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olivLaw · US equity research

Hertz Global Holdings, Inc. HTZ

Services-Auto Rental & Leasing (No Drivers) · SIC 7510 · Vertical: Services-Auto Rental & Leasing (No Drivers) (SIC 7510)

2.26USD+9.18% · 1 dayClose 04 Nov 2026

Hertz Global Holdings is one of the largest vehicle rental companies in the world, operating the Hertz, Dollar and Thrifty brands from an extensive global network. In 2026 the company is focused on transforming its model through disciplined fleet management, revenue optimization and cost control, and in the second quarter of 2026 revenue rose to 2.4 billion USD.

At the close of 04 Nov 2026, Hertz Global Holdings, Inc. (HTZ) stock was 2.26 USD (+9.18% on the day), with market capitalisation 713.6 m USD, beta 1.17, 52-week range 1.51–7.81 USD. Latest reported quarter (Q1 2026): revenue of 2.0 bn USD (+10.5% YoY), net income of -333.0 m USD, diluted EPS -1.06 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
713.6 m USD
shares as of 30 Apr 2026
P/E (TTM)
unavailable
Diluted EPS TTM -2.13 · TTM to 31 Mar 2026
E/P (TTM)
-94.16%
TTM to 31 Mar 2026
Dividend yield
unavailable
Beta (2y)
1.17
Volatility (1y) 102%
52-week range
1.517.81

Price history

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Technical reading

RSI (14)
63.5
strong (55–70)
Bollinger (20, 2)
1.71 – 2.19
above the upper band · %B 1.14 · band width 24.6%
SMA 50 / 200
1.96 / 3.72
mixed trend
MACD (12, 26, 9)
0.04 / 0.01
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+26.3%−1.1%+27.4 pp—
3 months+44.9%−0.5%+45.3 pp—
6 months−65.1%+4.4%−69.5 pp—
Year to date−56.0%+12.3%−68.3 pp—
1 year−66.4%+13.5%−80.0 pp+15.5%
3 years−75.8%+76.4%−152.2 pp+7.4%
5 years−93.4%+63.7%−157.1 pp—
Max drawdown (1y)
−80.7%
20 Apr 2026 → 04 Aug 2026
Max drawdown (5y)
−95.4%
08 Nov 2021 → 04 Aug 2026
Compound annual growth (5y)
−42.0%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q1 2026 · 31 Mar 2026

Revenue
2.0 bn USD
+10.5% YoY
Net income
-333.0 m USD
unavailable YoY
Diluted EPS
-1.06
unavailable YoY
net / operating
-16.6% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Revenue2.4 bn2.6 bn2.0 bn1.8 bn2.2 bn2.5 bn2.0 bn2.0 bn
SG&A243.0 m189.0 m225.0 m219.0 m246.0 m241.0 m251.0 m236.0 m
Depreciation & amortisation41.0 m34.0 m32.0 m30.0 m29.0 m29.0 m29.0 m26.0 m
Pre-tax income-473.0 m-1.6 bn-563.0 m-525.0 m-316.0 m234.0 m-223.0 m-304.0 m
Income tax392.0 m-288.0 m-84.0 m-82.0 m-22.0 m50.0 m-29.0 m29.0 m
Net income-865.0 m-1.3 bn-479.0 m-443.0 m-294.0 m184.0 m-194.0 m-333.0 m
Diluted EPS-2.82-4.34-1.57 ≈-1.44-0.950.42-0.54 ≈-1.06
Operating cash flow546.0 m ≈894.0 m ≈414.0 m251.0 m346.0 m ≈835.0 m ≈193.0 m20.0 m
Share repurchases0 ≈0 ≈0—————

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue9.5 bn9.8 bn5.3 bn7.3 bn8.7 bn9.4 bn9.0 bn8.5 bn
Revenue YoY+8.0%+2.9%−46.2%+39.5%+18.4%+7.9%−3.4%−6.0%
Net income-225.0 m-58.0 m-1.7 bn366.0 m2.1 bn616.0 m-2.9 bn-747.0 m
Net income YoY−168.8%unavailableunavailableunavailable+462.6%−70.1%−564.6%unavailable
Diluted EPS-2.35-0.49-11.44-0.273.361.39-9.34-2.43
Diluted EPS YoY−168.3%unavailableunavailableunavailableunavailable−58.6%−771.9%unavailable
net %-2.4%-0.6%-32.6%5.0%23.7%6.6%-31.6%-8.8%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
565.0 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
-459.0 m USD
Total assets
22.3 bn USD
Debt / equity
unavailable
Current ratio
unavailable
ROE
unavailable
ROA
-3.4%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
9.4 bn
2024
9.0 bn
2025
8.5 bn

SEC (XBRL)· 26 Feb 2026verified

SG&A
2023
962.0 m
2024
819.0 m
2025
957.0 m

SEC (XBRL)· 26 Feb 2026verified

Depreciation & amortisation
2023
149.0 m
2024
139.0 m
2025
117.0 m

SEC (XBRL)· 26 Feb 2026verified

Interest expense
2023
0
2024
—
2025
—

SEC (XBRL)· 18 Feb 2025verified

Pre-tax income
2023
286.0 m
2024
-3.2 bn
2025
-830.0 m

SEC (XBRL)· 26 Feb 2026verified

Income tax
2023
-330.0 m
2024
-375.0 m
2025
-83.0 m

SEC (XBRL)· 26 Feb 2026verified

Net income
2023
616.0 m
2024
-2.9 bn
2025
-747.0 m

SEC (XBRL)· 26 Feb 2026verified

Diluted EPS
2023
1.39
2024
-9.34
2025
-2.43

SEC (XBRL)· 26 Feb 2026verified

Weighted average diluted shares
2023
326.0 m
2024
306.0 m
2025
322.0 m

SEC (XBRL)· 26 Feb 2026verified

Balance sheet · USD

Cash
2023
764.0 m
2024
592.0 m
2025
565.0 m

SEC (XBRL)· 26 Feb 2026verified

Property, plant & equipment, net
2023
671.0 m
2024
623.0 m
2025
—

SEC (XBRL)· 18 Feb 2025verified

Goodwill
2023
1.0 bn
2024
1.0 bn
2025
1.0 bn

SEC (XBRL)· 26 Feb 2026verified

Intangibles (excl. goodwill)
2023
2.9 bn
2024
2.9 bn
2025
2.9 bn

SEC (XBRL)· 26 Feb 2026verified

Total assets
2023
24.6 bn
2024
21.8 bn
2025
22.3 bn

SEC (XBRL)· 26 Feb 2026verified

Total liabilities
2023
21.5 bn
2024
21.6 bn
2025
22.8 bn

SEC (XBRL)· 26 Feb 2026verified

Equity
2023
3.1 bn
2024
153.0 m †
2025
-459.0 m †

SEC (XBRL)· 26 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
2.5 bn
2024
2.2 bn
2025
1.6 bn

SEC (XBRL)· 26 Feb 2026verified

Investing cash flow
2023
-4.0 bn
2024
-2.9 bn
2025
-2.0 bn

SEC (XBRL)· 26 Feb 2026verified

Financing cash flow
2023
1.3 bn
2024
658.0 m
2025
372.0 m

SEC (XBRL)· 26 Feb 2026verified

Share repurchases
2023
315.0 m
2024
0
2025
0

SEC (XBRL)· 26 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-6.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
-0.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
10.1%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
-7.3%
computed by olivLawTTM to 31 Mar 2026
FCF margin
unavailable
input data missing

Returns

ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
ROA
-2.8%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
ROIC
unavailable
equity is negative: buybacks shrink the invested capital and ROIC would come out large without meaning anything
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
unavailable
input data missing
Quick ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
1.4 bn USD
computed by olivLawTTM to 31 Mar 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
713.6 m USD
computed by olivLawbalance sheet at 31 Mar 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-94.2%
computed by olivLawTTM to 31 Mar 2026
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
P/S
0.1x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
0.0%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 3 of at least 6
  • score weight coverage: 20.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

2.26 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 713.6 m USD

Key indicators

Market capitalisation
713.6 m USD
computed by olivLawbalance sheet at 31 Mar 2026
P/E (TTM)
unavailable
insufficient data
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
EV/EBITDA
unavailable
input data missing
ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Net margin
-7.3%
computed by olivLawTTM to 31 Mar 2026
Revenue growth (YoY)
-6.0%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

20/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Mar 2026
Latest balance sheet date: 31 Mar 2026
Share count (cover of the latest filing), as of: 30 Apr 2026
Source: SEC (XBRL)published 08 May 2026
verified 1238derived 87

Score by group

21% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · input data missing

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-Auto Rental & Leasing (No Drivers) (SIC 7510)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-7.3%40 (vs peers)30%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-0.7%0 (on a fixed band)40%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheetunavailableunavailable—
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns0.0%0 (on a fixed band)30%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial40/100 · 1/3 factors with a value
  • Returns· partial0/100 · 1/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

HERTZ GLOBAL HOLDINGS, INC (HTZ). Latest full fiscal year: 2025; data up to 2026-03-31.

Figures computed from the financial statements: revenue 8.5 bn USD in 2025; YoY growth -6.0%; net margin -7.3%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Revenue CAGR 3Y: -0.7%
  • Shareholder yield (distributions): 0.0%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Services-Auto Rental & Leasing (No Drivers) (SIC 7510) · same industry (4-digit SIC) · compared with 5 companies

Multiples and returns vs the median

P/E
—
vertical median —
EV/EBITDA
—
vertical median —
P/S
0.1x
vertical median 0.8x
below median (−90.1%)
P/B
—
vertical median —
ROE
—
vertical median —
Net margin
-7.3%
vertical median -7.0%
at median
EBIT margin
—
vertical median -72.7%
Revenue YoY
-6.0%
vertical median 0.2%
below median (−2,724.3%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median 1.6%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
RRyder System Inc10.8 bn21.617.1%4.0%+0.2%+63% / +164%
CARAvis Budget Group, Inc.4.2 bn——-7.0%−1.2%−12% / −34%
UHALU-Haul Holding Company1.2 bn7.12.2%2.7%+3.6%+15% / +7%
HTZHertz Global Holdings, Inc713.6 m——-7.3%−6.0%−66% / −76%
MRTMarti Technologies, Inc.174.7 m——-105.6%+110.3%−16% / +211%
VAIValor Energy Inc.26.6 m——-340.9%−18.5%+41% / −43%

1- and 3-year price returns: for HTZ from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Hertz Global Holdings is one of the largest vehicle rental companies in the world, operating the Hertz, Dollar and Thrifty brands from an extensive global network. In 2026 the company is focused on transforming its model through disciplined fleet management, revenue optimization and cost control, and in the second quarter of 2026 revenue rose to 2.4 billion USD 3.

    SWOT

    Strengths

    • A globally recognized brand, an extensive network of airport and off airport locations and a loyalty program with a significant base of frequent renters 1.
    • A recently renewed fleet and high utilization, which support revenue productivity per vehicle 3.
    • A diversified brand portfolio spanning premium to value segments, allowing coverage of several customer types 1.

    Weaknesses

    • Dependence on residual values of used vehicles and on asset-backed financing, which exposes the company to sale losses if the market weakens 1.
    • Rigid operating costs, including airport fees, rents and staffing, which are hard to adjust when demand falls 1.
    • Liquidity that remains a point of attention alongside a constant need for capital to buy vehicles 3.

    Opportunities

    • Better use of the Hertz brand through expansion and conversion of the franchise network, which could add growth with lower spending 3.
    • Growth of direct used vehicle sales through Hertz Car Sales and partnerships with retailers, which could increase ancillary revenues 3.
    • Scaling Oro Mobility in driver fleet management and autonomous fleet operations, if the first partnerships meet their goals 3.

    Threats

    • A decline in air and business travel caused by economic, geopolitical or health crises, which could significantly reduce demand 1.
    • Trade tariffs and disruptions in the global supply chain, which could raise the cost of new vehicles 1.
    • Competition from mobility platforms and large fleet rivals, which could pressure prices and market share 1.

    Risks

    • Residual value riskhigh

      Declines in residual values of non-program vehicles could lead to sale losses or accelerated depreciation, affecting results and the ability to meet collateral requirements 1.

    • Global supply chainhigh

      Disruptions in new vehicle deliveries caused by conflicts, tariffs or parts shortages could limit the ability to meet demand and raise costs 1.

    • Safety recallsmedium

      Federal law bars renting vehicles with open safety recalls, and in the second quarter of 2026 the impact was significant and weighed on operating results 13.

    • Liquidity and financingmedium

      Reliance on asset-backed financing and a constant need for liquidity could make the company vulnerable if credit markets tighten or the used vehicle market stalls 13.

    • Travel-sensitive demandlow

      The industry's sensitivity to business and leisure travel could cause sudden drops in volumes, especially in regions dependent on air traffic 1.

    Investment thesis

    What would need to be true (bull case)

    • If disciplined pricing and high fleet utilization persist, higher revenue per vehicle could support a lasting improvement in results, as the quarterly trend suggests 3.
    • A recently renewed fleet and tighter depreciation control could reduce costs and strengthen customer appeal, which could support margins over the medium term 3.
    • The development of Oro Mobility and autonomous vehicle partnerships could open a new revenue source if pilot projects expand successfully 3.

    What would break the thesis

    • If residual values fall or recalls become more frequent, results could be significantly affected, especially in periods of weak demand 13.
    • Operating costs could stay high if revenue growth does not offset inflation and volume-related variable costs 3.
    • Dependence on asset-backed financing and limited liquidity could restrict growth plans if credit conditions deteriorate 13.

    What to watch

    • Evolution of rental pricing (RPD and RPU) and whether RPU stays above the reference targetQ3 2026
    • Level of depreciation cost per vehicle (Net DPU) against the full-year guidance of at or below 300 USD2026
    • Impact of recalls on fleet availability and on adjusted resultsQ3 2026
    • Progress of Oro Mobility and launch of the first autonomous vehicle partnership in the San Francisco Bay Area2026

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Hertz Global Holdings, Inc. operates principally by renting vehicles under the Hertz, Dollar and Thrifty brands, and as of December 31, 2025 it served customers from approximately 11000 company-operated and franchisee locations in about 160 countries and jurisdictions 1. The company presents itself as one of the largest vehicle rental companies in the world, with an extensive network of airport and off airport locations 1. Its Back-to-Basics roadmap rests on three financial pillars: disciplined fleet management, revenue optimization and rigorous cost control 1.

    Revenue comes mainly from rental charges and related services, such as protection products, emergency roadside service and reimbursed airport concession fees, along with sales of used vehicles through Hertz Car Sales and franchise royalties, which are about 2% of total revenues 1. Profitability depends on the volume, mix and pricing of rentals, on vehicle utilization and on the ownership cost of the fleet, where residual values play a direct role 1. The company needs substantial liquidity to finance vehicle purchases 1.

    In the first half of 2026 Hertz extended its activity beyond classic rental through its operating affiliate Oro Mobility, which manages fleets for drivers working for ride share platforms and aims to operate autonomous fleets at scale 3. The company ended the second quarter of 2026 with about 984 million USD of liquidity, in line with guidance of just under one billion USD 3.

    Segments

    Americas RAC

    The Americas RAC segment covers vehicle rental in the United States, Canada, Latin America and the Caribbean, where the company operates a substantial network of its own locations complemented by franchisees and partners 1. In the second quarter of 2026 segment revenues reached 1918 million USD, up 10% 3.

    International RAC

    The International RAC segment covers rentals outside the United States, Canada, Latin America and the Caribbean, with most company-operated locations in Europe, and over 70% of franchised locations sit in markets served by this segment as of December 31, 2025 1. The segment also includes operations in Australia and New Zealand 1.

    Market context

    The vehicle rental industry is highly sensitive to business and leisure travel, particularly airline passenger traffic, so any economic, geopolitical or health shock can reduce demand 1. The cost and availability of new vehicles depend on manufacturers, trade tariffs and global supply chains, which were affected in recent years by conflicts and duties 1. On pricing, the company described the supply and demand balance in the industry as more balanced in the second quarter of 2026 3.

    Residual values of used vehicles are volatile and shaped by consumer demand, new model prices, interest rates and inflation, which keeps fleet management a key driver of results 1. The company states that its forward view on residual values remains stable, which supports its depreciation target 3.

    Trends

    • Recovering rental pricingtailwind

      The growth in RPD and RPU in 2026 shows that disciplined airport supply and a more balanced market could support revenues over the medium term, if the pattern holds 3.

    • Vehicle recallsheadwind

      Recall activity rose sharply year over year and affected a large average number of vehicles, which could reduce fleet availability and results if it does not stabilize 3.

    • Fleet ageing and renewalmixed

      The company has renewed most of its U.S. core fleet with 2025 and 2026 model year vehicles, which could improve operating costs and customer satisfaction but requires significant acquisition spending 13.

    • Mobility and autonomous vehiclesmixed

      The development of Oro Mobility and autonomous vehicle partnerships opens new sources of growth, though these remain at an early stage and depend on execution of new projects 3.

    Competitive position

    Hertz competes in the global vehicle rental market with operators of comparable scale, and its stated advantage rests on brand recognition, an extensive network of airport and off airport locations and the Hertz Gold+ loyalty program 1. The Dollar and Thrifty brands target more price sensitive segments, and competition plays out on price, digital services and access to booking channels, including travel agents and third party websites 1.

    The market is concentrated, and competitors with large fleets and airport networks can exert pressure on prices and market share, particularly when demand is high or recalls limit fleet availability, which makes fleet availability a critical advantage 13.

    • Avis Budget GroupCAR

      Principal global competitor in vehicle rental with its own brands and an extensive airport network, directly influencing pricing and market share.

    • Enterprise Holdings

      Large private operator competing especially through off airport locations and insurance replacement rentals, a relevant rival in all segments.

    • Sixt

      European vehicle rental provider relevant to the International RAC segment and to competition at European airports.

    • Mobility platforms and car sharing networks

      Operators offering short term mobility alternatives that could reduce demand for traditional rentals in urban settings.

    News & filings

    In the press

    SEC filings

    • Current report20 Oct 2026
      Material agreement · Regulation FD disclosure · Financial statements and exhibits
    • Current report13 Oct 2026
      Departure or appointment of officers
    • Current report01 Oct 2026
      Departure or appointment of officers
    • Current report10 Sept 2026
      Departure or appointment of officers
    • Current report28 Aug 2026
      Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
    • Current report20 Aug 2026
      Material agreement · Financial statements and exhibits
    • Quarterly report06 Aug 2026
    • Current report06 Aug 2026
      Results of operations · Financial statements and exhibits
    • Current report23 Jul 2026
      Other events
    • Current report29 Jun 2026
      Material agreement · Creation of a direct financial obligation · Item 3.02 · Other events · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Hertz Global Holdings, Inc. · 26 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Hertz Global Holdings, Inc. · 06 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Hertz Global Holdings, Inc. · 06 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.