Hertz Global (HTZ) Q2 2026 earnings summary

Executive summary

• Revenue increased 10% year-over-year to $2.4 billion, driven by strong pricing, high utilization, and improved unit economics despite a 1% smaller fleet and elevated recalls.

• Adjusted Corporate EBITDA reached $81 million, a $63 million improvement year-over-year and above revised guidance.

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

• Strategic focus on fleet optimization, cost control, and customer experience is driving sustainable margin expansion and operational efficiency.

• Transformation strategy includes franchising, Oro mobility platform, and growth in Rent-a-Car, Service, Fleet, and Mobility segments.

Financial highlights

• Revenue: $2.4 billion, up 10% year-over-year; RPD up 9% to $61.98, RPU up 8% to $1,542.

• GAAP net income: $64 million; diluted GAAP EPS: $0.05; adjusted net loss: $47 million; Q2 2026 net loss: $34 million.

• Adjusted Corporate EBITDA: $81 million, up from $18 million in Q2 2025; margin improved to 3% from 1% year-over-year.

• Fleet utilization: 79%, up 80 basis points year-over-year; operational utilization at 82%.

• Net DPU: $302, in line with targets; depreciation per unit per month up 18% year-over-year.

Outlook and guidance

• Q3 adjusted Corporate EBITDA expected between $275 million and $325 million, with positive EPS.

• Full-year EBITDA guidance: $225 million–$275 million; net DPU around $300; transaction days up 2% year-over-year; RPU expected above $1,500.

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

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

• Sufficient liquidity expected to fund operations and obligations for the next twelve months and beyond.