HTZ
Hertz Global Holdings, Inc.5.10
+0.06+1.19%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Execution details on EVs, sales, liquidity
Q&A largely reaffirmed prepared remarks' optimistic trajectory but added color on execution hurdles. Management detailed EV fleet rightsizing to rideshare with low-cost interior refreshes, accelerating AV readiness amid competitor write-downs. Hertz Car Sales targets 80% retail shift from one-third, boosting margins without factoring into $1B 2027 EBITDA. Liquidity options exceed $700M via ABS tweaks, real estate deals, and franchises to navigate Q2 trough below $1B. Analysts pressed on DPU math and delevering; replies hinged on short holds and North Stars. Confident tone persists. Platform scaling matters next.
Key Stats
Market Cap
1.59BP/E (TTM)
-Basic EPS (TTM)
-3.34Dividend Yield
0%Recent Filings
10-K
FY2025 results
Hertz Global Holdings delivered FY2025 results with total revenues of $8.5B, down 6% y/y, as Americas RAC fell 9% on softer pricing and volume while International RAC grew 6% on leisure strength. Depreciation plunged 47% to $1.9B from fleet refresh, stronger residuals, and optimized dispositions yielding per-unit gains versus prior losses, slashing Americas RAC unit depreciation from $587 to $310/month. Q4 momentum built with Vehicle Utilization hitting 82% Americas/79% International, up from 80%/76% full-year, but pricing softened 5% y/y in Americas. Corporate liquidity stood at $1.5B amid $17.1B debt; no buybacks or dividends. No 2026 guidance disclosed. Residual declines on non-program vehicles threaten quarterly momentum.
8-K
Hertz Q4 loss narrows sharply
Hertz reported Q4 revenue of $2.0B, down 1% year-over-year, yet slashed net loss to $194M from $479M while boosting full-year profitability over $2B via Back-to-Basics gains. Utilization hit 78%, DPU fell 21% to $330, and Adjusted Corporate EBITDA improved $150M to $(205)M despite $100M+ transitory hits. Momentum builds. Q1 eyes mid-single-digit revenue growth.
8-K
Hertz issues $1B fleet notes
Hertz Vehicle Financing III issued $1B in rental car asset-backed notes on December 5, 2025—$450M Series 2025-5 (A:4.62%, B:4.87%, C:5.50%, D:7.74%; final 2030) and $550M Series 2025-6 (A:4.89%, B:5.14%, C:5.82%, D:8.30%; final 2032)—backstopped by U.S. fleet leases to finance fleet and repay prior variable notes. No principal due until 2028/2030; amortization events trigger early repayment via vehicle sales. THC also called $300M 2026 Notes redemption for December 15.
10-Q
Q3 FY2025 results
Hertz swung to a $184M net profit in Q3 ended September 30, 2025, from a $1.3B loss y/y, as $2.5B revenues dipped 4% y/y while depreciation plunged 51% y/y to $457M on fleet refresh and optimized dispositions. Americas RAC revenues fell 7% y/y on softer pricing, yet utilization hit 85%; International RAC grew 10% y/y on volume. Cash swelled to $1.1B, total debt $17.4B with $1.1B First Lien RCF availability; June/July 2025 sale-leasebacks unlocked $128M gains. Completed EV disposals and fleet rotation boosted margins. Competition pressures pricing.
8-K
Hertz posts first EPS profit
Hertz reported Q3 revenue of $2.5B, swinging to $184M net income and $0.42 diluted EPS—first positive in two years—after completing fleet refresh. Utilization hit 84%, highest since 2018, with DPU at $273; Adjusted Corporate EBITDA jumped to $190M. Fleet strategy pays off. Risks linger from residual values.
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