Hertz Global Holdings Stock Earnings Reports

Hertz reported a strong Q1 2026 with revenue of $2.0 billion (up 11% YoY) and a $141 million year-over-year improvement in adjusted corporate EBITDA. Management highlighted progress versus its three financial "North Star" metrics: disciplined fleet management (DPU target <$300), revenue optimization (RPU target >$1,500), and cost control (DOE per day target in the low $30s). RPD improved ~5% YoY (with U.S. airport RPD up ~8%), and sequential monthly momentum continued across Q1 into April. Elevated recalls (up ~300%) were a meaningful headwind that reduced utilization by ~200 bps and cost the company roughly $50 million in revenue and >$25 million in adjusted EBITDA impact, but management said core DOE per day improved when normalized for nonrecurring items. Fleet rotation and a younger fleet are driving better economics; net DPU is expected to be below $300 for the full year but gross DPU beat the annual target this quarter. Liquidity improved with $837 million at quarter end and an additional $200 million ABS completed in April; Hertz expects Q2 liquidity just under $1 billion and year-end liquidity north of $1.5 billion. Management slightly trimmed capacity guidance (days and fleet growth now lower than prior guidance) but maintained full-year EBITDA margin guidance of 3%–6% and reiterated a $1 billion EBITDA target for 2027. A major strategic development is the launch of Oro, a new mobility/orchestration business (partnering with Uber and participating in AV programs) intended to become a high-growth, high-margin platform adjacent to rental and fleet sales. Management emphasized the shift to a multi‑business "platform" / sum-of-the-parts strategy (rent-a-car, fleet & sales, services, mobility/Oro) as a potential valuation driver over time.