HERTZ GLOBAL HOLDINGS, INC, 10-Q filed on 11/4/2025
Quarterly Report
v3.25.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2025
Oct. 28, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 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   311,592,905
Entity Central Index Key 0001657853  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
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 Q3  
Amendment Flag false  
v3.25.3
HGH - CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 1,095 $ 592
Total restricted cash and cash equivalents 454 541
Total cash and cash equivalents and restricted cash and cash equivalents 1,549 1,133
Total receivables, net 1,210 1,205
Prepaid expenses and other assets 780 894
Revenue earning vehicles:    
Vehicles 14,023 12,714
Less: accumulated depreciation (1,330) (751)
Total revenue earning vehicles, net 12,693 11,963
Property and equipment, net 570 623
Operating lease right-of-use assets 2,288 2,088
Intangible assets, net 2,855 2,852
Goodwill 1,045 1,044
Total assets [1] 22,990 21,802
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 830 642
Accrued liabilities 1,257 1,174
Accrued taxes, net 127 158
Total debt 17,408 16,335
Public Warrants 308 178
Operating lease liabilities 2,292 2,073
Self-insured liabilities 660 617
Deferred income taxes, net 425 472
Total liabilities [1] 23,307 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, 485,598,271 and 481,502,623 shares issued, respectively, and 310,786,227 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 6,432 6,396
Retained earnings (Accumulated deficit) (3,055) (2,502)
Accumulated other comprehensive income (loss) (269) (316)
Total stockholder's equity (deficit) (317) 153
Total liabilities and stockholders' equity (deficit) 22,990 21,802
Vehicle    
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 281 161
Total debt 11,759 11,231
Non-vehicle    
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 549 481
Total debt 5,649 5,104
Vehicle    
ASSETS    
Total restricted cash and cash equivalents 171 258
Total receivables, net 428 389
Non-vehicle    
ASSETS    
Total restricted cash and cash equivalents 283 283
Total receivables, net $ 782 $ 816
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of September 30, 2025 and December 31, 2024 include total assets of variable interest entities (“VIEs”) of $1.6 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 September 30, 2025 and December 31, 2024 include total liabilities of VIEs of $1.6 billion and $1.4 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 6, "Debt," for further information.
v3.25.3
HGH - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 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) 485,598,271 481,502,623
Common stock, shares outstanding (in shares) 310,786,227 306,690,579
Treasury stock, common (in shares) 174,812,044 174,812,044
Total assets [1] $ 22,990 $ 21,802
Total liabilities [1] $ 23,307 $ 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] $ 22,987 $ 21,801
Total liabilities [2] 23,002 21,475
Variable Interest Entity, Primary Beneficiary    
Total assets 1,400 1,400
Total liabilities 1,400 1,400
Variable Interest Entity, Primary Beneficiary | The Hertz Corporation    
Total assets 1,600 1,400
Total liabilities 1,600 1,400
Non-vehicle    
Accounts receivable, allowance for credit loss 76 58
Non-vehicle | The Hertz Corporation    
Accounts receivable, allowance for credit loss $ 76 $ 58
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of September 30, 2025 and December 31, 2024 include total assets of variable interest entities (“VIEs”) of $1.6 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 September 30, 2025 and December 31, 2024 include total liabilities of VIEs of $1.6 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 6, "Debt," for further information.
[2] The Hertz Corporation's consolidated total assets as of September 30, 2025 and December 31, 2024 include total assets of VIEs of $1.6 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 September 30, 2025 and December 31, 2024 include total liabilities of VIEs of $1.6 billion and $1.4 billion, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 6, "Debt," for further information.
v3.25.3
THC - CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 1,095 $ 592
Total restricted cash and cash equivalents 454 541
Total cash and cash equivalents and restricted cash and cash equivalents 1,549 1,133
Total receivables, net 1,210 1,205
Prepaid expenses and other assets 780 894
Revenue earning vehicles:    
Vehicles 14,023 12,714
Less: accumulated depreciation (1,330) (751)
Total revenue earning vehicles, net 12,693 11,963
Property and equipment, net 570 623
Operating lease right-of-use assets 2,288 2,088
Intangible assets, net 2,855 2,852
Goodwill 1,045 1,044
Total assets [1] 22,990 21,802
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 830 642
Accrued liabilities 1,257 1,174
Accrued taxes, net 127 158
Total debt 17,408 16,335
Operating lease liabilities 2,292 2,073
Self-insured liabilities 660 617
Deferred income taxes, net 425 472
Total liabilities [1] 23,307 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 6,432 6,396
Retained earnings (Accumulated deficit) (3,055) (2,502)
Accumulated other comprehensive income (loss) (269) (316)
Total stockholder's equity (deficit) (317) 153
Total liabilities and stockholders' equity (deficit) 22,990 21,802
Vehicle    
ASSETS    
Total restricted cash and cash equivalents 171 258
Total receivables, net 428 389
Non-vehicle    
ASSETS    
Total restricted cash and cash equivalents 283 283
Total receivables, net 782 816
The Hertz Corporation    
ASSETS    
Cash and cash equivalents 1,095 591
Total restricted cash and cash equivalents 454 541
Total cash and cash equivalents and restricted cash and cash equivalents 1,549 1,132
Total receivables, net 1,210 1,205
Prepaid expenses and other assets 777 894
Revenue earning vehicles:    
Vehicles 14,023 12,714
Less: accumulated depreciation (1,330) (751)
Total revenue earning vehicles, net 12,693 11,963
Property and equipment, net 570 623
Operating lease right-of-use assets 2,288 2,088
Intangible assets, net 2,855 2,852
Goodwill 1,045 1,044
Total assets [2] 22,987 21,801
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 830 642
Accrued liabilities 1,257 1,174
Accrued taxes, net 127 158
Total debt 17,408 16,335
Operating lease liabilities 2,292 2,073
Self-insured liabilities 660 617
Deferred income taxes, net 428 476
Total liabilities [2] 23,002 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 4,633 4,598
Retained earnings (Accumulated deficit) (4,379) (3,956)
Accumulated other comprehensive income (loss) (269) (316)
Total stockholder's equity (deficit) (15) 326
Total liabilities and stockholders' equity (deficit) 22,987 21,801
The Hertz Corporation | Vehicle    
ASSETS    
Total restricted cash and cash equivalents 171 258
Total receivables, net 428 389
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 281 161
Total debt 11,759 11,231
The Hertz Corporation | Non-vehicle    
ASSETS    
Total restricted cash and cash equivalents 283 283
Total receivables, net 782 816
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 549 481
Total debt $ 5,649 $ 5,104
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of September 30, 2025 and December 31, 2024 include total assets of variable interest entities (“VIEs”) of $1.6 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 September 30, 2025 and December 31, 2024 include total liabilities of VIEs of $1.6 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 6, "Debt," for further information.
[2] The Hertz Corporation's consolidated total assets as of September 30, 2025 and December 31, 2024 include total assets of VIEs of $1.6 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 September 30, 2025 and December 31, 2024 include total liabilities of VIEs of $1.6 billion and $1.4 billion, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 6, "Debt," for further information.
v3.25.3
THC - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares issued (in shares) 485,598,271 481,502,623
Common stock, shares outstanding (in shares) 310,786,227 306,690,579
Total assets [1] $ 22,990 $ 21,802
Total liabilities [1] 23,307 21,649
Variable Interest Entity, Primary Beneficiary    
Total assets 1,400 1,400
Total liabilities $ 1,400 $ 1,400
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] $ 22,987 $ 21,801
Total liabilities [2] 23,002 21,475
The Hertz Corporation | Variable Interest Entity, Primary Beneficiary    
Total assets 1,600 1,400
Total liabilities 1,600 1,400
Non-vehicle    
Accounts receivable, allowance for credit loss 76 58
Non-vehicle | The Hertz Corporation    
Accounts receivable, allowance for credit loss $ 76 $ 58
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of September 30, 2025 and December 31, 2024 include total assets of variable interest entities (“VIEs”) of $1.6 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 September 30, 2025 and December 31, 2024 include total liabilities of VIEs of $1.6 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 6, "Debt," for further information.
[2] The Hertz Corporation's consolidated total assets as of September 30, 2025 and December 31, 2024 include total assets of VIEs of $1.6 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 September 30, 2025 and December 31, 2024 include total liabilities of VIEs of $1.6 billion and $1.4 billion, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 6, "Debt," for further information.
v3.25.3
HGH - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:                
Revenues $ 2,478     $ 2,576     $ 6,476 $ 7,009
Expenses:                
Direct vehicle and operating 1,454     1,470     4,122 4,276
Depreciation of revenue earning vehicles and lease charges, net 457     937     1,407 2,941
Non-vehicle depreciation and amortization 29     34     88 107
Selling, general and administrative 241     189     706 594
Interest expense, net 247     246     898 699
Other (income) expense, net (1)     5     2 2
(Gain) on sale of non-vehicle capital assets (39)     0     (128) 0
Legal settlement (154)     0     (154) 0
Bankruptcy-related litigation reserve 4     288     12 288
Long-Lived Assets impairment 0     1,048     0 1,048
Change in fair value of Public Warrants 6     (21)     130 (272)
Total expenses 2,244     4,196     7,083 9,683
Income (loss) before income taxes 234     (1,620)     (607) (2,674)
Income tax (provision) benefit (50)     288     54 291
Net income (loss) $ 184 $ (294) $ (443) $ (1,332) $ (865) $ (186) $ (553) $ (2,383)
Weighted-average common shares outstanding:                
Basic (in shares) 311     307     309 306
Diluted (in shares) 364     307     309 306
Earnings (loss) per common share:                
Basic (in dollars per share) $ 0.59     $ (4.34)     $ (1.79) $ (7.79)
Diluted (in dollars per share) $ 0.42     $ (4.34)     $ (1.79) $ (7.79)
Vehicle                
Expenses:                
Interest expense, net $ 161     $ 157     $ 453 $ 447
Non-vehicle                
Expenses:                
Interest expense, net $ 86     $ 89     $ 445 $ 252
v3.25.3
THC - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Revenues $ 2,478 $ 2,576 $ 6,476 $ 7,009
Expenses:        
Direct vehicle and operating 1,454 1,470 4,122 4,276
Depreciation of revenue earning vehicles and lease charges, net 457 937 1,407 2,941
Non-vehicle depreciation and amortization 29 34 88 107
Selling, general and administrative 241 189 706 594
Interest expense, net 247 246 898 699
Other (income) expense, net (1) 5 2 2
(Gain) on sale of non-vehicle capital assets (39) 0 (128) 0
Legal settlement 154 0 154 0
Bankruptcy-related litigation reserve 4 288 12 288
Long-Lived Assets impairment 0 1,048 0 1,048
Total expenses 2,244 4,196 7,083 9,683
Income (loss) before income taxes 234 (1,620) (607) (2,674)
Income tax (provision) benefit (50) 288 54 291
Net income (loss)     (553) (2,383)
Vehicle        
Expenses:        
Interest expense, net 161 157 453 447
Non-vehicle        
Expenses:        
Interest expense, net 86 89 445 252
The Hertz Corporation        
Revenues:        
Revenues 2,478 2,576 6,476 7,009
Expenses:        
Direct vehicle and operating 1,454 1,470 4,122 4,276
Depreciation of revenue earning vehicles and lease charges, net 457 937 1,407 2,941
Non-vehicle depreciation and amortization 29 34 88 107
Selling, general and administrative 241 189 706 594
Interest expense, net 247 246 898 699
Other (income) expense, net (1) 5 2 2
(Gain) on sale of non-vehicle capital assets (39) 0 (128) 0
Bankruptcy-related litigation reserve 4 288 12 288
Long-Lived Assets impairment 0 1,048 0 1,048
Total expenses 2,238 4,217 6,953 9,955
Income (loss) before income taxes 240 (1,641) (477) (2,946)
Income tax (provision) benefit (50) 287 54 291
Net income (loss) 190 (1,354) (423) (2,655)
The Hertz Corporation | Vehicle        
Expenses:        
Interest expense, net 161 157 453 447
The Hertz Corporation | Non-vehicle        
Expenses:        
Interest expense, net $ 86 $ 89 $ 445 $ 252
v3.25.3
HGH - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 184 $ (1,332) $ (553) $ (2,383)
Other comprehensive income (loss):        
Foreign currency translation adjustments (8) 40 47 (3)
Total other comprehensive income (loss) (8) 40 47 (3)
Total comprehensive income (loss) $ 176 $ (1,292) $ (506) $ (2,386)
v3.25.3
THC - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Net income (loss)     $ (553) $ (2,383)
Other comprehensive income (loss):        
Foreign currency translation adjustments $ (8) $ 40 47 (3)
Total other comprehensive income (loss) (8) 40 47 (3)
The Hertz Corporation        
Net income (loss) 190 (1,354) (423) (2,655)
Other comprehensive income (loss):        
Foreign currency translation adjustments (8) 40 47 (3)
Total other comprehensive income (loss) (8) 40 47 (3)
Total comprehensive income (loss) $ 182 $ (1,314) $ (376) $ (2,658)
v3.25.3
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
Beginning balance at Dec. 31, 2023   0          
Ending balance at Sep. 30, 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) (2,383)            
Other comprehensive income (loss) (3)            
Ending balance (in shares) at Sep. 30, 2024     307,000,000        
Ending balance at Sep. 30, 2024 681   $ 5 6,380 (2,023) (251) $ (3,430)
Ending balance, Treasury stock (in shares) at Sep. 30, 2024             175,000,000
Increase (Decrease) in Temporary Equity [Roll Forward]              
Preferred stock, shares outstanding (in shares)   0          
Beginning balance at Mar. 31, 2024   $ 0          
Ending balance at Jun. 30, 2024   $ 0          
Beginning balance (in shares) at Mar. 31, 2024     306,000,000        
Beginning balance at Mar. 31, 2024 2,812   $ 5 6,351 174 (288) $ (3,430)
Beginning balance, Treasury stock (in shares) at Mar. 31, 2024             175,000,000
Increase (Decrease) in Stockholders' Equity              
Net income (loss) (865)       (865)    
Other comprehensive income (loss) (3)         (3)  
Net settlement on vesting of restricted stock (2)     (2)      
Stock-based compensation charges 16     16      
Ending balance (in shares) at Jun. 30, 2024     306,000,000        
Ending balance at Jun. 30, 2024 1,958   $ 5 6,365 (691) (291) $ (3,430)
Ending balance, Treasury stock (in shares) at Jun. 30, 2024             175,000,000
Increase (Decrease) in Temporary Equity [Roll Forward]              
Preferred stock, shares outstanding (in shares)   0          
Ending balance at Sep. 30, 2024   $ 0          
Increase (Decrease) in Stockholders' Equity              
Net income (loss) (1,332)       (1,332)    
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 (1)     (1)      
Stock-based compensation charges 16     16      
Ending balance (in shares) at Sep. 30, 2024     307,000,000        
Ending balance at Sep. 30, 2024 $ 681   $ 5 6,380 (2,023) (251) $ (3,430)
Ending balance, Treasury stock (in shares) at Sep. 30, 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          
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     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             175,000,000
Beginning balance at Dec. 31, 2024 0 0          
Ending balance at Sep. 30, 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) $ (553)            
Other comprehensive income (loss) $ 47            
Ending balance (in shares) at Sep. 30, 2025 310,786,227   311,000,000        
Ending balance at Sep. 30, 2025 $ (317)   $ 5 6,432 (3,055) (269) $ (3,430)
Ending balance, Treasury stock (in shares) at Sep. 30, 2025 174,812,044           175,000,000
Increase (Decrease) in Temporary Equity [Roll Forward]              
Preferred stock, shares outstanding (in shares)   0          
Beginning balance at Mar. 31, 2025   $ 0          
Ending balance at Jun. 30, 2025   $ 0          
Beginning balance (in shares) at Mar. 31, 2025     308,000,000        
Beginning balance at Mar. 31, 2025 $ (262)   $ 5 6,409 (2,945) (301) $ (3,430)
Beginning balance, Treasury stock (in shares) at Mar. 31, 2025             175,000,000
Increase (Decrease) in Stockholders' Equity              
Net income (loss) (294)       (294)    
Other comprehensive income (loss) 40         40  
Net settlement on vesting of restricted stock (in shares)     2,000,000        
Net settlement on vesting of restricted stock (4)     (4)      
Stock-based compensation charges 16     16      
Ending balance (in shares) at Jun. 30, 2025     310,000,000        
Ending balance at Jun. 30, 2025 (504)   $ 5 6,421 (3,239) (261) $ (3,430)
Ending balance, Treasury stock (in shares) at Jun. 30, 2025             175,000,000
Increase (Decrease) in Temporary Equity [Roll Forward]              
Preferred stock, shares outstanding (in shares)   0          
Ending balance at Sep. 30, 2025 0 $ 0          
Increase (Decrease) in Stockholders' Equity              
Net income (loss) 184       184    
Other comprehensive income (loss) (8)         (8)  
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 $ 14     14      
Ending balance (in shares) at Sep. 30, 2025 310,786,227   311,000,000        
Ending balance at Sep. 30, 2025 $ (317)   $ 5 $ 6,432 $ (3,055) $ (269) $ (3,430)
Ending balance, Treasury stock (in shares) at Sep. 30, 2025 174,812,044           175,000,000
Increase (Decrease) in Temporary Equity [Roll Forward]              
Preferred stock, shares outstanding (in shares) 0 0          
[1] Represents former chief executive officer ("CEO") awards forfeited in March 2024. See also Note 10, "Stock-Based Compensation."
v3.25.3
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, 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) (2,383)                  
Other comprehensive income (loss) (3) (3)                
Ending balance (in shares) at Sep. 30, 2024     307,000,000 100            
Ending balance at Sep. 30, 2024 681 858 $ 5 $ 0 6,380 4,583 (2,023) (3,474) (251) (251)
Beginning balance (in shares) at Mar. 31, 2024     306,000,000 100            
Beginning balance at Mar. 31, 2024 2,812 3,177 $ 5 $ 0 6,351 4,556 174 (1,091) (288) (288)
Increase (Decrease) in Stockholders' Equity                    
Net income (loss) (865) (1,029)         (865) (1,029)    
Other comprehensive income (loss) (3) (3)             (3) (3)
Stock-based compensation charges 16 16     16 16        
Dividends paid to Hertz Holdings   (4)       (4)        
Ending balance (in shares) at Jun. 30, 2024     306,000,000 100            
Ending balance at Jun. 30, 2024 1,958 2,157 $ 5 $ 0 6,365 4,568 (691) (2,120) (291) (291)
Increase (Decrease) in Stockholders' Equity                    
Net income (loss) (1,332) (1,354)         (1,332) (1,354)    
Other comprehensive income (loss) 40 40             40 40
Stock-based compensation charges 16 16     16 16        
Dividends paid to Hertz Holdings   (1)       (1)        
Ending balance (in shares) at Sep. 30, 2024     307,000,000 100            
Ending balance at Sep. 30, 2024 $ 681 $ 858 $ 5 $ 0 6,380 4,583 (2,023) (3,474) (251) (251)
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     308,000,000 100            
Ending balance at Mar. 31, 2025 $ (262) $ (80) $ 5 $ 0 6,409 4,611 (2,945) (4,390) (301) (301)
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) (553)                  
Other comprehensive income (loss) $ 47 $ 47                
Ending balance (in shares) at Sep. 30, 2025 310,786,227 100 311,000,000 100            
Ending balance at Sep. 30, 2025 $ (317) $ (15) $ 5 $ 0 6,432 4,633 (3,055) (4,379) (269) (269)
Beginning balance (in shares) at Mar. 31, 2025     308,000,000 100            
Beginning balance at Mar. 31, 2025 (262) (80) $ 5 $ 0 6,409 4,611 (2,945) (4,390) (301) (301)
Increase (Decrease) in Stockholders' Equity                    
Net income (loss) (294) (179)         (294) (179)    
Other comprehensive income (loss) 40 40             40 40
Stock-based compensation charges 16 16     16 16        
Dividends paid to Hertz Holdings   (4)       (4)        
Ending balance (in shares) at Jun. 30, 2025     310,000,000 100            
Ending balance at Jun. 30, 2025 (504) (207) $ 5 $ 0 6,421 4,623 (3,239) (4,569) (261) (261)
Increase (Decrease) in Stockholders' Equity                    
Net income (loss) 184 190         184 190    
Other comprehensive income (loss) (8) (8)             (8) (8)
Stock-based compensation charges $ 14 14     14 14        
Dividends paid to Hertz Holdings   $ (4)       (4)        
Ending balance (in shares) at Sep. 30, 2025 310,786,227 100 311,000,000 100            
Ending balance at Sep. 30, 2025 $ (317) $ (15) $ 5 $ 0 $ 6,432 $ 4,633 $ (3,055) $ (4,379) $ (269) $ (269)
[1] Represents former chief executive officer ("CEO") awards forfeited in March 2024. See also Note 10, "Stock-Based Compensation."
[2] Represents former chief executive officer ("CEO") awards forfeited in March 2024. See also Note 10, "Stock-Based Compensation."
v3.25.3
HGH - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Cash flows from operating activities:          
Net income (loss)     $ (553) $ (2,383)  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Depreciation and reserves for revenue earning vehicles, net     1,585 3,219  
Depreciation and amortization, non-vehicle $ 29 $ 34 88 107  
Amortization of deferred financing costs and debt discount (premium)     61 54  
Non-cash paid-in-kind ("PIK") interest on Exchangeable Notes     21 0  
Stock-based compensation charges     46 48  
Stock-based compensation forfeitures     0 (68)  
Provision for receivables allowance     86 94  
Deferred income taxes, net     (88) (379)  
Long-Lived Assets impairment 0 1,048 0 1,048  
(Gain) loss on sale of non-vehicle capital assets     (128) 0  
Change in fair value of Public Warrants 6 (21) 130 (272)  
Changes in financial instruments     72 (8)  
Other     5 (1)  
Changes in assets and liabilities:          
Non-vehicle receivables     (22) (45)  
Prepaid expenses and other assets     (30) (20)  
Operating lease right-of-use assets     323 281  
Non-vehicle accounts payable     43 (18)  
Accrued liabilities     59 310  
Accrued taxes, net     3 64  
Operating lease liabilities     (304) (308)  
Self-insured liabilities     35 87  
Net cash provided by (used in) operating activities     1,432 1,810  
Cash flows from investing activities:          
Revenue earning vehicles expenditures     (7,799) (7,858)  
Proceeds from disposal of revenue earning vehicles     5,970 4,656  
Non-vehicle capital asset expenditures     (70) (81)  
Proceeds from disposal of non-vehicle capital assets     177 19  
Return of (investment in) equity investments     0 (3)  
Net cash provided by (used in) investing activities     (1,722) (3,267)  
Cash flows from financing activities:          
Payment of financing costs     (68) (55)  
Purchase of Capped Call Transactions 2030, net     (38) 0  
Other     (9) (4)  
Net cash provided by (used in) financing activities     677 1,156  
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents     29 0  
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period     416 (301)  
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period     1,133 1,206 $ 1,206
Cash and cash equivalents and restricted cash and cash equivalents at end of period $ 1,549 $ 905 1,549 905 $ 1,133
Cash paid during the period for:          
Income taxes, net of refunds     54 47  
Supplemental disclosures of non-cash information:          
Purchases of revenue earning vehicles included in accounts payable, net of incentives     200 98  
Sales of revenue earning vehicles included in vehicle receivables     347 372  
Purchases of non-vehicle capital assets included in accounts payable     12 5  
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease     39 39  
Vehicle          
Cash flows from financing activities:          
Proceeds from issuance of debt     4,624 3,259  
Repayments of debt     (4,285) (3,280)  
Cash paid during the period for:          
Interest, net of amounts capitalized:     400 385  
Non-vehicle          
Cash flows from financing activities:          
Proceeds from issuance of debt     1,831 3,470  
Repayments of debt     (1,378) (2,234)  
Cash paid during the period for:          
Interest, net of amounts capitalized:     $ 349 $ 222  
v3.25.3
THC - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Cash flows from operating activities:          
Net income (loss)     $ (553) $ (2,383)  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Depreciation and reserves for revenue earning vehicles, net     1,585 3,219  
Depreciation and amortization, non-vehicle $ 29 $ 34 88 107  
Amortization of deferred financing costs and debt discount (premium)     61 54  
Non-cash PIK interest on Exchangeable Notes     21 0  
Stock-based compensation charges     46 48  
Stock-based compensation forfeitures     0 (68)  
Provision for receivables allowance     86 94  
Deferred income taxes, net     (88) (379)  
Long-Lived Assets impairment 0 1,048 0 1,048  
Other     5 (1)  
Changes in assets and liabilities:          
Non-vehicle receivables     (22) (45)  
Prepaid expenses and other assets     (30) (20)  
Operating lease right-of-use assets     323 281  
Non-vehicle accounts payable     43 (18)  
Accrued liabilities     59 310  
Accrued taxes, net     3 64  
Operating lease liabilities     (304) (308)  
Self-insured liabilities     35 87  
Net cash provided by (used in) operating activities     1,432 1,810  
Cash flows from investing activities:          
Revenue earning vehicles expenditures     (7,799) (7,858)  
Proceeds from disposal of revenue earning vehicles     5,970 4,656  
Non-vehicle capital asset expenditures     (70) (81)  
Proceeds from disposal of non-vehicle capital assets     177 19  
Return of (investment in) equity investments     0 (3)  
Net cash provided by (used in) investing activities     (1,722) (3,267)  
Cash flows from financing activities:          
Payment of financing costs     (68) (55)  
Purchase of Capped Call Transactions 2030, net     (38) 0  
Net cash provided by (used in) financing activities     677 1,156  
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents     29 0  
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period     416 (301)  
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 1,549   1,549   $ 1,133
Cash paid during the period for:          
Income taxes, net of refunds     54 47  
Supplemental disclosures of non-cash information:          
Purchases of revenue earning vehicles included in accounts payable, net of incentives     200 98  
Sales of revenue earning vehicles included in vehicle receivables     347 372  
Purchases of non-vehicle capital assets included in accounts payable     12 5  
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease     39 39  
Vehicle          
Cash flows from financing activities:          
Proceeds from issuance of debt     4,624 3,259  
Repayments of debt     (4,285) (3,280)  
Cash paid during the period for:          
Interest, net of amounts capitalized:     400 385  
Non-vehicle          
Cash flows from financing activities:          
Proceeds from issuance of debt     1,831 3,470  
Repayments of debt     (1,378) (2,234)  
Cash paid during the period for:          
Interest, net of amounts capitalized:     349 222  
The Hertz Corporation          
Cash flows from operating activities:          
Net income (loss) 190 (1,354) (423) (2,655)  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Depreciation and reserves for revenue earning vehicles, net     1,585 3,219  
Depreciation and amortization, non-vehicle     88 107  
Amortization of deferred financing costs and debt discount (premium)     61 54  
Non-cash PIK interest on Exchangeable Notes     21 0  
Stock-based compensation charges     46 48  
Stock-based compensation forfeitures     0 (68)  
Provision for receivables allowance     86 94  
Deferred income taxes, net     (88) (379)  
Long-Lived Assets impairment 0 1,048 0 1,048  
(Gain) loss on sale of non-vehicle capital assets     (128) 0  
Changes in financial instruments     72 (8)  
Other     6 (1)  
Changes in assets and liabilities:          
Non-vehicle receivables     (22) (45)  
Prepaid expenses and other assets     (28) (20)  
Operating lease right-of-use assets     323 281  
Non-vehicle accounts payable     43 (18)  
Accrued liabilities     59 310  
Accrued taxes, net     3 67  
Operating lease liabilities     (304) (308)  
Self-insured liabilities     35 87  
Net cash provided by (used in) operating activities     1,435 1,813  
Cash flows from investing activities:          
Revenue earning vehicles expenditures     (7,799) (7,858)  
Proceeds from disposal of revenue earning vehicles     5,970 4,656  
Non-vehicle capital asset expenditures     (70) (81)  
Proceeds from disposal of non-vehicle capital assets     177 19  
Return of (investment in) equity investments     0 (3)  
Net cash provided by (used in) investing activities     (1,722) (3,267)  
Cash flows from financing activities:          
Payment of financing costs     (68) (55)  
Purchase of Capped Call Transactions 2030, net     (38) 0  
Dividends paid to Hertz Holdings     (11) (7)  
Net cash provided by (used in) financing activities     675 1,153  
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents     29 0  
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period     417 (301)  
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period     1,132 1,206 1,206
Cash and cash equivalents and restricted cash and cash equivalents at end of period $ 1,549 $ 905 1,549 905 $ 1,132
Cash paid during the period for:          
Income taxes, net of refunds     54 47  
Supplemental disclosures of non-cash information:          
Purchases of revenue earning vehicles included in accounts payable, net of incentives     200 98  
Sales of revenue earning vehicles included in vehicle receivables     347 372  
Purchases of non-vehicle capital assets included in accounts payable     12 5  
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease     39 39  
The Hertz Corporation | Vehicle          
Cash flows from financing activities:          
Proceeds from issuance of debt     4,624 3,259  
Repayments of debt     (4,285) (3,280)  
Cash paid during the period for:          
Interest, net of amounts capitalized:     400 385  
The Hertz Corporation | Non-vehicle          
Cash flows from financing activities:          
Proceeds from issuance of debt     1,831 3,470  
Repayments of debt     (1,378) (2,234)  
Cash paid during the period for:          
Interest, net of amounts capitalized:     $ 349 $ 222  
v3.25.3
Background
 9 Months Ended
Sep. 30, 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.
v3.25.3
Basis of Presentation and Recently Issued Accounting Pronouncements
 9 Months Ended
Sep. 30, 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 September 30, 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 Quarterly 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 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 expects to adopt the guidance when it becomes effective. The Company is in the process of determining the method of adoption and assessing the overall impact of adopting this guidance on its disclosures.

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued guidance to modernize the accounting for internal-use software costs. The guidance removes references to prescriptive and sequential software development stages, and requires an entity to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The guidance also specifies that disclosures in ASC 360, Property, Plant and Equipment, are required for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements.

The guidance is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, using either a prospective, retrospective or modified transition approach. Early adoption is permitted. The Company expects to adopt the guidance when it becomes effective using a prospective application. The Company is in the process of assessing the overall impact of adopting this guidance on its financial position, results of operations and cash flows.
v3.25.3
Divestitures
 9 Months Ended
Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Divestitures Divestitures
Sale-Leasebacks of Non-Vehicle Capital Assets

In June 2025, the Company sold and leased back certain land and buildings, inclusive of site improvements, associated with operating sites in its Americas RAC segment. The Company recognized a total pre-tax gain of $89 million on the sales, which is included in (Gain) on sale of non-vehicle capital assets in the accompanying unaudited condensed consolidated statements of operations for the nine months ended September 30, 2025. The land portions of the sales qualified for sale-leaseback accounting, and were accounted for as operating leases with then expected terms of 40 years, inclusive of extensions the Company intends to exercise. The Company accounted for the buildings portion of the sales proceeds as financial liabilities, as the criteria for a sale were not met. The financial liabilities are classified as other non-vehicle debt and included in Non-vehicle debt in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2025.
In July 2025, the Company sold and leased back certain real estate associated with two operating sites in its Americas RAC segment. The Company recognized a pre-tax gain of $39 million on the sales, which is included in (Gain) on sale of non-vehicle capital assets in the accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2025. The sales qualified for sale-leaseback accounting, in which the leasebacks were classified as operating leases with then expected terms of 50 years, inclusive of extensions the Company intends to exercise, and 15 years, respectively.

The Company expects to continue to evaluate and complete, when deemed appropriate, sales and lease backs of certain non-vehicle capital assets through the end of 2025.
v3.25.3
Long-Lived Assets Impairment
 9 Months Ended
Sep. 30, 2025
Asset Impairment Charges [Abstract]  
Long-Lived Assets Impairment Long-Lived Assets Impairment
During the third quarter of 2024, at the conclusion of the Company’s historical peak rental season, there was a reduction in the cash flow projections in the Americas RAC and International RAC segments, indicating that the carrying values of their long-lived assets may not be recoverable. The reduction was largely attributed to the acceleration of the rental fleet rotation in the segments, where shortening the useful life reduced the potential future cash flows expected to be earned from the fleet. Operating cash flow projections also deteriorated from delayed timing of operating cost improvements and longer timeframes associated with revenue maximization initiatives. As a result, the Company tested the recoverability of its long-lived assets, consisting of revenue earning vehicles, right-of-use (“ROU”) assets and property and equipment (collectively, the “Long-Lived Assets”) in its Americas RAC and International RAC segments by comparing the carrying values against undiscounted future cash flow projections and determined that an impairment existed.
Effective August 31, 2024, the Long-Lived Assets were written down to their estimated fair values. The fair value for revenue earning vehicles was determined using a market approach utilizing prices for similar assets in active markets. Fair value for ROU assets was determined using a discounted cash flow income approach considering estimated market rent. The fair value for property and equipment was determined using a market approach, where available, and where not available, a cost approach utilizing estimated replacement cost. This resulted in recognizing impairment charges of $923 million and $125 million against the Company's revenue earning vehicles and ROU assets, respectively. No impairment was recognized for property and equipment assets. The total impairment charge of $1.0 billion is recorded in Long-Lived Assets impairment in the accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024, of which $865 million and $183 million related to the Americas RAC and International RAC segments, respectively. As the Long-Lived Assets impairment was recognized as of August 31, 2024, depreciation expense during the third quarter of 2024 included two months of depreciation at pre-impairment rates and one month at post-impairment rates.
v3.25.3
Revenue Earning Vehicles
 9 Months Ended
Sep. 30, 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)September 30,
2025		December 31,
2024
Revenue earning vehicles$13,869 $12,424 
Less accumulated depreciation(1,330)(751)
12,539 11,673 
Revenue earning vehicles held for sale, net(1)
154 290 
Revenue earning vehicles, net(2)
$12,693 $11,963 
(1)    Represents the carrying amount of vehicles classified as held for sale as of the respective balance sheet date.
(2)    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
September 30,		Nine Months Ended
September 30,
(In millions)2025202420252024
Depreciation of revenue earning vehicles$420 $827 $1,317 $2,355 
(Gain) loss on disposal of revenue earning vehicles(1)(2)
4 97 25 555 
Rents paid for vehicles leased33 13 65 31 
Depreciation of revenue earning vehicles and lease charges, net$457 $937 $1,407 $2,941 
(1)    Includes costs associated with vehicle sales of $49 million and $203 million for the three and nine months ended September 30, 2025, respectively. Includes costs associated with vehicle sales of $59 million and $158 million for the three and nine months ended September 30, 2024, respectively.
(2)    Includes the write-down to fair value for vehicles classified as held for sale, including the EV Disposal Groups for the nine months ended September 30, 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 nine months ended September 30, 2024, the Company incurred incremental charges, primarily in the first half of 2024, of $176 million for the write-down on the vehicles, of which $165 million and $11 million were associated with the Americas RAC and International RAC segments, respectively, and $47 million for losses incurred on the vehicles sold, primarily in the Americas RAC segment in the first half of 2024. These amounts are included in Depreciation of revenue earning vehicles and lease charges, net in the accompanying unaudited condensed consolidated statements of operations for the nine months ended September 30, 2024. The Company substantially completed the sale of the EV Disposal Groups as of December 31, 2024.
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
The Company's debt, including its credit facilities, consists of the following ($ in millions) as of September 30, 2025 and December 31, 2024:
Facility
Weighted-Average Interest Rate
as of
September 30, 2025
Fixed or
Floating
Interest
Rate		MaturitySeptember 30,
2025		December 31,
2024
Non-Vehicle Debt
First Lien RCF8.33%Floating3/2028210 $175 
Term B Loan8.07%Floating6/20281,245 1,255 
Incremental Term B Loan8.06%Floating6/2028491 495 
Term C Loan8.07%Floating6/2028245 245 
First Lien Senior Notes12.63%Fixed7/20291,250 1,250 
Exchangeable Notes Due 2029(1)
8.00%Fixed7/2029271 250 
Exchangeable Notes Due 2030(2)
5.50%Fixed10/2030425 — 
Senior Notes Due 20264.63%Fixed12/2026500 500 
Senior Notes Due 20295.00%Fixed12/20291,000 1,000 
Other Non-Vehicle Debt(3)(4)
9.02%Fixed6/20656 — 
Facility
Weighted-Average Interest Rate
as of
September 30, 2025
Fixed or
Floating
Interest
Rate		MaturitySeptember 30,
2025		December 31,
2024
Fair Value of the Exchange Features 2029(5)
N/AN/AN/A145 61 
Fair Value of the Exchange Feature 2030(6)
N/AN/AN/A104 — 
Unamortized Debt Issuance Costs(7) and Net (Discount) Premium(8)
(243)(127)
Total Non-Vehicle Debt5,649 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(9)
5.92%Floating5/20272,007 2,162 
HVF III Series 2021-A Class B(9)
9.28%Fixed8/2027300 188 
2,307 2,350 
HVF III U.S. Vehicle Medium Term Notes
HVF III Series 2021-2(9)
2.12%Fixed12/20262,000 2,000 
HVF III Series 2022-1(9)
N/AN/AN/A— 750 
HVF III Series 2022-2(9)
2.78%Fixed6/2027750 750 
HVF III Series 2022-4(9)
N/AN/AN/A— 667 
HVF III Series 2022-5(9)
4.39%Fixed9/2027364 364 
HVF III Series 2023-1(9)
6.17%Fixed6/2026500 500 
HVF III Series 2023-2(9)
6.30%Fixed9/2028300 300 
HVF III Series 2023-3(9)
6.46%Fixed2/2027500 500 
HVF III Series 2023-4(9)
6.66%Fixed3/2029500 500 
HVF III Series 2024-1(9)
5.98%Fixed1/2028375 375 
HVF III Series 2024-2(9)
6.03%Fixed1/2030375 375 
HVF III Series 2025-1(9)
5.36%Fixed9/2028500 — 
HVF III Series 2025-2(9)
5.61%Fixed9/2030500 — 
HVF III Series 2025-3(9)
5.54%Fixed12/2028375 — 
HVF III Series 2025-4(9)
5.92%Fixed12/2030310 — 
7,349 7,081 
Vehicle Debt - Other
European ABS(9)
4.35%Floating4/20271,211 1,037 
Hertz Canadian Securitization(9)
4.42%Floating4/2027383 292 
Australian Securitization(9)
5.21%Floating6/2027219 207 
New Zealand RCF5.96%Floating8/202757 63 
U.K. Financing FacilityN/AN/AN/A— 153 
U.K. ABS5.86%Floating12/2026154 — 
Other Vehicle Debt(10)
6.38%Floating10/2025 - 7/2028124 97 
2,148 1,849 
Unamortized Debt Issuance Costs and Net (Discount) Premium (45)(49)
Total Vehicle Debt11,759 11,231 
Total Debt$17,408 $16,335 
(1)    The effective interest rate of the Exchangeable Notes Due 2029, inclusive of the bifurcated Exchange Features 2029, as defined and disclosed in Note 12, "Fair Value Measurements," and PIK interest, was approximately 16.4% and 15.0% as of September 30, 2025 and December 31, 2024, respectively.
(2)    The effective interest rate of the Exchangeable Notes Due 2030, inclusive of the bifurcated Exchange Feature 2030, as defined and disclosed below, was approximately 12.0% as of September 30, 2025.
(3)    Other non-vehicle debt as of September 30, 2025 is comprised of $6 million in financial liabilities recognized from the sales of certain non-vehicle capital assets, as disclosed in Note 3, "Divestitures."
(4)    Reflects the effective interest rate of other non-vehicle debt.
(5)    Reflects the fair value of the Exchange Features 2029, as defined and disclosed in Note 12, "Fair Value Measurements."
(6)    Reflects the fair value of the Exchange Feature 2030, which was bifurcated from the Exchangeable Notes Due 2030, as defined and disclosed below.
(7)    Includes $8 million and $9 million of unamortized debt issuance costs associated with the Exchangeable Notes Due 2029 as of September 30, 2025 and December 31, 2024, respectively. Also includes $21 million of unamortized debt issuance costs associated with the Exchangeable Notes Due 2030 as of September 30, 2025.
(8)    Includes $4 million of unamortized debt discount associated with the Exchangeable Notes Due 2029 as of September 30, 2025 and December 31, 2024.
(9)    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.
(10)    Other vehicle debt is primarily comprised of $91 million and $94 million in finance lease obligations as of September 30, 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"), expired. 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 expiration 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. Amendment No. 10 also adds certain limitations, including with respect to 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 Due 2029

In June 2024, Hertz issued $250 million in aggregate principal amount of 8.000% Exchangeable Senior Second-Lien Secured PIK Notes due 2029 (the "Exchangeable Notes Due 2029"). The Exchangeable Notes Due 2029 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 Due 2029 upon each Semi-annual PIK Event. In connection with Semi-annual PIK Event in the first and third quarters of 2025, the Company increased the principal amount of the Exchangeable Notes Due 2029 by $11 million and $10 million, respectively.

Additionally, for each Semi-annual PIK Event, the Company bifurcates an associated embedded derivative (the "Exchange Feature 2029 PIK") from the Exchangeable Notes Due 2029 for accounting purposes utilizing applicable guidance. As a result, the Company recognized a debt discount of $11 million within Non-vehicle debt in the accompanying unaudited consolidated balance sheet as of September 30, 2025, representing the initial fair value. Refer to Note 12, "Fair Value Measurements," for further details.

The net carrying amount of the Exchangeable Notes Due 2029 consists of the following:
(In millions)September 30, 2025December 31, 2024
Principal$250 $250 
Non-cash PIK interest21 — 
Unamortized debt discounts and debt issuance costs(1)
(81)(78)
Fair value of the Exchange Features 2029(2)
145 61 
Net carrying amount$335 $233 
(1)    Debt discounts, including the initial fair value, at issuance, of the Exchange Features 2029, as defined in Note 12, "Fair Value Measurements," and debt issuance costs are amortized to non-vehicle interest expense over the term of the Exchangeable Notes Due 2029 using the effective interest method.
(2)    As defined and further disclosed in Note 12, "Fair Value Measurements."

Interest expense recognized for the Exchangeable Notes Due 2029 consists of the following:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2025202420252024
Contractual interest expense$6 $5 $16 $5 
Amortization of debt discounts and debt issuance costs2 2 7 2 
(Gain) loss on fair value of the Exchange Features 2029(1)
(38)(14)73 (14)
Total$(30)$(7)$96 $(7)
(1)    As defined and further disclosed in Note 12, "Fair Value Measurements."

Exchangeable Notes Due 2030

In September 2025, Hertz issued $425 million in aggregate principal amount of 5.500% Exchangeable Senior Notes due 2030 (the “Exchangeable Notes Due 2030”), which are guaranteed by Hertz Holdings, Rental Car Intermediate Holdings, LLC and each of Hertz's existing and future, direct and indirect, U.S. subsidiaries that are guarantors under the First Lien Credit Agreement. The Exchangeable Notes Due 2030 bear interest at a rate of 5.500% per year, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026. The Exchangeable Notes Due 2030 mature on October 1, 2030 (the "Maturity Date"), unless earlier repurchased, redeemed or exchanged (the "Exchange Feature 2030"), in accordance with their terms prior to the Maturity Date.
Prior to July 1, 2030, the Exchangeable Notes Due 2030 will be exchangeable only upon satisfaction of certain conditions and during certain periods. Thereafter, the Exchangeable Notes Due 2030 will be exchangeable at any time until the close of business on the second scheduled trading day immediately preceding the Maturity Date. The Exchangeable Notes Due 2030 will be exchangeable by holders into shares of Hertz Global common stock, cash or a combination of common stock and cash, at Hertz's election, at an initial exchange rate of 108.2808 shares per $1,000 principal amount of Exchangeable Notes Due 2030, corresponding to an initial exchange price of $9.24 per share of Hertz Global common stock, subject to adjustment upon the occurrence of certain events.

Hertz may not redeem the Exchangeable Notes Due 2030 prior to October 6, 2028. On or after October 6, 2028 and on or prior to the 26th scheduled trading day immediately preceding the Maturity Date, if the last reported sale price per share of Hertz Global common stock has been at least 130% of the exchange price for the Exchangeable Notes Due 2030 for certain specified periods and certain other conditions are satisfied, Hertz may redeem all or a portion (subject to certain limitations) of the Exchangeable Notes Due 2030. The redemption will be at a cash redemption price equal to the principal amount of the Exchangeable Notes Due 2030 to be redeemed plus accrued and unpaid interest on such Exchangeable Notes Due 2030 to, but not including, the redemption date.

Upon issuance of the Exchangeable Notes Due 2030, the Company bifurcated the Exchange Feature 2030 from the Exchangeable Notes Due 2030 for accounting purposes utilizing applicable guidance. As a result, the Company recognized a debt discount within non-vehicle debt representing the initial fair value of the Exchange Feature 2030. As of September 30, 2025, the fair value of the Exchange Feature 2030 was $104 million. Refer to Note 12, "Fair Value Measurements," for further details.

The net carrying amount of the Exchangeable Notes Due 2030 consists of the following:
(In millions)September 30, 2025
Principal$425 
Unamortized debt discounts and debt issuance costs(1)
(124)
Fair value of the Exchange Feature 2030(2)
104 
Net carrying amount$405 
(1)    Debt discounts, including the initial fair value, at issuance, of the Exchange Feature 2030, and debt issuance costs are amortized to non-vehicle interest expense over the term of the Exchangeable Notes Due 2030 using the effective interest method.
(2)    As further disclosed in Note 12, "Fair Value Measurements."

Interest expense recognized for the Exchangeable Notes Due 2030 consists of the following:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2025202420252024
Contractual interest expense$— $— $— $— 
Amortization of debt discounts and debt issuance costs— — — — 
(Gain) loss on fair value of the Exchange Feature 2030(1)
1 — 1 — 
Total$1 $— $1 $— 
(1)    As further disclosed in Note 12, "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. In August 2025, $780 million in non-extending commitments were voluntarily terminated.

In June 2025, HVF III amended the HVF III Series 2021-A Notes to issue new Class B Notes in which aggregate commitments were increased from $188 million to $300 million and the maturity date was extended to June 2027. The Class B Notes are subordinate to the Class A Notes.

In August 2025, HVF III amended the HVF III Series 2021-A Notes to permit borrowings and repayments of principal under the Class B Notes and to allow for future issuance of a Class C tranche of notes.

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.

In June 2025, HVF III issued the Series 2025-3 (Class A, Class B, Class C and Class D) and Series 2025-4 Notes (Class A, Class B, Class C and Class D) in aggregate principal amounts of $375 million and $310 million with maturity dates of December 2028 and December 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. In August 2025, €129 million in non-extending commitments were voluntarily terminated.

In July 2025, IFF No. 2 amended the European ABS for the issuance of Class C Notes in an aggregate principal amount of €100 million. The Class C Notes can be drawn and repaid on a revolving basis and have a maturity date of April 2027. After giving effect to the issuance of the Class C Notes, total aggregate maximum borrowings available under the European ABS are €1.3 billion until April 2027.

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.

Australian Securitization

In June 2025, HA Fleet Pty Limited, an indirect wholly-owned subsidiary of Hertz, amended the Australian Securitization to extend the maturity date to June 2027.

New Zealand RCF

In August 2025, Hertz New Zealand Holdings, an indirect wholly-owned subsidiary of Hertz, amended the New Zealand RCF to extend the maturity date to August 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 September 30, 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$1,119 $1,119 
Total Non-Vehicle Debt1,119 1,119 
Vehicle Debt  
HVF III Series 2021-A853 — 
European ABS322 — 
Hertz Canadian Securitization38 — 
Australian Securitization3 — 
New Zealand RCF13 — 
U.K. ABS134 — 
Other Vehicle Debt24 — 
Total Vehicle Debt1,387 — 
Total$2,506 $1,119 
Letters of Credit

As of September 30, 2025, there were outstanding standby letters of credit totaling $984 million comprised primarily of $671 million issued under the First Lien RCF and $245 million issued under the Term C Loan. As of September 30, 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 September 30, 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 September 30, 2025 and December 31, 2024, IFF No. 2 had total assets of $1.4 billion, comprised primarily of intercompany receivables, and total liabilities of $1.4 billion, 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 September 30, 2025 and December 31, 2024, HFF had total assets of $193 million and $2 million, respectively, comprised primarily of intercompany receivables, and total liabilities of $193 million and $2 million, respectively, comprised primarily of debt.

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. Additionally, 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 September 30, 2025, Hertz was in compliance with the First Lien Ratio. As of September 30, 2025, Hertz was in compliance with the minimum liquidity covenant, as disclosed above.

Additionally, the First Lien Credit Agreement, the First Lien Senior Notes, the Exchangeable Notes Due 2029, the Exchangeable Notes Due 2030, 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 September 30, 2025, the Company was in compliance with all covenants under the terms of the agreements governing the respective Corporate Indebtedness.
v3.25.3
Leases
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases Leases
Lessor

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
September 30,		Nine Months Ended
September 30,
(In millions)2025202420252024
Operating lease income from vehicle rentals$2,232 $2,330 $5,846 $6,343 
Variable operating lease income170 176 440 480 
Revenue accounted for under Topic 8422,402 2,506 6,286 6,823 
Revenue accounted for under Topic 60676 70 190 186 
Total revenues$2,478 $2,576 $6,476 $7,009 
Lessee

In June 2025, the Company sold and leased back certain land and buildings, inclusive of site improvements, associated with operating sites in its Americas RAC segment. The land portions of the sales qualified for sale-leaseback accounting, and were accounted for as operating leases with then expected terms of 40 years, inclusive of extensions the Company intends to exercise, and aggregate future minimum lease payments of $483 million. See Note 3, "Divestitures," for additional information.

In July 2025, the Company sold and leased back certain real estate associated with two operating sites in its Americas RAC segment. The sales qualified for sale-leaseback accounting, and were accounted for as operating leases with then expected terms of 50 years, inclusive of extensions the Company intends to exercise, and 15 years, respectively. The operating leases have aggregate future minimum lease payments of $384 million. See Note 3, "Divestitures," for additional information.

The Company expects to continue to evaluate and complete, when deemed appropriate, sales and lease backs of certain non-vehicle capital assets through the end of 2025.

The following summarizes the weighted-average remaining lease term and weighted-average discount rate for the Company's operating leases as a lessee as of September 30, 2025:
Weighted-average remaining lease term (in years)11.3
Weighted-average discount rate11.63 %
The following table summarizes the Company's minimum fixed lease obligations under existing agreements as a lessee, excluding variable concession obligations in excess of minimum annual guarantees and short-term leases, as of September 30, 2025:
(In millions)
Remainder 2025$160 
2026586 
2027498 
2028420 
2029356 
After 20292,592 
Total lease payments4,612 
Interest(2,320)
Operating lease liabilities as of September 30, 2025
$2,292 
Leases Leases
Lessor

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
September 30,		Nine Months Ended
September 30,
(In millions)2025202420252024
Operating lease income from vehicle rentals$2,232 $2,330 $5,846 $6,343 
Variable operating lease income170 176 440 480 
Revenue accounted for under Topic 8422,402 2,506 6,286 6,823 
Revenue accounted for under Topic 60676 70 190 186 
Total revenues$2,478 $2,576 $6,476 $7,009 
Lessee

In June 2025, the Company sold and leased back certain land and buildings, inclusive of site improvements, associated with operating sites in its Americas RAC segment. The land portions of the sales qualified for sale-leaseback accounting, and were accounted for as operating leases with then expected terms of 40 years, inclusive of extensions the Company intends to exercise, and aggregate future minimum lease payments of $483 million. See Note 3, "Divestitures," for additional information.

In July 2025, the Company sold and leased back certain real estate associated with two operating sites in its Americas RAC segment. The sales qualified for sale-leaseback accounting, and were accounted for as operating leases with then expected terms of 50 years, inclusive of extensions the Company intends to exercise, and 15 years, respectively. The operating leases have aggregate future minimum lease payments of $384 million. See Note 3, "Divestitures," for additional information.

The Company expects to continue to evaluate and complete, when deemed appropriate, sales and lease backs of certain non-vehicle capital assets through the end of 2025.

The following summarizes the weighted-average remaining lease term and weighted-average discount rate for the Company's operating leases as a lessee as of September 30, 2025:
Weighted-average remaining lease term (in years)11.3
Weighted-average discount rate11.63 %
The following table summarizes the Company's minimum fixed lease obligations under existing agreements as a lessee, excluding variable concession obligations in excess of minimum annual guarantees and short-term leases, as of September 30, 2025:
(In millions)
Remainder 2025$160 
2026586 
2027498 
2028420 
2029356 
After 20292,592 
Total lease payments4,612 
Interest(2,320)
Operating lease liabilities as of September 30, 2025
$2,292 
v3.25.3
Income Tax (Provision) Benefit
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Tax (Provision) Benefit Income Tax (Provision) Benefit
Hertz Global

For the three months ended September 30, 2025, Hertz Global recorded a tax provision of $50 million, which resulted in an effective tax rate of 21%. For the three months ended September 30, 2024, Hertz Global recorded a tax benefit of $288 million, which resulted in an effective tax rate of 18%.

The change in taxes for the three months ended September 30, 2025 compared to the same period in 2024 was driven primarily by higher pretax income offset by lower valuation allowances on deferred tax assets.

For the nine months ended September 30, 2025, Hertz Global recorded a tax benefit of $54 million, which resulted in an effective tax rate of 9%. For the nine months ended September 30, 2024, Hertz Global recorded a tax benefit of $291 million, which resulted in an effective tax rate of 11%.

The change in taxes in the nine months ended September 30, 2025 compared to the same period in 2024 was driven primarily by lower pretax loss, non-taxable changes in the fair value of Public Warrants and exchangeable debt, and lower EV credits, offset with lower valuation allowances on deferred tax assets.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, reinstating full bonus depreciation, allowing interest deductions based on EBITDA, expensing R&D costs and modifying certain international provisions of the Internal Revenue Code. As a result, the Company expects federal cash taxes to decrease in the near term, assuming fleet investments are maintained or increased from current levels. These provisions are also expected to increase deferred tax assets, such as net operating losses, and may necessitate additional valuation allowances depending on future taxable income and loss trends.

Hertz

For the three months ended September 30, 2025, Hertz recorded a tax provision of $50 million, which resulted in an effective tax rate of 21%. For the three months ended September 30, 2024, Hertz recorded a tax benefit of $287 million, which resulted in an effective tax rate of 17%.

The change in taxes for the three months ended September 30, 2025 compared to the same period in 2024 was driven primarily by driven primarily by higher pretax income offset by lower valuation allowances on deferred tax assets.
For the nine months ended September 30, 2025, Hertz recorded a tax benefit of $54 million, which resulted in an effective tax rate of 11%. For the nine months ended September 30, 2024, Hertz recorded a tax benefit of $291 million, which resulted in an effective tax rate of 10%

The change in taxes in the nine months ended September 30, 2025 compared to the same period in 2024 was driven primarily by driven primarily by lower pretax loss and lower EV credits, offset with lower valuation allowances on deferred tax assets.
On July 4, 2025, the OBBBA was enacted, reinstating full bonus depreciation, allowing interest deductions based on EBITDA, expensing R&D costs and modifying certain international provisions of the Internal Revenue Code. As a result, the Company expects federal cash taxes to decrease in the near term, assuming fleet investments are maintained or increased from current levels. These provisions are also expected to increase deferred tax assets, such as net operating losses, and may necessitate additional valuation allowances depending on future taxable income and loss trends.
v3.25.3
Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global
 9 Months Ended
Sep. 30, 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 September 30, 2025, approximately 82,700,000 Public Warrants remain outstanding with an exercise price of $13.61. There have been approximately 6,300,000 Public Warrants 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 September 30, 2025 and December 31, 2024. See Note 12, "Fair Value Measurements."

At-the-Market ("ATM") Equity Offering Program

In May 2025, Hertz Global filed a Form S-3 Registration Statement as well as prospectuses covering the offering, issuance and sale of up to a maximum aggregate offering price of $250 million shares of Hertz Global common stock par value $0.01 per share that may be issued and sold from time to time under an equity distribution agreement with various banking institutions, acting as the Company's agents, through an at-the-market offering program (the "ATM Program"). As of September 30, 2025, no shares of Hertz Global common stock had been sold under the ATM Program.
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, Exchangeable Notes Due 2029 and Exchangeable Notes Due 2030, 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 Due 2029 and Exchangeable Notes Due 2030 are computed using the if-converted method. Additionally, the Company removes the income or expense impacts related to Public Warrants, Exchangeable Notes Due 2029 and Exchangeable Notes Due 2030 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
September 30,		Nine Months Ended
September 30,
(In millions, except per share data)(1)
2025202420252024
Numerator:
Net income (loss) available to Hertz Global common stockholders, basic$184 $(1,332)$(553)$(2,383)
Impact of Exchangeable Notes Due 2029
(30)— — — 
Net income (loss) available to Hertz Global common stockholders, diluted$154 $(1,332)$(553)$(2,383)
Denominator:
Basic and diluted weighted-average common shares outstanding311 307 309 306 
Dilutive effect of stock options, RSUs and PSUs12 — — — 
Dilutive effect of Exchangeable Notes Due 2029
41 — — — 
Diluted weighted-average shares outstanding364 307 309 306 
Antidilutive Public Warrants(2)
83 83 83 83 
Antidilutive stock options, RSUs and PSUs5 15 17 13 
Antidilutive shares related to Exchangeable Notes Due 2029
— 38 40 13 
Antidilutive shares related to Exchangeable Notes Due 2030
1 — — — 
Total antidilutive88 136 140 108 
Earnings (loss) per common share:
Basic$0.59 $(4.34)$(1.79)$(7.79)
Diluted$0.42 $(4.34)$(1.79)$(7.79)
(1)    This table 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.
(2)    Prior period amounts have been adjusted in the current period to correct for immaterial errors. These corrections only affect the disclosure of antidilutive Public Warrants and do not impact the earnings (loss) per common share, basic and diluted, for the three and nine months ended September 30, 2024.
v3.25.3
Stock-Based Compensation
 9 Months Ended
Sep. 30, 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, Hertz Global's Board of Directors (the "Board") approved the Hertz Global Holdings, Inc. 2021 Omnibus Incentive Plan (the "2021 Omnibus Plan"). As of September 30, 2025, 36,966,397 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
September 30,		Nine Months Ended
September 30,
(In millions)2025202420252024
Employee compensation expense(1)
$14 $15 $45 $(21)
Income tax (benefit) expense(2)(2)(5)(7)
Employee compensation expense, net$12 $13 $40 $(28)
(1)    For the nine months ended September 30, 2024, includes $68 million of former CEO awards forfeited in March 2024.

As of September 30, 2025, there was $102 million of total unrecognized employee compensation expense expected to be recognized over the remaining 1.4 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 nine months ended September 30, 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(347,858)26.17 0.0— 
Outstanding as of September 30, 2025
1,354,560 26.17 5.5— 
Exercisable as of September 30, 2025
(1,354,560)26.17 5.5— 
Non-vested as of September 30, 2025
— 

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

A summary of the PSU activity for the nine months ended September 30, 2025 under the 2021 Omnibus Plan is presented below. As of September 30, 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)
1,354,789 4.10 — 
Vested(109,431)20.38 — 
Forfeited or Expired(969,952)5.68 — 
Outstanding as of September 30, 2025
5,473,319 4.04 37 
(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 primarily 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 nine months ended September 30, 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 
Granted14,470,605 4.24 — 
Vested(5,771,750)6.77 — 
Forfeited or Expired(3,758,719)5.49 — 
Outstanding as of September 30, 2025
26,050,523 4.87 177 

Additional information pertaining to RSU activity is as follows:
Nine Months Ended September 30,
20252024
Total fair value of awards that vested (in millions)$39 $26 
Weighted-average grant-date fair value of awards granted$4.24 $5.44 

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

Deferred Stock Units

As of September 30, 2025, there were approximately 343,000 outstanding shares of deferred stock units under the 2021 Omnibus Plan.
v3.25.3
Financial Instruments
 9 Months Ended
Sep. 30, 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 September 30, 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.

Equity Price Risk

The Company entered into capped call derivative financial instruments to manage its exposure to market price movements of Hertz Global common stock in connection with the Exchangeable Notes Due 2030.

Capped Call Transactions 2030

In September 2025, Hertz issued the Exchangeable Notes Due 2030, as disclosed in Note 6, "Debt," and concurrently entered into privately negotiated cash-settled capped call transactions (the "Capped Call Transactions 2030") with certain of the initial purchasers or their affiliates at a cost of $38 million. The Capped Call Transactions 2030 cover, subject to certain anti-dilution adjustments, approximately 46,000,000 shares, the number of shares of Hertz Global common stock initially issuable upon exchange of the Exchangeable Notes Due 2030.

The Capped Call Transactions 2030 have an initial strike price of $9.24 per share and an initial cap price of $13.94 per share. The strike price, which is subject to certain adjustments, corresponds to the initial exchange price of the Exchangeable Notes Due 2030. The Capped Call Transactions 2030 are generally intended to compensate (through the payment of cash to Hertz) for potential dilution to Hertz Global common stock upon any exchange of the Exchangeable Notes Due 2030 and/or offset any potential cash payments Hertz is required to make in excess of the principal amount of exchanged Exchangeable Notes Due 2030, as the case may be, with such compensation and/or offset subject to a cap. The Capped Call Transactions 2030 expire on October 1, 2030, subject to earlier exercise, and must be settled in cash.

The Capped Call Transactions 2030 are recorded on the consolidated balance sheet as a derivative asset at their estimated fair value and are adjusted at the end of each reporting period, with any unrealized gain or loss reflected in Non-vehicle interest expense, net in the consolidated statements of operations. The Capped Call Transactions 2030 are measured at fair value using a Monte Carlo simulation model utilizing observable and unobservable market data. Refer to Note 12, "Fair Value Measurements," for additional information.
Fair Value

The following table summarizes the estimated fair value of financial instruments:
Fair Value of Financial Instruments
Asset DerivativesLiability Derivatives
(In millions)September 30, 2025December 31, 2024September 30, 2025December 31, 2024
Interest rate instruments(1)
$— $2 $— $— 
Foreign currency forward contracts(1)
1 1 3 6 
Exchange Features 2029 related to Exchangeable Notes Due 2029(2)
— — 145 61 
Exchange Feature 2030 related to Exchangeable Notes Due 2030(3)
— — 104 — 
Capped Call Transactions 2030(4)
37 — — — 
Total
$38 $3 $252 $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 2029, as defined and further disclosed in Note 12, "Fair Value Measurements," were bifurcated as derivatives from the Exchangeable Notes Due 2029 and are recorded in Non-vehicle debt in the accompanying unaudited condensed consolidated balance sheets.
(3)    The Exchange Feature 2030, as disclosed in Note 6, "Debt," was bifurcated as a derivative from the Exchangeable Notes Due 2030 and is recorded in Non-vehicle debt in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2025.
(4)    The Capped Call Transactions 2030 were entered into in connection with the Exchangeable Notes Due 2030, as disclosed in Note 6, "Debt," and are recorded in Prepaid expenses and other assets in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2025.

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
September 30,		Nine Months Ended
September 30,
(In millions)2025202420252024
Interest rate instrumentsVehicle interest expense, net$(1)$(3)$(4)$(5)
Foreign currency forward contractsSelling, general and administrative expense7 4 9 (5)
Exchange Features 2029 related to Exchangeable Notes Due 2029(1)
Non-vehicle interest expense, net38 14 (73)14 
Exchange Feature 2030 related to Exchangeable Notes Due 2030(2)
Non-vehicle interest expense, net(1)— (1)— 
Total
$43 $15 $(69)$4 
(1)    The Exchange Features 2029, as defined and further disclosed in Note 12, "Fair Value Measurements," were bifurcated as derivatives from the Exchangeable Notes Due 2029.
(2)    The Exchange Feature 2030, as further disclosed in Note 12, "Fair Value Measurements," was bifurcated as a derivative from the Exchangeable Notes Due 2030.

Gains and losses associated with the Capped Call Transactions 2030 are recorded in Non-vehicle interest expense, net in the accompanying unaudited condensed consolidated statements of operations. During the three and nine months ended September 30, 2025, no gains or losses were recognized for the Capped Call Transactions 2030.

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.
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 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).
September 30, 2025December 31, 2024
(In millions)Nominal Unpaid Principal BalanceAggregate Fair ValueNominal Unpaid Principal BalanceAggregate Fair Value
Other Non-Vehicle Debt$4,947 4,597 $4,920 $4,399 
Exchangeable Notes Due 2029
271 370 250 289 
Exchangeable Notes Due 2030
425 429 — — 
Total Non-Vehicle Debt5,643 5,396 5,170 4,688 
Vehicle Debt11,804 11,756 11,280 11,100 
Total$17,447 $17,152 $16,450 $15,788 

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:
September 30, 2025December 31, 2024
(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Cash equivalents and restricted cash equivalents$583 $— $— $583 $229 $— $— $229 
Capped Call Transactions 2030
$— $— $37 $37 $— $— $— $— 
Liabilities:
Public Warrants$308 $— $— $308 $178 $— $— $178 
Exchange Features 2029
$— $— $145 $145 $— $— $61 $61 
Exchange Feature 2030
$— $— $104 $104 $— $— $— $— 
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 September 30, 2025 and December 31, 2024 in accordance with the provisions of ASC 480, Distinguishing Liabilities from Equity. See Note 9, "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 and nine months ended September 30, 2025, the fair value adjustments included losses of $6 million and $130 million, respectively. For the three and nine months ended September 30, 2024, the fair value adjustments included gains of $21 million and $272 million, respectively. These amounts are recorded in Change in fair value of Public Warrants in the accompanying unaudited condensed consolidated statements of operations for Hertz Global for the three and nine months ended September 30, 2025 and 2024.

Exchangeable Notes Due 2029 – Bifurcated Derivatives

The Exchangeable Notes Due 2029 contain an embedded conversion feature (the "Exchange Feature 2029") that was required to be bifurcated and accounted for separately from the Exchangeable Notes Due 2029 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 2029.

As disclosed in Note 6, "Debt," the Exchangeable Notes Due 2029 bear PIK interest payable semi-annually on January 15 and July 15. Upon the Semi-annual PIK Event in the first and third quarters of 2025, the Company bifurcated the Exchange Feature 2029 PIK and recognized a debt discount of $3 million and $8 million, respectively, within non-vehicle debt, representing the initial fair values.

As of September 30, 2025, the fair value of the Exchange Feature 2029 and the Exchange Feature 2029 PIK (collectively, the "Exchange Features 2029") was $145 million. Refer also to Note 11, "Financial Instruments," for further information.

The fair value of the Exchange Features 2029 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 2029 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 2029 as Level 3 in the fair value hierarchy.

The estimated fair values of the Exchange Features 2029 were computed using the following key inputs as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
Hertz Global common share price$6.80 $3.66 
Expected term (years)3.794.54
Risk-free interest rate3.66 %4.35 %
Credit spread8.29 %8.55 %
Expected volatility35.00 %48.75 %
The significant unobservable input used in the fair value measurement of the Exchange Features 2029 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 2029 measured at fair value utilizing significant unobservable inputs (Level 3):
(In millions)
Exchange Features 2029
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, 202570 
(Gain) loss in fair value recognized in earnings(1)
105 
Balance as of June 30, 2025175 
Initial recognition of derivative8 
(Gain) loss in fair value recognized in earnings(2)
(38)
Balance as of September 30, 2025
$145 
(1)    Included in Non-vehicle interest expense, net in the accompanying unaudited condensed consolidated statements of operations for the nine months ended September 30, 2025.
(2)    Included in Non-vehicle interest expense, net in the accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2025.

Exchangeable Notes Due 2030 – Bifurcated Derivative

The Exchangeable Notes Due 2030 contain an embedded conversion feature, the Exchange Feature 2030, that was required to be bifurcated and accounted for separately from the Exchangeable Notes Due 2030 as a derivative liability at fair value. Upon issuance in September 2025, the Company recognized a debt discount within non-vehicle debt, representing the initial fair value of the Exchange Feature 2030. Refer to Note 6, "Debt," and Note 11, "Financial Instruments," for further information.

The fair value of the Exchange Feature 2030 was determined using a lattice model and a “with-and-without” valuation methodology. The inputs used to estimate the fair value of the Exchange Feature 2030 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 Feature 2030 as Level 3 in the fair value hierarchy.

The estimated fair value of the Exchange Feature 2030 was computed using the following key inputs at the measurement date upon issuance and as of September 30, 2025:
IssuanceSeptember 30, 2025
Hertz Global common share price$6.84 $6.80 
Expected term (years)5.015.00
Risk-free interest rate3.74 %3.74 %
Credit spread8.36 %8.43 %
Expected volatility35.00 %35.00 %
The significant unobservable input used in the fair value measurement of the Exchange Feature 2030 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 Feature 2030 measured at fair value utilizing significant unobservable inputs (Level 3):
(In millions)Exchange Feature 2030
Balance as of June 30, 2025$— 
Initial recognition of derivative103 
(Gain) loss in fair value recognized in earnings(1)
1 
Balance as of September 30, 2025
$104 
(1)    Included in Non-vehicle interest expense, net in the accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2025.

Capped Call Transactions 2030

The fair value of the Capped Call Transactions 2030 was determined using a Monte Carlo simulation model. The key inputs used to estimate the fair value of the Capped Call Transactions 2030 include the share price of Hertz Global common stock, remaining contractual term, risk-free interest rate and an expected volatility determined by reference to historical stock volatilities. As the expected volatility input is considered unobservable, the Company has categorized the Capped Call Transactions 2030 as Level 3 in the fair value hierarchy.

The estimated fair value of the Capped Call Transactions 2030 was computed using the following key inputs at the measurement date upon issuance:
September 30, 2025
Hertz Global common share price$6.80 
Expected term (years)5.00
Risk-free interest rate3.74 %
Dividend yield— %
Expected volatility36.00 %

The significant unobservable input used in the fair value measurement of the Capped Call Transactions 2030 is expected volatility. Holding other inputs constant, an increase (decrease) in expected volatility would have resulted in a higher (lower) fair value measurement, respectively.

During the three and nine months ended September 30, 2025, no gains or losses were recognized for the Capped Call Transactions 2030. The following table summarizes the activity related to the Capped Call Transactions 2030 measured at fair value utilizing significant unobservable inputs (Level 3):
(In millions)Capped Call Transactions 2030
Balance as of June 30, 2025$— 
Initial recognition of derivative37 
Balance as of September 30, 2025
$37 
Financial Instruments

The fair value of the Company's financial instruments as of September 30, 2025 and December 31, 2024 are disclosed in Note 11, "Financial Instruments." The Company's financial instruments are priced using quoted market prices for similar assets or liabilities in active markets (i.e., Level 2 inputs), excluding the Exchange Features 2029, the Exchange Feature 2030 and the Capped Call Transactions 2030, each as disclosed above, which are categorized as Level 3 in the fair value hierarchy.
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 5, "Revenue Earning Vehicles," for additional information.
v3.25.3
Contingencies and Off-Balance Sheet Commitments
 9 Months Ended
Sep. 30, 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 September 30, 2025 and December 31, 2024, the Company's liability recorded for self-insured liabilities was $660 million and $617 million, of which $524 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 September 30, 2025 or the period after September 30, 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 $334 million for this litigation as of September 30, 2025, made up of approximately $260 million on the underlying claims and approximately $74 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"). 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. The Company did not reach an agreement with the Noteholders, and there can be no assurance that the parties will agree to a settlement. 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, and the Company filed its reply brief on May 13, 2025. On June 2, 2025, the U.S. Supreme Court issued a docket entry calling for the views of the Solicitor General of the United States, or CVSG, on whether it should grant the petition for a writ of certiorari. 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, and the matter is now fully briefed. Oral argument on the appeal is scheduled for October 29, 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. The Court scheduled a hearing on the SLC's unopposed motion to terminate the derivative claims for November 10, 2025. The parties are engaged in settlement negotiations for the direct and derivative claims.

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. On October 16, 2025, the Court granted the motion to dismiss in part. The Court dismissed all claims except those based on statements alleged in Paragraphs 98 and 110 of the Amended Complaint. The Court directed the clerk to lift the stay and ordered the parties to file a case management report by October 31, 2025.

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) (the "Illinois Northern District, Western Division Court"). 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 and eventually transferred to the same court, the Illinois Northern District, Western Division Court. The class actions generally seek injunctive relief and unspecified damages. The defendants' responses to the complaints have been stayed pending the Illinois Northern District, Western Division Court's entry of a global scheduling order. 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.

Antitrust Litigation Settlements

In September 2025, the Company received notice that, in connection with its participation in a class action settlement in the In re Automotive Parts Antitrust Litigation, No. 2:12-md-02311 (E.D. Mich.), the Company would receive a pro rata settlement distribution in the amount of $154 million. The Company received the settlement distribution on September 30, 2025, in which the associated gain is recorded in Legal settlement in the accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2025.

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.
v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 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, which aids the CODM in the assessment of segment operating performance and assists in the evaluation of resource needs and allocation of resources to the Company's reportable segments. The CODM conducts regular meetings with finance and operational leaders to review targeted results versus actual results to facilitate the evaluation of Adjusted EBITDA. 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 September 30, 2025
(In millions)Americas RACInternational RACTotal
Revenues$1,910 $568 $2,478 
Significant segment expenses:
Direct vehicle and operating1,155 298 1,453 
Depreciation of revenue earning vehicles and lease charges, net(1)
355 102 457 
Selling, general and administrative127 80 207 
Other segment items(2)
121 (12)109 
Segment profit (loss): Adjusted EBITDA$152 $100 $252 
Adjustments:
Corporate(3)
(62)
Non-vehicle depreciation and amortization(29)
Non-vehicle debt interest, net(4)
(123)
Vehicle debt-related charges(5)
(12)
Restructuring and restructuring related charges(6)
(4)
Unrealized gains (losses) on financial instruments(7)
33 
Gain on sale of non-vehicle capital assets(8)
39 
Legal settlement(9)
154 
Bankruptcy-related litigation reserve(10)
(4)
Other items(11)
(4)
Income (loss) before income taxes - Hertz240 
Three Months Ended September 30, 2025
(In millions)Americas RACInternational RACTotal
Change in fair value of Public Warrants(12)
(6)
Income (loss) before income taxes - Hertz Global$234 

Three Months Ended September 30, 2024
(In millions)Americas RACInternational RACTotal
Revenues$2,062 $514 $2,576 
Significant segment expenses:
Direct vehicle and operating1,202 271 1,473 
Depreciation of revenue earning vehicles and lease charges, net(1)
822 115 937 
Selling, general and administrative113 57 170 
Other segment items(2)
94 8 102 
Segment profit (loss): Adjusted EBITDA$(169)$63 $(106)
Adjustments:
Corporate(3)
(51)
Non-vehicle depreciation and amortization(34)
Non-vehicle debt interest, net(103)
Vehicle debt-related charges(5)
(11)
Restructuring and restructuring related charges(6)
(1)
Unrealized gains (losses) on financial instruments(7)
16 
Bankruptcy-related litigation reserve(10)
(288)
Long-Lived Assets impairment(12)
(1,048)
Other items(11)
(15)
Income (loss) before income taxes - Hertz(1,641)
Change in fair value of Public Warrants(12)
21 
Income (loss) before income taxes - Hertz Global$(1,620)

Nine Months Ended September 30, 2025
(In millions)Americas RACInternational RACTotal
Revenues$5,138 $1,338 $6,476 
Significant segment expenses:
Direct vehicle and operating3,353 768 4,121 
Depreciation of revenue earning vehicles and lease charges, net(1)
1,142 265 1,407 
Selling, general and administrative373 184 557 
Other segment items(2)
314 (4)310 
Segment profit (loss): Adjusted EBITDA$(44)$125 $81 
Adjustments:
Corporate(3)
(215)
Non-vehicle depreciation and amortization(88)
Non-vehicle debt interest, net(4)
(371)
Vehicle debt-related charges(5)
(35)
Restructuring and restructuring related charges(6)
(11)
Unrealized gains (losses) on financial instruments(7)
(71)
Nine Months Ended September 30, 2025
(In millions)Americas RACInternational RACTotal
Gain on sale of non-vehicle capital assets(8)
128 
Legal settlement(9)
154 
Bankruptcy-related litigation reserve(10)
(12)
Other items(11)
(37)
Income (loss) before income taxes - Hertz(477)
Change in fair value of Public Warrants(12)
(130)
Income (loss) before income taxes - Hertz Global$(607)

Nine Months Ended September 30, 2024
(In millions)Americas RACInternational RACTotal
Revenues$5,729 $1,280 $7,009 
Significant segment expenses:
Direct vehicle and operating3,553 731 4,284 
Depreciation of revenue earning vehicles and lease charges, net(1)
2,603 338 2,941 
Selling, general and administrative374 160 534 
Other segment items(2)
259 21 280 
Segment profit (loss): Adjusted EBITDA$(1,060)$30 $(1,030)
Adjustments:
Corporate(3)
(154)
Non-vehicle depreciation and amortization(107)
Non-vehicle debt interest, net(266)
Vehicle debt-related charges(5)
(33)
Restructuring and restructuring related charges(6)
(45)
Unrealized gains (losses) on financial instruments(7)
8 
Bankruptcy-related litigation reserve(10)
(288)
Long-Lived Assets impairment(13)
(1,048)
Non-cash stock-based compensation forfeitures(14)
64 
Other items(11)
(47)
Income (loss) before income taxes - Hertz(2,946)
Change in fair value of Public Warrants(12)
272 
Income (loss) before income taxes - Hertz Global$(2,674)
(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 5, "Revenue Earning Vehicles."
(2)    Represents certain other segment items that are not deemed significant segment expenses, which primarily consists of vehicle interest expense, net and other adjustments, such as intercompany royalty assessment fees, restructuring and restructuring related charges, vehicle-debt related charges and other miscellaneous items as described in footnote 11 below.
(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 2029 and the Exchange Feature 2030, 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.
(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, closure of underperforming locations and litigation. 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 and foreign currency forward contract gains (losses) are recorded within selling, general and administrative expense. In 2025, also includes gains (losses) related to the fair value of the Exchange Features 2029 and the Exchange Feature 2030, which are recorded within non-vehicle interest expense. See Note 11, "Financial Instruments."
(8)    Represents the gains recognized on the sales of certain non-vehicle capital assets sold in June and July 2025. See Note 3, "Divestitures."
(9)    Represents the gain related to the receipt of a legal settlement distribution in September 2025 in connection with the Company’s participation in a class action settlement. See Note 13, "Contingencies and Off-Balance Sheet Commitments."
(10)    Represents an increase to an existing bankruptcy-related litigation reserve initially recorded in September 2024, including interest which continues to accrue during each subsequent reporting period. See Note 13, "Contingencies and Off-Balance Sheet Commitments."
(11)    Represents miscellaneous items. For the three months ended September 30, 2025, primarily includes an unfavorable litigation ruling, partially offset by certain litigation adjustments. For the three months ended September 30, 2024, primarily includes certain IT-related charges, cloud computing costs and certain storm-related damages, partially offset by a loss recovery settlement. For the nine months ended September 30, 2025, primarily includes certain IT-related charges, an unfavorable litigation ruling, cloud computing costs, certain concession-related adjustments and certain litigation charges and adjustments. For the nine months ended September 30, 2024, primarily includes certain IT-related charges, cloud computing costs and certain storm-related damages, partially offset by certain litigation settlements and a loss recovery settlement.
(12)    Represents the change in fair value during the reporting period for Hertz Global's outstanding Public Warrants.
(13)    Represents Long-Lived Assets impairment charges recognized in the third quarter of 2024. See Note 4, "Long-Lived Assets Impairment."
(14)    Represents the former CEO awards forfeited in March 2024. See Note 10, "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
September 30,		Nine Months Ended
September 30,
(In millions)2025202420252024
Depreciation and amortization, non-vehicle assets
Americas RAC$23 $28 $72 $81 
International RAC3 3 10 10 
Total reportable segments26 31 82 91 
Corporate
3 3 6 16 
Total Hertz Global and Hertz$29 $34 $88 $107 
Vehicle interest expense, net
Americas RAC$134 $124 $380 $363 
International RAC27 33 73 84 
Total Hertz Global and Hertz$161 $157 $453 $447 
Non-vehicle interest expense, net
Americas RAC$1 $(1)$1 $(3)
International RAC(4)(4)(12)(14)
Total reportable segments(3)(5)(11)(17)
Corporate
89 94 456 269 
Total Hertz Global and Hertz$86 $89 $445 $252 

As of
(In millions)September 30, 2025December 31, 2024
Revenue earning vehicles, net
Americas RAC$10,711 $10,253 
International RAC1,982 1,710 
Total Hertz Global and Hertz$12,693 $11,963 
As of
(In millions)September 30, 2025December 31, 2024
Property and equipment, net
Americas RAC$421 $460 
International RAC60 71 
Total reportable segments481 531 
Corporate
89 92 
Total Hertz Global and Hertz$570 $623 
Total assets
Americas RAC$17,797 $17,386 
International RAC3,639 3,456 
Total reportable segments21,436 20,842 
Corporate
1,554 960 
Total Hertz Global(2)
22,990 21,802 
Corporate - Hertz(3)(1)
Total Hertz(2)
$22,987 $21,801 
(1)    Includes the carrying amount of vehicles classified as held for sale as of the respective balance sheet date. See Note 5, "Revenue Earning Vehicles."
(2)    The consolidated total assets of Hertz Global and Hertz as of September 30, 2025 and December 31, 2024 include total assets of VIEs of $1.6 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 6, "Debt," for further information.

Nine Months Ended September 30,
(In millions)20252024
Revenue earning vehicles and non-vehicle capital assets
Americas RAC:
Expenditures
$(6,492)$(6,430)
Proceeds from disposals
5,084 3,691 
Net expenditures - Hertz Global and Hertz
$(1,408)$(2,739)
International RAC:
Expenditures
$(1,376)$(1,503)
Proceeds from disposals
1,066 983 
Net expenditures - Hertz Global and Hertz
$(310)$(520)
Corporate:
Expenditures
$(1)$(6)
Proceeds from disposals
(3)1 
Net expenditures - Hertz Global and Hertz
$(4)$(5)
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
September 30,		Nine Months Ended
September 30,
(In millions)2025202420252024
Revenues
U.S.$1,779 $1,934 $4,865 $5,455 
International
699 642 1,611 1,554 
Total Hertz Global and Hertz
$2,478 $2,576 $6,476 $7,009 

As of
(In millions)September 30, 2025December 31, 2024
Revenue earning vehicles, net
U.S.$10,218 $9,880 
International
2,475 2,083 
Total Hertz Global and Hertz(1)
$12,693 $11,963 
Property and equipment, net
U.S.$492 $535 
International
78 88 
Total Hertz Global and Hertz
$570 $623 
Operating lease right-of-use assets
U.S.$1,972 $1,815 
International
316 273 
Total Hertz Global and Hertz
$2,288 $2,088 
Total assets
U.S.
$18,519 $17,670 
International4,471 4,132 
Total Hertz Global22,990 21,802 
U.S. - Hertz(3)(1)
Total Hertz$22,987 $21,801 
(1)    Includes the carrying amount of vehicles classified as held for sale as of the respective balance sheet date. See Note 5, "Revenue Earning Vehicles."
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 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
v3.25.3
Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)
 9 Months Ended
Sep. 30, 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 September 30, 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 Quarterly 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 expects to adopt the guidance when it becomes effective. The Company is in the process of determining the method of adoption and assessing the overall impact of adopting this guidance on its disclosures.

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued guidance to modernize the accounting for internal-use software costs. The guidance removes references to prescriptive and sequential software development stages, and requires an entity to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The guidance also specifies that disclosures in ASC 360, Property, Plant and Equipment, are required for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements.

The guidance is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, using either a prospective, retrospective or modified transition approach. Early adoption is permitted. The Company expects to adopt the guidance when it becomes effective using a prospective application. The Company is in the process of assessing the overall impact of adopting this guidance on its financial position, results of operations and cash flows.
v3.25.3
Revenue Earning Vehicles (Tables)
 9 Months Ended
Sep. 30, 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)September 30,
2025		December 31,
2024
Revenue earning vehicles$13,869 $12,424 
Less accumulated depreciation(1,330)(751)
12,539 11,673 
Revenue earning vehicles held for sale, net(1)
154 290 
Revenue earning vehicles, net(2)
$12,693 $11,963 
(1)    Represents the carrying amount of vehicles classified as held for sale as of the respective balance sheet date.
(2)    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
September 30,		Nine Months Ended
September 30,
(In millions)2025202420252024
Depreciation of revenue earning vehicles$420 $827 $1,317 $2,355 
(Gain) loss on disposal of revenue earning vehicles(1)(2)
4 97 25 555 
Rents paid for vehicles leased33 13 65 31 
Depreciation of revenue earning vehicles and lease charges, net$457 $937 $1,407 $2,941 
(1)    Includes costs associated with vehicle sales of $49 million and $203 million for the three and nine months ended September 30, 2025, respectively. Includes costs associated with vehicle sales of $59 million and $158 million for the three and nine months ended September 30, 2024, respectively.
(2)    Includes the write-down to fair value for vehicles classified as held for sale, including the EV Disposal Groups for the nine months ended September 30, 2024, as defined and disclosed below.
v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt, including its credit facilities, consists of the following ($ in millions) as of September 30, 2025 and December 31, 2024:
Facility
Weighted-Average Interest Rate
as of
September 30, 2025
Fixed or
Floating
Interest
Rate		MaturitySeptember 30,
2025		December 31,
2024
Non-Vehicle Debt
First Lien RCF8.33%Floating3/2028210 $175 
Term B Loan8.07%Floating6/20281,245 1,255 
Incremental Term B Loan8.06%Floating6/2028491 495 
Term C Loan8.07%Floating6/2028245 245 
First Lien Senior Notes12.63%Fixed7/20291,250 1,250 
Exchangeable Notes Due 2029(1)
8.00%Fixed7/2029271 250 
Exchangeable Notes Due 2030(2)
5.50%Fixed10/2030425 — 
Senior Notes Due 20264.63%Fixed12/2026500 500 
Senior Notes Due 20295.00%Fixed12/20291,000 1,000 
Other Non-Vehicle Debt(3)(4)
9.02%Fixed6/20656 — 
Facility
Weighted-Average Interest Rate
as of
September 30, 2025
Fixed or
Floating
Interest
Rate		MaturitySeptember 30,
2025		December 31,
2024
Fair Value of the Exchange Features 2029(5)
N/AN/AN/A145 61 
Fair Value of the Exchange Feature 2030(6)
N/AN/AN/A104 — 
Unamortized Debt Issuance Costs(7) and Net (Discount) Premium(8)
(243)(127)
Total Non-Vehicle Debt5,649 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(9)
5.92%Floating5/20272,007 2,162 
HVF III Series 2021-A Class B(9)
9.28%Fixed8/2027300 188 
2,307 2,350 
HVF III U.S. Vehicle Medium Term Notes
HVF III Series 2021-2(9)
2.12%Fixed12/20262,000 2,000 
HVF III Series 2022-1(9)
N/AN/AN/A— 750 
HVF III Series 2022-2(9)
2.78%Fixed6/2027750 750 
HVF III Series 2022-4(9)
N/AN/AN/A— 667 
HVF III Series 2022-5(9)
4.39%Fixed9/2027364 364 
HVF III Series 2023-1(9)
6.17%Fixed6/2026500 500 
HVF III Series 2023-2(9)
6.30%Fixed9/2028300 300 
HVF III Series 2023-3(9)
6.46%Fixed2/2027500 500 
HVF III Series 2023-4(9)
6.66%Fixed3/2029500 500 
HVF III Series 2024-1(9)
5.98%Fixed1/2028375 375 
HVF III Series 2024-2(9)
6.03%Fixed1/2030375 375 
HVF III Series 2025-1(9)
5.36%Fixed9/2028500 — 
HVF III Series 2025-2(9)
5.61%Fixed9/2030500 — 
HVF III Series 2025-3(9)
5.54%Fixed12/2028375 — 
HVF III Series 2025-4(9)
5.92%Fixed12/2030310 — 
7,349 7,081 
Vehicle Debt - Other
European ABS(9)
4.35%Floating4/20271,211 1,037 
Hertz Canadian Securitization(9)
4.42%Floating4/2027383 292 
Australian Securitization(9)
5.21%Floating6/2027219 207 
New Zealand RCF5.96%Floating8/202757 63 
U.K. Financing FacilityN/AN/AN/A— 153 
U.K. ABS5.86%Floating12/2026154 — 
Other Vehicle Debt(10)
6.38%Floating10/2025 - 7/2028124 97 
2,148 1,849 
Unamortized Debt Issuance Costs and Net (Discount) Premium (45)(49)
Total Vehicle Debt11,759 11,231 
Total Debt$17,408 $16,335 
(1)    The effective interest rate of the Exchangeable Notes Due 2029, inclusive of the bifurcated Exchange Features 2029, as defined and disclosed in Note 12, "Fair Value Measurements," and PIK interest, was approximately 16.4% and 15.0% as of September 30, 2025 and December 31, 2024, respectively.
(2)    The effective interest rate of the Exchangeable Notes Due 2030, inclusive of the bifurcated Exchange Feature 2030, as defined and disclosed below, was approximately 12.0% as of September 30, 2025.
(3)    Other non-vehicle debt as of September 30, 2025 is comprised of $6 million in financial liabilities recognized from the sales of certain non-vehicle capital assets, as disclosed in Note 3, "Divestitures."
(4)    Reflects the effective interest rate of other non-vehicle debt.
(5)    Reflects the fair value of the Exchange Features 2029, as defined and disclosed in Note 12, "Fair Value Measurements."
(6)    Reflects the fair value of the Exchange Feature 2030, which was bifurcated from the Exchangeable Notes Due 2030, as defined and disclosed below.
(7)    Includes $8 million and $9 million of unamortized debt issuance costs associated with the Exchangeable Notes Due 2029 as of September 30, 2025 and December 31, 2024, respectively. Also includes $21 million of unamortized debt issuance costs associated with the Exchangeable Notes Due 2030 as of September 30, 2025.
(8)    Includes $4 million of unamortized debt discount associated with the Exchangeable Notes Due 2029 as of September 30, 2025 and December 31, 2024.
(9)    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.
(10)    Other vehicle debt is primarily comprised of $91 million and $94 million in finance lease obligations as of September 30, 2025 and December 31, 2024, respectively.
Schedule of Net Carrying Amount
The net carrying amount of the Exchangeable Notes Due 2029 consists of the following:
(In millions)September 30, 2025December 31, 2024
Principal$250 $250 
Non-cash PIK interest21 — 
Unamortized debt discounts and debt issuance costs(1)
(81)(78)
Fair value of the Exchange Features 2029(2)
145 61 
Net carrying amount$335 $233 
(1)    Debt discounts, including the initial fair value, at issuance, of the Exchange Features 2029, as defined in Note 12, "Fair Value Measurements," and debt issuance costs are amortized to non-vehicle interest expense over the term of the Exchangeable Notes Due 2029 using the effective interest method.
(2)    As defined and further disclosed in Note 12, "Fair Value Measurements."
The net carrying amount of the Exchangeable Notes Due 2030 consists of the following:
(In millions)September 30, 2025
Principal$425 
Unamortized debt discounts and debt issuance costs(1)
(124)
Fair value of the Exchange Feature 2030(2)
104 
Net carrying amount$405 
(1)    Debt discounts, including the initial fair value, at issuance, of the Exchange Feature 2030, and debt issuance costs are amortized to non-vehicle interest expense over the term of the Exchangeable Notes Due 2030 using the effective interest method.
(2)    As further disclosed in Note 12, "Fair Value Measurements."
Schedule of Interest Expense Associated with Exchangeable Notes
Interest expense recognized for the Exchangeable Notes Due 2029 consists of the following:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2025202420252024
Contractual interest expense$6 $5 $16 $5 
Amortization of debt discounts and debt issuance costs2 2 7 2 
(Gain) loss on fair value of the Exchange Features 2029(1)
(38)(14)73 (14)
Total$(30)$(7)$96 $(7)
(1)    As defined and further disclosed in Note 12, "Fair Value Measurements."
Interest expense recognized for the Exchangeable Notes Due 2030 consists of the following:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2025202420252024
Contractual interest expense$— $— $— $— 
Amortization of debt discounts and debt issuance costs— — — — 
(Gain) loss on fair value of the Exchange Feature 2030(1)
1 — 1 — 
Total$1 $— $1 $— 
(1)    As further disclosed in Note 12, "Fair Value Measurements."
Schedule of Facilities Available Net of Outstanding Letters of Credit
The following facilities were available to the Company as of September 30, 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$1,119 $1,119 
Total Non-Vehicle Debt1,119 1,119 
Vehicle Debt  
HVF III Series 2021-A853 — 
European ABS322 — 
Hertz Canadian Securitization38 — 
Australian Securitization3 — 
New Zealand RCF13 — 
U.K. ABS134 — 
Other Vehicle Debt24 — 
Total Vehicle Debt1,387 — 
Total$2,506 $1,119 
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 30, 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
September 30,		Nine Months Ended
September 30,
(In millions)2025202420252024
Operating lease income from vehicle rentals$2,232 $2,330 $5,846 $6,343 
Variable operating lease income170 176 440 480 
Revenue accounted for under Topic 8422,402 2,506 6,286 6,823 
Revenue accounted for under Topic 60676 70 190 186 
Total revenues$2,478 $2,576 $6,476 $7,009 
Schedule of Weighted-Average
The following summarizes the weighted-average remaining lease term and weighted-average discount rate for the Company's operating leases as a lessee as of September 30, 2025:
Weighted-average remaining lease term (in years)11.3
Weighted-average discount rate11.63 %
Schedule of Minimum Fixed Lease Obligations
The following table summarizes the Company's minimum fixed lease obligations under existing agreements as a lessee, excluding variable concession obligations in excess of minimum annual guarantees and short-term leases, as of September 30, 2025:
(In millions)
Remainder 2025$160 
2026586 
2027498 
2028420 
2029356 
After 20292,592 
Total lease payments4,612 
Interest(2,320)
Operating lease liabilities as of September 30, 2025
$2,292 
v3.25.3
Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings (Loss) Per Common Share
The following table sets forth the computation of basic and diluted earnings (loss) per common share:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions, except per share data)(1)
2025202420252024
Numerator:
Net income (loss) available to Hertz Global common stockholders, basic$184 $(1,332)$(553)$(2,383)
Impact of Exchangeable Notes Due 2029
(30)— — — 
Net income (loss) available to Hertz Global common stockholders, diluted$154 $(1,332)$(553)$(2,383)
Denominator:
Basic and diluted weighted-average common shares outstanding311 307 309 306 
Dilutive effect of stock options, RSUs and PSUs12 — — — 
Dilutive effect of Exchangeable Notes Due 2029
41 — — — 
Diluted weighted-average shares outstanding364 307 309 306 
Antidilutive Public Warrants(2)
83 83 83 83 
Antidilutive stock options, RSUs and PSUs5 15 17 13 
Antidilutive shares related to Exchangeable Notes Due 2029
— 38 40 13 
Antidilutive shares related to Exchangeable Notes Due 2030
1 — — — 
Total antidilutive88 136 140 108 
Earnings (loss) per common share:
Basic$0.59 $(4.34)$(1.79)$(7.79)
Diluted$0.42 $(4.34)$(1.79)$(7.79)
(1)    This table 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.
(2)    Prior period amounts have been adjusted in the current period to correct for immaterial errors. These corrections only affect the disclosure of antidilutive Public Warrants and do not impact the earnings (loss) per common share, basic and diluted, for the three and nine months ended September 30, 2024.
v3.25.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 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
September 30,		Nine Months Ended
September 30,
(In millions)2025202420252024
Employee compensation expense(1)
$14 $15 $45 $(21)
Income tax (benefit) expense(2)(2)(5)(7)
Employee compensation expense, net$12 $13 $40 $(28)
(1)    For the nine months ended September 30, 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 nine months ended September 30, 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(347,858)26.17 0.0— 
Outstanding as of September 30, 2025
1,354,560 26.17 5.5— 
Exercisable as of September 30, 2025
(1,354,560)26.17 5.5— 
Non-vested as of September 30, 2025
— 
Schedule of PSU Activity
A summary of the PSU activity for the nine months ended September 30, 2025 under the 2021 Omnibus Plan is presented below. As of September 30, 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)
1,354,789 4.10 — 
Vested(109,431)20.38 — 
Forfeited or Expired(969,952)5.68 — 
Outstanding as of September 30, 2025
5,473,319 4.04 37 
(1)    Presented assuming the issuance at the original target award amount (100%).
Schedule of RSU Activity
A summary of RSU activity for the nine months ended September 30, 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 
Granted14,470,605 4.24 — 
Vested(5,771,750)6.77 — 
Forfeited or Expired(3,758,719)5.49 — 
Outstanding as of September 30, 2025
26,050,523 4.87 177 

Additional information pertaining to RSU activity is as follows:
Nine Months Ended September 30,
20252024
Total fair value of awards that vested (in millions)$39 $26 
Weighted-average grant-date fair value of awards granted$4.24 $5.44 
v3.25.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 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)September 30, 2025December 31, 2024September 30, 2025December 31, 2024
Interest rate instruments(1)
$— $2 $— $— 
Foreign currency forward contracts(1)
1 1 3 6 
Exchange Features 2029 related to Exchangeable Notes Due 2029(2)
— — 145 61 
Exchange Feature 2030 related to Exchangeable Notes Due 2030(3)
— — 104 — 
Capped Call Transactions 2030(4)
37 — — — 
Total
$38 $3 $252 $67 
(1)    Asset derivatives are recorded in Prepaid expenses and other assets and liability derivatives are recorded in Accrued liabilities in the accompanying unaudited condensed consolidated balance sheets.
(2)    The Exchange Features 2029, as defined and further disclosed in Note 12, "Fair Value Measurements," were bifurcated as derivatives from the Exchangeable Notes Due 2029 and are recorded in Non-vehicle debt in the accompanying unaudited condensed consolidated balance sheets.
(3)    The Exchange Feature 2030, as disclosed in Note 6, "Debt," was bifurcated as a derivative from the Exchangeable Notes Due 2030 and is recorded in Non-vehicle debt in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2025.
(4)    The Capped Call Transactions 2030 were entered into in connection with the Exchangeable Notes Due 2030, as disclosed in Note 6, "Debt," and are recorded in Prepaid expenses and other assets in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2025.
Schedule of Gains or (Losses) on Financial Instruments
The following table summarizes the gains or (losses) on financial instruments for the period indicated:
Location of Gain (Loss) Recognized on DerivativesAmount of Gain (Loss) Recognized in Income on Derivatives
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2025202420252024
Interest rate instrumentsVehicle interest expense, net$(1)$(3)$(4)$(5)
Foreign currency forward contractsSelling, general and administrative expense7 4 9 (5)
Exchange Features 2029 related to Exchangeable Notes Due 2029(1)
Non-vehicle interest expense, net38 14 (73)14 
Exchange Feature 2030 related to Exchangeable Notes Due 2030(2)
Non-vehicle interest expense, net(1)— (1)— 
Total
$43 $15 $(69)$4 
(1)    The Exchange Features 2029, as defined and further disclosed in Note 12, "Fair Value Measurements," were bifurcated as derivatives from the Exchangeable Notes Due 2029.
(2)    The Exchange Feature 2030, as further disclosed in Note 12, "Fair Value Measurements," was bifurcated as a derivative from the Exchangeable Notes Due 2030.
v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 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).
September 30, 2025December 31, 2024
(In millions)Nominal Unpaid Principal BalanceAggregate Fair ValueNominal Unpaid Principal BalanceAggregate Fair Value
Other Non-Vehicle Debt$4,947 4,597 $4,920 $4,399 
Exchangeable Notes Due 2029
271 370 250 289 
Exchangeable Notes Due 2030
425 429 — — 
Total Non-Vehicle Debt5,643 5,396 5,170 4,688 
Vehicle Debt11,804 11,756 11,280 11,100 
Total$17,447 $17,152 $16,450 $15,788 
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:
September 30, 2025December 31, 2024
(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Cash equivalents and restricted cash equivalents$583 $— $— $583 $229 $— $— $229 
Capped Call Transactions 2030
$— $— $37 $37 $— $— $— $— 
Liabilities:
Public Warrants$308 $— $— $308 $178 $— $— $178 
Exchange Features 2029
$— $— $145 $145 $— $— $61 $61 
Exchange Feature 2030
$— $— $104 $104 $— $— $— $— 
Schedule of Estimated Fair Value of the Exchange Feature
The estimated fair values of the Exchange Features 2029 were computed using the following key inputs as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
Hertz Global common share price$6.80 $3.66 
Expected term (years)3.794.54
Risk-free interest rate3.66 %4.35 %
Credit spread8.29 %8.55 %
Expected volatility35.00 %48.75 %
The estimated fair value of the Exchange Feature 2030 was computed using the following key inputs at the measurement date upon issuance and as of September 30, 2025:
IssuanceSeptember 30, 2025
Hertz Global common share price$6.84 $6.80 
Expected term (years)5.015.00
Risk-free interest rate3.74 %3.74 %
Credit spread8.36 %8.43 %
Expected volatility35.00 %35.00 %
The estimated fair value of the Capped Call Transactions 2030 was computed using the following key inputs at the measurement date upon issuance:
September 30, 2025
Hertz Global common share price$6.80 
Expected term (years)5.00
Risk-free interest rate3.74 %
Dividend yield— %
Expected volatility36.00 %
Schedule of Fair Value Measurements
The following table summarizes the activity related to the Exchange Features 2029 measured at fair value utilizing significant unobservable inputs (Level 3):
(In millions)
Exchange Features 2029
Balance as of December 31, 2023$— 
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, 202570 
(Gain) loss in fair value recognized in earnings(1)
105 
Balance as of June 30, 2025175 
Initial recognition of derivative8 
(Gain) loss in fair value recognized in earnings(2)
(38)
Balance as of September 30, 2025
$145 
(1)    Included in Non-vehicle interest expense, net in the accompanying unaudited condensed consolidated statements of operations for the nine months ended September 30, 2025.
(2)    Included in Non-vehicle interest expense, net in the accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2025.
The following table summarizes the activity related to the Exchange Feature 2030 measured at fair value utilizing significant unobservable inputs (Level 3):
(In millions)Exchange Feature 2030
Balance as of June 30, 2025$— 
Initial recognition of derivative103 
(Gain) loss in fair value recognized in earnings(1)
1 
Balance as of September 30, 2025
$104 
(1)    Included in Non-vehicle interest expense, net in the accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2025.
The following table summarizes the activity related to the Capped Call Transactions 2030 measured at fair value utilizing significant unobservable inputs (Level 3):
(In millions)Capped Call Transactions 2030
Balance as of June 30, 2025$— 
Initial recognition of derivative37 
Balance as of September 30, 2025
$37 
v3.25.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2025
(In millions)Americas RACInternational RACTotal
Revenues$1,910 $568 $2,478 
Significant segment expenses:
Direct vehicle and operating1,155 298 1,453 
Depreciation of revenue earning vehicles and lease charges, net(1)
355 102 457 
Selling, general and administrative127 80 207 
Other segment items(2)
121 (12)109 
Segment profit (loss): Adjusted EBITDA$152 $100 $252 
Adjustments:
Corporate(3)
(62)
Non-vehicle depreciation and amortization(29)
Non-vehicle debt interest, net(4)
(123)
Vehicle debt-related charges(5)
(12)
Restructuring and restructuring related charges(6)
(4)
Unrealized gains (losses) on financial instruments(7)
33 
Gain on sale of non-vehicle capital assets(8)
39 
Legal settlement(9)
154 
Bankruptcy-related litigation reserve(10)
(4)
Other items(11)
(4)
Income (loss) before income taxes - Hertz240 
Three Months Ended September 30, 2025
(In millions)Americas RACInternational RACTotal
Change in fair value of Public Warrants(12)
(6)
Income (loss) before income taxes - Hertz Global$234 

Three Months Ended September 30, 2024
(In millions)Americas RACInternational RACTotal
Revenues$2,062 $514 $2,576 
Significant segment expenses:
Direct vehicle and operating1,202 271 1,473 
Depreciation of revenue earning vehicles and lease charges, net(1)
822 115 937 
Selling, general and administrative113 57 170 
Other segment items(2)
94 8 102 
Segment profit (loss): Adjusted EBITDA$(169)$63 $(106)
Adjustments:
Corporate(3)
(51)
Non-vehicle depreciation and amortization(34)
Non-vehicle debt interest, net(103)
Vehicle debt-related charges(5)
(11)
Restructuring and restructuring related charges(6)
(1)
Unrealized gains (losses) on financial instruments(7)
16 
Bankruptcy-related litigation reserve(10)
(288)
Long-Lived Assets impairment(12)
(1,048)
Other items(11)
(15)
Income (loss) before income taxes - Hertz(1,641)
Change in fair value of Public Warrants(12)
21 
Income (loss) before income taxes - Hertz Global$(1,620)

Nine Months Ended September 30, 2025
(In millions)Americas RACInternational RACTotal
Revenues$5,138 $1,338 $6,476 
Significant segment expenses:
Direct vehicle and operating3,353 768 4,121 
Depreciation of revenue earning vehicles and lease charges, net(1)
1,142 265 1,407 
Selling, general and administrative373 184 557 
Other segment items(2)
314 (4)310 
Segment profit (loss): Adjusted EBITDA$(44)$125 $81 
Adjustments:
Corporate(3)
(215)
Non-vehicle depreciation and amortization(88)
Non-vehicle debt interest, net(4)
(371)
Vehicle debt-related charges(5)
(35)
Restructuring and restructuring related charges(6)
(11)
Unrealized gains (losses) on financial instruments(7)
(71)
Nine Months Ended September 30, 2025
(In millions)Americas RACInternational RACTotal
Gain on sale of non-vehicle capital assets(8)
128 
Legal settlement(9)
154 
Bankruptcy-related litigation reserve(10)
(12)
Other items(11)
(37)
Income (loss) before income taxes - Hertz(477)
Change in fair value of Public Warrants(12)
(130)
Income (loss) before income taxes - Hertz Global$(607)

Nine Months Ended September 30, 2024
(In millions)Americas RACInternational RACTotal
Revenues$5,729 $1,280 $7,009 
Significant segment expenses:
Direct vehicle and operating3,553 731 4,284 
Depreciation of revenue earning vehicles and lease charges, net(1)
2,603 338 2,941 
Selling, general and administrative374 160 534 
Other segment items(2)
259 21 280 
Segment profit (loss): Adjusted EBITDA$(1,060)$30 $(1,030)
Adjustments:
Corporate(3)
(154)
Non-vehicle depreciation and amortization(107)
Non-vehicle debt interest, net(266)
Vehicle debt-related charges(5)
(33)
Restructuring and restructuring related charges(6)
(45)
Unrealized gains (losses) on financial instruments(7)
8 
Bankruptcy-related litigation reserve(10)
(288)
Long-Lived Assets impairment(13)
(1,048)
Non-cash stock-based compensation forfeitures(14)
64 
Other items(11)
(47)
Income (loss) before income taxes - Hertz(2,946)
Change in fair value of Public Warrants(12)
272 
Income (loss) before income taxes - Hertz Global$(2,674)
(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 5, "Revenue Earning Vehicles."
(2)    Represents certain other segment items that are not deemed significant segment expenses, which primarily consists of vehicle interest expense, net and other adjustments, such as intercompany royalty assessment fees, restructuring and restructuring related charges, vehicle-debt related charges and other miscellaneous items as described in footnote 11 below.
(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 2029 and the Exchange Feature 2030, 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.
(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, closure of underperforming locations and litigation. 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 and foreign currency forward contract gains (losses) are recorded within selling, general and administrative expense. In 2025, also includes gains (losses) related to the fair value of the Exchange Features 2029 and the Exchange Feature 2030, which are recorded within non-vehicle interest expense. See Note 11, "Financial Instruments."
(8)    Represents the gains recognized on the sales of certain non-vehicle capital assets sold in June and July 2025. See Note 3, "Divestitures."
(9)    Represents the gain related to the receipt of a legal settlement distribution in September 2025 in connection with the Company’s participation in a class action settlement. See Note 13, "Contingencies and Off-Balance Sheet Commitments."
(10)    Represents an increase to an existing bankruptcy-related litigation reserve initially recorded in September 2024, including interest which continues to accrue during each subsequent reporting period. See Note 13, "Contingencies and Off-Balance Sheet Commitments."
(11)    Represents miscellaneous items. For the three months ended September 30, 2025, primarily includes an unfavorable litigation ruling, partially offset by certain litigation adjustments. For the three months ended September 30, 2024, primarily includes certain IT-related charges, cloud computing costs and certain storm-related damages, partially offset by a loss recovery settlement. For the nine months ended September 30, 2025, primarily includes certain IT-related charges, an unfavorable litigation ruling, cloud computing costs, certain concession-related adjustments and certain litigation charges and adjustments. For the nine months ended September 30, 2024, primarily includes certain IT-related charges, cloud computing costs and certain storm-related damages, partially offset by certain litigation settlements and a loss recovery settlement.
(12)    Represents the change in fair value during the reporting period for Hertz Global's outstanding Public Warrants.
(13)    Represents Long-Lived Assets impairment charges recognized in the third quarter of 2024. See Note 4, "Long-Lived Assets Impairment."
(14)    Represents the former CEO awards forfeited in March 2024. See Note 10, "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
September 30,		Nine Months Ended
September 30,
(In millions)2025202420252024
Depreciation and amortization, non-vehicle assets
Americas RAC$23 $28 $72 $81 
International RAC3 3 10 10 
Total reportable segments26 31 82 91 
Corporate
3 3 6 16 
Total Hertz Global and Hertz$29 $34 $88 $107 
Vehicle interest expense, net
Americas RAC$134 $124 $380 $363 
International RAC27 33 73 84 
Total Hertz Global and Hertz$161 $157 $453 $447 
Non-vehicle interest expense, net
Americas RAC$1 $(1)$1 $(3)
International RAC(4)(4)(12)(14)
Total reportable segments(3)(5)(11)(17)
Corporate
89 94 456 269 
Total Hertz Global and Hertz$86 $89 $445 $252 

As of
(In millions)September 30, 2025December 31, 2024
Revenue earning vehicles, net
Americas RAC$10,711 $10,253 
International RAC1,982 1,710 
Total Hertz Global and Hertz$12,693 $11,963 
As of
(In millions)September 30, 2025December 31, 2024
Property and equipment, net
Americas RAC$421 $460 
International RAC60 71 
Total reportable segments481 531 
Corporate
89 92 
Total Hertz Global and Hertz$570 $623 
Total assets
Americas RAC$17,797 $17,386 
International RAC3,639 3,456 
Total reportable segments21,436 20,842 
Corporate
1,554 960 
Total Hertz Global(2)
22,990 21,802 
Corporate - Hertz(3)(1)
Total Hertz(2)
$22,987 $21,801 
(1)    Includes the carrying amount of vehicles classified as held for sale as of the respective balance sheet date. See Note 5, "Revenue Earning Vehicles."
(2)    The consolidated total assets of Hertz Global and Hertz as of September 30, 2025 and December 31, 2024 include total assets of VIEs of $1.6 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 6, "Debt," for further information.

Nine Months Ended September 30,
(In millions)20252024
Revenue earning vehicles and non-vehicle capital assets
Americas RAC:
Expenditures
$(6,492)$(6,430)
Proceeds from disposals
5,084 3,691 
Net expenditures - Hertz Global and Hertz
$(1,408)$(2,739)
International RAC:
Expenditures
$(1,376)$(1,503)
Proceeds from disposals
1,066 983 
Net expenditures - Hertz Global and Hertz
$(310)$(520)
Corporate:
Expenditures
$(1)$(6)
Proceeds from disposals
(3)1 
Net expenditures - Hertz Global and Hertz
$(4)$(5)
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
September 30,		Nine Months Ended
September 30,
(In millions)2025202420252024
Revenues
U.S.$1,779 $1,934 $4,865 $5,455 
International
699 642 1,611 1,554 
Total Hertz Global and Hertz
$2,478 $2,576 $6,476 $7,009 

As of
(In millions)September 30, 2025December 31, 2024
Revenue earning vehicles, net
U.S.$10,218 $9,880 
International
2,475 2,083 
Total Hertz Global and Hertz(1)
$12,693 $11,963 
Property and equipment, net
U.S.$492 $535 
International
78 88 
Total Hertz Global and Hertz
$570 $623 
Operating lease right-of-use assets
U.S.$1,972 $1,815 
International
316 273 
Total Hertz Global and Hertz
$2,288 $2,088 
Total assets
U.S.
$18,519 $17,670 
International4,471 4,132 
Total Hertz Global22,990 21,802 
U.S. - Hertz(3)(1)
Total Hertz$22,987 $21,801 
(1)    Includes the carrying amount of vehicles classified as held for sale as of the respective balance sheet date. See Note 5, "Revenue Earning Vehicles."
v3.25.3
Divestitures (Details)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Jul. 31, 2025
site
Sep. 30, 2025
USD ($)
Sep. 30, 2025
USD ($)
Discontinued Operations and Disposal Groups [Line Items]      
Number of operating sites | site 2    
Americas RAC | Sale Leaseback Transaction June 2025      
Discontinued Operations and Disposal Groups [Line Items]      
Pre-tax gain (loss) on sale of non-vehicle capital assets     $ 89
Term of lease contract   40 years 40 years
Americas RAC | Sale Leaseback Transaction July 2025      
Discontinued Operations and Disposal Groups [Line Items]      
Pre-tax gain (loss) on sale of non-vehicle capital assets   $ 39 $ 39
Term of lease contract 50 years    
Tern of lease, extension (in years) 15 years    
v3.25.3
Long-Lived Assets Impairment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Asset Impairment Charges [Line Items]          
Revenue earning vehicles impairment $ 923        
ROU assets impairment 125        
Long-Lived Assets impairment   $ 0 $ 1,048 $ 0 $ 1,048
Pre-impairment period (in months)     2 months    
Post-impairment period (in months)     1 month    
Americas RAC          
Asset Impairment Charges [Line Items]          
Long-Lived Assets impairment     $ 865   865
International RAC          
Asset Impairment Charges [Line Items]          
Long-Lived Assets impairment     $ 183   $ 183
Property, Plant and Equipment          
Asset Impairment Charges [Line Items]          
Long-Lived Assets impairment $ 0        
v3.25.3
Revenue Earning Vehicles - Schedule of Components of Revenue Earning Vehicles (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Long-Lived Assets Held-for-sale [Line Items]    
Revenue earning vehicles, net $ 12,693 $ 11,963
Vehicles, Including Held-For-Sale    
Long-Lived Assets Held-for-sale [Line Items]    
Revenue earning vehicles 13,869 12,424
Less accumulated depreciation (1,330) (751)
Revenue earning vehicles less accumulated depreciation 12,539 11,673
Vehicles Held For Sale    
Long-Lived Assets Held-for-sale [Line Items]    
Revenue earning vehicles held for sale, net $ 154 $ 290
v3.25.3
Revenue Earning Vehicles - Schedule of Depreciation of Revenue Earning Vehicles and Lease Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Long-Lived Assets Held-for-sale [Line Items]        
Depreciation of revenue earning vehicles $ 420 $ 827 $ 1,317 $ 2,355
(Gain) loss on disposal of revenue earning vehicles 4 97 25 555
Rents paid for vehicles leased 33 13 65 31
Depreciation of revenue earning vehicles and lease charges, net 457 937 1,407 2,941
Disposed of by Sale        
Long-Lived Assets Held-for-sale [Line Items]        
(Gain) loss on disposal of revenue earning vehicles $ 49 $ 59 $ 203 $ 158
v3.25.3
Revenue Earning Vehicles - Narrative (Details) - EV Disposal Group
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Held-for-Sale  
Long-Lived Assets Held-for-sale [Line Items]  
Disposal group, not discontinued operation, loss (gain) on write-down $ 176
Held-for-Sale | Americas RAC  
Long-Lived Assets Held-for-sale [Line Items]  
Disposal group, not discontinued operation, loss (gain) on write-down 165
Held-for-Sale | International Rental Car segment  
Long-Lived Assets Held-for-sale [Line Items]  
Disposal group, not discontinued operation, loss (gain) on write-down 11
Disposed of by Sale  
Long-Lived Assets Held-for-sale [Line Items]  
Disposal group, not discontinued operation, loss (gain) on write-down $ 47
v3.25.3
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Unamortized Debt Issuance Costs and Net (Discount) Premium $ (243) $ (127)
Total Debt 17,408 16,335
Non-Vehicle Debt    
Debt Instrument [Line Items]    
Total Debt $ 5,649 5,104
Term B Loan | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 8.07%  
Outstanding principal $ 1,245 1,255
Incremental Term B Loan | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 8.06%  
Outstanding principal $ 491 495
Term C Loan | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 8.07%  
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 Due 2029    
Debt Instrument [Line Items]    
Unamortized debt issuance costs 8 9
Unamortized debt discount $ 4 4
Exchangeable Notes Due 2029 | Senior Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 8.00%  
Outstanding principal $ 271 $ 250
Effective interest rate 16.40% 15.00%
Unamortized debt discount $ 11  
Exchangeable Notes Due 2030    
Debt Instrument [Line Items]    
Unamortized debt issuance costs $ 21  
Exchangeable Notes Due 2030 | Senior Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.50%  
Outstanding principal $ 425 $ 0
Effective interest rate 12.00%  
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
Other Non-Vehicle Debt    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 9.02%  
Outstanding principal $ 6 0
Finance lease liability 6  
Fair Value of the 2029 Exchange Features    
Debt Instrument [Line Items]    
Outstanding principal 145 61
Fair Value of the Exchange Feature 2030    
Debt Instrument [Line Items]    
Outstanding principal 104 0
Vehicle Debt    
Debt Instrument [Line Items]    
Unamortized Debt Issuance Costs and Net (Discount) Premium (45) (49)
Total Debt 11,759 11,231
HVF III U.S. Vehicle Variable Funding Notes    
Debt Instrument [Line Items]    
Outstanding principal $ 2,307 2,350
HVF III Series 2021-A Class A    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.92%  
Outstanding principal $ 2,007 2,162
HVF III Series 2021-A Class B    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 9.28%  
Outstanding principal $ 300 188
HVF III U.S. Vehicle Medium Term Notes    
Debt Instrument [Line Items]    
Outstanding principal $ 7,349 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]    
Outstanding principal $ 0 750
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]    
Outstanding principal $ 0 667
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
HVF III Series 2025-3 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.54%  
Outstanding principal $ 375 0
HVF III Series 2025-4 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.92%  
Outstanding principal $ 310 0
Vehicle Debt - Other    
Debt Instrument [Line Items]    
Outstanding principal $ 2,148 1,849
European ABS    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 4.35%  
Outstanding principal $ 1,211 1,037
Hertz Canadian Securitization    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 4.42%  
Outstanding principal $ 383 292
Australian Securitization    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.21%  
Outstanding principal $ 219 207
New Zealand RCF    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.96%  
U.K. Financing Facility    
Debt Instrument [Line Items]    
Outstanding principal $ 0 153
U.K. ABS    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.86%  
Outstanding principal $ 154 0
Other Vehicle Debt    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 6.38%  
Outstanding principal $ 124 97
Finance lease liability $ 91 94
Revolving Credit Facility | First Lien RCF | Line of Credit    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 8.33%  
Outstanding principal $ 210 175
Revolving Credit Facility | New Zealand RCF | Line of Credit    
Debt Instrument [Line Items]    
Outstanding principal $ 57 $ 63
v3.25.3
Debt - Narrative (Details)
$ / shares in Units, € in Millions, £ in Millions, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
USD ($)
$ / shares
Aug. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
$ / shares
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
$ / shares
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Jun. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
CAD ($)
Jul. 31, 2025
EUR (€)
Jun. 30, 2025
USD ($)
May 31, 2025
USD ($)
May 31, 2025
EUR (€)
May 31, 2025
CAD ($)
Apr. 30, 2025
CAD ($)
Mar. 31, 2025
GBP (£)
Debt Instrument [Line Items]                                        
Non-cash PIK interest               $ 21,000,000 $ 0                      
Remaining Capacity $ 2,506,000,000   $ 2,506,000,000         2,506,000,000                        
Total assets [1] 22,990,000,000   22,990,000,000   $ 21,802,000,000     22,990,000,000   $ 21,802,000,000                    
Liabilities [1] 23,307,000,000   23,307,000,000   21,649,000,000     23,307,000,000   21,649,000,000                    
Hertz Fleet Financing UK Limited                                        
Debt Instrument [Line Items]                                        
Total assets 193,000,000   193,000,000   2,000,000     193,000,000   2,000,000                    
Liabilities 193,000,000   193,000,000   2,000,000     $ 193,000,000   2,000,000                    
Variable Interest Entity, Primary Beneficiary                                        
Debt Instrument [Line Items]                                        
Ownership percentage               25.00%                        
Total assets 1,400,000,000   1,400,000,000   1,400,000,000     $ 1,400,000,000   1,400,000,000                    
Liabilities 1,400,000,000   1,400,000,000   1,400,000,000     1,400,000,000   1,400,000,000                    
Letter of Credit                                        
Debt Instrument [Line Items]                                        
Outstanding standby letters of credit 984,000,000   984,000,000         984,000,000                        
First Lien RCF                                        
Debt Instrument [Line Items]                                        
Remaining Capacity 1,119,000,000   1,119,000,000         1,119,000,000                        
First Lien RCF | Revolving Credit Facility                                        
Debt Instrument [Line Items]                                        
Outstanding standby letters of credit 671,000,000   671,000,000         671,000,000                        
First Lien RCF | Line of Credit                                        
Debt Instrument [Line Items]                                        
Debt instrument, covenant, liquidity, monthly minimum $ 400,000,000   $ 400,000,000 $ 500,000,000 $ 500,000,000 $ 400,000,000 $ 400,000,000 $ 400,000,000 $ 400,000,000 500,000,000         $ 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 3.5   3.5 3.0       3.5             3.5         3.0
First Lien RCF | Line of Credit | Debt Maturity March 2028                                        
Debt Instrument [Line Items]                                        
Maximum borrowing capacity                               $ 1,700,000,000        
First Lien RCF | Line of Credit | Debt Maturity, June 2026                                        
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                
Maximum consolidated leverage ratio                       3.0 3.0              
Exchangeable Notes Due 2029                                        
Debt Instrument [Line Items]                                        
Unamortized debt discount $ 4,000,000   $ 4,000,000   $ 4,000,000     $ 4,000,000   4,000,000                    
Exchangeable Notes Due 2029 | Senior Notes                                        
Debt Instrument [Line Items]                                        
Non-cash PIK interest     10,000,000 $ 11,000,000       21,000,000   0                    
Unamortized debt discount 11,000,000   11,000,000         11,000,000                        
Interest rate             8.00%                          
Aggregate Fair Value 145,000,000   145,000,000   61,000,000     145,000,000   61,000,000                    
Net carrying amount 335,000,000   335,000,000   $ 233,000,000     335,000,000   $ 233,000,000                    
Exchangeable Notes Due 2029 | Convertible Debt                                        
Debt Instrument [Line Items]                                        
Aggregate principal amount             $ 250,000,000                          
Exchangeable Notes Due 2030 | Senior Notes                                        
Debt Instrument [Line Items]                                        
Aggregate Fair Value 104,000,000   104,000,000         104,000,000                        
Net carrying amount 405,000,000   405,000,000         405,000,000                        
Exchangeable Notes Due 2030 | Convertible Debt                                        
Debt Instrument [Line Items]                                        
Aggregate principal amount $ 425,000,000   $ 425,000,000         $ 425,000,000                        
Interest rate 5.50%   5.50%         5.50%                        
Debt instrument, conversion price (in dollars per share) | $ / shares $ 9.24   $ 9.24         $ 9.24                        
Debt instrument, threshold percentage of exchange price 130.00%                                      
Exchangeable Notes Due 2030 | Medium-term Notes                                        
Debt Instrument [Line Items]                                        
Debt instrument, conversion ratio 0.1082808                                      
HVF III Series 2021-A Class A | Debt Maturity May 2027                                        
Debt Instrument [Line Items]                                        
Net carrying amount                               2,900,000,000        
Terminated commitments   $ 780,000,000                                    
HVF III Series 2021-A Class B | Debt Maturity June 2027                                        
Debt Instrument [Line Items]                                        
Net carrying amount                             $ 300,000,000 $ 188,000,000        
HVF III Series 2025-1                                        
Debt Instrument [Line Items]                                        
Net carrying amount       500,000,000                                
HVF III Series 2025-2                                        
Debt Instrument [Line Items]                                        
Net carrying amount       $ 500,000,000                                
HVF III Series 2025-3                                        
Debt Instrument [Line Items]                                        
Net carrying amount                             375,000,000          
HVF III Series 2025-4                                        
Debt Instrument [Line Items]                                        
Net carrying amount                             $ 310,000,000          
European ABS                                        
Debt Instrument [Line Items]                                        
Maximum borrowing capacity | €                           € 100            
Remaining Capacity $ 322,000,000   $ 322,000,000         $ 322,000,000                        
European ABS | Debt Maturity April 2027                                        
Debt Instrument [Line Items]                                        
Maximum borrowing capacity | €                           € 1,300     € 1,200      
Terminated commitments   $ 129,000,000                                    
Hertz Canadian Securitization                                        
Debt Instrument [Line Items]                                        
Maximum borrowing capacity                                   $ 588 $ 475  
Hertz Canadian Securitization | Subsequent Event                                        
Debt Instrument [Line Items]                                        
Maximum borrowing capacity                         $ 475              
U.K. ABS                                        
Debt Instrument [Line Items]                                        
Remaining Capacity 134,000,000   134,000,000         134,000,000                        
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 245,000,000   245,000,000         245,000,000                        
Term C Loan | Medium-term Notes                                        
Debt Instrument [Line Items]                                        
Remaining Capacity 0   0         0                        
Term C Loan and First Lien Revolving Credit Facility | Medium-term Notes                                        
Debt Instrument [Line Items]                                        
Net carrying amount $ 0   $ 0         $ 0                        
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of September 30, 2025 and December 31, 2024 include total assets of variable interest entities (“VIEs”) of $1.6 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 September 30, 2025 and December 31, 2024 include total liabilities of VIEs of $1.6 billion and $1.4 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 6, "Debt," for further information.
v3.25.3
Debt - Schedule of Net Carrying Amount (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Debt Instrument [Line Items]          
Non-cash PIK interest     $ 21 $ 0  
Exchangeable Notes Due 2029 | Senior Notes          
Debt Instrument [Line Items]          
Principal $ 250   250   $ 250
Non-cash PIK interest 10 $ 11 21   0
Unamortized debt discounts and debt issuance costs (81)   (81)   (78)
Fair value of the Exchange Features 145   145   61
Net carrying amount 335   335   $ 233
Exchangeable Notes Due 2030 | Senior Notes          
Debt Instrument [Line Items]          
Principal 425   425    
Unamortized debt discounts and debt issuance costs (124)   (124)    
Fair value of the Exchange Features 104   104    
Net carrying amount $ 405   $ 405    
v3.25.3
Debt - Schedule of Interest Expense Associated with Exchangeable Notes (Details) - Senior Notes - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Exchangeable Notes Due 2029        
Debt Instrument [Line Items]        
Contractual interest expense $ 6 $ 5 $ 16 $ 5
Amortization of debt discounts and debt issuance costs 2 2 7 2
(Gain) loss on fair value of Exchange Features (38) (14) 73 (14)
Total (30) (7) 96 (7)
Exchangeable Notes Due 2030        
Debt Instrument [Line Items]        
Contractual interest expense 0 0 0 0
Amortization of debt discounts and debt issuance costs 0 0 0 0
(Gain) loss on fair value of Exchange Features 1 0 1 0
Total $ 1 $ 0 $ 1 $ 0
v3.25.3
Debt - Schedule of Facilities Available Net of Outstanding Letters of Credit (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Debt Instrument [Line Items]  
Remaining Capacity $ 2,506
Availability Under Borrowing Base Limitation 1,119
Non-Vehicle Debt  
Debt Instrument [Line Items]  
Remaining Capacity 1,119
Availability Under Borrowing Base Limitation 1,119
First Lien RCF  
Debt Instrument [Line Items]  
Remaining Capacity 1,119
Availability Under Borrowing Base Limitation 1,119
Vehicle Debt  
Debt Instrument [Line Items]  
Remaining Capacity 1,387
Availability Under Borrowing Base Limitation 0
HVF III Series 2021-A  
Debt Instrument [Line Items]  
Remaining Capacity 853
Availability Under Borrowing Base Limitation 0
European ABS  
Debt Instrument [Line Items]  
Remaining Capacity 322
Availability Under Borrowing Base Limitation 0
Hertz Canadian Securitization  
Debt Instrument [Line Items]  
Remaining Capacity 38
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 13
Availability Under Borrowing Base Limitation 0
U.K. ABS  
Debt Instrument [Line Items]  
Remaining Capacity 134
Availability Under Borrowing Base Limitation 0
Other Vehicle Debt  
Debt Instrument [Line Items]  
Remaining Capacity 24
Availability Under Borrowing Base Limitation $ 0
v3.25.3
Leases - Schedule of Operating Lease Income And Other Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Lessor, Lease, Description [Line Items]        
Revenues $ 2,402 $ 2,506 $ 6,286 $ 6,823
Variable operating lease income 170 176 440 480
Revenue accounted for under Topic 606 76 70 190 186
Total revenues 2,478 2,576 6,476 7,009
Operating lease income from vehicle rentals        
Lessor, Lease, Description [Line Items]        
Revenues $ 2,232 $ 2,330 $ 5,846 $ 6,343
v3.25.3
Leases - Narrative (Details)
$ in Millions
 1 Months Ended
Jul. 31, 2025
USD ($)
site
Sep. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Lessor, Lease, Description [Line Items]      
Future minimum lease payments   $ 4,612  
Americas RAC      
Lessor, Lease, Description [Line Items]      
Future minimum lease payments $ 384   $ 483
Americas RAC | Sale Leaseback Transaction June 2025      
Lessor, Lease, Description [Line Items]      
Term of lease contract   40 years  
Americas RAC | Sale Leaseback Transaction July 2025      
Lessor, Lease, Description [Line Items]      
Term of lease contract 50 years    
Number of operating sites sold and leased back | site 2    
Tern of lease, extension (in years) 15 years    
v3.25.3
Leases - Schedule of Weighted-Average (Details)
Sep. 30, 2025
Leases [Abstract]  
Weighted-average remaining lease term (in years) 11 years 3 months 18 days
Weighted-average discount rate 11.63%
v3.25.3
Leases - Schedule of Minimum Fixed Lease Obligations (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Remainder 2025 $ 160  
2026 586  
2027 498  
2028 420  
2029 356  
After 2029 2,592  
Total lease payments 4,612  
Interest (2,320)  
Operating lease liabilities $ 2,292 $ 2,073
v3.25.3
Income Tax (Provision) Benefit (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Contingency [Line Items]        
Income tax expense (benefit) $ 50 $ (288) $ (54) $ (291)
Effective tax rate (as percent) 21.00% 18.00% 9.00% 11.00%
The Hertz Corporation        
Income Tax Contingency [Line Items]        
Income tax expense (benefit) $ 50 $ (287) $ (54) $ (291)
Effective tax rate (as percent) 21.00% 17.00% 11.00% 10.00%
v3.25.3
Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 9 Months Ended 52 Months Ended
May 31, 2025
Sep. 30, 2025
Sep. 30, 2025
Dec. 31, 2024
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Class of warrant or right, outstanding (in shares)   82,700,000 82,700,000  
Exercise price of public warrants or rights (in dollars per share)   $ 13.61    
Warrants exercised (in shares)     6,300,000  
Common stock, par value (in dollars per share)   $ 0.01 $ 0.01 $ 0.01
At the Market ("ATM") Equity Offering        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Maximum aggregate offering price $ 250      
Common stock, par value (in dollars per share) $ 0.01      
v3.25.3
Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global - Schedule of Basic and Diluted Earnings (Loss) Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Numerator:        
Net income (loss) available to Hertz Global common stockholders, basic $ 184 $ (1,332) $ (553) $ (2,383)
Impact of Exchangeable Notes Due 2029 (30) 0 0 0
Net income (loss) available to Hertz Global common stockholders, diluted $ 154 $ (1,332) $ (553) $ (2,383)
Denominator:        
Basic weighted-average common shares outstanding (in shares) 311 307 309 306
Dilutive effect of stock options, RSUs and PSUs (in shares) 12 0 0 0
Diluted weighted-average common shares outstanding (in shares) 364 307 309 306
Total antidilutive (in shares) 88 136 140 108
Earnings (loss) per common share:        
Basic (in dollars per share) $ 0.59 $ (4.34) $ (1.79) $ (7.79)
Diluted (in dollars per share) $ 0.42 $ (4.34) $ (1.79) $ (7.79)
Exchangeable Notes Due 2029        
Denominator:        
Dilutive effect of Exchangeable Notes Due 2029 (in shares) 41 0 0 0
Total antidilutive (in shares) 0 38 40 13
Antidilutive Public Warrants        
Denominator:        
Total antidilutive (in shares) 83 83 83 83
Antidilutive stock options, RSUs and PSUs        
Denominator:        
Total antidilutive (in shares) 5 15 17 13
Exchangeable Notes Due 2030        
Denominator:        
Total antidilutive (in shares) 1 0 0 0
v3.25.3
Stock-Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Performance Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award requisite service period (in years) 3 years  
Omnibus Incentive Plan 2021    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares available for grant (in shares) 36,966,397  
Unrecognized compensation cost $ 102  
Period for recognition of total unrecognized compensation cost (in years) 1 year 4 months 24 days  
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 | Performance Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares outstanding (in shares) 5,473,319 5,197,913
Purchase price of common stock, percent 100.00%  
Omnibus Incentive Plan 2021 | Performance Stock Units | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
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]    
Purchase price of common stock, percent 200.00%  
Omnibus Incentive Plan 2021 | Restricted Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares outstanding (in shares) 26,050,523 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) 343,000  
v3.25.3
Stock-Based Compensation - Schedule of Total Employee Compensation Expense and Related Income Tax Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employee compensation expense     $ 46 $ 48
Stock-based compensation forfeitures     0 68
Omnibus Incentive Plan 2021        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employee compensation expense $ 14 $ 15 45 (21)
Income tax (benefit) expense (2) (2) (5) (7)
Employee compensation expense, net $ 12 $ 13 $ 40 (28)
Stock-based compensation forfeitures       $ 68
v3.25.3
Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Omnibus Incentive Plan 2021 - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 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) (347,858)  
Outstanding, ending balance (in shares) 1,354,560 1,702,418
Exercisable (in shares) (1,354,560)  
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 5 years 6 months 6 years 8 months 12 days
Weighted average remaining contractual term, exercisable 5 years 6 months  
Aggregate intrinsic value, beginning and ending balance $ 0 $ 0
Aggregate intrinsic value, exercisable $ 0  
v3.25.3
Stock-Based Compensation - Schedule of PSU Activity (Details) - Performance Stock Units - Omnibus Incentive Plan 2021
$ / shares in Units, $ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
$ / shares
shares
Shares  
Outstanding, beginning balance (in shares) | shares 5,197,913
Granted (in shares) | shares 1,354,789
Vested (in shares) | shares (109,431)
Forfeited or Expired (in shares) | shares (969,952)
Outstanding, ending balance (in shares) | shares 5,473,319
Weighted- Average Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 4.67
Granted (in dollars per share) | $ / shares 4.10
Vested (in dollars per share) | $ / shares 20.38
Forfeited or Expired (in dollars per share) | $ / shares 5.68
Outstanding, ending balance (in dollars per share) | $ / shares $ 4.04
Aggregate Intrinsic Value (In millions)  
Beginning balance | $ $ 19
Ending Balance | $ $ 37
Target award amount 100.00%
v3.25.3
Stock-Based Compensation - Schedule of RSU Activity (Details) - Restricted Stock Units - Omnibus Incentive Plan 2021 - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Shares    
Outstanding, beginning balance (in shares) 21,110,387  
Granted (in shares) 14,470,605  
Vested (in shares) (5,771,750)  
Forfeited or Expired (in shares) (3,758,719)  
Outstanding, ending balance (in shares) 26,050,523  
Weighted- Average Fair Value    
Outstanding, beginning balance (in dollars per share) $ 5.92  
Granted (in dollars per share) 4.24 $ 5.44
Vested (in dollars per share) 6.77  
Forfeited or Expired (in dollars per share) 5.49  
Outstanding, ending balance (in dollars per share) $ 4.87  
Aggregate Intrinsic Value (In millions)    
Beginning balance $ 77  
Ending Balance $ 177  
v3.25.3
Stock-Based Compensation - Schedule of Additional RSU Activity (Details) - Restricted Stock Units - Omnibus Incentive Plan 2021 - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total fair value of awards that vested (in millions) $ 39 $ 26
Weighted-average grant-date fair value of awards granted (in dollars per share) $ 4.24 $ 5.44
v3.25.3
Financial Instruments - Narrative (Details)
$ / shares in Units, $ in Millions
 1 Months Ended
Sep. 30, 2025
USD ($)
instrument
$ / shares
shares
Dec. 31, 2024
instrument
Capped Call Options    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Cost of capped calls | $ $ 38  
Capped call, number of shares (in shares) | shares 46,000,000  
Initial strike price (in dollars per share) $ 9.24  
Cap price (in dollars per share) $ 13.94  
Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, number of instruments held | instrument 0 0
v3.25.3
Financial Instruments - Schedule of Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Asset Derivatives $ 38 $ 3
Liability Derivatives 252 67
Interest rate instruments    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Asset Derivatives 0 2
Liability Derivatives 0 0
Foreign currency forward contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Asset Derivatives 1 1
Liability Derivatives 3 6
Exchange Features 2029 related to Exchangeable Notes Due 2029    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Asset Derivatives 0 0
Liability Derivatives 145 61
Exchange Feature 2030 related to Exchangeable Notes Due 2030    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Asset Derivatives 0 0
Liability Derivatives 104 0
Capped Call Options    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Asset Derivatives 37 0
Liability Derivatives $ 0 $ 0
v3.25.3
Financial Instruments - Schedule of Gains or (Losses) on Financial Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives $ 43 $ 15 $ (69) $ 4
Interest rate instruments        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives (1) (3) (4) (5)
Foreign currency forward contracts        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives 7 4 9 (5)
Exchange Features 2029 related to Exchangeable Notes Due 2029        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives 38 14 (73) 14
Exchange Feature 2030 related to Exchangeable Notes Due 2030        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives $ (1) $ 0 $ (1) $ 0
v3.25.3
Fair Value Measurements - Schedule of Fair Value of the Debt Facilities (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance $ 17,447 $ 16,450
Aggregate Fair Value 17,152 15,788
Other Non-Vehicle Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance 5,643 5,170
Aggregate Fair Value 5,396 4,688
Other Non-Vehicle Debt | Other Non-Vehicle Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance 4,947 4,920
Aggregate Fair Value 4,597 4,399
Other Non-Vehicle Debt | Exchangeable Notes Due 2029    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance 271 250
Aggregate Fair Value 370 289
Other Non-Vehicle Debt | Exchangeable Notes Due 2030    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance 425 0
Aggregate Fair Value 429 0
Vehicle Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance 11,804 11,280
Aggregate Fair Value $ 11,756 $ 11,100
v3.25.3
Fair Value Measurements - Schedule of Company's Assets And Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and restricted cash equivalents $ 583 $ 229
Capped Call Transactions 2030 37 0
Public Warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Public Warrants 308 178
Exchangeable Notes Due 2029    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Exchange Features 2029 145 61
Exchange Feature 2030 145 61
Exchangeable Notes Due 2030    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Exchange Features 2029 104 0
Exchange Feature 2030 104 0
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and restricted cash equivalents 583 229
Capped Call Transactions 2030 0 0
Level 1 | Public Warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Public Warrants 308 178
Level 1 | Exchangeable Notes Due 2029    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Exchange Features 2029 0 0
Exchange Feature 2030 0 0
Level 1 | Exchangeable Notes Due 2030    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Exchange Features 2029 0 0
Exchange Feature 2030 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and restricted cash equivalents 0 0
Capped Call Transactions 2030 0 0
Level 2 | Public Warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Public Warrants 0 0
Level 2 | Exchangeable Notes Due 2029    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Exchange Features 2029 0 0
Exchange Feature 2030 0 0
Level 2 | Exchangeable Notes Due 2030    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Exchange Features 2029 0 0
Exchange Feature 2030 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
Capped Call Transactions 2030 37 0
Level 3 | Public Warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Public Warrants 0 0
Level 3 | Exchangeable Notes Due 2029    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Exchange Features 2029 145 61
Exchange Feature 2030 145 61
Level 3 | Exchangeable Notes Due 2030    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Exchange Features 2029 104 0
Exchange Feature 2030 $ 104 $ 0
v3.25.3
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Change in fair value of Public Warrants $ 6 $ (21) $ 130 $ (272)    
Capped Call Options            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Gain (loss) in fair value recognized in earnings 0   0      
Exchangeable Notes Due 2029            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Unamortized debt discount 4   4     $ 4
Exchangeable Notes Due 2029 | Senior Notes            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Unamortized debt discount 11   11      
Aggregate Fair Value 145   145     $ 61
Exchangeable Notes Due 2029 | Level 3 | Senior Notes            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Aggregate Fair Value 145   145      
Exchange Features 2029            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Unamortized debt discount $ 8   $ 8   $ 3  
v3.25.3
Fair Value Measurements - Schedule of Estimated Fair Value (Details)
Sep. 30, 2025
Dec. 31, 2024
Exchangeable Notes Due 2029 | Hertz Global common share price    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 6.80 3.66
Exchangeable Notes Due 2029 | Expected term (years)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 3.79 4.54
Exchangeable Notes Due 2029 | Risk-free interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.0366 0.0435
Exchangeable Notes Due 2029 | Credit spread    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.0829 0.0855
Exchangeable Notes Due 2029 | Expected volatility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.3500 0.4875
Exchangeable Notes Due 2030 | Hertz Global common share price    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 6.80 6.84
Exchangeable Notes Due 2030 | Expected term (years)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 5.00 5.01
Exchangeable Notes Due 2030 | Risk-free interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.0374 0.0374
Exchangeable Notes Due 2030 | Credit spread    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.0843 0.0836
Exchangeable Notes Due 2030 | Expected volatility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.3500 0.3500
Capped Call Options | Hertz Global common share price    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 6.80  
Capped Call Options | Expected term (years)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 5.00  
Capped Call Options | Risk-free interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.0374  
Capped Call Options | Credit spread    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0  
Capped Call Options | Expected volatility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.3600  
v3.25.3
Fair Value Measurements - Schedule of Fair Value Measurements (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Exchangeable Notes Due 2029          
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]          
Beginning balance $ 175 $ 70 $ 61 $ 61 $ 0
Initial recognition of derivative 8   3   68
(Gain) loss in fair value recognized in earnings (38) 105 6   (7)
Ending balance 145 175 $ 70 145 $ 61
Exchangeable Notes Due 2030          
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]          
Beginning balance 0        
Initial recognition of derivative 103        
(Gain) loss in fair value recognized in earnings 1        
Ending balance 104 0   104  
Capped Call Options          
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]          
Beginning balance 0        
Initial recognition of derivative 37        
(Gain) loss in fair value recognized in earnings 0     0  
Ending balance $ 37 $ 0   $ 37  
v3.25.3
Contingencies and Off-Balance Sheet Commitments (Details)
$ in Millions
 1 Months Ended 9 Months Ended
Jul. 01, 2021
USD ($)
Sep. 30, 2025
USD ($)
Dec. 31, 2022
USD ($)
claimant
Sep. 30, 2025
USD ($)
Apr. 15, 2025
complaint
Dec. 31, 2024
USD ($)
Aug. 26, 2024
director
Loss Contingencies [Line Items]              
Self-insured liabilities   $ 660   $ 660   $ 617  
Litigation settlement     $ 168        
Settlement agreements, number of claimants | claimant     364        
Number of independent directors | director             2
Number of class action complaints | complaint         10    
Pro rata settlement distribution   154          
Wells Fargo Bank, National Association v. The Hertz Corporation | Pending Litigation | Hertz Global              
Loss Contingencies [Line Items]              
Litigation settlement       334      
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       74      
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   $ 524   $ 524   $ 491  
v3.25.3
Segment Information - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
Number of operating segments 2
v3.25.3
Segment Information - Schedule of Revenue, Significant Expenses and Segment Measure of Profitability (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue earning equipment        
Revenues $ 2,478 $ 2,576 $ 6,476 $ 7,009
Significant segment expenses:        
Direct vehicle and operating 1,454 1,470 4,122 4,276
Depreciation of revenue earning vehicles and lease charges, net 457 937 1,407 2,941
Selling, general and administrative 241 189 706 594
Other segment items (4) (15) (37) (47)
Non-vehicle depreciation and amortization (29) (34) (88) (107)
Restructuring and restructuring related charges (4) (1) (11) (45)
Unrealized gains (losses) on financial instruments 33 16 (71) 8
(Gain) loss on sale of non-vehicle capital assets     128 0
Legal settlement 154 0 154 0
Bankruptcy-related litigation reserve (4) (288) (12) (288)
Long-Lived Assets impairment 0 (1,048) 0 (1,048)
Non-cash stock-based compensation forfeitures       64
Change in fair value of Public Warrants (6) 21 (130) 272
Income (loss) before income taxes 234 (1,620) (607) (2,674)
The Hertz Corporation        
Revenue earning equipment        
Revenues 2,478 2,576 6,476 7,009
Significant segment expenses:        
Direct vehicle and operating 1,454 1,470 4,122 4,276
Selling, general and administrative 241 189 706 594
Non-vehicle depreciation and amortization (29) (34) (88) (107)
Bankruptcy-related litigation reserve (4) (288) (12) (288)
Long-Lived Assets impairment 0 (1,048) 0 (1,048)
Income (loss) before income taxes 240 (1,641) (477) (2,946)
Non-vehicle        
Significant segment expenses:        
Non-vehicle depreciation and amortization (29) (34) (88) (107)
Non-vehicle debt interest, net (123) (103) (371) (266)
Vehicle        
Significant segment expenses:        
Vehicle debt-related charges (12) (11) (35) (33)
Non-vehicle Capital Assets        
Significant segment expenses:        
(Gain) loss on sale of non-vehicle capital assets 39   128  
Americas RAC        
Significant segment expenses:        
Long-Lived Assets impairment   (865)   (865)
International RAC        
Significant segment expenses:        
Long-Lived Assets impairment   (183)   (183)
Operating Segments        
Revenue earning equipment        
Revenues 2,478 2,576 6,476 7,009
Significant segment expenses:        
Direct vehicle and operating 1,453 1,473 4,121 4,284
Depreciation of revenue earning vehicles and lease charges, net 457 937 1,407 2,941
Selling, general and administrative 207 170 557 534
Other segment items 109 102 310 280
Segment profit (loss): Adjusted EBITDA 252 (106) 81 (1,030)
Operating Segments | Americas RAC        
Revenue earning equipment        
Revenues 1,910 2,062 5,138 5,729
Significant segment expenses:        
Direct vehicle and operating 1,155 1,202 3,353 3,553
Depreciation of revenue earning vehicles and lease charges, net 355 822 1,142 2,603
Selling, general and administrative 127 113 373 374
Other segment items 121 94 314 259
Segment profit (loss): Adjusted EBITDA 152 (169) (44) (1,060)
Operating Segments | International RAC        
Revenue earning equipment        
Revenues 568 514 1,338 1,280
Significant segment expenses:        
Direct vehicle and operating 298 271 768 731
Depreciation of revenue earning vehicles and lease charges, net 102 115 265 338
Selling, general and administrative 80 57 184 160
Other segment items (12) 8 (4) 21
Segment profit (loss): Adjusted EBITDA 100 63 125 30
Corporate        
Significant segment expenses:        
Segment profit (loss): Adjusted EBITDA $ (62) $ (51) $ (215) $ (154)
v3.25.3
Segment Information - Schedule of Reportable Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Depreciation and amortization, non-vehicle assets $ 29 $ 34 $ 88 $ 107  
Revenue earning vehicles, net 12,693   12,693   $ 11,963
Property and equipment, net 570   570   623
Operating lease right-of-use assets 2,288   2,288   2,088
Total assets [1] 22,990   22,990   21,802
Revenue earning vehicles and non-vehicle capital assets          
Revenues 2,478 2,576 6,476 7,009  
U.S.          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Revenue earning vehicles, net 10,218   10,218   9,880
Property and equipment, net 492   492   535
Operating lease right-of-use assets 1,972   1,972   1,815
Total assets 18,519   18,519   17,670
Revenue earning vehicles and non-vehicle capital assets          
Revenues 1,779 1,934 4,865 5,455  
International          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Revenue earning vehicles, net 2,475   2,475   2,083
Property and equipment, net 78   78   88
Operating lease right-of-use assets 316   316   273
Total assets 4,471   4,471   4,132
Revenue earning vehicles and non-vehicle capital assets          
Revenues 699 642 1,611 1,554  
Variable Interest Entity, Primary Beneficiary          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Total assets 1,400   1,400   1,400
The Hertz Corporation          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Depreciation and amortization, non-vehicle assets     88 107  
Revenue earning vehicles, net 12,693   12,693   11,963
Operating lease right-of-use assets 2,288   2,288   2,088
Total assets [2] 22,987   22,987   21,801
Revenue earning vehicles and non-vehicle capital assets          
Revenues 2,478 2,576 6,476 7,009  
The Hertz Corporation | U.S.          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Total assets (3)   (3)   (1)
The Hertz Corporation | Variable Interest Entity, Primary Beneficiary          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Total assets 1,600   1,600   1,400
Non-vehicle          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Interest expense, net 86 89 445 252  
Americas RAC          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Revenue earning vehicles, net 10,711   10,711   10,253
International RAC          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Revenue earning vehicles, net 1,982   1,982   1,710
Operating Segments          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Depreciation and amortization, non-vehicle assets 26 31 82 91  
Property and equipment, net 481   481   531
Total assets 21,436   21,436   20,842
Revenue earning vehicles and non-vehicle capital assets          
Revenues 2,478 2,576 6,476 7,009  
Operating Segments | Vehicle          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Interest expense, net 161 157 453 447  
Operating Segments | Non-vehicle          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Interest expense, net (3) (5) (11) (17)  
Operating Segments | Americas RAC          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Depreciation and amortization, non-vehicle assets 23 28 72 81  
Property and equipment, net 421   421   460
Total assets 17,797   17,797   17,386
Revenue earning vehicles and non-vehicle capital assets          
Expenditures     (6,492) (6,430)  
Proceeds from disposals     5,084 3,691  
Net expenditures - Hertz Global and Hertz     (1,408) (2,739)  
Revenues 1,910 2,062 5,138 5,729  
Operating Segments | Americas RAC | Vehicle          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Interest expense, net 134 124 380 363  
Operating Segments | Americas RAC | Non-vehicle          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Interest expense, net 1 (1) 1 (3)  
Operating Segments | International RAC          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Depreciation and amortization, non-vehicle assets 3 3 10 10  
Property and equipment, net 60   60   71
Total assets 3,639   3,639   3,456
Revenue earning vehicles and non-vehicle capital assets          
Expenditures     (1,376) (1,503)  
Proceeds from disposals     1,066 983  
Net expenditures - Hertz Global and Hertz     (310) (520)  
Revenues 568 514 1,338 1,280  
Operating Segments | International RAC | Vehicle          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Interest expense, net 27 33 73 84  
Operating Segments | International RAC | Non-vehicle          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Interest expense, net (4) (4) (12) (14)  
Corporate          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Depreciation and amortization, non-vehicle assets 3 3 6 16  
Property and equipment, net 89   89   92
Total assets 1,554   1,554   960
Revenue earning vehicles and non-vehicle capital assets          
Expenditures     (1) (6)  
Proceeds from disposals     (3) 1  
Net expenditures - Hertz Global and Hertz     (4) (5)  
Corporate | The Hertz Corporation          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Total assets (3)   (3)   $ (1)
Corporate | Non-vehicle          
Reconciliation of adjusted pre-tax income to income (loss) before income taxes          
Interest expense, net $ 89 $ 94 $ 456 $ 269  
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of September 30, 2025 and December 31, 2024 include total assets of variable interest entities (“VIEs”) of $1.6 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 September 30, 2025 and December 31, 2024 include total liabilities of VIEs of $1.6 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 6, "Debt," for further information.
[2] The Hertz Corporation's consolidated total assets as of September 30, 2025 and December 31, 2024 include total assets of VIEs of $1.6 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 September 30, 2025 and December 31, 2024 include total liabilities of VIEs of $1.6 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 6, "Debt," for further information.