Hertz reports Q2 2026 revenue of $2.4B, up 10% year over year

Hertz Global Holdings (NASDAQ: HTZ) reported second-quarter 2026 total revenues of $2.4 billion, up 10% year over year, driven by a 9% increase in revenue per day and an 8% rise in revenue per unit, according to a company press release.

GAAP net income for the quarter was $64 million, or $0.05 per diluted share, compared with a net loss of $294 million, or $(0.95) per diluted share, in the second quarter of 2025. On an adjusted basis, the net loss was $47 million, or $(0.11) per diluted share, an improvement from an adjusted net loss of $91 million, or $(0.29) per share, in the prior-year period.

Adjusted Corporate EBITDA was $81 million, a $63 million improvement year over year and above the top end of revised guidance. The Americas segment posted revenues of $1.9 billion, up 10%, while the International segment generated $478 million, up 7%.

Total vehicle utilization was 79%, up 80 basis points year over year. Excluding vehicles affected by recalls, utilization was 81%, up 190 basis points. Net depreciation per unit per month was $302, in line with company guidance. The company said 94% of its U.S. core fleet now consists of model year 2025 and 2026 vehicles.

Adjusted direct operating expense per transaction day was $37.49, up 4% year over year, driven by higher revenue-related variable costs and expenses tied to sale leaseback transactions. The spread between revenue per day and direct operating expense per day improved 17% year over year, marking the third consecutive quarter of improvement.

Hertz ended the quarter with approximately $984 million in liquidity. In June, the company completed a $350 million issuance of Exchangeable First Lien Notes due 2030, and added an additional $30 million in July through a greenshoe exercise, bringing pro forma liquidity to slightly over $1 billion.

Vehicle recall activity was approximately 300% higher year over year, impacting an average of nearly 15,000 vehicles. The estimated year-over-year impact was $27 million to GAAP net income and approximately $30 million to Adjusted Corporate EBITDA.

The company's operating affiliate Oro Mobility, which manages vehicles for drivers supporting rideshare platforms, has logged more than six million miles to date and is now active in four markets. Oro's first autonomous vehicle partnership, supporting Uber's robotaxi program using Lucid vehicles with Nuro autonomous technology, is expected to begin operations later in 2026 in the San Francisco Bay Area.

You May Also Be Interested In

• ADARx Pharmaceuticals files for proposed IPO
• USA Rare Earth (USAR) files for 126.5M share offering by selling stockholders
• Vext closes Ohio dispensary amid health event probe