The 11% revenue growth and EBITDA improvement show Hertz's turnaround is gaining traction, but continued losses and negative FCF keep the story in recovery mode. Monitor the pace of margin expansion toward North Star targets (DPU <$300, RPU >$1,500) and vehicle recall resolution. The Oro Mobility launch provides a long-term growth option but near-term financial impact is minimal.
Price Chart
Executive Summary
Hertz reported Q1 2026 revenue of $2.0B, up 11% YoY, beating consensus of $1.90B. GAAP net loss narrowed to $333M from $443M, and Adjusted EBITDA improved nearly 50% to -$161M. Despite strong revenue growth and continued operational progress, the company remains deeply unprofitable with negative free cash flow. The launch of Oro Mobility and Uber partnership adds strategic optionality.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $2.004B, +11% YoY vs $1.813B
- GAAP diluted EPS $(1.06) vs $(1.44) YoY
- Adjusted Corporate EBITDA $(161)M vs $(302)M, -47% YoY
- Adjusted diluted EPS $(0.72) vs $(1.07) YoY
- Revenue beat consensus estimate of $1.90B by ~5.5%
- Vehicle recall impact of ~$50M revenue and >$25M on EBITDA
- Oro Mobility (fleet management) launched with Uber as major partner
- Liquidity ~$837M at quarter end; added ~$200M in April
Financial Impact
Revenue beat consensus by ~$104M; net loss improved $110M YoY; Adjusted EBITDA improved $141M YoY
Risk Factors
- Elevated vehicle recalls impacting utilization and costs
- High net corporate leverage (non-vehicle net debt $5.6B, LTM Adj. EBITDA -$122M)
- Negative free cash flow of -$466M in Q1
- Execution risk on Oro Mobility and platform expansion
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001657853-26-000021 |
| Document: htz-20260507.htm | 0001657853-26-000021 |
| Document: 0001657853-26-000021-index-headers.html | 0001657853-26-000021 |
| Document: 0001657853-26-000021-index.html | 0001657853-26-000021 |
| Document: 0001657853-26-000021.txt | 0001657853-26-000021 |
| 8-K Data (Synthetic) | 0001657853-26-000021 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 2, 2026 17w ago | 8-K | $2.04 $0.9600 | ▼ −52.83% | ▼ −55.32% | — |
May 7, 2026 21w ago | 8-K | $2.04 $0.7400 | ▼ −63.64% | ▼ −67.47% | — |
US Market Status
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