HTZ earnings analysis
What we found in HTZ's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Hertz reported its Q1 2026 results with revenues reaching $2.00 billion, surpassing estimates of $1.89 billion. While the company reported a diluted EPS of -$0.72, slightly better than the expected -$0.73, it indicated continued operational challenges despite the revenue beat.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Beat
- Q1 2026 revenues totaled $2.00 billion, exceeding estimates of $1.89 billion, reflecting a 10.4% increase from $1.81 billion in Q1 2025.
- EPS Surpasses Estimates
- The reported EPS was -$0.72, compared to an expected -$0.73, showing a smaller net loss.
- Cash Flow Improvement
- Free cash flow improved to -$2.62 billion compared to -$2.73 billion in Q4 2025.
- Recovery in Gross Margin
- Gross margin improved to 7.6%, up from 0.2% in Q1 2025, indicating better cost management.
- Operating Margin Recovery
- Operating margin increased to -15.5% in Q1 2026 from -13.5% in Q1 2025.
- Streamlined Operations
- Ongoing operational transformations are starting to improve efficiency despite market headwinds.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Net Loss
- Net loss continued to be significant, with a Q1 2026 loss of -$0.72 EPS.
- Cash Flow Pressure
- Free cash flow remains negative at -$2.62 billion, indicating cash usage outpacing inflows.
- Market Volatility Impact
- Management indicated continued volatility in share price and broader market risks affecting operations.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.72
- Gross margin
- 7.6%
- Operating margin
- -15.5%
What they said about what is next.
Full-year 2026 guidance remains unchanged.
The filing reads better than the one before it.
What came before.
- 10-K · February 26, 2026
- Hertz's 2025 Form 10-K reasserts a "Back-to-Basics" strategy focused on disciplined fleet management, revenue optimization and rigorous cost control while highlighting the company's global scale (≈11,000 locations…
- 10-Q · November 4, 2025
- Hertz reported Q3 2025 revenue of $2,478 million and returned to profitability with net income of $184 million (vs. a loss of $1,332 million in Q3 2024) and diluted EPS of $0.42. Revenue was down modestly vs. prior-year…
- 10-Q · May 12, 2025
- Hertz reported Q1 2025 revenue of $1,813 million and a net loss of $443 million (Hertz Global), producing diluted EPS of $(1.44). Operating margins remained negative (approx. -13.5%) and free cash flow was deeply…
- 10-Q · November 12, 2024
- Hertz reported third-quarter revenue of $2,576.0 million and a GAAP loss per share of $(4.34) driven by a large non-cash long‑lived assets impairment and elevated depreciation/reserve charges. Management recognized…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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