10-Q · May 8, 2026
Hertz reported its Q1 2026 results with revenues reaching $2.00 billion, surpassing estimates of $1.89 billion. While the company reported a diluted EPS of -$0.72, slightly better than the expected -$0.73, it indicated…
Earnings analysis · 10-Q
HTZ earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
Hertz reported Q3 2026 revenue of $2.617 billion, up from $2.4 billion in the prior quarter and $2.48 billion year over year, with a modest beat versus the $2.615 billion consensus. Adjusted Corporate EBITDA rose 15% to…
Read full summary
Hertz reported Q3 2026 revenue of $2.617 billion, up from $2.4 billion in the prior quarter and $2.48 billion year over year, with a modest beat versus the $2.615 billion consensus. Adjusted Corporate EBITDA rose 15% to $233 million, but GAAP net income fell 37% to $116 million and EPS of $0.20 missed the $0.22 estimate. Negative adjusted free cash flow of $38 million, international softness and cost pressure offset the revenue and EBITDA improvement. No quantitative forward guidance was provided, and the filing reported no material changes to risk factors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.2
- Segment
- Americas: pricing drove segment growth; exact segment revenue was not provided in the supplied filing extract.
- Segment
- International: softness was identified as a headwind; exact segment revenue was not provided in the supplied filing extract.
What stood out
-
Revenue grew and slightly beat consensus
Revenue was $2.617 billion, up from $2.4 billion in Q2 2026 and $2.48 billion in Q3 2025, and exceeded the $2.615 billion consensus estimate by approximately $2 million.
-
Adjusted EBITDA reached $233 million
Adjusted Corporate EBITDA increased 15% to $233 million, described as a three-year high, indicating improved operating earnings despite pressure on GAAP profitability.
-
EPS improved sequentially
Diluted GAAP EPS was $0.20, improving from a $1.06 loss in Q1 2026 and a $0.05 profit in Q2 2026, although it remained below the $0.22 consensus estimate.
-
Americas pricing supported growth
Americas pricing drove segment growth, while total revenue increased 5.5% year over year to $2.617 billion.
What to watch
-
GAAP profitability weakened
Diluted GAAP EPS of $0.20 missed the $0.22 consensus estimate, while GAAP net income declined 37% to $116 million year over year.
-
Free cash flow remained negative
Adjusted free cash flow was negative $38 million despite adjusted Corporate EBITDA of $233 million, leaving limited internally generated cash for debt reduction or investment.
-
International and cost headwinds
International softness and cost pressure were identified as headwinds; these pressures occurred alongside a 37% decline in GAAP net income to $116 million.
-
Market-risk exposure persists
The filing states there were no material changes to the risk factors in the 2025 Form 10-K, but it continues to identify exposure to interest rates, foreign exchange, equity prices and fuel prices; as of September 30, 2026, no material changes to market-risk disclosures were reported.
Management's outlook
No forward financial guidance or change to prior outlook was provided in the filing/release.
Earlier filings 4
10-K · February 26, 2026
Hertz's 2025 Form 10-K reasserts a "Back-to-Basics" strategy focused on disciplined fleet management, revenue optimization and rigorous cost control while highlighting the company's global scale (≈11,000 locations…
10-Q · November 4, 2025
Hertz reported Q3 2025 revenue of $2,478 million and returned to profitability with net income of $184 million (vs. a loss of $1,332 million in Q3 2024) and diluted EPS of $0.42. Revenue was down modestly vs. prior-year…
10-Q · May 12, 2025
Hertz reported Q1 2025 revenue of $1,813 million and a net loss of $443 million (Hertz Global), producing diluted EPS of $(1.44). Operating margins remained negative (approx. -13.5%) and free cash flow was deeply…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.