Hertz Posts Best Quarterly Revenue and Ebitda in Three Years

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter revenue reached $2.6 billion as Adjusted Corporate EBITDA rose to $233 million on a 9% margin.

Hertz Global Holdings (HTZ) reported third-quarter 2026 revenue of $2.6 billion, up 6% from a year earlier, which the company said was its strongest quarterly revenue and Adjusted Corporate EBITDA performance in three years.

Adjusted Corporate EBITDA was $233 million, up 15% year over year, with a 9% margin. That followed $81 million of Adjusted Corporate EBITDA in the second quarter and a $161 million loss in the first quarter.

GAAP net income was $116 million, or $0.20 a share, down from $184 million, or $0.42 a share, a year earlier. Adjusted net income was $67 million, or $0.14 a share.

Revenue growth slowed from 10% in the second quarter and 11% in the first. Chief Executive Officer Gil West said the results were driven by continued revenue growth and margin expansion on flat capacity.

Year-over-year Revenue per Unit and Revenue per Day each increased approximately 5%, the third consecutive quarter of sequential improvement. RPU was $1,639 and RPD was $64.06.

The company said strong pricing in the U.S. core business, where RPD increased approximately 8%, was achieved despite lower TSA volumes. U.S. strength was partially offset by softness in International.

Americas RAC revenue was $2.045 billion, up 7% year over year, with Adjusted EBITDA of $188 million and a 9% margin. International RAC revenue was $572 million, up 1%, with Adjusted EBITDA of $94 million and a 16% margin. International RPD fell 1% to $63.55 and International RPU fell 1% to $1,591.

The spread between RPD and Adjusted DOE per Day improved by $1.36 globally, or approximately 5%, year over year, with improvement of more than $2.50 in the U.S. That was the fourth consecutive quarter of year-over-year spread improvement.

Adjusted DOE per Day increased approximately 5% year over year to $37.72, including about 240 basis points of revenue-related expenses tied to higher RPD. The company said the remaining increase primarily reflected higher collision and maintenance expense. It is taking actions to reduce repair costs, improve labor productivity and vehicle utilization, and strengthen damage recovery and collections.

Net Depreciation per Unit per Month was $285, consistent with the company’s expectations, after $302 in the second quarter and $312 in the first. At an average age of nine months, Hertz said its U.S. core fleet is the youngest it has been in 12 years. The company said it remains disciplined on model-year 2027 purchases to support current DPU levels.

Average vehicles were 550,234 and average rentable vehicles 533,757, up 1% year over year. Total vehicle utilization was 81% and transaction days were 40.97 million, essentially unchanged.

Hertz ended the quarter with approximately $946 million of liquidity, including cash and cash equivalents and available capacity under its revolving credit facility.

The company said Oro Mobility secured an $80 million strategic equity investment from a consortium of investors. Hertz retains majority economic ownership of Oro. Oro drivers have completed more than ten million miles to date and its first AV partnership is now underway in the San Francisco Bay Area.

In September, Hertz aligned its organizational structure to dedicated leaders for Rental, Service, Fleet, and Mobility. It recently signed an agreement with its existing Baltic franchise partner to transition operations in the Czech Republic and Slovakia to a franchise model. The company said it has extended vehicle transportation capabilities to third-party customers, with approximately 50,000 vehicle moves expected this year.