Hertz (NASDAQ: HTZ) guides Q2 2026 EBITDA to low end of prior range

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Hertz Global Holdings provided a preliminary update for its second quarter of 2026. The company expects fleet size, revenue, revenue per day (RPD) and rental days to align with or slightly exceed earlier expectations, helped by healthy demand and better-than-expected capacity utilization, with year-over-year RPD growth accelerating versus the first quarter.

However, unexpected softness in the used car market led to losses on vehicle sales in May 2026 compared with gains in April, pressuring net depreciation per unit (net DPU). Hertz now believes second quarter net DPU per month will be approximately $300, and it expects Adjusted Corporate EBITDA in a range of $50–$80 million, within margin expectations but toward the lower end of its prior second quarter range. Management emphasized these figures are unaudited, preliminary and subject to change once the quarter closes and normal accounting procedures are completed.

Insights

Demand and pricing look solid, but weaker used-car values are squeezing margins.

Hertz indicates that core operating drivers for Q2 2026—fleet size, revenue, RPD and rental days—are tracking at or slightly above prior expectations. Strong demand and better capacity utilization, with year-over-year RPD growth improving versus Q1, suggest the underlying rental business remains healthy.

The headwind comes from the used car market. Softness in May turned vehicle sale gains in April into losses, raising net depreciation per unit to about $300 per month for the quarter. As a result, Hertz now expects Adjusted Corporate EBITDA of $50–$80 million, still within margin goals but toward the low end of its earlier Q2 range. Actual results will depend on final quarter-end adjustments once books close for the period ended June 30, 2026.

8-K Event Classification

Item 7.01 — Regulation FD Disclosure

1 item

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Key Figures

Adjusted Corporate EBITDA guidance: $50–$80 million Net DPU per month: $300 Warrant exercise price: $13.61 per share

3 metrics

Adjusted Corporate EBITDA guidance $50–$80 million Preliminary range for Q2 2026

Net DPU per month $300 Expected net depreciation per unit in Q2 2026

Warrant exercise price $13.61 per share Exercise price of Hertz Global Holdings, Inc. warrants

Key Terms

Adjusted Corporate EBITDA, net DPU per month, used car market, forward-looking statements, +1 more

5 terms

Adjusted Corporate EBITDA financial

"As a result, our Adjusted Corporate EBITDA is expected to be in the $50-$80 million range"

Adjusted corporate EBITDA measures a company’s recurring operating profit by starting with earnings before interest, taxes, depreciation and amortization (EBITDA) and then removing one-time, irregular or non-operational items so the figure reflects normal business performance. Investors use it like a cleaned-up snapshot of cash-generating ability—similar to judging a car’s usual fuel efficiency after excluding a single unusually long trip—to compare companies, assess sustainable earnings and gauge capacity to service debt or support valuation.

net DPU per month financial

"we now believe our second quarter net DPU per month will be approximately $300"

used car market financial

"Current unexpected softness in the used car market caused us to realize losses on the sale of vehicles in May 2026"

forward-looking statements regulatory

"This on Form 8-K contains “forward-looking statements” within the meaning of the federal securities laws"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

General Instruction B.2 of Form 8-K regulatory

"In accordance with General Instruction B.2 of Form 8-K, the information included in this Item 7.01 shall not be deemed “filed”"

Earnings Snapshot

Adjusted Corporate EBITDA: $50–$80 million · Guidance included

Q2 2026

Adjusted Corporate EBITDA $50–$80 million

Net DPU per month $300

Guidance

Hertz expects Q2 2026 operating metrics to align with or slightly exceed prior expectations, but softer used-car pricing is pressuring depreciation and pulling EBITDA toward the low end of its range.

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Understanding 8-K Material Events →

06/24/2026 - 07:12 AM

Co-Registrant CIK	0000047129
Co-Registrant Amendment Flag	false
Co-Registrant Form Type	8-K
Co-Registrant DocumentPeriodEndDate	2026-06-24
Co-Registrant Written Communications	false
Co-Registrant Solicitating Materials	false
Co-Registrant PreCommencement Tender Offer	false
Co-Registrant PreCommencement Issuer Tender Offer	false
Co-Registrant Emerging Growth Company	false
	8501 Williams Road
	Estero
	Florida 33928
	239 301-7000

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 24, 2026

HERTZ GLOBAL HOLDINGS, INC.

THE HERTZ CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	001-37665	61-1770902
Delaware	001-07541	13-1938568
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

8501 Williams Road

Estero, Florida 33928

239 301-7000

(Address, including Zip Code, and
telephone number, including area code,
of registrant's principal executive offices)

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

	Title of Each Class	Trading Symbol(s)	Name of Each Exchange on which Registered
Hertz Global Holdings, Inc.	Common Stock Par value $0.01 per share	HTZ	The Nasdaq Stock Market LLC

Hertz Global Holdings, Inc.	Warrants to purchase Common Stock Each exercisable for one share of Hertz Global Holdings, Inc. common stock at an exercise price of $13.61 per share, subject to adjustment	HTZWW	The Nasdaq Stock Market LLC

The Hertz Corporation	None	None	None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 7.01

Regulation FD Disclosure.

Although the second quarter of 2026 has not yet concluded, Hertz Global Holdings, Inc. (the “Company,” “we,” “us” or “our”) currently expects its second quarter results for fleet size, revenue, RPD and rental days will align with, or slightly exceed, its previous expectations due to healthy demand and better than anticipated capacity utilization with second quarter to date year-over-year growth in RPD increasing above the growth trend in the first quarter. Current unexpected softness in the used car market caused us to realize losses on the sale of vehicles in May 2026 compared to gains in April 2026, which will negatively impact net DPU per month in the quarter. Based on this recent trend in used car sales, we now believe our second quarter net DPU per month will be approximately $300. As a result, our Adjusted Corporate EBITDA is expected to be in the $50-$80 million range, which is within our margin expectations but towards the lower end of our second quarter range.

The preliminary financial information referenced above is unaudited, subject to completion and based on information available to management as of the date of this Current Report on Form 8-K. The preliminary financial information above is based on management’s internal reporting and forecasting and is subject to change during the period remaining in the second quarter as well as subject to adjustment for quarter-end closing procedures (which have not been completed) and should not be viewed as a substitute for full quarterly financial statements prepared in accordance with GAAP. Our independent registered public accounting firm has not performed any audit, review or set of procedures with respect to our preliminary financial information for the second quarter of 2026. An audit, review or set of procedures of such financial information could result in changes to these preliminary results. Actual results of operations may be materially different from the results of operations provided herein, and you should not place undue reliance on these preliminary results of operations. We undertake no obligation to update this information. The preliminary financial information presented above is not necessarily indicative of results of operations for any future period.

We have not reconciled Adjusted Corporate EBITDA for the quarter-ended June 30, 2026 to GAAP net loss as a result of uncertainty regarding, and the potential variability of, reconciling items such as the change in fair value of public warrants, as this adjustment is directly impacted by unpredictable fluctuations in our stock price and the volume of warrants exercised during the period. Accordingly, a reconciliation is not available without unreasonable effort, although it is important to note that these factors could be material to our results calculated in accordance with GAAP.

In accordance with General Instruction B.2 of Form 8-K, the information included in this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of Section 18 of the Exchange Act. The information in this Item 7.01 shall not be incorporated by reference into any filing or other document filed by the Company with the U.S. Securities and Exchange Commission (“SEC”) pursuant to the Securities Act, the rules and regulations of the SEC thereunder, the Exchange Act, or the rules and regulations of the SEC thereunder, except as shall be expressly set forth by specific reference in such filing or document.

Cautionary Note Regarding Forward-Looking Statements

This Current Report on Form 8-K contains “forward-looking statements” within the meaning of the federal securities laws. Words such as “expect,” “will” and “intend” and similar expressions identify forward-looking statements, which include but are not limited to statements related to our expectations with respect to the quarter ended June 30, 2026, our ability to achieve the cost savings and revenue enhancements from our profitability initiatives and other operational programs, our positioning, strategy, vision, forward looking investments, conditions in the travel industry, our contingent liabilities and our financial and operational condition. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including risks and uncertainties described in our risk factors that we identify in our most recent annual report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 26, 2026, and any updates thereto in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K. We caution you not to place undue reliance on our forward-looking statements, which speak only as of their date, and we undertake no obligation to update this information.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HERTZ GLOBAL HOLDINGS, INC.
THE HERTZ CORPORATION

(each, a Registrant)

By:	/s/ Scott M. Haralson
Name:	Scott M. Haralson
Title:	Executive Vice President and Chief Financial Officer

Date: June 24, 2026

Source: View Original Filing on SEC EDGAR

FAQ

How is Hertz (HTZ) expecting its Q2 2026 operating metrics to perform?

Hertz expects Q2 2026 fleet size, revenue, revenue per day (RPD) and rental days to align with or slightly exceed prior expectations, driven by healthy demand and better capacity utilization, with RPD growth running ahead of the first quarter’s year-over-year trend.

What net depreciation per unit is Hertz (HTZ) guiding for Q2 2026?

Hertz now believes its second quarter 2026 net depreciation per unit (net DPU) per month will be approximately $300, reflecting losses on vehicle sales in May 2026 after gains in April due to softness in the used car market.

What Adjusted Corporate EBITDA range does Hertz (HTZ) project for Q2 2026?

Hertz currently expects Q2 2026 Adjusted Corporate EBITDA to be between $50 million and $80 million. This is described as within its margin expectations but toward the lower end of its earlier second quarter range based on recent used vehicle sale trends.

Why are Hertz’s (HTZ) Q2 2026 preliminary results under pressure despite solid demand?

While demand, RPD and utilization are tracking well, unexpected softness in the used car market caused Hertz to incur losses on vehicle sales in May 2026. These losses increase depreciation, lifting net DPU to about $300 per month and pushing EBITDA guidance toward the low end of its range.

Are Hertz’s (HTZ) Q2 2026 figures in this update final GAAP results?

No. The Q2 2026 figures are preliminary, unaudited and based on internal reporting as of the Form 8-K date. They remain subject to quarter-end closing procedures, potential adjustments and review, and may differ materially from the final GAAP financial statements.

Has Hertz’s auditor reviewed the preliminary Q2 2026 information?

Hertz states its independent registered public accounting firm has not performed any audit, review or procedures on the preliminary Q2 2026 information. Any future audit or review could lead to changes in these initial Adjusted Corporate EBITDA and net DPU indications.

Filing Exhibits & Attachments

4 documents

Hertz (NASDAQ: HTZ) guides Q2 2026 EBITDA to low end of prior range

Rhea-AI Filing Summary

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