Hertz Global (HTZWW) Financials

$2.90 +0.12 (+4.32%)

Closing price 03:59 PM Eastern

Extended Trading

$2.90 0.00 (-0.17%)

As of 04:04 PM Eastern

Annual Income Statements for Hertz Global

This table shows Hertz Global's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	273	-491	327	-225	-58	-1,714	366	2,059	616	-2,862	-747
Consolidated Net Income / (Loss)	273	-491	327	-227	-50	-1,723	365	2,059	616	-2,862	-747
Net Income / (Loss) Continuing Operations	115	-474	327	-227	-50	-1,723	365	2,059	616	-2,862	-747
Total Pre-Tax Income	132	-470	-575	-257	13	-2,052	683	2,449	286	-3,237	-830
Total Operating Income	616	-201	-575	442	759	-2,052	1,310	2,779	-27	-3,508	-933
Total Gross Profit	3,962	3,591	3,845	4,149	4,474	5,258	3,416	8,685	3,916	3,360	3,015
Total Revenue	9,017	8,523	8,803	9,504	9,779	5,258	7,336	8,685	9,371	9,049	8,504
Operating Revenue	8,434	7,931	8,803	9,504	9,779	5,258	-	8,685	9,371	9,049	8,504
Total Cost of Revenue	5,055	4,932	4,958	5,355	5,305	0.00	3,920	0.00	5,455	5,689	5,489
Operating Cost of Revenue	5,055	4,932	4,958	5,355	5,305	-	3,920	-	5,455	5,689	5,489
Total Operating Expenses	3,346	3,792	4,420	3,707	3,715	7,310	6,653	5,906	3,943	6,868	3,948
Selling, General & Admin Expense	873	899	880	1,017	949	645	688	959	962	819	957
Depreciation Expense	2,433	2,601	2,798	2,690	2,766	2,255	693	843	2,188	3,750	2,044
Other Operating Expenses / (Income)	-	-	656	0.00	-	4,197	448	4,104	793	959	923
Impairment Charge	40	292	86	0.00	0.00	213	-	0.00	0.00	1,048	0.00
Other Special Charges / (Income)	-	-	-	-	-	-	-	0.00	0.00	292	24
Total Other Income / (Expense), net	-484	-269	0.00	-699	-746	0.00	-627	-330	313	271	103
Other Income / (Expense), net	-138	75	-	40	59	-	-627	-2.00	313	271	103
Income Tax Expense	17	4.00	-902	-30	63	-329	318	390	-330	-375	-83
Basic Earnings per Share	$3.03	($5.85)	$3.44	($2.35)	($0.49)	($11.44)	($0.27)	$5.43	$1.97	($9.34)	($2.41)
Weighted Average Basic Shares Outstanding	90M	84M	95M	96M	117M	150M	315M	379M	313M	306M	310M
Diluted Earnings per Share	$3.00	($5.85)	$3.44	($2.35)	($0.49)	($11.44)	($0.27)	$3.36	$1.39	($9.34)	($2.43)
Weighted Average Diluted Shares Outstanding	91M	84M	95M	96M	117M	150M	315M	403M	326M	306M	322M
Weighted Average Basic & Diluted Shares Outstanding	90.10M	83.90M	83.73M	83.92M	142.13M	156.21M	429.29M	322.41M	305.30M	306.83M	312.36M

This table shows Hertz Global's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	139	629	-348	-186	-865	-1,332	-479	-443	-294	184	-194
Consolidated Net Income / (Loss)	139	629	-348	-186	-865	-1,332	-479	-443	-294	184	-194
Net Income / (Loss) Continuing Operations	139	629	-348	-186	-865	-1,332	-479	-443	-294	184	-194
Total Pre-Tax Income	158	559	-493	-581	-473	-1,620	-563	-525	-316	234	-223
Total Operating Income	344	236	-634	-665	-643	-1,636	670	-512	-283	200	-338
Total Gross Profit	2,437	1,204	-551	714	913	1,106	6,316	539	791	1,024	661
Total Revenue	2,437	2,703	2,184	2,080	2,353	2,576	2,040	1,813	2,185	2,478	2,028
Operating Revenue	2,437	2,703	2,184	2,080	2,353	2,576	2,040	1,813	2,185	2,478	2,028
Total Cost of Revenue	0.00	1,499	2,735	1,366	1,440	1,470	-4,276	1,274	1,394	1,454	1,367
Operating Cost of Revenue	-	1,499	-	1,366	1,440	1,470	-	1,274	1,394	1,454	1,367
Total Operating Expenses	2,093	968	83	1,379	1,556	2,742	5,646	1,051	1,074	824	999
Selling, General & Admin Expense	285	209	247	162	243	189	225	219	246	241	251
Depreciation Expense	361	534	877	1,001	1,076	971	702	565	444	486	549
Other Operating Expenses / (Income)	1,447	225	-1,041	216	237	246	4,715	267	384	93	179
Total Other Income / (Expense), net	-186	323	141	84	170	16	-1,233	-13	-33	34	115
Other Income / (Expense), net	2.00	323	-47	84	170	16	-274	-13	-33	34	115
Income Tax Expense	19	-70	-145	-395	392	-288	-84	-82	-22	50	-29
Basic Earnings per Share	$0.44	$2.02	($1.10)	($0.61)	($2.82)	($4.34)	($1.57)	($1.44)	($0.95)	$0.59	($0.61)
Weighted Average Basic Shares Outstanding	314M	311M	313M	305M	306M	307M	306M	307M	309M	311M	310M
Diluted Earnings per Share	$0.44	$0.92	($0.58)	($0.61)	($2.82)	($4.34)	($1.57)	($1.44)	($0.95)	$0.42	($0.46)
Weighted Average Diluted Shares Outstanding	315M	327M	326M	305M	306M	307M	306M	307M	309M	364M	322M
Weighted Average Basic & Diluted Shares Outstanding	311.26M	307.81M	305.30M	305.81M	306.51M	306.69M	306.83M	309.31M	310.79M	311.59M	312.36M

This table details how cash moves in and out of Hertz Global's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	0.00	-2,291	1,428	1,482	-51	218	1,073	-1,233	-212	-73	34
Net Cash From Operating Activities	2,776	2,055	2,394	2,556	2,900	953	1,806	2,538	2,474	2,224	1,625
Net Cash From Continuing Operating Activities	2,776	2,529	2,394	2,556	2,900	953	1,806	2,538	2,474	2,224	1,625
Net Income / (Loss) Continuing Operations	115	-948	327	-227	-50	-1,723	365	2,059	616	-2,862	-747
Consolidated Net Income / (Loss)	273	-965	327	-227	-50	-1,723	365	2,059	616	-2,862	-747
Depreciation Expense	2,635	2,796	2,962	218	2,994	225	196	142	149	139	117
Amortization Expense	54	48	46	50	52	59	122	53	61	74	86
Non-Cash Adjustments To Reconcile Net Income	15	464	154	2,573	439	2,916	1,546	456	2,368	5,264	2,256
Changes in Operating Assets and Liabilities, net	-43	163	-1,095	-58	-535	-524	-423	-172	-720	-391	-87
Net Cash From Investing Activities	-2,380	-2,048	-3,000	-4,197	-4,425	4,591	-3,544	-4,233	-4,024	-2,929	-1,995
Net Cash From Continuing Investing Activities	-2,380	-2,048	-3,000	-4,197	-4,425	4,591	-3,544	-4,233	-4,024	-2,929	-1,995
Purchase of Property, Plant & Equipment	-11,516	-11,006	-10,769	-12,670	-13,938	-5,640	-7,225	-10,746	-9,702	-10,629	-10,280
Acquisitions	-95	-2.00	-15	-	-	0.00	0.00	-16	-1.00	-1.00	-1.00
Sale of Property, Plant & Equipment	8,783	8,738	7,674	8,503	9,513	10,158	2,834	6,510	5,679	7,701	8,286
Net Cash From Financing Activities	-368	-2,298	988	1,561	1,474	-5,372	2,845	487	1,313	658	372
Net Cash From Continuing Financing Activities	-368	-183	2,034	3,123	1,474	-5,372	2,845	487	1,313	658	372
Repayment of Debt	-27,602	-28,900	-23,672	-26,060	-15,352	-11,683	-19,238	-6,727	-6,905	-7,861	-8,022
Repurchase of Common Equity	-605	-100	-	-	0.00	0.00	-654	-2,461	-315	0.00	0.00
Issuance of Debt	28,186	24,580	25,712	29,132	16,029	6,358	18,967	9,672	8,533	8,519	8,432
Other Financing Activities, net	-347	2,122	-6.00	-9.00	748	0.00	4,497	3.00	0.00	0.00	-38
Effect of Exchange Rate Changes	-28	-	-	-	-	46	-34	-25	25	-26	32
Cash Interest Paid	1,122	1,054	1,164	1,330	703	444	455	372	721	798	1,004
Cash Income Taxes Paid	24	57	54	26	21	-11	40	78	33	53	80

This table details how cash moves in and out of Hertz Global's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-76	-110	150	-261	49	-89	228	-112	108	420	-382
Net Cash From Operating Activities	497	851	564	370	546	894	414	251	346	835	193
Net Cash From Continuing Operating Activities	497	851	564	370	546	894	414	251	346	835	193
Net Income / (Loss) Continuing Operations	139	629	-348	-186	-865	-1,332	-479	-443	-294	184	-194
Consolidated Net Income / (Loss)	139	629	-348	-186	-865	-1,332	-479	-443	-294	184	-194
Depreciation Expense	32	33	49	32	41	34	32	30	29	29	29
Amortization Expense	15	15	17	18	15	21	20	20	20	21	25
Non-Cash Adjustments To Reconcile Net Income	726	416	661	970	1,001	2,067	812	682	645	808	121
Changes in Operating Assets and Liabilities, net	-415	-242	185	-464	354	104	29	-38	-54	-207	212
Net Cash From Investing Activities	-2,237	-383	84	-703	-2,077	-487	338	-718	-846	-158	-273
Net Cash From Continuing Investing Activities	-2,237	-383	84	-703	-2,077	-487	338	-718	-846	-158	-273
Purchase of Property, Plant & Equipment	-3,797	-1,797	-1,239	-1,937	-3,749	-2,253	-2,690	-2,869	-3,071	-1,929	-2,411
Acquisitions	-1.00	-	-	-2.00	-1.00	-	2.00	0.00	-	-	-1.00
Sale of Property, Plant & Equipment	1,561	1,414	1,323	1,236	1,673	1,766	3,026	2,151	2,225	1,771	2,139
Net Cash From Financing Activities	1,662	-568	-520	85	1,582	-511	-498	346	587	-256	-305
Net Cash From Continuing Financing Activities	1,662	-568	-520	85	1,582	-511	-498	346	587	-256	-305
Repayment of Debt	-1,019	-2,638	-1,619	-1,384	-1,517	-2,672	-2,288	-1,680	-2,217	-1,843	-2,282
Issuance of Debt	2,785	2,120	1,142	1,469	3,099	2,161	1,790	2,026	2,804	1,625	1,977
Effect of Exchange Rate Changes	2.00	-10	22	-13	-2.00	15	-26	9.00	21	-1.00	3.00
Cash Interest Paid	192	187	210	179	223	205	191	263	204	282	255
Cash Income Taxes Paid	-1.00	17	6.00	12	19	16	6.00	9.00	47	-2.00	26

This table presents Hertz Global's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	23,514	19,155	20,058	21,382	24,627	16,908	19,783	22,497	24,605	21,802	22,311
Total Current Assets	3,588	2,955	3,556	3,899	3,889	2,657	4,426	3,547	3,123	3,232	3,059
Cash & Equivalents	474	816	1,072	1,127	865	1,096	2,258	943	764	592	565
Restricted Cash	333	278	432	283	495	411	393	475	442	541	602
Accounts Receivable	1,786	1,283	1,365	1,587	1,840	777	758	974	1,191	1,205	1,110
Prepaid Expenses	995	578	687	902	689	373	1,017	1,155	726	894	782
Plant, Property, & Equipment, net	11,723	858	840	13,197	757	6,728	9,226	12,495	14,651	11,963	12,526
Plant, Property & Equipment, gross	15,396	15,544	14,574	15,703	17,085	7,540	10,836	14,281	16,806	12,714	14,039
Accumulated Depreciation	3,673	3,868	3,238	3,284	3,296	1,478	1,610	1,786	2,155	751	1,513
Total Noncurrent Assets	8,203	15,342	15,662	4,286	6,192	7,523	6,131	6,455	6,831	6,607	6,726
Goodwill	1,261	1,081	1,084	1,083	1,083	1,045	1,045	1,044	1,044	1,044	1,045
Intangible Assets	3,522	3,332	3,242	3,203	3,238	2,992	2,912	2,887	2,863	2,852	2,858
Other Noncurrent Operating Assets	-	10,818	11,336	0.00	1,871	3,486	2,174	2,524	2,924	2,711	2,823
Total Liabilities & Shareholders' Equity	23,514	19,155	20,058	21,382	24,627	16,908	19,783	22,497	24,605	21,802	22,311
Total Liabilities	21,495	18,080	18,538	20,262	22,739	16,815	16,806	19,852	21,513	21,649	22,770
Total Current Liabilities	1,929	1,966	2,026	2,292	2,125	1,298	1,435	1,568	1,718	1,974	2,221
Accounts Payable	766	821	946	988	943	418	572	657	701	642	859
Accrued Expenses	1,035	980	920	1,304	1,032	759	863	911	860	1,174	1,231
Current Deferred & Payable Income Tax Liabilities	128	165	160	-	150	121	-	-	157	158	131
Total Noncurrent Liabilities	19,566	16,114	16,512	17,970	20,614	15,517	15,371	18,284	19,795	19,675	20,549
Long-Term Debt	15,770	13,541	14,865	16,324	17,089	6,267	10,907	13,863	16,162	16,952	17,702
Capital Lease Obligations	-	-	-	-	1,848	1,636	-	-	2,142	2,073	2,275
Noncurrent Deferred & Payable Income Tax Liabilities	2,168	2,149	1,220	1,092	1,124	730	1,010	1,360	1,038	472	350
Other Noncurrent Operating Liabilities	394	407	427	554	553	6,396	2,991	2,589	453	178	222
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,019	1,075	1,520	1,120	1,888	93	2,977	2,645	3,092	153	-459
Total Preferred & Common Equity	2,711	1,075	1,520	1,061	1,769	56	2,977	2,645	3,092	153	-459
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,711	1,075	1,520	1,061	1,705	56	2,977	2,645	3,092	153	-459
Common Stock	3,347	2,228	2,244	2,262	3,025	3,049	6,214	6,331	6,410	6,401	6,452
Retained Earnings	-391	-882	-506	-909	-967	-2,681	-2,315	-256	360	-2,502	-3,249
Accumulated Other Comprehensive Income / (Loss)	-245	-171	-118	-192	-189	-212	-214	-294	-248	-316	-232
Other Equity Adjustments	-	-	-	0.00	-64	0.00	-	-	-3,430	-3,430	-3,430

This table presents Hertz Global's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	21,694	23,749	26,095	25,554	24,310	25,185	22,979	22,047	23,083	22,990
Total Current Assets	3,495	3,256	3,489	3,298	2,909	3,015	3,172	3,263	3,018	3,539
Cash & Equivalents	1,006	728	682	594	465	568	501	626	503	1,095
Restricted Cash	502	514	484	462	480	426	404	395	626	454
Accounts Receivable	1,053	1,034	1,292	1,407	1,213	1,267	1,340	1,232	1,150	1,210
Prepaid Expenses	934	980	1,031	835	751	754	927	1,010	739	780
Plant, Property, & Equipment, net	12,023	13,858	15,845	15,459	14,617	15,369	13,235	12,153	13,295	12,693
Plant, Property & Equipment, gross	13,757	15,746	17,833	17,576	17,052	18,122	13,543	13,139	14,468	14,023
Accumulated Depreciation	1,734	1,888	1,988	2,117	2,435	2,753	308	986	1,173	1,330
Total Noncurrent Assets	6,176	6,635	6,761	6,797	6,784	6,801	6,572	6,631	6,770	6,758
Goodwill	1,043	1,044	1,044	1,044	1,044	1,044	1,044	1,044	1,045	1,045
Intangible Assets	2,883	2,882	2,883	2,881	2,862	2,858	2,856	2,852	2,853	2,855
Other Noncurrent Operating Assets	2,250	2,709	2,834	2,872	2,878	2,899	2,672	2,735	2,872	2,858
Total Liabilities & Shareholders' Equity	21,694	23,749	26,095	25,554	24,310	25,185	22,979	22,047	23,083	22,990
Total Liabilities	18,933	20,975	23,256	22,164	21,498	23,227	22,298	22,309	23,587	23,307
Total Current Liabilities	1,569	1,646	1,906	1,686	2,017	1,926	1,800	2,250	2,402	2,214
Accounts Payable	614	720	935	790	1,134	995	624	861	898	830
Accrued Expenses	955	926	971	896	883	931	1,176	1,191	1,336	1,257
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	198	168	127
Total Noncurrent Liabilities	17,364	19,329	21,350	20,478	19,481	21,301	20,498	20,059	21,185	21,093
Long-Term Debt	13,076	14,764	16,570	16,013	15,744	17,369	16,956	17,399	18,276	18,068
Capital Lease Obligations	-	-	-	-	-	-	-	2,125	2,280	2,292
Noncurrent Deferred & Payable Income Tax Liabilities	1,306	1,223	1,193	1,178	620	912	559	348	327	425
Other Noncurrent Operating Liabilities	2,498	2,885	3,136	2,815	2,644	2,519	2,424	187	302	308
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,761	2,774	2,839	3,390	2,812	1,958	681	-262	-504	-317
Total Preferred & Common Equity	2,761	2,774	2,839	3,390	2,812	1,958	681	-262	-504	-317
Preferred Stock	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,761	2,774	2,839	3,390	2,812	1,958	681	-262	-504	-317
Common Stock	6,313	6,351	6,374	6,394	6,356	6,370	6,385	6,414	6,426	6,437
Retained Earnings	-372	-60	79	708	174	-691	-2,023	-2,945	-3,239	-3,055
Accumulated Other Comprehensive Income / (Loss)	-359	-280	-276	-323	-288	-291	-251	-301	-261	-269
Other Equity Adjustments	-	-	-	-	-	-	-	-3,430	-3,430	-3,430

This table displays calculated financial ratios and metrics derived from Hertz Global's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.83%	-5.48%	3.29%	7.96%	2.89%	-46.23%	39.52%	18.39%	7.90%	-3.44%	-6.02%
EBITDA Growth	75.33%	-53.59%	-10.49%	-69.17%	415.20%	-145.76%	156.62%	196.90%	-83.31%	-516.33%	79.27%
EBIT Growth	23.83%	-126.36%	-356.35%	183.83%	69.71%	-350.86%	133.28%	306.59%	-89.70%	-896.50%	74.36%
NOPAT Growth	103.90%	-126.22%	-186.07%	176.87%	-1,043.51%	50.80%	148.74%	233.74%	-102.49%	-2,637.22%	73.40%
Net Income Growth	432.93%	-279.85%	166.60%	-169.42%	77.97%	-3,346.00%	121.18%	464.11%	-70.08%	-564.61%	73.90%
EPS Growth	433.33%	-295.00%	158.80%	-168.31%	79.15%	-2,234.69%	97.64%	1,344.44%	-58.63%	-771.94%	73.98%
Operating Cash Flow Growth	0.00%	0.00%	16.50%	6.77%	13.46%	-67.14%	89.51%	40.53%	-2.52%	-10.11%	-26.93%
Free Cash Flow Firm Growth	0.00%	108.61%	-251.19%	54.54%	981.79%	-130.24%	-79.78%	62.40%	-239.23%	110.72%	-208.79%
Invested Capital Growth	0.00%	-9.25%	10.82%	7.75%	-64.60%	14.32%	73.11%	34.34%	33.80%	-10.62%	1.70%
Revenue Q/Q Growth	0.00%	0.00%	4.30%	2.18%	0.32%	-17.17%	10.77%	1.01%	1.62%	-1.57%	-0.14%
EBITDA Q/Q Growth	0.00%	0.00%	-4.48%	173.72%	530.29%	-142.27%	171.91%	55.20%	-60.19%	33.98%	-6,170.00%
EBIT Q/Q Growth	0.00%	0.00%	14.05%	272.14%	2.63%	-199.13%	798.68%	61.83%	-72.76%	32.10%	-293.36%
NOPAT Q/Q Growth	0.00%	0.00%	-13.86%	257.86%	-523.54%	-199.13%	1,083.55%	77.00%	-109.27%	33.43%	-1,344.00%
Net Income Q/Q Growth	0.00%	0.00%	144.98%	-146.33%	-35.14%	-11.38%	8.31%	22.56%	-42.96%	-4.80%	27.62%
EPS Q/Q Growth	0.00%	0.00%	139.54%	-144.42%	19.67%	-10.11%	27.03%	95.35%	-32.20%	-11.86%	31.36%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	59.71%	464.24%	4.62%	-40.25%	46.47%	-11.23%	13.12%	-6.32%	-11.97%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	66.88%	352.10%	-117.00%	20.91%	-177.98%	-52.11%	171.27%	43.90%
Invested Capital Q/Q Growth	0.00%	0.00%	-0.85%	-7.63%	-72.97%	-10.99%	-9.86%	5.31%	10.05%	7.85%	-0.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.94%	42.13%	43.68%	43.66%	45.75%	100.00%	46.56%	100.00%	41.79%	100.00%	35.45%
EBITDA Margin	64.94%	31.89%	27.64%	7.89%	39.51%	-33.63%	13.65%	34.22%	5.29%	-22.82%	-7.37%
Operating Margin	6.83%	-2.36%	-6.53%	4.65%	7.76%	-39.03%	17.86%	32.00%	-0.29%	-25.13%	-10.97%
EBIT Margin	5.30%	-1.48%	-6.53%	5.07%	8.36%	-39.03%	9.31%	31.97%	3.05%	-25.17%	-9.76%
Profit (Net Income) Margin	3.03%	-5.76%	3.71%	-2.39%	-0.51%	-32.77%	4.98%	23.71%	6.57%	-31.63%	-8.78%
Tax Burden Percent	206.82%	104.47%	-56.87%	88.33%	-384.62%	83.97%	53.44%	84.08%	215.38%	88.42%	90.00%
Interest Burden Percent	27.62%	373.02%	100.00%	-53.32%	1.59%	100.00%	100.00%	88.19%	100.00%	142.10%	100.00%
Effective Tax Rate	12.88%	0.00%	0.00%	0.00%	484.62%	0.00%	46.56%	15.92%	-115.38%	0.00%	0.00%
Return on Invested Capital (ROIC)	7.25%	-1.00%	-2.84%	2.00%	-26.89%	-23.62%	7.90%	17.75%	-0.33%	-8.33%	-3.59%
ROIC Less NNEP Spread (ROIC-NNEP)	3.13%	-3.78%	2.83%	-1.79%	3.79%	-29.24%	3.33%	15.07%	4.23%	-15.59%	-4.10%
Return on Net Nonoperating Assets (RNNOA)	19.79%	-30.74%	28.05%	-19.20%	23.57%	-150.34%	15.88%	55.50%	21.80%	-168.07%	491.82%
Return on Equity (ROE)	27.04%	-31.74%	25.20%	-17.20%	-3.32%	-173.95%	23.78%	73.25%	21.47%	-176.39%	488.24%
Cash Return on Invested Capital (CROIC)	-192.75%	8.70%	-13.11%	-5.46%	68.53%	-36.98%	-45.64%	-11.55%	-29.24%	2.89%	-5.27%
Operating Return on Assets (OROA)	2.03%	-0.59%	-2.93%	2.33%	3.56%	-9.88%	3.72%	13.14%	1.21%	-9.82%	-3.76%
Return on Assets (ROA)	1.16%	-2.30%	1.67%	-1.10%	-0.22%	-8.30%	1.99%	9.74%	2.62%	-12.33%	-3.39%
Return on Common Equity (ROCE)	36.31%	-38.84%	25.20%	-16.81%	-3.06%	-154.63%	23.49%	73.25%	21.47%	-176.39%	488.24%
Return on Equity Simple (ROE_SIMPLE)	10.07%	-45.67%	21.51%	-21.39%	-2.83%	-3,076.79%	12.26%	77.85%	19.92%	-1,870.59%	0.00%
Net Operating Profit after Tax (NOPAT)	537	-141	-403	309	-2,919	-1,436	700	2,336	-58	-1,592	-653
NOPAT Margin	5.95%	-1.65%	-4.57%	3.26%	-29.85%	-27.32%	9.54%	26.90%	-0.62%	-17.59%	-7.68%
Net Nonoperating Expense Percent (NNEP)	4.13%	2.79%	-5.67%	3.79%	-30.68%	5.63%	4.57%	2.68%	-4.56%	7.26%	0.51%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	14.15%	-0.27%	-8.30%	-3.35%
Cost of Revenue to Revenue	56.06%	57.87%	56.32%	56.34%	54.25%	0.00%	53.44%	0.00%	58.21%	0.00%	64.55%
SG&A Expenses to Revenue	9.68%	10.55%	10.00%	10.70%	9.70%	12.27%	9.38%	11.04%	10.27%	9.05%	11.25%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.11%	44.49%	50.21%	39.00%	37.99%	139.03%	90.69%	68.00%	42.08%	125.13%	46.43%
Earnings before Interest and Taxes (EBIT)	478	-126	-575	482	818	-2,052	683	2,777	286	-2,278	-830
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5,856	2,718	2,433	750	3,864	-1,768	1,001	2,972	496	-2,065	-627
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.48	0.00	0.00	0.00	0.00	0.00	3.97	1.94	1.03	7.34	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.14	0.00	0.00	0.00	0.00	0.00	1.61	0.59	0.34	0.12	0.19
Price to Earnings (P/E)	4.73	0.00	0.00	0.00	0.00	0.00	32.27	2.50	5.19	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	21.15%	0.00%	0.00%	0.00%	0.00%	0.00%	3.10%	40.06%	19.26%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.05	0.00	0.00	0.00	0.00	0.00	1.79	1.17	1.01	1.05	1.11
Enterprise Value to Revenue (EV/Rev)	1.73	0.00	0.00	0.00	0.00	0.00	2.74	2.02	2.17	2.10	2.40
Enterprise Value to EBITDA (EV/EBITDA)	2.66	0.00	0.00	0.00	0.00	0.00	20.05	5.92	40.92	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	32.56	0.00	0.00	0.00	0.00	0.00	29.38	6.33	70.97	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	29.00	0.00	0.00	0.00	0.00	0.00	28.67	7.53	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	11.11	6.93	8.20	8.55	12.56
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	34.37	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	7.81	12.60	9.78	14.58	10.03	84.98	3.66	5.24	5.92	124.35	-43.52
Long-Term Debt to Equity	7.81	12.60	9.78	14.58	10.03	84.98	3.66	5.24	5.92	124.35	-43.52
Financial Leverage	6.33	8.12	9.91	10.71	6.22	5.14	4.77	3.68	5.15	10.78	-119.94
Leverage Ratio	11.65	13.79	15.11	15.70	15.30	20.97	11.95	7.52	8.21	14.30	-144.16
Compound Leverage Factor	3.22	51.44	15.11	-8.37	0.24	20.97	11.95	6.63	8.21	20.32	-144.16
Debt to Total Capital	88.65%	92.65%	90.72%	93.58%	90.93%	98.84%	78.56%	83.98%	85.55%	99.20%	102.35%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	88.65%	92.65%	90.72%	93.58%	90.93%	98.84%	78.56%	83.98%	85.55%	99.20%	102.35%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-3.89%	0.00%	0.00%	0.34%	0.57%	0.46%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	15.24%	7.36%	9.28%	6.08%	8.19%	0.70%	21.44%	16.02%	14.45%	0.80%	-2.35%
Debt to EBITDA	2.69	4.98	6.11	21.77	4.90	-4.47	10.90	4.66	36.90	-9.21	-31.86
Net Debt to EBITDA	2.56	4.58	5.49	19.89	4.55	-3.62	8.25	4.19	34.47	-8.66	-30.00
Long-Term Debt to EBITDA	2.69	4.98	6.11	21.77	4.90	-4.47	10.90	4.66	36.90	-9.21	-31.86
Debt to NOPAT	29.39	-96.24	-36.93	52.76	-6.49	-5.50	15.58	5.93	-314.75	-11.95	-30.59
Net Debt to NOPAT	27.88	-88.46	-33.20	48.20	-6.02	-4.45	11.79	5.33	-294.01	-11.24	-28.80
Long-Term Debt to NOPAT	29.39	-96.24	-36.93	52.76	-6.49	-5.50	15.58	5.93	-314.75	-11.95	-30.59
Altman Z-Score	0.55	0.00	0.00	0.00	0.00	0.00	0.92	1.04	0.60	0.01	0.14
Noncontrolling Interest Sharing Ratio	-34.27%	-22.37%	0.00%	2.23%	8.05%	11.11%	1.21%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.86	1.50	1.76	1.70	1.83	2.05	3.08	2.26	1.82	1.64	1.38
Quick Ratio	1.17	1.07	1.20	1.18	1.27	1.44	2.10	1.22	1.14	0.91	0.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-14,259	1,227	-1,856	-844	7,439	-2,249	-4,044	-1,521	-5,158	553	-959
Operating Cash Flow to CapEx	0.00%	90.61%	77.35%	61.34%	65.54%	0.00%	41.13%	59.92%	61.50%	75.96%	81.49%
Free Cash Flow to Firm to Interest Expense	-41.21	3.57	0.00	-1.14	9.24	0.00	0.00	-4.64	0.00	0.58	0.00
Operating Cash Flow to Interest Expense	0.00	5.97	0.00	3.46	3.60	0.00	0.00	7.74	0.00	2.32	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	-0.62	0.00	-2.18	-1.89	0.00	0.00	-5.18	0.00	-0.73	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.38	0.40	0.45	0.46	0.43	0.25	0.40	0.41	0.40	0.39	0.39
Accounts Receivable Turnover	5.05	5.55	6.65	6.44	5.71	4.02	9.56	10.03	8.66	7.55	7.35
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.77	1.35	10.37	1.35	1.40	1.40	0.92	0.80	0.69	0.68	0.69
Accounts Payable Turnover	6.60	6.22	5.61	5.54	5.49	0.00	7.92	0.00	8.03	0.00	7.31
Days Sales Outstanding (DSO)	72.30	65.72	54.90	56.69	63.96	90.83	38.19	36.39	42.16	48.32	49.68
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	55.31	58.72	65.04	65.91	66.43	0.00	46.09	0.00	45.43	0.00	49.91
Cash Conversion Cycle (CCC)	16.99	6.99	-10.14	-9.23	-2.47	90.83	-7.90	36.39	-3.27	48.32	-0.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	14,796	13,428	14,881	16,034	5,676	6,489	11,233	15,090	20,190	18,045	18,351
Invested Capital Turnover	1.22	0.60	0.62	0.61	0.90	0.86	0.83	0.66	0.53	0.47	0.47
Increase / (Decrease) in Invested Capital	14,796	-1,368	1,453	1,153	-10,358	813	4,744	3,857	5,100	-2,145	306
Enterprise Value (EV)	15,562	0.00	0.00	0.00	0.00	0.00	20,068	17,585	20,296	19,014	20,412
Market Capitalization	1,291	0.00	0.00	0.00	0.00	0.00	11,812	5,140	3,198	1,122	1,602
Book Value per Share	$30.12	$12.96	$18.16	$12.64	$12.00	$0.36	$6.30	$7.92	$10.05	$0.50	($1.47)
Tangible Book Value per Share	($23.02)	($40.23)	($33.52)	($38.42)	($18.41)	($25.49)	($2.07)	($3.85)	($2.65)	($12.20)	($14.00)
Total Capital	17,789	14,616	16,385	17,444	20,825	7,996	13,884	16,508	21,396	19,178	19,518
Total Debt	15,770	13,541	14,865	16,324	18,937	7,903	10,907	13,863	18,304	19,025	19,977
Total Long-Term Debt	15,770	13,541	14,865	16,324	18,937	7,903	10,907	13,863	18,304	19,025	19,977
Net Debt	14,963	12,447	13,361	14,914	17,577	6,396	8,256	12,445	17,098	17,892	18,810
Capital Expenditures (CapEx)	-60,897	2,268	3,095	4,167	4,425	-4,518	4,391	4,236	4,023	2,928	1,994
Debt-free, Cash-free Net Working Capital (DFCFNWC)	852	-105	26	197	404	-148	340	561	199	125	-329
Debt-free Net Working Capital (DFNWC)	1,659	989	1,530	1,607	1,764	1,359	2,991	1,979	1,405	1,258	838
Net Working Capital (NWC)	1,659	989	1,530	1,607	1,764	1,359	2,991	1,979	1,405	1,258	838
Net Nonoperating Expense (NNE)	264	350	-730	536	-2,869	287	335	277	-674	1,270	94
Net Nonoperating Obligations (NNO)	12,777	12,353	13,361	14,914	3,788	6,396	8,256	12,445	17,098	17,892	18,810
Total Depreciation and Amortization (D&A)	5,378	2,844	3,008	268	3,046	284	318	195	210	213	203
Debt-free, Cash-free Net Working Capital to Revenue	9.45%	-1.23%	0.30%	2.07%	4.13%	-2.81%	4.63%	6.46%	2.12%	1.38%	-3.87%
Debt-free Net Working Capital to Revenue	18.40%	11.60%	17.38%	16.91%	18.04%	25.85%	40.77%	22.79%	14.99%	13.90%	9.85%
Net Working Capital to Revenue	18.40%	11.60%	17.38%	16.91%	18.04%	25.85%	40.77%	22.79%	14.99%	13.90%	9.85%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.03	($5.85)	$3.94	($2.68)	($0.49)	($11.44)	($0.27)	$5.43	$1.97	($9.34)	($2.41)
Adjusted Weighted Average Basic Shares Outstanding	90M	84M	83M	84M	117M	150M	315M	379M	313M	306M	310M
Adjusted Diluted Earnings per Share	$3.00	($5.85)	$3.94	($2.68)	($0.49)	($11.44)	($0.27)	$3.36	$1.39	($9.34)	($2.43)
Adjusted Weighted Average Diluted Shares Outstanding	91M	84M	83M	84M	117M	150M	315M	403M	326M	306M	322M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	90.10M	83.03M	83.73M	83.92M	142.13M	156.21M	429.29M	322.41M	305.30M	306.83M	312.36M
Normalized Net Operating Profit after Tax (NOPAT)	572	64	-342	309	531	-1,287	848	2,336	-19	-654	-636
Normalized NOPAT Margin	6.34%	0.75%	-3.89%	3.26%	5.43%	-24.48%	11.56%	26.90%	-0.20%	-7.23%	-7.48%
Pre Tax Income Margin	1.46%	-5.51%	-6.53%	-2.70%	0.13%	-39.03%	9.31%	28.20%	3.05%	-35.77%	-9.76%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.38	-0.37	0.00	0.65	1.02	0.00	0.00	8.47	0.00	-2.38	0.00
NOPAT to Interest Expense	1.55	-0.41	0.00	0.42	-3.63	0.00	0.00	7.12	0.00	-1.66	0.00
EBIT Less CapEx to Interest Expense	177.38	-6.96	0.00	-4.99	-4.48	0.00	0.00	-4.45	0.00	-5.43	0.00
NOPAT Less CapEx to Interest Expense	177.55	-7.00	0.00	-5.22	-9.12	0.00	0.00	-5.79	0.00	-4.71	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	26.43%	98.00%	-4.35%	75.89%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-221.61%	-20.37%	0.00%	26.43%	98.00%	-4.35%	255.07%	119.52%	51.14%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Hertz Global's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.97%	8.29%	7.32%	1.61%	-3.45%	-4.70%	-6.59%	-12.84%	-7.14%	-3.80%	-0.59%
EBITDA Growth	-66.38%	-12.79%	-232.83%	-578.38%	-206.11%	-357.83%	172.85%	10.55%	35.97%	118.15%	66.93%
EBIT Growth	-69.08%	-13.60%	-265.69%	-1,037.10%	-236.71%	-389.80%	158.15%	9.64%	33.19%	114.44%	60.39%
NOPAT Growth	-45.41%	-47.58%	-150.98%	-645.37%	-248.73%	-531.25%	205.68%	23.01%	55.99%	113.73%	40.07%
Net Income Growth	-85.21%	9.01%	-400.00%	-194.90%	-722.30%	-311.76%	-37.64%	-138.17%	66.01%	113.81%	59.50%
EPS Growth	-61.06%	-30.83%	-825.00%	-200.00%	-740.91%	-571.74%	-170.69%	-136.07%	66.31%	109.68%	70.70%
Operating Cash Flow Growth	-29.80%	-8.69%	103.61%	-34.16%	9.86%	5.05%	-26.60%	-32.16%	-36.63%	-6.60%	-53.38%
Free Cash Flow Firm Growth	-124.81%	-175.82%	-85.63%	49.83%	84.03%	112.52%	147.15%	44.49%	-45.92%	-441.58%	-131.00%
Invested Capital Growth	25.31%	28.04%	33.80%	8.07%	0.49%	-8.80%	-10.62%	3.58%	3.22%	10.53%	1.70%
Revenue Q/Q Growth	19.05%	10.92%	-19.20%	-4.76%	13.13%	9.48%	-20.81%	-11.13%	20.52%	13.41%	-18.16%
EBITDA Q/Q Growth	254.05%	54.45%	-201.32%	36.79%	21.47%	-275.30%	128.63%	-206.03%	43.79%	206.37%	-159.51%
EBIT Q/Q Growth	458.06%	61.56%	-221.82%	35.87%	18.59%	-242.49%	124.44%	-232.58%	39.81%	174.05%	-195.30%
NOPAT Q/Q Growth	254.56%	-12.25%	-267.12%	35.12%	3.31%	-154.43%	140.95%	-176.42%	44.73%	179.39%	-250.45%
Net Income Q/Q Growth	-29.08%	352.52%	-155.33%	46.55%	-365.05%	-53.99%	64.04%	7.52%	33.63%	162.59%	-205.43%
EPS Q/Q Growth	-27.87%	109.09%	-163.04%	-5.17%	-362.30%	-53.90%	63.82%	8.28%	34.03%	144.21%	-209.52%
Operating Cash Flow Q/Q Growth	-11.57%	71.23%	-33.73%	-34.40%	47.57%	63.74%	-53.69%	-39.37%	37.85%	141.33%	-76.89%
Free Cash Flow Firm Q/Q Growth	4.69%	-10.94%	-47.74%	44.44%	69.67%	186.98%	456.41%	-137.81%	20.27%	-103.62%	66.19%
Invested Capital Q/Q Growth	11.95%	0.57%	10.05%	0.19%	4.10%	-8.73%	7.85%	1.09%	3.74%	-2.27%	-0.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	44.54%	-25.23%	34.33%	38.80%	42.93%	309.61%	29.73%	36.20%	41.32%	32.59%
EBITDA Margin	16.13%	22.46%	-28.16%	-25.53%	-17.72%	-60.75%	21.96%	-26.20%	-12.22%	11.46%	-8.33%
Operating Margin	14.12%	8.73%	-29.03%	-31.97%	-27.33%	-63.51%	32.84%	-28.24%	-12.95%	8.07%	-16.67%
EBIT Margin	14.20%	20.68%	-31.18%	-27.93%	-20.10%	-62.89%	19.41%	-28.96%	-14.46%	9.44%	-11.00%
Profit (Net Income) Margin	5.70%	23.27%	-15.93%	-8.94%	-36.76%	-51.71%	-23.48%	-24.43%	-13.46%	7.43%	-9.57%
Tax Burden Percent	87.97%	112.52%	70.59%	32.01%	182.88%	82.22%	85.08%	84.38%	93.04%	78.63%	87.00%
Interest Burden Percent	45.66%	100.00%	72.39%	100.00%	100.00%	100.00%	-142.17%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	12.03%	-12.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	21.37%	0.00%
Return on Invested Capital (ROIC)	6.83%	5.55%	-10.80%	-12.41%	-9.75%	-23.30%	10.88%	-9.68%	-4.19%	3.07%	-5.45%
ROIC Less NNEP Spread (ROIC-NNEP)	5.62%	8.29%	-10.15%	-10.44%	-12.36%	-24.51%	5.46%	-10.19%	-4.73%	3.22%	-5.22%
Return on Net Nonoperating Assets (RNNOA)	27.51%	35.73%	-52.25%	-52.93%	-81.88%	-186.66%	58.91%	-133.11%	-116.42%	308.58%	626.06%
Return on Equity (ROE)	34.33%	41.28%	-63.04%	-65.35%	-91.63%	-209.96%	69.79%	-142.80%	-120.62%	311.65%	620.61%
Cash Return on Invested Capital (CROIC)	-17.06%	-20.76%	-29.24%	-10.06%	-6.40%	-4.43%	2.89%	-11.80%	-9.78%	-9.71%	-5.27%
Operating Return on Assets (OROA)	5.32%	8.07%	-12.41%	-10.93%	-7.31%	-23.82%	7.57%	-10.97%	-5.16%	3.50%	-4.24%
Return on Assets (ROA)	2.14%	9.08%	-6.34%	-3.50%	-13.36%	-19.59%	-9.16%	-9.26%	-4.80%	2.75%	-3.69%
Return on Common Equity (ROCE)	34.33%	41.28%	-63.04%	-65.35%	-91.63%	-209.96%	69.79%	-142.80%	-120.62%	311.65%	620.61%
Return on Equity Simple (ROE_SIMPLE)	36.21%	31.86%	0.00%	8.32%	-39.33%	-401.03%	0.00%	1,190.46%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	303	266	-444	-466	-450	-1,145	469	-358	-198	157	-237
NOPAT Margin	12.42%	9.82%	-20.32%	-22.38%	-19.13%	-44.46%	22.99%	-19.77%	-9.07%	6.35%	-11.67%
Net Nonoperating Expense Percent (NNEP)	1.20%	-2.74%	-0.65%	-1.97%	2.61%	1.20%	5.42%	0.51%	0.54%	-0.15%	-0.23%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-2.07%	-	-	-	2.45%	-1.86%	-0.99%	0.78%	-1.21%
Cost of Revenue to Revenue	0.00%	55.46%	125.23%	65.67%	61.20%	57.07%	-209.61%	70.27%	63.80%	58.68%	67.41%
SG&A Expenses to Revenue	11.69%	7.73%	11.31%	7.79%	10.33%	7.34%	11.03%	12.08%	11.26%	9.73%	12.38%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	85.88%	35.81%	3.80%	66.30%	66.13%	106.44%	276.76%	57.97%	49.15%	33.25%	49.26%
Earnings before Interest and Taxes (EBIT)	346	559	-681	-581	-473	-1,620	396	-525	-316	234	-223
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	393	607	-615	-531	-417	-1,565	448	-475	-267	284	-169
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.04	1.12	1.03	0.86	0.55	1.49	7.34	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.64	0.41	0.34	0.26	0.12	0.11	0.12	0.14	0.25	0.25	0.19
Price to Earnings (P/E)	5.64	3.53	5.19	10.30	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	17.73%	28.32%	19.26%	9.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.16	1.02	1.01	0.98	0.95	1.02	1.05	1.08	1.14	1.13	1.11
Enterprise Value to Revenue (EV/Rev)	2.35	2.04	2.17	1.83	1.87	1.86	2.10	2.24	2.50	2.46	2.40
Enterprise Value to EBITDA (EV/EBITDA)	15.88	15.06	40.92	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	18.63	17.88	70.97	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	23.89	29.94	0.00	0.00	0.00	0.00	0.00	0.00	0.00	398.56	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	9.35	8.58	8.20	7.54	7.49	7.19	8.55	9.36	11.31	11.34	12.56
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	34.37	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	5.84	4.72	5.92	5.60	8.87	24.90	124.35	-74.52	-40.79	-64.23	-43.52
Long-Term Debt to Equity	5.84	4.72	5.92	5.60	8.87	24.90	124.35	-74.52	-40.79	-64.23	-43.52
Financial Leverage	4.89	4.31	5.15	5.07	6.62	7.62	10.78	13.06	24.62	95.77	-119.94
Leverage Ratio	8.65	7.68	8.21	8.60	10.69	11.92	14.30	18.18	33.20	126.29	-144.16
Compound Leverage Factor	3.95	7.68	5.94	8.60	10.69	11.92	-20.33	18.18	33.20	126.29	-144.16
Debt to Total Capital	85.37%	82.53%	85.55%	84.85%	89.87%	96.14%	99.20%	101.36%	102.51%	101.58%	102.35%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	85.37%	82.53%	85.55%	84.85%	89.87%	96.14%	99.20%	101.36%	102.51%	101.58%	102.35%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	14.63%	17.47%	14.45%	15.15%	10.13%	3.86%	0.80%	-1.36%	-2.51%	-1.58%	-2.35%
Debt to EBITDA	12.41	12.85	36.90	-107.84	-18.17	-5.42	-9.21	-9.72	-11.06	-2,036.00	-31.86
Net Debt to EBITDA	11.54	12.00	34.47	-101.36	-17.13	-5.13	-8.66	-9.21	-10.45	-1,881.10	-30.00
Long-Term Debt to EBITDA	12.41	12.85	36.90	-107.84	-18.17	-5.42	-9.21	-9.72	-11.06	-2,036.00	-31.86
Debt to NOPAT	18.67	25.54	-314.75	-40.38	-16.07	-7.09	-11.95	-13.15	-16.68	387.81	-30.59
Net Debt to NOPAT	17.36	23.85	-294.01	-37.96	-15.15	-6.71	-11.24	-12.46	-15.76	358.30	-28.80
Long-Term Debt to NOPAT	18.67	25.54	-314.75	-40.38	-16.07	-7.09	-11.95	-13.15	-16.68	387.81	-30.59
Altman Z-Score	0.62	0.65	0.47	0.43	0.35	0.14	0.41	0.22	0.22	0.34	0.23
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.83	1.96	1.82	1.44	1.57	1.76	1.64	1.45	1.26	1.60	1.38
Quick Ratio	1.04	1.19	1.14	0.83	0.95	1.02	0.91	0.83	0.69	1.04	0.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,382	-3,752	-5,544	-1,781	-540	470	2,614	-988	-788	-1,605	-543
Operating Cash Flow to CapEx	22.23%	222.19%	0.00%	52.78%	26.30%	183.57%	0.00%	34.96%	40.90%	528.48%	70.96%
Free Cash Flow to Firm to Interest Expense	-17.99	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	2.64	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-9.25	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.37	0.39	0.40	0.39	0.36	0.38	0.39	0.38	0.36	0.37	0.39
Accounts Receivable Turnover	7.95	7.50	8.66	8.37	7.28	6.69	7.55	7.18	7.13	6.68	7.35
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.63	0.67	0.69	0.66	0.60	0.64	0.68	0.66	0.60	0.66	0.69
Accounts Payable Turnover	6.06	7.19	8.03	6.04	7.30	9.92	0.00	0.00	0.00	0.00	7.31
Days Sales Outstanding (DSO)	45.89	48.68	42.16	43.61	50.11	54.53	48.32	50.81	51.21	54.65	49.68
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	60.23	50.77	45.43	60.42	50.03	36.81	0.00	0.00	0.00	0.00	49.91
Cash Conversion Cycle (CCC)	-14.34	-2.09	-3.27	-16.81	0.08	17.73	48.32	50.81	51.21	54.65	-0.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,243	18,347	20,190	17,611	18,333	16,732	18,045	18,241	18,923	18,494	18,351
Invested Capital Turnover	0.55	0.56	0.53	0.55	0.51	0.52	0.47	0.49	0.46	0.48	0.47
Increase / (Decrease) in Invested Capital	3,685	4,018	5,100	1,315	90	-1,615	-2,145	630	590	1,762	306
Enterprise Value (EV)	21,201	18,770	20,296	17,209	17,455	17,062	19,014	19,712	21,540	20,924	20,412
Market Capitalization	5,797	3,813	3,198	2,410	1,080	1,011	1,122	1,209	2,113	2,113	1,602
Book Value per Share	$9.01	$10.89	$10.05	$9.22	$6.40	$2.22	$0.50	($0.85)	($1.63)	($1.02)	($1.47)
Tangible Book Value per Share	($3.45)	($1.72)	($2.65)	($3.59)	($6.36)	($10.49)	($12.20)	($13.55)	($14.23)	($13.57)	($14.00)
Total Capital	19,409	19,403	21,396	18,556	19,327	17,637	19,178	19,262	20,052	20,043	19,518
Total Debt	16,570	16,013	18,304	15,744	17,369	16,956	19,025	19,524	20,556	20,360	19,977
Total Long-Term Debt	16,570	16,013	18,304	15,744	17,369	16,956	19,025	19,524	20,556	20,360	19,977
Net Debt	15,404	14,957	17,098	14,799	16,375	16,051	17,892	18,503	19,427	18,811	18,810
Capital Expenditures (CapEx)	2,236	383	-84	701	2,076	487	-336	718	846	158	272
Debt-free, Cash-free Net Working Capital (DFCFNWC)	417	556	199	-53	95	467	125	-8.00	-513	-224	-329
Debt-free Net Working Capital (DFNWC)	1,583	1,612	1,405	892	1,089	1,372	1,258	1,013	616	1,325	838
Net Working Capital (NWC)	1,583	1,612	1,405	892	1,089	1,372	1,258	1,013	616	1,325	838
Net Nonoperating Expense (NNE)	164	-363	-96	-280	415	187	948	85	96	-27	-43
Net Nonoperating Obligations (NNO)	15,404	14,957	17,098	14,799	16,375	16,051	17,892	18,503	19,427	18,811	18,810
Total Depreciation and Amortization (D&A)	47	48	66	50	56	55	52	50	49	50	54
Debt-free, Cash-free Net Working Capital to Revenue	4.63%	6.03%	2.12%	-0.56%	1.02%	5.08%	1.38%	-0.09%	-5.96%	-2.63%	-3.87%
Debt-free Net Working Capital to Revenue	17.56%	17.48%	14.99%	9.49%	11.68%	14.92%	13.90%	11.54%	7.15%	15.56%	9.85%
Net Working Capital to Revenue	17.56%	17.48%	14.99%	9.49%	11.68%	14.92%	13.90%	11.54%	7.15%	15.56%	9.85%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.44	$2.02	($1.10)	($0.61)	($2.82)	($4.34)	($1.57)	($1.44)	($0.95)	$0.59	($0.61)
Adjusted Weighted Average Basic Shares Outstanding	314M	311M	313M	305M	306M	307M	306M	307M	309M	311M	310M
Adjusted Diluted Earnings per Share	$0.44	$0.92	($0.58)	($0.61)	($2.82)	($4.34)	($1.57)	($1.44)	($0.95)	$0.42	($0.46)
Adjusted Weighted Average Diluted Shares Outstanding	315M	327M	326M	305M	306M	307M	306M	307M	309M	364M	322M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	311.26M	307.81M	305.30M	305.81M	306.51M	306.69M	306.83M	309.31M	310.79M	311.59M	312.36M
Normalized Net Operating Profit after Tax (NOPAT)	303	165	-444	-466	-450	-210	469	-358	-198	160	-237
Normalized NOPAT Margin	12.42%	6.11%	-20.32%	-22.38%	-19.13%	-8.15%	22.99%	-19.77%	-9.07%	6.47%	-11.67%
Pre Tax Income Margin	6.48%	20.68%	-22.57%	-27.93%	-20.10%	-62.89%	-27.60%	-28.96%	-14.46%	9.44%	-11.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.84	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	1.61	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-10.05	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-10.28	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	100.78%	53.80%	51.14%	84.19%	-12.08%	-1.57%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Hertz Global (HTZ) has been navigating a period of post-pandemic recovery with a mix of solid cash flow generation and meaningful leverage. Over the four-year window (2022–2025), the company has seen quarterly revenue generally in the $2.0B–$2.5B range, with occasional upswings. The latest Q3–Q4 2025 data show a rebound in profitability in one quarter, but profitability remains uneven, and cash needs remain sizable to fund capex and debt service.

Key takeaways from the last four years include a pattern of positive operating cash flow in several quarters, notable capital expenditure (PPE) activity, and a heavy indebted balance sheet. The data also highlight a notable exception in Q3 2025 where net income turned positive and cash flow from operations remained robust, contrasting with several negative quarterly net income results elsewhere in the period.

Q3 2025 quarterly operating revenue reached about $2.48B, the highest quarterly top line in the period, with gross profit around $1.02B and positive operating income (~$200M).
Net income attributable to common shareholders turned positive in Q3 2025, at about $184M, with basic EPS around $0.59 and diluted EPS around $0.42.
Operating cash flow has been generally positive across recent quarters, including about $835M from continuing operations in Q3 2025, and sizable positive cash flow in several quarters (e.g., Q4 2024 ≈ $414M, Q2 2025 ≈ $346M, Q1 2025 ≈ $251M).
Q4 2025 saw a sizable cash inflow from the sale of property, plant & equipment, roughly $2.14B, supporting liquidity despite other cash uses.
The balance sheet shows a large asset base (Total assets around $22–23B in 2024–2025) and substantial long-term debt (roughly $18B in mid-2025), indicating strong asset backing but high leverage.
Financing activity reflects a mix of debt issuance and repayments across quarters, with net cash from financing often moving in and out of cash flow depending on funding needs and debt management.
Seasonality appears in quarterly results, with Q3 often showing stronger revenue relative to some other quarters, consistent with Hertz’s seasonal rental patterns and fleet utilization.
Net income is negative in several quarters outside the positive Q3 2025, including Q1 2025 (-$443M) and Q2 2025 (-$294M), signaling ongoing profitability pressure outside a few bright spots.
The company carries a very high debt load (long-term debt around $18B and total liabilities near $23B in 2024–2025) with equity often showing weakness, implying meaningful leverage risk and financing sensitivity.
Capital expenditures are substantial (frequent PPE purchases) and contribute to sizable quarterly cash outflows, which can pressure near-term liquidity despite positive operating cash flow in some quarters.

05/05/26 04:30 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Hertz Global's Financials

When does Hertz Global's fiscal year end?

According to the most recent income statement we have on file, Hertz Global's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Hertz Global's net income changed over the last 10 years?

Hertz Global's net income appears to be on an upward trend, with a most recent value of -$747 million in 2025, falling from $273 million in 2015. The previous period was -$2.86 billion in 2024.

What is Hertz Global's operating income?

Hertz Global's total operating income in 2025 was -$933 million, based on the following breakdown:

Total Gross Profit: $3.02 billion
Total Operating Expenses: $3.95 billion

How has Hertz Global's revenue changed over the last 10 years?

Over the last 10 years, Hertz Global's total revenue changed from $9.02 billion in 2015 to $8.50 billion in 2025, a change of -5.7%.

How much debt does Hertz Global have?

Hertz Global's total liabilities were at $22.77 billion at the end of 2025, a 5.2% increase from 2024, and a 5.9% increase since 2015.

How much cash does Hertz Global have?

In the past 10 years, Hertz Global's cash and equivalents has ranged from $474 million in 2015 to $2.26 billion in 2021, and is currently $565 million as of their latest financial filing in 2025.

How has Hertz Global's book value per share changed over the last 10 years?

Over the last 10 years, Hertz Global's book value per share changed from 30.12 in 2015 to -1.47 in 2025, a change of -104.9%.

Related Companies

Financial statements for NASDAQ:HTZWW last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Hertz Global (HTZWW) Financials

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Hertz Global (HTZWW) Financials

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