Q2 26 EPS Adjusted
$-0.11
BEAT +55.03%
Est. $-0.24
GAAP EPS of $0.05 includes a $98 million favorable change in fair value of Public Warrants, a $64 million gain on sale of non-vehicle capital assets, and $51 million net gains on financial instruments
Q2 26 Revenue
$2.40B
BEAT +5.24%
Est. $2.28B
Market Reaction
Did HTZ Beat Earnings? Q2 2026 Results
Hertz Global Holdings delivered a stronger-than-expected second quarter, posting adjusted diluted EPS of -$0.11 against a consensus estimate of -$0.24, a beat of 55.03%, while revenue of $2.40 billion topped estimates by 5.24% and grew 9.7% year over… Read more Hertz Global Holdings delivered a stronger-than-expected second quarter, posting adjusted diluted EPS of -$0.11 against a consensus estimate of -$0.24, a beat of 55.03%, while revenue of $2.40 billion topped estimates by 5.24% and grew 9.7% year over year. The headline driver was a sharp improvement in revenue per unit per month, which reached $1,542, up 8% year over year and above the company's $1,500 North Star target, achieved even as Hertz operated a 1% smaller fleet. On a GAAP basis, the company posted net income of $64 million, compared to a loss of $294 million a year ago, though the swing was aided by a $98 million favorable change in fair value of Public Warrants and a $64 million gain on asset sales. Adjusted Corporate EBITDA came in at $81 million, above the top end of revised guidance. The outperformance prompted management to raise its full-year RPU outlook above the $1,500 target, even as an ongoing securities class action lawsuit, alleging misleading disclosures made earlier this year, casts a legal overhang on the stock.
Key Takeaways
- • Strongest Q2 RPD on record excluding 2022 pandemic peak, up 9% YoY
- • RPU increased 8% YoY above North Star target through strong pricing performance
- • Total utilization improved 80 basis points YoY to 79%
- • RPD-to-DOE per Day spread improved 17% YoY, third consecutive quarter of spread improvement
- • Adjusted Corporate EBITDA of $81 million, $63 million YoY improvement, above top end of revised guidance
- • 94% of U.S. core fleet now model year 2025 and 2026 vehicles
- • Adjusted DOE per Transaction Day declined 1% YoY to $34.74, reflecting underlying cost discipline
HTZ Forward Guidance & Outlook
Hertz expects full-year RPU to trend above its North Star target of $1,500 due to continued commercial momentum and a more balanced industry supply-demand environment. The company targets Net DPU at or below $300 for the full year, with forward views on residual values remaining stable. Liquidity is expected to remain slightly over $1 billion on a pro forma basis following the July greenshoe. Oro Mobility's first AV partnership with Uber is on track to begin operations later this year in the San Francisco Bay Area.
HTZ YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
HTZ Revenue by Segment
With YoY comparisons, source: SEC Filings
HTZ Revenue by Geography
With YoY comparisons, source: SEC Filings
“This quarter's results reflect the disciplined execution of our strategy and our consistent commercial strength. Our performance demonstrates the progress we're making in transforming the business and delivering tangible operational improvements across the company. Revenue increased 10% year over year despite operating with a 1% smaller fleet, driven by our strongest second quarter RPD on record, excluding the extraordinary market conditions in 2022.”
— Gil West, Q2 2026 Earnings Press Release
HTZ Earnings Trends
HTZ vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
HTZ EPS Trend
Earnings per share: estimate vs actual
HTZ Revenue Trend
Quarterly revenue: estimate vs actual
HTZ Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT GAAP EPS of $0.05 includes a $98 million favorable change in fair value of Public Warrants, a $64 million gain on sale of non-vehicle capital assets, and $51 million net gains on financial instruments | $-0.24 | $-0.11 | +55.03% | $2.40B | +5.24% |
| Q1 26 MISS | $-0.72 | $-0.72 | -0.28% | $2.00B | +5.69% |
| Q4 25 MISS FY | $-0.52 | $-0.72 | -39.70% | $2.03B | +4.85% |
| FY Full Year | $-1.85 | $-2.43 | -31.42% | $8.50B | +0.32% |
| Q3 25 BEAT | $0.07 | $0.42 | +543.19% | $2.48B | +3.20% |
| Q2 25 BEAT | $-0.41 | $-0.34 | +17.44% | $2.19B | +0.72% |
| Q1 25 MISS | $-0.98 | $-1.12 | -14.62% | $1.81B | -9.82% |