Hertz Global (HTZ) Q3 2026 earnings summary

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.