HERTZ GLOBAL HOLDINGS, INC, 10-Q filed on 5/12/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
May 05, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-37665  
Entity Registrant Name HERTZ GLOBAL HOLDINGS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 61-1770902  
Entity Address, Address Description 8501 Williams Road,  
Entity Address, City or Town Estero,  
Entity Address, State or Province FL  
Entity Address, Postal Zip Code 33928  
City Area Code (239)  
Local Phone Number 301-7000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Bankruptcy Proceedings, Reporting Current true  
Entity Common Stock, Shares Outstanding   309,311,073
Entity Central Index Key 0001657853  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Common Stock    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock  
Trading Symbol HTZ  
Security Exchange Name NASDAQ  
Antidilutive Public Warrants    
Entity Information [Line Items]    
Title of 12(b) Security Warrants to purchase common stock  
Trading Symbol HTZWW  
Security Exchange Name NASDAQ  
The Hertz Corporation    
Entity Information [Line Items]    
Entity File Number 001-07541  
Entity Registrant Name THE HERTZ CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 13-1938568  
Entity Address, Address Description 8501 Williams Road,  
Entity Address, City or Town Estero,  
Entity Address, State or Province FL  
Entity Address, Postal Zip Code 33928  
City Area Code (239)  
Local Phone Number 301-7000  
Entity Current Reporting Status No  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   100
Entity Central Index Key 0000047129  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.25.1
HGH - CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 626 $ 592
Total restricted cash and cash equivalents 395 541
Total cash and cash equivalents and restricted cash and cash equivalents 1,021 1,133
Total receivables, net 1,232 1,205
Prepaid expenses and other assets 1,010 894
Revenue earning vehicles:    
Vehicles 13,139 12,714
Less: accumulated depreciation (986) (751)
Total revenue earning vehicles, net 12,153 11,963
Property and equipment, net 595 623
Operating lease right-of-use assets 2,140 2,088
Intangible assets, net 2,852 2,852
Goodwill 1,044 1,044
Total assets [1] 22,047 21,802
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 861 642
Accrued liabilities 1,191 1,174
Accrued taxes, net 198 158
Debt 16,772 16,335
Public Warrants 187 178
Operating lease liabilities 2,125 2,073
Self-insured liabilities 627 617
Deferred income taxes, net 348 472
Total liabilities [1] 22,309 21,649
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.01 par value, no shares issued and outstanding 0 0
Common stock, $0.01 par value, 482,788,945 and 481,502,623 shares issued, respectively, and 307,976,901 and 306,690,579 shares outstanding, respectively 5 5
Treasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively (3,430) (3,430)
Additional paid-in capital 6,409 6,396
Retained earnings (Accumulated deficit) (2,945) (2,502)
Accumulated other comprehensive income (loss) (301) (316)
Total stockholder's equity (deficit) (262) 153
Total liabilities and stockholders' equity (deficit) 22,047 21,802
Vehicle    
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 367 161
Debt 11,026 11,231
Non-vehicle    
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 494 481
Debt 5,746 5,104
Vehicle    
ASSETS    
Total restricted cash and cash equivalents 112 258
Total receivables, net 477 389
Non-vehicle    
ASSETS    
Total restricted cash and cash equivalents 283 283
Total receivables, net $ 755 $ 816
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2025 and December 31, 2024 include total assets of variable interest entities (“VIEs”) of $1.2 billion and $1.4 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2025 and December 31, 2024 include total liabilities of VIEs of $1.2 billion and $1.4 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.
v3.25.1
HGH - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares issued (in shares) 482,788,945 481,502,623
Common stock, shares outstanding (in shares) 307,976,901 306,690,579
Treasury stock, common (in shares) 174,812,044 174,812,044
Total assets [1] $ 22,047 $ 21,802
Total liabilities [1] $ 22,309 $ 21,649
The Hertz Corporation    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares issued (in shares) 100 100
Common stock, shares outstanding (in shares) 100 100
Total assets [2] $ 22,046 $ 21,801
Total liabilities [2] 22,126 21,475
Variable Interest Entity, Primary Beneficiary    
Total assets 1,200 1,400
Total liabilities 1,200 1,400
Variable Interest Entity, Primary Beneficiary | The Hertz Corporation    
Total liabilities 1,200 1,400
Non-vehicle    
Accounts receivable, allowance for credit loss 57 58
Non-vehicle | The Hertz Corporation    
Accounts receivable, allowance for credit loss $ 57 $ 58
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2025 and December 31, 2024 include total assets of variable interest entities (“VIEs”) of $1.2 billion and $1.4 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2025 and December 31, 2024 include total liabilities of VIEs of $1.2 billion and $1.4 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.
[2] The Hertz Corporation's consolidated total assets as of March 31, 2025 and December 31, 2024 include total assets of VIEs of $1.2 billion and $1.4 billion, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of March 31, 2025 and December 31, 2024 include total liabilities of VIEs of $1.2 billion and $1.4 billion, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.
v3.25.1
THC - CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 626 $ 592
Total restricted cash and cash equivalents 395 541
Total cash and cash equivalents and restricted cash and cash equivalents 1,021 1,133
Total receivables, net 1,232 1,205
Prepaid expenses and other assets 1,010 894
Revenue earning vehicles:    
Vehicles 13,139 12,714
Less: accumulated depreciation (986) (751)
Total revenue earning vehicles, net 12,153 11,963
Property and equipment, net 595 623
Operating lease right-of-use assets 2,140 2,088
Intangible assets, net 2,852 2,852
Goodwill 1,044 1,044
Total assets [1] 22,047 21,802
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 861 642
Accrued liabilities 1,191 1,174
Accrued taxes, net 198 158
Debt 16,772 16,335
Operating lease liabilities 2,125 2,073
Self-insured liabilities 627 617
Deferred income taxes, net 348 472
Total liabilities [1] 22,309 21,649
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.01 par value, 3,000 shares authorized and 100 shares issued and outstanding 5 5
Additional paid-in capital 6,409 6,396
Retained earnings (Accumulated deficit) (2,945) (2,502)
Accumulated other comprehensive income (loss) (301) (316)
Total stockholder's equity (deficit) (262) 153
Total liabilities and stockholders' equity (deficit) 22,047 21,802
Vehicle    
ASSETS    
Total restricted cash and cash equivalents 112 258
Total receivables, net 477 389
Non-vehicle    
ASSETS    
Total restricted cash and cash equivalents 283 283
Total receivables, net 755 816
The Hertz Corporation    
ASSETS    
Cash and cash equivalents 626 591
Total restricted cash and cash equivalents 395 541
Total cash and cash equivalents and restricted cash and cash equivalents 1,021 1,132
Total receivables, net 1,232 1,205
Prepaid expenses and other assets 1,009 894
Revenue earning vehicles:    
Vehicles 13,139 12,714
Less: accumulated depreciation (986) (751)
Total revenue earning vehicles, net 12,153 11,963
Property and equipment, net 595 623
Operating lease right-of-use assets 2,140 2,088
Intangible assets, net 2,852 2,852
Goodwill 1,044 1,044
Total assets [2] 22,046 21,801
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 861 642
Accrued liabilities 1,192 1,174
Accrued taxes, net 198 158
Debt 16,772 16,335
Operating lease liabilities 2,125 2,073
Self-insured liabilities 627 617
Deferred income taxes, net 351 476
Total liabilities [2] 22,126 21,475
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.01 par value, 3,000 shares authorized and 100 shares issued and outstanding 0 0
Additional paid-in capital 4,611 4,598
Retained earnings (Accumulated deficit) (4,390) (3,956)
Accumulated other comprehensive income (loss) (301) (316)
Total stockholder's equity (deficit) (80) 326
Total liabilities and stockholders' equity (deficit) 22,046 21,801
The Hertz Corporation | Vehicle    
ASSETS    
Total restricted cash and cash equivalents 112 258
Total receivables, net 477 389
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 367 161
Debt 11,026 11,231
The Hertz Corporation | Non-vehicle    
ASSETS    
Total restricted cash and cash equivalents 283 283
Total receivables, net 755 816
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 494 481
Debt $ 5,746 $ 5,104
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2025 and December 31, 2024 include total assets of variable interest entities (“VIEs”) of $1.2 billion and $1.4 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2025 and December 31, 2024 include total liabilities of VIEs of $1.2 billion and $1.4 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.
[2] The Hertz Corporation's consolidated total assets as of March 31, 2025 and December 31, 2024 include total assets of VIEs of $1.2 billion and $1.4 billion, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of March 31, 2025 and December 31, 2024 include total liabilities of VIEs of $1.2 billion and $1.4 billion, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.
v3.25.1
THC - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares issued (in shares) 482,788,945 481,502,623
Common stock, shares outstanding (in shares) 307,976,901 306,690,579
Total assets [1] $ 22,047 $ 21,802
Total liabilities [1] 22,309 21,649
Variable Interest Entity, Primary Beneficiary    
Total assets 1,200 1,400
Total liabilities 1,200 1,400
Non-vehicle    
Accounts receivable, allowance for credit loss $ 57 $ 58
The Hertz Corporation    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 3,000 3,000
Common stock, shares issued (in shares) 100 100
Common stock, shares outstanding (in shares) 100 100
Total assets [2] $ 22,046 $ 21,801
Total liabilities [2] 22,126 21,475
The Hertz Corporation | Variable Interest Entity, Primary Beneficiary    
Total liabilities 1,200 1,400
The Hertz Corporation | Non-vehicle    
Accounts receivable, allowance for credit loss $ 57 $ 58
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2025 and December 31, 2024 include total assets of variable interest entities (“VIEs”) of $1.2 billion and $1.4 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2025 and December 31, 2024 include total liabilities of VIEs of $1.2 billion and $1.4 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.
[2] The Hertz Corporation's consolidated total assets as of March 31, 2025 and December 31, 2024 include total assets of VIEs of $1.2 billion and $1.4 billion, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of March 31, 2025 and December 31, 2024 include total liabilities of VIEs of $1.2 billion and $1.4 billion, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.
v3.25.1
HGH - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues:    
Revenues $ 1,813 $ 2,080
Expenses:    
Direct vehicle and operating 1,274 1,366
Depreciation of revenue earning vehicles and lease charges, net 535 969
Non-vehicle depreciation and amortization 30 32
Selling, general and administrative 219 162
Interest expense, net 267 216
Other (income) expense, net 4 2
Change in fair value of Public Warrants 9 (86)
Total expenses 2,338 2,661
Income (loss) before income taxes (525) (581)
Income tax (provision) benefit 82 395
Net income (loss) $ (443) $ (186)
Weighted-average common shares outstanding:    
Basic (in shares) 307 305
Diluted (in shares) 307 305
Earnings (loss) per common share:    
Basic (in dollars per share) $ (1.44) $ (0.61)
Diluted (in dollars per share) $ (1.44) $ (0.61)
Vehicle    
Expenses:    
Interest expense, net $ 140 $ 141
Non-vehicle    
Expenses:    
Interest expense, net $ 127 $ 75
v3.25.1
THC - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues:    
Revenues $ 1,813 $ 2,080
Expenses:    
Direct vehicle and operating 1,274 1,366
Depreciation of revenue earning vehicles and lease charges, net 535 969
Non-vehicle depreciation and amortization 30 32
Selling, general and administrative 219 162
Interest expense, net 267 216
Other (income) expense, net 4 2
Total expenses 2,338 2,661
Income (loss) before income taxes (525) (581)
Income tax (provision) benefit 82 395
Net income (loss) (443) (186)
Vehicle    
Expenses:    
Interest expense, net 140 141
Non-vehicle    
Expenses:    
Interest expense, net 127 75
The Hertz Corporation    
Revenues:    
Revenues 1,813 2,080
Expenses:    
Direct vehicle and operating 1,274 1,366
Depreciation of revenue earning vehicles and lease charges, net 535 969
Non-vehicle depreciation and amortization 30 32
Selling, general and administrative 219 162
Interest expense, net 267 216
Other (income) expense, net 4 2
Total expenses 2,329 2,747
Income (loss) before income taxes (516) (667)
Income tax (provision) benefit 82 395
Net income (loss) (434) (272)
The Hertz Corporation | Vehicle    
Expenses:    
Interest expense, net 140 141
The Hertz Corporation | Non-vehicle    
Expenses:    
Interest expense, net $ 127 $ 75
v3.25.1
HGH - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ (443) $ (186)
Other comprehensive income (loss):    
Foreign currency translation adjustments 15 (40)
Total other comprehensive income (loss) 15 (40)
Total comprehensive income (loss) $ (428) $ (226)
v3.25.1
THC - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net income (loss) $ (443) $ (186)
Other comprehensive income (loss):    
Foreign currency translation adjustments 15 (40)
Total other comprehensive income (loss) 15 (40)
The Hertz Corporation    
Net income (loss) (434) (272)
Other comprehensive income (loss):    
Foreign currency translation adjustments 15 (40)
Total other comprehensive income (loss) 15 (40)
Total comprehensive income (loss) $ (419) $ (312)
v3.25.1
HGH - CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
$ in Millions
Total
Preferred Stock
Common Stock
Additional Paid-In Capital
Retained Earnings (Accumulated deficit)
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Increase (Decrease) in Temporary Equity [Roll Forward]              
Preferred stock, shares outstanding (in shares)   0          
Beginning balance at Dec. 31, 2023   $ 0          
Ending balance at Mar. 31, 2024   $ 0          
Beginning balance (in shares) at Dec. 31, 2023     305,000,000        
Beginning balance at Dec. 31, 2023 $ 3,092   $ 5 $ 6,405 $ 360 $ (248) $ (3,430)
Beginning balance, Treasury stock (in shares) at Dec. 31, 2023             175,000,000
Increase (Decrease) in Stockholders' Equity              
Net income (loss) (186)       (186)    
Other comprehensive income (loss) (40)         (40)  
Net settlement on vesting of restricted stock (in shares)     1,000,000        
Net settlement on vesting of restricted stock (2)     (2)      
Stock-based compensation charges 16     16      
Stock-based compensation forfeitures [1] (68)     (68)      
Ending balance (in shares) at Mar. 31, 2024     306,000,000        
Ending balance at Mar. 31, 2024 $ 2,812   $ 5 6,351 174 (288) $ (3,430)
Ending balance, Treasury stock (in shares) at Mar. 31, 2024             175,000,000
Increase (Decrease) in Temporary Equity [Roll Forward]              
Preferred stock, shares outstanding (in shares)   0          
Preferred stock, shares outstanding (in shares) 0 0          
Beginning balance at Dec. 31, 2024 $ 0 $ 0          
Ending balance at Mar. 31, 2025 $ 0 $ 0          
Beginning balance (in shares) at Dec. 31, 2024 306,690,579   307,000,000        
Beginning balance at Dec. 31, 2024 $ 153   $ 5 6,396 (2,502) (316) $ (3,430)
Beginning balance, Treasury stock (in shares) at Dec. 31, 2024 174,812,044           175,000,000
Increase (Decrease) in Stockholders' Equity              
Net income (loss) $ (443)       (443)    
Other comprehensive income (loss) 15         15  
Net settlement on vesting of restricted stock (in shares)     1,000,000        
Net settlement on vesting of restricted stock (3)     (3)      
Stock-based compensation charges $ 16     16      
Ending balance (in shares) at Mar. 31, 2025 307,976,901   308,000,000        
Ending balance at Mar. 31, 2025 $ (262)   $ 5 $ 6,409 $ (2,945) $ (301) $ (3,430)
Ending balance, Treasury stock (in shares) at Mar. 31, 2025 174,812,044           175,000,000
Increase (Decrease) in Temporary Equity [Roll Forward]              
Preferred stock, shares outstanding (in shares) 0 0          
[1]
(1)    Represents former chief executive officer ("CEO") awards forfeited in March 2024. See also Note 8, "Stock-Based Compensation."
v3.25.1
THC - CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY EQUITY (DEFICIT) - USD ($)
$ in Millions
Total
The Hertz Corporation
Common Stock
Common Stock
The Hertz Corporation
Additional Paid-In Capital
Additional Paid-In Capital
The Hertz Corporation
Accumulated Deficit
Accumulated Deficit
The Hertz Corporation
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
The Hertz Corporation
Beginning balance (in shares) at Dec. 31, 2023     305,000,000 100            
Beginning balance at Dec. 31, 2023 $ 3,092 $ 3,543 $ 5 $ 0 $ 6,405 $ 4,610 $ 360 $ (819) $ (248) $ (248)
Increase (Decrease) in Stockholders' Equity                    
Net income (loss) (186) (272)         (186) (272)    
Other comprehensive income (loss) (40) (40)             (40) (40)
Stock-based compensation charges 16 16     16 16        
Stock-based compensation forfeitures (68) [1] (68) [2]     (68) [1] (68) [2]        
Dividends paid to Hertz Holdings   (2)       (2)        
Ending balance (in shares) at Mar. 31, 2024     306,000,000 100            
Ending balance at Mar. 31, 2024 $ 2,812 $ 3,177 $ 5 $ 0 6,351 4,556 174 (1,091) (288) (288)
Beginning balance (in shares) at Dec. 31, 2024 306,690,579 100 307,000,000 100            
Beginning balance at Dec. 31, 2024 $ 153 $ 326 $ 5 $ 0 6,396 4,598 (2,502) (3,956) (316) (316)
Increase (Decrease) in Stockholders' Equity                    
Net income (loss) (443) (434)         (443) (434)    
Other comprehensive income (loss) 15 15             15 15
Stock-based compensation charges $ 16 16     16 16        
Dividends paid to Hertz Holdings   $ (3)       (3)        
Ending balance (in shares) at Mar. 31, 2025 307,976,901 100 308,000,000 100            
Ending balance at Mar. 31, 2025 $ (262) $ (80) $ 5 $ 0 $ 6,409 $ 4,611 $ (2,945) $ (4,390) $ (301) $ (301)
[1]
(1)    Represents former chief executive officer ("CEO") awards forfeited in March 2024. See also Note 8, "Stock-Based Compensation."
[2]
(1)    Represents former chief executive officer ("CEO") awards forfeited in March 2024. See also Note 8, "Stock-Based Compensation."
v3.25.1
HGH - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ (443) $ (186)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and reserves for revenue earning vehicles, net 624 1,070
Depreciation and amortization, non-vehicle 30 32
Amortization of deferred financing costs and debt discount (premium) 20 18
Non-cash paid-in-kind ("PIK") interest on Exchangeable Notes 11 0
Stock-based compensation charges 16 16
Stock-based compensation forfeitures 0 68
Provision for receivables allowance 25 31
Deferred income taxes, net (124) (414)
(Gain) loss on sale of non-vehicle capital assets (3) 1
Change in fair value of Public Warrants 9 (86)
Changes in financial instruments 0 6
Other 4 (10)
Changes in assets and liabilities:    
Non-vehicle receivables 43 (36)
Prepaid expenses and other assets (34) (56)
Operating lease right-of-use assets 113 100
Non-vehicle accounts payable 7 (4)
Accrued liabilities 21 31
Accrued taxes, net 38 21
Operating lease liabilities (113) (100)
Self-insured liabilities 7 4
Net cash provided by (used in) operating activities 251 370
Cash flows from investing activities:    
Revenue earning vehicles expenditures (2,847) (1,904)
Proceeds from disposal of revenue earning vehicles 2,124 1,233
Non-vehicle capital asset expenditures (22) (33)
Proceeds from disposal of non-vehicle capital assets 27 3
Return of (investment in) equity investments 0 (2)
Net cash provided by (used in) investing activities (718) (703)
Cash flows from financing activities:    
Payment of financing costs (13) 0
Other (3) (2)
Net cash provided by (used in) financing activities 346 85
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents 9 (13)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period (112) (261)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 1,133 1,206
Cash and cash equivalents and restricted cash and cash equivalents at end of period 1,021 945
Cash paid during the period for:    
Income taxes, net of refunds 9 12
Supplemental disclosures of non-cash information:    
Purchases of revenue earning vehicles included in accounts payable, net of incentives 151 550
Sales of revenue earning vehicles included in vehicle receivables 261 156
Purchases of non-vehicle capital assets included in accounts payable 6 16
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease 15 13
Vehicle    
Cash flows from financing activities:    
Proceeds from issuance of debt 1,126 534
Repayments of debt (1,384) (892)
Cash paid during the period for:    
Interest, net of amounts capitalized: 121 121
Non-vehicle    
Cash flows from financing activities:    
Proceeds from issuance of debt 900 935
Repayments of debt (280) (490)
Cash paid during the period for:    
Interest, net of amounts capitalized: $ 142 $ 58
v3.25.1
THC - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ (443) $ (186)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and reserves for revenue earning vehicles, net 624 1,070
Depreciation and amortization, non-vehicle 30 32
Amortization of deferred financing costs and debt discount (premium) 20 18
Non-cash PIK interest on Exchangeable Notes 11 0
Stock-based compensation charges 16 16
Stock-based compensation forfeitures 0 (68)
Provision for receivables allowance 25 31
Deferred income taxes, net (124) (414)
Other 4 (10)
Changes in assets and liabilities:    
Non-vehicle receivables 43 (36)
Prepaid expenses and other assets (34) (56)
Operating lease right-of-use assets 113 100
Non-vehicle accounts payable 7 (4)
Accrued liabilities 21 31
Accrued taxes, net 38 21
Operating lease liabilities (113) (100)
Self-insured liabilities 7 4
Net cash provided by (used in) operating activities 251 370
Cash flows from investing activities:    
Revenue earning vehicles expenditures (2,847) (1,904)
Proceeds from disposal of revenue earning vehicles 2,124 1,233
Non-vehicle capital asset expenditures (22) (33)
Proceeds from disposal of non-vehicle capital assets 27 3
Return of (investment in) equity investments 0 (2)
Net cash provided by (used in) investing activities (718) (703)
Cash flows from financing activities:    
Payment of financing costs (13) 0
Other (3) (2)
Net cash provided by (used in) financing activities 346 85
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period (112) (261)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 1,133  
Cash and cash equivalents and restricted cash and cash equivalents at end of period 1,021  
Cash paid during the period for:    
Income taxes, net of refunds 9 12
Supplemental disclosures of non-cash information:    
Purchases of revenue earning vehicles included in accounts payable, net of incentives 151 550
Sales of revenue earning vehicles included in vehicle receivables 261 156
Purchases of non-vehicle capital assets included in accounts payable 6 16
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease 15 13
Vehicle    
Cash flows from financing activities:    
Proceeds from issuance of debt 1,126 534
Repayments of debt (1,384) (892)
Cash paid during the period for:    
Interest, net of amounts capitalized: 121 121
Non-vehicle    
Cash flows from financing activities:    
Proceeds from issuance of debt 900 935
Repayments of debt (280) (490)
Cash paid during the period for:    
Interest, net of amounts capitalized: 142 58
The Hertz Corporation    
Cash flows from operating activities:    
Net income (loss) (434) (272)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and reserves for revenue earning vehicles, net 624 1,070
Depreciation and amortization, non-vehicle 30 32
Amortization of deferred financing costs and debt discount (premium) 20 18
Non-cash PIK interest on Exchangeable Notes 11 0
Stock-based compensation charges 16 16
Stock-based compensation forfeitures 0 (68)
Provision for receivables allowance 25 31
Deferred income taxes, net (124) (414)
(Gain) loss on sale of non-vehicle capital assets (3) 1
Changes in financial instruments 0 6
Other 4 (10)
Changes in assets and liabilities:    
Non-vehicle receivables 43 (36)
Prepaid expenses and other assets (34) (56)
Operating lease right-of-use assets 113 100
Non-vehicle accounts payable 7 (4)
Accrued liabilities 21 31
Accrued taxes, net 38 21
Operating lease liabilities (113) (100)
Self-insured liabilities 7 4
Net cash provided by (used in) operating activities 251 370
Cash flows from investing activities:    
Revenue earning vehicles expenditures (2,847) (1,904)
Proceeds from disposal of revenue earning vehicles 2,124 1,233
Non-vehicle capital asset expenditures (22) (33)
Proceeds from disposal of non-vehicle capital assets 27 3
Return of (investment in) equity investments 0 (2)
Net cash provided by (used in) investing activities (718) (703)
Cash flows from financing activities:    
Payment of financing costs (13) 0
Dividends paid to Hertz Holdings (3) (2)
Other 1 0
Net cash provided by (used in) financing activities 347 85
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents 9 (13)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period (111) (261)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 1,132 1,206
Cash and cash equivalents and restricted cash and cash equivalents at end of period 1,021 945
Cash paid during the period for:    
Income taxes, net of refunds 9 12
Supplemental disclosures of non-cash information:    
Purchases of revenue earning vehicles included in accounts payable, net of incentives 151 550
Sales of revenue earning vehicles included in vehicle receivables 261 156
Purchases of non-vehicle capital assets included in accounts payable 6 16
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease 15 13
The Hertz Corporation | Vehicle    
Cash flows from financing activities:    
Proceeds from issuance of debt 1,126 534
Repayments of debt (1,384) (892)
Cash paid during the period for:    
Interest, net of amounts capitalized: 121 121
The Hertz Corporation | Non-vehicle    
Cash flows from financing activities:    
Proceeds from issuance of debt 900 935
Repayments of debt (280) (490)
Cash paid during the period for:    
Interest, net of amounts capitalized: $ 142 $ 58
v3.25.1
Background
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Background Background
Hertz Global Holdings, Inc. ("Hertz Global" when including its subsidiaries and VIEs and "Hertz Holdings" when excluding its subsidiaries and VIEs) was incorporated in Delaware in 2015 to serve as the top-level holding company for Rental Car Intermediate Holdings, LLC, which wholly owns The Hertz Corporation ("Hertz" and interchangeably with Hertz Global, the "Company"), Hertz Global's primary operating company. Hertz was incorporated in Delaware in 1967 and is a successor to corporations that have been engaged in the vehicle rental and leasing business since 1918.

Hertz operates its vehicle rental business globally primarily through the Hertz, Dollar and Thrifty brands from company-operated and franchisee locations in the United States ("U.S."), Europe, Africa, Asia, Australia, Canada, the Caribbean, Latin America, the Middle East and New Zealand. The Company also sells vehicles through Hertz Car Sales.
v3.25.1
Basis of Presentation and Recently Issued Accounting Pronouncements
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Recently Issued Accounting Pronouncements Basis of Presentation and Recently Issued Accounting Pronouncements
Basis of Presentation

This Quarterly Report on Form 10-Q ("Quarterly Report") combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2025 of Hertz Global and Hertz. Hertz Global consolidates Hertz for financial statement purposes and, therefore, disclosures that relate to activities of Hertz also apply to Hertz Global. In the sections that combine disclosure of Hertz Global and Hertz, this report refers to actions as being actions of the Company, or Hertz Global, which is appropriate because the business is one enterprise and Hertz Global operates the business through Hertz. When appropriate, Hertz Global and Hertz are named specifically for their individual disclosures and any significant differences between the operations and results of Hertz Global and Hertz are separately disclosed and explained.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The Company's vehicle rental operations are typically a seasonal business, with decreased levels of business in the winter months and heightened activity during the spring and summer months for the majority of countries where the Company generates revenues.

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.

The December 31, 2024 unaudited condensed consolidated balance sheet data is derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with information included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Form 10-K"), as filed with the Securities and Exchange Commission ("SEC") on February 18, 2025.

Principles of Consolidation

The unaudited condensed consolidated financial statements of Hertz Global include the accounts of Hertz Global, its wholly owned and majority owned U.S. and international subsidiaries and its VIEs, as applicable. The unaudited condensed consolidated financial statements of Hertz include the accounts of Hertz, its wholly owned and majority owned U.S. and international subsidiaries and its VIEs, as applicable. The Company consolidates a VIE when it is
deemed the primary beneficiary of the VIE. All significant intercompany transactions have been eliminated in consolidation.

Recently Issued Accounting Pronouncements

Not yet adopted

Improvements to Income Tax Disclosures

In December 2023, the Financial Accounting Standards Board ("FASB") issued guidance to enhance income tax disclosures related to, among other items, rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. The Company intends to adopt the guidance when it becomes effective using a retrospective application and will include the required disclosures in its Annual Report on Form 10-K for the year ending December 31, 2025.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued guidance to enhance disclosures related to, among other items, specified information about certain costs and expenses for commonly presented expense captions included in the financial statements. The guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 using either a prospective or retrospective transition method. Early adoption is permitted. The Company is in the process of determining the method and timing of adoption and assessing the overall impact of adopting this guidance on its disclosures.
v3.25.1
Revenue Earning Vehicles
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Earning Vehicles Revenue Earning Vehicles
The components of revenue earning vehicles, net are as follows:
(In millions)March 31,
2025		December 31,
2024
Revenue earning vehicles$12,692 $12,424 
Less accumulated depreciation(986)(751)
11,706 11,673 
Revenue earning vehicles held for sale, net(1)
447 290 
Revenue earning vehicles, net(2)
$12,153 $11,963 
(1)    Represents the carrying amount of vehicles classified as held for sale as of the respective balance sheet date.
(2)    As of December 31, 2024, includes an impairment charge recognized against the Company's revenue earning vehicles in the third quarter of 2024.

Depreciation of revenue earning vehicles and lease charges, net includes the following:
Three Months Ended
March 31,
(In millions)20252024
Depreciation of revenue earning vehicles$466 $684 
(Gain) loss on disposal of revenue earning vehicles(1)(2)
59 276 
Rents paid for vehicles leased10 9 
Depreciation of revenue earning vehicles and lease charges, net$535 $969 
(1)    Includes costs associated with the sales of vehicles of $82 million and $45 million for the three months ended March 31, 2025 and March 31, 2024, respectively.
(2)    Includes the write-down to fair value for vehicles classified as held for sale, including the EV Disposal Groups, for the three months ended March 31, 2024, as defined and disclosed below.
Electric Vehicles Held for Sale

In December 2023, the Company identified a group of electric vehicles ("EVs") in the Americas RAC segment (the "First EV Disposal Group") that it desired to sell. In March 2024, the Company identified an incremental group of EVs in the Americas RAC and International RAC segments (together with the First EV Disposal Group, the "EV Disposal Groups") that it also desired to sell. During the three months ended March 31, 2024, the Company incurred incremental charges of $154 million for the write-down on the vehicles, of which $147 million and $7 million are associated with the Americas RAC and International RAC segments, respectively, and $41 million for losses incurred on the vehicles sold, primarily in the Americas RAC segment. These amounts are included in depreciation of revenue earning vehicles and lease charges, net in the accompanying unaudited condensed consolidated statement of operations for the three months ended March 31, 2024. The Company substantially completed the sale of the EV Disposal Groups as of December 31, 2024.
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The Company's debt, including its available credit facilities, consists of the following ($ in millions) as of March 31, 2025 and December 31, 2024:

Facility
Weighted-Average Interest Rate
as of
March 31, 2025
Fixed or
Floating
Interest
Rate		MaturityMarch 31,
2025		December 31,
2024
Non-Vehicle Debt
First Lien RCF7.95%Floating6/2026$800 $175 
Term B Loan7.94%Floating6/20281,251 1,255 
Incremental Term B Loan8.08%Floating6/2028494 495 
Term C Loan7.94%Floating6/2028245 245 
First Lien Senior Notes12.63%Fixed7/20291,250 1,250 
Exchangeable Notes(1)
8.00%Fixed7/2029261 250 
Senior Notes Due 20264.63%Fixed12/2026500 500 
Senior Notes Due 20295.00%Fixed12/20291,000 1,000 
Unamortized Debt Issuance Costs(2) and Net (Discount) Premium(3)
(55)(66)
Total Non-Vehicle Debt5,746 5,104 
Vehicle Debt
HVF III U.S. ABS Program
HVF III U.S. Vehicle Variable Funding Notes
HVF III Series 2021-A Class A(4)
5.97%Floating4/20261,482 2,162 
HVF III Series 2021-A Class B(4)
9.44%Fixed8/2025188 188 
1,670 2,350 
HVF III U.S. Vehicle Medium Term Notes
HVF III Series 2021-2(4)
2.12%Fixed12/20262,000 2,000 
HVF III Series 2022-1(4)
2.44%Fixed6/2025375 750 
HVF III Series 2022-2(4)
2.78%Fixed6/2027750 750 
HVF III Series 2022-4(4)
4.22%Fixed9/2025667 667 
HVF III Series 2022-5(4)
4.39%Fixed9/2027364 364 
HVF III Series 2023-1(4)
6.17%Fixed6/2026500 500 
Facility
Weighted-Average Interest Rate
as of
March 31, 2025
Fixed or
Floating
Interest
Rate		MaturityMarch 31,
2025		December 31,
2024
HVF III Series 2023-2(4)
6.30%Fixed9/2028300 300 
HVF III Series 2023-3(4)
6.46%Fixed2/2027500 500 
HVF III Series 2023-4(4)
6.66%Fixed3/2029500 500 
HVF III Series 2024-1(4)
5.98%Fixed1/2028375 375 
HVF III Series 2024-2(4)
6.03%Fixed1/2030375 375 
HVF III Series 2025-1(4)
5.36%Fixed9/2028500 — 
HVF III Series 2025-2(4)
5.61%Fixed9/2030500 — 
7,706 7,081 
Vehicle Debt - Other
European ABS(4)
4.24%Floating3/2026891 1,037 
Hertz Canadian Securitization(4)
4.73%Floating4/2026287 292 
Australian Securitization(4)
5.74%Floating6/2026211 207 
New Zealand RCF6.73%Floating8/202666 63 
U.K. Financing Facility7.10%Floating4/2025 - 11/2028107 153 
U.K. ABS6.15%Floating12/202631 — 
Other Vehicle Debt(5)
6.66%Floating4/2025 - 7/2028109 97 
1,702 1,849 
Unamortized Debt Issuance Costs and Net (Discount) Premium (52)(49)
Total Vehicle Debt11,026 11,231 
Total Debt$16,772 $16,335 
(1)    The effective interest rate of the Exchangeable Notes, inclusive of the bifurcated Exchange Features, as defined and disclosed in Note 10, "Fair Value Measurements," and PIK interest, was approximately 15.3% and 15.0% as of March 31, 2025 and December 31, 2024, respectively.
(2)    Includes approximately $9 million of unamortized debt issuance costs associated with the Exchangeable Notes as of March 31, 2025 and December 31, 2024.
(3)    Includes approximately $4 million of unamortized debt discount associated with the Exchangeable Notes as of March 31, 2025 and December 31, 2024.
(4)    Maturity reference is to the earlier "expected final maturity date" as opposed to the subsequent "legal final maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness originally expect the outstanding principal of the relevant indebtedness to be repaid in full. The legal final maturity date is the date on which the outstanding principal of the relevant indebtedness is legally due and payable in full.
(5)    Other vehicle debt is primarily comprised of $99 million and $94 million in finance lease obligations as of March 31, 2025 and December 31, 2024, respectively.

Non-Vehicle Debt

First Lien Credit Agreement / First Lien RCF

On April 1 2025, an amendment to the credit agreement governing the First Lien RCF ("the First Lien Credit Agreement"), which was entered into in April 2024 ("Amendment No. 8"), sunset as expected. Amendment No. 8 contained a minimum liquidity covenant of $400 million for each month ending in the second and third quarters of 2024 and $500 million for each month ending in the fourth quarter of 2024 and the first quarter of 2025. Amendment No. 8 also temporarily amended Hertz's compliance with a financial covenant consisting of a ratio of first lien debt to Consolidated EBITDA ("the First Lien Ratio"), as defined within the First Lien Credit Agreement and may be materially different than Adjusted Corporate EBITDA presented in Part I, Item 2 of this Quarterly Report, to require a ratio of less than or equal to 5.0x in the second and third quarters of 2024 and 4.75x in the fourth quarter of 2024
and first quarter of 2025. Upon sunset of Amendment No. 8, the First Lien Ratio reverted to a requirement of less than or equal to 3.0x in the first and last quarters of the calendar year and 3.5x in the second and third quarters of the calendar year.

In May 2025, the First Lien Credit Agreement was amended ("Amendment No. 10"), which provides for the extension of the maturity date of $1.7 billion of commitments under Hertz's existing $2.0 billion First Lien RCF from June 2026 to March 2028, subject to a springing maturity date (as defined in the First Lien Credit Agreement) and makes certain other amendments to the First Lien Credit Agreement. Hertz will have access to up to $2.0 billion under the First Lien RCF until June 2026, and thereafter the aggregate amount of commitments under the First Lien RCF is $1.7 billion until March 2028, after giving effect to the terms of Amendment No. 10.

Amendment No. 10 also contains a minimum liquidity covenant, consistent with that of Amendment No. 8, which requires $400 million for each month ending in the second and third quarters of the calendar year and $500 million for each month ending in the first and fourth quarter of the calendar year. Liquidity as defined in the First Lien Credit Agreement may be materially different than corporate liquidity presented in Part I, Item 2 of this Quarterly Report. Amendment No. 10 also adds certain limitations on Restricted Payments and Permitted Investments (each as defined in the First Lien Credit Agreement). Under the terms of Amendment No. 10, the minimum liquidity covenant and certain restrictions will sunset upon the end of the Relief Period (as defined in the First Lien Credit Agreement).

Exchangeable Notes

The Exchangeable Notes bear PIK interest payable semi-annually in arrears on January 15 and July 15 (the "Semi-annual PIK Event"), which began in January 2025, where PIK interest increases the principal amount of the Exchangeable Notes upon each Semi-annual PIK Event. In connection with Semi-annual PIK Event in the first quarter of 2025, the Company increased the principal amount of the Exchangeable Notes by $11 million.

Additionally, for each Semi-annual PIK Event, the Company bifurcates an associated embedded derivative (the "Exchange Feature PIK") from the Exchangeable Notes for accounting purposes utilizing applicable guidance. As a result, the Company recognized a debt discount of $3 million within non-vehicle debt in the accompanying unaudited consolidated balance sheet as of March 31, 2025, representing the initial fair value. Refer to Note 10, "Fair Value Measurements," for further details.

The net carrying amount of the Exchangeable Notes consists of the following:
(In millions)March 31, 2025December 31, 2024
Principal$250 $250 
Non-cash PIK interest11 — 
Unamortized debt discounts and debt issuance costs(1)
(78)(71)
Net carrying amount$183 $179 
(1)     Debt discounts and debt issuance costs are amortized to non-vehicle interest expense over the term of the Exchangeable Notes using the effective interest method.

Interest expense recognized for the Exchangeable Notes consists of the following:
Three Months Ended
March 31,
(In millions)20252024
Contractual interest expense$5 $— 
Amortization of debt discounts and debt issuance costs2 — 
(Gain) loss on fair value of the Exchange Features(1)
6 — 
Total$13 $— 
(1)    As defined and further disclosed in Note 10, "Fair Value Measurements."

Vehicle Debt

HVF III U.S. Vehicle Variable Funding Notes

In May 2025, Hertz Vehicle Financing III LLC ("HVF III"), a wholly owned, special-purpose and bankruptcy-remote subsidiary of Hertz, amended the HVF III Series 2021-A Notes, which provides for the extension of the maturity date of $2.9 billion of aggregate commitments of Class A Notes from April 2026 to May 2027. Access to up to $3.6 billion of Class A Notes commitments is available until April 2026, and thereafter the aggregate amount of commitments under the Class A Notes is $2.9 billion until May 2027, after giving effects to the terms of the amendment.

HVF III U.S. Vehicle Medium Term Notes ("MTNs")

In March 2025, HVF III issued the Series 2025-1 (Class A, Class B, Class C and Class D) and Series 2025-2 Notes (Class A, Class B, Class C and Class D) each in aggregate principal amount of $500 million with maturity dates of September 2028 and September 2030, respectively. There is subordination within each of the preceding series based on class.

Vehicle Debt-Other

European ABS

In May 2025, International Fleet Financing No. 2 BV ("IFF No. 2"), an indirect, special-purpose subsidiary of Hertz, amended the European ABS, which provides for the extension of the maturity date of total aggregate maximum borrowings of €1.2 billion, inclusive of the addition of Class B Notes, to April 2027. Access to commitments of €1.3 billion under the European ABS is available until March 2026, and thereafter the aggregate amount of commitments under the European ABS is €1.2 billion until April 2027, after giving effect to the terms of the amendment.

Hertz Canadian Securitization

In May 2025, TCL Funding Limited Partnership, a bankruptcy-remote, indirect, wholly owned and special-purpose subsidiary of Hertz, amended the Hertz Canadian Securitization to increase the aggregate maximum borrowings from CAD$475 million to CAD$588 million until November 2025, reverting to CAD$475 million thereafter until the extended maturity date of April 2027.

U.K. ABS

In December 2024, Hertz Fleet Financing UK Limited (“HFF”), a special-purpose orphan entity, entered into the U.K. ABS. Upon entrance, the U.K. ABS was not funded. During the first quarter of 2025, the U.K. ABS aggregate maximum borrowings were increased to £215 million.
Borrowing Capacity and Availability

Borrowing capacity and availability comes from the Company's revolving credit facilities, which are a combination of variable funding asset-backed securitization facilities, cash-flow based revolving credit facilities, asset-based revolving credit facilities and the First Lien RCF. Creditors under each such asset-backed securitization facility and asset-based revolving credit facility have a claim on a specific pool of assets as collateral. With respect to each such asset-backed securitization facility and asset-based revolving credit facility, the Company refers to the amount of debt it can borrow given a certain pool of assets as the borrowing base.

The Company refers to "Remaining Capacity" as the maximum principal amount of debt permitted to be outstanding under the respective facility (i.e., with respect to a variable funding asset-backed securitization facility or asset-
based revolving credit facility, the amount of debt the Company could borrow, assuming it possessed sufficient assets as collateral) less the principal amount of debt then-outstanding under such facility and, in the case of the First Lien RCF, less any issued standby letters of credit. With respect to a variable funding asset-backed securitization facility or asset-based revolving credit facility, the Company refers to "Availability Under Borrowing Base Limitation" as the lower of Remaining Capacity or the borrowing base less the principal amount of debt then-outstanding under such facility (i.e., the amount of debt that can be borrowed given the collateral possessed at such time).

The following facilities were available to the Company as of March 31, 2025 and are presented net of any outstanding letters of credit:
(In millions)Remaining
Capacity		Availability Under
Borrowing Base
Limitation
Non-Vehicle Debt 
First Lien RCF$549 $549 
Total Non-Vehicle Debt549 549 
Vehicle Debt  
HVF III Series 2021-A2,283 — 
European ABS502 — 
Hertz Canadian Securitization45 — 
Australian Securitization3 — 
New Zealand RCF3 — 
U.K. Financing Facility114 — 
U.K. ABS247 — 
Other Vehicle Debt44 — 
Total Vehicle Debt3,241 — 
Total$3,790 $549 
Letters of Credit

As of March 31, 2025, there were outstanding standby letters of credit totaling $913 million comprised primarily of $651 million issued under the First Lien RCF and $245 million issued under the Term C Loan. As of March 31, 2025, no capacity remained to issue additional letters of credit under the Term C Loan. Such letters of credit have been issued primarily to provide credit enhancement for the Company's asset-backed securitization facilities and to support the Company's insurance programs, as well as to support the Company's vehicle rental concessions and leaseholds. As of March 31, 2025, none of the issued letters of credit have been drawn upon.

Pledges Related to Vehicle Financing

Substantially all of the Company's revenue earning vehicles and certain related assets are owned by special purpose entities or are encumbered in favor of the lenders under the various credit facilities, other secured financings or asset-backed securities programs. None of the value of such assets (including the assets owned by Hertz Vehicle Financing III LLC, TCL Funding LP and each of the domestic and international subsidiaries that pledge vehicle and vehicle related assets as part of the Company's securitization programs) will be available to satisfy the claims of non-vehicle secured or unsecured creditors, unless the vehicle related secured creditors under the securitization programs are paid in full.

The Company has a 25% ownership interest in IFF No. 2, whose sole purpose is to provide commitments to lend under the European ABS in various currencies, subject to borrowing bases comprised of revenue earning vehicles and related assets of certain of Hertz International, Ltd.'s subsidiaries. IFF No. 2 is a VIE, and the Company is the
primary beneficiary; therefore, the assets, liabilities and results of operations of IFF No. 2 are included in the accompanying unaudited condensed consolidated financial statements. As of March 31, 2025 and December 31, 2024, IFF No. 2 had total assets of $1.2 billion and $1.4 billion, respectively, comprised primarily of intercompany receivables, and total liabilities of $1.2 billion and $1.4 billion, respectively, comprised primarily of debt.

The Company incorporates HFF as a special-purpose orphan entity. HFF provides a vehicle financing facility for the Company's vehicle rental fleet in the U.K. through the U.K. ABS. HFF is a VIE, and the Company is the primary beneficiary; therefore, the assets, liabilities and results of operations of HFF are included in the accompanying consolidated financial statements. As of March 31, 2025 and December 31, 2024, HFF had total assets of $53 million and $2 million, respectively, comprised primarily of intercompany receivables, and total liabilities of $53 million and $2 million, respectively, comprised primarily of debt and intercompany payables.

Covenant Compliance

The First Lien Credit Agreement requires Hertz to comply with the following financial covenant: the First Lien Ratio, which requires a ratio of less than or equal to 3.0x in the first and last quarters of the calendar year and 3.5x in the second and third quarters of the calendar year. Amendment No. 8 temporarily increased the First Lien Ratio and contained a minimum liquidity covenant, which sunset, as expected, on the first day of the second quarter of 2025, as disclosed above. As of March 31, 2025, Hertz was in compliance with the First Lien Ratio, as temporarily amended. Amendment No. 10 requires a minimum liquidity covenant, consistent with Amendment No. 8, and will sunset upon the end of the Relief Period, as disclosed above. As of the filing of this Quarterly Report, Hertz was in compliance with the minimum liquidity covenant.

Additionally, the First Lien Credit Agreement, the First Lien Senior Notes, the Exchangeable Notes, the Senior Notes Due 2026 and the Senior Notes Due 2029 (collectively, the "Corporate Indebtedness") contain customary affirmative covenants, including, among other things, the delivery of quarterly and annual financial statements and/or compliance certificates, and covenants related to conduct of business, maintenance of property and insurance, compliance with environmental laws and, where applicable, the granting of security interests for the benefit of the secured parties under the applicable agreements on after-acquired real property, fixtures and future subsidiaries.

The terms of the Corporate Indebtedness contain covenants limiting the ability of Hertz and its restricted subsidiaries to: incur or guarantee additional indebtedness; incur or guarantee secured indebtedness; pay dividends or distributions on, or redeem or repurchase, Hertz Global capital stock; make certain investments or other restricted payments; sell certain assets; transfer intellectual property to unrestricted subsidiaries; merge, consolidate or sell all or substantially all of its assets; and create restrictions on the ability of Hertz’s restricted subsidiaries to pay dividends or other amounts to Hertz. As per the terms of the Corporate Indebtedness, these covenants are subject to a number of important and significant limitations, qualifications and exceptions.

As of March 31, 2025, the Company was in compliance with all covenants under the terms of the agreements governing the respective Corporate Indebtedness.
v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
The Company enters into certain agreements as a lessor under which it rents vehicles and leases fleets to customers. The following table summarizes the amount of operating lease income and other income included in total revenues in the accompanying unaudited condensed consolidated statements of operations:
Three Months Ended
March 31,
(In millions)20252024
Operating lease income from vehicle rentals$1,634 $1,883 
Variable operating lease income122 141 
Revenue accounted for under Topic 8421,756 2,024 
Revenue accounted for under Topic 60657 56 
Total revenues$1,813 $2,080 
Leases Leases
The Company enters into certain agreements as a lessor under which it rents vehicles and leases fleets to customers. The following table summarizes the amount of operating lease income and other income included in total revenues in the accompanying unaudited condensed consolidated statements of operations:
Three Months Ended
March 31,
(In millions)20252024
Operating lease income from vehicle rentals$1,634 $1,883 
Variable operating lease income122 141 
Revenue accounted for under Topic 8421,756 2,024 
Revenue accounted for under Topic 60657 56 
Total revenues$1,813 $2,080 
v3.25.1
Income Tax (Provision) Benefit
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Tax (Provision) Benefit Income Tax (Provision) Benefit
Hertz Global

For the three months ended March 31, 2025, Hertz Global recorded a tax benefit of $82 million, which resulted in an effective tax rate of 16%. For the three months ended March 31, 2024, Hertz Global recorded a tax benefit of $395 million, which resulted in an effective tax rate of 68%.

The change in taxes for the three months ended March 31, 2025 compared to the same period in 2024 was driven primarily by lower estimated EV credits.

Hertz

For the three months ended March 31, 2025, Hertz recorded a tax benefit of $82 million, which resulted in an effective tax rate of 16%. For the three months ended March 31, 2024, Hertz recorded a tax benefit of $395 million, which resulted in an effective tax rate of 59%.
The change in taxes for the three months ended March 31, 2025 compared to the same period in 2024 was driven primarily by lower estimated EV credits.
v3.25.1
Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global
Public Warrants

As of March 31, 2025, approximately 6,300,000 Public Warrants had been exercised since their original issuance in June 2021. The Public Warrants are recorded at fair value in the accompanying unaudited condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024. See Note 10, "Fair Value Measurements."
Computation of Earnings (Loss) Per Common Share

Basic earnings (loss) per common share has been computed based upon the weighted-average number of common shares outstanding. Diluted earnings (loss) per common share has been computed based upon the weighted-average number of common shares outstanding plus the effect of all potentially dilutive common stock equivalents, including Public Warrants and Exchangeable Notes, except when the effect would be antidilutive. Dilutive shares for stock-based instruments and Public Warrants are computed using the treasury stock method and dilutive shares for Exchangeable Notes are computed using the if-converted method. Additionally, the Company removes the income or expense impacts related to Public Warrants and Exchangeable Notes when computing diluted earnings (loss) per common share, when the impacts are dilutive.
The following table sets forth the computation of basic and diluted earnings (loss) per common share:
Three Months Ended
March 31,
(In millions, except per share data)(1)
20252024
Numerator:
Net income (loss) available to Hertz Global common stockholders, basic and diluted$(443)$(186)
Denominator:
Basic and diluted weighted-average common shares outstanding307 305 
Antidilutive Public Warrants198 57 
Antidilutive stock options, RSUs and PSUs17 10 
Antidilutive shares related to Exchangeable Notes39 — 
Total antidilutive254 66 
Earnings (loss) per common share:
Basic$(1.44)$(0.61)
Diluted$(1.44)$(0.61)
(1)    The table above is denoted in millions, excluding earnings (loss) per common share. Amounts are calculated from the underlying numbers in thousands, and as a result, may not agree to the amounts shown in the table when calculated in millions.
v3.25.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The stock-based compensation expense associated with the Hertz Holdings stock-based compensation plans is pushed down from Hertz Global and recorded at Hertz. In 2021, the Board approved the Hertz Global Holdings, Inc. 2021 Omnibus Incentive Plan (the "2021 Omnibus Plan"). As of March 31, 2025, 26,741,400 shares of the Company's common stock were authorized and remain available for future grants under the 2021 Omnibus Plan. Vesting of the outstanding equity awards is also subject to accelerated vesting as set forth in the 2021 Omnibus Plan.

A summary of the total employee compensation expense and related income tax benefits recognized for grants made under the 2021 Omnibus Plan is as follows:
Three Months Ended
March 31,
(In millions)20252024
Employee compensation expense(1)
$15 $(52)
Income tax benefit— (2)
Employee compensation expense, net$15 $(54)
(1)    For the three months ended March 31, 2024, includes $68 million of former CEO awards forfeited in March 2024.

As of March 31, 2025, there was $135 million of total unrecognized employee compensation expense expected to be recognized over the remaining 1.7 years, on a weighted average basis, of the requisite service period that began on the grant dates of the outstanding awards.
Stock Options and Stock Appreciation Rights

A summary of stock option activity under the 2021 Omnibus Plan for the three months ended March 31, 2025 is presented below.
OptionsSharesWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (years)		Aggregate Intrinsic
Value (In millions)
Outstanding as of January 1, 2025
1,702,418 $26.17 6.7$— 
Granted— — 0.0— 
Exercised— — 0.0— 
Forfeited or Expired(49,080)26.17 0.0— 
Outstanding as of March 31, 2025
1,653,338 26.17 6.4— 
Exercisable as of March 31, 2025
(1,653,338)26.17 6.4— 
Non-vested as of March 31, 2025
— 

Performance Stock Awards ("PSAs"), Performance Stock Units ("PSUs") and Performance Units ("PUs")

A summary of the PSU activity for the three months ended March 31, 2025 under the 2021 Omnibus Plan is presented below. As of March 31, 2025, there were no issued or outstanding grants of PSAs or PUs under the 2021 Omnibus Plan.
Shares Weighted-
Average
Fair Value		Aggregate Intrinsic
Value (In millions)
Outstanding as of January 1, 2025
5,197,913 $4.67 $19 
Granted(1)
1,348,220 4.09 — 
Vested(105,002)20.32 — 
Forfeited or Expired(526,550)7.01 — 
Outstanding as of March 31, 2025
5,914,581 4.05 23 
(1)    Presented assuming the issuance at the original target award amount (100%).

Compensation expense for PSUs is based on the grant date fair value of Hertz Global common stock. For grants issued in 2025, vesting eligibility is based on market, performance and service conditions of three years. Accordingly, the number of shares issued at the end of the performance period could range between 0% and 200% of the original target award amount (100%) disclosed in the table above.
Restricted Stock and Restricted Stock Units ("RSUs")

A summary of RSU activity for the three months ended March 31, 2025 under the 2021 Omnibus Plan is presented below.
Shares Weighted-
Average
Fair Value		Aggregate Intrinsic
Value (In millions)
Outstanding as of January 1, 2025
21,110,387 $5.92 $77 
Granted11,906,425 3.98 — 
Vested(1,908,913)9.98 — 
Forfeited or Expired(796,507)7.06 — 
Outstanding as of March 31, 2025
30,311,392 4.88 119 

Additional information pertaining to RSU activity is as follows:
Three Months Ended March 31,
20252024
Total fair value of awards that vested (in millions)$19 $13 
Weighted-average grant-date fair value of awards granted$3.98 $8.21 

RSU grants issued in 2025 vest ratably over a period of primarily three years.

Deferred Stock Units

As of March 31, 2025, there were approximately 275,000 outstanding shares of deferred stock units under the 2021 Omnibus Plan.
v3.25.1
Financial Instruments
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments Financial Instruments
The Company employs established risk management policies and procedures, and, under the terms of our ABS facilities, may be required to enter into interest rate derivatives, which seek to reduce the Company’s commercial risk exposure to fluctuations in interest rates and currency exchange rates. Although the instruments utilized involve varying degrees of credit, market and interest risk, the Company contracts with multiple counterparties to mitigate concentrations of risk and the counterparties to the agreements are expected to perform fully under the terms of the agreements. The Company monitors counterparty credit risk, including lenders, on a regular basis, but cannot be certain that all risks will be discerned or that its risk management policies and procedures will always be effective. Additionally, upon the occurrence of an event of default under the Company’s International Swaps and Derivatives Association ("ISDA") master derivative agreements, the non-defaulting party generally has the right, but not the obligation, to set-off any early termination amounts under any such agreements against any other amounts owed with regard to any other agreements between the parties to each such agreement.

None of the Company's financial instruments have been designated as hedging instruments as of March 31, 2025 and December 31, 2024. The Company classifies cash flows from financial instruments according to the classification of the cash flows of the economically hedged item(s).

Interest Rate Risk

The Company uses a combination of interest rate caps and swaps to manage its exposure to interest rate movements and to manage its mix of floating and fixed-rate debt.
Currency Exchange Rate Risk

The Company uses foreign currency exchange rate derivative financial instruments to manage its currency exposure resulting from intercompany transactions and other cross currency obligations.

Fair Value

The following table summarizes the estimated fair value of financial instruments:
Fair Value of Financial Instruments
Asset DerivativesLiability Derivatives
(In millions)March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Interest rate instruments(1)
$1 $2 $— $— 
Foreign currency forward contracts(1)
2 1 1 6 
Exchange Features related to Exchangeable Notes(2)
— — 70 61 
Total
$3 $3 $71 $67 
(1)    Asset derivatives are recorded in prepaid expenses and other assets and liability derivatives are recorded in accrued liabilities in the accompanying unaudited condensed consolidated balance sheets.
(2)    The Exchange Features, as defined and further disclosed in Note 10, "Fair Value Measurements," were bifurcated as derivatives from the Exchangeable Notes and are recorded in non-vehicle debt in the accompanying unaudited condensed consolidated balance sheets.

The following table summarizes the gains or (losses) on financial instruments for the period indicated:
Location of Gain (Loss) Recognized on DerivativesAmount of Gain (Loss) Recognized in Income on Derivatives
Three Months Ended
March 31,
(In millions)20252024
Interest rate instrumentsVehicle interest expense, net$(1)$— 
Foreign currency forward contractsSelling, general and administrative expense4 (11)
Exchange Features related to Exchangeable Notes(1)
Non-vehicle interest expense, net(6)— 
Total
$(3)$(11)
(1)    The Exchange Features, as defined and further disclosed in Note 10, "Fair Value Measurements," were bifurcated as derivatives from the Exchangeable Notes.

The Company's foreign currency forward contracts and certain interest rate instruments are subject to enforceable master netting agreements with their counterparties. The Company does not offset such derivative assets and liabilities in its unaudited condensed consolidated balance sheets, and the potential effect of the Company’s use of the master netting arrangements is not material.
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Under U.S. GAAP, entities are allowed to measure certain financial instruments and other items at fair value. The Company has not elected the fair value measurement option for any of its assets or liabilities that meet the criteria for this option. Irrespective of the fair value option previously described, U.S. GAAP requires certain financial and non-financial assets and liabilities of the Company to be measured on either a recurring basis or on a nonrecurring basis.
Fair Value Disclosures

The fair value of cash, restricted 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.

Debt Obligations

The fair value of the debt facilities is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (i.e., Level 2 inputs).
March 31, 2025December 31, 2024
(In millions)Nominal Unpaid Principal BalanceAggregate Fair ValueNominal Unpaid Principal BalanceAggregate Fair Value
Other Non-Vehicle Debt$5,540 $4,299 $4,920 $4,399 
Exchangeable Notes(1)
261 231 250 289 
Total Non-Vehicle Debt5,801 4,530 5,170 4,688 
Vehicle Debt11,078 10,959 11,280 11,100 
Total$16,879 $15,489 $16,450 $15,788 
(1)    As of March 31, 2025 and December 31, 2024, the nominal unpaid principal balance and aggregate fair value of the Exchangeable Notes include $70 million and $61 million, respectively, related to the Exchange Features, which are measured based on Level 3 inputs as disclosed below.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows:
March 31, 2025December 31, 2024
(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Cash equivalents and restricted cash equivalents$244 $— $— $244 $229 $— $— $229 
Liabilities:
Public Warrants$187 $— $— $187 $178 $— $— $178 
Exchange Features$— $— $70 $70 $— $— $61 $61 

Cash Equivalents and Restricted Cash Equivalents

The Company’s cash equivalents and restricted cash equivalents primarily consist of investments in money market funds and bank money market and interest-bearing accounts. The Company determines the fair value of cash equivalents and restricted cash equivalents using a market approach based on quoted prices in active markets (i.e., Level 1 inputs).

Public Warrants – Hertz Global

Hertz Global's Public Warrants are classified as liabilities and recorded at fair value in the accompanying unaudited condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024 in accordance with the provisions of ASC 480, Distinguishing Liabilities from Equity. See Note 7, "Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global," for additional information. The Company calculates the fair value based on the end-of-day quoted market price (i.e., a Level 1 input). For the three months ended March 31, 2025 and 2024,
the fair value adjustments were a loss of $9 million and a gain $86 million, respectively. These amounts are recorded in change in fair value of Public Warrants in the accompanying unaudited condensed consolidated statement of operations for Hertz Global for the three months ended March 31, 2025 and 2024.

Exchangeable Notes - Bifurcated Derivatives

The Exchangeable Notes contain an embedded conversion feature (the "Exchange Feature") that was required to be bifurcated and accounted for separately from the Exchangeable Notes as a derivative liability at fair value. Upon issuance in June 2024, the Company recognized a debt discount within non-vehicle debt, representing the initial fair value of the Exchange Feature.

As disclosed in Note 4, "Debt," the Exchangeable Notes bear PIK interest payable semi-annually on January 15 and July 15. Upon the Semi-annual PIK Event in the first quarter of 2025, the Company bifurcated the Exchange Feature PIK and recognized a debt discount of $3 million within non-vehicle debt, representing the initial fair value.

As of March 31, 2025, the fair value of the Exchange Feature and the Exchange Feature PIK (collectively, the "Exchange Features") was $70 million. Refer also to Note 9, "Financial Instruments," for further information.

The fair value of the Exchange Features was determined using a lattice model and a “with-and-without” valuation methodology. The inputs used to estimate the fair value of the Exchange Features include the probability of potential settlement scenarios, the expected timing of such settlement and an expected volatility determined by reference to historical stock volatilities. As the expected volatility input is considered unobservable, the Company has categorized the Exchange Features as Level 3 in the fair value hierarchy.

The estimated fair values of the Exchange Features were computed using the following key inputs as of March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
Hertz Global common share price$3.94 $3.66 
Expected term (years)4.294.54
Risk-free interest rate3.94 %4.35 %
Credit spread17.06 %8.55 %
Expected volatility48.75 %48.75 %

The significant unobservable input used in the fair value measurement of the Exchange Features is expected volatility. Holding other inputs constant, an increase (decrease) in expected volatility would have resulted in a higher (lower) fair value measurement, respectively.
The following table summarizes the activity related to the Exchange Features measured at fair value utilizing significant unobservable inputs (Level 3):
(In millions)Exchange Features
Balance as of December 31, 2023$— 
Initial recognition of derivative68 
(Gain) loss in fair value recognized in earnings(7)
Balance as of December 31, 202461 
Initial recognition of derivative3 
(Gain) loss in fair value recognized in earnings(1)
6 
Balance as of March 31, 2025
$70 
(1)    Included in non-vehicle interest expense, net in the accompanying unaudited condensed consolidated statement of operations for the three months ended March 31, 2025.
Financial Instruments

The fair value of the Company's financial instruments as of March 31, 2025 and December 31, 2024 are disclosed in Note 9, "Financial Instruments." The Company's financial instruments, excluding the Exchange Feature as disclosed above, are priced using quoted market prices for similar assets or liabilities in active markets (i.e., Level 2 inputs).
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

In March 2024, the Company identified the EV Disposal Groups which were in response to management's determination that the supply of EVs exceeded customer demand, elevated EV damage and collision costs, and a decline in EV residual values. As a result, the EV Disposal Groups were classified as held for sale and recorded at the lower of carrying value or fair value (as determined using Level 2 inputs) less costs to sell. As of December 31, 2024, the sale of the EV Disposal Groups was substantially complete. See Note 3, "Revenue Earning Vehicles," for additional information.
v3.25.1
Contingencies and Off-Balance Sheet Commitments
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Contingencies and Off-Balance Sheet Commitments Contingencies and Off-Balance Sheet Commitments
Legal Proceedings

Self-Insured Liabilities

The Company is currently a defendant in numerous actions and has received numerous claims on which actions have not yet commenced for self-insured liabilities arising from the operation of motor vehicles rented from the Company. The obligation for self-insured liabilities on self-insured U.S. and international vehicles, as stated in the accompanying unaudited condensed consolidated balance sheets, represents an estimate for both reported accident claims not yet paid and claims incurred but not yet reported. The related liabilities are recorded on an undiscounted basis and are based on actuarially determined estimates using historical claims experience. These estimates include judgment about severity of claims, frequency and volume of claims. As of March 31, 2025 and December 31, 2024, the Company's liability recorded for self-insured liabilities was $627 million and $617 million, of which $498 million and $491 million relates to liabilities incurred by the Company's Americas RAC operations, respectively. The Company believes that its analysis is based on the most relevant information available, combined with reasonable assumptions. The liability is subject to significant uncertainties. The adequacy of the liability is monitored quarterly based on evolving accident claim history. If the Company's estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results.
Loss Contingencies

From time to time, the Company is a party to various legal proceedings, typically involving operational issues common to the vehicle rental business. The Company has summarized below the material legal proceedings to which the Company was a party during the three months ended March 31, 2025 or the period after March 31, 2025, but before the filing of this Quarterly Report.

Make-Whole and Post-Petition Interest Claims – On July 1, 2021, Wells Fargo Bank, N.A. ("Wells Fargo"), in its capacity as indenture trustee of (1) 6.250% Unsecured Notes due 2022 (the "2022 Notes"), (2) 5.500% Unsecured Notes due 2024 (the "2024 Notes"), (3) 7.125% Unsecured Notes due 2026 (the "2026 Notes") and (4) 6.000% Unsecured Notes due 2028 (the "2028 Notes") issued by The Hertz Corporation (collectively, the “Unsecured Notes”), filed a complaint against The Hertz Corporation and multiple direct and indirect subsidiaries thereof (collectively referred to in this paragraph summary as “defendants”). The filing of the complaint initiated the adversary proceeding captioned Wells Fargo Bank, N.A. v. The Hertz Corp., et al. in the United States Bankruptcy Court for the District of Delaware (the "Delaware Bankruptcy Court"), Adv. Pro. No. 21-50995 (MFW). The complaint seeks a declaratory judgment that the holders of the Unsecured Notes are entitled to payment of certain redemption premiums and post-petition interest that the holders assert total approximately $272 million or, in the alternative, are entitled to payment of post-petition interest at a contractual rate that they assert totals approximately $125 million. The complaint also asserts the right to pre-judgment interest from July 1, 2021 to the date of any judgment. On December 22, 2021, the Delaware Bankruptcy Court dismissed Wells Fargo’s claims with respect to (i) the redemption premium allegedly owed on the 2022 Notes and the 2024 Notes and (ii) post-petition interest at the contract rate. See Wells Fargo Bank, N.A. v. The Hertz Corp., et al., 637 B.R. 781 (Bankr. D. Del. Dec. 22, 2021). On November 9, 2022, the Delaware Bankruptcy Court ruled that the make-whole premium is the same as unmatured interest and is disallowed under the U.S. Bankruptcy Code, granting summary judgment in the defendants’ favor. The Delaware Bankruptcy Court certified the matter directly to the U.S. Court of Appeals for the Third Circuit (the “Third Circuit”) and, on January 25, 2023, the Third Circuit accepted Wells Fargo’s appeal. The Third Circuit held an oral argument for this appeal on October 25, 2023, and on September 10, 2024, the Third Circuit issued its opinion in Wells Fargo Bank, N.A. v. The Hertz Corp., et al., 117 F.4th 109 (3d Cir. 2024). In a 2-1 decision, a panel of the Third Circuit held that the "absolute priority rule" required Hertz to pay the make-whole premium on the 2026 Notes and on the 2028 Notes, and post-petition interest at the contract rate rather than the federal judgment rate on all Unsecured Notes, even though those amounts were disallowed under the Bankruptcy Code. As a result, the Company has accrued approximately $326 million for this litigation as of March 31, 2025, made up of approximately $260 million on the underlying claims and approximately $66 million in pre-judgment interest, which interest will continue to accrue until the date of any judgment that may be entered by the Delaware Bankruptcy Court. On October 15, 2024, the Company filed a petition with the Third Circuit for a rehearing en banc, which the Third Circuit denied on November 6, 2024. The case has now been remanded to the Delaware Bankruptcy Court for a determination of the exact amount owed by the Company. The Company and the Indenture Trustee do not agree on the proper calculation of the amounts owed, and that dispute remains to be resolved by the Delaware Bankruptcy Court. The Company also announced its intent to seek review of the Third Circuit's decision by the Supreme Court of the United States (the "U.S. Supreme Court"). The Company filed a petition for writ of certiorari with the U.S. Supreme Court on April 4, 2025. Wells Fargo filed a brief in opposition to the Company’s petition on April 29, 2025. The Company’s reply brief is due on May 13, 2025. As previously disclosed, the Company commenced negotiations with certain holders of the Unsecured Notes (the “Noteholders”) with respect to a possible settlement of this litigation (a “Potential Settlement”). The Company has not reached an agreement with the Noteholders, and there can be no assurance that a Potential Settlement will be agreed upon between the Noteholders and the Company. The Company cannot predict the ultimate outcome or timing of this litigation; if, however, the Delaware Bankruptcy Court were to enter judgment against Hertz, payment of such judgment could have a material adverse effect on the Company's financial condition, results of operations or cash flows.

Claims Related to Alleged False Arrests – A group of claims involving allegations that the police detained or arrested individuals in error after the Company reported rental cars as stolen were previously advanced against the Company. These claims first arose from actions allegedly taken by the Company prior to its emergence from bankruptcy reorganization; some claims alleged post-emergence behavior by the Company. These claims have been the subject of press coverage, and the Company has received government inquiries on the matter. The
Company has policies to help guide the proper treatment of its customers and to seek to protect itself against the theft of its services or assets, and the Company has taken significant steps to modernize and update those policies. In December 2022, the Company entered into settlement agreements with 364 claimants in full and final resolutions of their claims for an aggregated amount of approximately $168 million (the "Settlement"), all of which amount was paid by the Company during December 2022. The Settlement resolved nearly all of the false arrest-related claims being advanced in the U.S. Bankruptcy Court for the District of Delaware, Adv. Pro. No. 20-11247 (MFW) and state court in Delaware (captioned Flannery, et al. v. Hertz Global Holdings, Inc., et al., C.A. No. N22C-07-100 and Okoasia, et al. v. Hertz Global Holdings, Inc., et al., C.A. No. N22C-09-531). Also, as a result of the Settlements, state court matters pending in Pennsylvania, captioned Lovelace, et al. v. Hertz Global Holdings, Inc., et al., Case No. 220801729, and in Florida, captioned Lizasoain, et al. v. Hertz Global Holdings, Inc., et al., Case No. 2022-015316-CA-1, were dismissed with prejudice. The Company continues to vigorously defend itself and believes that the ultimate resolution of any remaining claims will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. Relatedly, in May 2022, the Company filed a complaint against several of its insurers seeking a determination of its rights under its commercial general liability, and directors and officers liability, insurance policies for these alleged claims in a declaratory judgment action pending in Delaware Superior Court, Hertz Global Holdings, Inc., et al. v. ACE American Insurance Co., et al., C.A. No. N22C-05-130 MMJ (CCLD). On June 30, 2023, Hertz entered into a confidential settlement agreement with ACE American Insurance Company. On July 10, 2024, the Delaware Superior Court held a hearing on cross-motions for partial summary judgment and summary judgment. The Company entered into confidential settlement agreements with some of the remaining insurers before and after the hearing. On October 8, 2024, the Delaware Superior Court denied the Company's motion for partial summary judgment and granted the cross-motions for summary judgment and partial summary judgment in favor of the remaining general liability insurers. Thereafter, Hertz entered into settlement agreements with the remaining directors' and officers' liability insurers. On March 10, 2025, Hertz filed its notice of appeal to the Delaware Supreme Court. Hertz filed its opening brief on April 25, 2025.

Share Repurchase Program Litigation – On May 11, 2023, Angelo Cascia, a purported stockholder of Hertz Global, filed a putative class and derivative lawsuit in the Delaware Court of Chancery (the "Delaware Chancery Court") against certain current and former directors of Hertz Global, Knighthead Capital Management, LLC ("Knighthead"), Certares Opportunities LLC ("Certares") and CK Amarillo. The claims in the complaint relate to the Company’s share repurchase programs approved in November 2021 and June 2022. Among other allegations, the plaintiff claims Board members breached their fiduciary duties in approving these share repurchase programs and that Knighthead, Certares, and CK Amarillo were unjustly enriched because they gained a majority stake in Hertz Global as a result of share repurchases. Defendants filed their motion to dismiss the complaint on July 24, 2023. On March 11, 2024, the Delaware Chancery Court held a hearing on defendants' motion to dismiss. On June 20, 2024, the Delaware Chancery Court granted in part and denied in part the defendants' motion to dismiss. The Delaware Chancery Court dismissed the claims against directors Feikin, Fields, Intrieri and Vougessis with prejudice, dismissed the claims related to the 2021 buyback without prejudice and allowed the remaining claims to proceed. On August 26, 2024, the Board formed a Special Litigation Committee (the "SLC"), made up of two independent directors, to evaluate and take any necessary actions related to the remaining claims. On October 21, 2024, the Delaware Chancery Court granted a motion to stay the litigation, including all discovery, until March 21, 2025. On March 26, 2025, the Delaware Chancery Court extended the stay for an additional 30 days. On April 25, 2025, the SLC filed its report under seal with the Delaware Chancery Court. On May 9, 2025, the SLC filed an unopposed motion to terminate the derivative claims in the litigation. In response, the plaintiff informed the Delaware Chancery Court that he would not oppose the SLC’s motion to terminate the derivative claims, declared his intention to continue to prosecute the direct claims only and reserved his right to seek an award of fees based on the alleged benefit conferred to the Company

Securities Class Action Complaint – On May 31, 2024, a complaint was filed in the United States District Court for the Middle District of Florida (the "Florida Middle District Court"), captioned Edward M. Doller v. Hertz Global Holdings, Inc. et al. (No. 2:24-CV-00513). On September 30, 2024, an amended complaint was filed, following the Florida Middle District Court's appointment of a lead plaintiff and a lead counsel. The amended complaint asserts claims against Hertz Global, former Company CEO, Stephen M. Scherr, and former Company Chief Financial Officer, Alexandra Brooks, alleging violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder, including concerning statements regarding demand for EVs. Plaintiffs assert claims on
behalf of a putative class, consisting of all persons and entities that purchased or otherwise acquired Hertz Global's securities between January 6, 2023 and April 24, 2024. The amended complaint seeks unspecified damages, together with interest, attorneys’ fees and other costs. Hertz Global filed a motion to dismiss the complaint on October 30, 2024. On December 19, 2024, the Florida Middle District Court stayed all proceedings, pending a ruling on the motion to dismiss.

Data Breach Claims – On April 15, 2025, Zain Jiwani filed a class action complaint against Cleo Communications U.S., LLC (“Cleo”) and the Company in the U.S. District Court for the Northern District of Illinois, Western Division (Rockford, IL). Plaintiff alleges that Cleo, a file-transfer vendor for the Company, experienced a data breach event that may have impacted the personal information of certain individuals during the secure file transfer process from the Company’s systems to third-party systems and that Company data may have been acquired by an unauthorized third party that exploited zero-day vulnerabilities within Cleo’s platform in October and December of 2024. Plaintiff alleges that the Company was negligent in failing to secure the data, breached implied contracts and was unjustly enriched. Ten similar class action complaints were filed against the Company shortly thereafter. The class actions generally seek injunctive relief and unspecified damages. At this early stage of the litigation, the Company does not believe that the ultimate resolution of these actions will have a material adverse effect on our financial condition, results of operations or liquidity.

The Company has established reserves for matters where the Company believes that losses are probable and can be reasonably estimated. Other than the aggregate reserve established for claims for self-insured liabilities and the bankruptcy-related litigation, none of those reserves are material. For matters where the Company has not established a reserve, the ultimate outcome or resolution cannot be predicted at this time, or the amount of ultimate loss, if any, cannot be reasonably estimated. These matters are subject to many uncertainties, and the outcome of the individual litigated matters is not predictable with assurance. 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.

Indemnification Obligations

In the ordinary course of business, the Company has executed contracts involving indemnification obligations customary in the relevant industry and indemnifications specific to a transaction, such as the sale of a business. These indemnification obligations might include claims relating to the following: environmental matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier and other commercial contractual relationships and financial matters. Specifically, the Company has indemnified various parties for the costs associated with remediating numerous hazardous substance storage, recycling or disposal sites in many states and, in some instances, for natural resource damages. The amount of any such expenses or related natural resource damages for which the Company may be held responsible could be substantial. In addition, Hertz entered into customary indemnification agreements with Hertz Holdings and certain of the Company's stockholders and their affiliates pursuant to which Hertz Holdings and Hertz will indemnify those entities and their respective affiliates, directors, officers, partners, members, employees, agents, representatives and controlling persons, against certain liabilities arising out of performance of a consulting agreement with Hertz Holdings and each of such entities and certain other claims and liabilities, including liabilities arising out of financing arrangements or securities offerings. The Company has entered into customary indemnification agreements with each of its directors and certain of its officers. Performance under these indemnification obligations would generally be triggered by a breach of terms of the contract or by a third-party claim. In connection with the separation of the car rental business in 2016, the Company executed an agreement with Herc Holdings Inc. that contains mutual indemnification clauses and a customary indemnification provision with respect to liability arising out of, or resulting from, assumed legal matters. 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.
v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company's chief operating decision maker ("CODM") is its chief executive officer. The CODM uses Adjusted EBITDA to determine segment profitability in order to assess performance and allocate resources for the Company's reportable segments based on monitoring of budgeted results versus actual results. The Company has identified two reportable segments, which are consistent with its operating segments and organized based primarily on the geographic areas in which business is conducted, as follows:
•Americas RAC – Rental of vehicles (cars, crossovers, vans and light trucks), as well as sales of value-added services, in the U.S., Canada, Latin America and the Caribbean. The Company maintains a network of company-operated rental locations in this segment and has franchisees and partners that operate rental locations under the Company's brands; and

•International RAC – Rental of vehicles (cars, crossovers, vans and light trucks), as well as sales of value-added services, in locations other than the U.S., Canada, Latin America and the Caribbean. The Company maintains a network of company-operated rental locations, a majority of which are in Europe, and has franchisees and partners that operate rental locations under the Company's brands.

In addition to its reportable segments, the Company has corporate operations ("Corporate"), which includes general corporate assets and expenses and net interest expense on non-vehicle debt. Corporate includes other items necessary to reconcile the reportable segments to the Company's total amounts.

The following tables provide revenue, significant expenses, other segment expenses and the segment measure of profitability, Adjusted EBITDA, by reportable segment, including a reconciliation of Adjusted EBITDA to consolidated income (loss) before income taxes for Hertz Global and Hertz.
Three Months Ended March 31, 2025
(In millions)Americas RACInternational RACTotal
Revenues$1,490 $323 $1,813 
Significant segment expenses:
Direct vehicle and operating1,066 207 1,273 
Depreciation of revenue earning vehicles and lease charges, net(1)
462 73 535 
Selling, general and administrative114 47 161 
Other segment items(2)
86 13 99 
Segment profit (loss): Adjusted EBITDA$(238)$(17)$(255)
Corporate(3)
(70)
Total Hertz Global and Hertz Adjusted EBITDA(325)
Adjustments:
Non-vehicle depreciation and amortization(30)
Non-vehicle debt interest, net(4)
(121)
Vehicle debt-related charges(5)
(11)
Restructuring and restructuring related charges(6)
(3)
Unrealized gains (losses) on financial instruments(7)
— 
Other items(8)
(26)
Income (loss) before income taxes - Hertz(516)
Change in fair value of Public Warrants(9)
(9)
Income (loss) before income taxes - Hertz Global$(525)
Three Months Ended March 31, 2024
(In millions)Americas RACInternational RACTotal
Revenues$1,739 $341 $2,080 
Significant segment expenses:
Direct vehicle and operating1,152 216 1,368 
Depreciation of revenue earning vehicles and lease charges, net(1)
876 93 969 
Selling, general and administrative124 57 181 
Other segment items(2)
75 2 77 
Segment profit (loss): Adjusted EBITDA$(488)$(27)$(515)
Corporate(3)
(52)
Total Hertz Global and Hertz Adjusted EBITDA(567)
Adjustments:
Non-vehicle depreciation and amortization(32)
Non-vehicle debt interest, net(75)
Vehicle debt-related charges(5)
(12)
Restructuring and restructuring related charges(6)
(32)
Unrealized gains (losses) on financial instruments(7)
(6)
Non-cash stock-based compensation forfeitures(10)
64 
Other items(8)
(7)
Income (loss) before income taxes - Hertz(667)
Change in fair value of Public Warrants(9)
86 
Income (loss) before income taxes - Hertz Global$(581)
(1)    Includes the write-down to carrying value of vehicles classified as held for sale. In 2024, also includes the EV Disposal Groups. See Note 3, "Revenue Earning Vehicles."
(2)    Represents certain other segment items that are not deemed significant segment expenses, which primarily includes fleet interest expense, net and certain other adjustments reflected in the tables above.
(3)    Represents other reconciling items primarily consisting of general corporate expenses; as well as other business activities.
(4)    Excludes gains (losses) related to the fair value of the Exchange Features, which are included in footnote 7 below.
(5)    Represents vehicle debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums which are recorded within vehicle interest expense, net.
(6)    Represents charges incurred under restructuring actions as defined in U.S. GAAP. Also includes restructuring related charges such as incremental costs incurred related to personnel reductions, litigation and closure of underperforming locations. Charges are recorded within selling, general and administrative expense.
(7)    Represents unrealized gains (losses) on derivative financial instruments in which interest rate instrument gains (losses) are recorded within vehicle interest expense, net and foreign currency forward contract gains (losses) are recorded within selling, general and administrative expense. In 2025, also includes gains (losses) associated with the Exchange Features, which are recorded within non-vehicle interest expense, net. See Note 9, "Financial Instruments."
(8)    Represents miscellaneous items. For the three months ended March 31, 2025, primarily includes certain litigation charges, certain IT-related charges and certain concession-related adjustments. For the three months ended March 31, 2024, primarily includes certain IT-related charges, partially offset by certain litigation settlements.
(9)    Represents the change in fair value during the reporting period for Hertz Global's outstanding Public Warrants.
(10)    Represents the former CEO awards forfeited in March 2024. See Note 8, "Stock-Based Compensation."
The following tables provide other significant statement of operations, balance sheet and cash flow information by reportable segment for each of Hertz Global and Hertz.
Three Months Ended March 31,
(In millions)20252024
Depreciation and amortization, non-vehicle assets
Americas RAC$26 $25 
International RAC3 4 
Total reportable segments29 29 
Corporate
1 3 
Total Hertz Global and Hertz$30 $32 
Vehicle interest expense, net
Americas RAC$117 $116 
International RAC23 25 
Total Hertz Global and Hertz$140 $141 
Non-vehicle interest expense, net
Americas RAC$(1)$(2)
International RAC(4)(4)
Total reportable segments(5)(6)
Corporate
132 81 
Total Hertz Global and Hertz$127 $75 

As of
(In millions)March 31, 2025December 31, 2024
Revenue earning vehicles, net
Americas RAC$10,422 $10,253 
International RAC1,731 1,710 
Total Hertz Global and Hertz(1)
$12,153 $11,963 
Property and equipment, net
Americas RAC$450 $460 
International RAC55 71 
Total reportable segments505 531 
Corporate
90 92 
Total Hertz Global and Hertz$595 $623 
Total assets
Americas RAC$17,696 $17,386 
International RAC3,357 3,456 
Total reportable segments21,053 20,842 
Corporate
994 960 
Total Hertz Global(2)
22,047 21,802 
Corporate - Hertz(1)(1)
Total Hertz(2)
$22,046 $21,801 
(1)    Includes the carrying amount of vehicles classified as held for sale as of the respective balance sheet date. See Note 3, "Revenue Earning Vehicles."
(2)    The consolidated total assets of Hertz Global and Hertz as of March 31, 2025 and December 31, 2024 include total assets of VIEs of $1.2 billion and $1.4 billion, respectively, which can only be used to settle obligations of the VIEs. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.

Three Months Ended March 31,
(In millions)20252024
Revenue earning vehicles and non-vehicle capital assets
Americas RAC:
Expenditures
$(2,560)$(1,702)
Proceeds from disposals
1,845 870 
Net expenditures - Hertz Global and Hertz
$(715)$(832)
International RAC:
Expenditures
$(308)$(231)
Proceeds from disposals
306 380 
Net expenditures - Hertz Global and Hertz
$(2)$149 
Corporate:
Expenditures
$(1)$(4)
Proceeds from disposals
— (14)
Net expenditures - Hertz Global and Hertz
$(1)$(18)

The Company operates in the U.S. and in international countries. International operations are substantially in Europe. The operations within major geographic areas for each of Hertz Global and Hertz are summarized below:
Three Months Ended March 31,
(In millions)20252024
Revenues
U.S.$1,433 $1,678 
International
380 402 
Total Hertz Global and Hertz
$1,813 $2,080 

As of
(In millions)March 31, 2025December 31, 2024
Revenue earning vehicles, net
U.S.$10,022 $9,880 
International
2,131 2,083 
Total Hertz Global and Hertz(1)
$12,153 $11,963 
Property and equipment, net
U.S.$523 $535 
International
72 88 
Total Hertz Global and Hertz
$595 $623 
Operating lease right-of-use assets
U.S.$1,859 $1,815 
International
281 273 
Total Hertz Global and Hertz
$2,140 $2,088 
As of
(In millions)March 31, 2025December 31, 2024
Total assets
U.S.
$18,002 $17,670 
International4,045 4,132 
Total Hertz Global22,047 21,802 
U.S. - Hertz(1)(1)
Total Hertz$22,046 $21,801 
(1)    Includes the carrying amount of vehicles classified as held for sale as of the respective balance sheet date. See Note 3, "Revenue Earning Vehicles."
v3.25.1
Subsequent Events
 3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
See also Note 4, "Debt," and "Note 11, "Contingencies and Off-Balance Sheet Commitments," for disclosures of additional subsequent events relating to the Company's indebtedness and loss contingencies, respectively.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income (loss) $ (443) $ (186)
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
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
v3.25.1
Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

This Quarterly Report on Form 10-Q ("Quarterly Report") combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2025 of Hertz Global and Hertz. Hertz Global consolidates Hertz for financial statement purposes and, therefore, disclosures that relate to activities of Hertz also apply to Hertz Global. In the sections that combine disclosure of Hertz Global and Hertz, this report refers to actions as being actions of the Company, or Hertz Global, which is appropriate because the business is one enterprise and Hertz Global operates the business through Hertz. When appropriate, Hertz Global and Hertz are named specifically for their individual disclosures and any significant differences between the operations and results of Hertz Global and Hertz are separately disclosed and explained.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The Company's vehicle rental operations are typically a seasonal business, with decreased levels of business in the winter months and heightened activity during the spring and summer months for the majority of countries where the Company generates revenues.

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.
Principles of Consolidation
Principles of Consolidation

The unaudited condensed consolidated financial statements of Hertz Global include the accounts of Hertz Global, its wholly owned and majority owned U.S. and international subsidiaries and its VIEs, as applicable. The unaudited condensed consolidated financial statements of Hertz include the accounts of Hertz, its wholly owned and majority owned U.S. and international subsidiaries and its VIEs, as applicable. The Company consolidates a VIE when it is
deemed the primary beneficiary of the VIE. All significant intercompany transactions have been eliminated in consolidation.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements

Not yet adopted

Improvements to Income Tax Disclosures

In December 2023, the Financial Accounting Standards Board ("FASB") issued guidance to enhance income tax disclosures related to, among other items, rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. The Company intends to adopt the guidance when it becomes effective using a retrospective application and will include the required disclosures in its Annual Report on Form 10-K for the year ending December 31, 2025.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued guidance to enhance disclosures related to, among other items, specified information about certain costs and expenses for commonly presented expense captions included in the financial statements. The guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 using either a prospective or retrospective transition method. Early adoption is permitted. The Company is in the process of determining the method and timing of adoption and assessing the overall impact of adopting this guidance on its disclosures.
v3.25.1
Revenue Earning Vehicles (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Components of Revenue Earning Vehicles, Net
The components of revenue earning vehicles, net are as follows:
(In millions)March 31,
2025		December 31,
2024
Revenue earning vehicles$12,692 $12,424 
Less accumulated depreciation(986)(751)
11,706 11,673 
Revenue earning vehicles held for sale, net(1)
447 290 
Revenue earning vehicles, net(2)
$12,153 $11,963 
(1)    Represents the carrying amount of vehicles classified as held for sale as of the respective balance sheet date.
(2)    As of December 31, 2024, includes an impairment charge recognized against the Company's revenue earning vehicles in the third quarter of 2024.
Schedule of Depreciation of Revenue Earning Vehicles and Lease Charges
Depreciation of revenue earning vehicles and lease charges, net includes the following:
Three Months Ended
March 31,
(In millions)20252024
Depreciation of revenue earning vehicles$466 $684 
(Gain) loss on disposal of revenue earning vehicles(1)(2)
59 276 
Rents paid for vehicles leased10 9 
Depreciation of revenue earning vehicles and lease charges, net$535 $969 
(1)    Includes costs associated with the sales of vehicles of $82 million and $45 million for the three months ended March 31, 2025 and March 31, 2024, respectively.
(2)    Includes the write-down to fair value for vehicles classified as held for sale, including the EV Disposal Groups, for the three months ended March 31, 2024, as defined and disclosed below.
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt, including its available credit facilities, consists of the following ($ in millions) as of March 31, 2025 and December 31, 2024:

Facility
Weighted-Average Interest Rate
as of
March 31, 2025
Fixed or
Floating
Interest
Rate		MaturityMarch 31,
2025		December 31,
2024
Non-Vehicle Debt
First Lien RCF7.95%Floating6/2026$800 $175 
Term B Loan7.94%Floating6/20281,251 1,255 
Incremental Term B Loan8.08%Floating6/2028494 495 
Term C Loan7.94%Floating6/2028245 245 
First Lien Senior Notes12.63%Fixed7/20291,250 1,250 
Exchangeable Notes(1)
8.00%Fixed7/2029261 250 
Senior Notes Due 20264.63%Fixed12/2026500 500 
Senior Notes Due 20295.00%Fixed12/20291,000 1,000 
Unamortized Debt Issuance Costs(2) and Net (Discount) Premium(3)
(55)(66)
Total Non-Vehicle Debt5,746 5,104 
Vehicle Debt
HVF III U.S. ABS Program
HVF III U.S. Vehicle Variable Funding Notes
HVF III Series 2021-A Class A(4)
5.97%Floating4/20261,482 2,162 
HVF III Series 2021-A Class B(4)
9.44%Fixed8/2025188 188 
1,670 2,350 
HVF III U.S. Vehicle Medium Term Notes
HVF III Series 2021-2(4)
2.12%Fixed12/20262,000 2,000 
HVF III Series 2022-1(4)
2.44%Fixed6/2025375 750 
HVF III Series 2022-2(4)
2.78%Fixed6/2027750 750 
HVF III Series 2022-4(4)
4.22%Fixed9/2025667 667 
HVF III Series 2022-5(4)
4.39%Fixed9/2027364 364 
HVF III Series 2023-1(4)
6.17%Fixed6/2026500 500 
Facility
Weighted-Average Interest Rate
as of
March 31, 2025
Fixed or
Floating
Interest
Rate		MaturityMarch 31,
2025		December 31,
2024
HVF III Series 2023-2(4)
6.30%Fixed9/2028300 300 
HVF III Series 2023-3(4)
6.46%Fixed2/2027500 500 
HVF III Series 2023-4(4)
6.66%Fixed3/2029500 500 
HVF III Series 2024-1(4)
5.98%Fixed1/2028375 375 
HVF III Series 2024-2(4)
6.03%Fixed1/2030375 375 
HVF III Series 2025-1(4)
5.36%Fixed9/2028500 — 
HVF III Series 2025-2(4)
5.61%Fixed9/2030500 — 
7,706 7,081 
Vehicle Debt - Other
European ABS(4)
4.24%Floating3/2026891 1,037 
Hertz Canadian Securitization(4)
4.73%Floating4/2026287 292 
Australian Securitization(4)
5.74%Floating6/2026211 207 
New Zealand RCF6.73%Floating8/202666 63 
U.K. Financing Facility7.10%Floating4/2025 - 11/2028107 153 
U.K. ABS6.15%Floating12/202631 — 
Other Vehicle Debt(5)
6.66%Floating4/2025 - 7/2028109 97 
1,702 1,849 
Unamortized Debt Issuance Costs and Net (Discount) Premium (52)(49)
Total Vehicle Debt11,026 11,231 
Total Debt$16,772 $16,335 
(1)    The effective interest rate of the Exchangeable Notes, inclusive of the bifurcated Exchange Features, as defined and disclosed in Note 10, "Fair Value Measurements," and PIK interest, was approximately 15.3% and 15.0% as of March 31, 2025 and December 31, 2024, respectively.
(2)    Includes approximately $9 million of unamortized debt issuance costs associated with the Exchangeable Notes as of March 31, 2025 and December 31, 2024.
(3)    Includes approximately $4 million of unamortized debt discount associated with the Exchangeable Notes as of March 31, 2025 and December 31, 2024.
(4)    Maturity reference is to the earlier "expected final maturity date" as opposed to the subsequent "legal final maturity date." The expected final maturity date is the date by which Hertz and investors in the relevant indebtedness originally expect the outstanding principal of the relevant indebtedness to be repaid in full. The legal final maturity date is the date on which the outstanding principal of the relevant indebtedness is legally due and payable in full.
(5)    Other vehicle debt is primarily comprised of $99 million and $94 million in finance lease obligations as of March 31, 2025 and December 31, 2024, respectively.
Schedule of Net Carrying Amount
The net carrying amount of the Exchangeable Notes consists of the following:
(In millions)March 31, 2025December 31, 2024
Principal$250 $250 
Non-cash PIK interest11 — 
Unamortized debt discounts and debt issuance costs(1)
(78)(71)
Net carrying amount$183 $179 
(1)     Debt discounts and debt issuance costs are amortized to non-vehicle interest expense over the term of the Exchangeable Notes using the effective interest method.
Schedule of Interest Expense Associated with Exchangeable Notes
Interest expense recognized for the Exchangeable Notes consists of the following:
Three Months Ended
March 31,
(In millions)20252024
Contractual interest expense$5 $— 
Amortization of debt discounts and debt issuance costs2 — 
(Gain) loss on fair value of the Exchange Features(1)
6 — 
Total$13 $— 
(1)    As defined and further disclosed in Note 10, "Fair Value Measurements."
Schedule of Facilities Available Net of Outstanding Letters of Credit
The following facilities were available to the Company as of March 31, 2025 and are presented net of any outstanding letters of credit:
(In millions)Remaining
Capacity		Availability Under
Borrowing Base
Limitation
Non-Vehicle Debt 
First Lien RCF$549 $549 
Total Non-Vehicle Debt549 549 
Vehicle Debt  
HVF III Series 2021-A2,283 — 
European ABS502 — 
Hertz Canadian Securitization45 — 
Australian Securitization3 — 
New Zealand RCF3 — 
U.K. Financing Facility114 — 
U.K. ABS247 — 
Other Vehicle Debt44 — 
Total Vehicle Debt3,241 — 
Total$3,790 $549 
v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Operating Lease Income And Other Income The following table summarizes the amount of operating lease income and other income included in total revenues in the accompanying unaudited condensed consolidated statements of operations:
Three Months Ended
March 31,
(In millions)20252024
Operating lease income from vehicle rentals$1,634 $1,883 
Variable operating lease income122 141 
Revenue accounted for under Topic 8421,756 2,024 
Revenue accounted for under Topic 60657 56 
Total revenues$1,813 $2,080 
v3.25.1
Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table sets forth the computation of basic and diluted earnings (loss) per common share:
Three Months Ended
March 31,
(In millions, except per share data)(1)
20252024
Numerator:
Net income (loss) available to Hertz Global common stockholders, basic and diluted$(443)$(186)
Denominator:
Basic and diluted weighted-average common shares outstanding307 305 
Antidilutive Public Warrants198 57 
Antidilutive stock options, RSUs and PSUs17 10 
Antidilutive shares related to Exchangeable Notes39 — 
Total antidilutive254 66 
Earnings (loss) per common share:
Basic$(1.44)$(0.61)
Diluted$(1.44)$(0.61)
(1)    The table above is denoted in millions, excluding earnings (loss) per common share. Amounts are calculated from the underlying numbers in thousands, and as a result, may not agree to the amounts shown in the table when calculated in millions.
v3.25.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Total Employee Compensation Expense and Related Income Tax Benefits
A summary of the total employee compensation expense and related income tax benefits recognized for grants made under the 2021 Omnibus Plan is as follows:
Three Months Ended
March 31,
(In millions)20252024
Employee compensation expense(1)
$15 $(52)
Income tax benefit— (2)
Employee compensation expense, net$15 $(54)
(1)    For the three months ended March 31, 2024, includes $68 million of former CEO awards forfeited in March 2024.
Schedule of Stock Option Activity
A summary of stock option activity under the 2021 Omnibus Plan for the three months ended March 31, 2025 is presented below.
OptionsSharesWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (years)		Aggregate Intrinsic
Value (In millions)
Outstanding as of January 1, 2025
1,702,418 $26.17 6.7$— 
Granted— — 0.0— 
Exercised— — 0.0— 
Forfeited or Expired(49,080)26.17 0.0— 
Outstanding as of March 31, 2025
1,653,338 26.17 6.4— 
Exercisable as of March 31, 2025
(1,653,338)26.17 6.4— 
Non-vested as of March 31, 2025
— 
Schedule of PSU Activity
A summary of the PSU activity for the three months ended March 31, 2025 under the 2021 Omnibus Plan is presented below. As of March 31, 2025, there were no issued or outstanding grants of PSAs or PUs under the 2021 Omnibus Plan.
Shares Weighted-
Average
Fair Value		Aggregate Intrinsic
Value (In millions)
Outstanding as of January 1, 2025
5,197,913 $4.67 $19 
Granted(1)
1,348,220 4.09 — 
Vested(105,002)20.32 — 
Forfeited or Expired(526,550)7.01 — 
Outstanding as of March 31, 2025
5,914,581 4.05 23 
(1)    Presented assuming the issuance at the original target award amount (100%).
Schedule of RSU Activity
A summary of RSU activity for the three months ended March 31, 2025 under the 2021 Omnibus Plan is presented below.
Shares Weighted-
Average
Fair Value		Aggregate Intrinsic
Value (In millions)
Outstanding as of January 1, 2025
21,110,387 $5.92 $77 
Granted11,906,425 3.98 — 
Vested(1,908,913)9.98 — 
Forfeited or Expired(796,507)7.06 — 
Outstanding as of March 31, 2025
30,311,392 4.88 119 

Additional information pertaining to RSU activity is as follows:
Three Months Ended March 31,
20252024
Total fair value of awards that vested (in millions)$19 $13 
Weighted-average grant-date fair value of awards granted$3.98 $8.21 
v3.25.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Financial Instruments
The following table summarizes the estimated fair value of financial instruments:
Fair Value of Financial Instruments
Asset DerivativesLiability Derivatives
(In millions)March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Interest rate instruments(1)
$1 $2 $— $— 
Foreign currency forward contracts(1)
2 1 1 6 
Exchange Features related to Exchangeable Notes(2)
— — 70 61 
Total
$3 $3 $71 $67 
(1)    Asset derivatives are recorded in prepaid expenses and other assets and liability derivatives are recorded in accrued liabilities in the accompanying unaudited condensed consolidated balance sheets.
(2)    The Exchange Features, as defined and further disclosed in Note 10, "Fair Value Measurements," were bifurcated as derivatives from the Exchangeable Notes and are recorded in non-vehicle debt in the accompanying unaudited condensed consolidated balance sheets.
Schedule of Gains or (Losses) on Financial Instruments
The following table summarizes the gains or (losses) on financial instruments for the period indicated:
Location of Gain (Loss) Recognized on DerivativesAmount of Gain (Loss) Recognized in Income on Derivatives
Three Months Ended
March 31,
(In millions)20252024
Interest rate instrumentsVehicle interest expense, net$(1)$— 
Foreign currency forward contractsSelling, general and administrative expense4 (11)
Exchange Features related to Exchangeable Notes(1)
Non-vehicle interest expense, net(6)— 
Total
$(3)$(11)
(1)    The Exchange Features, as defined and further disclosed in Note 10, "Fair Value Measurements," were bifurcated as derivatives from the Exchangeable Notes.
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of the Debt Facilities
The fair value of the debt facilities is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (i.e., Level 2 inputs).
March 31, 2025December 31, 2024
(In millions)Nominal Unpaid Principal BalanceAggregate Fair ValueNominal Unpaid Principal BalanceAggregate Fair Value
Other Non-Vehicle Debt$5,540 $4,299 $4,920 $4,399 
Exchangeable Notes(1)
261 231 250 289 
Total Non-Vehicle Debt5,801 4,530 5,170 4,688 
Vehicle Debt11,078 10,959 11,280 11,100 
Total$16,879 $15,489 $16,450 $15,788 
(1)    As of March 31, 2025 and December 31, 2024, the nominal unpaid principal balance and aggregate fair value of the Exchangeable Notes include $70 million and $61 million, respectively, related to the Exchange Features, which are measured based on Level 3 inputs as disclosed below.
Schedule of Company's Assets And Liabilities
The following table summarizes the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows:
March 31, 2025December 31, 2024
(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Cash equivalents and restricted cash equivalents$244 $— $— $244 $229 $— $— $229 
Liabilities:
Public Warrants$187 $— $— $187 $178 $— $— $178 
Exchange Features$— $— $70 $70 $— $— $61 $61 
Schedule of Estimated Fair Value of the Exchange Feature
The estimated fair values of the Exchange Features were computed using the following key inputs as of March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
Hertz Global common share price$3.94 $3.66 
Expected term (years)4.294.54
Risk-free interest rate3.94 %4.35 %
Credit spread17.06 %8.55 %
Expected volatility48.75 %48.75 %
Schedule of Fair Value Measurements
The following table summarizes the activity related to the Exchange Features measured at fair value utilizing significant unobservable inputs (Level 3):
(In millions)Exchange Features
Balance as of December 31, 2023$— 
Initial recognition of derivative68 
(Gain) loss in fair value recognized in earnings(7)
Balance as of December 31, 202461 
Initial recognition of derivative3 
(Gain) loss in fair value recognized in earnings(1)
6 
Balance as of March 31, 2025
$70 
(1)    Included in non-vehicle interest expense, net in the accompanying unaudited condensed consolidated statement of operations for the three months ended March 31, 2025.
v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables provide revenue, significant expenses, other segment expenses and the segment measure of profitability, Adjusted EBITDA, by reportable segment, including a reconciliation of Adjusted EBITDA to consolidated income (loss) before income taxes for Hertz Global and Hertz.
Three Months Ended March 31, 2025
(In millions)Americas RACInternational RACTotal
Revenues$1,490 $323 $1,813 
Significant segment expenses:
Direct vehicle and operating1,066 207 1,273 
Depreciation of revenue earning vehicles and lease charges, net(1)
462 73 535 
Selling, general and administrative114 47 161 
Other segment items(2)
86 13 99 
Segment profit (loss): Adjusted EBITDA$(238)$(17)$(255)
Corporate(3)
(70)
Total Hertz Global and Hertz Adjusted EBITDA(325)
Adjustments:
Non-vehicle depreciation and amortization(30)
Non-vehicle debt interest, net(4)
(121)
Vehicle debt-related charges(5)
(11)
Restructuring and restructuring related charges(6)
(3)
Unrealized gains (losses) on financial instruments(7)
— 
Other items(8)
(26)
Income (loss) before income taxes - Hertz(516)
Change in fair value of Public Warrants(9)
(9)
Income (loss) before income taxes - Hertz Global$(525)
Three Months Ended March 31, 2024
(In millions)Americas RACInternational RACTotal
Revenues$1,739 $341 $2,080 
Significant segment expenses:
Direct vehicle and operating1,152 216 1,368 
Depreciation of revenue earning vehicles and lease charges, net(1)
876 93 969 
Selling, general and administrative124 57 181 
Other segment items(2)
75 2 77 
Segment profit (loss): Adjusted EBITDA$(488)$(27)$(515)
Corporate(3)
(52)
Total Hertz Global and Hertz Adjusted EBITDA(567)
Adjustments:
Non-vehicle depreciation and amortization(32)
Non-vehicle debt interest, net(75)
Vehicle debt-related charges(5)
(12)
Restructuring and restructuring related charges(6)
(32)
Unrealized gains (losses) on financial instruments(7)
(6)
Non-cash stock-based compensation forfeitures(10)
64 
Other items(8)
(7)
Income (loss) before income taxes - Hertz(667)
Change in fair value of Public Warrants(9)
86 
Income (loss) before income taxes - Hertz Global$(581)
(1)    Includes the write-down to carrying value of vehicles classified as held for sale. In 2024, also includes the EV Disposal Groups. See Note 3, "Revenue Earning Vehicles."
(2)    Represents certain other segment items that are not deemed significant segment expenses, which primarily includes fleet interest expense, net and certain other adjustments reflected in the tables above.
(3)    Represents other reconciling items primarily consisting of general corporate expenses; as well as other business activities.
(4)    Excludes gains (losses) related to the fair value of the Exchange Features, which are included in footnote 7 below.
(5)    Represents vehicle debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums which are recorded within vehicle interest expense, net.
(6)    Represents charges incurred under restructuring actions as defined in U.S. GAAP. Also includes restructuring related charges such as incremental costs incurred related to personnel reductions, litigation and closure of underperforming locations. Charges are recorded within selling, general and administrative expense.
(7)    Represents unrealized gains (losses) on derivative financial instruments in which interest rate instrument gains (losses) are recorded within vehicle interest expense, net and foreign currency forward contract gains (losses) are recorded within selling, general and administrative expense. In 2025, also includes gains (losses) associated with the Exchange Features, which are recorded within non-vehicle interest expense, net. See Note 9, "Financial Instruments."
(8)    Represents miscellaneous items. For the three months ended March 31, 2025, primarily includes certain litigation charges, certain IT-related charges and certain concession-related adjustments. For the three months ended March 31, 2024, primarily includes certain IT-related charges, partially offset by certain litigation settlements.
(9)    Represents the change in fair value during the reporting period for Hertz Global's outstanding Public Warrants.
(10)    Represents the former CEO awards forfeited in March 2024. See Note 8, "Stock-Based Compensation."
The following tables provide other significant statement of operations, balance sheet and cash flow information by reportable segment for each of Hertz Global and Hertz.
Three Months Ended March 31,
(In millions)20252024
Depreciation and amortization, non-vehicle assets
Americas RAC$26 $25 
International RAC3 4 
Total reportable segments29 29 
Corporate
1 3 
Total Hertz Global and Hertz$30 $32 
Vehicle interest expense, net
Americas RAC$117 $116 
International RAC23 25 
Total Hertz Global and Hertz$140 $141 
Non-vehicle interest expense, net
Americas RAC$(1)$(2)
International RAC(4)(4)
Total reportable segments(5)(6)
Corporate
132 81 
Total Hertz Global and Hertz$127 $75 

As of
(In millions)March 31, 2025December 31, 2024
Revenue earning vehicles, net
Americas RAC$10,422 $10,253 
International RAC1,731 1,710 
Total Hertz Global and Hertz(1)
$12,153 $11,963 
Property and equipment, net
Americas RAC$450 $460 
International RAC55 71 
Total reportable segments505 531 
Corporate
90 92 
Total Hertz Global and Hertz$595 $623 
Total assets
Americas RAC$17,696 $17,386 
International RAC3,357 3,456 
Total reportable segments21,053 20,842 
Corporate
994 960 
Total Hertz Global(2)
22,047 21,802 
Corporate - Hertz(1)(1)
Total Hertz(2)
$22,046 $21,801 
(1)    Includes the carrying amount of vehicles classified as held for sale as of the respective balance sheet date. See Note 3, "Revenue Earning Vehicles."
(2)    The consolidated total assets of Hertz Global and Hertz as of March 31, 2025 and December 31, 2024 include total assets of VIEs of $1.2 billion and $1.4 billion, respectively, which can only be used to settle obligations of the VIEs. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.

Three Months Ended March 31,
(In millions)20252024
Revenue earning vehicles and non-vehicle capital assets
Americas RAC:
Expenditures
$(2,560)$(1,702)
Proceeds from disposals
1,845 870 
Net expenditures - Hertz Global and Hertz
$(715)$(832)
International RAC:
Expenditures
$(308)$(231)
Proceeds from disposals
306 380 
Net expenditures - Hertz Global and Hertz
$(2)$149 
Corporate:
Expenditures
$(1)$(4)
Proceeds from disposals
— (14)
Net expenditures - Hertz Global and Hertz
$(1)$(18)

The Company operates in the U.S. and in international countries. International operations are substantially in Europe. The operations within major geographic areas for each of Hertz Global and Hertz are summarized below:
Three Months Ended March 31,
(In millions)20252024
Revenues
U.S.$1,433 $1,678 
International
380 402 
Total Hertz Global and Hertz
$1,813 $2,080 

As of
(In millions)March 31, 2025December 31, 2024
Revenue earning vehicles, net
U.S.$10,022 $9,880 
International
2,131 2,083 
Total Hertz Global and Hertz(1)
$12,153 $11,963 
Property and equipment, net
U.S.$523 $535 
International
72 88 
Total Hertz Global and Hertz
$595 $623 
Operating lease right-of-use assets
U.S.$1,859 $1,815 
International
281 273 
Total Hertz Global and Hertz
$2,140 $2,088 
As of
(In millions)March 31, 2025December 31, 2024
Total assets
U.S.
$18,002 $17,670 
International4,045 4,132 
Total Hertz Global22,047 21,802 
U.S. - Hertz(1)(1)
Total Hertz$22,046 $21,801 
(1)    Includes the carrying amount of vehicles classified as held for sale as of the respective balance sheet date. See Note 3, "Revenue Earning Vehicles."
v3.25.1
Revenue Earning Vehicles - Schedule of Components of Revenue Earning Vehicles (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Long-Lived Assets Held-for-sale [Line Items]    
Total revenue earning vehicles, net $ 12,153 $ 11,963
Vehicles Held For Sale    
Long-Lived Assets Held-for-sale [Line Items]    
Revenue earning vehicles held for sale, net 447 290
Vehicles, Including Held-For-Sale    
Long-Lived Assets Held-for-sale [Line Items]    
Revenue earning vehicles 12,692 12,424
Less accumulated depreciation (986) (751)
Revenue earning vehicles less accumulated depreciation $ 11,706 $ 11,673
v3.25.1
Revenue Earning Vehicles - Schedule of Depreciation of Revenue Earning Vehicles and Lease Charges (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Long-Lived Assets Held-for-sale [Line Items]    
Depreciation of revenue earning vehicles $ 466 $ 684
Gain (loss) on disposal of revenue earning vehicles (59) (276)
Rents paid for vehicles leased 10 9
Depreciation of revenue earning vehicles and lease charges, net 535 969
Disposed of by Sale    
Long-Lived Assets Held-for-sale [Line Items]    
Gain (loss) on disposal of revenue earning vehicles $ (82) $ (45)
v3.25.1
Revenue Earning Vehicles - Narrative (Details) - EV Disposal Group
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Held-for-Sale  
Long-Lived Assets Held-for-sale [Line Items]  
Disposal group, not discontinued operation, loss (gain) on write-down $ 154
Disposed of by Sale  
Long-Lived Assets Held-for-sale [Line Items]  
Disposal group, not discontinued operation, loss (gain) on write-down 41
Americas RAC | Held-for-Sale  
Long-Lived Assets Held-for-sale [Line Items]  
Disposal group, not discontinued operation, loss (gain) on write-down 147
International Rental Car segment | Held-for-Sale  
Long-Lived Assets Held-for-sale [Line Items]  
Disposal group, not discontinued operation, loss (gain) on write-down $ 7
v3.25.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Unamortized Debt Issuance Costs and Net (Discount) Premium $ (55) $ (66)
Total Debt 16,772 16,335
Non-Vehicle Debt    
Debt Instrument [Line Items]    
Total Debt $ 5,746 5,104
First Lien RCF | Line of Credit | Revolving Credit Facility    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 7.95%  
Outstanding principal $ 800 175
Term B Loan | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 7.94%  
Outstanding principal $ 1,251 1,255
Incremental Term B Loan | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 8.08%  
Outstanding principal $ 494 495
Term C Loan | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 7.94%  
Outstanding principal $ 245 245
First Lien Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 12.63%  
Outstanding principal $ 1,250 1,250
Exchangeable Notes    
Debt Instrument [Line Items]    
Unamortized debt issuance costs 9 9
Unamortized debt discount $ 4 4
Exchangeable Notes | Senior Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 8.00%  
Outstanding principal $ 261 $ 250
Effective interest rate 15.30% 15.00%
Unamortized debt discount $ 3  
Senior Notes Due 2026 | Senior Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 4.63%  
Outstanding principal $ 500 $ 500
Senior Notes Due 2029 | Senior Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.00%  
Outstanding principal $ 1,000 1,000
Vehicle Debt    
Debt Instrument [Line Items]    
Unamortized Debt Issuance Costs and Net (Discount) Premium (52) (49)
Total Debt 11,026 11,231
HVF III U.S. Vehicle Variable Funding Notes    
Debt Instrument [Line Items]    
Outstanding principal $ 1,670 2,350
HVF III Series 2021-A Class A    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.97%  
Outstanding principal $ 1,482 2,162
HVF III Series 2021-A Class B    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 9.44%  
Outstanding principal $ 188 188
HVF III U.S. Vehicle Medium Term Notes    
Debt Instrument [Line Items]    
Outstanding principal $ 7,706 7,081
HVF III Series 2021-2 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 2.12%  
Outstanding principal $ 2,000 2,000
HVF III Series 2022-1 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 2.44%  
Outstanding principal $ 375 750
HVF III Series 2022-2 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 2.78%  
Outstanding principal $ 750 750
HVF III Series 2022-4 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 4.22%  
Outstanding principal $ 667 667
HVF III Series 2022-5 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 4.39%  
Outstanding principal $ 364 364
HVF III Series 2023-1 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 6.17%  
Outstanding principal $ 500 500
HVF III Series 2023-2 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 6.30%  
Outstanding principal $ 300 300
HVF III Series 2023-3 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 6.46%  
Outstanding principal $ 500 500
HVF III Series 2023-4 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 6.66%  
Outstanding principal $ 500 500
HVF III Series 2024-1 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.98%  
Outstanding principal $ 375 375
HVF III Series 2024-2 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 6.03%  
Outstanding principal $ 375 375
HVF III Series 2025-1 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.36%  
Outstanding principal $ 500 0
HVF III Series 2025-2 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.61%  
Outstanding principal $ 500 0
Vehicle Debt - Other    
Debt Instrument [Line Items]    
Outstanding principal $ 1,702 1,849
European ABS    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 4.24%  
Outstanding principal $ 891 1,037
Hertz Canadian Securitization    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 4.73%  
Outstanding principal $ 287 292
Australian Securitization    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.74%  
Outstanding principal $ 211 207
New Zealand RCF    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 6.73%  
New Zealand RCF | Line of Credit | Revolving Credit Facility    
Debt Instrument [Line Items]    
Outstanding principal $ 66 63
U.K. Financing Facility    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 7.10%  
Outstanding principal $ 107 153
U.K. ABS    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 6.15%  
Outstanding principal $ 31 0
Other Vehicle Debt    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 6.66%  
Outstanding principal $ 109 97
Finance lease liability $ 99 $ 94
v3.25.1
Debt - Schedule of Net Carrying Amount (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Debt Instrument [Line Items]      
Non-cash paid-in-kind ("PIK") interest on Exchangeable Notes $ 11 $ 0  
Exchangeable Notes | Senior Notes      
Debt Instrument [Line Items]      
Principal 250   $ 250
Non-cash paid-in-kind ("PIK") interest on Exchangeable Notes 11 $ 0  
Unamortized debt discounts and debt issuance costs (78)   (71)
Long-term debt $ 183   $ 179
v3.25.1
Debt - Schedule of Interest Expense Associated with Exchangeable Notes (Details) - Exchangeable Notes - Senior Notes - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Debt Instrument [Line Items]    
Contractual interest expense $ 5 $ 0
Amortization of debt discounts and debt issuance costs 2 0
(Gain) loss on fair value of Exchange Features 6 0
Total $ 13 $ 0
v3.25.1
Debt - Narrative (Details)
£ in Millions, $ in Millions, € in Billions
 1 Months Ended 3 Months Ended
Jun. 30, 2024
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
CAD ($)
Sep. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
May 31, 2025
USD ($)
May 12, 2025
USD ($)
May 12, 2025
EUR (€)
May 12, 2025
CAD ($)
Apr. 30, 2025
CAD ($)
Mar. 31, 2025
GBP (£)
Debt Instrument [Line Items]                                  
Non-cash paid-in-kind ("PIK") interest on Exchangeable Notes   $ 11,000,000       $ 0                      
Remaining Capacity   3,790,000,000                              
Total assets [1]   22,047,000,000 $ 21,802,000,000                            
Liabilities [1]   22,309,000,000 21,649,000,000                            
Hertz Fleet Financing UK Limited                                  
Debt Instrument [Line Items]                                  
Total assets   53,000,000 2,000,000                            
Liabilities   $ 53,000,000 2,000,000                            
Variable Interest Entity, Primary Beneficiary                                  
Debt Instrument [Line Items]                                  
Ownership percentage   25.00%                              
Total assets   $ 1,200,000,000 1,400,000,000                            
Liabilities   1,200,000,000 1,400,000,000                            
Letter of Credit                                  
Debt Instrument [Line Items]                                  
Outstanding standby letters of credit   913,000,000                              
First Lien RCF                                  
Debt Instrument [Line Items]                                  
Remaining Capacity   549,000,000                              
First Lien RCF | Revolving Credit Facility                                  
Debt Instrument [Line Items]                                  
Outstanding standby letters of credit   245,000,000                              
First Lien RCF | Line of Credit                                  
Debt Instrument [Line Items]                                  
Debt instrument, covenant, liquidity, monthly minimum $ 400,000,000 $ 500,000,000 $ 500,000,000 $ 400,000,000 $ 400,000,000                        
Debt instrument, covenant, debt to consolidated EBITDA ratio, period one       5.0 5.0                        
Debt instrument, covenant, debt to consolidated EBITDA ratio, period two   4.75 4.75                            
Maximum consolidated leverage ratio   3.0                             3.0
First Lien RCF | Line of Credit | Debt Maturity March 2028 | Subsequent Event                                  
Debt Instrument [Line Items]                                  
Maximum borrowing capacity                       $ 1,700,000,000          
First Lien RCF | Line of Credit | Debt Maturity, June 2026 | Subsequent Event                                  
Debt Instrument [Line Items]                                  
Maximum borrowing capacity                       $ 2,000,000,000          
First Lien RCF | Line of Credit | Forecast                                  
Debt Instrument [Line Items]                                  
Debt instrument, covenant, liquidity, monthly minimum             $ 500,000,000 $ 500,000,000   $ 400,000,000 $ 400,000,000            
Maximum consolidated leverage ratio               3.0 3.0 3.5 3.5            
Exchangeable Notes                                  
Debt Instrument [Line Items]                                  
Unamortized debt discount   $ 4,000,000 $ 4,000,000                            
Exchangeable Notes | Senior Notes                                  
Debt Instrument [Line Items]                                  
Non-cash paid-in-kind ("PIK") interest on Exchangeable Notes   11,000,000       $ 0                      
Unamortized debt discount   3,000,000                              
Long-term debt   183,000,000 $ 179,000,000                            
Exchangeable Notes | Medium-term Notes                                  
Debt Instrument [Line Items]                                  
Debt instrument, conversion ratio 0.1509388                                
HVF III Series 2021-A Class A | Debt Maturity April 2026 | Subsequent Event                                  
Debt Instrument [Line Items]                                  
Long-term debt                         $ 3,600,000,000        
HVF III Series 2021-A Class A | Debt Maturity May 2027 | Subsequent Event                                  
Debt Instrument [Line Items]                                  
Long-term debt                         $ 2,900,000,000        
HVF III U.S. Vehicle Medium Term Notes                                  
Debt Instrument [Line Items]                                  
Long-term debt   500,000,000                              
European ABS                                  
Debt Instrument [Line Items]                                  
Remaining Capacity   502,000,000                              
European ABS | Debt Maturity March 2026 | Subsequent Event                                  
Debt Instrument [Line Items]                                  
Maximum borrowing capacity | €                           € 1.3      
European ABS | Debt Maturity April 2027 | Subsequent Event                                  
Debt Instrument [Line Items]                                  
Maximum borrowing capacity | €                           € 1.2      
Hertz Canadian Securitization | Subsequent Event                                  
Debt Instrument [Line Items]                                  
Maximum borrowing capacity                 $ 475           $ 588 $ 475  
U.K. ABS                                  
Debt Instrument [Line Items]                                  
Remaining Capacity   247,000,000                              
U.K. ABS | Revolving Credit Facility                                  
Debt Instrument [Line Items]                                  
Remaining Capacity | £                                 £ 215
Term C Loan | Letter of Credit                                  
Debt Instrument [Line Items]                                  
Outstanding standby letters of credit   651,000,000                              
Term C Loan | Medium-term Notes                                  
Debt Instrument [Line Items]                                  
Remaining Capacity   0                              
Term C Loan and First Lien Revolving Credit Facility | Medium-term Notes                                  
Debt Instrument [Line Items]                                  
Long-term debt   $ 0                              
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2025 and December 31, 2024 include total assets of variable interest entities (“VIEs”) of $1.2 billion and $1.4 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2025 and December 31, 2024 include total liabilities of VIEs of $1.2 billion and $1.4 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.
v3.25.1
Debt - Schedule of Facilities Available Net of Outstanding Letters of Credit (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Debt Instrument [Line Items]  
Remaining Capacity $ 3,790
Availability Under Borrowing Base Limitation 549
Non-Vehicle Debt  
Debt Instrument [Line Items]  
Remaining Capacity 549
Availability Under Borrowing Base Limitation 549
First Lien RCF  
Debt Instrument [Line Items]  
Remaining Capacity 549
Availability Under Borrowing Base Limitation 549
Vehicle Debt  
Debt Instrument [Line Items]  
Remaining Capacity 3,241
Availability Under Borrowing Base Limitation 0
HVF III Series 2021-A  
Debt Instrument [Line Items]  
Remaining Capacity 2,283
Availability Under Borrowing Base Limitation 0
European ABS  
Debt Instrument [Line Items]  
Remaining Capacity 502
Availability Under Borrowing Base Limitation 0
Hertz Canadian Securitization  
Debt Instrument [Line Items]  
Remaining Capacity 45
Availability Under Borrowing Base Limitation 0
Australian Securitization  
Debt Instrument [Line Items]  
Remaining Capacity 3
Availability Under Borrowing Base Limitation 0
New Zealand RCF  
Debt Instrument [Line Items]  
Remaining Capacity 3
Availability Under Borrowing Base Limitation 0
U.K. Financing Facility  
Debt Instrument [Line Items]  
Remaining Capacity 114
Availability Under Borrowing Base Limitation 0
U.K. ABS  
Debt Instrument [Line Items]  
Remaining Capacity 247
Availability Under Borrowing Base Limitation 0
Other Vehicle Debt  
Debt Instrument [Line Items]  
Remaining Capacity 44
Availability Under Borrowing Base Limitation $ 0
v3.25.1
Leases (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Lessor, Lease, Description [Line Items]    
Revenues $ 1,756 $ 2,024
Variable operating lease income 122 141
Revenue accounted for under Topic 606 57 56
Revenues 1,813 2,080
Operating lease income from vehicle rentals    
Lessor, Lease, Description [Line Items]    
Revenues $ 1,634 $ 1,883
v3.25.1
Income Tax (Provision) Benefit (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Contingency [Line Items]    
Income tax benefit $ 82 $ 395
Effective tax rate (as percent) 16.00% 68.00%
The Hertz Corporation    
Income Tax Contingency [Line Items]    
Income tax benefit $ 82 $ 395
Effective tax rate (as percent) 16.00% 59.00%
v3.25.1
Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global - Narrative (Details)
 46 Months Ended
Mar. 31, 2025
shares
Earnings Per Share [Abstract]  
Warrants exercised (in shares) 6,300,000
v3.25.1
Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global - Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Numerator:    
Net income (loss) available to Hertz Global common stockholders, basic $ (443) $ (186)
Net income (loss) available to Hertz Global common stockholders, diluted $ (443) $ (186)
Denominator:    
Basic weighted-average common shares outstanding (in shares) 307 305
Diluted weighted-average common shares outstanding (in shares) 307 305
Total antidilutive (in shares) 254 66
Earnings (loss) per common share:    
Basic (in dollars per share) $ (1.44) $ (0.61)
Diluted (in dollars per share) $ (1.44) $ (0.61)
Antidilutive Public Warrants    
Denominator:    
Total antidilutive (in shares) 198 57
Antidilutive stock options, RSUs and PSUs    
Denominator:    
Total antidilutive (in shares) 17 10
Antidilutive shares related to Exchangeable Notes    
Denominator:    
Total antidilutive (in shares) 39 0
v3.25.1
Stock-Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Performance Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award requisite service period 3 years  
Omnibus Incentive Plan 2021    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares available for grant (in shares) 26,741,400  
Unrecognized compensation cost $ 135  
Period for recognition of total unrecognized compensation cost 1 year 8 months 12 days  
Omnibus Incentive Plan 2021 | Performance Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-Based Compensation Arrangement by Share-Based Payment Award, Purchase Price of Common Stock, Percent 100.00%  
Shares outstanding (in shares) 5,914,581 5,197,913
Omnibus Incentive Plan 2021 | Performance Stock Units | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-Based Compensation Arrangement by Share-Based Payment Award, Purchase Price of Common Stock, Percent 0.00%  
Omnibus Incentive Plan 2021 | Performance Stock Units | Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-Based Compensation Arrangement by Share-Based Payment Award, Purchase Price of Common Stock, Percent 200.00%  
Omnibus Incentive Plan 2021 | Performance Stock Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares outstanding (in shares) 0  
Omnibus Incentive Plan 2021 | Performance Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares outstanding (in shares) 0  
Omnibus Incentive Plan 2021 | Restricted Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares outstanding (in shares) 30,311,392 21,110,387
Award vesting period 3 years  
Omnibus Incentive Plan 2021 | Deferred Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares outstanding (in shares) 275,000  
v3.25.1
Stock-Based Compensation - Schedule of Total Employee Compensation Expense and Related Income Tax Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Employee compensation expense $ 16 $ 16
Stock-based compensation forfeitures 0 68
Omnibus Incentive Plan 2021    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Employee compensation expense 15 (52)
Income tax benefit 0 (2)
Employee compensation expense, net $ 15 (54)
Stock-based compensation forfeitures   $ 68
v3.25.1
Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Omnibus Incentive Plan 2021 - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Shares    
Outstanding, beginning balance (in shares) 1,702,418  
Granted (in shares) 0  
Exercised (in shares) 0  
Forfeited or Expired (in shares) (49,080)  
Outstanding, ending balance (in shares) 1,653,338 1,702,418
Exercisable (in shares) (1,653,338)  
Non-vested (in shares) 0  
Weighted- Average Exercise Price    
Outstanding, beginning balance (in dollars per share) $ 26.17  
Granted (in dollars per share) 0  
Exercised (in dollars per share) 0  
Forfeited or Expired (in dollars per share) 26.17  
Outstanding, ending balance (in dollars per share) 26.17 $ 26.17
Exercisable (in dollars per share) $ 26.17  
Weighted-Average Remaining Contractual Term (years) / Aggregate Intrinsic Value (In millions)    
Weighted average remaining contractual term, beginning and ending balance 6 years 4 months 24 days 6 years 8 months 12 days
Weighted average remaining contractual term, exercisable 6 years 4 months 24 days  
Aggregate intrinsic value, beginning and ending balance $ 0 $ 0
Aggregate intrinsic value, exercisable $ 0  
v3.25.1
Stock-Based Compensation - Schedule of PSU Activity (Details) - Omnibus Incentive Plan 2021 - Performance Stock Units
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
$ / shares
shares
Shares  
Outstanding, beginning balance (in shares) | shares 5,197,913
Granted (in shares) | shares 1,348,220
Vested (in shares) | shares (105,002)
Forfeited or Expired (in shares) | shares (526,550)
Outstanding, ending balance (in shares) | shares 5,914,581
Weighted- Average Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 4.67
Granted (in dollars per share) | $ / shares 4.09
Vested (in dollars per share) | $ / shares 20.32
Forfeited or Expired (In dollars per share) | $ / shares 7.01
Outstanding, ending balance (in dollars per share) | $ / shares $ 4.05
Aggregate Intrinsic Value (In millions)  
Beginning balance | $ $ 19
Ending Balance | $ $ 23
Target award amount 100.00%
v3.25.1
Stock-Based Compensation - Schedule of RSU Activity (Details) - Omnibus Incentive Plan 2021 - Restricted Stock Units - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Shares    
Outstanding, beginning balance (in shares) 21,110,387  
Granted (in shares) 11,906,425  
Vested (in shares) (1,908,913)  
Forfeited or Expired (in shares) (796,507)  
Outstanding, ending balance (in shares) 30,311,392  
Weighted- Average Fair Value    
Outstanding, beginning balance (in dollars per share) $ 5.92  
Granted (in dollars per share) 3.98 $ 8.21
Vested (in dollars per share) 9.98  
Forfeited or Expired (In dollars per share) 7.06  
Outstanding, ending balance (in dollars per share) $ 4.88  
Aggregate Intrinsic Value (In millions)    
Beginning balance $ 77  
Ending Balance $ 119  
v3.25.1
Stock-Based Compensation - Schedule of Additional RSU Activity (Details) - Restricted Stock Units - Omnibus Incentive Plan 2021 - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total fair value of awards that vested (in millions) $ 19 $ 13
Weighted-average grant-date fair value of awards granted (in dollars per share) $ 3.98 $ 8.21
v3.25.1
Financial Instruments - Narrative (Details) - instrument
Mar. 31, 2025
Dec. 31, 2024
Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, number of instruments held 0 0
v3.25.1
Financial Instruments - Schedule of Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Asset Derivatives $ 3   $ 3
Liability Derivatives 71   67
Amount of Gain (Loss) Recognized in Income on Derivatives (3) $ (11)  
Interest rate instruments      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Asset Derivatives 1   2
Liability Derivatives 0   0
Amount of Gain (Loss) Recognized in Income on Derivatives (1) 0  
Foreign currency forward contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Asset Derivatives 2   1
Liability Derivatives 1   6
Amount of Gain (Loss) Recognized in Income on Derivatives 4 (11)  
Exchange Features      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Asset Derivatives 0   0
Liability Derivatives 70   $ 61
Amount of Gain (Loss) Recognized in Income on Derivatives $ (6) $ 0  
v3.25.1
Financial Instruments - Schedule of Gains or (Losses) on Financial Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives $ (3) $ (11)
Interest rate instruments    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives (1) 0
Foreign currency forward contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives 4 (11)
Exchange Features    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives $ (6) $ 0
v3.25.1
Fair Value Measurements - Schedule of Fair Value of the Debt Facilities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Level 3 | Exchangeable Notes | Exchange Features    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Aggregate Fair Value $ 70 $ 61
Fair Value, Measurements, Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance 16,879 16,450
Aggregate Fair Value 15,489 15,788
Fair Value, Measurements, Recurring | Other Non-Vehicle Debt | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance 5,801 5,170
Aggregate Fair Value 4,530 4,688
Fair Value, Measurements, Recurring | Other Non-Vehicle Debt | Level 2 | Other Non-Vehicle Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance 5,540 4,920
Aggregate Fair Value 4,299 4,399
Fair Value, Measurements, Recurring | Other Non-Vehicle Debt | Level 2 | Exchangeable Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance 261 250
Aggregate Fair Value 231 289
Fair Value, Measurements, Recurring | Vehicle Debt | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance 11,078 11,280
Aggregate Fair Value $ 10,959 $ 11,100
v3.25.1
Fair Value Measurements - Schedule of Company's Assets And Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and restricted cash equivalents $ 244 $ 229
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and restricted cash equivalents 244 229
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and restricted cash equivalents 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and restricted cash equivalents 0 0
Public Warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Public Warrants 187 178
Public Warrants | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Public Warrants 187 178
Public Warrants | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Public Warrants 0 0
Public Warrants | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Public Warrants 0 0
Exchange Features    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Exchange Features 70 61
Exchange Features | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Exchange Features 0 0
Exchange Features | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Exchange Features 0 0
Exchange Features | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Exchange Features $ 70 $ 61
v3.25.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Change in fair value of Public Warrants $ 9 $ (86)  
Exchangeable Notes      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Unamortized debt discount 4   $ 4
Exchangeable Notes | Senior Notes      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Unamortized debt discount 3    
Exchange Features      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Unamortized debt discount 3    
Exchange Features | Level 3 | Senior Notes      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Aggregate Fair Value $ 70   $ 61
v3.25.1
Fair Value Measurements - Schedule of Estimated Fair Value of the Exchange Feature (Details) - Exchange Features
Mar. 31, 2025
Dec. 31, 2024
Hertz Global common share price    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 3.94 3.66
Expected term (years)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 4.29 4.54
Risk-free interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.0394 0.0435
Credit spread    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.1706 0.0855
Expected volatility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.4875 0.4875
v3.25.1
Fair Value Measurements - Schedule of Fair Value Measurements (Details) - Exchange Features - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Beginning balance $ 61 $ 0
Initial recognition of derivative 3 68
(Gain) loss in fair value recognized in earnings 6 (7)
Ending balance $ 70 $ 61
v3.25.1
Contingencies and Off-Balance Sheet Commitments (Details)
$ in Millions
 1 Months Ended 3 Months Ended
Jul. 01, 2021
USD ($)
Dec. 31, 2022
USD ($)
claimant
Mar. 31, 2025
USD ($)
Apr. 15, 2025
complaint
Dec. 31, 2024
USD ($)
Aug. 26, 2024
director
Loss Contingencies [Line Items]            
Self-insured liabilities     $ 627   $ 617  
Litigation settlement   $ 168        
Settlement agreements, number of claimants | claimant   364        
Number of independent directors | director           2
Subsequent Event            
Loss Contingencies [Line Items]            
Number of class action complaints | complaint       10    
Wells Fargo Bank, National Association v. The Hertz Corporation | Pending Litigation | Hertz Global            
Loss Contingencies [Line Items]            
Litigation settlement     326      
Wells Fargo Bank, National Association v. The Hertz Corporation | Pending Litigation | Payment of Certain Redemption Premiums And Post-Petition Interest            
Loss Contingencies [Line Items]            
Damages sought, value $ 272          
Wells Fargo Bank, National Association v. The Hertz Corporation | Pending Litigation | Payment of Post-Petition Interest            
Loss Contingencies [Line Items]            
Damages sought, value $ 125          
Wells Fargo Bank, National Association v. The Hertz Corporation | Pending Litigation | Payment of Underlying Claims | Hertz Global            
Loss Contingencies [Line Items]            
Litigation settlement     260      
Wells Fargo Bank, National Association v. The Hertz Corporation | Pending Litigation | Payment of Pre-Judgment Interest | Hertz Global            
Loss Contingencies [Line Items]            
Litigation settlement     66      
6.250% Senior Notes due October 2022            
Loss Contingencies [Line Items]            
Interest rate 6.25%          
5.500% Senior Notes due October 2024            
Loss Contingencies [Line Items]            
Interest rate 5.50%          
7.125% Senior Notes due August 2026            
Loss Contingencies [Line Items]            
Interest rate 7.125%          
6.000% Senior Notes due January 2028            
Loss Contingencies [Line Items]            
Interest rate 6.00%          
Operating Segments | Americas RAC            
Loss Contingencies [Line Items]            
Self-insured liabilities     $ 498   $ 491  
v3.25.1
Segment Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
Number of operating segments 2
v3.25.1
Segment Information - Schedule of Revenue, Significant Expenses and Segment Measure of Profitability (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue earning equipment    
Revenues $ 1,813 $ 2,080
Significant segment expenses:    
Direct vehicle and operating 1,274 1,366
Depreciation of revenue earning vehicles and lease charges, net 535 969
Selling, general and administrative 219 162
Segment profit (loss): Adjusted EBITDA (325) (567)
Non-vehicle depreciation and amortization (30) (32)
Restructuring and restructuring related charges (3) (32)
Unrealized gains (losses) on financial instruments 0 (6)
Non-cash stock-based compensation forfeitures   64
Other segment items (26) (7)
Change in fair value of Public Warrants (9) 86
Income (loss) before income taxes (525) (581)
Non-vehicle    
Significant segment expenses:    
Non-vehicle depreciation and amortization (30) (32)
Contractual interest expense (121) (75)
Vehicle    
Significant segment expenses:    
Vehicle debt-related charges (11) (12)
The Hertz Corporation    
Revenue earning equipment    
Revenues 1,813 2,080
Significant segment expenses:    
Direct vehicle and operating 1,274 1,366
Selling, general and administrative 219 162
Non-vehicle depreciation and amortization (30) (32)
Income (loss) before income taxes (516) (667)
Operating Segments    
Revenue earning equipment    
Revenues 1,813 2,080
Significant segment expenses:    
Direct vehicle and operating 1,273 1,368
Depreciation of revenue earning vehicles and lease charges, net 535 969
Selling, general and administrative 161 181
Segment profit (loss): Adjusted EBITDA (255) (515)
Other segment items 99 77
Operating Segments | Americas RAC    
Revenue earning equipment    
Revenues 1,490 1,739
Significant segment expenses:    
Direct vehicle and operating 1,066 1,152
Depreciation of revenue earning vehicles and lease charges, net 462 876
Selling, general and administrative 114 124
Segment profit (loss): Adjusted EBITDA (238) (488)
Other segment items 86 75
Operating Segments | International RAC    
Revenue earning equipment    
Revenues 323 341
Significant segment expenses:    
Direct vehicle and operating 207 216
Depreciation of revenue earning vehicles and lease charges, net 73 93
Selling, general and administrative 47 57
Segment profit (loss): Adjusted EBITDA (17) (27)
Other segment items 13 2
Corporate    
Significant segment expenses:    
Segment profit (loss): Adjusted EBITDA $ (70) $ (52)
v3.25.1
Segment Information - Schedule of Reportable Segments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Depreciation and amortization, non-vehicle assets $ 30 $ 32  
Interest expense, net (267) (216)  
Revenue earning vehicles, net 12,153   $ 11,963
Property and equipment, net 595   623
Operating lease right-of-use assets 2,140   2,088
Total assets [1] 22,047   21,802
Revenue earning vehicles and non-vehicle capital assets      
Revenues 1,813 2,080  
Vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net (140) (141)  
Non-vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net (127) (75)  
U.S.      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Revenue earning vehicles, net 10,022   9,880
Property and equipment, net 523   535
Operating lease right-of-use assets 1,859   1,815
Total assets 18,002   17,670
Revenue earning vehicles and non-vehicle capital assets      
Revenues 1,433 1,678  
International      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Revenue earning vehicles, net 2,131   2,083
Property and equipment, net 72   88
Operating lease right-of-use assets 281   273
Total assets 4,045   4,132
Revenue earning vehicles and non-vehicle capital assets      
Revenues 380 402  
Variable Interest Entity, Primary Beneficiary      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Total assets 1,200   1,400
The Hertz Corporation      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Depreciation and amortization, non-vehicle assets 30 32  
Interest expense, net (267) (216)  
Revenue earning vehicles, net 12,153   11,963
Operating lease right-of-use assets 2,140   2,088
Total assets [2] 22,046   21,801
Revenue earning vehicles and non-vehicle capital assets      
Revenues 1,813 2,080  
The Hertz Corporation | Vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net (140) (141)  
The Hertz Corporation | Non-vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net (127) (75)  
The Hertz Corporation | U.S.      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Total assets (1)   (1)
Americas RAC      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Revenue earning vehicles, net 10,422   10,253
International RAC      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Revenue earning vehicles, net 1,731   1,710
Operating Segments      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Depreciation and amortization, non-vehicle assets 29 29  
Property and equipment, net 505   531
Total assets 21,053   20,842
Revenue earning vehicles and non-vehicle capital assets      
Revenues 1,813 2,080  
Operating Segments | Vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net 140 141  
Operating Segments | Non-vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net 5 6  
Operating Segments | Americas RAC      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Depreciation and amortization, non-vehicle assets 26 25  
Property and equipment, net 450   460
Total assets 17,696   17,386
Revenue earning vehicles and non-vehicle capital assets      
Expenditures (2,560) (1,702)  
Proceeds from disposals 1,845 870  
Net expenditures - Hertz Global and Hertz (715) (832)  
Revenues 1,490 1,739  
Operating Segments | Americas RAC | Vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net 117 116  
Operating Segments | Americas RAC | Non-vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net 1 2  
Operating Segments | International RAC      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Depreciation and amortization, non-vehicle assets 3 4  
Property and equipment, net 55   71
Total assets 3,357   3,456
Revenue earning vehicles and non-vehicle capital assets      
Expenditures (308) (231)  
Proceeds from disposals 306 380  
Net expenditures - Hertz Global and Hertz (2) 149  
Revenues 323 341  
Operating Segments | International RAC | Vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net 23 25  
Operating Segments | International RAC | Non-vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net 4 4  
Corporate      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Depreciation and amortization, non-vehicle assets 1 3  
Property and equipment, net 90   92
Total assets 994   960
Revenue earning vehicles and non-vehicle capital assets      
Expenditures (1) (4)  
Proceeds from disposals 0 (14)  
Net expenditures - Hertz Global and Hertz (1) (18)  
Corporate | Non-vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net (132) $ (81)  
Corporate | The Hertz Corporation      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Total assets $ (1)   $ (1)
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2025 and December 31, 2024 include total assets of variable interest entities (“VIEs”) of $1.2 billion and $1.4 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2025 and December 31, 2024 include total liabilities of VIEs of $1.2 billion and $1.4 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.
[2] The Hertz Corporation's consolidated total assets as of March 31, 2025 and December 31, 2024 include total assets of VIEs of $1.2 billion and $1.4 billion, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of March 31, 2025 and December 31, 2024 include total liabilities of VIEs of $1.2 billion and $1.4 billion, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.