Hertz Global Holdings, Inc (HTZ)

On October 16, 2026, Hertz and investors including Cohen Private Ventures and funds tied to Certares and Knighthead agreed a joint venture for Oro Mobility, Hertz's mobility affiliate 3.

The investors agreed to purchase 50% of the voting units, about 15.86% of the common units, for about $80.89 million in cash 3.

Hertz also agreed to repurchase about $51.1 million of its 8.000% exchangeable second-lien notes for about $20.86 million, a 60% discount to par 3.

The company said Oro's first autonomous partnership, with Uber's robotaxi program, is on track to begin operations later this year in the San Francisco Bay Area 2.

On October 9, 2026 the board appointed Joseph Hinrichs as a director, an officer or director change reported on a Form 8-K, to serve on the Audit and Risk Committee 7.

The newest quarterly report on file covers the quarter ended June 30, 2026, when Hertz Global Holdings had revenue of $2,396 million, up from $2,185 million a year earlier, mostly on better pricing 1.

Adjusted Corporate EBITDA, the company's own measure of operating profit before certain items, was $81 million against $18 million a year earlier 1.

Hertz traces its business to 1918, and The Hertz Corporation was incorporated in Delaware in 1967 as a successor to earlier companies in vehicle rental and leasing 4.

It emerged from bankruptcy in June 2021, sponsored by Apollo, Knighthead and Certares 4.

Hertz lost $3,512 million before income taxes in 2024, wrote down electric vehicles it had classified as held for sale, and recorded a $1.0 billion impairment of long-lived assets 4.

A securities class action complaint filed on May 31, 2024 names Hertz Global, former chief executive Stephen Scherr and a former chief financial officer, and concerns statements about demand for electric vehicles 1.

Gil West became chief executive in April 2024 after serving as chief operating officer of the self-driving company Cruise and earlier at Delta Air Lines 4.

In 2025 revenue fell to $8,504 million from $9,049 million, a 6% drop the company put down to lower pricing and lower volume 4.

Depreciation of rental vehicles fell by $1.7 billion, which the company tied to a fleet refresh that cut the cost of new vehicles, stronger resale values and the absence of the 2024 electric vehicle write-downs 4.

Adjusted Corporate EBITDA was a loss of $339 million in 2025, against a loss of $1,541 million in 2024 4.

In 2025 Hertz also booked a $144 million gain on sales of non-vehicle capital assets and a $154 million gain from a class action settlement distribution 4.

In the first half of 2026 revenue rose 10% to $4,400 million from $3,998 million, mostly on improved pricing 1.

Non-vehicle interest expense fell $154 million in the first half of 2026, mainly from unrealized gains on the fair value of the exchange features in its exchangeable notes 1.

Car rental

Hertz rents vehicles mainly under the Hertz, Dollar and Thrifty brands, from about 11,000 company-operated and franchisee locations in about 160 countries and jurisdictions 4.

Hertz is the premium brand, Dollar serves family, leisure and small business travelers, and Thrifty is the deep value brand for cost-conscious leisure travelers 4.

Revenue comes from rental charges, airport fees passed to customers and add-ons such as collision damage waivers, and franchise royalties are about 2% of total revenues 4.

Americas RAC, covering the U.S., Canada, Latin America and the Caribbean, had revenue of $6,759 million in 2025, and International RAC covers everywhere else, with company-operated locations mostly in Europe 4.

In the second quarter of 2026 Americas RAC revenue was $1,918 million and International RAC revenue was $478 million 2.

Revenue per day was $61.98 in the quarter against $56.89 a year earlier, and total vehicle utilization, the share of the fleet earning rent, was 79% 2.

Fleet, car sales and recalls

About 94% of the U.S. core fleet is model year 2025 and 2026 vehicles, which the company calls its youngest fleet in a dozen years 2.

Recall activity was about 300% higher than a year earlier and affected nearly 15,000 vehicles on average, which the company put at about $30 million of Adjusted Corporate EBITDA 2.

Hertz Car Sales offers used cars online and at locations across the U.S. 4.

Oro Mobility and ride share

Oro works in three areas: rideshare rentals, driver-led fleet management and autonomous vehicle fleet management, and operates about 45,000 vehicles, according to a trade-site report on the company's announcement 10.

Hertz said Oro is active in four markets, with drivers logging over six million miles 2.

Its first autonomous partnership supports Lucid vehicles equipped with Nuro technology in Uber's robotaxi program 2.

People

On September 9, 2026 Hertz named Michael Moore President, Service Division, and Chris Berg President, Rental Division, under a Platform Operating Model built around Rental, Fleet, Service and Oro Mobility 5.

The company employed about 26,000 people at the end of 2025, about 21,000 of them in the U.S. 4.

On October 1, 2026 three directors resigned and Robert Davis, Nils Larsen and Adam Zirkin joined the board, with Zirkin associated with Knighthead 6.

Joseph Hinrichs joined the board on October 9, 2026 and serves on the Audit and Risk Committee 7.

Rivals and problems

Its main rivals are Avis Budget Group, Enterprise Holdings (Enterprise, National and Alamo) and SIXT, along with ride share companies and peer-to-peer car sharing 4.

On July 23, 2026 the Delaware Court of Chancery approved the settlement of a lawsuit over past share repurchase programs, including the plaintiff's fee of about $3 million 1.

The umbrella, in words

The brands are Hertz, Dollar, Thrifty and Firefly for rental, Hertz Car Sales for used cars and Hertz 24/7 for car sharing in Europe 2.

Hertz Global Holdings was incorporated in 2015 as the top-level holding company, and The Hertz Corporation is its primary operating company 4.

Hertz Vehicle Financing III LLC, a wholly owned special-purpose subsidiary, issues the asset-backed notes that finance the U.S. rental fleet 12.

Oro Mobility Holdings LLC, formerly Hertz Mobility Holdings, is now a joint venture, in which the investors own 50% of the voting units and about 15.86% of the common units 3.

The same trade site reported that Hertz keeps majority economic ownership of Oro 10.

Hertz owns about 3% of its rental locations and its headquarters in Estero, Florida, and leases the rest, plus offices in Oklahoma City, near Dublin and in Uxbridge 4.

A Schedule 13D amendment reports CK Amarillo LP and related Certares and Knighthead filers as owners of 181,455,469 shares, or 50.9% of the class 9.

Under a voting agreement amended on August 20, 2026, CK Amarillo votes shares above 45% of total voting power in proportion to the other stockholders' votes 8.

Hertz said its full-year revenue per unit is expected to trend above its North Star target of $1,500 2.

It also said it expects net depreciation per unit of at or below $300 for the full year 2.

Oro's first autonomous partnership is on track to begin operations later this year in the San Francisco Bay Area, the company said 2.

EVwire reported that Uber, Lucid and Nuro named Houston as their next market, with public rides expected by mid-2027 11.

Under the services agreement of October 19, 2026, information technology, corporate security and systems support are expected to move to Oro within 12 months 3.

Oro is to pay Hertz a royalty of 0.5% of new rental customer revenue under a 24-month trademark license 3.

Oro is to make lease payments of about $13.7 million a month to Hertz on an average term of about 4.5 years 3.

The company said it continues to evaluate sale and leaseback deals for certain non-vehicle assets through the end of 2026 1.