Earnings Releases·Nov 5, 2026, 8:11 AM ET

Hertz — Q3 2026 Earnings Summary

Total revenue rose 6% YoY to $2.617 billion, while GAAP net income declined to $116 million ($0.20 EPS) from $184 million ($0.42 EPS); Adjusted net income increased 26% YoY to $67 million ($0.14 EPS), and Adjusted Corporate EBITDA grew 15% to $233 million, marking the best quarterly performance in three years.
Americas RAC revenue grew 7% YoY with Adjusted EBITDA up 23%, whereas International RAC revenue rose 1% but Adjusted EBITDA fell 9%; total debt increased to $17.911 billion as of September 30, 2026, from $17.054 billion at year-end 2025.
Strategic initiatives include Oro Mobility securing an $80 million equity investment, the transition of Czech Republic and Slovakia operations to a franchise model, and the launch of the "Test Drive+" program; the company also realigned its organizational structure in September 2026 to focus on Rental, Service, Fleet, and Mobility platforms.
Operational metrics show RPD increased 5% YoY to $64.06 globally with a 5% improvement in the spread between RPD and Adjusted DOE; total vehicle utilization remained flat at 81% YoY, and the U.S. core fleet average age is nine months, the youngest in 12 years.
The company revised definitions for Adjusted Net Income, Adjusted Corporate EBITDA, and vehicle averages effective Q1 2026; no reconciliation is provided for Adjusted Corporate EBITDA for Q4 2026 or fiscal years 2026-2027 due to uncertainty regarding Public Warrants fair value changes.