10-Q · April 28, 2026
Herc reported Q1 2026 total revenue of $1,139 million, beating the consensus of $1,052,926,872 and increasing ~$278 million (32.3%) versus Q1 2025 revenue of $861 million. GAAP diluted loss was $(0.72) per share (miss…
Earnings analysis · 10-Q
HRI earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
Herc reported Q2 revenue of $1.204 billion and GAAP diluted EPS of $0.57. Equipment rental revenue rose 23% to $1.072 billion and adjusted EBITDA increased 19% to $487 million, supporting increases in 2026…
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Herc reported Q2 revenue of $1.204 billion and GAAP diluted EPS of $0.57. Equipment rental revenue rose 23% to $1.072 billion and adjusted EBITDA increased 19% to $487 million, supporting increases in 2026 rental-revenue and adjusted-EBITDA outlooks. The principal offset is a substantial step-up in anticipated net rental equipment capex to $850 million-$950 million, while the supplied filing text does not provide sufficient figures to quantify quarterly margins, balance-sheet changes, or free cash flow.
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
- $0.57
- Segment
- Equipment rental revenue: $1.072 billion, up 23% year over year.
What stood out
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Revenue accelerated sequentially and year over year
Second-quarter revenue was $1.204 billion, up approximately $64 million (5.6%) from $1.140 billion in 2026Q1 and approximately $204 million (20.4%) from $1.000 billion in 2025Q2.
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Rental segment delivered 23% growth
Equipment rental revenue reached $1.072 billion, increasing 23% year over year and supplying the principal driver of the $1.204 billion quarterly revenue total.
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Adjusted EBITDA grew to $487 million
Adjusted EBITDA increased 19% year over year to $487 million, indicating earnings expansion alongside the 23% increase in equipment rental revenue.
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Full-year rental-revenue outlook raised
Management raised 2026 equipment rental revenue outlook to $4.375 billion-$4.475 billion, from $4.275 billion-$4.400 billion previously.
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Adjusted EBITDA outlook increased
The company increased its 2026 adjusted EBITDA outlook to $2.050 billion-$2.125 billion, from $2.000 billion-$2.100 billion previously.
What to watch
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GAAP EPS missed consensus
GAAP diluted EPS was $0.57, below the $0.66 consensus estimate, despite quarterly revenue of $1.204 billion.
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Higher capex raises cash-flow demands
The increased capital plan calls for $850 million-$950 million of net rental equipment capex in 2026, versus prior guidance of $500 million-$800 million, raising funding and free-cash-flow execution requirements.
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No material risk-factor updates
The 10-Q states that there were no material changes to risk factors disclosed in the 2025 Form 10-K as of June 30, 2026; therefore, the filing does not identify a newly changed or newly quantified risk factor.
Management's outlook
The company raised 2026 equipment-rental-revenue guidance to $4.375 billion-$4.475 billion and adjusted EBITDA guidance to $2.050 billion-$2.125 billion. It also increased planned net rental equipment capex to $850 million-$950 million. No GAAP EPS outlook was disclosed in the filing materials provided.
Earlier filings 4
10-K · February 17, 2026
Herc expanded scale in 2025 via the acquisition of H&E (adding ~160 locations and over 2,500 team members) and ended the year with a large rental fleet (original equipment cost $9.5 billion) and 602 locations in North…
10-K · February 13, 2025
Herc positions itself as a leading North American equipment rental provider with scale (451 locations) and an estimated 4% market share, supported by a $7.0 billion original equipment cost fleet (average age 46 months).…
10-Q · October 22, 2024
Herc Holdings reported Q3 2024 revenue of $965 million and diluted EPS of $4.28. Revenue and margins improved year-over-year driven by equipment rental growth, resulting in operating margin expansion to 23.7%; the…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.