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.
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