Hertz Global Holdings, Inc. (HTZ) financials
NASDAQ · Industrials · Rental & Leasing Services · 26,000 employees · CEO Wayne Gilbert West
- Price
- $1.92 -1.03%
- Market cap
- $606M
- Enterprise value
- $21.1B
- Last report
- Q2 '26 filed 2026-08-06
- Next report
- 2026-11-05 EPS est. $0.21
Revenue (TTM)$8.91B+3.4% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)2.8%+6.0 pp vs a year agoOperating income $249M
Net income (TTM)-$279M+89.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$8.47B-101.5% vs a year agoCapex $9.89B
Diluted EPS (TTM)-$1.12+86.6% vs a year agoSum of the last 4 quarters
Net cash-$20.5B-9.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $606M EV $21.1B
- Revenue
- $8.91B Trailing 12 months
- Revenue growth
- +8% FY2026 consensus
- Profit margin
- -3.1% Net income / revenue, TTM
- P/E
- -2.2× Forward -2.5× (FY2026)
- P/S
- 0.1× Price / sales, TTM
- EV / EBITDA
- 7.0× TTM
- Free cash flow
- -$8.47B Trailing 12 months
- Net income
- -$279M Trailing 12 months
- Revenue estimate
- $9.19B FY2026 consensus
- Earnings
- 2026-11-05 Revenue est. $2.62B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-06): revenue beat by 5.4%, EPS beat by 54.0%Revenue $2.4B vs $2.27B expected (+5.4%); EPS -$0.11 vs -$0.24 (+54.0%).
- Revenue growth accelerating: 9.7% year on yearQ2 '26 revenue $2.4B, against an average of -0.2% over the four quarters before.
- Operating margin 2.8% (TTM), +6.0 pp on a year agoOperating income grew 189.2% while revenue grew 3.4%.
- Capex 111.1% of revenue (a year ago 70.9%)$9.89B invested in the last 4 quarters (+62.0% on a year earlier). Free cash flow -$8.47B.
- Diluted share count up 35.3% in a year418M diluted shares in Q2 '26, 309M a year earlier.
- Net debt $20.5BCash + short-term investments $631M, debt incl. leases $21.1B; a year ago net debt $18.6B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $2.4B | $2.19B | +9.7% |
| Gross margin | 19.0% | 14.1% | +4.8 pp |
| Operating income | $171M | $63M | +171.4% |
| Operating margin | 7.1% | 2.9% | +4.3 pp |
| Net income | $64M | -$294M | +121.8% |
| Diluted EPS | $0.06 | -$0.95 | +105.8% |
| Operating cash flow | $381M | $346M | +10.1% |
| Capex | $3.64B | $3.07B | +18.6% |
| Free cash flow | -$3.26B | -$2.73B | -19.7% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $21M | $16M | +31.3% |
Reported vs consensus
2026-08-06| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $2.4B | $2.27B | +5.4% |
| EPS (as estimated) | -$0.11 | -$0.24 | +54.0% |
From the report of 2026-08-06 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| U.S. Car Rental | $6.3B | +262.4% | 86.6% | $16B | +129.8% | |
| International Car Rental | $971M | +117.2% | 13.4% | $2.77B | +67.6% |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $1.84B | +11.1% | 76.6% | $6.74B | – | |
| Non-US | $560M | +5.3% | 23.4% | $2.17B | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $1.43B
- Capex
- -$9.89B
- Buybacks
- $0
- Dividends
- $0
- Acquisitions
- $4.67B
- Net debt issued
- $1.38B
- Stock-based compensation
- $52M
- Free cash flow
- -$8.47B
- Returned to shareholders / FCF
- 0.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -2.2× | 4.1× 2 of 5 years | 2.8× – 5.3× |
| EV / EBITDA | 7.0× | 6.8× | 5.2× – 10.3× |
| EV / Sales | 2.4× | 2.1× | 1.4× – 2.4× |
| Price / FCF | -0.1× | – | – |
| Price / Book | -1.0× | 3.3× 4 of 5 years | 1.1× – 7.3× |
| FCF yield | -1,396.2% | -322.8% | -750.5% – -29.3% |
| Return on invested capital | 1.2% | 3.1% | -2.5% – 8.4% |
| Return on equity | 51.0% | -319.6% | -1,870.6% – 162.7% |
Analysts
Consensus target $2.22 (+15.6%)
range $1.00 – $3.00 · rating Hold
Strong buy0
Buy7
Hold9
Sell5
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $9.19B | +8.0% | -$0.78 | +67.7% | -2.5× | 4 |
| FY2027 | $9.55B | +3.9% | -$0.08 | +90.1% | -24.9× | 4 |
| FY2028 | $9.85B | +3.2% | $0.36 | +570.0% | 5.3× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 232 figures Hertz Global Holdings, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable | $1.15B | $861M | +33.1% | $859M | $642M | +33.8% |
| Accounts Receivable, after Allowance for Credit Loss | $1.12B | $1.23B | -9.1% | $1.11B | $1.21B | -7.9% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $44M | $25M | +76.0% | $127M | $120M | +5.8% |
| Accretion Expense | $7M | $2M | +250.0% | – | – | – |
| Accrued Liabilities | $980M | $1.19B | -17.7% | $1.23B | $1.17B | +4.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $751M2025-12-31 | $732M | +2.6% | $751M | $732M | +2.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$236M | -$301M | +21.6% | -$232M | -$316M | +26.6% |
| Additional Paid in Capital, Common Stock | $6.46B | $6.41B | +0.7% | $6.45B | $6.4B | +0.8% |
| Advertising Expense | – | – | – | $230M | $264M | -12.9% |
| Amortization of Debt Issuance Costs | $19M | $18M | +5.6% | $86M | $74M | +16.2% |
| Amortization of Intangible Assets | – | – | – | $22M | $25M | -12.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 187M | 139M | +34.5% | 140M | 115M | +21.7% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $17M | $16M | +6.3% | $63M | $63M | 0.0% |
| Asset Impairment Charges | $02025-12-31 | $0 | – | $0 | $1.05B | -100.0% |
| Assets | $23.3B | $22B | +5.6% | $22.3B | $21.8B | +2.3% |
| Capital Expenditures Incurred but Not yet Paid | $14M | $6M | +133.3% | $13M | $3M | +333.3% |
| Cash and Cash Equivalents, at Carrying Value | $583M | $626M | -6.9% | $565M | $592M | -4.6% |
| Cash and Cash Equivalents, Fair Value Disclosure | $147M | – | – | $287M | $229M | +25.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.22B | $1.02B | +19.4% | $1.17B | $1.13B | +3.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $1.22B | $1.02B | +19.4% | $1.17B | $1.13B | +3.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $52M | -$112M | +146.4% | $34M | -$73M | +146.6% |
| Class of Warrant or Right, Number of Securities Called by Warrants or Rights | – | – | – | 12024-06-28 | – | – |
| Class of Warrant or Right, Outstanding | 82.7M | – | – | 82.7M | 82.7M | 0.0% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 1B2025-12-31 | 1B | 0.0% | 1B | 1B | 0.0% |
| Common Stock, Shares, Issued | 490M | 483M | +1.5% | 487M | 482M | +1.0% |
| Common Stock, Shares, Outstanding | 315M | 308M | +2.3% | 312M | 307M | +1.6% |
| Common Stock, Value, Issued | $5M | $5M | 0.0% | $5M | $5M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$337M | -$428M | +21.3% | -$663M | -$2.93B | +77.4% |
| Cost, Depreciation | $481M | $535M | -10.1% | $1.93B | $3.61B | -46.6% |
| Costs and Expenses | $2.31B | $2.34B | -1.3% | $9.33B | $12.3B | -24.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$3M | $11M | -127.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $51M | $60M | -15.0% |
| Current Income Tax Expense (Benefit) | – | – | – | $49M | $84M | -41.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1M | $13M | -92.3% |
| Debt and Lease Obligation | $18.2B | $16.8B | +8.5% | $17.1B | $16.3B | +4.4% |
| Debt Instrument, Unamortized Discount (Premium), Net | $222M | $55M | +303.6% | $231M | $127M | +81.9% |
| Debt Instrument, Unused Borrowing Capacity, Amount | $254M | $549M | -53.7% | $925M | $1.25B | -26.1% |
| Decrease in Unrecognized Tax Benefits is Reasonably Possible | $64M2025-12-31 | $52M | +23.1% | $64M | $52M | +23.1% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$109M | -$551M | +80.2% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$26M | $42M | -161.9% |
| Deferred Income Tax Expense (Benefit) | $26M | -$124M | +121.0% | -$132M | -$459M | +71.2% |
| Deferred Income Tax Liabilities, Net | $377M | $348M | +8.3% | $350M | $472M | -25.8% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $3M | $50M | -94.0% |
| Deferred Tax Assets, Capital Loss Carryforwards | $10M2025-12-31 | $4M | +150.0% | $10M | $4M | +150.0% |
| Deferred Tax Assets, Gross | $3.7B2025-12-31 | $3.15B | +17.6% | $3.7B | $3.15B | +17.6% |
| Deferred Tax Assets, Net of Valuation Allowance | $2.77B2025-12-31 | $2.31B | +19.9% | $2.77B | $2.31B | +19.9% |
| Deferred Tax Assets, Operating Loss Carryforwards | $2.36B2025-12-31 | $1.61B | +46.3% | $2.36B | $1.61B | +46.3% |
| Deferred Tax Assets, Tax Credit Carryforwards, Other | $370M2025-12-31 | $356M | +3.9% | $370M | $356M | +3.9% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | $11M2025-12-31 | $16M | -31.3% | $11M | $16M | -31.3% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $285M2025-12-31 | $259M | +10.0% | $285M | $259M | +10.0% |
| Deferred Tax Assets, Valuation Allowance | $931M2025-12-31 | $839M | +11.0% | $931M | $839M | +11.0% |
| Deferred Tax Liabilities, Gross | $3.11B2025-12-31 | $2.77B | +12.2% | $3.11B | $2.77B | +12.2% |
| Deferred Tax Liabilities, Intangible Assets | $717M2025-12-31 | $715M | +0.3% | $717M | $715M | +0.3% |
| Deferred Tax Liabilities, Leasing Arrangements | $578M2025-12-31 | $537M | +7.6% | $578M | $537M | +7.6% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $1.81B2025-12-31 | $1.52B | +19.4% | $1.81B | $1.52B | +19.4% |
| Defined Contribution Plan, Cost | – | – | – | $25M | $26M | -3.8% |
| Depreciation | – | – | – | $95M | $115M | -17.4% |
| Depreciation, Depletion and Amortization, Nonproduction | $26M | $30M | -13.3% | $117M | $139M | -15.8% |
| Depreciation, Nonproduction | $26M | $30M | -13.3% | $117M | $139M | -15.8% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02