HERTZ GLOBAL HOLDINGS, INC

Hertz Global Holdings reported a significant turnaround in its second quarter 2026 financial performance, swinging to a net income of $64M compared to a substantial loss in the same period last year. Revenues for the quarter increased by 9.7% to $2.396B. For the first six months of 2026, the company reduced its net loss to $(269)M from $(737)M year-over-year, and also recognized a $64M pre-tax gain from sale-leaseback transactions.

Hertz Global Holdings reported strong Q2 2026 financial results, with revenue increasing 10% year-over-year to $2.4 billion, driven by record Revenue per Day (RPD) excluding 2022. The company achieved an Adjusted Corporate EBITDA of $81 million, a $63 million improvement year-over-year, despite higher recall activity. Hertz also highlighted progress in its transformation strategy, including the momentum of its Oro Mobility affiliate and a younger U.S. core fleet. The company maintained strong liquidity and issued $350 million in Exchangeable First Lien Notes.

Hertz Global Holdings announced an anti-dilution adjustment to its public warrants. This action was triggered by the issuance of $380,000,000 in 6.75% Exchangeable Senior First-Lien Secured PIK Notes due 2030 by its subsidiary, The Hertz Corporation. Consequently, the exercise price of the public warrants decreased from $13.61 to $12.81, and the number of shares a holder is entitled to upon exercise increased from 1.0140 to 1.0772.

Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., completed an offering of $350 million aggregate principal amount of 6.75% Exchangeable Senior First-Lien Secured PIK Notes due 2030. These notes will bear interest semi-annually, with a portion paid in cash and a portion as PIK interest, and are exchangeable into common stock, cash, or a combination. Concurrently, Hertz Global Holdings entered into a share lending agreement with J.P. Morgan Securities LLC to lend 37,037,037 shares of common stock, likely to facilitate the notes offering.

Hertz Corporation, a wholly-owned indirect subsidiary of Hertz Global Holdings, Inc., priced an upsized offering of $350 million aggregate principal amount of 6.75% Exchangeable Senior First-Lien Secured PIK Notes due 2030, with an option for initial purchasers to buy an additional $50 million. The estimated net proceeds of $339.5 million (or $388.0 million if the option is exercised) will be used to repay outstanding borrowings under its revolving credit facility and for general corporate purposes. Concurrently, Hertz Global Holdings priced an offering of 37,037,037 shares of its common stock at $2.70 per share, which will be loaned to J.P. Morgan Securities LLC to facilitate hedging for investors in the Notes, with the company receiving only a nominal lending fee.

Hertz Global Holdings, Inc. announced that its subsidiary, The Hertz Corporation, plans to offer $300 million in Exchangeable Senior First-Lien Secured PIK Notes due 2030 in a private offering. The proceeds will be used for general corporate purposes, including debt repayment. Concurrently, Hertz Global Holdings intends to offer $100 million of common stock, which will be loaned to J.P. Morgan Securities LLC to facilitate hedging for investors in the Notes. Hertz will not receive proceeds from the common stock offering, only a nominal lending fee.

Hertz Global Holdings expects its second quarter 2026 fleet size, revenue, RPD, and rental days to meet or slightly exceed prior expectations due to strong demand and capacity utilization. However, unexpected softness in the used car market led to losses on vehicle sales in May, negatively impacting depreciation. Consequently, Q2 net DPU per month is now projected at approximately $300, and Adjusted Corporate EBITDA is expected to be $50-80 million, at the lower end of its previous range.

Hertz Vehicle Financing III LLC (HVF III), a wholly-owned subsidiary of The Hertz Corporation, issued two series of fixed-rate rental car asset-backed notes totaling $1 billion. The Series 2026-1 notes, aggregating $500 million, have an expected final payment date of November 2029, while the Series 2026-2 notes, also totaling $500 million, have an expected final payment date of November 2031. These notes are part of Hertz's securitization platform to finance its U.S. rental car fleet. Principal payments are expected to begin in June 2029 for Series 2026-1 and June 2031 for Series 2026-2, unless an amortization event occurs.

Hertz Global Holdings, Inc. reported a 10.5% increase in revenues to $2.00 billion for the first quarter of 2026, compared to $1.81 billion in the prior year. The company's net loss narrowed significantly to $333 million, an improvement from a $443 million loss in Q1 2025. Despite the improved profitability, net cash provided by operating activities decreased to $20 million from $251 million, and total debt increased to $18.20 billion.

Hertz Global Holdings, Inc. reported its first quarter 2026 results, with revenue reaching $2.0 billion, an 11% increase year over year and the strongest growth in three years. Despite reporting a GAAP net loss of $333 million and an Adjusted net loss of $224 million, the company showed significant year-over-year improvements in profitability metrics, including a nearly 50% improvement in Adjusted Corporate EBITDA. Additionally, Hertz announced the launch of Oro Mobility, a new operating company focused on expanding into emerging mobility segments with driver-led and autonomous fleet management solutions.