HTZ · Hertz Global Holdings, Inc.

Hertz Global Holdings reported Q1 2026 results that showed meaningful progress in its transformation, with revenue reaching $2.0 billion, an 11% year-over-year increase—the strongest growth in three years. The improvement was driven by structural enhancements to commercial strategies, including pricing optimization and fleet management. Revenue per Day (RPD) rose 5.5% to $57.38, the best year-over-year improvement since 2022, while Revenue per Unit (RPU) increased 5% to $1,353. Net depreciation per unit per month (Net DPU) improved 13% to $312, approaching the company's North Star target of sub-$300, supported by disciplined fleet rotation.

Despite these operational gains, the company reported a GAAP net loss of $333 million, improved from a $443 million loss in the prior year. Adjusted net loss was $224 million, and Adjusted Corporate EBITDA was $(161) million, a nearly 50% improvement year-over-year. The results were impacted by elevated vehicle recalls, which were approximately 300% higher year-over-year, reducing utilization by roughly 200 basis points and impacting transaction days by about 930,000, with a revenue impact of about $50 million and an EBITDA impact of over $25 million. Excluding recalls, utilization was up 140 basis points.

Management highlighted the launch of Oro Mobility, an affiliated operating company providing fleet management solutions for driver-led and autonomous models, with Uber as a major partner. The company also expanded Hertz Car Sales through a partnership with eBay. Liquidity stood at approximately $837 million at quarter end, with an additional $200 million raised in April. The company continues to focus on its "Back-to-Basics" strategy, targeting DPU under $300, RPU over $1,500, and DOE per transaction day in the low $30s.