HERTZ GLOBAL HOLDINGS, INC

Listed Company

HTZWWCIK 0001657853NasdaqLarge AcceleratedServices-Auto Rental & Leasing (No Drivers)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$8.50B

Net Income

$-747.00M

Total Assets

$22.31B

Equity

$-459.00M

Shares Out

312.36M

Op. Cash Flow

$1.63B

Business

HERTZ GLOBAL HOLDINGS, INC is principally engaged in the vehicle rental and mobility business, operating global vehicle rental services. It offers vehicle rentals along with vehicle sales, value-added services (e.g., insurance products, supplemental equipment, roadside assistance), fleet management and loyalty programs under the Hertz, Dollar and Thrifty brands. The company reports two primary operating segments—Americas RAC and International RAC—and maintains corporate operations supporting fleet, maintenance and reservations. It distributes services through a network of company-operated and franchised airport and off‑airport locations, direct websites, a smartphone app and third‑party travel channels.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	8,504	9,049	9,371	8,685	7,336
Direct vehicle and operating	5,489	5,689	5,455	4,808	3,920
Depreciation of revenue earning vehicles and lease charges, net	1,927	3,611	2,039	701	497
Non-vehicle depreciation and amortization	117	139	149	142	196
Selling, general and administrative	957	819	962	959	688
Interest expense, net	1,077	959	793	—	—
Other (income) expense, net	−3	4	12	2	−21
(Gain) on sale of non-vehicle capital assets	−144	0	−162	0	−400
Legal settlement	−154	0	0	—	—
Bankruptcy-related litigation reserve	24	292	0	0	—
Long-Lived Assets impairment	0	1,000	0	0	—
Change in fair value of Public Warrants	44	−275	−163	−704	627
Total expenses	9,334	12,286	9,085	6,236	6,653
Income (loss) before income taxes	−830	−3,237	286	2,449	—
Income tax (provision) benefit	83	375	330	−390	−318
Net income (loss)	−747	−2,862	616	2,059	366
Basic (in shares)	310	306	313	379	315
Diluted (in shares)	322	306	326	403	315
Basic (in dollars per share)	−2.41	−9.34	1.97	5.43	−0.27
Diluted (in dollars per share)	−2.43	−9.34	1.39	3.36	−0.27

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	565	592	764	943	2,258
Restricted cash and cash equivalents	602	541	442	475	393
Total cash and cash equivalents and restricted cash and cash equivalents	1,167	1,133	1,206	1,418	2,651
Total receivables, net	1,110	1,205	1,191	974	758
Prepaid expenses and other assets	782	894	726	1,155	1,017
Vehicles	14,039	12,714	16,806	14,281	10,836
Less: accumulated depreciation	−1,513	−751	−2,155	−1,786	−1,610
Total revenue earning vehicles, net	12,526	11,963	14,651	12,495	9,226
Property and equipment, net	566	623	671	637	608
Operating lease right-of-use assets	2,257	2,088	2,253	1,887	1,566
Intangible assets, net	2,858	2,852	2,863	2,887	2,912
Goodwill	1,045	1,044	1,044	1,044	1,045
Total assets	22,311	21,802	24,605	22,497	19,783
Accounts Payable	859	642	701	657	572
Accrued liabilities	1,231	1,174	860	911	863
Accrued taxes, net	131	158	157	170	157
Total debt	17,054	16,335	15,691	13,863	10,907
Public Warrants	222	178	453	617	1,324
Operating lease liabilities	2,275	2,073	2,142	1,802	1,510
Self-insured liabilities	648	617	471	472	463
Deferred income taxes, net	350	472	1,038	1,360	1,010
Total liabilities	22,770	21,649	21,513	19,852	16,806
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.01 par value, no shares issued and outstanding	0	0	0	0	0
Common stock, $0.01 par value, 486,543,836 and 481,502,623 shares issued, respectively, and 311,731,792 and 306,690,579 shares outstanding, respectively	5	5	5	5	5
Treasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively	−3,430	−3,430	−3,430	—	—
Additional paid-in capital	6,447	6,396	6,405	6,326	6,209
Retained earnings (Accumulated deficit)	−3,249	−2,502	360	−256	−2,315
Accumulated other comprehensive income (loss)	−232	−316	−248	−294	−214
Total stockholders' equity (deficit)	−459	153	3,092	2,645	2,977
Total liabilities and stockholder's equity (deficit)	22,311	21,802	24,605	22,497	19,783

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and reserves for revenue earning vehicles, net	2,148	3,983	2,422	809	600
Depreciation and amortization, non-vehicle	117	139	149	142	196
Amortization of deferred financing costs and debt discount (premium)	86	74	61	53	122
Non-cash PIK interest on Exchangeable Notes	21	0	0	—	—
Stock-based compensation charges	63	63	87	130	10
Stock-based compensation forfeitures	0	−68	0	0	—
Provision for receivables allowance	127	120	93	57	125
Deferred income taxes, net	−132	−459	−380	—	—
(Gain) loss on sale of non-vehicle capital assets	−144	0	−162	−5	−8
Changes in financial instruments	−37	7	117	−111	—
Other	6	−26	5	11	−1
Non-vehicle receivables	−11	23	−216	−264	−210
Prepaid expenses and other assets	−12	8	−39	−126	−20
Operating lease right-of-use assets	437	386	365	280	274
Non-vehicle accounts payable	12	−14	−48	43	−70
Accrued liabilities	63	324	−39	80	−108
Accrued taxes, net	−35	18	3	73	24
Operating lease liabilities	−403	−417	−391	−309	−291
Self-insured liabilities	22	152	−6	19	—
Net cash provided by (used in) operating activities	1,625	2,224	2,474	2,538	1,806
Revenue earning vehicles expenditures	−10,183	−10,524	−9,514	−10,596	−7,154
Proceeds from disposal of revenue earning vehicles	8,086	7,678	5,498	6,498	2,818
Non-vehicle capital asset expenditures	−97	−105	−188	−150	−71
Proceeds from disposal of non-vehicle capital assets	200	23	181	12	16
Return of (investment in) equity investments	−1	−1	−1	−16	0
Net cash provided by (used in) investing activities	−1,995	−2,929	−4,024	−4,233	−3,544
Payment of financing costs	−82	−64	−41	−48	−185
Share repurchases	0	0	−315	−2,461	−654
Purchase of Capped Call Transactions 2030, net	−38	0	0	—	—
Other	−11	−4	−9	−20	−9
Net cash provided by (used in) financing activities	372	658	1,313	487	2,845
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	32	−26	25	−25	—
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period	34	−73	−212	−1,233	1,073
Income taxes, net of refunds	80	53	33	78	40
Operating lease liabilities	655	589	547	454	472
Purchases of revenue earning vehicles included in accounts payable, net of incentives	230	−19	171	53	27
Sales of revenue earning vehicles included in vehicle receivables	269	209	191	85	33
Purchases of non-vehicle capital assets included in accounts payable	13	3	16	23	24
Revenue earning vehicles and non-vehicle capital assets acquired through finance leases	65	57	69	15	—
Operating lease right-of-use assets obtained in exchange for lease liabilities	578	367	721	614	177

Filings

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