Hertz Q3 2026 earnings review

Adjusted EPS of $0.14 missed the Benzinga consensus as revenue rose 5.6%.

Hertz Global Holdings, Inc. (HTZ) · Q3 2026 · Published Nov 5, 2026 · By DeepCell AI · Sources

Hertz Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Hertz (HTZ) Q3 2026 earnings review

Adjusted EPS of $0.14 missed the Benzinga consensus as revenue rose 5.6%

  1. 1.Revenue rose 5.6% to $2,617M, in line with the Benzinga consensus of $2,614M
  2. 2.Adjusted EPS of $0.14 was flat YoY and below Benzinga at $0.25; diluted EPS fell to $0.20
  3. 3.Adjusted Corporate EBITDA rose 14.8% to $233M, led by Americas RAC
  4. 4.RPD rose 5.4% to $64.06, while adjusted DOE per day rose 5.5%
  5. 5.Shares traded at $2.10 pre-market on Nov 5, -7.1% vs. the Nov 4 close of $2.26

Note: RPD is revenue per transaction day; DOE is direct operating expense. Adjusted figures follow the company reconciliation. The Nov 5 price is pre-market, not a close.Source: Hertz Form 8-K, Nov 5, 2026; Benzinga, Nov 5, 2026; Yahoo Finance, Nov 5, 2026 (pre-market 8:35 AM ET / 8:35 PM ICT); analysis of company data

2

2 · Executive summary

Adjusted EPS of $0.14 missed the Benzinga consensus by $0.11

Q3 2026 results vs. consensus

MetricActualConsensusVarianceResult
Revenue vs. Benzinga, Nov 5$2,617M$2,614M+$3M / +0.1%In line
Adjusted EPS vs. Benzinga, Nov 5$0.14$0.25-$0.11 / -44.0%Miss
Adjusted EPS vs. Zacks, Oct 29$0.14$0.21-$0.07 / -33.3%Miss

Share price, Nov 3 to Nov 5, 2026 (Yahoo Finance)

MeasureNov 3 closeNov 4 closeNov 5 pre-marketChange vs. Nov 4
Hertz (Nasdaq)$2.07$2.26$2.10-$0.16 / -7.1%

Note: Pre-market is 8:35 AM ET (8:35 PM ICT), not a close. The Zacks estimate is from its Oct 29 preview.Source: Hertz Form 8-K, Nov 5, 2026; Benzinga, Nov 5, 2026; Zacks via Yahoo Finance, Oct 29, 2026; Yahoo Finance, Nov 5, 2026 (pre-market 8:35 AM ET / 8:35 PM ICT); analysis of company data

3

3 · Q3 results vs. consensus

Revenue rose 5.6%, while net income fell 37.0% to $116M

  1. Adjusted EBITDA roseAdjusted Corporate EBITDA rose 14.8% to $233M.
  2. A one-off gain did not recurQ3 2025 included a $154M legal settlement gain.
  3. Share count roseDiluted shares rose to 475M from 364M.

Key figures in $M and YoY % for Q3 2026 vs. Q3 2025

$M unless notedQ3 2025Q3 2026YoY
Total revenues$2,478M$2,617M5.6%
Adjusted Corporate EBITDA$203M$233M14.8%
Net income$184M$116M(37.0%)
Diluted EPS$0.42$0.20(52.4%)
Adjusted EPS$0.14$0.140.0%

Note: Adjusted figures are company non-GAAP measures.Source: Hertz Form 8-K, Nov 5, 2026; analysis of company data

4

4 · Q3 key financials

Americas RAC revenue rose 7.1%, while International RAC rose 0.7%

Revenue and adjusted EBITDA by segment

$M unless noted, Q3 2025 vs. Q3 2026

SegmentQ3 2025Q3 2026YoY
Americas RAC revenue$1,910M$2,045M7.1%
International RAC revenue$568M$572M0.7%
Total revenues$2,478M$2,617M5.6%
Americas RAC adjusted EBITDA$153M$188M22.9%
International RAC adjusted EBITDA$103M$94M(8.7%)
Americas RPD rose 7.3%, while International RPD fell 0.6%“The underlying progress in our core U.S. rental business is meaningful.” Gil West, CEO

Note: RPD is revenue per transaction day. RAC is rental car. Segment adjusted EBITDA is the company’s segment profit measure.Source: Hertz Form 8-K, Nov 5, 2026; analysis of company data

5

5 · Segment results

6 · Revenue bridge

Americas RAC adjusted EBITDA rose $35M, more than the $30M total increase

Adjusted Corporate EBITDA change by segment

$M, Q3 2025 to Q3 2026

$M · Americas RAC: $35.0M$M · International RAC: -$9.0M$M · Corporate: $4.0M$M · Total: $30.0MAmericas RACInternational RACCorporateTotal$0M$10M$20M$30M$40M$35.0M-$9.0M$4.0M$30.0M
International RAC adjusted EBITDA fell to $94M from $103M

Note: Corporate is Adjusted Corporate EBITDA less the two segments.Source: Hertz Form 8-K, Nov 5, 2026; analysis of company data

7

7 · Adjusted EBITDA bridge

Net income fell to $116M from $184M as the 2025 settlement gain did not recur

Net income bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $184.0M$M · Revenue: $139.0M$M · Costs: -$118.0M$M · Interest: -$4.0M$M · One-offs: -$189.0M$M · Warrants: $25.0M$M · Taxes: $79.0M$M · Q3 2026: $116.0MQ3 2025RevenueCostsInterestOne-offsWarrantsTaxesQ3 2026$0M$100M$200M$300M$350M$184.0M$139.0M-$118.0M-$4.0M$25.0M$79.0M$116.0M
Smaller one-off gains cut net income by $189M

Note: Costs are vehicle operating, depreciation, non-vehicle D&A and SG&A. One-offs are legal settlement, asset-sale gain and other expense.Source: Hertz Form 8-K, Nov 5, 2026; analysis of company data

8

8 · Net income bridge

Americas RAC adjusted EBITDA margin rose to 9.2% from 8.0%

Adjusted EBITDA margin by segment

% of revenue, Q3 2025 vs. Q3 2026

Americas RAC · Q3 2025: 8.0%Americas RAC · Q3 2026: 9.2%International RAC · Q3 2025: 18.1%International RAC · Q3 2026: 16.4%Adjusted Corporate EBITDA · Q3 2025: 8.2%Adjusted Corporate EBITDA · Q3 2026: 8.9%Q3 2025Q3 20260.0%5.0%10.0%15.0%20.0%8.0%9.2%18.1%16.4%8.2%8.9%

Americas RACInternational RACAdjusted Corporate EBITDA

International RAC margin fell to 16.4% from 18.1%

Note: Margin is adjusted EBITDA over revenue.Source: Hertz Form 8-K, Nov 5, 2026; analysis of company data

9

9 · Segment margins

Adjusted FCF was ($38M) in Q3, down from $248M a year earlier

Operating cash flow to adjusted FCF

$M, Q3 2026

$M · Operating CF: $599.0M$M · Adj. operating CF: $87.0M$M · Adj. FCF: -$38.0MOperating CFAdj. operating CFAdj. FCF-$200M$0M$250M$500M$800M$599.0M$87.0M-$38.0M
Net fleet growth after financing used $101M in Q3

Note: FCF is free cash flow. Adjusted operating CF deducts vehicle depreciation. Adjusted FCF adds net non-vehicle capex and net fleet growth after financing.Source: Hertz Form 8-K, Nov 5, 2026; analysis of company data

10

10 · Free cash flow

RPD rose 5.4%, and the RPD less adjusted DOE spread widened $1.36

Global rental car unit metrics

$ unless noted, Q3 2025 vs. Q3 2026

MetricQ3 2025Q3 2026YoY
Total RPD$60.75$64.065.4%
Total RPU$1,566$1,6394.7%
Adjusted DOE per day$35.77$37.725.5%
DPU$279$2852.2%
Transaction days (thousands)40,88440,9680.2%
Americas RPD less adjusted DOE per day widened $1.97

Note: RPD is revenue per transaction day; DOE is direct operating expense; DPU is depreciation per unit per month; RPU is revenue per unit per month. RPD and RPU exclude FX effects. Spread is RPD less adjusted DOE per day.Source: Hertz Form 8-K, Nov 5, 2026; analysis of company data

11

11 · Unit economics

12 · Balance sheet and debt

Vehicle spending fell 14.5% to $1,628M, below disposal proceeds

Fleet investment

$M unless noted, Q3 2025 vs. Q3 2026

$MQ3 2025Q3 2026
Vehicle expenditures$1,903M$1,628M
Vehicle disposal proceeds$1,720M$1,695M
Net vehicle capex$183M($67M)
Net fleet growth after financing$45M($101M)
Average vehicles546,901550,234
DPU rose 2.2% to $285, in line with company expectations

Note: DPU is depreciation per unit per month. Net vehicle capex is expenditures less disposal proceeds. The release gave no numerical guidance.Source: Hertz Form 8-K, Nov 5, 2026; analysis of company data

13

13 · Fleet investment

Adjusted DOE per day rose 5.5%, nearly as fast as RPD at 5.4%

Indicator
What to watch
Implication
Q3 reading
Costs
Collision and repair costs
Margin pressure
Adjusted DOE per day $37.72
International
Weaker pricing
Lower segment margin
RPD -0.6% YoY
Fleet costs
Residual values
Higher DPU
DPU $285
Leverage
Rising debt
Higher interest
Net debt $17,298M

Note: RPD is revenue per transaction day; DOE is direct operating expense; DPU is depreciation per unit per month. These are analytical watch points, not company targets.Source: Hertz Form 8-K, Nov 5, 2026; analysis of company data

14

14 · Key risks

Appendix: Americas RAC detail

ClaimEvidenceCalculation
RPD roseAmericas RPD $64.21, up 7.3%Schedule V
Adjusted DOE per day roseAmericas adjusted DOE per day $38.84, up 6.5%Schedule V
DPU was flatAmericas DPU $280 vs. $279Schedule V
Adjusted EBITDA roseAmericas adjusted EBITDA up 22.9%Schedule I and summary

RPD is revenue per transaction day; DOE is direct operating expense; DPU is depreciation per unit per month. Source: Hertz Form 8-K, Nov 5, 2026; analysis of company data

15

15 · Appendix: Americas RAC

Appendix: International RAC detail

ClaimEvidenceCalculation
RPD fellInternational RPD $63.55, -0.6% YoYSchedule V
DPU roseInternational DPU $302, up 7.5%Schedule V
Revenue grew slightlyInternational revenue $572M, up 0.7%Summary results
Adjusted EBITDA fellInternational adjusted EBITDA -8.7% YoYSummary results

RPD is revenue per transaction day; DPU is depreciation per unit per month. Source: Hertz Form 8-K, Nov 5, 2026; analysis of company data

16

16 · Appendix: International RAC

Appendix: GAAP-to-adjusted items

ClaimEvidenceCalculation
Financial instrument gains excludedNet gains of $76M removedSchedule II
Warrant gain excludedFair value change ($19M)Schedule II
Debt and restructuring added backDebt charges $45M; restructuring $21MSchedule II
Adjusted tax at 25%Tax on adjusted pre-tax income ($22M)Schedule II

Source: Hertz Form 8-K, Nov 5, 2026; analysis of company data

17

17 · Appendix: Non-GAAP items

Appendix: strategic actions in the quarter

ClaimEvidenceCalculation
Oro raised outside equity$80M strategic investment; Hertz keeps majority economicsEarnings release
Franchise model expandedCzech Republic and Slovakia move to a franchise partnerEarnings release
Third-party vehicle movesAbout 50,000 moves expected this yearEarnings release
Retail sales pushTest Drive+ launched at neighborhood locationsEarnings release

Source: Hertz Form 8-K, Nov 5, 2026; analysis of company data

18

18 · Appendix: Strategy

Appendix: expense and non-GAAP detail

Expenses, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Direct vehicle and operating$1,454M$1,547M6.4%
Vehicle depreciation and lease$457M$468M2.4%
SG&A$241M$256M6.2%
Total interest expense$247M$251M1.6%

Adjusted results, $M

$M unless notedQ3 2025Q3 2026YoY
Adjusted pre-tax income$70M$89Mn.m.
Adjusted net income$53M$67M26.4%
Adjusted Corporate EBITDA$203M$233M14.8%
Adjusted EPS ($)$0.14$0.140.0%

Note: Adjusted measures exclude taxes, debt charges, restructuring, financial instrument and warrant gains, SBC and other items.Source: Hertz Form 8-K, Nov 5, 2026; analysis of company data

19

19 · Appendix: Costs and non-GAAP

Appendix: sources

  • Filing: Hertz Global Holdings Form 8-K, Nov 5, 2026 — https://www.sec.gov/Archives/edgar/data/1657853/000165785326000085/0001657853-26-000085-index.htm
  • Earnings release, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/47129/000165785326000085/q32026earningsrelease.htm
  • Q3 2025 figures: as recast in the Q3 2026 release (non-GAAP definitions revised from Q1 2026) — https://www.sec.gov/Archives/edgar/data/47129/000165785326000085/q32026earningsrelease.htm
  • Earnings release on BusinessWire, Nov 5, 2026 — https://www.businesswire.com/news/home/20261105009583/en/Hertz-Announces-Q3-2026-Results-Strongest-Quarterly-Revenue-and-EBITDA-Performance-in-Three-Years
  • Q3 consensus: Benzinga, Nov 5, 2026, 8:10 AM ET — https://www.benzinga.com/news/earnings/26/11/62915965/hertz-global-holdings-q3-adj-eps-0-14-misses-0-25-estimate-sales-2-617b-beat-2-614b-estimate
  • Q3 EPS consensus: Zacks via Yahoo Finance, Oct 29, 2026 — https://finance.yahoo.com/markets/stocks/articles/hertz-global-holdings-inc-htz-130017389.html
  • Share price: Yahoo Finance HTZ, Nov 3 and Nov 4 closes; Nov 5 pre-market at 8:35 AM ET (8:35 PM ICT), not a close — https://finance.yahoo.com/quote/HTZ/

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Hertz Global Holdings' Form 8-K of November 5, 2026 (Exhibit 99.1). Consensus estimates and share prices are third-party data, credited on the sources page. We have not independently verified third-party data and make no warranty that any information here is accurate, complete or timely.

Forward-looking statements. Company plans, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Past performance. Past results, including those for Q3 2026, are not a reliable indicator of future results.

Non-GAAP measures. Adjusted net income, adjusted EPS, Adjusted Corporate EBITDA, adjusted DOE and adjusted free cash flow follow Hertz's own definitions. They supplement, and do not replace, GAAP results, and they may not be comparable with other companies' measures. The earnings release reconciles them to GAAP.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Hertz Global Holdings, Inc. and does not represent its views. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings and consult a qualified professional adviser before making any investment decision.

Date of analysis. The analysis reflects information available as of November 5, 2026, 8:35 AM US Eastern time, with share prices up to the Nov 5 pre-market. It will not be updated for later events, and views may change without notice.

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21 · Disclosures

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