Every 8-K that Hertz Global Holdings Warrants (HTZWW) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow HTZWW and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full HTZWW filings page.
HERTZ GLOBAL HOLDINGS, INC. (HTZ) reported executive leadership changes as part of a new Platform Operating Model that organizes the business around four areas: Rental, Fleet, Service, and Oro Mobility. Effective September 9, 2026, Michael Moore was appointed President, Service Division, and Chris Berg was appointed President, Rental Division.
Both executives previously held senior roles at Hertz, with Michael Moore serving as Executive Vice President and Chief Operating Officer, and Chris Berg serving as Executive Vice President, Fleet Management, before these appointments.
Hertz Global Holdings and The Hertz Corporation completed a financing deal involving new exchangeable debt and a related share offering structure. Hertz Corp. issued $350 million of 6.75% Exchangeable Senior First-Lien Secured PIK Notes due 2030, with initial purchasers able to buy up to an additional $50 million. The notes pay interest partly in cash and partly by adding to principal, and can be exchanged into cash, stock, or a mix at Hertz Corp.’s election.
The initial exchange rate is 279.5248 shares per $1,000 of notes, subject to adjustment and a cap of 63,457,320 shares before shareholder approval. Based on a higher maximum exchange rate, initially up to 148,226,268 shares of common stock may be issued on exchange, or up to 169,401,449 shares if the option to sell additional notes is fully exercised. Separately, Hertz entered into an agreement under which underwriters sold 37,037,037 borrowed shares at $2.70 per share, with those shares loaned by the company under a secured share lending arrangement.
Hertz Global Holdings announced two linked capital markets transactions. The company priced a SEC-registered offering of 37,037,037 shares of common stock at $2.70 per share. These shares are being lent to J.P. Morgan Securities LLC under a share lending agreement, and the underwriter or its affiliates will receive all offering proceeds, while Hertz only earns a nominal lending fee and will later receive the shares back.
Separately, Hertz’s subsidiary, The Hertz Corporation, priced $350 million aggregate principal amount of 6.75% Exchangeable Senior First-Lien Secured PIK Notes due 2030, upsized from a previously announced $300 million. Estimated net proceeds are about $339.5 million (or $388.0 million if the option for an additional $50 million of notes is fully exercised), to be used to repay borrowings under its revolving credit facility and for general corporate purposes. The notes are exchangeable into cash, Hertz common stock, or a combination, at an initial exchange rate of 279.5248 shares per $1,000 principal (about $3.58 per share), with potential equity issuance capped at 19.9% of shares outstanding prior to the notes offering unless shareholders approve a larger issuance.
Hertz Global Holdings plans two linked financings. The company intends a SEC-registered offering of common stock with an aggregate public offering price of $100 million, using a share lending structure in which J.P. Morgan Securities LLC borrows the shares and receives all offering proceeds, paying Hertz only a nominal lending fee and later returning the shares.
Separately, wholly owned subsidiary The Hertz Corporation intends to offer $300 million in aggregate principal amount of Exchangeable Senior First-Lien Secured PIK Notes due 2030 in a private offering to qualified institutional buyers, with an option for purchasers to buy up to an additional $45 million of notes. Hertz Corp. plans to use net proceeds for general corporate purposes, which may include repaying outstanding debt. The notes will bear semiannual cash and PIK interest, be guaranteed and secured on a first-lien basis alongside existing first-lien debt, and be exchangeable into cash, Hertz common stock, or a combination, with stock issuance from exchanges capped at 19.9% of pre-offering shares unless shareholders approve a larger issuance.
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.
Hertz Global Holdings, Inc. and The Hertz Corporation disclosed that their subsidiary Hertz Vehicle Financing III LLC issued two new series of fixed-rate rental car asset backed notes to third-party investors. Each of the Series 2026-1 and Series 2026-2 offerings totals $500,000,000 in principal across Class A through Class E tranches.
Class A notes for both series are the largest tranches at $327,000,000 each, with interest rates of 5.09% for Series 2026-1 and 5.40% for Series 2026-2, and the lower classes carry higher interest rates and are subordinated to the more senior classes. Expected final payment dates range from November 2029 for Series 2026-1 to November 2031 for Series 2026-2, with legal final payment dates one year later.
HVF III is not required to repay principal until June 2029 for Series 2026-1 and June 2031 for Series 2026-2, after which principal is scheduled to amortize in six equal installments, subject to earlier repayment if amortization events occur. Net proceeds were used in part to repay HVF III’s Series 2021-A variable funding rental car asset backed notes, with remaining funds expected to support future vehicle acquisitions or refinancing for Hertz’s U.S. rental car fleet.
Hertz Global Holdings held its 2026 Annual Meeting of Stockholders on May 28, 2026. Stockholders elected two directors to serve until the 2029 annual meeting: Lucy Clark Dougherty received 230,551,398 votes for and 2,505,973 withheld, and Evangeline Vougessis received 207,688,995 votes for and 25,368,376 withheld, with 35,901,397 broker non-votes for each nominee.
Stockholders also ratified Ernst & Young LLP as independent auditor for the fiscal year ending December 31, 2026, with 266,186,337 votes for, 2,332,765 against, and 439,666 abstaining. In addition, they approved, on a non-binding advisory basis, the compensation of named executive officers, with 228,337,281 votes for, 3,869,272 against, 850,818 abstentions, and 35,901,397 broker non-votes.
Hertz Global Holdings reported first-quarter 2026 revenue of $2.0 billion, up 11% year over year, its strongest revenue growth in three years. The company still posted a GAAP net loss of $333 million, or $(1.06) per diluted share, though the loss narrowed from 2025.
Adjusted net loss improved to $224 million, with Adjusted Corporate EBITDA at $(161) million, nearly a 50% year-over-year improvement as pricing, asset efficiency, and cost control strengthened. Revenue per day rose 5% to $57.38, while Net Depreciation Per Unit per Month fell 13% to $312.
Vehicle recalls were about 300% higher, reducing utilization by roughly 200 basis points and cutting revenue by about $50 million, yet overall utilization held at 79%. Hertz ended the quarter with about $837 million of liquidity and later added roughly $200 million of financing.
The company also launched Oro Mobility, an affiliated operating company targeting driver-led and autonomous fleet management, and expanded its Hertz Car Sales digital presence through a new partnership with eBay, supporting its broader mobility and fleet platform strategy.
Hertz Global Holdings is expanding its asset-backed financing to support its rental car fleets in the U.S. and Europe. Hertz Vehicle Financing III issued new Class E Fixed Rate Rental Car Asset Backed Notes across multiple series with total principal of $221,421,000, carrying fixed interest rates between about 10.67% and 12.54%. About $22 million of these Class E Notes were purchased by affiliates of CK Amarillo LP, with the rest bought by third parties. The net proceeds are expected to fund future vehicle purchases or refinance existing fleet debt.
Hertz also extended the commitment termination date for its U.S. Series 2021-A variable funding Class A notes by one year to May 5, 2028, with a Class A maximum principal amount of $3.240 billion until May 7, 2027 and $2.980 billion thereafter. In Europe, affiliates amended their ABS program to extend the maturity of Class A, B and C notes to April 2028 and increase aggregate commitments to €1,293,062,500 for fleet financing in several countries.
Hertz Global Holdings, Inc. reported Q4 2025 revenue of $2.0 billion and full-year 2025 revenue of $8.5 billion, slightly below 2024. Net loss narrowed to $194 million in Q4 and $747 million for the year, significantly better than 2024’s $2.9 billion loss.
Adjusted Corporate EBITDA improved but remained negative at $(205) million in Q4 and $(339) million for 2025. Fleet efficiency strengthened, with vehicle utilization averaging 81% for the year and Depreciation Per Unit Per Month falling to $300, a 44% improvement. Liquidity totaled about $1.5 billion at year-end, while total net debt was $16.2 billion and stockholders’ equity showed a deficit.
Hertz Global Holdings, Inc. and The Hertz Corporation disclosed that they will receive a pro rata settlement distribution of $154,054,348.07 in cash from their participation in the In re Automotive Parts Antitrust Litigation class action settlement. This represents a gross distribution of $171,171,497.85, reduced by fees owed to Hertz’s claims administrator, Class Action Capital Recovery, LLC. Hertz expects this settlement distribution to be paid on or around September 30, 2025, providing a significant one-time cash inflow unrelated to its core rental operations.
Hertz Global Holdings, Inc. announced that Executive Vice President and Chief Human Resources Officer Eric Leef has informed the company of his intent to resign from his roles at Hertz Global Holdings and The Hertz Corporation. To support an orderly transition, he will remain in his current position through September 5, 2025.
As part of the company’s succession planning, Christopher G. Berg, Executive Vice President and Chief Administrative Officer, will continue to oversee the human resources function while Hertz conducts a search for a permanent successor.