HERTZ CORP

CIK:0000047129|SEC Filings

HGH - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Revenues	$ 2,396		$ 2,185		$ 4,400	$ 3,998
Expenses:
Direct vehicle and operating	1,454		1,394		2,798	2,668
Depreciation of revenue earning vehicles and lease charges, net	487		415		968	950
Non-vehicle depreciation and amortization	26		29		52	59
Selling, general and administrative	258		246		494	465
Interest expense, net	259		384		515	651
Other (income) expense, net	3		7		1	11
(Gain) on sale of non-vehicle capital assets	(64)		(89)		(64)	(89)
Change in fair value of Public Warrants	(98)		115		(131)	124
Total expenses	2,325		2,501		4,633	4,839
Income (loss) before income taxes	71		(316)		(233)	(841)
Income tax (provision) benefit	(7)		22		(36)	104
Net income (loss)	$ 64	$ (333)	$ (294)	$ (443)	$ (269)	$ (737)
Weighted-average common shares outstanding:
Basic (in shares)	317		309		315	308
Diluted (in shares)	418		309		358	308
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0.20		$ (0.95)		$ (0.85)	$ (2.39)
Diluted (in dollars per share)	$ 0.05		$ (0.95)		$ (0.87)	$ (2.39)
Vehicle
Expenses:
Interest expense, net	$ 165		$ 152		$ 311	$ 292
Non-vehicle
Expenses:
Interest expense, net	$ 94		$ 232		$ 204	$ 359

HGH - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net income (loss)			$ (269)	$ (737)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles, net			1,079	1,082
Depreciation and amortization, non-vehicle	$ 26	$ 29	52	59
Amortization of deferred financing costs and debt discount (premium)			37	36
Accreted interest on Exchangeable Notes			15	4
Non-cash paid-in-kind ("PIK") interest on Exchangeable Notes			11	11
Stock-based compensation charges			38	32
Provision for receivables allowance			84	53
Deferred income taxes, net			39	(148)
(Gain) loss on sale of non-vehicle capital assets			(64)	(89)
Change in fair value of Public Warrants	(98)	115	(131)	124
Unrealized (gain) loss on financial instruments			(84)	104
Other			(1)	9
Changes in assets and liabilities:
Non-vehicle receivables			(275)	(84)
Prepaid expenses and other assets			(66)	(53)
Operating lease right-of-use assets			220	218
Non-vehicle accounts payable			90	28
Accrued liabilities			(211)	138
Accrued taxes, net			6	4
Operating lease liabilities			(167)	(208)
Self-insured liabilities			(2)	14
Net cash provided by (used in) operating activities			401	597
Cash flows from investing activities:
Revenue earning vehicles expenditures			(7,217)	(5,896)
Proceeds from disposal of revenue earning vehicles			5,083	4,250
Non-vehicle capital asset expenditures			(57)	(44)
Proceeds from disposal of non-vehicle capital assets			122	126
Net cash provided by (used in) investing activities			(2,069)	(1,564)
Cash flows from financing activities:
Payment of financing costs			(54)	(41)
Proceeds from the issuance of stock, net			3	0
Other			(12)	(7)
Net cash provided by (used in) financing activities			1,815	933
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents			(10)	30
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period			137	(4)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period			1,167	1,133	$ 1,133
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 1,304	$ 1,129	1,304	1,129	$ 1,167
Cash paid during the period for:
Income taxes, net of refunds			26	56
Supplemental disclosures of non-cash information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives			355	191
Sales of revenue earning vehicles included in vehicle receivables			148	100
Purchases of non-vehicle capital assets included in accounts payable			23	10
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease			32	30
Vehicle
Cash flows from financing activities:
Proceeds from issuance of debt			2,785	3,774
Repayments of debt			(1,675)	(2,990)
Cash paid during the period for:
Interest, net of amounts capitalized:			294	255
Non-vehicle
Cash flows from financing activities:
Proceeds from issuance of debt			2,101	1,056
Repayments of debt			(1,333)	(859)
Cash paid during the period for:
Interest, net of amounts capitalized:			$ 219	$ 212

HGH - CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Jun. 30, 2026

Dec. 31, 2025

ASSETS

Cash and cash equivalents

$ 631

$ 565

Total restricted cash and cash equivalents

673

602

Total cash and cash equivalents and restricted cash and cash equivalents

1,304

1,167

Total receivables, net

1,203

1,110

Prepaid expenses and other assets

989

782

Revenue earning vehicles:

Vehicles

15,249

14,039

Less: accumulated depreciation

(1,569)

(1,513)

Total revenue earning vehicles, net

13,680

12,526

Property and equipment, net

505

566

Operating lease right-of-use assets

2,269

2,257

Intangible assets, net

2,877

2,858

Goodwill

1,045

Total assets

^[1]

23,872

22,311

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable

1,125

859

Accrued liabilities

1,024

1,231

Accrued taxes, net

135

131

Total debt

18,747

17,054

Public Warrants

222

Operating lease liabilities

2,340

2,275

Self-insured liabilities

643

648

Deferred income taxes, net

396

350

Total liabilities

^[1]

24,500

22,770

Commitments and contingencies

Stockholders' equity:

Preferred stock, $0.01 par value, no shares issued and outstanding

Common stock, $0.01 par value, 530,730,089 and 486,543,836 shares issued, respectively, and 355,918,045 and 311,731,792 shares outstanding, respectively

Treasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively

(3,430)

Additional paid-in capital

6,557

6,447

Retained earnings (Accumulated deficit)

(3,518)

(3,249)

Accumulated other comprehensive income (loss)

(242)

(232)

Total stockholder's equity (deficit)

(628)

(459)

Total liabilities and stockholders' equity (deficit)

23,872

22,311

Vehicle

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable

497

342

Total debt

12,710

11,629

Non-vehicle

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable

628

517

Total debt

6,037

5,425

Vehicle

ASSETS

Total restricted cash and cash equivalents

399

317

Total receivables, net

290

381

Non-vehicle

ASSETS

Total restricted cash and cash equivalents

274

285

Total receivables, net

$ 913

$ 729

[1]

Hertz Global Holdings, Inc.'s consolidated total assets as of June 30, 2026 and December 31, 2025 include total assets of variable interest entities (“VIEs”) of $1.4 billion and $1.3 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of June 30, 2026 and December 31, 2025 include total liabilities of VIEs of $1.4 billion and $1.3 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 5, "Debt," for further information.