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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Hertz Global
Hertz Global (HTZ) investor relations material
Hertz Global Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 revenue was $2.617B, up 6% YoY, and Adjusted Corporate EBITDA was $233M, up 15%; both were three-year highs.
GAAP net income declined to $116M from $184M as elevated vehicle costs and international softness offset stronger U.S. pricing.
Transformation priorities center on core rental execution and building earnings across Rental, Service, Fleet and Oro Mobility.
Financial highlights
Q3 revenue was $2.617B versus $2.478B; GAAP net income was $116M versus $184M, and diluted EPS was $0.20 versus $0.42.
Adjusted net income was $67M versus $53M; adjusted diluted EPS was $0.14 in both periods. Adjusted Corporate EBITDA margin was 9% versus 8%.
Nine-month revenue rose 8% to $7.017B; net loss narrowed to $153M from $553M, and Adjusted Corporate EBITDA improved to $153M from a loss of $82M.
Q3 operating cash flow was $599M versus $835M; adjusted free cash flow was negative $38M versus positive $248M.
Outlook and guidance
Q4 Adjusted Corporate EBITDA is expected at negative $50M to negative $100M; global RPD is expected to rise mid-single digits and net DPU is expected at $290–$300.
FY2027 Adjusted Corporate EBITDA guidance is $500M–$800M, excluding additional franchise conversions or expansion; franchise-related liquidity benefits are expected from late Q1 or early Q2.
Full-year RPU is expected to exceed $1,500, with a higher annualized run rate exiting the year; Q4 revenue growth is expected to improve sequentially.
Management sees a path to $1B-plus EBITDA; 2026 expectations include ~$600M Oro revenue and ~50,000 third-party vehicle moves.
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Latest events from Hertz Global
- Higher volumes were offset by EV depreciation and fleet costs; reductions target improvement into 2025.HTZ
Q4 2023 - Revenue up 10% to $2.4B, $81M EBITDA, and strong liquidity despite recall headwinds.HTZQ2 2026
- All proposals passed, including director elections and auditor ratification.HTZAGM 2026
- Q1 2026 revenue up 11% to $2,004M, with improved margins, Oro Mobility launch, and strong liquidity.HTZQ1 2026
- Shareholders to vote on director elections, auditor ratification, and executive pay approval.HTZProxy filing
- Q2 2024 saw a $865M net loss as vehicle depreciation and EV write-downs surged.HTZQ2 2024
- Q3 2024 net loss of $1.35B on $2.6B revenue, with $1.0B impairment and strong liquidity.HTZQ3 2024
- Q1 2025 revenue dropped 13%, but EBITDA loss narrowed 43% on cost and fleet actions.HTZQ1 2025
- 2024 ended with a $2.9B net loss and ongoing transformation amid strong liquidity.HTZQ4 2024
Next Hertz Global earnings date
Q4 20265 Feb, 2027
Hertz Global
Next Hertz Global earnings date
Q4 20265 Feb, 2027
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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.