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Herc (HRI) investor relations material
Herc Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Completed the $4.8 billion acquisition and integration of H&E Equipment Services, unifying systems, expanding to 10 U.S. regions, and increasing customer base diversity.
Divested Cinelease studio entertainment business for $100 million, with proceeds used to repay debt.
Opened 17 greenfield locations year-to-date, now operating 612 locations across North America, with 10 more planned for Q4.
Focused on unlocking cost and revenue synergies within three years, with early benefits visible and integration prioritized over other M&A.
Business remains resilient amid high interest rates and economic uncertainty, with inflation managed through pricing and cost controls.
Financial highlights
Q3 2025 total revenues rose 35% year-over-year to $1.3 billion; equipment rental revenue up 30% to $1.12 billion.
Adjusted EBITDA for Q3 increased 24% to $551 million, with a margin of 42.3%; EBITDA margin impacted by lower-margin acquired business and auction sales.
Net income for Q3 2025 was $30 million, down from $122 million prior year, due to higher transaction and interest expenses; adjusted net income was $74 million.
Generated $342 million in free cash flow for the nine months ended September 30, 2025; net leverage ratio at 3.8x.
Dollar utilization declined to 39.9% in Q3, and average fleet age was 45 months.
Outlook and guidance
Reaffirmed 2025 full-year guidance: equipment rental revenue $3.7–$3.9 billion, adjusted EBITDA $1.8–$1.9 billion, net rental equipment capex $400–$600 million, gross capex $900 million–$1.1 billion.
Expects continued use of auction channel for fleet disposals in Q4, pressuring used sales margin.
Confident in achieving full revenue and cost synergies over the next three years, with integration progress supporting outlook.
Anticipates a tougher Q4 comp due to last year’s hurricane-related revenue boost.
Sufficient liquidity and borrowing capacity to meet capital needs and debt obligations over the next twelve months.
Timeline for full H&E synergy realization?
Strategy to improve acquired fleet utilization?
Local market growth outlook given high rates?
Timeline for H&E rental rate alignment?
Remaining fleet rightsizing magnitude?
Impact of local market weakness on margins?
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Frequently asked questions
Herc Holdings, Inc. is an equipment rental supplier of lifting, material handling, and scaffolding products as well as specialty vehicles internationally. The company's main products include contractor truck bodies, multipurpose trailers, and heavy-lifters; box trucks, service trucks, refrigerated trucks, and flatbed trucks for transporting liquid materials; aerial devices; power units; and aerial platforms. Herc Holdings markets its products through a network of independent dealers. Herc Holdings Inc. was founded in 1965 and is based in Bonita Springs, Florida.
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