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…
Earnings analysis · 10-Q
HTZ earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
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.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
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
- $-0.72
What stood out
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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.
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EPS Surpasses Estimates
The reported EPS was -$0.72, compared to an expected -$0.73, showing a smaller net loss.
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Cash Flow Improvement
Free cash flow improved to -$2.62 billion compared to -$2.73 billion in Q4 2025.
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Recovery in Gross Margin
Gross margin improved to 7.6%, up from 0.2% in Q1 2025, indicating better cost management.
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Operating Margin Recovery
Operating margin increased to -15.5% in Q1 2026 from -13.5% in Q1 2025.
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Streamlined Operations
Ongoing operational transformations are starting to improve efficiency despite market headwinds.
What to watch
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High Net Loss
Net loss continued to be significant, with a Q1 2026 loss of -$0.72 EPS.
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Cash Flow Pressure
Free cash flow remains negative at -$2.62 billion, indicating cash usage outpacing inflows.
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Market Volatility Impact
Management indicated continued volatility in share price and broader market risks affecting operations.
Management's outlook
Full-year 2026 guidance remains unchanged.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.