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Hertz Global
Hertz Global (HTZ) investor relations material
Hertz Global Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Full-year 2025 revenue reached $8.5B, with Q4 revenue at $2.0B, nearly flat year-over-year despite a 3% smaller fleet and significant external headwinds totaling over $100M.
Adjusted Corporate EBITDA improved by over $1B year-over-year to $(339)M for 2025, with Q4 Adjusted Corporate EBITDA at $(205)M, a $150M improvement year-over-year.
Customer satisfaction surged nearly 50% year-over-year, with Net Promoter Score at record levels, reflecting gains in rental ease, fleet quality, and service reliability.
Completed fleet rotation, secured 2026 model year vehicles at target prices and volumes, and achieved the lowest average fleet age in nearly a decade.
Strategic fleet reduction and operational improvements enhanced asset efficiency and cost discipline.
Financial highlights
Q4 2025 revenue: $2.0B, unchanged year-over-year, with RPD down ~1% and RPU at $1,334, down 2% year-over-year.
Q4 Adjusted Corporate EBITDA: $(205)M, a 43% improvement from Q4 2024, but $100M below target due to vehicle carrying costs and non-cash depreciation charges.
Full-year net DPU: $300 per month, with Q4 at $330, a 44% year-over-year improvement.
Adjusted DOE per transaction day improved 6% year-over-year, reaching $36.39.
Liquidity at year-end: ~$1.5B, with access to over $1B in additional enhancements.
Outlook and guidance
Q1 2026 revenue expected to grow mid-single digits year-over-year, with fleet growth in low single digits and margin guidance of negative high single-digit to low double-digit range, a 600-800 basis point year-over-year improvement.
Full-year 2026 Adjusted EBITDA margin guidance maintained at 3%-6%; targeting $1B Adjusted EBITDA in 2027.
Residual values expected to normalize in 2026 after Q4's seasonal lows.
Continued focus on cost management, operational excellence, and revenue diversification through off-airport and mobility business units.
Positive trends in revenue and RPD continue into Q1 2026, with March bookings strong.
What is the core FY25 EBITDA excluding transitory items?
Detail the growth platform's expected revenue contribution.
When will DPU reach the sub-$300 North Star target?
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Next Hertz Global earnings date
Q1 202612 May, 2026
Hertz Global
Next Hertz Global earnings date
Q1 202612 May, 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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