TLDR
- Hertz posts $2.0B Q4 revenue and $8.5B 2025 revenue on pricing gains
- Hertz narrows full-year net loss to $747M as EBITDA improves over $1B
- Utilization rises to 81% in 2025, while costs fall and service scores jump
- Depreciation improves, but a $60M non-cash charge hits Q4 results
- Hertz guides mid-single digit Q1 2026 revenue growth and steadier residuals
Hertz Global Holdings (HTZ) stock traded at $4.42 as it reported fourth-quarter and full-year 2025 results. The company posted $2.0 billion in Q4 revenue and $8.5 billion for 2025, supported by pricing gains. It also narrowed losses and signaled stronger early 2026 revenue trends through internal revenue management improvements.
Hertz Global Holdings, Inc., HTZ
Pricing and Revenue Trend Strengthens Through 2025
Hertz improved revenue per unit and revenue per day sequentially through 2025, and pricing strengthened into year-end. As a result, the company delivered its strongest year-over-year revenue performance since the first quarter of 2024. Hertz expects mid-single digit revenue growth in Q1 2026, supported by a positive industry pricing backdrop.
The company operates a global rental network across Hertz, Dollar, Thrifty, and Firefly brands in many markets. It also runs Hertz Car Sales in the United States, and it offers Hertz 24/7 car sharing in Europe. Pricing execution and channel mix shape results across airport, off-airport, retail, and mobility demand patterns.
Hertz improved customer experience in 2025, and Net Promoter Score rose nearly 50% year over year. That gain reflected better rental ease, fleet quality, and service reliability across core operations. Consequently, the company reinforced its turnaround narrative with operational measures, not only financial metrics.
Costs, Utilization and Depreciation Show Measurable Progress
Hertz improved profitability by more than $2 billion year over year, although it still reported losses. Net loss totaled $194 million in Q4, and full-year net loss totaled $747 million. Diluted EPS improved to $(0.72) for Q4 and $(2.43) for 2025.
Adjusted Corporate EBITDA came in at $(205) million in Q4, improving about $150 million year over year. For 2025, adjusted corporate EBITDA improved to $(339) million, rising more than $1 billion year over year. Hertz credited revenue optimization, utilization gains, and cost controls for the broad improvement.
Utilization reached 78% in Q4 and averaged 81% for 2025, improving 200 basis points year over year. That utilization lift supported stronger revenue per unit as the fleet worked harder across transaction days. In addition, adjusted direct operating expense per transaction day improved, even as transaction days declined.
Fleet Rotation, Liquidity and 2026 Outlook Frame the Next Phase
Depreciation per unit per month measured $330 in Q4 and $300 for the full year. That result marked a 44% year-over-year improvement, supported by disciplined fleet rotation and a short-hold approach. A revised third-party residual outlook drove a roughly $60 million non-cash depreciation charge in Q4.
Several external disruptions weighed on Q4 EBITDA by more than $100 million, and they distorted comparisons. Those factors included a government shutdown with FAA cancellations, vendor outages, and unusually high recall volumes. Even so, Hertz said its underlying EBITDA production matched internal expectations after removing those transitory impacts.
Hertz ended Q4 with about $1.5 billion of liquidity and potential access to more than $1 billion in enhancements. The company expects more normalized residual values in 2026, and it sees improving trends from seasonal Q4 lows. Hertz plans to grow off-airport and mobility channels while maintaining cost discipline and scaling its platform.
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