Hertz Global (HTZ) Q2 2026 earnings summary

Executive summary

• Revenue increased 10% year-over-year to $2.4 billion, driven by strong pricing, high utilization, and commercial momentum, despite a slightly smaller fleet and elevated recall activity.

• Adjusted Corporate EBITDA reached $81 million, a $63 million improvement year-over-year and above revised guidance, reflecting improved asset efficiency and streamlined car sales.

• Net loss narrowed to $34 million in Q2 2026 from $179 million in Q2 2025; GAAP net income was $64 million, with diluted EPS of $0.05; adjusted net loss was $47 million.

• Strategic focus on fleet optimization, cost control, franchising, and the Oro mobility platform is driving margin expansion and operational efficiency.

• Transformation strategy emphasizes core rental business and growth platforms in Rent-a-Car, Service, Fleet, and Mobility.

Financial highlights

• Revenue: $2.4 billion, up 10% year-over-year, with a 1% smaller fleet; H1 2026 revenue: $4.4 billion, up 10% year-over-year.

• RPD up 9% year-over-year to $61.98; RPU up 8% to $1,542; Net DPU was $302, in line with targets.

• Adjusted Corporate EBITDA: $81 million, margin improved to 3% from 1% year-over-year.

• Q2 2026 net loss: $34 million; GAAP net income: $64 million; adjusted net loss: $47 million; Q2 2026 EPS: $(0.09) basic and diluted.

• Liquidity at quarter-end: $984 million, including $628 million in unrestricted cash.

Outlook and guidance

• Q3 adjusted Corporate EBITDA expected between $275 million and $325 million; positive EPS anticipated.

• Full-year EBITDA guidance: $225 million–$275 million; net DPU around $300; transaction days up 2% year-over-year.

• 2027 target: $1 billion adjusted Corporate EBITDA, full-year net income profitability, and positive free cash flow.

• Year-end liquidity expected between $1.0 billion and $1.4 billion; free cash flow positive in H2 2026 and full year 2027.

• Full-year RPU expected to trend above $1,500; net DPU target at or below $300.