At a glance
Hertz Global Holdings Inc is worth $677.3M. Revenue fell 6.0% to $8.50B in fiscal 2025, at a loss; over 5 years it has grown 10.1% a year. It pays no dividend; it spent $3.43B buying back its shares over FY2021–FY2025. The stock returned −62.8% over the past year with dividends reinvested, against +11.5% for the S&P 500. At its worst it fell 36.1% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The business in plain English
Hertz Global Holdings rents vehicles, mainly under three brands at different price points. Hertz is its premium brand. Dollar is a "smart value" option aimed at families, leisure travelers and small businesses. Thrifty is a "deep value" brand for travelers hunting for a deal. The brands keep separate counters and marketing but share one fleet. As of December 31, 2025, Hertz operated from about 11,000 company-run and franchised locations in about 160 countries and jurisdictions. It also sells used cars online and at U.S. locations through Hertz Car Sales.
Hertz earns money from rental fees, extra services and selling cars as it refreshes its fleet. Its customers include business and leisure travelers, companies and government agencies, and people whose cars were damaged in accidents, often with insurers covering the cost. Drivers for ride-share partners also rent from Hertz. At airports, Hertz pays the airport operator a share of its revenue for the right to operate, usually with a minimum annual payment. Off-airport locations produced 34% of worldwide rental revenue in 2025.
Hertz reports two segments. Americas, which covers the U.S., Canada, Latin America and the Caribbean, brought in $6.76 billion in 2025. That was 79.5% of total revenue of $8.5 billion. International, where most company-run locations are in Europe, brought in $1.75 billion, or 20.5%. The U.S. alone accounted for 75.5% of revenue.
Price history
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HTZ -62.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Americas RAC segment | $6.76B | 79.5% |
| International RAC segment | $1.75B | 20.5% |
By geography
| U.S. | $6.42B | 75.5% |
| International | $2.08B | 24.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $2.40B, up 9.7% from a year earlier, and net income was $64.0M.
- For fiscal 2025, revenue was $8.50B (-6.0% year over year; +10.1% a year from FY2020 to FY2025) with a -8.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.1% good |
|---|---|
| Free cash flow margin | 18% good |
| Return on assets (FY2025) | -3.3% weak |
| Net cash (cash minus debt) | $-18.45B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.26B | $-1.71B | $855.0M |
| FY2021 | $7.34B | $366.0M | $1.74B |
| FY2022 | $8.69B | $2.06B | $2.39B |
| FY2023 | $9.37B | $616.0M | $2.29B |
| FY2024 | $9.05B | $-2.86B | $2.12B |
| FY2025 | $8.50B | $-747.0M | $1.53B |
Valuation snapshot
| Market value | $677.3M |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Hertz Global Holdings’s market value went from $11.81B at the end of 2021 to $677.3M on Oct 28, 2026, down 94%; since the end of 2025 it is down 58%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $677.3M | -57.7% |
| 2025 | $1.60B | +42.7% |
| 2024 | $1.12B | -64.9% |
| 2023 | $3.20B | -37.8% |
| 2022 | $5.14B | -56.5% |
| 2021 | $11.81B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HTZ price data to Oct 28, 2026 | -63.0% | -62.8% | -39.6% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -63.0% |
| 2025 | +40.4% |
| 2024 | -64.8% |
| 2023 | -32.5% |
| 2022 | -38.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33.7% over that stretch · deepest drop along the way 36.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 1 sales ($248K).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 11, 2026 | Michael S. Moore EVP, Chief Operating Officer | sell | $248K |
Who owns it
Large shareholders (13G filings)
| TD SECURITIES (USA) LLC | 8.1% | Mar 31, 2026 |
| JANE STREET GROUP, LLC | 5% | Jun 26, 2026 |
| BlackRock, Inc. | 3.3% | Sep 30, 2026 |
ETFs with the most weight in HTZ
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.8% |
| NIXT Research Affiliates Deletions ETF | 0.67% |
| EBIT Harbor AlphaEdge Small Cap Earners ETF | 0.33% |
| DFVE DoubleLine Fortune 500 Equal Weight ETF | 0.25% |
| PSCI Invesco S&P SmallCap Industrials ETF | 0.24% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.22% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.16% |
| FAD First Trust Multi Cap Growth AlphaDEX Fund | 0.11% |
What could go wrong
- Falling used-car prices can cause big losses. Most of Hertz's fleet is "non-program" cars that carmakers won't buy back at a set price. If used-car prices fall, Hertz faces losses on sales, faster write-downs and demands for more loan collateral.
- Heavy debt secured by the fleet. As of June 30, 2026, Hertz had about $19.1 billion of debt and $631 million of cash. It buys cars with loans secured by the cars, and substantially all its assets back its debt.
- Travel slumps and peak-season disruptions. Rentals depend on business and leisure travel, and demand is highly seasonal. Disrupted travel in peak periods could hurt results. So could forecasting errors that leave Hertz with too many or too few cars.
- Car supply, costs and recalls. Carmakers can delay or cancel orders, and vehicle prices may rise faster than rental rates. Manufacturer safety recalls can also force costly, time-consuming repairs across the fleet.
- Price competition and online booking sites. Hertz faces intense competition that can push prices down. It also gets a significant share of revenue through third parties such as online travel sites, which could raise costs or send fewer bookings.
- Costly airport deals and shared rental centers. Airports charge Hertz a share of its revenue, usually with a minimum annual payment. Shared airport rental centers can erase brand advantages and typically cost much more to run.
Recent events
- Major agreement signed; Investor presentation or announcement
- Executive or board change
- Executive or board change
- Executive or board change
- Major agreement signed; New debt or financial obligation
- Major agreement signed
- Quarterly results released
- Other company announcement
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Investor presentation or announcement; Other company announcement
For income and retirement investors
Hertz does not pay a dividend and paid none from 2021 through 2025. For an income investor, that means no cash payouts. Returns depend entirely on the share price, and raising cash means selling shares. Instead, Hertz spent about $3.43 billion on buybacks over those five years, including $2.46 billion in 2022. Its share count fell 24.4% between August 2021 and July 2026. It bought back no stock in 2024 or 2025, years with net losses of $2.86 billion and $747 million.
In the 2022 bear market, Hertz shares fell 36.1% from January 3 to September 26, 2022. They had not regained that January peak as of October 28, 2026. In the year to that date they lost 62.8%, with a worst peak-to-trough drop of 80.7%. The roughly five-year price history does not cover the 2008 or 2020 crashes. A single stock carries much more risk than a diversified fund.
Questions investors ask
Does Hertz pay a dividend?
No. Hertz paid no dividends from 2021 through 2025 and does not pay one. Instead, it returned cash through share buybacks, about $3.43 billion over those five years. Most of that, $2.46 billion, came in 2022. It repurchased no shares in 2024 or 2025. Investors who need regular income would get none from Hertz shares and would have to sell stock to raise cash.
How does Hertz make money?
Hertz makes money mainly by renting vehicles under its Hertz, Dollar and Thrifty brands. It also earns from extra services and from selling used cars out of its fleet. Customers include business and leisure travelers, insurance replacement renters and ride-share drivers. In 2025, the Americas segment produced $6.76 billion, or 79.5% of its $8.5 billion in revenue. The International segment produced $1.75 billion, or 20.5%. Off-airport locations generated 34% of worldwide rental revenue.
Is Hertz profitable?
Hertz lost money in 2024 and 2025 but earned a profit in the quarter ended June 30, 2026. The net loss was $747 million in 2025 on $8.5 billion of revenue, after a $2.86 billion loss in 2024. Hertz had earned $2.06 billion in 2022 and $616 million in 2023. In the June 2026 quarter, net income was $64 million, and revenue rose 9.7% from a year earlier to $2.4 billion. Because rentals are highly seasonal, one quarter says little about a full year.
How much debt does Hertz have?
Hertz reported about $19.1 billion of total debt as of June 30, 2026, against $631 million of cash and investments. Shareholders' equity was negative $628 million, meaning liabilities exceeded assets. Hertz buys its fleet with asset-backed loans, which are secured by the cars themselves. Substantially all its assets back its debt. By comparison, its stock market value was about $677 million as of October 28, 2026.
How has Hertz stock performed?
Hertz shares lost 62.8% in the year to October 28, 2026, and a cumulative 78% over three years. By calendar year, they fell 38.4% in 2022, 32.5% in 2023 and 64.8% in 2024. They gained 40.4% in 2025, then fell 63% in 2026 through October 28. Volatility measures how widely a price swings, and it was about 101% over that one-year period. The deepest peak-to-trough fall over three years was 86.2%.