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Herc Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$335M in Q3 2026 · $1.1B over twelve months

Operating cash flow$360M
Capital spending−$25.0M
Free cash flow+$335M
Cash / net income3.5×

Analysis

In Q3 2026, Herc Holdings generated $360M of operating cash flow and spent $25.0M on capital projects, leaving free cash flow of $335M. That is $20.0M more than in Q3 2025 ($315M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.3B; the largest uses were other investing ($857M), net borrowing (+) / repaid (−) ($169M), capital spending ($141M); besides operations, cash came from asset & business sales ($31.0M), shares issued ($8.0M); the cash balance rose by $5.0M.

Operating cash flow was $360M against net income of $104M — 3.5× profit, cash ran ahead of reported earnings. The largest differences: receivables −$162M, accrued liabilities +$91.0M, payables −$43.0M.

Free cash flow

Herc Holdings: free cash flow by quarterHerc Holdings: free cash flow by quarter$297MQ4 2024$138MQ1 2025$194MQ2 2025$315MQ3 2025$281MQ4 2025$236MQ1 2026$273MQ2 2026$335MQ3 2026
Operating cash flow less capital spending.
Herc Holdings: operating cash flow against capital spendingHerc Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$331M$34.0MQ4 2024$171M$33.0MQ1 2025$241M$47.0MQ2 2025$358M$43.0MQ3 2025$315M$34.0MQ4 2025$277M$41.0MQ1 2026$314M$41.0MQ2 2026$360M$25.0MQ3 2026
Latest (Q3 2026): Operating cash flow $360M, Capital spending $25.0M.

Capital allocation, year by year

Herc Holdings: where the cash came from (up) and went (down), by fiscal yearHerc Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $743MFY2021: Net borrowing $242MFY2021: Shares issued $2.0MFY2021: Asset sales $5.0MFY2021: Capital spending −$47.0MFY2021: Acquisitions −$431MFY2021: Dividends −$15.0M$992MFY2021FY2022: Operating cash flow $917MFY2022: Net borrowing $990MFY2022: Asset sales $7.0MFY2022: Capital spending −$104MFY2022: Acquisitions −$515MFY2022: Buybacks −$115MFY2022: Dividends −$68.0M$1.9BFY2022FY2023: Operating cash flow $1.1BFY2023: Net borrowing $728MFY2023: Shares issued $3.0MFY2023: Asset sales $15.0MFY2023: Capital spending −$156MFY2023: Acquisitions −$430MFY2023: Buybacks −$120MFY2023: Dividends −$73.0M$1.8BFY2023FY2024: Operating cash flow $1.2BFY2024: Net borrowing $393MFY2024: Shares issued $2.0MFY2024: Asset sales $10.0MFY2024: Capital spending −$161MFY2024: Acquisitions −$600MFY2024: Dividends −$77.0M$1.6BFY2024FY2025: Operating cash flow $1.1BFY2025: Net borrowing $3.9BFY2025: Asset sales $119MFY2025: Capital spending −$157MFY2025: Acquisitions −$4.3BFY2025: Dividends −$87.0M$5.1BFY2025
Over these 5 years operating cash flow totalled $5.1B; the largest uses were acquisitions ($6.2B) and capital spending ($625M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$66.0M
Debt$8.0B
Net debt$8.0B
Due within a year$26.0M

Herc Holdings funds itself: free cash flow was $1.1B over the last twelve months, and $66.0M of cash and investments stands against $8.0B of debt ($26.0M due within a year, 2.5× covered by cash).

Herc Holdings: debt maturities by year (FY2025)Herc Holdings: debt maturities by year (FY2025)$26.0MYear 1$21.0MYear 2$497MYear 3$819MYear 4$3.7BYear 5$3.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $66.0M of cash and investments now.

Where the cash came from and went

Herc Holdings: sources (+) and uses (−) of cash, Q3 2026Herc Holdings: sources (+) and uses (−) of cash, Q3 2026Other investing−$410MOperating cash flow$360MNet borrowing (+) / repaid (−)$123MCapital spending−$25.0MDividends−$24.0MCash drawn (+) / kept (−)−$23.0MOther financing−$8.0MAsset & business sales$6.0MShares issued$2.0MTaxes on employees’ shares−$1.0M
Herc Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Herc Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.3BOther investing−$857MNet borrowing (+) / repaid (−)−$169MCapital spending−$141MDividends−$94.0MAsset & business sales$31.0MOther financing−$30.0MTaxes on employees’ shares−$9.0MShares issued$8.0MCash drawn (+) / kept (−)−$5.0MAcquisitions−$1.0MExchange rates$1.0M

From profit to cash

Herc Holdings: net income to operating cash flow, Q3 2026Herc Holdings: net income to operating cash flow, Q3 2026Net income$104MStock-based pay$14.0MDeferred taxes$15.0MReceivables−$162MPayables−$43.0MAccrued liabilities$91.0MOperating cash flow$360M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$360M−$25.0M—−$24.0M$123M$2.0M−$23.0M$335M
Q2 2026$314M−$41.0M—−$23.0M−$78.0M$2.0M—$273M
Q1 2026$277M−$41.0M—−$24.0M−$66.0M$2.0M$9.0M$236M
Q4 2025$315M−$34.0M−$1.0M−$23.0M−$142M—$9.0M$281M
Q3 2025$358M−$43.0M−$5.0M−$23.0M−$87.0M—−$8.0M$315M
Q2 2025$241M−$47.0M−$4.2B−$20.0M$757M—−$5.0M$194M
Q1 2025$171M−$33.0M−$11.0M−$21.0M−$41.0M—$35.0M$138M
Q4 2024$331M−$34.0M−$33.0M−$19.0M−$100M—$59.0M$297M

Herc Holdings: income statement and cash flow

Herc Holdings, Q3 2026: revenue $1.4B (+5% year over year), operating margin 8.8%. The chart follows the revenue to costs, profit and cash.

Herc Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.