Hertz Global Holdings, Inc (HTZ) Q2 2026 Earnings Call

Concluded Aug 6, 2026

Aug 6, 2026 0 turns

Period: FY2026 Q2
Runtime: —
Sources: 2 artifacts

8-K 10-Q

Executive readout · one minute

What matters this quarter

Hertz posted Q2 revenue up 10% to $2.4B and Adjusted Corporate EBITDA of $81M (above revised guidance top end), but cut full-year liquidity guidance to $1.0–1.4B from ~$1.5B after removing ATM proceeds, while flagging substantial 2028–2029 debt maturities and a sharp drop in market capitalization.

Liquidity and capital allocation 35 Fleet management and depreciation 25 Autonomous vehicles platform (Oro/ORO) 16 Operating cost efficiency (DOE) 15 Debt maturities and refinancing risk 11 Strategic growth initiatives / franchise and retail 9

Management tone

Positive

Net tone +45 · moderate hedging

Grounding quotes

“We're proud of the progress we've made in our transformation to date.”
“we are on track to deliver more than $500 million of year-over-year adjusted corporate EBITDA improvement and positive margins this year.”
“the core business is performing again”
“We know we have a number of debt maturity starting in the front half of 2028, and it's an important topic to investors, But we're not going to give specific views on the process today or even think about probabilities and confidence levels and all these things.”

Forward guidance

1 guided metrics

Management's latest ranges and targets are included below.

Research coverage

2 live sources

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Research materials

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8-K earnings release Filed Aug 6, 2026 10-Q report Filed Aug 6, 2026 Company webcastOpen the original investor-relations page

Key takeaways

What improved, and what deserves a closer read.

↑ Constructive signals

Q2 revenue rose 10% year-over-year to $2.4 billion with record second-quarter RPD excluding the 2022 pandemic peak.
Q2 Adjusted Corporate EBITDA was $81 million, a $63 million year-over-year improvement and above the top end of revised guidance.
Q2 GAAP net income of $64 million (Diluted GAAP EPS $0.05) versus a $294 million loss a year earlier.
Oro's first AV partnership with Uber's robotaxi program is on track to begin later this year in San Francisco after drivers logged over six million miles.
RPU rose 8% year-over-year above the North Star target, and full-year RPU is now expected to trend above the $1,500 North Star.
For 2027, Hertz expects to reach full-year net income profitability and be free cash flow positive, with a continued $1 billion Adjusted Corporate EBITDA target.

↓ Risks & pressure points

Full-year liquidity guidance was lowered to $1.0–$1.4 billion from about $1.5 billion after removing expected ATM proceeds.
Adjusted DOE per Day rose 4% year-over-year to $37.49, slightly above company expectations due to higher revenue-related variable costs and sale-leaseback expenses.
Recall activity ran approximately 300% higher year-over-year, impacting an average of nearly 15,000 vehicles and clipping ~$30 million from Q2 Adjusted Corporate EBITDA.
Market capitalization fell to roughly one-third of its level 90 days earlier despite management's view of stronger fundamentals.

Key moments

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“For 2027, we continue to target $1 billion of adjusted corporate EBITDA, but we will need some scale for that number to be within a reasonable reach. However, at a minimum, we do expect that in 2027, we will finally reach full-year net income profitability and we will be free cash flow positive for the full year.” Scott Haralson, CFO

“This highlights perhaps the most meaningful change in our business. We are increasingly shifting our conversations from how we finance the business to how we allocate capital to create the greatest long-term value.” Scott Haralson, CFO

Forward guidance

From the 8-K filed Aug 6, 2026.

Metric	Period	Guided	Basis
Net Depreciation per Unit per Month (Net DPU) full-year	full-year	up to $300	—

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