Companies /Industrials

Hertz Global Holdings Inc (New)

NASDAQ: HTZ Rental & Leasing Services
$2.04
▼ $0.05 (−2.39%) today
Markets closed · 10:07pm ET

Q3 2025 Earnings

Reported Nov 4, 2025, 8:04am ET · SEC source
$0.42
Beat +543.19%
EPS · est. $0.07
$2.5B
Beat +3.20%
Revenue · est. $2.4B
−26.4%
Trailing market
HTZ vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
0+20%Nov 4Nov 5report 8:04am ETearnings+0.5%+13.9%
0+20%Nov 4Nov 5earnings+0.5%+13.9%
HTZ +13.9%S&P 500 +0.5%
0+20%Nov 4Nov 5report 8:04am ETearnings+0.3%+13.9%
0+20%Nov 4Nov 5earnings+0.3%+13.9%
HTZ +13.9%NASDAQ +0.3%
0+20%Nov 3Nov 12report 8:04am ETearnings+1.1%+16.5%
0+20%Nov 3Nov 12earnings+1.1%+16.5%
HTZ +16.5%S&P 500 +1.1%
0+20%Nov 3Nov 12report 8:04am ETearnings−0.4%+16.5%
0+20%Nov 3Nov 12earnings−0.4%+16.5%
HTZ +16.5%NASDAQ −0.4%
+36.23%
Day of report
−0.82%
Next session
−5.20%
One week
−24.81%
30 days

S&P 500 over the same 30 days: +1.55%.

Did HTZ Beat Earnings? Q3 2025 Results

Hertz Global Holdings delivered a landmark Q3 2025, posting its first return to GAAP profitability in two years and blowing past Wall Street expectations by a wide margin. The rental car company reported diluted EPS of $0.42, exceeding the $0.07 consensus estimate by 543.19%, while revenue of $2.48 billion topped forecasts by 3.20%, even as total revenue slipped 3.8% year-over-year amid a deliberately smaller fleet. The single most consequential driver was the near-completion of Hertz's fleet refresh strategy, which drove depreciation per unit per month down 49% year-over-year to $273, hitting the company's sub-$300 North Star target and swinging Adjusted Corporate EBITDA to $190 million from deeply negative territory a year ago. Vehicle utilization climbed to 84%, the highest since 2018, with revenue per unit reaching $1,530 per month. Shares surged 37% following the report, reflecting investor enthusiasm for the turnaround. With Model Year 2026 procurement secured and sub-$300 depreciation targeted through next year, Hertz appears positioned to sustain its recovery into 2026.

Key Takeaways
  • Completion of transformative fleet refresh reducing depreciation per unit per month by 49% YoY to $273
  • Vehicle utilization reached 84%, highest since 2018
  • Expanded retail vehicle sales channels, with retail share up 570 basis points in 2025 vs first nine months of 2024
  • Direct operating expenses declined 1% year-over-year through rigorous cost control
  • $154 million legal settlement gain from class action distribution
  • $39 million gain on sale of non-vehicle capital assets
  • Nearly 50% YoY increase in North America Net Promoter Score
  • Adjusted Corporate EBITDA surged approximately $350 million year-over-year to $190 million

“This quarter proves that we're delivering on our commitments: driving strong results through focused execution and operational discipline.”

Hertz CEO, on the earnings call

Forward Guidance & Outlook

Hertz has secured procurement for Model Year 2026 vehicles and anticipates maintaining sub-$300 depreciation per unit per month throughout 2026. The company continues to target RPU over $1,500 as its North Star metric and is focused on building a platform that can thrive across the full spectrum of mobility.

HTZ YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$800.0M$1.6B$2.4B$2.6B$2.5BRevenue$86.1M$184.0MNet Income
$0$800.0M$1.6B$2.4BRevenueNet Income

HTZ Revenue by Segment

Americas RAC$1.9B−7.0%
International RAC$568.0M+11.0%

HTZ Revenue by Geography

Americas
Rest of World

Figures from SEC filings and company reports. Not investment advice.