HERTZ GLOBAL HOLDINGS, INC HTZ
Hertz Holdings was incorporated in Delaware in 2015 to serve as the top-level holding company for Rental Car Intermediate Holdings, LLC, which wholly owns Hertz, Hertz Global's primary operating company. Hertz was incorporated in Delaware in 1967 and is a successor to corporations that have been engaged in the vehicle rental and leasing business since 1918.
We are engaged principally in the business of renting vehicles primarily through our Hertz, Dollar and Thrifty brands. As of December 31, 2025, we operated our vehicle rental business globally from approximately 11,000 company-operated and franchisee locations across approximately 160 countries and jurisdictions, including the U.S., Europe, Africa, Asia, Australia, Canada, the Caribbean, Latin America, the Middle East and New Zealand. We are one of the largest worldwide vehicle rental companies and our Hertz brand name is among the most recognized globally. We have an extensive network of airport and off airport rental locations in the U.S. and major European markets. We also operate the Hertz Car Sales brand, which offers a range of quality, competitively-priced used cars for sale online and at locations across the U.S.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $244.0M | $239.0M | $237.0M | $230.0M | $171.0M | $269.0M | $362.0M | $8.80B | $8.80B | $8.80B |
| SG&A | $957.0M | $819.0M | $962.0M | $959.0M | $688.0M | $645.0M | $949.0M | $1.02B | $880.0M | $899.0M |
| Total operating expenses | $9.33B | $12.29B | $9.09B | $6.24B | $6.65B | $7.31B | — | — | — | — |
| Interest expense | — | $959.0M | $0 | $0 | $469.0M | $608.0M | $805.0M | $739.0M | $637.0M | $624.0M |
| Pre-tax income | -$830.0M | -$3.24B | $286.0M | $2.45B | $683.0M | -$2.05B | $13.0M | -$257.0M | -$575.0M | -$470.0M |
| Income tax | $83.0M | $375.0M | $330.0M | $390.0M | $318.0M | $329.0M | $63.0M | $30.0M | $902.0M | $4.0M |
| Net income | -$747.0M | -$2.86B | $616.0M | $2.06B | $365.0M | -$1.71B | -$58.0M | -$225.0M | $327.0M | -$491.0M |
| EPS, basic | -2.41 | -9.34 | 1.97 | 5.43 | -0.27 | -11.44 | -0.49 | -2.35 | 3.44 | -5.85 |
| EPS, diluted | -2.43 | -9.34 | 1.39 | 3.36 | -0.27 | -11.44 | -0.49 | -2.35 | 3.44 | -5.85 |
| Shares, diluted (wtd. avg.) | 322.0M | 306.0M | 326.0M | 403.0M | 315.0M | 150.0M | 117.0M | 96.0M | 95.0M | 84.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $565.0M | $592.0M | $764.0M | $943.0M | $2.26B | $1.10B | $1.36B | $1.41B | $1.50B | $1.09B |
| Property, plant and equipment | — | $623.0M | $671.0M | $637.0M | $608.0M | $666.0M | $757.0M | $778.0M | $840.0M | $858.0M |
| Goodwill | $1.04B | $1.04B | $1.04B | $1.04B | $1.04B | $1.04B | $1.05B | $1.08B | $1.08B | $1.08B |
| Other intangibles | $2.86B | $2.85B | $2.86B | $2.89B | $2.91B | $2.99B | $3.24B | $3.20B | $3.24B | $3.33B |
| Total assets | $22.31B | $21.80B | $24.61B | $22.50B | $19.78B | $16.91B | $24.63B | $21.38B | $20.06B | $19.16B |
| Total liabilities | $22.77B | $21.65B | $21.51B | $19.85B | $16.81B | $16.82B | $22.74B | $20.26B | $18.54B | $18.08B |
| Retained earnings | -$3.25B | -$2.50B | $360.0M | -$256.0M | -$2.31B | -$2.68B | -$967.0M | -$909.0M | -$506.0M | -$882.0M |
| Total equity | -$459.0M | $153.0M | $3.09B | $2.65B | $2.98B | $93.0M | $1.89B | $1.12B | $1.52B | $1.07B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.62B | $2.22B | $2.47B | $2.54B | $1.81B | $953.0M | $2.90B | $2.56B | $2.39B | $2.53B |
| Depreciation and amortisation | $95.0M | $115.0M | $101.0M | $97.0M | $108.0M | $129.0M | $203.0M | $129.0M | $143.0M | $167.0M |
| Stock-based compensation | — | — | — | — | $10.0M | -$2.0M | $18.0M | $14.0M | $19.0M | $13.0M |
| Investing cash flow | -$2.00B | -$2.93B | -$4.02B | -$4.23B | -$3.54B | $4.59B | -$4.42B | -$4.20B | -$3.00B | -$2.05B |
| Financing cash flow | $372.0M | $658.0M | $1.31B | $487.0M | $2.85B | -$5.37B | $1.47B | $1.56B | $988.0M | -$183.0M |
| Buybacks | $0 | $0 | $315.0M | $2.46B | $654.0M | $0 | $0 | $0 | $0 | $100.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-044356.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.80B | $8.80B | $8.80B | $362.0M | $269.0M | $171.0M | $230.0M | $237.0M | $239.0M | $244.0M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$491.0M | $327.0M | -$225.0M | -$58.0M | -$1.71B | $365.0M | $2.06B | $616.0M | -$2.86B | -$747.0M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Material agreement signed Item 1.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Other event Item 8.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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