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Hertz Global Holdings (HTZ) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Hertz Global Holdings (HTZ) Q3 2026 earnings results →

Q3 2026 Revenue up 6% year over year to $2.6B · 4¢ of every $1 of revenue kept as net profit · operating margin 3.3%

Hertz Global Holdings made $2.6B in Q3 2026 (+6% Y/Y). Operating margin 3.3%, net earnings $116M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$2.6B
Year over year+6%
Operating margin3.3%
Net earnings$116M
Operating cash flow$599M

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Hertz Global Holdings Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Hertz Global Holdings Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.6B in Q3 2026, up 6% year over year and up 9% from the previous quarter.

Operating profit was $0.09B, a 3.3% margin (down 6.1 points year over year). Operating profit fell $0.15B even though revenue rose $0.14B versus Q3 2025, so costs grew faster than sales. Total costs grew 13% against revenue growth of 6%. The fastest-growing cost line was Other operating costs (+14%). Net earnings were $0.12B, down 37% year over year. The effective tax rate was -33.3%.

Operating cash flow was $0.60B (down 28% year over year), 516% of net earnings. Non-cash charges added back $0.03B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.44B. Capital expenditures of $0.03B left free cash flow of $0.57B.

Quarterly history

Hertz Global Holdings revenue by quarterHertz Global Holdings revenue by quarter$2.0BQ4 2024$2.2BQ2 2025$2.5BQ3 2025$2.0BQ4 2025$2.0BQ1 2026$2.4BQ2 2026$2.6BQ3 2026
Hertz Global Holdings net earnings by quarterHertz Global Holdings net earnings by quarter−$479MQ4 2024−$294MQ2 2025$184MQ3 2025−$194MQ4 2025−$333MQ1 2026$64.0MQ2 2026$116MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$2.6B+6%3.3%$116M$599M
Q2 202610-QAug 6, 2026$2.4B+10%3.0%$64.0M$381M
Q1 202610-QMay 8, 2026$2.0B+10%-15.2%−$333M$20.0M
Q4 202510-KFeb 26, 2026$2.0B-0.6%-11.0%−$194M$193M
Q3 202510-QNov 4, 2025$2.5B-4%9.4%$184M$835M
Q2 202510-QAug 7, 2025$2.2B-7%-14.5%−$294M$346M
Q4 202410-KFeb 18, 2025$2.0B-7%-27.6%−$479M$414M

Charts

Hertz Global Holdings: revenue growth, year over year and quarter over quarterHertz Global Holdings: revenue growth, year over year and quarter over quarterY/YQ/Q-7%Q4 2024-7%+7%Q2 2025-4%+13%Q3 2025-1%-18%Q4 2025+10%-1%Q1 2026+10%+20%Q2 2026+6%+9%Q3 2026
Latest (Q3 2026): Y/Y +6%, Q/Q +9%.
Hertz Global Holdings: where the cash came from (+) and went (−), TTM to Q3 2026Hertz Global Holdings: where the cash came from (+) and went (−), TTM to Q3 2026Other investing−$2.3BOperating cash flow$1.2BOther financing$686MCash drawn (+) / kept (−)$426MAsset & business sales$148MCapital spending−$111MExchange rates−$5.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Hertz Global Holdings: profit against cash, quarter by quarterHertz Global Holdings: profit against cash, quarter by quarterNet incomeOperating cash flow−$479M$414MQ4 2024−$443M$251MQ1 2025−$294M$346MQ2 2025$184M$835MQ3 2025−$194M$193MQ4 2025−$333M$20.0MQ1 2026$64.0MQ2 2026$116MQ3 2026
Latest (Q3 2026): Net income $116M, Operating cash flow —.
Hertz Global Holdings: diluted shares by fiscal year (split-adjusted)Hertz Global Holdings: diluted shares by fiscal year (split-adjusted)300MFY2020315MFY2021403MFY2022326MFY2023306MFY2024322MFY2025
+7.3% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY2021.
Hertz Global Holdings: long-term debt falling due (FY2025)Hertz Global Holdings: long-term debt falling due (FY2025)$3.2B2026$4.8B2027$3.9B2028$3.5B2029$1.4B2030$464MLater
Cash $565M, short-term investments —, long-term debt — at 2025-12-31.
Hertz Global Holdings in its industry: growth against margin (7 companies, SIC 7510)Hertz Global Holdings in its industry: growth against margin (7 companies, SIC 7510)revenue growth, year over year →↑ operating marginmedian +3%median 3%CARRHertz CorpUHALZCARVAIHTZ (+6%, 3%)
Services-Auto Rental & Leasing (No Drivers); dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Hertz Global Holdings

there was a serious disruption in supply for any reason, including an act of war, terrorist incident or other problem affecting petroleum or energy supply, petroleum refining or energy distribution or pricing. We are subject to extensive federal, state, local and foreign environmental and safety laws, regulations, directives, rules and ordinances concerning, among other things, the operation and maintenance of vehicles; the ownership and operation of tanks for the storage of petroleum products, including gasoline, diesel fuel and oil; and the generation, storage, transportation and disposal of waste materials, including oil, vehicle wash sludge and waste water.

In its own words, from its 10-K, filed Feb 26, 2026.

Hertz Global Holdings against its Services-Auto Rental & Leasing (No Drivers) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +3%. Operating margin: 3.3% against the peers' median 3.3%.

CompanyQuarterRevenueY/YOp. margin
HTZ Hertz Global HoldingsQ3 2026$2.6B+6%3.3%
CAR Avis Budget GroupQ3 2026$3.4B-2%9.0%
R Ryder SystemQ3 2026$3.4B+8%6.6%
HertzQ2 2026$2.4B+10%3.0%
UHAL U-Haul HoldingQ2 FY27$1.8B+3%15.0%
ZCAR Zoomcar HoldingsQ1 FY27$2.4M+2%-37.4%
VAI Valor EnergyQ1 FY27$361K-16%-174.8%

Source: Hertz Global Holdings 10-Q on SEC EDGAR · CIK 1657853 · Services-Auto Rental & Leasing (No Drivers)

Guidance and outlook

Hertz Global Holdings: what its forward-looking statements are about (10-Q filed 2026-11-05)Hertz Global Holdings: what its forward-looking statements are about (10-Q filed 2026-11-05)Other1
1 statements; tone +0.00 (−1 all cautious, +1 all confident); 0 hedged.

13F: who owns HTZ and who is buying

Largest holders of HTZ (13F)Largest holders of HTZ (13F)Corbin Capital Partners, L.P.$91.5MPershing Square Capital Management$70.3MVanguard Group$67.3MBlackRock$45.9MJane Street Group, LLC$34.7MPershing Square Holdco, L.P.$34.0MUBS Group AG$31.0MCibc World Markets$29.9MBalyasny Asset Management L.P.$14.7MState Street$14.5M
Funds' net buying of HTZ by quarter (13F)Funds' net buying of HTZ by quarter (13F)−$7.7M2024-09$36.9M2024-12$107M2025-03$185M2025-06$4.5M2025-09$23.2M2025-12$5.2M2026-03$77.4M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on HTZ

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q4 2024 results

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