Hertz Global Holdings Inc (HTZ)

Hertz Announces Pricing of Upsized $350 Million of Exchangeable Senior First-Lien Secured PIK NotesJune 25, 2026 12:07 AM
Business Wire Hertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz” or the “Company”), a leading global rental car company, today announced that its wholly-owned indirect subsidiary, The Hertz Corporation (“Hertz Corp.”), has priced an offering of $350 million aggregate principal amount of 6.75% Exchangeable Senior First-Lien Secured PIK Notes due 2030 (the “Notes”) in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). Hertz Corp. also granted the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $50 million aggregate principal amount of Notes. The aggregate principal amount of the offering was increased from the previously announced offering size of $300 million. The offering is expected to close on or about June 29, 2026, subject to customary closing conditions. Hertz Corp. estimates that the net proceeds from the issuance of the Notes, after deducting the initial purchasers’ discount but before estimated offering expenses payable by Hertz Corp., will be approximately $339.5 million (or approximately $388.0 million if the initial purchasers exercise in full their option to purchase additional Notes). Hertz Corp. intends to use the net proceeds from the issuance of the Notes to repay outstanding borrowings under its revolving credit facility and for general corporate purposes. The Notes will bear interest from, and including, June 29, 2026, the issue date of the Notes, payable semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2027. Each payment of interest on the Notes (excluding any additional interest, special interest and default interest) will consist of (i) 3.375% of such interest payment to be paid in cash and (ii) 3.375% of such interest payment to be paid in the form of PIK interest. The Notes will mature on July 1, 2030, unless earlier repurchased, redeemed or exchanged in accordance with their terms prior to maturity. The Notes will be exchangeable at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Notes will be exchangeable on the terms set forth in the indenture governing the Notes into cash, shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), or a combination thereof, at Hertz Corp.’s election. The aggregate number of shares of Common Stock that may be issued upon exchange of the Notes may not exceed 19.9% of the number of shares of Common Stock outstanding prior to the offering of the Notes unless and until the shareholders of the Company approve such issuance. The exchange rate will initially be 279.5248 shares of Common Stock per $1,000 capitalized principal amount of Notes (equivalent to an initial exchange price of approximately $3.58 per share of Common Stock). The initial exchange price of the Notes represents a premium of approximately 32.5% above the public offering price of $2.70 per share of the Borrowed Shares in the concurrent offering of the Borrowed Shares described below. The exchange rate and exchange price will be subject to adjustment upon the occurrence of certain events. If a “make-whole fundamental change” (as defined in the indenture for the Notes) occurs, Hertz Corp. will, in certain circumstances, increase the exchange rate for a specified time for holders who exchange their Notes in connection with that make-whole fundamental change. Holders of the Notes will have the right to require Hertz Corp. to repurchase all or a portion of their Notes at 100% of their capitalized principal amount of the Notes plus accrued and unpaid cash interest to, but excluding, the date of such repurchase, upon the occurrence of certain corporate events constituting a “fundamental change” as defined in the indenture governing the Notes. Hertz Corp. may not redeem the Notes prior to January 6, 2029. On or after January 6, 2029 and on or prior to the 31st scheduled trading day immediately preceding the maturity date, if the last reported sale price per share of Common Stock has been at least 130% of the exchange price for the Notes for certain specified periods, and certain other conditions are satisfied, Hertz Corp. may redeem all or any portion (subject to certain limitations) of the Notes at a cash redemption price equal to 100% of the capitalized principal amount of the Notes to be redeemed plus accrued and unpaid cash interest to, but excluding, the date of such redemption. The Notes are expected to be guaranteed by the Company, Rental Car Intermediate Holdings, LLC, Hertz Corp.’s direct parent company, and each of Hertz Corp.’s existing domestic subsidiaries and future restricted subsidiaries that guarantee indebtedness under Hertz Corp.’s first lien credit facilities or certain other indebtedness for borrowed money. The Notes and the related guarantees (other than the guarantee by the Company) are expected to be secured (subject to certain exceptions and permitted liens) on a first-lien basis by the same assets (other than certain excluded property) that secure indebtedness under Hertz Corp.’s first lien credit facilities and existing first lien secured notes, and are therefore expected to be effectively pari passu with indebtedness under Hertz Corp.’s first lien credit facilities and existing first lien secured notes. The Notes and the related guarantees were offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The Notes, the related guarantees and any shares of Common Stock issuable upon exchange of the Notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and the securities laws of any other jurisdiction. Concurrently with the offering of the Notes, Hertz also announced today by separate press release the pricing of a separate registered public offering of 37,037,037 shares of Common Stock at a public offering price of $2.70 per share. Such shares (the “Borrowed Shares”) will be loaned by Hertz to a financial institution (the “Share Borrower”), acting as an underwriter in the offering of the Borrowed Shares, pursuant to a share lending agreement. The Share Borrower or its affiliates will receive all of the proceeds of the concurrent offering of Borrowed Shares and neither Hertz nor Hertz Corp. will receive any of the proceeds of that offering, but the Share Borrower will pay Hertz a nominal lending fee for the use of the Borrowed Shares pursuant to the share lending agreement. The Share Borrower will be required to return the Borrowed Shares (or identical shares of Common Stock) to the Company pursuant to the terms of the share lending agreement. Hertz has been informed by the Share Borrower that it or one of its affiliates intends to sell the Borrowed Shares and use the resulting short position to facilitate transactions by which investors in the Notes may hedge their investments through short sales or privately negotiated derivatives transactions. The activity described above could affect the market price of the Common Stock or the Notes otherwise prevailing from time to time. This press release is not an offer to sell or purchase, or a solicitation of an offer to sell or purchase, the Notes, the related guarantees, the shares of Common Stock issuable upon exchange of the Notes or the Borrowed Shares and does not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful. The concurrent offering of the Borrowed Shares is contingent upon the closing of the offering of the Notes. The offering of the Notes is not contingent upon the closing of the concurrent offering of the Borrowed Shares. ABOUT HERTZ Hertz Global Holdings, Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly vehicle rental brands, with more than 11,000 rental locations in 160 countries around the globe. The Company also operates the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the United States, and the Hertz 24/7 car-sharing business in Europe. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release contains “forward-looking statements” within the meaning of the federal securities laws. Words such as “expect,” “will” and “intend” and similar expressions identify forward-looking statements, which include but are not limited to statements related to our positioning, strategy, vision, forward looking investments, conditions in the travel industry, our financial and operational condition, our sources of liquidity, the offering of the Notes, the offering of the Borrowed Shares, the anticipated terms of the Notes and Hertz Corp.’s expected use of proceeds from the proposed offering. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including risks and uncertainties related to completion of the offering on the anticipated terms or at all, market conditions (including market interest rates) and the satisfaction of customary closing conditions related to the offering, unanticipated uses of capital and those in our risk factors that we identify in the offering memorandum for the offering and our most recent annual report on Form 10-K for the year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission on February 26, 2026, and any updates thereto in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K. We caution you not to place undue reliance on our forward-looking statements, which speak only as of their date, and we undertake no obligation to update this information. View source version on businesswire.com: https://www.businesswire.com/news/home/20260624727651/en/ Hertz Investor Relations: investorrelations@hertz.com, Hertz Media Relations: Mediarelations@hertz.com Original: Hertz Announces Pricing of Upsized $350 Million of Exchangeable Senior First-Lien Secured PIK Notes

Hertz Announces Pricing of Offering of 37,037,037 Shares of Common StockJune 25, 2026 12:09 AM
Business Wire Hertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz” or the “Company”), a leading global rental car company, today announced that it has priced a SEC-registered offering of 37,037,037 shares of its common stock, par value $0.01 per share, (the “Common Stock”), at a public offering price of $2.70 per share. Such shares (the “Borrowed Shares”) will be loaned by the Company to J.P. Morgan Securities LLC (in such capacity, the “Share Borrower”), one of the underwriters of the offering of the Borrowed Shares, pursuant to a share lending agreement. The Share Borrower or its affiliates will receive all of the proceeds of the offering of Borrowed Shares and neither the Company nor The Hertz Corporation, the Company’s wholly-owned indirect subsidiary (the “Hertz Corp.”), will receive any of the proceeds of the offering, but the Share Borrower will pay the Company a nominal lending fee for the use of the Borrowed Shares pursuant to the share lending agreement. The Share Borrower will be required to return the Borrowed Shares (or identical shares of Common Stock) to the Company pursuant to the terms of the share lending agreement. The Company has been informed by the Share Borrower that it or one of its affiliates intends to sell the Borrowed Shares and use the resulting short position to facilitate transactions by which investors in the Notes (as defined below) may hedge their investments through short sales or privately negotiated derivatives transactions. The activity described above could affect the market price of the Common Stock otherwise prevailing from time to time. The offering of the Borrowed Shares is contingent upon the closing of a private offering of the Exchangeable Senior First-Lien Secured PIK Notes due 2030 (the “Notes”) that Hertz Corp. priced today. The private offering of the Notes is not contingent upon the closing of the offering of the Borrowed Shares. The offering of the Borrowed Shares was made by means of a prospectus. Copies of the prospectus may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone 1-866-803-9204 or from Barclays Capital Inc, c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717 or by phone at 1-888-603-5847. This press release is not an offer to sell or purchase or a solicitation of an offer to sell or purchase the Borrowed Shares or the Notes, and does not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful. ABOUT HERTZ Hertz Global Holdings, Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly vehicle rental brands, with more than 11,000 rental locations in 160 countries around the globe. The Company also operates the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the United States, and the Hertz 24/7 car-sharing business in Europe. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release contains “forward-looking statements” within the meaning of the federal securities laws. Words such as “expect,” “will” and “intend” and similar expressions identify forward-looking statements, which include but are not limited to statements related to our positioning, strategy, vision, forward looking investments, conditions in the travel industry, our financial and operational condition, our sources of liquidity, the offering of the Borrowed Shares, the offering of the Notes and the anticipated completion and timing of the offering. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including risks and uncertainties related to completion of the offering on the anticipated terms or at all, market conditions and the satisfaction of customary closing conditions related to the offering, unanticipated uses of capital and those in our risk factors that we identify in the prospectus for the offerings and our most recent annual report on Form 10-K for the year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission on February 26, 2026, and any updates thereto in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K. We caution you not to place undue reliance on our forward-looking statements, which speak only as of their date, and we undertake no obligation to update this information. View source version on businesswire.com: https://www.businesswire.com/news/home/20260624462254/en/ Hertz Investor Relations: investorrelations@hertz.com, Hertz Media Relations: Mediarelations@hertz.com Original: Hertz Announces Pricing of Offering of 37,037,037 Shares of Common Stock

Hertz Announces Proposed Offering of $300 Million of Exchangeable Senior First-Lien Secured PIK NotesJune 24, 2026 7:22 AM
Business Wire Hertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz” or the “Company”), a leading global rental car company, today announced that its wholly-owned indirect subsidiary, The Hertz Corporation (“Hertz Corp.”), intends to offer, subject to market and other conditions, $300 million in aggregate principal amount of Exchangeable Senior First-Lien Secured PIK Notes due 2030 (the “Notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Hertz Corp. also expects to grant the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $45 million in aggregate principal amount of Notes. Hertz Corp. intends to use the net proceeds received from the offering of the Notes for general corporate purposes, which may include the repayment of outstanding indebtedness. The Notes will bear interest from, and including, the issue date of the Notes, payable semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2027. Each payment of interest on the Notes (excluding any additional interest, special interest and default interest) will consist of (i) a portion to be paid in cash and (ii) a portion to be paid in the form of PIK interest. The interest rate, exchange rate and certain other terms of the Notes will be determined by negotiations between Hertz Corp. and the initial purchasers of the Notes. The Notes will mature on July 1, 2030, unless earlier repurchased, redeemed or exchanged in accordance with their terms prior to maturity. The Notes will be exchangeable at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Notes will be exchangeable on the terms set forth in the indenture governing the Notes into cash, shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), or a combination thereof, at Hertz Corp.’s election. The aggregate number of shares of Common Stock that may be issued upon exchange of the Notes may not exceed 19.9% of the number of shares of Common Stock outstanding prior to the offering of the Notes unless and until the shareholders of the Company approve such issuance. Holders of the Notes will have the right to require Hertz Corp. to repurchase all or a portion of their Notes at 100% of their capitalized principal amount of the Notes plus accrued and unpaid cash interest to, but excluding, the date of such repurchase, upon the occurrence of certain corporate events constituting a “fundamental change” as defined in the indenture governing the Notes. Hertz Corp. may not redeem the Notes prior to January 6, 2029. On or after January 6, 2029 and on or prior to the 31st scheduled trading day immediately preceding the maturity date, if the last reported sale price per share of Common Stock has been at least 130% of the exchange price for the Notes for certain specified periods, and certain other conditions are satisfied, Hertz Corp. may redeem all or any portion (subject to certain limitations) of the Notes at a cash redemption price equal to 100% of the capitalized principal amount of the Notes to be redeemed plus accrued and unpaid cash interest to, but excluding, the date of such redemption. The Notes are expected to be guaranteed by the Company, Rental Car Intermediate Holdings, LLC, Hertz Corp.’s direct parent company, and each of Hertz Corp.’s existing domestic subsidiaries and future restricted subsidiaries that guarantee indebtedness under Hertz Corp.’s first lien credit facilities or certain other indebtedness for borrowed money. The Notes and the related guarantees (other than the guarantee by the Company) are expected to be secured (subject to certain exceptions and permitted liens) on a first-lien basis by the same assets (other than certain excluded property) that secure indebtedness under Hertz Corp.’s first lien credit facilities and existing first lien secured notes, and are therefore expected to be effectively pari passu with indebtedness under Hertz Corp.’s first lien credit facilities and existing first lien secured notes. The Notes and the related guarantees will be offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The Notes, the related guarantees and any shares of Common Stock issuable upon exchange of the Notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and the securities laws of any other jurisdiction. Concurrently with the offering of the Notes, Hertz also announced today by separate press release that Hertz has commenced a separate registered public offering of $100 million of the Common Stock. Such shares (the “Borrowed Shares”) will be loaned by Hertz to a financial institution (the “Share Borrower”), acting as an underwriter in the offering of the Borrowed Shares, pursuant to a share lending agreement. The Share Borrower or its affiliates will receive all of the proceeds of the concurrent offering of Borrowed Shares and neither Hertz nor Hertz Corp. will receive any of the proceeds of that offering, but the Share Borrower will pay Hertz a nominal lending fee for the use of the Borrowed Shares pursuant to the share lending agreement. The Share Borrower will be required to return the Borrowed Shares (or identical shares of Common Stock) to the Company pursuant to the terms of the share lending agreement. Hertz has been informed by the Share Borrower that it or one of its affiliates intends to sell the Borrowed Shares and use the resulting short position to facilitate transactions by which investors in the Notes may hedge their investments through short sales or privately negotiated derivatives transactions. The activity described above could affect the market price of the Common Stock or the Notes otherwise prevailing from time to time. This press release is not an offer to sell or purchase, or a solicitation of an offer to sell or purchase, the Notes, the related guarantees, the shares of Common Stock issuable upon exchange of the Notes or the Borrowed Shares and does not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful. The concurrent offering of the Borrowed Shares is contingent upon the closing of the offering of the Notes, but the offering of the Notes is not contingent upon the closing of the concurrent offering of the Borrowed Shares. ABOUT HERTZ Hertz Global Holdings, Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly vehicle rental brands, with more than 11,000 rental locations in 160 countries around the globe. The Company also operates the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the United States, and the Hertz 24/7 car-sharing business in Europe. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release contains “forward-looking statements” within the meaning of the federal securities laws. Words such as “expect,” “will” and “intend” and similar expressions identify forward-looking statements, which include but are not limited to statements related to our positioning, strategy, vision, forward looking investments, conditions in the travel industry, our financial and operational condition, our sources of liquidity, the proposed offering of the Notes, the proposed offering of the Borrowed Shares, the anticipated terms of the Notes and Hertz Corp.’s expected use of proceeds from the proposed offering. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including risks and uncertainties related to completion of the offering on the anticipated terms or at all, market conditions (including market interest rates) and the satisfaction of customary closing conditions related to the offering, unanticipated uses of capital and those in our risk factors that we identify in the offering memorandum for the offering and our most recent annual report on Form 10-K for the year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission on February 26, 2026, and any updates thereto in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K. We caution you not to place undue reliance on our forward-looking statements, which speak only as of their date, and we undertake no obligation to update this information. View source version on businesswire.com: https://www.businesswire.com/news/home/20260624212090/en/ Hertz Investor Relations: investorrelations@hertz.com, Hertz Media Relations: Mediarelations@hertz.com Original: Hertz Announces Proposed Offering of $300 Million of Exchangeable Senior First-Lien Secured PIK Notes

Hertz Announces Proposed Offering of $100 Million of Common StockJune 24, 2026 7:24 AM
Business Wire Hertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz” or the “Company”), a leading global rental car company, today announced that it intends to offer shares of its common stock, par value $0.01 per share, (the “Common Stock”) at an aggregate public offering price of $100 million in a SEC-registered offering. Such shares (the “Borrowed Shares”) will be loaned by the Company to J.P. Morgan Securities LLC (in such capacity, the “Share Borrower”), one of the underwriters of the offering of the Borrowed Shares, pursuant to a share lending agreement. The Share Borrower or its affiliates will receive all of the proceeds of the offering of Borrowed Shares and neither the Company nor The Hertz Corporation, the Company’s wholly-owned indirect subsidiary (the “Hertz Corp.”), will receive any of the proceeds of the offering, but the Share Borrower will pay the Company a nominal lending fee for the use of the Borrowed Shares pursuant to the share lending agreement. The Share Borrower will be required to return the Borrowed Shares (or identical shares of Common Stock) to the Company pursuant to the terms of the share lending agreement. The Company has been informed by the Share Borrower that it or one of its affiliates intends to sell the Borrowed Shares and use the resulting short position to facilitate transactions by which investors in the Notes (as defined below) may hedge their investments through short sales or privately negotiated derivatives transactions. The activity described above could affect the market price of the Common Stock otherwise prevailing from time to time. The offering of the Borrowed Shares is contingent upon the closing of a private offering of the Exchangeable Senior First-Lien Secured PIK Notes due 2030 (the “Notes”) that Hertz Corp. intends to offer, subject to market and other conditions, in a private placement to qualifying investors. The private offering of the Notes is not contingent upon the closing of the offering of the Borrowed Shares. The offering of the Borrowed Shares will be made by means of a prospectus. Copies of the prospectus may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone 1-866-803-9204. This press release is not an offer to sell or purchase or a solicitation of an offer to sell or purchase the Borrowed Shares or the Notes, and does not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful. ABOUT HERTZ Hertz Global Holdings, Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly vehicle rental brands, with more than 11,000 rental locations in 160 countries around the globe. The Company also operates the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the United States, and the Hertz 24/7 car-sharing business in Europe. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release contains “forward-looking statements” within the meaning of the federal securities laws. Words such as “expect,” “will” and “intend” and similar expressions identify forward-looking statements, which include but are not limited to statements related to our positioning, strategy, vision, forward looking investments, conditions in the travel industry, our financial and operational condition, our sources of liquidity, the proposed offering of the Borrowed Shares, the proposed offering of the Notes and the anticipated completion and timing of the offering. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including risks and uncertainties related to completion of the offering on the anticipated terms or at all, market conditions and the satisfaction of customary closing conditions related to the offering, unanticipated uses of capital and those in our risk factors that we identify in the prospectus for the offerings and our most recent annual report on Form 10-K for the year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission on February 26, 2026, and any updates thereto in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K. We caution you not to place undue reliance on our forward-looking statements, which speak only as of their date, and we undertake no obligation to update this information. View source version on businesswire.com: https://www.businesswire.com/news/home/20260624625132/en/ Hertz Investor Relations: investorrelations@hertz.com, Hertz Media Relations: Mediarelations@hertz.com Original: Hertz Announces Proposed Offering of $100 Million of Common Stock

They can keep gas prices elevated all they want. All this does is increase consumer demand for electric cars! 

trust on Bill Ackman’s 20% stake

Thanks for the info. Good to know. I did some research afterwards which verified your statement. 20% is a LOT by this well known investor.

Holding for double digits- trust on Bill Ackman’s 20% stake

https://www.investing.com/news/stock-market-news/hertz-stock-surges-22-on-uber-partnership-via-oro-mobility-93CH-4649091
Investing.com -- https://www.investing.com/equities/hertz-global shares surged 22% Thursday following the announcement of two strategic fleet partnerships with https://www.investing.com/equities/uber-technologies-inc through its newly launched affiliate, Oro Mobility.The partnerships mark Hertz’s expansion into new mobility sectors, with Oro Mobility providing fleet management services for both autonomous robotaxis and driver-led operations on Uber’s platform. Oro will support Uber’s autonomous robotaxi program using Lucid vehicles equipped with Nuro AV technology, handling day-to-day vehicle asset management including charging, maintenance, repairs, cleaning, and depot staffing. Services are expected to launch in the San Francisco Bay Area later this year, with potential expansion in 2027.Oro has also partnered with Uber to offer strategic fleet services using high-quality vehicles operated by Oro-employed drivers. Following a successful pilot in Atlanta last year, Oro is now active on the Uber platform in Los Angeles and San Francisco, with Northern New Jersey expected to launch this spring."Hertz has spent over a century mastering complex fleet operations at scale, and Oro is how we put that expertise to work in the next era of mobility," said Gil West, CEO at Hertz. "This partnership with Uber establishes Oro as an integrated solution that connects demand with scalable fleet management services."Andrew Macdonald, President and COO of Uber, stated, "Partnering with Hertz’s Oro Mobility will help us continue to bring the best autonomous technology onto the Uber platform and accelerate the transition to a hybrid network in which both driver-led and autonomous rideshare operations can scale and serve communities reliably and efficiently

Hertz Global Holdings, Inc. to Announce First Quarter 2026 Financial Results on May 7, 2026April 6, 2026 4:30 PM
Business Wire
Hertz Global Holdings, Inc. (NASDAQ: HTZ) (the “Company”) announced today that it plans to report its first quarter 2026 financial results at 8:00 a.m. ET on Thursday, May 7, 2026, followed by an earnings call at 9:00 a.m. ET.


A live webcast of the call will be available on the Investor Relations page of the Company’s website at https://ir.hertz.com. To access the call by phone, please register through this link: Hertz Q1 2026 earnings teleco registration, and you will be provided with dial-in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A web replay will remain available on the website for approximately one year.


ABOUT HERTZ


Hertz Global Holdings, Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly vehicle rental brands, with more than 11,000 rental locations in 160 countries around the globe. The Company also operates the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the United States, and the Hertz 24/7 car-sharing business in Europe. For more information about Hertz, visit www.hertz.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260406963760/en/
For more information, please email investorrelations@hertz.com or mediarelations@hertz.com.


Original: Hertz Global Holdings, Inc. to Announce First Quarter 2026 Financial Results on May 7, 2026

Grant & Eisenhofer P.A. Announce a Summary Notice of Pendency and Proposed Settlement For All Current Stockholders of Hertz Global Holdings, Inc. ("Hertz") Stock and All Persons or Entities Who or Which Held Shares of Hertz Global Holdings, Inc. Stock AnytMarch 27, 2026 10:00 AM
PR Newswire (US)

WILMINGTON, Del., March 27, 2026 /PRNewswire/ -- 
SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT
OF STOCKHOLDER DERIVATIVE AND CLASS ACTION,
SETTLEMENT HEARING, AND RIGHT TO APPEAR TO:   All current stockholders of Hertz Global Holdings, Inc. ("Hertz") stock (NASDAQ ticker HTZ) and all persons or entities who or which held shares of Hertz Global Holdings, Inc. Stock at any time between and including November 10, 2021, and February 9, 2023, together with their successors and assigns.PLEASE READ THIS SUMMARY NOTICE CAREFULLY.  YOUR RIGHTS WILL BE AFFECTED BY A DERIVATIVE AND CLASS ACTION LAWSUIT PENDING IN THIS COURT.YOU ARE HEREBY NOTIFIED that a stockholder derivative and class action captioned Cascia v. Farmer et al., C.A. No.: 2023-0520-KSJM (Del. Ch.) (the "Action") is pending in the Court of Chancery of the State of Delaware (the "Court").  The Court has certified the Action in part as a class action pursuant to Delaware Court of Chancery Rules 23(a), 23(b)(1) and 23(b)(2) and an Order of the Court for purposes of the proposed settlement only.  The full definition of the Class, and the definition of all capitalized terms herein, are set forth in the Stipulation of Settlement dated November 7, 2025 (the "Stipulation") and the long form Notice of Pendency and Proposed Settlement of Stockholder Derivative and Class Action, Settlement Hearing, and Right to Appear (the "Notice").YOU ARE ALSO HEREBY NOTIFIED that the parties in the Action have reached a proposed settlement of the Action on behalf of the Class and Hertz for certain amendments to the Voting Agreement entered into between Hertz and CK Amarillo (the "Settlement") on the terms and conditions set forth in the Stipulation.  If the Settlement is approved by the Court, it will resolve all claims in the Action.A settlement hearing will be held on June 3, 2026 at 1:30 p.m. at the Court of Chancery in the Leonard L. Williams Justice Center, 500 North King Street, Wilmington, DE 19801, to determine, among other things, (i) whether the proposed Settlement on the terms and conditions provided for in the Stipulation is fair, reasonable and adequate to the Class and to Hertz, and should be approved by the Court; (ii) whether the Action should be dismissed with prejudice and the releases specified and described in the Stipulation and in the Notice should be approved; and (iii) whether Plaintiff's counsel's application for an award of attorneys' fees and reimbursement of litigation expenses should be approved.IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PENDING ACTION AND THE SETTLEMENT.  If you have not yet received the Notice, you may obtain copies of the Notice by contacting the Settlement Administrator at: 866-302-9152 or info@HertzStockholderDerivativeSettlement.com. Copies of the Notice and other documents can also be downloaded from the website maintained by the Settlement Administrator at: www.HertzStockholderDerivativeSettlement.com.If the Settlement is approved by the Court and the Effective Date occurs, the Amended Voting Agreement shall be entered into by, between and among Hertz, Knighthead, Certares, and CK Amarillo, and the Action will be dismissed with prejudice. Please note that the Settlement does not involve a monetary payment and Class Members are not entitled to receive a monetary distribution as a result of the Settlement.Any objections to the proposed Settlement and/or Plaintiff's counsel's application for attorneys' fees and expenses must be filed with the Register in Chancery and delivered to Plaintiff's Counsel and Representative Defendants' Counsel such that they are received no later than May 14, 2026, in accordance with the instructions set forth in the Notice.  Any member of the Class or current stockholder of Hertz who does not object to the Settlement or the request by Plaintiff for an award of attorney's fees and expenses or to any other matter above need not take any action in response to this Notice or in connection with the Settlement.All questions about this Notice and the proposed Settlement should be directed to the Settlement Administrator or Plaintiff's Counsel.Requests for the Notice should be made to:Hertz Stockholder Derivative Settlement
c/o A.B. Data, Ltd.
P.O. Box 170500
Milwaukee, WI 532171-866-302-9152
info@HertzStockholderDerivativeSettlement.com
www.HertzStockholderDerivativeSettlement.com Inquiries, other than requests for the Notice, should be made to Plaintiff's Counsel:GRANT & EISENHOFER P.A.
Attn: Michael J. Barry/Vivek Upadhya
123 Justison Street
Wilmington, DE 19801
(302) 622-7000
mbarry@gelaw.com
vupadhya@gelaw.comDO NOT CALL OR WRITE THE COURT OR THE OFFICE OF THE REGISTER IN CHANCERY REGARDING THIS NOTICE.Dated: March 19, 2026                                                     BY ORDER OF THE COURT OF 
                                                                                          CHANCERY OF THE STATE OF 
                                                                                          DELAWARE  



View original content:https://www.prnewswire.com/news-releases/grant--eisenhofer-pa-announce-a-summary-notice-of-pendency-and-proposed-settlement-for-all-current-stockholders-of-hertz-global-holdings-inc-hertz-stock-and-all-persons-or-entities-who-or-which-held-shares-of-hertz-global-302723925.htmlSOURCE Grant & Eisenhofer P.A.

Original: Grant & Eisenhofer P.A. Announce a Summary Notice of Pendency and Proposed Settlement For All Current Stockholders of Hertz Global Holdings, Inc. ("Hertz") Stock and All Persons or Entities Who or Which Held Shares of Hertz Global Holdings, Inc. Stock Anyt

Hertz Expands Premium Fleet with INEOS GrenadierMarch 18, 2026 8:30 AM
Business Wire
A strikingly distinctive premium 4X4 now available to rent in the U.S.


Hertz, one of the world’s largest rental car companies, today announced the addition of the INEOS Grenadier to its U.S. rental fleet, further expanding the lineup of premium vehicles available to customers.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260318478091/en/Hertz expands premium fleet with INEOS Grenadier
Hertz will provide customers with unmatched access to this premium 4X4 from INEOS Automotive – offering the largest availability of Grenadiers for rent anywhere in the U.S. Customers can reserve this coveted vehicle at select airport locations nationwide starting this spring.


“At Hertz, we’re focused on offering the newest and most exciting vehicles in the industry and giving customers access to modern, high quality rental options,” said Adnan Manzur, Senior Vice President, North America Customer Operations at Hertz. “With the addition of the INEOS Grenadier, we’re continuing to broaden customer choice and reflect travelers’ evolving preferences for unique, premium driving experiences that make the journey just as memorable as the destination.”


The INEOS Grenadier 4X4 combines British design with German engineering. INEOS Automotive entered the Americas market in 2023 and continues to grow its portfolio and presence across the region. Hertz renters will experience the Grenadier in high-spec Fieldmaster trim. This configuration includes leather upholstery, heated seats, safari windows, a premium sound system, 18-inch alloy wheels, delivering both comfort and capability to customers.


“This partnership represents an exciting step forward for our continued expansion in North America,” said Gregor Hembrough, EVP, INEOS Automotive Americas. “Introducing the Grenadier to Hertz customers gives more drivers the opportunity to experience our vehicle’s capability and engineering firsthand. It also highlights the strong demand we’re seeing as our brand continues to grow its presence across the North America.”


To learn more and reserve a Grenadier, visit Hertz.com.


To find out more about INEOS Grenadier’s story, visit INEOSGrenadier.com.


About Hertz


Hertz Global Holdings, Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly vehicle rental brands, with more than 11,000 rental locations in 160 countries around the globe. The Company also operates the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the United States, and the Hertz 24/7 car-sharing business in Europe. For more information about Hertz, visit www.hertz.com.


ABOUT INEOS AUTOMOTIVE


In 2017, INEOS Chairman Jim Ratcliffe, a car enthusiast and experienced adventurer, identified a gap in the market for an uncompromising 4X4 engineered for modern day compliance and reliability. INEOS Automotive Limited was formed and a senior team of automotive professionals assembled to bring the vision to reality with a fresh perspective of 4X4 development and manufacturing.


In 2022 the INEOS Grenadier was launched: a truly global 4X4 built from the ground up that combines rugged British spirit and design with German engineering rigour. The Grenadier provides best-in-class off-road capability, durability, and reliability with the modern comfort and refinement customers expect wherever they are in the world. In 2023 a double-cab pick-up variant of the Grenadier was launched called the Quartermaster.


INEOS Automotive is a subsidiary of INEOS, a leading manufacturer of petrochemicals, specialty chemicals and oil products. It employs 24,500 people across 29 businesses, with a production network spanning 154 sites in 27 countries. From paints to plastics, textiles to technology, medicines to mobile phones, materials manufactured by INEOS enhance almost every aspect of modern life. In 2025, INEOS had sales of $55bn. To find out more about INEOS Automotive, visit www.ineosgrenadier.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260318478091/en/
Hertz

mediarelations@hertz.com


INEOS Grenadier

Ryan Allen

Senior Press Officer - Americas

+ 1 919-394-2472

ryan.h.allen@ineos.com


Viktoria Kirkova-Fane

Senior Global PR Manager

+44 (0) 7887 451773

viktoria.kirkova@ineos.com


Original: Hertz Expands Premium Fleet with INEOS Grenadier

Hertz Transformation Drives Structural Revenue Gains and Builds Sustainable MomentumFebruary 26, 2026 8:16 AM
Business Wire
“Hertz sits on a stronger foundation today than we did one year ago,” said Gil West, Chief Executive Officer of Hertz. “In the fourth quarter, we delivered measurable progress and our strongest year-over-year revenue performance in nearly two years, despite a complex environment. We achieved a $2 billion improvement in profitability in our first full year under the Back-to-Basics strategy, driven by meaningful gains in revenue, utilization, unit economics, and customer experience.”


"With a healthier fleet and improving residual performance, we are building from a position of strength and have begun to expand retail and mobility capabilities bolstering the Hertz platform. Spanning Rent-A-Car, Service, Fleet, and Mobility, we believe these businesses will generate value well beyond traditional rental, and ultimately redefine the role Hertz plays in the future of mobility.”


Hertz Global Holdings, Inc. (NASDAQ: HTZ) ("Hertz," "Hertz Global," or the "Company") today reported results for its fourth quarter and full year 2025.


Q4 AND FULL YEAR 2025 HIGHLIGHTS



Revenue totaled $2.0 billion in the fourth quarter and $8.5 billion for full-year 2025, reflecting sequential improvement in pricing and resulting in Hertz's strongest year-over-year revenue performance since Q1 2024.




Year-over-year Revenue per Unit (RPU) and Revenue Per Day (RPD) metrics improved sequentially through 2025. This momentum has continued into Q1 2026 as the Company expects to deliver mid-single digit revenue growth, driven by continued progress on internal revenue management initiatives and a positive industry pricing environment.




Profitability improved more than $2 billion year over year, with net loss totaling $194 million in Q4 and $747 million for the full year; Diluted EPS showed a significant year-over-year improvement, landing at $(0.72) for the quarter and $(2.43) for 2025.




Adjusted Corporate EBITDA for Q4 was $(205) million, an improvement of approximately $150 million year-over-year. This includes more than a $100 million impact from several transitory headwinds. Full year Adjusted Corporate EBITDA was $(339) million, an improvement of more than $1 billion year over year as revenue optimization, utilization gains, and cost controls took hold.




Utilization was 78% in the fourth quarter and averaged 81% for the full year, a year-over-year improvement of 200 basis points, driving improved RPU.




Depreciation per Unit per Month (DPU) was $330 in Q4 and $300 for the full year, representing a year-over-year improvement of 44%, supported by disciplined fleet rotation. Depreciation was weighed down by an approximately $60 million non-cash charge driven by a revised third party forecast of residual values.




Q4 adjusted Direct Operating Expense (DOE) per transaction day improved by 6% year over year through rigorous cost control and operational discipline. DOE declined 3% year over year in the fourth quarter and 4% for the full year while Transaction Days declined 1% and 3% respectively.




Customer experience continued to improve in 2025, with Net Promoter Score increasing nearly 50% year-over-year, reflecting measurable gains in rental ease, fleet quality, and service reliability.




Hertz ended the fourth quarter with approximately $1.5 billion of liquidity and potential access to more than $1 billion of liquidity enhancements.



Transitory Q4 Headwinds


A number of compounding external events impacted EBITDA in the fourth quarter by more than $100 million. This included a government shutdown coupled with FAA flight cancellations, multiple technology vendor outages, and a nearly 3 times higher than normal level of vehicles on recall.


DPU was in line with the Company’s full-year North Star target, but above its quarterly target due to a revised Black Book residual outlook and softer seasonal wholesale pricing amid elevated OEM and rental de-fleeting activity. This resulted in an approximately $60 million non-cash depreciation charge. Looking ahead, the Company sees a more normalized residual value outlook for 2026.


Excluding these items, our core EBITDA production was in line with our expectations, reflecting continued progress on our revenue and cost initiatives.


2025 Summary


2025 was a critical year in the Hertz transformation, and underscored that the structural improvements the Company is making are permanent while the headwinds it faces are transitory. The traditional rental car business is improving, guided by its North Star metrics of DPU sub $300, RPU over $1,500, and DOE per transaction day in the low $30s.


Over the course of the year, Hertz completed its fleet rotation and successfully secured model year 2026 buys at its target prices and volumes. This enabled model year 2025 sales through Hertz Car Sales, continuing the Company’s short-hold strategy and introducing a richer, more optimized car-class mix to its fleet. Hertz's average fleet age was less than ten months and the lowest its been in almost a decade.


Through these actions, Hertz achieved a full year EBITDA improvement of more than $1 billion year over year. The Company drove sequential improvements in revenue, RPU, and RPD, while also improving utilization and driving DPU down in line with the North Star target. Hertz also brought DOE per transaction day down despite lower volumes and saw a nearly 50% improvement in customer satisfaction – a result of an intentional effort to improve operations and customer experience.


Q1 2026 Insights


Hertz’s early first quarter performance indicates that its commercial strategy continues to deliver sustained value in 2026. January revenue results show meaningful improvement year over year, with February trending more positively and March continuing that trajectory. The Company expects a mid-single digit increase in revenue for the quarter, supported by a constructive demand environment and increased year-over-year RPD. With respect to the fleet, the Company also sees signs that residual values are improving from Q4’s seasonal lows. Looking ahead to the rest of the year, the Company remains focused on growing the off-airport and mobility business and accelerating revenue growth while staying disciplined on costs.


Platform for Growth


The Company is building on the transformation of the core rental car business by establishing a diversified, value-creating platform for growth. This platform spans four strategic areas – Rent-a-Car, Service, Fleet, and Mobility – each with unique potential to scale. The Company is focused on developing capabilities across its platform, including continuing the digital evolution of Hertz Car Sales in Fleet, exploring growth and franchise opportunities in Rent-a-Car, piloting new offerings in Service, and expanding revenue channels, assets, and capabilities in Mobility.


EARNINGS WEBCAST INFORMATION


Hertz Global's live webcast and conference call to discuss its fourth quarter and full year 2025 results will be held on February 26, 2026 at 9:00 a.m. Eastern Time. The conference call will be broadcast live in listen-only mode on the Company’s Investor Relations website at IR.Hertz.com. If you would like to access the call by phone and ask a question, please go to https://events.q4inc.com/analyst/447223111?pwd=dj5kBgTF, and you will be provided with dial in details. Investors are encouraged to dial in approximately 15 minutes prior to the call. A web replay will remain available on the website for approximately one year. The earnings release and related supplemental schedules containing the reconciliations of non-GAAP measures will be available on the Hertz website, IR.Hertz.com.


ABOUT HERTZ


Hertz Global Holdings, Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly vehicle rental brands, with approximately 11,000 rental locations in 160 countries around the globe. The Company also operates the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the United States, and the Hertz 24/7 car-sharing business in Europe. For more information about Hertz, visit www.hertz.com.




SUMMARY RESULTS













 



 






Three Months Ended

December 31,






 






Percent

Inc/(Dec)

2025 vs 2024








($ in millions, except earnings per share or where noted)






 






2025






 






 






 






2024






 






 








Hertz Global - Consolidated






 






 






 






 






 








Total revenues






$






2,028






 






 






$






2,040






 






 






(1)%








Net income (loss)






$






(194






)






 






$






(479






)






 






(59)%








Diluted earnings (loss) per share






$






(0.72






)






 






$






(1.56






)






 






(54)%








Net income (loss) margin






 






(10






)%






 






 






(23






)%






 






 








Adjusted net income (loss)(a)






$






(252






)






 






$






(362






)






 






(30)%








Adjusted diluted earnings (loss) per share(a)






$






(0.63






)






 






$






(1.18






)






 






(47)%








Adjusted Corporate EBITDA(a)






$






(205






)






 






$






(357






)






 






(43)%








Adjusted Corporate EBITDA Margin(a)






 






(10






)%






 






 






(18






)%






 






 








 






 






 






 






 






 








Average Vehicles (in whole units)






 






516,867






 






 






 






532,884






 






 






(3)%








Average Rentable Vehicles (in whole units)






 






498,120






 






 






 






497,875






 






 






—%








Vehicle Utilization






 






78






%






 






 






79






%






 






 








Transaction Days (in thousands)






 






35,804






 






 






 






35,998






 






 






(1)%








Total RPD (in dollars)(b)






$






55.67






 






 






$






56.27






 






 






(1)%








Total RPU Per Month (in whole dollars)(b)






$






1,334






 






 






$






1,356






 






 






(2)%








Depreciation Per Unit Per Month (in whole dollars)(b)






$






330






 






 






$






418






 






 






(21)%








Adjusted DOE per Transaction Day (in dollars)(b)






$






36.39






 






 






$






38.81






 






 






(6)%








 






 






 






 






 






 








Americas RAC Segment






 






 






 






 






 








Total revenues






$






1,621






 






 






$






1,669






 






 






(3)%








Adjusted EBITDA






$






(128






)






 






$






(297






)






 






(57)%








Adjusted EBITDA Margin






 






(8






)%






 






 






(18






)%






 






 








 






 






 






 






 






 








Average Vehicles (in whole units)






 






415,264






 






 






 






432,909






 






 






(4)%








Average Rentable Vehicles (in whole units)






 






398,106






 






 






 






399,927






 






 






—%








Vehicle Utilization






 






79






%






 






 






80






%






 






 








Transaction Days (in thousands)






 






28,857






 






 






 






29,298






 






 






(2)%








Total RPD (in dollars)(b)






$






56.11






 






 






$






56.89






 






 






(1)%








Total RPU Per Month (in whole dollars)(b)






$






1,356






 






 






$






1,389






 






 






(2)%








Depreciation Per Unit Per Month (in whole dollars)(b)






$






346






 






 






$






458






 






 






(24)%








Adjusted DOE per Transaction Day (in dollars)(b)






$






36.94






 






 






$






39.73






 






 






(7)%








 






 






 






 






 






 








International RAC Segment






 






 






 






 






 








Total revenues






$






407






 






 






$






371






 






 






10%








Adjusted EBITDA






$






(1






)






 






$






1






 






 






NM








Adjusted EBITDA Margin






 






—






%






 






 






—






%






 






 








 






 






 






 






 






 








Average Vehicles (in whole units)






 






101,603






 






 






 






99,975






 






 






2%








Average Rentable Vehicles (in whole units)






 






100,013






 






 






 






97,948






 






 






2%








Vehicle Utilization






 






75






%






 






 






74






%






 






 








Transaction Days (in thousands)






 






6,948






 






 






 






6,700






 






 






4%








Total RPD (in dollars)(b)






$






53.89






 






 






$






53.57






 






 






1%








Total RPU Per Month (in whole dollars)(b)






$






1,248






 






 






$






1,221






 






 






2%








Depreciation Per Unit Per Month (in whole dollars)(b)






$






263






 






 






$






241






 






 






9%








Adjusted DOE per Transaction Day (in dollars)(b)






$






34.54






 






 






$






34.78






 






 






(1)%








NM = Not meaningful



(a)







Represents a non-GAAP measure. See the accompanying reconciliations included in Supplemental Schedule II for 2025 and 2024.








(b)







Based on December 31, 2024 foreign exchange rates.







UNAUDITED FINANCIAL DATA, SUPPLEMENTAL SCHEDULES, NON-GAAP MEASURES AND DEFINITIONS


In this earnings release, we include select unaudited financial data of Hertz Global, Supplemental Schedules, which are provided to present segment results, and reconciliations of non-GAAP measures to their most comparable GAAP measures. Following the Supplemental Schedules, the Company provides definitions for terminology used throughout the earnings release and the Company’s rationale regarding the importance and usefulness of non-GAAP measures for investors and management.


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS


Certain statements contained or incorporated by reference in this release, and in related comments by the Company's management, include “forward-looking statements.” Forward-looking statements are identified by words such as "believe," "expect," "project," "potential," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts," "guidance" or similar expressions, and include information concerning our liquidity, our results of operations, our business strategies, economic and industry conditions and other information. These forward-looking statements are based on certain assumptions that the Company has made in light of its experience in the industry, as well as its perceptions of historical trends, current conditions, expected future developments and other factors. The Company believes these judgments are reasonable, but you should understand that these forward-looking statements are not guarantees of future performance or results, and that the Company’s actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports, such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed or furnished to the SEC.


Important factors that could affect the Company's actual results and cause them to differ materially from those expressed in forward-looking statements include, among other things.



mix of program and non-program vehicles in the Company's fleet, which can lead to increased exposure to residual value risk upon disposition;



the potential for residual values associated with non-program vehicles in the Company's fleet to decline, including suddenly or unexpectedly, or fail to follow historical seasonal patterns;



the Company's ability to purchase adequate supplies of competitively priced vehicles at a reasonable cost in order to efficiently service rental demand, including upon any disruptions in the global supply chain;



the Company's ability to effectively dispose of vehicles, at the times and through the channels, that maximize the Company's returns;



the age of the Company's fleet, and its impact on vehicle carrying costs, customer service scores, as well as on the Company's ability to sell vehicles at acceptable prices and times;



disruptions in the supply chain, including in connection with any increases in tariffs or changes in tariff policies or trade agreements;



whether a manufacturer of the Company's program vehicle fulfills its repurchase obligations;



the frequency or extent of manufacturer safety recalls;



levels of travel demand, particularly business and leisure travel in the U.S. and in global markets;



seasonality and other occurrences that disrupt rental activity during the Company's peak periods, including in critical geographies;



the Company's ability to accurately estimate future levels of rental activity and adjust the number, location and mix of vehicles used in the Company's rental operations accordingly;



the Company's ability to implement its business strategy or strategic transactions, including the Company's ability to implement plans to support a modern mobility ecosystem;



the Company's ability to achieve cost savings and normalized depreciation levels, as well as revenue enhancements from its profitability initiatives and other operational programs;



the Company's ability to adequately respond to changes in technology impacting the mobility industry;



significant changes in the competitive environment and the effect of competition in the Company's markets on rental volume and pricing;



the Company's reliance on third-party distribution channels and related prices, commission structures and transaction volumes;



the Company's ability to offer services for a favorable customer experience, and to retain and develop customer loyalty and market share;



the Company's ability to maintain its network of leases and vehicle rental concessions at airports and other key locations in the U.S. and internationally;



the Company's ability to maintain favorable brand recognition and a coordinated branding and portfolio strategy;



the Company's ability to attract and retain effective front-line employees, senior management and other key employees;



the Company's ability to effectively manage its union relations and labor agreement negotiations;



the Company's ability to manage and respond to cybersecurity threats and cyber attacks on the Company's information technology systems or those of the Company's third-party providers;



the Company's ability, and that of the Company's key third-party partners, to prevent the misuse or theft of information the Company possesses, including as a result of cyber attacks and other security threats;



the Company's ability to evaluate, maintain, upgrade and consolidate its information technology systems;



the Company's ability to comply with current and future laws and regulations in the U.S. and internationally regarding data protection, data security and privacy risks;



risks associated with operating in many different countries, including the risk of a violation or alleged violation of applicable anti-corruption or anti-bribery laws and the Company's ability to repatriate cash from non-U.S. affiliates without adverse tax consequences;



risks relating to tax laws and those tax laws that affect the Company's ability to recapture accelerated tax depreciation and expensing, as well as any adverse determinations or rulings by tax authorities;



the Company's ability to utilize its net operating loss carryforwards;



the Company's exposure to uninsured liabilities relating to personal injury, death and property damage, or otherwise, including material litigation;



the potential for adverse changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, including those related to environmental matters, optional insurance products or policies, franchising and licensing matters, the ability to pass-through rental car related expenses or taxes, among others, that affect the Company's operations, the Company's costs or applicable tax rates;



the risk of an impairment of the Company's long-lived assets, which risk could be impacted by, among other things, the timing of our fleet rotation;



the Company's ability to recover its goodwill and indefinite-lived intangible assets when performing impairment analysis;



the potential for changes in management's best estimates and assessments;



the Company's ability to maintain an effective compliance program;



the availability of earnings and funds from the Company's subsidiaries;



the Company's ability to comply, and the cost and burden of complying, with corporate and social responsibility regulations or expectations of stakeholders, and otherwise advance the Company's corporate responsibility priorities;



the availability of additional, or continued sources, of financing at acceptable rates for the Company's revenue earning vehicles and to refinance the Company's existing indebtedness, and the Company's ability to comply with the covenants in the agreements governing its indebtedness;



the extent to which the Company's consolidated assets secure its outstanding indebtedness;



volatility in the Company's share price, the Company's ownership structure and certain provisions of the Company's charter documents, which could, among other things, negatively affect the market price of the Company's common stock;



the Company's ability to implement an effective business continuity plan to protect the business in exigent circumstances;



the Company's ability to effectively maintain effective internal control over financial reporting; and



the Company's ability to execute strategic transactions.



Additional information concerning these and other factors can be found in the Company's filings with the SEC, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.


You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company, or persons acting on its behalf, are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date of this release, and, except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.




UNAUDITED FINANCIAL INFORMATION











UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS








 








 






Three Months Ended

December 31,






 






Twelve Months Ended

December 31,








(In millions, except per share data)






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Revenues






$






2,028






 






 






$






2,040






 






 






$






8,504






 






 






$






9,049






 








Expenses:






 






 






 






 






 






 






 








Direct vehicle and operating






 






1,367






 






 






 






1,413






 






 






 






5,489






 






 






 






5,689






 








Depreciation of revenue earning vehicles and lease charges, net






 






520






 






 






 






670






 






 






 






1,927






 






 






 






3,611






 








Depreciation and amortization of non-vehicle assets






 






29






 






 






 






32






 






 






 






117






 






 






 






139






 








Selling, general and administrative






 






251






 






 






 






225






 






 






 






957






 






 






 






819






 








Interest expense, net:






 






 






 






 






 






 






 








Vehicle






 






155






 






 






 






143






 






 






 






608






 






 






 






590






 








Non-vehicle






 






24






 






 






 






117






 






 






 






469






 






 






 






369






 








Total interest expense, net






 






179






 






 






 






260






 






 






 






1,077






 






 






 






959






 








Other (income) expense, net






 






(5






)






 






 






2






 






 






 






(3






)






 






 






4






 








(Gain) on sale of non-vehicle capital assets






 






(16






)






 






 






—






 






 






 






(144






)






 






 






—






 








Legal settlement






 






—






 






 






 






—






 






 






 






(154






)






 






 






—






 








Bankruptcy-related litigation reserve






 






12






 






 






 






4






 






 






 






24






 






 






 






292






 








Long-Lived Assets impairment






 






—






 






 






 






—






 






 






 






—






 






 






 






1,048






 








Change in fair value of Public Warrants






 






(86






)






 






 






(3






)






 






 






44






 






 






 






(275






)








Total expenses






 






2,251






 






 






 






2,603






 






 






 






9,334






 






 






 






12,286






 








Income (loss) before income taxes






 






(223






)






 






 






(563






)






 






 






(830






)






 






 






(3,237






)








Income tax (provision) benefit






 






29






 






 






 






84






 






 






 






83






 






 






 






375






 








Net income (loss)






$






(194






)






 






$






(479






)






 






$






(747






)






 






$






(2,862






)








 






 






 






 






 






 






 






 








Weighted average number of shares outstanding:






 






 






 






 






 






 






 








Basic






 






312






 






 






 






307






 






 






 






310






 






 






 






306






 








Diluted






 






399






 






 






 






307






 






 






 






322






 






 






 






306






 








Earnings (loss) per share:






 






 






 






 






 






 






 








Basic






$






(0.62






)






 






$






(1.56






)






 






$






(2.41






)






 






$






(9.34






)








Diluted






$






(0.72






)






 






$






(1.56






)






 






$






(2.43






)






 






$






(9.34






)









UNAUDITED CONSOLIDATED BALANCE SHEETS













 



(In millions, except par value and share data)






December 31,

2025






 






December 31,

2024








ASSETS






 






 






 








Cash and cash equivalents






$






565






 






 






$






592






 








Restricted cash and cash equivalents:






 






 






 








Vehicle






 






317






 






 






 






258






 








Non-vehicle






 






285






 






 






 






283






 








Total restricted cash and cash equivalents






 






602






 






 






 






541






 








Total cash and cash equivalents and restricted cash and cash equivalents






 






1,167






 






 






 






1,133






 








Receivables:






 






 






 








Vehicle






 






381






 






 






 






389






 








Non-vehicle, net of allowance of $91 and $58, respectively






 






729






 






 






 






816






 








Total receivables, net






 






1,110






 






 






 






1,205






 








Prepaid expenses and other assets






 






782






 






 






 






894






 








Revenue earning vehicles:






 






 






 








Vehicles






 






14,039






 






 






 






12,714






 








Less: accumulated depreciation






 






(1,513






)






 






 






(751






)








Total revenue earning vehicles, net






 






12,526






 






 






 






11,963






 








Property and equipment, net






 






566






 






 






 






623






 








Operating lease right-of-use assets






 






2,257






 






 






 






2,088






 








Intangible assets, net






 






2,858






 






 






 






2,852






 








Goodwill






 






1,045






 






 






 






1,044






 








Total assets






$






22,311






 






 






$






21,802






 








LIABILITIES AND STOCKHOLDERS' EQUITY






 






 






 








Accounts payable:






 






 






 








Vehicle






$






342






 






 






$






161






 








Non-vehicle






 






517






 






 






 






481






 








Total accounts payable






 






859






 






 






 






642






 








Accrued liabilities






 






1,231






 






 






 






1,174






 








Accrued taxes, net






 






131






 






 






 






158






 








Debt:






 






 






 








Vehicle






 






11,629






 






 






 






11,231






 








Non-vehicle






 






5,425






 






 






 






5,104






 








Total debt






 






17,054






 






 






 






16,335






 








Public Warrants






 






222






 






 






 






178






 








Operating lease liabilities






 






2,275






 






 






 






2,073






 








Self-insured liabilities






 






648






 






 






 






617






 








Deferred income taxes, net






 






350






 






 






 






472






 








Total liabilities






 






22,770






 






 






 






21,649






 








Commitments and contingencies






 






 






 








Stockholders' equity:






 






 






 








Preferred stock, $0.01 par value, no shares issued and outstanding






 






—






 






 






 






—






 








Common stock, $0.01 par value, 486,543,836 and 481,502,623 shares issued, respectively, and 311,731,792 and 306,690,579 shares outstanding, respectively






 






5






 






 






 






5






 








Treasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively






 






(3,430






)






 






 






(3,430






)








Additional paid-in capital






 






6,447






 






 






 






6,396






 








Retained earnings (Accumulated deficit)






 






(3,249






)






 






 






(2,502






)








Accumulated other comprehensive income (loss)






 






(232






)






 






 






(316






)








Total stockholders' equity (deficit)






 






(459






)






 






 






153






 








Total liabilities and stockholders' equity (deficit)






$






22,311






 






 






$






21,802






 









UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS













 



 






Three Months Ended

December 31,






 






Twelve Months Ended

December 31,








(In millions)






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Cash flows from operating activities:






 






 






 






 






 






 






 








Net income (loss)






$






(194






)






 






$






(479






)






 






$






(747






)






 






$






(2,862






)








Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:






 






 






 






 






 






 






 








Depreciation and reserves for revenue earning vehicles, net






 






563






 






 






 






764






 






 






 






2,148






 






 






 






3,983






 








Depreciation and amortization, non-vehicle






 






29






 






 






 






32






 






 






 






117






 






 






 






139






 








Amortization of deferred financing costs and debt discount (premium)






 






25






 






 






 






20






 






 






 






86






 






 






 






74






 








PIK Interest on Exchangeable Notes






 






—






 






 






 






—






 






 






 






21






 






 






 






—






 








Stock-based compensation charges






 






17






 






 






 






15






 






 






 






63






 






 






 






63






 








Stock-based compensation forfeitures






 






—






 






 






 






—






 






 






 






—






 






 






 






(68






)








Provision for receivables allowance






 






41






 






 






 






26






 






 






 






127






 






 






 






120






 








Deferred income taxes, net






 






(44






)






 






 






(80






)






 






 






(132






)






 






 






(459






)








Long-Lived Assets impairment






 






—






 






 






 






—






 






 






 






—






 






 






 






1,048






 








(Gain) loss on sale of non-vehicle capital assets






 






(16






)






 






 






—






 






 






 






(144






)






 






 






—






 








Change in fair value of Public Warrants






 






(86






)






 






 






(3






)






 






 






44






 






 






 






(275






)








Changes in financial instruments






 






(109






)






 






 






15






 






 






 






(37






)






 






 






7






 








Other






 






1






 






 






 






(25






)






 






 






6






 






 






 






(26






)








Changes in assets and liabilities:






 






 






 






 






 






 






 








Non-vehicle receivables






 






11






 






 






 






68






 






 






 






(11






)






 






 






23






 








Prepaid expenses and other assets






 






18






 






 






 






28






 






 






 






(12






)






 






 






8






 








Operating lease right-of-use assets






 






114






 






 






 






105






 






 






 






437






 






 






 






386






 








Non-vehicle accounts payable






 






(31






)






 






 






4






 






 






 






12






 






 






 






(14






)








Accrued liabilities






 






4






 






 






 






14






 






 






 






63






 






 






 






324






 








Accrued taxes, net






 






(38






)






 






 






(46






)






 






 






(35






)






 






 






18






 








Operating lease liabilities






 






(99






)






 






 






(109






)






 






 






(403






)






 






 






(417






)








Self-insured liabilities






 






(13






)






 






 






65






 






 






 






22






 






 






 






152






 








Net cash provided by (used in) operating activities






 






193






 






 






 






414






 






 






 






1,625






 






 






 






2,224






 








Cash flows from investing activities:






 






 






 






 






 






 






 








Revenue earning vehicles expenditures






 






(2,384






)






 






 






(2,666






)






 






 






(10,183






)






 






 






(10,524






)








Proceeds from disposal of revenue earning vehicles






 






2,116






 






 






 






3,022






 






 






 






8,086






 






 






 






7,678






 








Non-vehicle capital asset expenditures






 






(27






)






 






 






(24






)






 






 






(97






)






 






 






(105






)








Proceeds from non-vehicle capital assets disposed of






 






23






 






 






 






4






 






 






 






200






 






 






 






23






 








Return of (investment in) equity investments






 






(1






)






 






 






2






 






 






 






(1






)






 






 






(1






)








Net cash provided by (used in) investing activities






 






(273






)






 






 






338






 






 






 






(1,995






)






 






 






(2,929






)








Cash flows from financing activities:






 






 






 






 






 






 






 








Proceeds from issuance of vehicle debt






 






1,307






 






 






 






614






 






 






 






5,931






 






 






 






3,873






 








Repayments of vehicle debt






 






(1,476






)






 






 






(1,547






)






 






 






(5,761






)






 






 






(4,827






)








Proceeds from issuance of non-vehicle debt






 






670






 






 






 






1,176






 






 






 






2,501






 






 






 






4,646






 








Repayments of non-vehicle debt






 






(790






)






 






 






(732






)






 






 






(2,168






)






 






 






(2,966






)








Payment of financing costs






 






(14






)






 






 






(9






)






 






 






(82






)






 






 






(64






)








Purchase of Capped Call Transactions, net






 






—






 






 






 






—






 






 






 






(38






)






 






 






—






 








Other






 






(2






)






 






 






—






 






 






 






(11






)






 






 






(4






)








Net cash provided by (used in) financing activities






 






(305






)






 






 






(498






)






 






 






372






 






 






 






658






 








Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents






 






3






 






 






 






(26






)






 






 






32






 






 






 






(26






)








Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period






 






(382






)






 






 






228






 






 






 






34






 






 






 






(73






)








Cash and cash equivalents and restricted cash and cash equivalents at beginning of period






 






1,549






 






 






 






905






 






 






 






1,133






 






 






 






1,206






 








Cash and cash equivalents and restricted cash and cash equivalents at end of period






$






1,167






 






 






$






1,133






 






 






$






1,167






 






 






$






1,133






 









Supplemental Schedule I








HERTZ GLOBAL HOLDINGS, INC.




CONDENSED STATEMENT OF OPERATIONS BY SEGMENT




Unaudited




 










 



 






Three Months Ended December 31, 2025






 






Three Months Ended December 31, 2024








(In millions)






Americas RAC






 






International

RAC






 






Corporate






 






Hertz Global






 






Americas RAC






 






International

RAC






 






Corporate






 






Hertz Global








Revenues






$






1,621






 






 






$






407






 






 






$






—






 






 






$






2,028






 






 






$






1,669






 






 






$






371






 






 






$






—






 






 






$






2,040






 








Expenses:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Direct vehicle and operating






 






1,108






 






 






 






263






 






 






 






(4






)






 






 






1,367






 






 






 






1,173






 






 






 






240






 






 






 






—






 






 






 






1,413






 








Depreciation of revenue earning vehicles and lease charges, net






 






432






 






 






 






88






 






 






 






—






 






 






 






520






 






 






 






595






 






 






 






75






 






 






 






—






 






 






 






670






 








Depreciation and amortization of non-vehicle assets






 






24






 






 






 






4






 






 






 






1






 






 






 






29






 






 






 






28






 






 






 






3






 






 






 






1






 






 






 






32






 








Selling, general and administrative






 






131






 






 






 






44






 






 






 






76






 






 






 






251






 






 






 






108






 






 






 






84






 






 






 






33






 






 






 






225






 








Interest expense, net:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vehicle






 






130






 






 






 






25






 






 






 






—






 






 






 






155






 






 






 






116






 






 






 






27






 






 






 






—






 






 






 






143






 








Non-vehicle






 






1






 






 






 






(4






)






 






 






27






 






 






 






24






 






 






 






(1






)






 






 






(4






)






 






 






122






 






 






 






117






 








Total interest expense, net






 






131






 






 






 






21






 






 






 






27






 






 






 






179






 






 






 






115






 






 






 






23






 






 






 






122






 






 






 






260






 








Other (income) expense, net






 






(2






)






 






 






(3






)






 






 






—






 






 






 






(5






)






 






 






(2






)






 






 






—






 






 






 






4






 






 






 






2






 








(Gain) on sale of non-vehicle capital assets






 






(16






)






 






 






—






 






 






 






—






 






 






 






(16






)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Legal settlement






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Bankruptcy-related litigation reserve






 






—






 






 






 






—






 






 






 






12






 






 






 






12






 






 






 






—






 






 






 






—






 






 






 






4






 






 






 






4






 








Long-Lived Assets impairment






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Change in fair value of Public Warrants






 






—






 






 






 






—






 






 






 






(86






)






 






 






(86






)






 






 






—






 






 






 






—






 






 






 






(3






)






 






 






(3






)








Total expenses






 






1,808






 






 






 






417






 






 






 






26






 






 






 






2,251






 






 






 






2,017






 






 






 






425






 






 






 






161






 






 






 






2,603






 








Income (loss) before income taxes






$






(187






)






 






$






(10






)






 






$






(26






)






 






 






(223






)






 






$






(348






)






 






$






(54






)






 






$






(161






)






 






 






(563






)








Income tax (provision) benefit






 






 






 






 






 






 






 






29






 






 






 






 






 






 






 






 






 






84






 








Net income (loss)






 






 






 






 






 






 






$






(194






)






 






 






 






 






 






 






 






$






(479






)












Supplemental Schedule I (continued)








HERTZ GLOBAL HOLDINGS, INC.




CONDENSED STATEMENT OF OPERATIONS BY SEGMENT




Unaudited




 










 



 






Twelve Months Ended December 31, 2025






 






Twelve Months Ended December 31, 2024








(In millions)






Americas RAC






 






International

RAC






 






Corporate






 






Hertz Global






 






Americas RAC






 






International

RAC






 






Corporate






 






Hertz Global








Revenues






$






6,759






 






 






$






1,745






 






 






$






—






 






 






$






8,504






 






 






$






7,398






 






 






$






1,651






 






 






$






—






 






 






$






9,049






 








Expenses:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Direct vehicle and operating






 






4,461






 






 






 






1,031






 






 






 






(3






)






 






 






5,489






 






 






 






4,726






 






 






 






971






 






 






 






(8






)






 






 






5,689






 








Depreciation of revenue earning vehicles and lease charges, net






 






1,574






 






 






 






353






 






 






 






—






 






 






 






1,927






 






 






 






3,198






 






 






 






413






 






 






 






—






 






 






 






3,611






 








Depreciation and amortization of non-vehicle assets






 






96






 






 






 






14






 






 






 






7






 






 






 






117






 






 






 






109






 






 






 






13






 






 






 






17






 






 






 






139






 








Selling, general and administrative






 






504






 






 






 






228






 






 






 






225






 






 






 






957






 






 






 






482






 






 






 






244






 






 






 






93






 






 






 






819






 








Interest expense, net:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Vehicle






 






510






 






 






 






98






 






 






 






—






 






 






 






608






 






 






 






479






 






 






 






111






 






 






 






—






 






 






 






590






 








Non-vehicle






 






2






 






 






 






(16






)






 






 






483






 






 






 






469






 






 






 






(4






)






 






 






(18






)






 






 






391






 






 






 






369






 








Total interest expense, net






 






512






 






 






 






82






 






 






 






483






 






 






 






1,077






 






 






 






475






 






 






 






93






 






 






 






391






 






 






 






959






 








Other (income) expense, net






 






—






 






 






 






(8






)






 






 






5






 






 






 






(3






)






 






 






—






 






 






 






2






 






 






 






2






 






 






 






4






 








(Gain) on sale of non-vehicle capital assets






 






(144






)






 






 






—






 






 






 






—






 






 






 






(144






)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Legal settlement






 






(154






)






 






 






—






 






 






 






—






 






 






 






(154






)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Bankruptcy-related litigation reserve






 






—






 






 






 






—






 






 






 






24






 






 






 






24






 






 






 






—






 






 






 






—






 






 






 






292






 






 






 






292






 








Long-Lived Assets impairment






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






865






 






 






 






183






 






 






 






—






 






 






 






1,048






 








Change in fair value of Public Warrants






 






—






 






 






 






—






 






 






 






44






 






 






 






44






 






 






 






—






 






 






 






—






 






 






 






(275






)






 






 






(275






)








Total expenses






 






6,849






 






 






 






1,700






 






 






 






785






 






 






 






9,334






 






 






 






9,855






 






 






 






1,919






 






 






 






512






 






 






 






12,286






 








Income (loss) before income taxes






$






(90






)






 






$






45






 






 






$






(785






)






 






 






(830






)






 






$






(2,457






)






 






$






(268






)






 






$






(512






)






 






 






(3,237






)








Income tax (provision) benefit






 






 






 






 






 






 






 






83






 






 






 






 






 






 






 






 






 






375






 








Net income (loss)






 






 






 






 






 






 






$






(747






)






 






 






 






 






 






 






 






$






(2,862






)









Supplemental Schedule II








HERTZ GLOBAL HOLDINGS, INC.




RECONCILIATION OF GAAP TO NON-GAAP MEASURE - ADJUSTED NET INCOME (LOSS), ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE AND ADJUSTED CORPORATE EBITDA




Unaudited




 










 



 






Three Months Ended




December 31,






 






Twelve Months Ended




December 31,








(In millions, except per share data)






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share:






 






 






 






 






 






 






 








Net income (loss)(a)






$






(194






)






 






$






(479






)






 






$






(747






)






 






$






(2,862






)








Adjustments:






 






 






 






 






 






 






 








Income tax provision (benefit)






 






(29






)






 






 






(84






)






 






 






(83






)






 






 






(375






)








Vehicle and non-vehicle debt-related charges(b)






 






32






 






 






 






26






 






 






 






109






 






 






 






86






 








Restructuring and restructuring related charges(c)






 






7






 






 






 






21






 






 






 






18






 






 






 






66






 








Acquisition accounting-related depreciation and amortization(d)






 






—






 






 






 






1






 






 






 






1






 






 






 






2






 








Unrealized (gains) losses on financial instruments(e)






 






(108






)






 






 






15






 






 






 






(37






)






 






 






7






 








(Gain) on sale of non-vehicle capital assets(f)






 






(16






)






 






 






—






 






 






 






(144






)






 






 






—






 








Legal settlement(g)






 






—






 






 






 






—






 






 






 






(154






)






 






 






—






 








Bankruptcy-related litigation reserve(h)






 






12






 






 






 






4






 






 






 






24






 






 






 






292






 








Long-Lived Assets impairment(i)






 






—






 






 






 






—






 






 






 






—






 






 






 






1,048






 








Change in fair value of Public Warrants






 






(86






)






 






 






(3






)






 






 






44






 






 






 






(275






)








Other items(j)(k)






 






46






 






 






 






16






 






 






 






91






 






 






 






62






 








Adjusted pre-tax income (loss)(l)






 






(336






)






 






 






(483






)






 






 






(878






)






 






 






(1,949






)








Income tax (provision) benefit on adjusted pre-tax income (loss)(m)






 






84






 






 






 






121






 






 






 






219






 






 






 






487






 








Adjusted Net Income (Loss)






$






(252






)






 






$






(362






)






 






$






(659






)






 






$






(1,462






)








Weighted-average number of diluted shares outstanding






 






399






 






 






 






307






 






 






 






322






 






 






 






306






 








Adjusted Diluted Earnings (Loss) Per Share(n)






$






(0.63






)






 






$






(1.18






)






 






$






(2.05






)






 






$






(4.77






)









Supplemental Schedule II (continued)










 



 






Three Months Ended

December 31,






 






Twelve Months Ended

December 31,








(In millions, except per share data)






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Adjusted Corporate EBITDA:






 






 






 






 






 






 






 








Net income (loss)






$






(194






)






 






$






(479






)






 






$






(747






)






 






$






(2,862






)








Adjustments:






 






 






 






 






 






 






 








Income tax provision (benefit)






 






(29






)






 






 






(84






)






 






 






(83






)






 






 






(375






)








Non-vehicle depreciation and amortization






 






29






 






 






 






32






 






 






 






117






 






 






 






139






 








Non-vehicle debt interest, net of interest income(o)






 






127






 






 






 






109






 






 






 






498






 






 






 






375






 








Vehicle debt-related charges(b)






 






11






 






 






 






12






 






 






 






46






 






 






 






45






 








Restructuring and restructuring related charges(c)






 






7






 






 






 






21






 






 






 






18






 






 






 






66






 








Unrealized (gains) losses on financial instruments(e)






 






(108






)






 






 






15






 






 






 






(37






)






 






 






7






 








(Gain) on sale of non-vehicle capital assets(f)






 






(16






)






 






 






—






 






 






 






(144






)






 






 






—






 








Legal settlement(g)






 






—






 






 






 






—






 






 






 






(154






)






 






 






—






 








Bankruptcy-related litigation reserve(h)






 






12






 






 






 






4






 






 






 






24






 






 






 






292






 








Long-Lived Assets impairment(i)






 






—






 






 






 






—






 






 






 






—






 






 






 






1,048






 








Non-cash stock-based compensation forfeitures(p)






 






—






 






 






 






—






 






 






 






—






 






 






 






(64






)








Change in fair value of Public Warrants






 






(86






)






 






 






(3






)






 






 






44






 






 






 






(275






)








Other items(j)






 






42






 






 






 






16






 






 






 






79






 






 






 






63






 








Adjusted Corporate EBITDA(q)






$






(205






)






 






$






(357






)






 






$






(339






)






 






$






(1,541






)








Adjusted Corporate EBITDA margin






 






(10






)%






 






 






(18






)%






 






 






(4






)%






 






 






(17






)%








(a)


Net income (loss) margin for the three and twelve months ended December 31, 2025 was (10)% and (9)%, respectively. Net income (loss) margin for the three and twelve months ended December 31, 2024 was (23)% and (32)%, respectively.







(b)


Represents debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums.







(c)


Represents charges incurred under restructuring actions as defined in U.S. GAAP. Also includes restructuring related charges such as incremental costs incurred related to personnel reductions, litigation and closure of underperforming locations.







(d)


Represents incremental expense associated with the amortization of other intangible assets and depreciation of property and equipment relating to acquisition accounting.







(e)


Represents unrealized gains (losses) on derivative financial instruments, including the Exchange Features 2029 and Exchange Feature 2030.







(f)


Represents gains on the sales of certain non-vehicle assets primarily in the second and third quarters of 2025.







(g)


Represents the gain related to the receipt of a settlement distribution in September 2025 in connection with the Company’s participation in a class action settlement.







(h)


Represents an increase to an existing bankruptcy-related litigation reserve initially recorded in September 2024, including interest which continues to accrue during each subsequent reporting period.







(i)


Represents Long-Lived Assets impairment charges recognized in the third quarter of 2024.







(j)


Represents miscellaneous items. For 2025, primarily includes a pension plan settlement reserve adjustment, a one-time settlement agreement to restructure an IT contract, certain IT-related charges, cloud computing costs, an unfavorable litigation ruling and certain concession-related adjustments. For 2024, primarily includes certain IT-related charges, cloud computing costs and certain storm-related damages, partially offset by certain litigation settlements and a loss recovery settlement.







(k)


Also includes letter of credit fees.







(l)


The table below reconciles expenses as reported in the condensed consolidated unaudited statement of operations to adjusted expenses utilized in calculating Adjusted Pretax Income (Loss) and Adjusted Net Income (Loss), all of which are deemed non-GAAP measures.








(in millions)

Three Months Ended December 31, 2025






 






Three Months Ended December 31, 2024








Expenses:






As Reported






 






Adjustment






 






As Adjusted






 






As Reported






 






Adjustment






 






As Adjusted








Direct vehicle and operating






$






1,367






 






 






$






(41






)






 






$






1,326






 






$






1,413






 






 






$






(6






)






 






$






1,407






 








Depreciation of revenue earning vehicles and lease charges, net






 






520






 






 






 






—






 






 






 






520






 






 






670






 






 






 






3






 






 






 






673






 








Depreciation and amortization of non-vehicle assets






 






29






 






 






 






—






 






 






 






29






 






 






32






 






 






 






—






 






 






 






32






 








Selling, general and administrative






 






251






 






 






 






(6






)






 






 






245






 






 






225






 






 






 






(35






)






 






 






190






 








Interest expense, net:






 






 






 






 






 






 






 






 






 






 






 








Vehicle






 






155






 






 






 






(11






)






 






 






144






 






 






143






 






 






 






(11






)






 






 






132






 








Non-vehicle






 






24






 






 






 






76






 






 






 






100






 






 






117






 






 






 






(26






)






 






 






91






 








Total interest expense, net






 






179






 






 






 






65






 






 






 






244






 






 






260






 






 






 






(37






)






 






 






223






 








Other (income) expense, net






 






(5






)






 






 






5






 






 






 






—






 






 






2






 






 






 






(5






)






 






 






(3






)








(Gain) on sale of non-vehicle capital assets






 






(16






)






 






 






16






 






 






 






—






 






 






—






 






 






 






—






 






 






 






—






 








Bankruptcy-related litigation reserve






 






12






 






 






 






(12






)






 






 






—






 






 






4






 






 






 






(4






)






 






 






—






 








Change in fair value of Public Warrants






 






(86






)






 






 






86






 






 






 






—






 






 






(3






)






 






 






3






 






 






 






—






 








Total expenses






$






2,251






 






 






$






113






 






 






$






2,364






 






$






2,603






 






 






$






(81






)






 






$






2,522






 









(in millions)






Twelve Months Ended December 31, 2025






 






Twelve Months Ended December 31, 2024








Expenses:






As Reported






 






Adjustment






 






As Adjusted






 






As Reported






 






Adjustment






 






As Adjusted








Direct vehicle and operating






$






5,489






 






 






$






(55






)






 






$






5,434






 






$






5,689






 






 






$






(31






)






 






$






5,658








Depreciation of revenue earning vehicles and lease charges, net






 






1,927






 






 






 






—






 






 






 






1,927






 






 






3,611






 






 






 






8






 






 






 






3,619








Depreciation and amortization of non-vehicle assets






 






117






 






 






 






—






 






 






 






117






 






 






139






 






 






 






—






 






 






 






139








Selling, general and administrative






 






957






 






 






 






(30






)






 






 






927






 






 






819






 






 






 






(96






)






 






 






723








Interest expense, net:






 






 






 






 






 






 






 






 






 






 






 








Vehicle






 






608






 






 






 






(46






)






 






 






562






 






 






590






 






 






 






(50






)






 






 






540








Non-vehicle






 






469






 






 






 






(56






)






 






 






413






 






 






369






 






 






 






(51






)






 






 






318








Total interest expense, net






 






1,077






 






 






 






(102






)






 






 






975






 






 






959






 






 






 






(101






)






 






 






858








Other (income) expense, net






 






(3






)






 






 






5






 






 






 






2






 






 






4






 






 






 






(2






)






 






 






2








(Gain) on sale of non-vehicle capital assets






 






(144






)






 






 






144






 






 






 






—






 






 






—






 






 






 






—






 






 






 






—








Legal settlement






 






(154






)






 






 






154






 






 






 






—






 






 






—






 






 






 






—






 






 






 






—








Bankruptcy-related litigation reserve






 






24






 






 






 






(24






)






 






 






—






 






 






292






 






 






 






(292






)






 






 






—








Long-Lived Assets impairment






 






—






 






 






 






—






 






 






 






—






 






 






1,048






 






 






 






(1,048






)






 






 






—








Change in fair value of Public Warrants






 






44






 






 






 






(44






)






 






 






—






 






 






(275






)






 






 






275






 






 






 






—








Total expenses






$






9,334






 






 






$






48






 






 






$






9,382






 






$






12,286






 






 






$






(1,287






)






 






$






10,999









(m)







Derived utilizing an effective rate of 25% for the three and twelve months ended December 31, 2025 and 2024, respectively, applied to the respective Adjusted Pre-tax Income (Loss).








(n)







Adjustments used to reconcile diluted earnings (loss) per share on a GAAP basis to Adjusted Diluted Earnings (Loss) Per Share are comprised of the same adjustments, inclusive of the tax impact, used to reconcile net income (loss) to Adjusted Net Income (Loss) divided by the weighted-average diluted shares outstanding during the period.








(o)







Excludes gains (losses) related to the fair value of the Exchange Features 2029 and Exchange Feature 2030.








(p)







Represents former CEO awards forfeited in March 2024.








(q)







The table below reconciles expenses as reported in the condensed consolidated unaudited statement of operations to adjusted expenses utilized in calculating Adjusted Corporate EBITDA, both of which are deemed non-GAAP measures.









(in millions)






Three Months Ended December 31, 2025






 






Three Months Ended December 31, 2024








Expenses:






As Reported






 






Adjustment






 






As Adjusted






 






As Reported






 






Adjustment






 






As Adjusted








Direct vehicle and operating






$






1,367






 






 






$






(41






)






 






$






1,326






 






$






1,413






 






 






$






(6






)






 






$






1,407






 








Depreciation of revenue earning vehicles and lease charges, net






 






520






 






 






 






—






 






 






 






520






 






 






670






 






 






 






3






 






 






 






673






 








Depreciation and amortization of non-vehicle assets






 






29






 






 






 






(29






)






 






 






—






 






 






32






 






 






 






(32






)






 






 






—






 








Selling, general and administrative






 






251






 






 






 






(8






)






 






 






243






 






 






225






 






 






 






(35






)






 






 






190






 








Interest expense, net:






 






 






 






 






 






 






 






 






 






 






 








Vehicle






 






155






 






 






 






(11






)






 






 






144






 






 






143






 






 






 






(11






)






 






 






132






 








Non-vehicle






 






24






 






 






 






(24






)






 






 






—






 






 






117






 






 






 






(117






)






 






 






—






 








Total interest expense, net






 






179






 






 






 






(35






)






 






 






144






 






 






260






 






 






 






(128






)






 






 






132






 








Other (income) expense, net






 






(5






)






 






 






5






 






 






 






—






 






 






2






 






 






 






(8






)






 






 






(6






)








(Gain) on sale of non-vehicle capital assets






 






(16






)






 






 






16






 






 






 






—






 






 






—






 






 






 






—






 






 






 






—






 








Bankruptcy-related litigation reserve






 






12






 






 






 






(12






)






 






 






—






 






 






4






 






 






 






(4






)






 






 






—






 








Change in fair value of Public Warrants






 






(86






)






 






 






86






 






 






 






—






 






 






(3






)






 






 






3






 






 






 






—






 








Total expenses






$






2,251






 






 






$






(18






)






 






$






2,233






 






$






2,603






 






 






$






(207






)






 






$






2,396






 









(in millions)






Twelve Months Ended December 31, 2025






 






Twelve Months Ended December 31, 2024








Expenses:






As Reported






 






Adjustment






 






As Adjusted






 






As Reported






 






Adjustment






 






As Adjusted








Direct vehicle and operating






$






5,489






 






 






$






(59






)






 






$






5,430






 






$






5,689






 






 






$






(31






)






 






$






5,658






 








Depreciation of revenue earning vehicles and lease charges, net






 






1,927






 






 






 






—






 






 






 






1,927






 






 






3,611






 






 






 






8






 






 






 






3,619






 








Depreciation and amortization of non-vehicle assets






 






117






 






 






 






(117






)






 






 






—






 






 






139






 






 






 






(139






)






 






 






—






 








Selling, general and administrative






 






957






 






 






 






(35






)






 






 






922






 






 






819






 






 






 






(33






)






 






 






786






 








Interest expense, net:






 






 






 






 






 






 






 






 






 






 






 








Vehicle






 






608






 






 






 






(46






)






 






 






562






 






 






590






 






 






 






(50






)






 






 






540






 








Non-vehicle






 






469






 






 






 






(469






)






 






 






—






 






 






369






 






 






 






(369






)






 






 






—






 








Total interest expense, net






 






1,077






 






 






 






(515






)






 






 






562






 






 






959






 






 






 






(419






)






 






 






540






 








Other (income) expense, net






 






(3






)






 






 






5






 






 






 






2






 






 






4






 






 






 






(17






)






 






 






(13






)








(Gain) on sale of non-vehicle capital assets






 






(144






)






 






 






144






 






 






 






—






 






 






—






 






 






 






—






 






 






 






—






 








Litigation settlement






 






(154






)






 






 






154






 






 






 






—






 






 






—






 






 






 






—






 






 






 






—






 








Bankruptcy-related litigation reserve






 






24






 






 






 






(24






)






 






 






—






 






 






292






 






 






 






(292






)






 






 






—






 








Long-Lived Assets impairment






 






—






 






 






 






—






 






 






 






—






 






 






1,048






 






 






 






(1,048






)






 






 






—






 








Change in fair value of Public Warrants






 






44






 






 






 






(44






)






 






 






—






 






 






(275






)






 






 






275






 






 






 






—






 








Total expenses






$






9,334






 






 






$






(491






)






 






$






8,843






 






$






12,286






 






 






$






(1,696






)






 






$






10,590






 









Supplemental Schedule III








HERTZ GLOBAL HOLDINGS, INC.




RECONCILIATION OF GAAP TO NON-GAAP MEASURE - ADJUSTED OPERATING CASH FLOW




AND ADJUSTED FREE CASH FLOW




Unaudited




 










 



 






Three Months Ended




December 31,






 






Twelve Months Ended




December 31,








(In millions)






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








ADJUSTED OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW:






 






 








Net cash provided by (used in) operating activities






$






193






 






 






$






414






 






 






$






1,625






 






 






$






2,224






 








Depreciation and reserves for revenue earning vehicles, net






 






(563






)






 






 






(764






)






 






 






(2,148






)






 






 






(3,983






)








Bankruptcy related payments (post emergence) and other payments






 






(1






)






 






 






—






 






 






 






(143






)






 






 






4






 








Adjusted operating cash flow






 






(371






)






 






 






(350






)






 






 






(666






)






 






 






(1,755






)








Non-vehicle capital asset proceeds (expenditures), net






 






(4






)






 






 






(21






)






 






 






103






 






 






 






(83






)








Adjusted operating cash flow before vehicle investment






 






(375






)






 






 






(371






)






 






 






(563






)






 






 






(1,838






)








Net fleet growth after financing






 






(20






)






 






 






39






 






 






 






165






 






 






 






70






 








Adjusted free cash flow






$






(395






)






 






$






(332






)






 






$






(398






)






 






$






(1,768






)








 






 






 






 






 






 






 






 








CALCULATION OF NET FLEET GROWTH AFTER FINANCING:






 






 








Revenue earning vehicles expenditures






$






(2,384






)






 






$






(2,666






)






 






$






(10,183






)






 






$






(10,524






)








Proceeds from disposal of revenue earning vehicles






 






2,116






 






 






 






3,022






 






 






 






8,086






 






 






 






7,678






 








Revenue earning vehicles capital expenditures, net






 






(268






)






 






 






356






 






 






 






(2,097






)






 






 






(2,846






)








Depreciation and reserves for revenue earning vehicles, net






 






563






 






 






 






764






 






 






 






2,148






 






 






 






3,983






 








Financing activity related to vehicles:






 






 






 






 






 






 






 








Borrowings






 






1,307






 






 






 






614






 






 






 






5,931






 






 






 






3,873






 








Payments






 






(1,476






)






 






 






(1,547






)






 






 






(5,761






)






 






 






(4,827






)








Restricted cash changes, vehicle






 






(146






)






 






 






(148






)






 






 






(56






)






 






 






(113






)








Net financing activity related to vehicles






 






(315






)






 






 






(1,081






)






 






 






114






 






 






 






(1,067






)








Net fleet growth after financing






$






(20






)






 






$






39






 






 






$






165






 






 






$






70






 









Supplemental Schedule IV








HERTZ GLOBAL HOLDINGS, INC.




NET DEBT CALCULATION




Unaudited




 










 



 






As of December 31, 2025






 






As of December 31, 2024








(In millions)






Vehicle






 






Non-Vehicle






 






Total






 






Vehicle






 






Non-Vehicle






 






Total








First Lien RCF






$






—






 






 






$






395






 






 






$






395






 






 






$






—






 






 






$






175






 






 






$






175






 








Term loans






 






—






 






 






 






1,977






 






 






 






1,977






 






 






 






—






 






 






 






1,995






 






 






 






1,995






 








First lien senior notes






 






—






 






 






 






1,250






 






 






 






1,250






 






 






 






—






 






 






 






1,250






 






 






 






1,250






 








Second lien exchangeable notes






 






—






 






 






 






271






 






 






 






271






 






 






 






—






 






 






 






250






 






 






 






250






 








Unsecured exchangeable notes






 






—






 






 






 






425






 






 






 






425






 






 






 






—






 






 






 






—






 






 






 






—






 








Unsecured senior notes






 






—






 






 






 






1,200






 






 






 






1,200






 






 






 






—






 






 






 






1,500






 






 






 






1,500






 








U.S. vehicle financing (HVF III)






 






9,886






 






 






 






—






 






 






 






9,886






 






 






 






9,431






 






 






 






—






 






 






 






9,431






 








International vehicle financing (Various)






 






1,673






 






 






 






—






 






 






 






1,673






 






 






 






1,752






 






 






 






—






 






 






 






1,752






 








Other debt






 






120






 






 






 






6






 






 






 






126






 






 






 






97






 






 






 






—






 






 






 






97






 








Fair value of the Exchange Features 2029






 






—






 






 






 






78






 






 






 






78






 






 






 






—






 






 






 






61






 






 






 






61






 








Fair value of the Exchange Feature 2030






 






—






 






 






 






54






 






 






 






54






 






 






 






—






 






 






 






—






 






 






 






—






 








Debt issue costs, discounts and premiums






 






(50






)






 






 






(231






)






 






 






(281






)






 






 






(49






)






 






 






(127






)






 






 






(176






)








Debt as reported in the balance sheet






 






11,629






 






 






 






5,425






 






 






 






17,054






 






 






 






11,231






 






 






 






5,104






 






 






 






16,335






 








Add:






 






 






 






 






 






 






 






 






 






 






 








Debt issue costs, discounts and premiums






 






50






 






 






 






231






 






 






 






281






 






 






 






49






 






 






 






127






 






 






 






176






 








Less:






 






 






 






 






 






 






 






 






 






 






 








Cash and cash equivalents






 






—






 






 






 






565






 






 






 






565






 






 






 






—






 






 






 






592






 






 






 






592






 








Restricted cash






 






317






 






 






 






—






 






 






 






317






 






 






 






258






 






 






 






—






 






 






 






258






 








Restricted cash and restricted cash equivalents associated with Term C Loan






 






—






 






 






 






245






 






 






 






245






 






 






 






—






 






 






 






245






 






 






 






245






 








Net Debt






$






11,362






 






 






$






4,846






 






 






$






16,208






 






 






$






11,022






 






 






$






4,394






 






 






$






15,416






 








 






 






 






 






 






 






 






 






 






 






 






 








LTM Adjusted Corporate EBITDA






 






 






 






(339






)






 






 






 






 






 






 






(1,541






)






 






 








 






 






 






 






 






 






 






 






 






 






 






 








Net Corporate Leverage






 






 






 






NM






 






 






 






 






 






 






(2.9)x






 






 








NM = Not meaningful









Supplemental Schedule V








HERTZ GLOBAL HOLDINGS, INC.




KEY METRICS CALCULATIONS




REVENUE, UTILIZATION AND DEPRECIATION




Unaudited




 








 




Global RAC














 



 






Three Months Ended

December 31,






 






Percent

Inc/(Dec)






 






Twelve Months Ended

December 31,






 






Percent

Inc/(Dec)








($ in millions, except where noted)






 






2025






 






 






 






2024






 






 






 






 






2025






 






 






 






2024






 






 








Total RPD






 






 






 






 






 






 






 






 






 






 






 








Revenues






$






2,028






 






 






$






2,040






 






 






 






 






$






8,504






 






 






$






9,049






 






 






 








Foreign currency adjustment(a)






 






(35






)






 






 






(14






)






 






 






 






 






(125






)






 






 






(81






)






 






 








Total Revenues - adjusted for foreign currency






$






1,993






 






 






$






2,026






 






 






 






 






$






8,379






 






 






$






8,968






 






 






 








Transaction Days (in thousands)






 






35,804






 






 






 






35,998






 






 






 






 






 






149,286






 






 






 






153,871






 






 






 








Total RPD (in dollars)






$






55.67






 






 






$






56.27






 






 






(1






)%






 






$






56.13






 






 






$






58.28






 






 






(4






)%








 






 






 






 






 






 






 






 






 






 






 






 








Total Revenue Per Unit Per Month






 






 






 






 






 






 






 






 






 






 






 








Total Revenues - adjusted for foreign currency






$






1,993






 






 






$






2,026






 






 






 






 






$






8,379






 






 






$






8,968






 






 






 








Average Rentable Vehicles (in whole units)






 






498,120






 






 






 






497,875






 






 






 






 






 






504,060






 






 






 






530,679






 






 






 








Total revenue per unit (in whole dollars)






$






4,002






 






 






$






4,069






 






 






 






 






$






16,624






 






 






$






16,898






 






 






 








Number of months in period (in whole units)






 






3






 






 






 






3






 






 






 






 






 






12






 






 






 






12






 






 






 








Total RPU Per Month (in whole dollars)






$






1,334






 






 






$






1,356






 






 






(2






)%






 






$






1,385






 






 






$






1,408






 






 






(2






)%








 






 






 






 






 






 






 






 






 






 






 






 








Vehicle Utilization






 






 






 






 






 






 






 






 






 






 






 








Transaction Days (in thousands)






 






35,804






 






 






 






35,998






 






 






 






 






 






149,286






 






 






 






153,871






 






 






 








Average Rentable Vehicles (in whole units)






 






498,120






 






 






 






497,875






 






 






 






 






 






504,060






 






 






 






530,679






 






 






 








Number of days in period (in whole units)






 






92






 






 






 






92






 






 






 






 






 






365






 






 






 






366






 






 






 








Available Car Days (in thousands)






 






45,832






 






 






 






45,805






 






 






 






 






 






184,042






 






 






 






194,257






 






 






 








Vehicle Utilization(b)






 






78






%






 






 






79






%






 






 






 






 






81






%






 






 






79






%






 






 








 






 






 






 






 






 






 






 






 






 






 






 








Depreciation Per Unit Per Month






 






 






 






 






 






 






 






 






 






 






 








Depreciation of revenue earning vehicles and lease charges, net






$






520






 






 






$






670






 






 






 






 






$






1,927






 






 






$






3,611






 






 






 








Foreign currency adjustment(a)






 






(8






)






 






 






(2






)






 






 






 






 






(26






)






 






 






(18






)






 






 








Adjusted depreciation of revenue earning vehicles and lease charges






$






512






 






 






$






668






 






 






 






 






$






1,901






 






 






$






3,593






 






 






 








Average Vehicles (in whole units)






 






516,867






 






 






 






532,884






 






 






 






 






 






527,379






 






 






 






560,279






 






 






 








Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)






$






990






 






 






$






1,253






 






 






 






 






$






3,604






 






 






$






6,414






 






 






 








Number of months in period (in whole units)






 






3






 






 






 






3






 






 






 






 






 






12






 






 






 






12






 






 






 








Depreciation Per Unit Per Month (in whole dollars)






$






330






 






 






$






418






 






 






(21






)%






 






$






300






 






 






$






534






 






 






(44






)%








 






 






 






 






 






 






 






 






 






 






 






 








Adjusted DOE per Transaction Day






 






 






 






 






 






 






 






 






 






 






 








Direct Operating Expense – as reported






$






1,367






 






 






$






1,413






 






 






 






 






$






5,489






 






 






$






5,689






 






 






 








Adjustments:






 






 






 






 






 






 






 






 






 






 






 








Foreign Currency Adjustment(a)






 






(23






)






 






 






(10






)






 






 






 






 






(74






)






 






 






(49






)






 






 








Other(c)






 






(41






)






 






 






(6






)






 






 






 






 






(59






)






 






 






(31






)






 






 








Direct Operating Expense (DOE) – as adjusted






 






1,303






 






 






 






1,397






 






 






 






 






 






5,356






 






 






 






5,609






 






 






 








Transaction Days (In Thousands)






 






35,804






 






 






 






35,998






 






 






 






 






 






149,286






 






 






 






153,871






 






 






 








Adjusted DOE per Transaction Day






$






36.39






 






 






$






38.81






 






 






(6






)%






 






$






35.88






 






 






$






36.45






 






 






(2






)%









Note: Global RAC represents Americas RAC and International RAC segment information on a combined basis and excludes Corporate







(a)


Based on December 31, 2024 foreign exchange rates.







(b)


Calculated as Transaction Days divided by Available Car Days.







(c)


For Q4 2025, primarily reflects a pension plan settlement reserve adjustment and a one-time settlement agreement to restructure an IT contract. For Q4 2024, primarily reflects certain restructuring related IT costs. For FY 2025, primarily reflects a pension plan settlement reserve adjustment, a one-time settlement agreement to restructure an IT contract and certain restructuring related IT costs. For FY 2024, primarily reflects certain restructuring related IT costs and certain storm-related vehicle damages.









Supplemental Schedule V (continued)








HERTZ GLOBAL HOLDINGS, INC.




KEY METRICS CALCULATIONS




REVENUE, UTILIZATION AND DEPRECIATION




Unaudited




 








 




Americas RAC














 



 






Three Months Ended

December 31,






 






Percent

Inc/(Dec)






 






Twelve Months Ended

December 31,






 






Percent

Inc/(Dec)








($ in millions, except where noted)






 






2025






 






 






 






2024






 






 






 






 






2025






 






 






 






2024






 






 








Total RPD






 






 






 






 






 






 






 






 






 






 






 








Revenues






$






1,621






 






 






$






1,669






 






 






 






 






$






6,759






 






 






$






7,398






 






 






 








Foreign currency adjustment(a)






 






(2






)






 






 






(2






)






 






 






 






 






(10






)






 






 






(16






)






 






 








Total Revenues - adjusted for foreign currency






$






1,619






 






 






$






1,667






 






 






 






 






$






6,749






 






 






$






7,382






 






 






 








Transaction Days (in thousands)






 






28,857






 






 






 






29,298






 






 






 






 






 






119,473






 






 






 






124,767






 






 






 








Total RPD (in dollars)






$






56.11






 






 






$






56.89






 






 






(1






)%






 






$






56.49






 






 






$






59.17






 






 






(5






)%








 






 






 






 






 






 






 






 






 






 






 






 








Total Revenue Per Unit Per Month






 






 






 






 






 






 






 






 






 






 






 








Total Revenues - adjusted for foreign currency






$






1,619






 






 






$






1,667






 






 






 






 






$






6,749






 






 






$






7,382






 






 






 








Average Rentable Vehicles (in whole units)






 






398,106






 






 






 






399,927






 






 






 






 






 






400,355






 






 






 






426,017






 






 






 








Total revenue per unit (in whole dollars)






$






4,067






 






 






$






4,168






 






 






 






 






$






16,856






 






 






$






17,328






 






 






 








Number of months in period (in whole units)






 






3






 






 






 






3






 






 






 






 






 






12






 






 






 






12






 






 






 








Total RPU Per Month (in whole dollars)






$






1,356






 






 






$






1,389






 






 






(2






)%






 






$






1,405






 






 






$






1,444






 






 






(3






)%








 






 






 






 






 






 






 






 






 






 






 






 








Vehicle Utilization






 






 






 






 






 






 






 






 






 






 






 








Transaction Days (in thousands)






 






28,857






 






 






 






29,298






 






 






 






 






 






119,473






 






 






 






124,767






 






 






 








Average Rentable Vehicles (in whole units)






 






398,106






 






 






 






399,927






 






 






 






 






 






400,355






 






 






 






426,017






 






 






 








Number of days in period (in whole units)






 






92






 






 






 






92






 






 






 






 






 






365






 






 






 






366






 






 






 








Available Car Days (in thousands)






 






36,629






 






 






 






36,792






 






 






 






 






 






146,157






 






 






 






155,935






 






 






 








Vehicle Utilization(b)






 






79






%






 






 






80






%






 






 






 






 






82






%






 






 






80






%






 






 








 






 






 






 






 






 






 






 






 






 






 






 








Depreciation Per Unit Per Month






 






 






 






 






 






 






 






 






 






 






 








Depreciation of revenue earning vehicles and lease charges, net






$






432






 






 






$






595






 






 






 






 






$






1,574






 






 






$






3,198






 






 






 








Foreign currency adjustment(a)






 






—






 






 






 






—






 






 






 






 






 






(1






)






 






 






(2






)






 






 








Adjusted depreciation of revenue earning vehicles and lease charges






$






432






 






 






$






595






 






 






 






 






$






1,573






 






 






$






3,196






 






 






 








Average Vehicles (in whole units)






 






415,264






 






 






 






432,909






 






 






 






 






 






422,346






 






 






 






453,706






 






 






 








Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)






$






1,039






 






 






$






1,375






 






 






 






 






$






3,724






 






 






$






7,044






 






 






 








Number of months in period (in whole units)






 






3






 






 






 






3






 






 






 






 






 






12






 






 






 






12






 






 






 








Depreciation Per Unit Per Month (in whole dollars)






$






346






 






 






$






458






 






 






(24






)%






 






$






310






 






 






$






587






 






 






(47






)%








 






 






 






 






 






 






 






 






 






 






 






 








Adjusted DOE per Transaction Day






 






 






 






 






 






 






 






 






 






 






 








Direct Operating Expense – as reported






$






1,108






 






 






$






1,173






 






 






 






 






$






4,461






 






 






$






4,726






 






 






 








Adjustments:






 






 






 






 






 






 






 






 






 






 






 








Foreign Currency Adjustment(a)






 






(2






)






 






 






(1






)






 






 






 






 






(6






)






 






 






(9






)






 






 








Other(c)






 






(40






)






 






 






(8






)






 






 






 






 






(57






)






 






 






(37






)






 






 








Direct Operating Expense (DOE) – as adjusted






 






1,066






 






 






 






1,164






 






 






 






 






 






4,398






 






 






 






4,680






 






 






 








Transaction Days (In Thousands)






 






28,857






 






 






 






29,298






 






 






 






 






 






119,473






 






 






 






124,767






 






 






 








Adjusted DOE per Transaction Day






$






36.94






 






 






$






39.73






 






 






(7






)%






 






$






36.81






 






 






$






37.51






 






 






(2






)%









(a)







Based on December 31, 2024 foreign exchange rates.








(b)







Calculated as Transaction Days divided by Available Car Days.








(c)







For Q4 2025, primarily reflects a pension plan settlement reserve adjustment and a one-time settlement agreement to restructure an IT contract. For Q4 2024, primarily reflects certain restructuring related IT costs. For FY 2025, primarily reflects a pension plan settlement reserve adjustment, a one-time settlement agreement to restructure an IT contract and certain restructuring related IT costs. For FY 2024, primarily reflects certain restructuring related IT costs and certain storm-related vehicle damages









Supplemental Schedule V (continued)








HERTZ GLOBAL HOLDINGS, INC.




KEY METRICS CALCULATIONS




REVENUE, UTILIZATION AND DEPRECIATION




Unaudited




 








 




International RAC














 



 






Three Months Ended

December 31,






 






Percent

Inc/(Dec)






 






Twelve Months Ended

December 31,






 






Percent

Inc/(Dec)








($ in millions, except where noted)






 






2025






 






 






 






2024






 






 






 






 






2025






 






 






 






2024






 






 








Total RPD






 






 






 






 






 






 






 






 






 






 






 








Revenues






$






407






 






 






$






371






 






 






 






 






$






1,745






 






 






$






1,651






 






 






 








Foreign currency adjustment(a)






 






(33






)






 






 






(12






)






 






 






 






 






(114






)






 






 






(65






)






 






 








Total Revenues - adjusted for foreign currency






$






374






 






 






$






359






 






 






 






 






$






1,631






 






 






$






1,586






 






 






 








Transaction Days (in thousands)






 






6,948






 






 






 






6,700






 






 






 






 






 






29,813






 






 






 






29,104






 






 






 








Total RPD (in dollars)






$






53.89






 






 






$






53.57






 






 






1






%






 






$






54.70






 






 






$






54.48






 






 






—






%








 






 






 






 






 






 






 






 






 






 






 






 








Total Revenue Per Unit Per Month






 






 






 






 






 






 






 






 






 






 






 








Total Revenues - adjusted for foreign currency






$






374






 






 






$






359






 






 






 






 






$






1,631






 






 






$






1,586






 






 






 








Average Rentable Vehicles (in whole units)






 






100,013






 






 






 






97,948






 






 






 






 






 






103,704






 






 






 






104,661






 






 






 








Total revenue per unit (in whole dollars)






$






3,744






 






 






$






3,664






 






 






 






 






$






15,726






 






 






$






15,150






 






 






 








Number of months in period (in whole units)






 






3






 






 






 






3






 






 






 






 






 






12






 






 






 






12






 






 






 








Total RPU Per Month (in whole dollars)






$






1,248






 






 






$






1,221






 






 






2






%






 






$






1,311






 






 






$






1,262






 






 






4






%








 






 






 






 






 






 






 






 






 






 






 






 








Vehicle Utilization






 






 






 






 






 






 






 






 






 






 






 








Transaction Days (in thousands)






 






6,948






 






 






 






6,700






 






 






 






 






 






29,813






 






 






 






29,104






 






 






 








Average Rentable Vehicles (in whole units)






 






100,013






 






 






 






97,948






 






 






 






 






 






103,704






 






 






 






104,661






 






 






 








Number of days in period (in whole units)






 






92






 






 






 






92






 






 






 






 






 






365






 






 






 






366






 






 






 








Available Car Days (in thousands)






 






9,203






 






 






 






9,013






 






 






 






 






 






37,885






 






 






 






38,321






 






 






 








Vehicle Utilization (b)






 






75






%






 






 






74






%






 






 






 






 






79






%






 






 






76






%






 






 








 






 






 






 






 






 






 






 






 






 






 






 








Depreciation Per Unit Per Month






 






 






 






 






 






 






 






 






 






 






 








Depreciation of revenue earning vehicles and lease charges, net






$






88






 






 






$






75






 






 






 






 






$






353






 






 






$






413






 






 






 








Foreign currency adjustment(a)






 






(8






)






 






 






(3






)






 






 






 






 






(25






)






 






 






(16






)






 






 








Adjusted depreciation of revenue earning vehicles and lease charges






$






80






 






 






$






72






 






 






 






 






$






328






 






 






$






397






 






 






 








Average Vehicles (in whole units)






 






101,603






 






 






 






99,975






 






 






 






 






 






105,033






 






 






 






106,573






 






 






 








Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)






$






789






 






 






$






723






 






 






 






 






$






3,123






 






 






$






3,729






 






 






 








Number of months in period (in whole units)






 






3






 






 






 






3






 






 






 






 






 






12






 






 






 






12






 






 






 








Depreciation Per Unit Per Month (in whole dollars)






$






263






 






 






$






241






 






 






9






%






 






$






260






 






 






$






311






 






 






(16






)%








 






 






 






 






 






 






 






 






 






 






 






 








Adjusted DOE per Transaction Day






 






 






 






 






 






 






 






 






 






 






 








Direct Operating Expense – as reported






$






263






 






 






$






240






 






 






 






 






$






1,031






 






 






$






971






 






 






 








Adjustments:






 






 






 






 






 






 






 






 






 






 






 








Foreign Currency Adjustment(a)






 






(22






)






 






 






(7






)






 






 






 






 






(68






)






 






 






(39






)






 






 








Other






 






(1






)






 






 






—






 






 






 






 






 






(2






)






 






 






(2






)






 






 








Direct Operating Expense (DOE) – as adjusted






 






240






 






 






 






233






 






 






 






 






 






961






 






 






 






930






 






 






 








Transaction Days (In Thousands)






 






6,948






 






 






 






6,700






 






 






 






 






 






29,813






 






 






 






29,104






 






 






 








Adjusted DOE per Transaction Day






$






34.54






 






 






$






34.78






 






 






(1






)%






 






$






32.23






 






 






$






31.95






 






 






1






%








(a)


Based on December 31, 2024 foreign exchange rates.







(b)


Calculated as Transaction Days divided by Available Car Days.







NON-GAAP MEASURES AND KEY METRICS


The term “GAAP” refers to accounting principles generally accepted in the United States. Adjusted EBITDA is the Company's segment measure of profitability and complies with GAAP when used in that context.


NON-GAAP MEASURES


Non-GAAP measures are not recognized measurements under GAAP. When evaluating the Company's operating performance or liquidity, investors should not consider non-GAAP measures in isolation of, superior to, or as a substitute for measures of the Company's financial performance as determined in accordance with GAAP.


Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share ("Adjusted EPS")


Adjusted Net Income (Loss) represents income or loss attributable to the Company as adjusted to eliminate the impact of GAAP income tax; vehicle and non-vehicle debt-related charges; restructuring and restructuring related charges; acquisition accounting-related depreciation and amortization; unrealized (gains) losses on financial instruments; change in fair value of Public Warrants and certain other miscellaneous or non-recurring items on a pre-tax basis. Adjusted Net Income (Loss) includes a provision (benefit) for income taxes derived utilizing a combined statutory rate. The combined statutory rate is management's estimate of the Company's long-term tax rate. Its most comparable GAAP measure is net income (loss).


Adjusted EPS represents Adjusted Net Income (Loss) on a per diluted share basis using the weighted-average number of diluted shares outstanding for the period. Its most comparable GAAP measure is diluted earnings (loss) per share.


Adjusted Net Income (Loss) and Adjusted EPS are important operating metrics because they allow management and investors to assess operational performance of the Company's business, exclusive of the items mentioned above that are not operational in nature or comparable to those of the Company's competitors.


Adjusted Corporate EBITDA and Adjusted Corporate EBITDA Margin


Adjusted Corporate EBITDA represents income or loss attributable to the Company as adjusted to eliminate the impact of GAAP income tax; non-vehicle depreciation and amortization; non-vehicle debt interest, net; vehicle debt-related charges; restructuring and restructuring related charges; unrealized (gains) losses on financial instruments; change in fair value of Public Warrants and certain other miscellaneous or non-recurring items.


Adjusted Corporate EBITDA Margin is calculated as the ratio of Adjusted Corporate EBITDA to total revenues.


Management uses these measures as operating performance metrics for internal monitoring and planning purposes, including the preparation of the Company's annual operating budget and monthly operating reviews, and analysis of investment decisions, profitability and performance trends. These measures enable management and investors to isolate the effects on profitability of operating metrics most meaningful to the business of renting and leasing vehicles. They also allow management and investors to assess the performance of the entire business on the same basis as its reportable segments. Adjusted Corporate EBITDA is also utilized in the determination of certain executive compensation. Its most comparable GAAP measure is net income (loss) attributable to the Company.


Adjusted operating cash flow and adjusted free cash flow


Adjusted operating cash flow represents net cash provided by operating activities net of the non-cash add back for vehicle depreciation and reserves, and exclusive of bankruptcy related payments made post emergence. Adjusted operating cash flow is an important performance measure to management and investors as it provides useful information about the amount of cash generated from operations when fully burdened by fleet costs.


Adjusted free cash flow represents adjusted operating cash flow plus the impact of net non-vehicle capital expenditures and net fleet growth after financing. Adjusted free cash flow is an important performance measure to management and investors as it provides useful information about the amount of cash available for, but not limited to, the reduction of non-vehicle debt, share repurchase and acquisition.


The most comparable GAAP measure for adjusted operating cash flow and adjusted free cash flow is net cash provided by (used in) operating activities.


Net Fleet Growth After Financing


U.S. and International Rental Car segments Fleet Growth is defined as revenue earning vehicles expenditures, net of proceeds from disposals, plus vehicle depreciation and net vehicle financing, which includes borrowings, repayments and the change in restricted cash associated with vehicles. Fleet Growth is important as it allows the Company to assess the cash flow required to support its investment in revenue earning vehicles.


Net Non-vehicle Debt


Net Non-vehicle Debt is calculated as non-vehicle debt as reported on the Company's balance sheet, excluding the impact of unamortized debt issuance costs associated with non-vehicle debt, less cash and cash equivalents. Non-vehicle debt consists of the Company's Senior Term Loans, Senior RCF, First Lien Senior Notes, Second Lien Exchangeable Notes, Senior Unsecured Notes, Promissory Notes and certain other non-vehicle indebtedness of its domestic and foreign subsidiaries. Net Non-vehicle Debt is important to management and investors as it helps measure the Company's corporate leverage. Net Non-vehicle Debt also assists in the evaluation of the Company's ability to service its non-vehicle debt without reference to the expense associated with the vehicle debt, which is collateralized by assets not available to lenders under the non-vehicle debt facilities.


Net Vehicle Debt


Net Vehicle Debt is calculated as vehicle debt as reported on the Company's balance sheet, excluding the impact of unamortized debt issue costs associated with vehicle debt, less restricted cash associated with vehicles. Restricted cash associated with vehicle debt is restricted for the purchase of revenue earning vehicles and other specified uses under the Company's vehicle debt facilities. Net Vehicle Debt is important to management, investors and ratings agencies as it helps measure the Company's leverage with respect to its vehicle assets.


Total Net Debt


Total Net Debt is calculated as total debt, excluding the impact of unamortized debt issuance costs, less total cash and cash equivalents and restricted cash associated with vehicle debt. Unamortized debt issuance costs are required to be reported as a deduction from the carrying amount of the related debt obligation under GAAP. Management believes that eliminating the effects that these costs have on debt will more accurately reflect the Company's net debt position. Total Net Debt is important to management, investors and ratings agencies as it helps measure the Company's gross leverage.


Net Corporate Leverage


Net Corporate Leverage is calculated as non-vehicle net debt divided by Adjusted Corporate EBITDA for the last twelve months. Net Corporate Leverage is important to management and investors as it measures the Company's corporate leverage net of unrestricted cash. Net Corporate Leverage also assists in the evaluation of the Company's ability to service its non-vehicle debt with reference to the generation of Adjusted Corporate EBITDA.


KEY METRICS


Adjusted Direct Operating Expense per Transaction Day (“adjusted DOE per day”)


Adjusted DOE per day is calculated as Direct Operating Expenses - as reported, exclusive of the impacts of foreign currency exchange rates and adjustments for certain other miscellaneous or non-recurring items, divided by the number of Transaction Days during the period. Adjusted DOE per day is important to management and investors as it measures the Company’s cost efficiency on a per unit basis excluding the impact of variable direct operating expense fluctuations attributable to changes in volume, so as not to affect the comparability of underlying trends.


Available Car Days


Available Car Days represents Average Rentable Vehicles multiplied by the number of days in a given period.


Average Vehicles ("Fleet Capacity" or "Capacity")


Average Vehicles is determined using a simple average of the number of vehicles in the fleet whether owned or leased by the Company at the beginning and end of a given period.


Average Rentable Vehicles


Average Rentable Vehicles reflects Average Vehicles excluding vehicles for sale on the Company’s retail lots or actively in the process of being sold through other disposition channels.


Depreciation Per Unit Per Month ("Depreciation Per Unit" or "DPU")


Depreciation Per Unit Per Month represents the amount of average depreciation expense and lease charges per vehicle per month, exclusive of the impacts of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it reflects how effectively the Company is managing the costs of its vehicles and facilitates comparisons with other participants in the vehicle rental industry.


Total Revenue Per Transaction Day ("Total RPD" or "RPD"; also referred to as "pricing")


Total RPD represents revenue generated per transaction day, excluding the impact of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it represents a measure of changes in the underlying pricing in the vehicle rental business and encompasses the elements in vehicle rental pricing that management has the ability to control.


Total Revenue Per Unit Per Month ("Total RPU", "RPU" or "Total RPU Per Month")


Total RPU Per Month represents the amount of revenue generated per vehicle in the rental fleet each month, excluding the impact of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it provides a measure of revenue productivity relative to the number of vehicles in our rental fleet whether owned or leased, or asset efficiency.


Transaction Days ("Days"; also referred to as "volume")


Transaction Days represents the total number of 24-hour periods, with any partial period counted as one Transaction Day, that vehicles were on rent (the period between when a rental contract is opened and closed) in a given period. Thus, it is possible for a vehicle to attain more than one Transaction Day in a 24-hour period. This metric is important to management and investors as it represents the number of revenue-generating days.


Vehicle Utilization ("Utilization")


Vehicle Utilization represents the ratio of Transaction Days to Available Car Days. This metric is important to management and investors as it is the measurement of the proportion of vehicles that are being used to generate revenues relative to rentable fleet capacity.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260226304972/en/
Hertz Investor Relations:

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