Q2 26 EPS
$1.43
BEAT +95.01%
Est. $0.73
Q2 26 Revenue
$1.20B
BEAT +6.09%
Est. $1.13B
vs S&P Since Q2 26
-2.2%
TRAILING MARKET
HRI +1.2% vs S&P +3.4%
Market Reaction
Did HRI Beat Earnings? Q2 2026 Results
Herc Holdings delivered a convincing second-quarter beat on Wednesday, with adjusted EPS of $1.43 coming in 95.01% above the $0.73 consensus estimate as the equipment rental giant reaped early rewards from its transformative H&E Equipment Services ac… Read more Herc Holdings delivered a convincing second-quarter beat on Wednesday, with adjusted EPS of $1.43 coming in 95.01% above the $0.73 consensus estimate as the equipment rental giant reaped early rewards from its transformative H&E Equipment Services acquisition. Total revenues climbed 20.2% year-over-year to $1.20 billion, ahead of the $1.13 billion analysts had anticipated, with equipment rental revenue alone rising 23% to $1.07 billion on the strength of a larger post-acquisition fleet and surging mega project activity. Adjusted EBITDA grew 19% to $487.00 million, though margin edged slightly lower to 40.4% as fuel inflation created roughly 150 basis points of headwind. On a GAAP basis, the company posted net income of $19.00 million, compared to a net loss of $35.00 million a year ago when deal-related charges weighed heavily. Management raised full-year 2026 guidance, lifting equipment rental revenue expectations to $4.38 billion-$4.48 billion and adjusted EBITDA to $2.05 billion-$2.13 billion, signaling confidence that integration synergies and fleet expansion will sustain momentum through year-end.
Key Takeaways
- • H&E Equipment Services acquisition adding scale, fleet capacity, talent and branch density
- • 23% increase in equipment rental revenue driven by larger fleet size, mega project volume, and revenue synergies
- • Dollar utilization improved to 39.3% from 38.3% year-over-year
- • National accounts led growth fueled by robust mega project activity
- • Higher mix of specialty equipment rentals generating double-digit revenue growth
- • Revenue synergies and cost synergies tracking to plan
- • Disciplined fleet management drove positive fleet efficiency
HRI Forward Guidance & Outlook
Herc Holdings raised its full-year 2026 guidance. Equipment rental revenue guidance increased to $4.375 billion–$4.475 billion from $4.275 billion–$4.4 billion. Adjusted EBITDA guidance increased to $2.05 billion–$2.125 billion from $2.0 billion–$2.1 billion. Net rental equipment capital expenditures guidance raised to $850 million–$950 million from $500 million–$800 million, and gross capex to $1.25 billion–$1.4 billion from $800 million–$1.1 billion. Key assumptions include revenue synergies of an incremental $100M–$120M, cost synergies of an incremental $90M for a fully realized target of $125M by year-end 2026, fuel inflation persisting through the remainder of 2026, fleet dispositions at OEC of approximately $900M–$950M, an effective tax rate of approximately 25%, and free cash flow in the range of $250M–$350M.
HRI YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
HRI Revenue by Segment
With YoY comparisons, source: SEC Filings
“After successfully completing the H&E integration in the first quarter, the second quarter marked an important turning point for Herc Rentals, with our key metrics improving on a combined, comparable basis, both sequentially and year-over-year. Revenue synergies and cost synergies are tracking to plan. And while fuel inflation was a macroeconomic headwind in the quarter, we are taking additional actions to mitigate its impact. Importantly, disciplined fleet management drove positive fleet efficiency, supported by increased rental activity.”
— Larry Silber, Q2 2026 Earnings Press Release
HRI Earnings Trends
HRI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
HRI EPS Trend
Earnings per share: estimate vs actual
HRI Revenue Trend
Quarterly revenue: estimate vs actual
HRI Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.73 | $1.43 | +95.01% | $1.20B | +6.09% |
| Q1 26 BEAT | $-0.21 | $0.21 | +201.20% | $1.14B | +7.08% |
| Q4 25 BEAT FY | $1.87 | $2.07 | +10.96% | $1.21B | -3.48% |
| FY Full Year | — | $7.61 | — | $4.38B | — |
| Q3 25 MISS | $2.31 | $2.22 | -4.10% | $1.30B | +1.03% |
| Q2 25 BEAT | $1.76 | $1.87 | +6.18% | $1.00B | +2.06% |