Q1 25 EPS
$-1.12
MISS 14.62%
Est. $-0.98
Q1 25 Revenue
$1.81B
MISS 9.82%
Est. $2.01B
vs S&P Since Q1 25
-93.3%
TRAILING MARKET
HTZ -66.2% vs S&P +27.1%
Market Reaction
Did HTZ Beat Earnings? Q1 2025 Results
Hertz Global Holdings delivered a bruising first quarter, missing Wall Street on both the top and bottom lines and sending shares tumbling more than 20% as investors weighed a turnaround that remains very much in progress. The rental car giant posted… Read more Hertz Global Holdings delivered a bruising first quarter, missing Wall Street on both the top and bottom lines and sending shares tumbling more than 20% as investors weighed a turnaround that remains very much in progress. The rental car giant posted an adjusted loss of $1.12 per share, falling 14.62% short of the $-0.98 consensus estimate, while revenue of $1.81 billion trailed expectations by 9.82% and slid 12.8% year-over-year, as the company's deliberate decision to run a tighter fleet, shrinking capacity by roughly 8%, compressed the top line. The single most consequential development beneath those headline figures was a 45% plunge in vehicle depreciation expense, to $535 million from $969 million a year ago, as CEO Gil West's "Buy Right, Hold Right, Sell Right" fleet strategy begins to take hold; depreciation per unit per month fell 40% to $353, and management now expects to breach the sub-$300 target in Q2, ahead of schedule. With Adjusted Corporate EBITDA improving 43% to negative $325 million and positive EBITDA targeted by Q3 2025, the turnaround narrative remains intact even as near-term demand softness in corporate and government segments clouds the path forward.
Key Takeaways
- • Vehicle depreciation down 45% year-over-year due to 'Buy Right, Hold Right, Sell Right' fleet strategy
- • $92 million year-over-year improvement in direct operating expenses
- • Record quarter for retail vehicle sales including Hertz Car Sales
- • Vehicle utilization up 240 basis points year-over-year to 79%
- • Over 70% of core U.S. rental fleet is 12 months old or newer
- • Tariff-driven used car pricing dynamics benefiting residual values and DPU in March 2025
- • Net Promoter Scores improved by 11 points year-over-year
- • Loyalty enrollments up 11% year-over-year
HTZ YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
HTZ Revenue by Segment
With YoY comparisons, source: SEC Filings
HTZ Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our 'Back-to-Basics Roadmap' is working. Disciplined fleet management, revenue optimization, and rigorous cost control are driving meaningful results. In a dynamic environment shaped by tariffs and economic uncertainty, capitalizing on our fleet as our most dominant economic lever keeps us agile today and positions us to deliver long-term, sustainable value.”
— Gil West, Q1 2025 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
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| 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% |