Hertz Global Holdings Inc (New)
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.75%.
Did HTZ Beat Earnings? Q1 2026 Results
Hertz Global Holdings posted a mixed first quarter for 2026, beating revenue expectations while continuing to bleed red ink as its turnaround effort grinds forward. The car rental giant reported Q1 revenue of $2.00 billion, topping the consensus estimate of $1.93 billion by 3.61%, though the top line still slipped 1.8% from a year ago. The adjusted loss narrowed meaningfully, with adjusted diluted EPS of -$0.72 improving from -$1.07 in Q1 2025, as Adjusted Corporate EBITDA of -$161.00 million nearly halved the -$302.00 million loss recorded a year prior. The single biggest headwind was an elevated vehicle recall surge running approximately 300% higher year over year, which cost the company an estimated $50.00 million in revenue and clipped utilization by roughly 200 basis points. On the strategic front, Hertz launched Oro Mobility, a fleet management venture anchored by an Uber partnership, which management flagged as a meaningful growth vector as the company pursues its North Star targets, including net depreciation per unit below $300 per month.
- Revenue Per Day increased 5.5% year over year, the most significant improvement since 2022
- Net Depreciation Per Unit Per Month declined 13% to $312, supported by disciplined fleet rotation and youngest fleet in nearly a decade
- Adjusted Corporate EBITDA improved nearly 50% year over year
- Transaction Days grew 3% year over year to 34.9 million
- Revenue Per Unit Per Month increased 5% to $1,353
“The transformation of Hertz continues to build sustained momentum. We set ambitious goals for the quarter and delivered meaningful progress across revenue, asset efficiency, and unit economics. We achieved our strongest year‑over‑year revenue growth in three years alongside profitability improvements, demonstrating that our strategy is translating into tangible results.”
Hertz CEO, on the earnings call
Forward Guidance & Outlook
Hertz did not provide specific quantitative forward guidance for Q2 2026 or full year 2026. However, the company expressed confidence in its 'Back-to-Basics' transformation strategy and progress toward North Star targets of DPU sub-$300, RPU over $1,500, and DOE per Transaction Day in the low $30s. Management noted the used car market was in seasonal trough through February but has since improved considerably. The company ended Q1 with approximately $837 million of liquidity and completed additional financing in April adding approximately $200 million. The launch of Oro Mobility and the eBay partnership for Hertz Car Sales represent new growth vectors the company intends to scale.
HTZ YoY Financials
HTZ Revenue by Segment
HTZ Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.