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Hertz Global (HTZ) investor relations material
Hertz Global Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Achieved first positive adjusted corporate EBITDA in nearly two years, improving by $500M year-over-year, with record retail vehicle sales and best quarterly results in two years.
Q2 2025 revenue declined 7% year-over-year to $2.19B–$2.2B, mainly due to a 6% smaller fleet and market pricing pressures.
Net loss for Q2 2025 narrowed to $294M from $865M in Q2 2024, reflecting lower depreciation and improved fleet economics.
Vehicle utilization rose to 83%, up 300 basis points year-over-year, with nearly 80% of the U.S. fleet less than a year old.
Net Promoter Score improved by 11 points year-over-year, indicating enhanced customer satisfaction.
Financial highlights
Adjusted Corporate EBITDA was $1M, a turnaround from a $460M loss in the prior year.
Depreciation per unit per month dropped 58% year-over-year to $251, exceeding sub-$300 targets.
Revenue per unit per month (RPU) was $1,400, down 2% year-over-year but up 11% sequentially.
Direct operating expense per transaction day was about $36, down year-over-year and sequentially.
Adjusted free cash flow turned positive at $327M, up from $(553)M year-over-year.
Outlook and guidance
Fleet size expected to remain about 6% below 2024 levels through year-end, with flexibility to adjust.
Management expects continued operational and financial discipline, with all Model Year 2025 fleet secured at pre-tariff pricing.
Q3 adjusted corporate EBITDA margin forecasted in mid to high single digits; first positive EPS since 2023 expected in Q3.
Full-year EBITDA now projected slightly below breakeven, revised from previous slightly above estimate due to delayed pricing improvements.
Liquidity and refinancing options expected to be sufficient for the next twelve months and beyond.
How did Hertz secure Model Year 2025 fleet?
Explain the variance in Americas RAC vs. International RAC Adjusted EBITDA.
Detail Hertz's strategy to improve vehicle utilization.
How does Hertz's fleet age impact costs?
What's driving Hertz's loyalty program growth?
Elaborate on Hertz's 2026 fleet acquisition.
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Next Hertz Global earnings date
Q3 20254 Nov, 2025
Next Hertz Global earnings date
Q3 20254 Nov, 2025
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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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