HERC HOLDINGS INC, 10-Q filed on 4/28/2026
Quarterly Report
v3.26.1
COVER PAGE - shares
 3 Months Ended
Mar. 31, 2026
Apr. 24, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-33139  
Entity Registrant Name HERC HOLDINGS INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 20-3530539  
Entity Address, Address Line One 27500 Riverview Center Blvd.  
Entity Address, City or Town Bonita Springs  
Entity Address, State or Province FL  
Entity Address, Postal Zip Code 34134  
City Area Code 239  
Local Phone Number 301-1000  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol HRI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   33,393,051
Entity Central Index Key 0001364479  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 43 $ 52
Receivables, net of allowances of $31 and $31, respectively 760 769
Prepaid expenses 62 72
Other current assets 54 63
Total current assets 919 956
Rental equipment, net 5,737 5,880
Property and equipment, net 867 868
Right-of-use lease assets 1,509 1,489
Intangible assets, net 1,627 1,665
Goodwill 2,861 2,873
Other long-term assets 44 45
Total assets 13,564 13,776
Current liabilities:    
Current maturities of long-term debt and financing obligations 32 32
Current maturities of operating lease liabilities 57 56
Accounts payable 218 337
Accrued liabilities 321 305
Total current liabilities 628 730
Long-term debt, net 7,958 8,021
Financing obligations, net 94 95
Operating lease liabilities 1,502 1,479
Deferred tax liabilities 1,426 1,446
Other long-term liabilities 58 57
Total liabilities 11,666 11,828
Commitments and contingencies (Note 12)
Equity:    
Preferred stock, $0.01 par value, 13.3 shares authorized, no shares issued and outstanding 0 0
Common stock, $0.01 par value, 133.3 shares authorized, 38.3 and 38.2 shares issued and 33.4 and 33.3 shares outstanding 0 0
Additional paid-in capital 2,449 2,448
Retained earnings 500 547
Accumulated other comprehensive loss (124) (120)
Treasury stock, at cost, 4.9 shares and 4.9 shares (927) (927)
Total equity 1,898 1,948
Total liabilities and equity $ 13,564 $ 13,776
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Receivables, allowance for doubtful accounts $ 31 $ 31
Preferred stock, par value (in USD per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 13,300,000 13,300,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in USD per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 133,300,000 133,300,000
Common stock, shares issued (in shares) 38,300,000 38,200,000
Common stock, shares outstanding (in shares) 33,400,000 33,300,000
Treasury stock, shares (in shares) 4,900,000 4,900,000
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Total revenues $ 1,139 $ 861
Expenses:    
Direct operating 453 327
Depreciation of rental equipment 242 172
Cost of sales of rental equipment 109 76
Cost of sales of new equipment, parts and supplies 9 8
Selling, general and administrative 146 118
Transaction expenses 5 74
Non-rental depreciation and amortization 73 33
Interest expense, net 128 62
Other income, net (3) (1)
Total expenses 1,162 869
Loss before income taxes (23) (8)
Income tax provision (1) (10)
Net loss $ (24) $ (18)
Weighted average shares outstanding:    
Basic (in shares) 33.3 28.5
Diluted (in shares) 33.3 28.5
Loss per share:    
Basic (in USD per share) $ (0.72) $ (0.63)
Diluted (in USD per share) $ (0.72) $ (0.63)
Equipment rental    
Revenues:    
Total revenues $ 981 $ 739
Sales of rental equipment    
Revenues:    
Total revenues 138 105
Sales of new equipment, parts and supplies    
Revenues:    
Total revenues 13 11
Service and other revenue    
Revenues:    
Total revenues $ 7 $ 6
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net loss $ (24) $ (18)
Other comprehensive loss:    
Foreign currency translation adjustments (4) 0
Total comprehensive loss $ (28) $ (18)
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Beginning balance (in shares) at Dec. 31, 2024   28.4        
Balance, beginning at Dec. 31, 2024 $ 1,396 $ 0 $ 1,832 $ 633 $ (142) $ (927)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net loss (18)     (18)    
Stock-based compensation charges 6   6      
Dividends declared (20)     (20)    
Net settlement on vesting of equity awards (in shares)   0.1        
Net settlement on vesting of equity awards (7)   (7)      
Employee stock purchase plan 1   1      
Ending balance (in shares) at Mar. 31, 2025   28.5        
Balance, ending at Mar. 31, 2025 $ 1,358 $ 0 1,832 595 (142) (927)
Beginning balance (in shares) at Dec. 31, 2025 33.3 33.3        
Balance, beginning at Dec. 31, 2025 $ 1,948 $ 0 2,448 547 (120) (927)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net loss (24)     (24)    
Other comprehensive loss (4)       (4)  
Stock-based compensation charges 6   6      
Dividends declared (23)     (23)    
Net settlement on vesting of equity awards (in shares)   0.1        
Net settlement on vesting of equity awards (7)   (7)      
Employee stock purchase plan $ 2   2      
Ending balance (in shares) at Mar. 31, 2026 33.4 33.4        
Balance, ending at Mar. 31, 2026 $ 1,898 $ 0 $ 2,449 $ 500 $ (124) $ (927)
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]    
Dividends declared (in USD per share) $ 0.70 $ 0.70
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (24) $ (18)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation of rental equipment 242 172
Depreciation of property and equipment 32 22
Amortization of intangible assets 41 11
Amortization of deferred debt and financing obligations costs 3 1
Stock-based compensation charges 6 6
Provision for receivables allowances 25 14
Deferred taxes (19) (29)
Gain on sale of rental equipment (29) (29)
Other 3 0
Changes in assets and liabilities, net of effects from acquisitions:    
Receivables (11) 20
Other assets 16 (20)
Accounts payable (44) (18)
Accrued liabilities and other long-term liabilities 36 39
Net cash provided by operating activities 277 171
Cash flows from investing activities:    
Rental equipment expenditures (272) (187)
Proceeds from disposal of rental equipment 117 94
Non-rental capital expenditures (41) (33)
Proceeds from disposal of property and equipment 13 4
Acquisitions, net of cash acquired 0 (11)
Net cash used in investing activities (183) (133)
Cash flows from financing activities:    
Proceeds from revolving lines of credit and securitization 571 520
Repayments on revolving lines of credit and securitization (637) (561)
Principal payments under finance lease and financing obligations (8) (5)
Dividends paid (24) (21)
Net settlement on vesting of equity awards (7) (7)
Proceeds from employee stock purchase plan 2 1
Net cash used in financing activities (103) (73)
Effect of foreign exchange rate changes on cash and cash equivalents 0 0
Net change in cash and cash equivalents during the period (9) (35)
Cash and cash equivalents at beginning of period 52 83
Cash and cash equivalents at end of period 43 48
Supplemental disclosure of cash flow information:    
Cash paid for interest 63 66
Cash paid for income taxes, net 0 2
Supplemental disclosure of non-cash investing activity:    
Non-rental capital expenditures in accounts payable 0 7
Disposal of rental equipment in accounts receivable 11 4
Supplemental disclosure of non-cash investing and financing activity:    
Equipment acquired through finance lease $ 10 $ 3
v3.26.1
Organization and Description of Business
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business Organization and Description of Business
Herc Holdings Inc. ("we," "us," "our," "Herc Holdings," or "the Company") is one of the leading equipment rental suppliers with 609 locations in North America as of March 31, 2026. The Company conducts substantially all of its operations through subsidiaries, including Herc Rentals Inc. ("Herc"). With over 60 years of experience, the Company is a full-line equipment rental supplier offering a broad portfolio of equipment for rent, services and technologies aimed at helping customers work more efficiently, effectively and safely. In addition to its principal business of equipment rental, the Company sells used equipment and contractor supplies such as construction consumables, tools, small equipment and safety supplies; provides repair, maintenance, equipment management services and safety training to certain of its customers; offers equipment re-rental services and provides on-site support to its customers; and provides ancillary services such as equipment transport, rental protection, cleaning, refueling and labor.

The Company's fleet includes aerial, earthmoving, material handling, trucks and trailers, air compressors, compaction, and lighting equipment. The Company's equipment rental business is supported by ProSolutions, its industry-specific solutions-based services, which includes power generation, climate control, remediation and restoration, pumps, trench shoring and its ProContractor professional grade tools. The Company's ProControl by Herc Rentals™ digital platform combines a seamless e-commerce experience with integrated project and fleet management tools, leveraging telematics and real-time analytics to help customers optimize productivity across their operations.
v3.26.1
Basis of Presentation and Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Policies
Basis of Presentation
The Company prepares its condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). In the opinion of management, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The year-end condensed consolidated balance sheet data was derived from audited financial statements, however, these condensed consolidated financial statements do not include all of the disclosures required for complete annual financial statements and, accordingly, certain information, footnotes and disclosures normally included in annual financial statements, prepared in accordance with U.S. GAAP, have been condensed or omitted in accordance with Securities and Exchange Commission ("SEC") rules and regulations. The Company believes that the disclosures made are adequate to make the information not misleading. Accordingly, the condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 17, 2026.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Actual results could differ materially from those estimates.

Significant estimates inherent in the preparation of the condensed consolidated financial statements include receivables allowances, depreciation of rental equipment, the recoverability of long-lived assets, useful lives and impairment of long-lived tangible and intangible assets including goodwill and trade name, valuation of acquired intangible assets, pension and postretirement benefits, valuation of stock-based compensation, reserves for litigation and other contingencies, accounting for income taxes, and valuation of an earnout receivable, among others.

Principles of Consolidation
The condensed consolidated financial statements include the accounts of Herc Holdings and its wholly owned subsidiaries. In the event that the Company is a primary beneficiary of a variable interest entity, the assets, liabilities and results of operations of the variable interest entity are included in the Company's condensed consolidated financial statements. The Company accounts for investments in joint ventures using the equity method when it has significant influence but not control and is not the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation.
Recently Issued Accounting Pronouncements and Disclosure Rules
Adopted
Improvements to Accounting for Internal-Use Software
In September 2025, the FASB issued Accounting Standards Update No. 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 250-40)" ("ASU 2025-06"), which is intended to modernize the accounting for internal-use software costs by removing the previous "development stage" model and introducing a model that aligns with current software development methods, such as the agile approach. Capitalization of eligible costs begins when management has authorized and committed to funding the software project, it is probable the project will be completed and the software will be used for the function intended. The Company early adopted this guidance prospectively on January 1, 2026 and it did not have an impact on its financial position, results of operations, or cash flows.

Not Yet Adopted
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued Accounting Standards Update No. 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)" ("ASU 2024-03"), which is intended to improve the disclosures about a public entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 should be applied either on a prospective or retrospective basis. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.
v3.26.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company is principally engaged in the business of renting equipment. Ancillary to the Company’s principal equipment rental business, the Company also sells used rental equipment, new equipment and parts and supplies and offers certain services to support its customers. The Company operates in North America with revenue from the United States representing 94.9% of total revenue for the three months ended March 31, 2026, compared to 93.6% for the same period in 2025.
The Company’s rental transactions are accounted for under Accounting Standards Codification ("ASC") Topic 842, Leases ("Topic 842"). The Company’s sale of rental and new equipment, parts and supplies along with certain services provided to customers are accounted for under ASC Topic 606, Revenue from Contracts with Customers ("Topic 606"). The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. The amount of revenue recognized reflects the consideration the Company expects to be entitled to in exchange for such products or services.
The following summarizes the applicable accounting guidance for the Company’s revenues for the three months ended March 31, 2026 and 2025 (in millions):
Three Months Ended March 31,
20262025
Topic 842Topic 606TotalTopic 842Topic 606Total
Revenues:
Equipment rental$884 $— $884 $666 $— $666 
Other rental revenue:
Delivery and pick-up— 62 62 — 48 48 
Other35 — 35 25 — 25 
Total other rental revenues35 62 97 25 48 73 
Total equipment rental919 62 981 691 48 739 
Sales of rental equipment— 138 138 — 105 105 
Sales of new equipment, parts and supplies— 13 13 — 11 11 
Service and other revenues— 7 7 — 6 6 
Total revenues$919 $220 $1,139 $691 $170 $861 
Topic 842 Revenues

Equipment Rental Revenue
The Company offers a broad portfolio of equipment for rent on daily, weekly or monthly basis, with substantially all rental agreements cancellable upon the return of the equipment. Virtually all customer contracts can be canceled by the customer with no penalty by returning the equipment within one day; therefore, the Company does not allocate the transaction price between the different contract elements.
Equipment rental revenue includes revenue generated from renting equipment to customers and is recognized on a straight-line basis over the length of the rental contract. As part of this straight-line methodology, when the equipment is returned, the Company recognizes as incremental revenue the excess, if any, between the amount the customer is contractually required to pay, which is based on the rental contract period applicable to the actual number of days the equipment was out on rent, over the cumulative amount of revenue recognized to date. In any given accounting period, the Company will have customers return equipment and be contractually required to pay more than the cumulative amount of revenue recognized to date under the straight-line methodology. Also included in equipment rental revenue is re-rent revenue in which the Company will rent specific pieces of equipment from vendors and then re-rent that equipment to its customers. Provisions for discounts, rebates to customers and other adjustments are provided for in the period the related revenue is recorded.

Other
Other equipment rental revenue is primarily comprised of fees for the Company’s rental protection program and environmental charges. Fees paid for the rental protection program allow customers to limit the risk of financial loss in the event the Company’s equipment is damaged or lost. Fees for the rental protection program and environmental recovery fees are recognized on a straight-line basis over the length of the rental contract.
Topic 606 Revenues
Delivery and Pick-up
Delivery and pick-up revenue associated with renting equipment is recognized when the services are performed.
Sales of Rental Equipment, New Equipment, Parts and Supplies
The Company sells its used rental equipment, new equipment, parts and supplies. Revenues recorded for each category are as follows (in millions):
Three Months Ended March 31,
20262025
Sales of rental equipment$138 $105 
Sales of new equipment6 5 
Sales of parts and supplies7 6 
Total$151 $116 

The Company recognizes revenue from the sale of rental equipment, new equipment, parts and supplies when control of the asset transfers to the customer, which is typically when the asset is picked up by or delivered to the customer and when significant risks and rewards of ownership have passed to the customer. Sales and other tax amounts collected from customers and remitted to government authorities are accounted for on a net basis and, therefore, excluded from revenue.
The Company routinely sells its used rental equipment in order to manage repair and maintenance costs, as well as the composition, age and size of its fleet. The Company disposes of used equipment through a variety of channels including retail sales to customers and other third parties, sales to wholesalers, brokered sales and auctions.

The Company also sells new equipment, parts and supplies. The types of new equipment that the Company sells vary by location and include a variety of ProContractor tools and supplies, small equipment (such as work lighting, generators, pumps, compaction equipment and power trowels), safety supplies and expendables.
Under Topic 606, the accounts receivable balance, prior to allowances for credit losses, for the sale of rental equipment, new equipment, parts and supplies, was approximately $52 million and $41 million as of March 31, 2026 and December 31, 2025, respectively.
Service and Other Revenues
Service and other revenues primarily include revenue earned from equipment management and similar services for rental customers which includes providing customer support functions such as dedicated in-plant operations, plant management services, equipment and safety training, and repair and maintenance services particularly to industrial customers who request such services.
The Company recognizes revenue for service and other revenues as the services are provided. Service and other revenues are typically invoiced together with a customer’s rental amounts and, therefore, it is not practical for the Company to separate the accounts receivable amount related to services and other revenues that are accounted for under Topic 606; however, such amount is not considered material.
Receivables and Contract Assets and Liabilities
Most of the Company's equipment rental revenue is accounted for under Topic 842. The customers that are responsible for the remaining equipment rental revenue that is accounted for under Topic 606 are generally the same customers that rent the Company's equipment. Concentration of credit risk with respect to the Company's accounts receivable is limited because a large number of geographically diverse customers makes up its customer base. The Company manages credit risk associated with its accounts receivable at the customer level through credit approvals, credit limits and other monitoring procedures. The Company maintains allowances for credit losses that reflect the Company's estimate of the amount of receivables that the Company will be unable to collect based on its historical write-off experience.

The Company does not have material contract assets or contract liabilities associated with customer contracts. The Company's contracts with customers do not generally result in material amounts billed to customers in excess of recognizable revenue. The Company did not recognize material revenue during the three months ended March 31, 2026 and 2025 that was included in the contract liability balance as of the beginning of each period.
Performance Obligations
Most of the Company's revenue recognized under Topic 606 is recognized at a point-in-time, rather than over time. Accordingly, in any particular period, the Company does not generally recognize a significant amount of revenue from performance obligations satisfied (or partially satisfied) in previous periods, and the amount of such revenue recognized during the three months ended March 31, 2026 and 2025 was not material. We also do not expect to recognize material revenue in the future related to performance obligations that were unsatisfied (or partially unsatisfied) as of March 31, 2026.

Contract Estimates and Judgments
The Company's revenues accounted for under Topic 606 generally do not require significant estimates or judgments, primarily for the following reasons:

•The transaction price is generally fixed and stated on the Company's contracts;
•As noted above, the Company's contracts generally do not include multiple performance obligations, and accordingly do not generally require estimates of the standalone selling price for each performance obligation;
•The Company's revenues do not include material amounts of variable consideration; and
•Most of the Company's revenue is recognized as of a point-in-time and the timing of the satisfaction of the applicable performance obligations is readily determinable. As noted above, the revenue recognized under Topic 606 is generally recognized at the time of delivery to, or pick-up by, the customer.

The Company monitors and reviews its estimated standalone selling prices on a regular basis.
v3.26.1
Rental Equipment
 3 Months Ended
Mar. 31, 2026
Rental Equipment [Abstract]  
Rental Equipment Rental Equipment
Rental equipment consists of the following (in millions):
March 31, 2026December 31, 2025
Rental equipment$8,399 $8,407 
Less: Accumulated depreciation(2,662)(2,527)
Rental equipment, net$5,737 $5,880 
v3.26.1
Business Combinations
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combinations Business Combinations
The Company accounts for business combinations using the acquisition method as defined in ASC Topic 805, Business Combinations ("Topic 805"). Under this method of accounting, the purchase price allocations below reflect the estimated fair values, net of tax, of the respective assets acquired and liabilities assumed.

On June 2, 2025, the Company completed the acquisition of H&E Equipment Services, Inc. ("H&E") pursuant to the Agreement and Plan of Merger, dated as of February 19, 2025 (the "Merger Agreement"). H&E was a full-service equipment rental company that provided its customers with a mix of high-quality general rental fleet including aerial, earthmoving, material handling, and other lines of equipment. H&E served a diverse mix of customers across both construction and industrial markets through its network of approximately 160 branches in over 30 U.S. states. The acquisition (i) added scale and density in key rental regions, particularly in several of the largest rental regions in North America; (ii) created cross-sell opportunities of specialty equipment to an expanded customer base and (iii) increased availability of aerial, material handling and earthmoving equipment for the Company's customers.

The Company acquired all of the outstanding common stock of H&E in exchange for $78.75 in cash and 0.1287 shares of Company common stock on a per-H&E share basis. The total purchase price for the acquisition was $4.8 billion including cash payment of $2.9 billion and the issuance of approximately 4.7 million of the Company's common shares to H&E's shareholders, valued at $584 million. Additionally, the Company paid cash to extinguish $1.4 billion of outstanding H&E debt that was not assumed as part of the acquisition. The acquisition was funded by issuance of new debt consisting of $2.8 billion in senior unsecured notes, a $750 million term loan facility and $2.5 billion of borrowings on a new asset based revolving credit facility, of which approximately $1.6 billion was used to repay borrowings on the prior asset based revolving credit facility. Additional information on the financing associated and equity issued with the H&E acquisition is included in Note 11, "Debt" and Note 19,
"Equity and Earnings (Loss) Per Share" to the Company's financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2025, respectively.

The following table summarizes the preliminary purchase price allocation of the assets acquired and liabilities assumed (in millions):
H&E
Cash$5 
Accounts receivable187 
Other current assets22 
Rental equipment1,781 
Property and equipment288 
Right-of-use lease assets567 
Customer relationships intangible1,190 
Total identifiable assets acquired4,040 
Current liabilities173 
Operating lease liabilities567 
Finance lease liabilities7 
Deferred tax liabilities649 
Net identifiable assets acquired2,644 
Goodwill2,172 
Net assets acquired$4,816 

The customer relationships intangible has an expected life of 10 years. The level of goodwill that resulted from the acquisition is primarily reflective of operational synergies the Company expects to achieve that are not associated with the identifiable assets, the value of H&E's assembled workforce and new customer relationships expected to arise from the acquisition. The goodwill is not expected to be deductible for income tax purposes.

The purchase price was allocated based on information available at the acquisition date and income taxes and goodwill are subject to change as the Company completes its analysis during the measurement period not to exceed one year as permitted under Topic 805. During the first quarter, management has continued to assess the opening balance sheet and recorded measurement period adjustments to various accounts, which resulted in a decrease to goodwill of $11 million. The adjustments were primarily related to the reversal of accrued liabilities.

The assets and liabilities for H&E were recorded as of June 2, 2025 and the results of operations have been included in the Company's consolidated results of operations since that date. It is not practicable to reasonably estimate the amount of revenue and earnings of H&E since acquisition date, primarily due to the movement of fleet between Herc locations and the acquired H&E locations, as well as the corporate structure and the allocation of corporate costs.

Pro Forma Supplementary Data
The unaudited pro forma supplementary data presented in the table below (in millions) gives effect to the acquisition of H&E as if it had been included in the Company's condensed consolidated results for the entire period reflected. The unaudited pro forma supplementary data is provided for informational purposes only and is not indicative of the Company's results of operations had the acquisition been included for the period presented, nor is it indicative of the Company's future results.
Three Months Ended March 31, 2025
HercH&ETotal
Historic/pro forma equipment rental revenue$739 $274 $1,013 
Historic/pro forma total revenues861 319 1,180 
Historic/combined pretax loss(8)(8)(16)
Pro forma adjustments to consolidated pretax loss:
Impact of fair value adjustments/useful life changes on depreciation(a)
21 21 
Intangible asset amortization(b)
(30)(30)
Interest expense(c)
(63)(63)
Elimination of historic interest(d)
16 16 
Transaction expenses(e)
83 83 
Pro forma pretax income$11 
(a) Depreciation of rental equipment was adjusted for the fair value at acquisition and changes in useful lives of equipment acquired.
(b) Intangible asset amortization was adjusted to include amortization of the acquired intangible asset.
(c) As discussed above, the Company funded the H&E acquisition with borrowings under various long-term debt instruments. Interest expense was adjusted to reflect interest on such borrowings.
(d) Historic interest on debt that is not part of the combined entity was eliminated.
(e) Transaction expenses associated with the H&E acquisition, whether incurred by the Company or the acquiree, were assumed to have been recognized prior to the earliest period presented and were excluded from the period presented.
v3.26.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The following summarizes the Company's goodwill (in millions):
March 31, 2026December 31, 2025
Balance at the beginning of the period:
Goodwill, gross$3,541 $1,334 
Accumulated impairment losses(668)(664)
Goodwill2,873 670 
Additions— 2,201 
Adjustments(a)
(11)— 
Currency translation(1)2 
Balance at the end of the period:
Goodwill, gross3,528 3,541 
Accumulated impairment losses(667)(668)
Goodwill$2,861 $2,873 
(a) Goodwill adjustments were due to measurement period adjustments for the H&E acquisition, see Note 5, "Business Combinations" for additional information.
Intangible Assets
Intangible assets, net, consisted of the following major classes (in millions):
 March 31, 2026
 Gross Carrying AmountAccumulated AmortizationNet Carrying Value
Finite-lived intangible assets: 
Customer relationships$1,552 $(241)$1,311 
Non-compete agreements19 (11)8 
Internally developed software(a)
56 (19)37 
Total1,627 (271)1,356 
Indefinite-lived intangible assets: 
Trade name271 — 271 
Total intangible assets, net$1,898 $(271)$1,627 
(a) Includes capitalized costs of $23 million yet to be placed into service.
 December 31, 2025
 Gross Carrying
Amount		Accumulated
Amortization		Net Carrying Value
Finite-lived intangible assets:  
Customer relationships$1,552 $(203)$1,349 
Non-compete agreements19 (10)9 
Internally developed software(a)
53 (17)36 
Total1,624 (230)1,394 
Indefinite-lived intangible assets: 
Trade name271 — 271 
Total intangible assets, net$1,895 $(230)$1,665 
(a) Includes capitalized costs of $21 million yet to be placed into service.

Amortization of intangible assets was $41 million and $11 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases Leases
The Company leases real estate, office equipment and service vehicles. The Company's leases have remaining lease terms of up to 21 years, some of which include options to extend the leases for up to 25 years. The Company determines the lease term used to record each lease by including the initial lease term and, in the case where there are options to extend, will include the option to extend if it has determined that it is reasonably certain that the Company would exercise those options.

The Company also leases certain equipment that it rents to its customers where the payments vary based upon the amount of time the equipment is on rent. There are no fixed payments on these leases and, therefore, no lease liability or ROU assets have been recorded. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for these leases is recognized on a straight-line basis over the lease term.
The components of lease expense consist of the following (in millions):
Three Months Ended March 31,
Classification20262025
Operating lease cost(a)
Direct operating$54 $38 
Finance lease costs:
Amortization of ROU assetsDepreciation and amortization5 4 
Interest on lease liabilitiesInterest expense, net1 1 
Sublease incomeEquipment rental revenue(18)(15)
Net lease cost$42 $28 
(a) Includes short-term leases of $11 million for the three months ended March 31, 2026 and 2025, and variable lease costs of $4 million and $2 million for the three months ended March 31, 2026 and 2025, respectively.
Leases Leases
The Company leases real estate, office equipment and service vehicles. The Company's leases have remaining lease terms of up to 21 years, some of which include options to extend the leases for up to 25 years. The Company determines the lease term used to record each lease by including the initial lease term and, in the case where there are options to extend, will include the option to extend if it has determined that it is reasonably certain that the Company would exercise those options.

The Company also leases certain equipment that it rents to its customers where the payments vary based upon the amount of time the equipment is on rent. There are no fixed payments on these leases and, therefore, no lease liability or ROU assets have been recorded. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for these leases is recognized on a straight-line basis over the lease term.
The components of lease expense consist of the following (in millions):
Three Months Ended March 31,
Classification20262025
Operating lease cost(a)
Direct operating$54 $38 
Finance lease costs:
Amortization of ROU assetsDepreciation and amortization5 4 
Interest on lease liabilitiesInterest expense, net1 1 
Sublease incomeEquipment rental revenue(18)(15)
Net lease cost$42 $28 
(a) Includes short-term leases of $11 million for the three months ended March 31, 2026 and 2025, and variable lease costs of $4 million and $2 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
The Company's debt consists of the following (in millions):
Weighted Average Effective Interest Rate at March 31, 2026
Weighted Average Stated Interest Rate at March 31, 2026
Fixed or Floating Interest RateMaturityMarch 31,
2026		December 31,
2025
Senior Notes
2029 Notes6.91%6.63%Fixed2029$800 $800 
2030 Notes7.25%7.00%Fixed20301,650 1,650 
2031 Notes5.94%5.75%Fixed2031600 600 
2033 Notes7.43%7.25%Fixed20331,100 1,100 
2034 Notes6.14%6.00%Fixed2034600 600 
Other Debt
ABL Credit FacilityN/A5.03%Floating20301,981 2,047 
Term Loan Facility5.69%5.43%Floating2032748 750 
AR FacilityN/A4.52%Floating2026475 475 
Finance lease liabilities4.58%N/AFixed2026-204484 81 
Unamortized debt issuance costs and debt discount(a)
(53)(56)
Total debt7,985 8,047 
Less: Current maturities of long-term debt(27)(26)
Total long-term debt, net$7,958 $8,021 
(a)    Unamortized debt issuance costs totaling $11 million and $12 million related to the ABL Credit Facility and AR Facility (as each is defined below) as of March 31, 2026 and December 31, 2025, respectively, are included in "Other long-term assets" in the condensed consolidated balance sheets.
The effective interest rates for the fixed rate 2029 Notes, 2030 Notes, 2031 Notes, 2033 Notes, and 2034 Notes (as each is defined below) includes the stated interest on the notes and the amortization of any debt issuance costs. The effective interest rate for the variable rate Term Loan Facility (as defined below) includes the stated interest on the loan and the amortization of the debt discount and debt issuance costs. The Company's debt instruments are described below, additional information is included in Note 11, "Debt" to the Company's financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2025.

Senior Notes—2029 Notes
On June 7, 2024, the Company issued $800 million aggregate principal amount of its 6.625% Senior Notes due 2029 (the "2029 Notes"). Interest on the 2029 Notes accrues at the rate of 6.625% per annum and is payable semi-annually in arrears on June 15 and December 15 of each year. The 2029 Notes will mature on June 15, 2029.
Senior Notes—2030 Notes
On June 2, 2025, the Company issued $1.65 billion aggregate principal amount of its 7.00% Senior Notes due 2030 (the "2030 Notes"). Interest on the 2030 Notes accrues at the rate of 7.00% per annum and is payable semi-annually in arrears on June 15 and December 15 of each year. The 2030 Notes will mature on June 15, 2030.

Senior Notes—2031 Notes
On December 16, 2025, the Company issued $600 million aggregate principal amount of its 5.75% Senior Notes due 2031 (the "2031 Notes"). Interest on the 2031 Notes accrues at the rate of 5.75% per annum and is payable semi-annually in arrears on March 15 and September 15 of each year. The 2031 Notes will mature on March 15, 2031.

Senior Notes—2033 Notes
On June 2, 2025, the Company issued $1.1 billion aggregate principal amount of its 7.25% Senior Notes due 2033 (the "2033 Notes"). Interest on the 2033 Notes accrues at the rate of 7.25% per annum and is payable semi-annually in arrears on June 15 and December 15 of each year. The 2033 Notes will mature on June 15, 2033.

Senior Notes—2034 Notes
On December 16, 2025, the Company issued $600 million aggregate principal amount of its 6.00% Senior Notes due 2034 (the "2034 Notes" and, together with the 2029 Notes, 2030 Notes, 2031 Notes and 2033 Notes, the "Notes"). Interest on the 2034 Notes accrues at the rate of 6.00% per annum and is payable semi-annually in arrears on March 15 and September 15 of each year. The 2034 Notes will mature on March 15, 2034.

ABL Credit Facility
On June 2, 2025, the Company and certain of its subsidiaries entered into a credit agreement with respect to a senior secured asset-based revolving credit facility (the "ABL Credit Facility"). The ABL Credit Facility provides for aggregate maximum borrowings of up to $4.0 billion (subject to availability under a borrowing base). Up to $250 million of the revolving loan facility is available for the issuance of letters of credit, subject to certain conditions including issuing lender participation. Subject to the satisfaction of certain conditions and limitations, the ABL Credit Facility allows for the addition of incremental revolving commitments and/or incremental term loans. The ABL Credit Facility matures on June 2, 2030.

Term Loan Facility
On June 2, 2025, the Company and certain of its subsidiaries entered into a credit agreement with respect to a senior secured term loan facility (the "Term Loan Facility") of $750 million. The principal obligations under the Term Loan Facility are to be repaid in quarterly installments in an aggregate amount equal to 1.00% per annum, with the balance due at the maturity of the Term Loan Facility. The Term Loan Facility matures on June 2, 2032.

Accounts Receivable Securitization Facility
The accounts receivable securitization facility (the "AR Facility"), as amended, matures on August 31, 2026 and has aggregate commitments up to $475 million. In connection with the AR Facility, Herc sells its accounts receivables on an ongoing basis to Herc Receivables U.S. LLC, a wholly-owned special-purpose entity (the "SPE"). The SPE's sole business consists of the purchase by the SPE of accounts receivable from Herc and borrowing by the SPE against the eligible accounts receivable from the lenders under the facility. The borrowings are secured by liens on the accounts receivable and other assets of the SPE. Collections on the accounts receivable are used to service the borrowings. The SPE is a separate legal entity that is consolidated in the Company's financial statements. The SPE assets are owned by the SPE and are not available to settle the obligations of the Company or any of its other subsidiaries. Herc is the servicer of the accounts receivable under the AR Facility. All of the obligations of the servicer and certain indemnification obligations of the SPE under the agreements governing the AR Facility are guaranteed by Herc pursuant to a performance guarantee. The AR Facility is excluded from current maturities of long-term debt as the Company has the intent and ability to fund the AR Facility's borrowings on a long-term basis either by further extending the maturity date of the AR Facility or by utilizing the capacity available at the balance sheet date under the ABL Credit Facility.
Borrowing Capacity and Availability
After outstanding borrowings, the following was available to the Company under the ABL Credit Facility and AR Facility as of March 31, 2026 (in millions):
Remaining
Capacity		Availability Under
Borrowing Base
Limitation
ABL Credit Facility$1,972 $1,906 
AR Facility— — 
Total $1,972 $1,906 

Letters of Credit
As of March 31, 2026, $47 million of standby letters of credit were issued and outstanding, none of which have been drawn upon. The ABL Credit Facility had $203 million available under the letter of credit facility sublimit, subject to borrowing base restrictions.
v3.26.1
Financing Obligations
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Financing Obligations Financing Obligations
In prior years, Herc entered into sale-leaseback transactions pursuant to which it sold 44 properties located in the U.S. and certain service vehicles. The sale of the properties and service vehicles did not qualify for sale-leaseback accounting; therefore, the book value of the assets remain on the Company's consolidated balance sheet. The Company's financing obligations consist of the following (in millions):
Weighted Average Effective Interest Rate at March 31, 2026
MaturitiesMarch 31, 2026December 31, 2025
Financing obligations5.48%2026-2038$101 $103 
Unamortized financing issuance costs
(2)(2)
Total financing obligations99 101 
Less: Current maturities of financing obligations(5)(6)
Financing obligations, net$94 $95 
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income tax provision was $1 million for the three months ended March 31, 2026 compared to $10 million in the same period of 2025. The income tax provision in the current period was primarily driven by non-deductible expenses, tax credits, and foreign tax assessments.
v3.26.1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
The changes in the accumulated other comprehensive income (loss) balance by component (net of tax) for the three months ended March 31, 2026 are presented in the table below (in millions).
Pension and Other Post-Employment BenefitsForeign Currency ItemsAccumulated Other Comprehensive Income (Loss)
Balance at December 31, 2025
$(12)$(108)$(120)
Other comprehensive loss— (4)(4)
Balance at March 31, 2026
$(12)$(112)$(124)
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Proceedings
The Company is subject to a number of claims and proceedings that generally arise in the ordinary conduct of its business. These matters include, but are not limited to, claims arising from the operation of rented equipment and workers' compensation
claims. The Company does not believe that the liabilities arising from such ordinary course claims and proceedings will have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows.

The Company has established reserves for matters where the Company believes the losses are probable and can be reasonably estimated. For matters where a reserve has not been established, the ultimate outcome or resolution cannot be predicted at this time, or the amount of ultimate loss, if any, cannot be reasonably estimated. Litigation is subject to many uncertainties and there can be no assurance as to the outcome of the individual litigated matters. It is possible that certain of the actions, claims, inquiries or proceedings could be decided unfavorably to the Company or any of its subsidiaries involved. Accordingly, it is possible that an adverse outcome from such a proceeding could exceed the amount accrued in an amount that could be material to the Company's consolidated financial condition, results of operations or cash flows in any particular reporting period.

Off-Balance Sheet Commitments
Indemnification Obligations
In the ordinary course of business, the Company executes contracts involving indemnification obligations customary in the relevant industry and indemnifications specific to a transaction such as the sale of a business or assets or a financial transaction. These indemnification obligations might include claims relating to the following: accuracy of representations; compliance with covenants and agreements by the Company or third parties; environmental matters; intellectual property rights; governmental regulations; employment-related matters; customer, supplier and other commercial contractual relationships; condition of assets; and financial or other matters. Performance under these indemnification obligations would generally be triggered by a breach of terms of the contract or by a third-party claim. The Company regularly evaluates the probability of having to incur costs associated with these indemnification obligations and has accrued for expected losses that are probable and estimable. The types of indemnification obligations for which payments are possible include the following:
    The Spin-Off
In connection with the Spin-Off, pursuant to the separation and distribution agreement (agreements and defined terms are discussed in Note 15, "Arrangements with New Hertz"), the Company has assumed the liability for, and control of, all pending and threatened legal matters related to its equipment rental business and related assets, as well as assumed or retained liabilities, and will indemnify New Hertz for any liability arising out of or resulting from such assumed legal matters. The separation and distribution agreement also provides for certain liabilities to be shared by the parties. The Company is responsible for a portion of these shared liabilities (typically 15%), as set forth in that agreement. New Hertz is responsible for managing the settlement or other disposition of such shared liabilities. Pursuant to the tax matters agreement, the Company has agreed to indemnify New Hertz for any resulting taxes and related losses if the Company takes or fails to take any action (or permits any of its affiliates to take or fail to take any action) that causes the Spin-Off and related transactions to be taxable, or if there is an acquisition of the equity securities or assets of the Company or of any member of the Company’s group that causes the Spin-Off and related transactions to be taxable.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or, if none exists, the most advantageous market, for the specific asset or liability at the measurement date (referred to as the "exit price"). Fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability, including consideration of nonperformance risk.

The Company assesses the inputs used to measure fair value using the three-tier hierarchy promulgated under U.S. GAAP. This hierarchy indicates the extent to which inputs used in measuring fair value are observable in the market.

Level 1: Inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable.

Level 2: Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.
Level 3: Inputs that are unobservable to the extent that observable inputs are not available for the asset or liability at the measurement date and include management's judgment about assumptions that market participants would use in pricing the asset or liability.

The fair value of cash, accounts receivable, accounts payable and accrued liabilities, to the extent the underlying liability will be settled in cash, approximates the carrying values because of the short-term nature of these instruments.

Cash Equivalents
Cash equivalents primarily consist of money market accounts which are classified as Level 1 assets which the Company measures at fair value on a recurring basis. The Company measures the fair value of cash equivalents using a market approach based on quoted prices in active markets. The Company had $11 million in cash equivalents at March 31, 2026 and $14 million at December 31, 2025.

Debt Obligations
The fair values of the Company's ABL Credit Facility, AR Facility and finance lease liabilities approximated their book values as of March 31, 2026 and December 31, 2025. The fair value of the Company's Notes and Term Loan Facility are estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs) (in millions).

March 31, 2026December 31, 2025
Nominal Unpaid Principal BalanceAggregate Fair ValueNominal Unpaid Principal BalanceAggregate Fair Value
2029 Notes$800 $810 $800 $829 
2030 Notes1,650 1,690 1,650 1,736 
2031 Notes600 590 600 609 
2033 Notes1,100 1,126 1,100 1,169 
2034 Notes600 580 600 608 
Term Loan Facility748 751 750 751 
Total Notes and Term Loan$5,498 $5,547 $5,500 $5,702 

Cinelease Earnout Receivable
The Company made an accounting policy election to record the earnout receivable related to the Cinelease divestiture at fair value at inception, and it is categorized as Level 3 within the fair value hierarchy. In addition, any subsequent fair value adjustments to the earnout receivable will be recorded within operating income in the Company's condensed consolidated statement of operations.
The earnout receivable of $32 million is recorded within other long-term assets in the Company's condensed consolidated balance sheet as of March 31, 2026 and December 31, 2025, no adjustments to the fair value were made during the three months ended March 31, 2026. The earnout is based on eligible Cinelease revenue reported during 2027 and 2028 that will primarily be paid in 2028 and 2029, with deferrals available into 2031 if certain earnout thresholds are met. The earnout receivable has been recorded at fair value using a probability-weighted discounted cash flow model. This model incorporated the contractual terms regarding timing of payment and the significant unobservable inputs of revenue forecasts for Cinelease, the discount rate, and the probability outcome percentage assigned to each scenario. The estimated fair value is based upon assumptions believed to be reasonable but which are uncertain and involve significant judgment by management. Favorable or unfavorable changes in expectations of achieving the performance metrics would result in corresponding increases or decreases in the fair value measurement, while increases or decreases in the discount rate would have inverse impacts on the fair value measurement.
v3.26.1
Earnings (Loss) Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share Earnings (Loss) Per Share
Basic earnings (loss) per share has been computed based upon the weighted average number of common shares outstanding. Diluted earnings per share has been computed based upon the weighted average number of common shares outstanding plus the effect of all potentially dilutive common stock equivalents, except when the effect would be anti-dilutive.

The following table sets forth the computation of basic and diluted loss per share (in millions, except per share data).
Three Months Ended March 31,
20262025
Basic and diluted loss per share:
Numerator:
Net loss, basic and diluted$(24)$(18)
Denominator: 
Basic weighted average common shares33.3 28.5 
RSUs and PSUs— — 
Weighted average shares used to calculate diluted loss per share33.3 28.5 
Loss per share:
Basic$(0.72)$(0.63)
Diluted$(0.72)$(0.63)
Antidilutive RSUs and PSUs0.2 0.2 
v3.26.1
Arrangements with New Hertz
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Arrangements with New Hertz Arrangements with New Hertz
On June 30, 2016, the Company, in its previous form as the holding company of both the existing equipment rental operations as well as the former vehicle rental operations (in its form prior to the Spin-Off, "Hertz Holdings"), completed a spin-off (the "Spin-Off") of its global vehicle rental business through a dividend to stockholders of all of the issued and outstanding common stock of Hertz Rental Car Holding Company, Inc., which was re-named Hertz Global Holdings, Inc. ("New Hertz") in connection with the Spin-Off. New Hertz is an independent public company and continues to operate its global vehicle rental business through its operating subsidiaries including The Hertz Corporation ("THC").

In connection with the Spin-Off, the Company entered into a separation and distribution agreement (the "Separation Agreement") with New Hertz. In connection therewith, the Company also entered into various other ancillary agreements with New Hertz to effect the Spin-Off and provide a framework for its relationship with New Hertz. The following summarizes some of the most significant agreements and relationships that Herc Holdings continues to have with New Hertz.

Separation and Distribution Agreement
The Separation Agreement sets forth the Company's agreements with New Hertz regarding the principal actions taken in connection with the Spin-Off. It also sets forth other agreements that govern aspects of the Company's relationship with New Hertz following the Spin-Off including (i) the manner in which legal matters and claims are allocated and certain liabilities are shared between the Company and New Hertz; (ii) other matters including transfers of assets and liabilities, treatment or termination of intercompany arrangements and releases of certain claims between the parties and their affiliates; (iii) mutual indemnification clauses; and (iv) allocation of Spin-Off expenses between the parties.

Tax Matters Agreement
The Company entered into a tax matters agreement with New Hertz that governs the parties' rights, responsibilities and obligations after the Spin-Off with respect to tax liabilities and benefits, tax attributes, tax contests and other tax matters regarding income taxes, other taxes and related tax returns.
v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker ("CODM") in deciding how to allocate resources to an individual segment and in assessing performance. The Company's CODM has been identified as its Chief Executive Officer ("CEO").

The Company considered guidance in ASC Topic 280, Segment Reporting, and used the management approach in determining its reportable segment. The Company has determined that it has one operating segment and reportable segment: equipment rental.

The equipment rental segment derives revenues from customers by renting equipment from the Company's fleet, which includes aerial, earthmoving, material handling, trucks and trailers, air compressors, compaction, lighting as well as its ProSolutions products and ProContractor tools. The Company’s broad portfolio of equipment for rent is fungible and can be deployed throughout the geographies where the Company does business.

Performance and resource allocation, particularly the amount and timing of new equipment purchases, are evaluated by the CODM using net income. Net income is also used when determining other capital allocation priorities such as completing acquisitions, paying dividends or repurchasing Company shares. Net income from the equipment rental segment is reported on the consolidated statement of operations as net income. Additionally, the measures of segment assets are reported on the consolidated balance sheet as total assets and rental equipment, net, which is further disclosed in Note 4, "Rental Equipment."

There are no significant segment expenses other than those presented on the consolidated statement of operations and the Company does not have intra-entity sales.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Basis of Presentation and Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation
The Company prepares its condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). In the opinion of management, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The year-end condensed consolidated balance sheet data was derived from audited financial statements, however, these condensed consolidated financial statements do not include all of the disclosures required for complete annual financial statements and, accordingly, certain information, footnotes and disclosures normally included in annual financial statements, prepared in accordance with U.S. GAAP, have been condensed or omitted in accordance with Securities and Exchange Commission ("SEC") rules and regulations. The Company believes that the disclosures made are adequate to make the information not misleading. Accordingly, the condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 17, 2026.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes. Actual results could differ materially from those estimates.
Significant estimates inherent in the preparation of the condensed consolidated financial statements include receivables allowances, depreciation of rental equipment, the recoverability of long-lived assets, useful lives and impairment of long-lived tangible and intangible assets including goodwill and trade name, valuation of acquired intangible assets, pension and postretirement benefits, valuation of stock-based compensation, reserves for litigation and other contingencies, accounting for income taxes, and valuation of an earnout receivable, among others.
Principles of Consolidation
Principles of Consolidation
The condensed consolidated financial statements include the accounts of Herc Holdings and its wholly owned subsidiaries. In the event that the Company is a primary beneficiary of a variable interest entity, the assets, liabilities and results of operations of the variable interest entity are included in the Company's condensed consolidated financial statements. The Company accounts for investments in joint ventures using the equity method when it has significant influence but not control and is not the primary beneficiary. All significant intercompany transactions have been eliminated in consolidation.
Recently Issued Accounting Pronouncements and Disclosure Rules
Recently Issued Accounting Pronouncements and Disclosure Rules
Adopted
Improvements to Accounting for Internal-Use Software
In September 2025, the FASB issued Accounting Standards Update No. 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 250-40)" ("ASU 2025-06"), which is intended to modernize the accounting for internal-use software costs by removing the previous "development stage" model and introducing a model that aligns with current software development methods, such as the agile approach. Capitalization of eligible costs begins when management has authorized and committed to funding the software project, it is probable the project will be completed and the software will be used for the function intended. The Company early adopted this guidance prospectively on January 1, 2026 and it did not have an impact on its financial position, results of operations, or cash flows.

Not Yet Adopted
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued Accounting Standards Update No. 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)" ("ASU 2024-03"), which is intended to improve the disclosures about a public entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 should be applied either on a prospective or retrospective basis. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.
v3.26.1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Accounting Guidance for the Company’s Revenues
The following summarizes the applicable accounting guidance for the Company’s revenues for the three months ended March 31, 2026 and 2025 (in millions):
Three Months Ended March 31,
20262025
Topic 842Topic 606TotalTopic 842Topic 606Total
Revenues:
Equipment rental$884 $— $884 $666 $— $666 
Other rental revenue:
Delivery and pick-up— 62 62 — 48 48 
Other35 — 35 25 — 25 
Total other rental revenues35 62 97 25 48 73 
Total equipment rental919 62 981 691 48 739 
Sales of rental equipment— 138 138 — 105 105 
Sales of new equipment, parts and supplies— 13 13 — 11 11 
Service and other revenues— 7 7 — 6 6 
Total revenues$919 $220 $1,139 $691 $170 $861 
Schedule of Disaggregation of Revenue
The Company sells its used rental equipment, new equipment, parts and supplies. Revenues recorded for each category are as follows (in millions):
Three Months Ended March 31,
20262025
Sales of rental equipment$138 $105 
Sales of new equipment6 5 
Sales of parts and supplies7 6 
Total$151 $116 
v3.26.1
Rental Equipment (Tables)
 3 Months Ended
Mar. 31, 2026
Rental Equipment [Abstract]  
Schedule of Rental Equipment
Rental equipment consists of the following (in millions):
March 31, 2026December 31, 2025
Rental equipment$8,399 $8,407 
Less: Accumulated depreciation(2,662)(2,527)
Rental equipment, net$5,737 $5,880 
v3.26.1
Business Combinations (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Purchase Price Allocation and Fair value and Useful Lives
The following table summarizes the preliminary purchase price allocation of the assets acquired and liabilities assumed (in millions):
H&E
Cash$5 
Accounts receivable187 
Other current assets22 
Rental equipment1,781 
Property and equipment288 
Right-of-use lease assets567 
Customer relationships intangible1,190 
Total identifiable assets acquired4,040 
Current liabilities173 
Operating lease liabilities567 
Finance lease liabilities7 
Deferred tax liabilities649 
Net identifiable assets acquired2,644 
Goodwill2,172 
Net assets acquired$4,816 
Schedule of Pro Forma Supplementary Data
The unaudited pro forma supplementary data presented in the table below (in millions) gives effect to the acquisition of H&E as if it had been included in the Company's condensed consolidated results for the entire period reflected. The unaudited pro forma supplementary data is provided for informational purposes only and is not indicative of the Company's results of operations had the acquisition been included for the period presented, nor is it indicative of the Company's future results.
Three Months Ended March 31, 2025
HercH&ETotal
Historic/pro forma equipment rental revenue$739 $274 $1,013 
Historic/pro forma total revenues861 319 1,180 
Historic/combined pretax loss(8)(8)(16)
Pro forma adjustments to consolidated pretax loss:
Impact of fair value adjustments/useful life changes on depreciation(a)
21 21 
Intangible asset amortization(b)
(30)(30)
Interest expense(c)
(63)(63)
Elimination of historic interest(d)
16 16 
Transaction expenses(e)
83 83 
Pro forma pretax income$11 
(a) Depreciation of rental equipment was adjusted for the fair value at acquisition and changes in useful lives of equipment acquired.
(b) Intangible asset amortization was adjusted to include amortization of the acquired intangible asset.
(c) As discussed above, the Company funded the H&E acquisition with borrowings under various long-term debt instruments. Interest expense was adjusted to reflect interest on such borrowings.
(d) Historic interest on debt that is not part of the combined entity was eliminated.
(e) Transaction expenses associated with the H&E acquisition, whether incurred by the Company or the acquiree, were assumed to have been recognized prior to the earliest period presented and were excluded from the period presented.
v3.26.1
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following summarizes the Company's goodwill (in millions):
March 31, 2026December 31, 2025
Balance at the beginning of the period:
Goodwill, gross$3,541 $1,334 
Accumulated impairment losses(668)(664)
Goodwill2,873 670 
Additions— 2,201 
Adjustments(a)
(11)— 
Currency translation(1)2 
Balance at the end of the period:
Goodwill, gross3,528 3,541 
Accumulated impairment losses(667)(668)
Goodwill$2,861 $2,873 
(a) Goodwill adjustments were due to measurement period adjustments for the H&E acquisition, see Note 5, "Business Combinations" for additional information.
Schedule of Finite Lived Intangible Assets, Net
Intangible assets, net, consisted of the following major classes (in millions):
 March 31, 2026
 Gross Carrying AmountAccumulated AmortizationNet Carrying Value
Finite-lived intangible assets: 
Customer relationships$1,552 $(241)$1,311 
Non-compete agreements19 (11)8 
Internally developed software(a)
56 (19)37 
Total1,627 (271)1,356 
Indefinite-lived intangible assets: 
Trade name271 — 271 
Total intangible assets, net$1,898 $(271)$1,627 
(a) Includes capitalized costs of $23 million yet to be placed into service.
 December 31, 2025
 Gross Carrying
Amount		Accumulated
Amortization		Net Carrying Value
Finite-lived intangible assets:  
Customer relationships$1,552 $(203)$1,349 
Non-compete agreements19 (10)9 
Internally developed software(a)
53 (17)36 
Total1,624 (230)1,394 
Indefinite-lived intangible assets: 
Trade name271 — 271 
Total intangible assets, net$1,895 $(230)$1,665 
(a) Includes capitalized costs of $21 million yet to be placed into service.
Schedule of Indefinite Lived Intangible Assets, Net
Intangible assets, net, consisted of the following major classes (in millions):
 March 31, 2026
 Gross Carrying AmountAccumulated AmortizationNet Carrying Value
Finite-lived intangible assets: 
Customer relationships$1,552 $(241)$1,311 
Non-compete agreements19 (11)8 
Internally developed software(a)
56 (19)37 
Total1,627 (271)1,356 
Indefinite-lived intangible assets: 
Trade name271 — 271 
Total intangible assets, net$1,898 $(271)$1,627 
(a) Includes capitalized costs of $23 million yet to be placed into service.
 December 31, 2025
 Gross Carrying
Amount		Accumulated
Amortization		Net Carrying Value
Finite-lived intangible assets:  
Customer relationships$1,552 $(203)$1,349 
Non-compete agreements19 (10)9 
Internally developed software(a)
53 (17)36 
Total1,624 (230)1,394 
Indefinite-lived intangible assets: 
Trade name271 — 271 
Total intangible assets, net$1,895 $(230)$1,665 
(a) Includes capitalized costs of $21 million yet to be placed into service.
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Lease Expense
The components of lease expense consist of the following (in millions):
Three Months Ended March 31,
Classification20262025
Operating lease cost(a)
Direct operating$54 $38 
Finance lease costs:
Amortization of ROU assetsDepreciation and amortization5 4 
Interest on lease liabilitiesInterest expense, net1 1 
Sublease incomeEquipment rental revenue(18)(15)
Net lease cost$42 $28 
(a) Includes short-term leases of $11 million for the three months ended March 31, 2026 and 2025, and variable lease costs of $4 million and $2 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt consists of the following (in millions):
Weighted Average Effective Interest Rate at March 31, 2026
Weighted Average Stated Interest Rate at March 31, 2026
Fixed or Floating Interest RateMaturityMarch 31,
2026		December 31,
2025
Senior Notes
2029 Notes6.91%6.63%Fixed2029$800 $800 
2030 Notes7.25%7.00%Fixed20301,650 1,650 
2031 Notes5.94%5.75%Fixed2031600 600 
2033 Notes7.43%7.25%Fixed20331,100 1,100 
2034 Notes6.14%6.00%Fixed2034600 600 
Other Debt
ABL Credit FacilityN/A5.03%Floating20301,981 2,047 
Term Loan Facility5.69%5.43%Floating2032748 750 
AR FacilityN/A4.52%Floating2026475 475 
Finance lease liabilities4.58%N/AFixed2026-204484 81 
Unamortized debt issuance costs and debt discount(a)
(53)(56)
Total debt7,985 8,047 
Less: Current maturities of long-term debt(27)(26)
Total long-term debt, net$7,958 $8,021 
(a)    Unamortized debt issuance costs totaling $11 million and $12 million related to the ABL Credit Facility and AR Facility (as each is defined below) as of March 31, 2026 and December 31, 2025, respectively, are included in "Other long-term assets" in the condensed consolidated balance sheets.
Schedule of Borrowing Capacity and Availability on Line of Credit
After outstanding borrowings, the following was available to the Company under the ABL Credit Facility and AR Facility as of March 31, 2026 (in millions):
Remaining
Capacity		Availability Under
Borrowing Base
Limitation
ABL Credit Facility$1,972 $1,906 
AR Facility— — 
Total $1,972 $1,906 
v3.26.1
Financing Obligations (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Financing Obligations, Net The Company's financing obligations consist of the following (in millions):
Weighted Average Effective Interest Rate at March 31, 2026
MaturitiesMarch 31, 2026December 31, 2025
Financing obligations5.48%2026-2038$101 $103 
Unamortized financing issuance costs
(2)(2)
Total financing obligations99 101 
Less: Current maturities of financing obligations(5)(6)
Financing obligations, net$94 $95 
v3.26.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The changes in the accumulated other comprehensive income (loss) balance by component (net of tax) for the three months ended March 31, 2026 are presented in the table below (in millions).
Pension and Other Post-Employment BenefitsForeign Currency ItemsAccumulated Other Comprehensive Income (Loss)
Balance at December 31, 2025
$(12)$(108)$(120)
Other comprehensive loss— (4)(4)
Balance at March 31, 2026
$(12)$(112)$(124)
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Debt The fair value of the Company's Notes and Term Loan Facility are estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (Level 2 inputs) (in millions).
March 31, 2026December 31, 2025
Nominal Unpaid Principal BalanceAggregate Fair ValueNominal Unpaid Principal BalanceAggregate Fair Value
2029 Notes$800 $810 $800 $829 
2030 Notes1,650 1,690 1,650 1,736 
2031 Notes600 590 600 609 
2033 Notes1,100 1,126 1,100 1,169 
2034 Notes600 580 600 608 
Term Loan Facility748 751 750 751 
Total Notes and Term Loan$5,498 $5,547 $5,500 $5,702 
v3.26.1
Earnings (Loss) Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The following table sets forth the computation of basic and diluted loss per share (in millions, except per share data).
Three Months Ended March 31,
20262025
Basic and diluted loss per share:
Numerator:
Net loss, basic and diluted$(24)$(18)
Denominator: 
Basic weighted average common shares33.3 28.5 
RSUs and PSUs— — 
Weighted average shares used to calculate diluted loss per share33.3 28.5 
Loss per share:
Basic$(0.72)$(0.63)
Diluted$(0.72)$(0.63)
Antidilutive RSUs and PSUs0.2 0.2 
v3.26.1
Organization and Description of Business (Details)
 3 Months Ended
Mar. 31, 2026
location
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of locations 609
Number of years of experience (over) 60 years
v3.26.1
Revenue Recognition - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Disaggregation of Revenue [Line Items]      
Period of time customer has to return equipment with no cancelation penalty 1 day    
Prior to allowances for credit losses $ 52   $ 41
United States | Revenue Benchmark | Geographic Concentration Risk      
Disaggregation of Revenue [Line Items]      
Concentration risk, percentage 94.90% 93.60%  
v3.26.1
Revenue Recognition - Schedule of Accounting Guidance for the Company’s Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Topic 842 $ 919 $ 691
Topic 606 220 170
Total $ 1,139 $ 861
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Total Total
Equipment rental    
Disaggregation of Revenue [Line Items]    
Topic 842 $ 884 $ 666
Total 884 666
Delivery and pick-up    
Disaggregation of Revenue [Line Items]    
Topic 606 62 48
Total 62 48
Other    
Disaggregation of Revenue [Line Items]    
Topic 842 35 25
Total 35 25
Total other rental revenues    
Disaggregation of Revenue [Line Items]    
Topic 842 35 25
Topic 606 62 48
Total 97 73
Total equipment rental    
Disaggregation of Revenue [Line Items]    
Topic 842 919 691
Topic 606 62 48
Total 981 739
Sales of rental equipment    
Disaggregation of Revenue [Line Items]    
Topic 606 138 105
Total 138 105
Sales of new equipment, parts and supplies    
Disaggregation of Revenue [Line Items]    
Topic 606 13 11
Total 13 11
Service and other revenues    
Disaggregation of Revenue [Line Items]    
Topic 606 7 6
Total $ 7 $ 6
v3.26.1
Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenue $ 220 $ 170
Sales of rental equipment    
Disaggregation of Revenue [Line Items]    
Revenue 138 105
Sales of new equipment    
Disaggregation of Revenue [Line Items]    
Revenue 6 5
Sales of parts and supplies    
Disaggregation of Revenue [Line Items]    
Revenue 7 6
Sales of rental equipment, new equipment, parts and supplies    
Disaggregation of Revenue [Line Items]    
Revenue $ 151 $ 116
v3.26.1
Rental Equipment (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Rental Equipment [Abstract]    
Rental equipment $ 8,399 $ 8,407
Less: Accumulated depreciation (2,662) (2,527)
Rental equipment, net $ 5,737 $ 5,880
v3.26.1
Business Combinations - Narrative (Details)
$ / shares in Units, shares in Millions
 3 Months Ended 12 Months Ended
Jun. 02, 2025
USD ($)
branch
state
$ / shares
shares
Mar. 31, 2026
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Business Combination [Line Items]        
Measurement period adjustment and decrease to goodwill   $ (11,000,000)   $ 0
Senior Unsecured Notes        
Business Combination [Line Items]        
Face amount $ 2,800,000,000      
Term Loan Facility | Secured Debt        
Business Combination [Line Items]        
Face amount 750,000,000      
ABL Credit Facility | Line of Credit | Revolving Credit Facility        
Business Combination [Line Items]        
Long-term debt, gross $ 2,500,000,000      
Prior ABL Credit Facility | Line of Credit | Revolving Credit Facility        
Business Combination [Line Items]        
Long-term debt, gross   1,981,000,000   $ 2,047,000,000
Repayments of secured debt     $ 1,600,000,000  
H&E Equipment Services Inc        
Business Combination [Line Items]        
Number of branches | branch 160      
Number of states in which entity operates (over) | state 30      
Business acquisition, share price (in dollars per share) | $ / shares $ 78.75      
Business combination, consideration transferred, stock conversion ratio 0.1287      
Purchase price/aggregate consideration $ 4,800,000,000      
Cash payment 2,900,000,000      
Share issued, value 584,000,000      
Consideration transferred, liabilities incurred $ 1,400,000,000      
Measurement period adjustment and decrease to goodwill   $ (11,000,000)    
H&E Equipment Services Inc | Customer relationships        
Business Combination [Line Items]        
Weighted average useful life 10 years      
H&E Equipment Services Inc | Common Stock        
Business Combination [Line Items]        
Share issued (in shares) | shares 4.7      
v3.26.1
Business Combinations - Schedule of Purchase Price Allocation (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Jun. 02, 2025
Dec. 31, 2024
Business Combination [Line Items]        
Goodwill $ 2,861 $ 2,873   $ 670
H&E Equipment Services Inc        
Business Combination [Line Items]        
Cash     $ 5  
Accounts receivable     187  
Other current assets     22  
Rental equipment     1,781  
Property and equipment     288  
Right-of-use lease assets     567  
Customer relationships intangible/Intangibles     1,190  
Total identifiable assets acquired     4,040  
Current liabilities     173  
Operating lease liabilities     567  
Finance lease liabilities     7  
Deferred tax liabilities     649  
Net identifiable assets acquired     2,644  
Goodwill     2,172  
Net assets acquired     $ 4,816  
v3.26.1
Business Combinations - Schedule of Pro Forma Supplementary Data (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Asset Acquisition [Line Items]  
Historic/pro forma equipment rental revenue/ total revenues $ 1,180
Historic/combined pretax loss (16)
Impact of fair value adjustments/useful life changes on depreciation 21
Intangible asset amortization (30)
Interest expense (63)
Elimination of historic interest 16
Elimination of transaction expenses 83
Pro forma pretax income 11
Equipment rental  
Asset Acquisition [Line Items]  
Historic/pro forma equipment rental revenue/ total revenues 1,013
Herc  
Asset Acquisition [Line Items]  
Historic/pro forma equipment rental revenue/ total revenues 861
Historic/combined pretax loss (8)
Herc | Equipment rental  
Asset Acquisition [Line Items]  
Historic/pro forma equipment rental revenue/ total revenues 739
H&E Equipment Services Inc  
Asset Acquisition [Line Items]  
Historic/pro forma equipment rental revenue/ total revenues 319
Historic/combined pretax loss (8)
Impact of fair value adjustments/useful life changes on depreciation 21
Intangible asset amortization (30)
Interest expense (63)
Elimination of historic interest 16
Elimination of transaction expenses 83
H&E Equipment Services Inc | Equipment rental  
Asset Acquisition [Line Items]  
Historic/pro forma equipment rental revenue/ total revenues $ 274
v3.26.1
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Goodwill [Roll Forward]    
Goodwill, gross beginning of the period $ 3,541 $ 1,334
Accumulated impairment losses, beginning of the period (668) (664)
Goodwill, beginning of the period 2,873 670
Additions 0 2,201
Adjustments (11) 0
Currency translation (1) 2
Goodwill, gross end of the period 3,528 3,541
Accumulated impairment losses, end of the period (667) (668)
Goodwill, end of the period $ 2,861 $ 2,873
v3.26.1
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,627 $ 1,624
Accumulated Amortization (271) (230)
Net Carrying Value 1,356 1,394
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Total intangible assets, gross 1,898 1,895
Accumulated Amortization (271) (230)
Total intangible assets, net 1,627 1,665
Trade name    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 271 271
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,552 1,552
Accumulated Amortization (241) (203)
Net Carrying Value 1,311 1,349
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization (241) (203)
Non-compete agreements    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 19 19
Accumulated Amortization (11) (10)
Net Carrying Value 8 9
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization (11) (10)
Internally developed software    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 56 53
Accumulated Amortization (19) (17)
Net Carrying Value 37 36
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization (19) (17)
Software development    
Finite-Lived Intangible Assets [Line Items]    
Net Carrying Value $ 23 $ 21
v3.26.1
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization of intangible assets $ 41 $ 11
v3.26.1
Leases - Narrative (Details) - Maximum
 3 Months Ended
Mar. 31, 2026
Lessee, Lease, Description [Line Items]  
Remaining lease term 21 years
Lessee, renewal term 25 years
v3.26.1
Leases - Schedule of Lease Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Operating lease cost $ 54 $ 38
Amortization of ROU assets 5 4
Interest on lease liabilities 1 1
Sublease income (18) (15)
Net lease cost 42 28
Short-term lease, cost 11 11
Variable lease, cost $ 4 $ 2
v3.26.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Dec. 16, 2025
Jun. 02, 2025
Jun. 07, 2024
Debt Instrument [Line Items]          
Weighted Average Effective Interest Rate, Finance lease liabilities, percentage 4.58%        
Finance lease liabilities $ 84 $ 81      
Unamortized debt issuance costs and debt discount (53) (56)      
Total debt 7,985 8,047      
Less: Current maturities of long-term debt (27) (26)      
Total long-term debt, net 7,958 8,021      
Senior Notes          
Debt Instrument [Line Items]          
Long-term debt, gross $ 5,498 5,500      
Senior Notes | 2029 Notes          
Debt Instrument [Line Items]          
Weighted Average Effective Interest Rate, percentage 6.91%        
Weighted Average Stated Interest Rate, percentage 6.63%       6.625%
Long-term debt, gross $ 800 800      
Senior Notes | 2030 Notes          
Debt Instrument [Line Items]          
Weighted Average Effective Interest Rate, percentage 7.25%        
Weighted Average Stated Interest Rate, percentage 7.00%     7.00%  
Long-term debt, gross $ 1,650 1,650      
Senior Notes | 2031 Notes          
Debt Instrument [Line Items]          
Weighted Average Effective Interest Rate, percentage 5.94%        
Weighted Average Stated Interest Rate, percentage 5.75%   5.75%    
Long-term debt, gross $ 600 600      
Senior Notes | 2033 Notes          
Debt Instrument [Line Items]          
Weighted Average Effective Interest Rate, percentage 7.43%        
Weighted Average Stated Interest Rate, percentage 7.25%     7.25%  
Long-term debt, gross $ 1,100 1,100      
Senior Notes | 2034 Notes          
Debt Instrument [Line Items]          
Weighted Average Effective Interest Rate, percentage 6.14%        
Weighted Average Stated Interest Rate, percentage 6.00%   6.00%    
Long-term debt, gross $ 600 600      
Line of Credit | ABL Credit Facility | Revolving Credit Facility          
Debt Instrument [Line Items]          
Weighted Average Stated Interest Rate, percentage 5.03%        
Long-term debt, gross $ 1,981 2,047      
Line of Credit | AR Facility          
Debt Instrument [Line Items]          
Weighted Average Stated Interest Rate, percentage 4.52%        
Long-term debt, gross $ 475 475      
Line of Credit | Senior Secured Revolving Credit Facility | Revolving Credit Facility          
Debt Instrument [Line Items]          
Unamortized debt issuance costs related to credit facility $ 11 12      
Secured Debt | Term Loan Facility          
Debt Instrument [Line Items]          
Weighted Average Effective Interest Rate, percentage 5.69%        
Weighted Average Stated Interest Rate, percentage 5.43%        
Long-term debt, gross $ 748 $ 750      
v3.26.1
Debt - Narrative (Details) - USD ($)
Mar. 31, 2026
Dec. 16, 2025
Jun. 02, 2025
Jun. 07, 2024
Debt Instrument [Line Items]        
Remaining borrowing capacity $ 1,972,000,000      
Line of Credit | Letter of Credit        
Debt Instrument [Line Items]        
Letter of credit outstanding 47,000,000      
Line of credit 0      
AR Facility        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 475,000,000      
2029 Notes | Senior Notes        
Debt Instrument [Line Items]        
Face amount       $ 800,000,000
Stated interest rate 6.63%     6.625%
2030 Notes | Senior Notes        
Debt Instrument [Line Items]        
Face amount     $ 1,650,000,000  
Stated interest rate 7.00%   7.00%  
2031 Notes | Senior Notes        
Debt Instrument [Line Items]        
Face amount   $ 600,000,000    
Stated interest rate 5.75% 5.75%    
2033 Notes | Senior Notes        
Debt Instrument [Line Items]        
Face amount     $ 1,100,000,000  
Stated interest rate 7.25%   7.25%  
2034 Notes | Senior Notes        
Debt Instrument [Line Items]        
Face amount   $ 600,000,000    
Stated interest rate 6.00% 6.00%    
ABL Credit Facility | Line of Credit | Revolving Credit Facility        
Debt Instrument [Line Items]        
Stated interest rate 5.03%      
Maximum borrowing capacity     $ 4,000,000,000.0  
Remaining borrowing capacity $ 1,972,000,000      
ABL Credit Facility | Line of Credit | Letter of Credit        
Debt Instrument [Line Items]        
Maximum borrowing capacity     250,000,000  
Remaining borrowing capacity $ 203,000,000      
Senior Secured Term Loan Facility | Secured Debt        
Debt Instrument [Line Items]        
Face amount     $ 750,000,000  
Stated interest rate     1.00%  
v3.26.1
Debt - Schedule of Outstanding Borrowings (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Line of Credit Facility [Line Items]  
Remaining Capacity $ 1,972
Availability Under Borrowing Base Limitation 1,906
Line of Credit | ABL Credit Facility | Revolving Credit Facility  
Line of Credit Facility [Line Items]  
Remaining Capacity 1,972
Availability Under Borrowing Base Limitation 1,906
Line of Credit | AR Facility  
Line of Credit Facility [Line Items]  
Remaining Capacity 0
Availability Under Borrowing Base Limitation $ 0
v3.26.1
Financing Obligations - Narrative (Details)
Mar. 31, 2026
property
Financing Obligation  
Debt Instrument [Line Items]  
Sale leaseback transaction, number of properties sold in prior years 44
v3.26.1
Financing Obligations - Schedule of Financing Obligations, Net (Details) - Financing Obligation - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Weighted average effective interest rate, percentage 5.48%  
Financing obligations $ 101 $ 103
Unamortized financing issuance costs (2) (2)
Total financing obligations 99 101
Less: Current maturities of financing obligations (5) (6)
Financing obligations, net $ 94 $ 95
v3.26.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income tax provision $ 1 $ 10
v3.26.1
Accumulated Other Comprehensive Income (Loss) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Balance, beginning $ 1,948
Other comprehensive loss (4)
Balance, ending 1,898
Pension and Other Post-Employment Benefits  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Balance, beginning (12)
Other comprehensive loss 0
Balance, ending (12)
Foreign Currency Items  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Balance, beginning (108)
Other comprehensive loss (4)
Balance, ending (112)
Accumulated Other Comprehensive Income (Loss)  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Balance, beginning (120)
Balance, ending $ (124)
v3.26.1
Commitments and Contingencies (Details)
 3 Months Ended
Mar. 31, 2026
New Hertz  
Loss Contingencies [Line Items]  
Portion of shared liabilities, percentage 15.00%
v3.26.1
Fair Value Measurements - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Level 1 | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and investments $ 11,000,000 $ 14,000,000
Level 3 | Disposal Group, Held-for-Sale, Not Discontinued Operations | Cinelease Business    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Earnout receivable 32,000,000 $ 32,000,000
Earnout receivable, fair value adjustment $ 0  
v3.26.1
Fair Value Measurements - Schedule of Fair Value of Debt (Details) - Senior Notes - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance $ 5,498 $ 5,500
Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Aggregate Fair Value 5,547 5,702
2029 Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance 800 800
2029 Notes | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Aggregate Fair Value 810 829
2030 Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance 1,650 1,650
2030 Notes | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Aggregate Fair Value 1,690 1,736
2031 Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance 600 600
2031 Notes | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Aggregate Fair Value 590 609
2033 Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance 1,100 1,100
2033 Notes | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Aggregate Fair Value 1,126 1,169
2034 Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance 600 600
2034 Notes | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Aggregate Fair Value 580 608
Term Loan Facility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance 748 750
Term Loan Facility | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Aggregate Fair Value $ 751 $ 751
v3.26.1
Earnings (Loss) Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net loss, basic and diluted $ (24) $ (18)
Denominator:    
Basic weighted average common shares (in shares) 33.3 28.5
RSUs and PSUs (in shares) 0.0 0.0
Weighted average shares used to calculate diluted earnings per share (in shares) 33.3 28.5
Loss per share:    
Basic (in USD per share) $ (0.72) $ (0.63)
Diluted (in USD per share) $ (0.72) $ (0.63)
Antidilutive RSUs and PSUs    
Loss per share:    
Antidilutive RSUs and PSUs (in shares) 0.2 0.2
v3.26.1
Segment Information (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1