and consumers as it represents the sequence of income-generating days.
Automobile Utilization (“Utilization”)
Automobile Utilization represents the ratio of Transaction Days to Available Automobile Days. This metric is wanted to administration and consumers as it’s the dimension of the percentage of vehicles that are being conventional to generate revenues relative to rentable like a flash capacity.
Examine supply model on businesswire.com:https://www.businesswire.com/data/house/20260506199949/en/
CONTACT: Hertz Investor Family individuals:
Hertz Media Family individuals:
KEYWORD: FLORIDA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: FLEET MANAGEMENT OTHER RETAIL AUTOMOTIVE OTHER TRANSPORT OTHER AUTOMOTIVE GENERAL AUTOMOTIVE TRANSPORT RETAIL
SOURCE: Hertz Global Holdings, Inc.
Copyright Industry Wire 2026.
PUB: 05/07/2026 08:00 AM/DISC: 05/07/2026 08:01 AM
http://www.businesswire.com/data/house/20260506199949/en
