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Edge14 Nov 2025
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Hertz Global (HTZ) investor relations material
Hertz Global Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved $2.48–$2.5 billion in Q3 2025 revenue and $190 million in adjusted corporate EBITDA, a $350 million year-over-year improvement, with first positive net income and EPS in two years at $184 million.
Completed a transformative fleet refresh, resulting in a younger fleet, record high utilization since 2018, and improved vehicle lifecycle management.
Net Promoter Score in North America rose nearly 50% year-over-year, reflecting improved customer experience and brand perception.
Strategic focus on disciplined fleet management, revenue optimization, and cost control, while building a diversified mobility platform.
Utilization increased to 84%, up 260 basis points year-over-year, reflecting improved fleet management and demand generation.
Financial highlights
Q3 2025 revenue was $2.48–$2.5 billion (down 4% year-over-year); adjusted corporate EBITDA was $190 million (8% margin); net income was $184 million.
Revenue per unit per month (RPU) was $1,530, nearly flat year-over-year but up 9% sequentially; record utilization at 84%.
Depreciation per unit per month dropped 49% year-over-year to $273, aligning with sub-$300 target.
Direct operating expenses declined 1% year-over-year; DOE per day improved both sequentially and annually.
Generated $250 million in positive adjusted free cash flow; $154 million benefit from litigation settlement.
Outlook and guidance
Q4 guidance updated to a slightly negative EBITDA margin (low to mid-single digits) due to system outages and used car pricing headwinds.
Expect transaction days to be flat year-over-year in Q4, with fleet down just under 5% and utilization remaining solid.
Targeting 3%–6% EBITDA margin for 2026, with mid-single-digit growth in transaction days and continued margin improvement.
Plan to grow fleet in 2026, with airport business at low-single-digit growth, off-airport mid to high-single-digit, and mobility 10%–20%.
Secured procurement for Model Year 2026 vehicles, expecting to maintain sub-$300 depreciation per unit per month through 2026.
EV fleet strategy post-disposals and tax changes?
Impact of recent debt amendments on liquidity?
Update on make-whole claims litigation?
DPU sub-$300 in 2026: Key drivers?
Revenue decline vs. fleet reduction strategy?
EV tax credit expiration impact on fleet strategy?
Hertz Car Sales: How will scaling e-commerce impact margins?
How will 2026 fleet growth avoid RPD pressure?
Q4 outages: How to prevent future vendor issues?
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Next Hertz Global earnings date
Q4 20256 Feb, 2026
Next Hertz Global earnings date
Q4 20256 Feb, 2026
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Frequently asked questions
A global car rental service
Hertz is one of the leading global brands to offer car rental services and was the first international company to start operating in China. They have more than 10 000 rental locations and a fleet of over 600 000 vehicles.
Hertz offers short-term rentals for occasions such as vacations and business trips and long-term rental options. They also operate a car-sharing service, Connect by Hertz, enabling their customers to rent their cars to others. Some of its competitors include Avis Budget Group, Sixt, and Europcar Mobility Grou.
Founded in 1918
Hertz was founded in 1918 in Chicago by Walter L. Jacobs and was then known as Rent-a-Car. The operation began with just a handful of Ford Model T cars but expanded rapidly. When John D. Hertz later acquired the company in 1923, the brand we know today was formed. After only operating and owning the company for three years, it was subsequently sold to General Motors in 1926.
In 1953, 27 years after he sold it, the previous owner John D. Hertz re-acquired the company, and in the following year, it was listed on the New York Stock Exchange. In 1987 the company was again sold to Ford for a purchase price of $1.3 billion, and in 2005 Hertz's contribution to Ford’s profits was roughly 10 percent. In the same year, Hertz was sold to a group of private equity companies for $15 billion, including The Carlyle Group and others.
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