HERTZ GLOBAL HOLDINGS, INC, 10-Q filed on 5/8/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
Apr. 30, 2026
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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 Large 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   315,764,523
Entity Central Index Key 0001657853  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Common Stock    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock  
Trading Symbol HTZ  
Security Exchange Name NASDAQ  
Antidilutive Public Warrants    
Entity Information [Line Items]    
Title of 12(b) Security Warrants to purchase Common Stock  
Trading Symbol HTZWW  
Security Exchange Name NASDAQ  
The Hertz Corporation    
Entity Information [Line Items]    
Entity File Number 001-07541  
Entity Registrant Name THE HERTZ CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 13-1938568  
Entity Address, Address Description 8501 Williams Road,  
Entity Address, City or Town Estero,  
Entity Address, State or Province FL  
Entity Address, Postal Zip Code 33928  
City Area Code (239)  
Local Phone Number 301-7000  
Entity Current Reporting Status No  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   100
Entity Central Index Key 0000047129  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
HGH - CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 583 $ 565
Total restricted cash and cash equivalents 636 602
Total cash and cash equivalents and restricted cash and cash equivalents 1,219 1,167
Total receivables, net 1,120 1,110
Prepaid expenses and other assets 1,193 782
Revenue earning vehicles:    
Vehicles 14,532 14,039
Less: accumulated depreciation (1,573) (1,513)
Total revenue earning vehicles, net 12,959 12,526
Property and equipment, net 560 566
Operating lease right-of-use assets 2,328 2,257
Intangible assets, net 2,864 2,858
Goodwill 1,045 1,045
Total assets [1] 23,288 22,311
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 1,146 859
Accrued liabilities 980 1,231
Accrued taxes, net 156 131
Total debt 18,196 17,054
Public Warrants 189 222
Operating lease liabilities 2,389 2,275
Self-insured liabilities 641 648
Deferred income taxes, net 377 350
Total liabilities [1] 24,074 22,770
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.01 par value, no shares issued and outstanding 0 0
Common stock, $0.01 par value, 489,865,099 and 486,543,836 shares issued, respectively, and 315,053,055 and 311,731,792 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 6,457 6,447
Retained earnings (Accumulated deficit) (3,582) (3,249)
Accumulated other comprehensive income (loss) (236) (232)
Total stockholder's equity (deficit) (786) (459)
Total liabilities and stockholders' equity (deficit) 23,288 22,311
Vehicle    
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 576 342
Total debt 11,950 11,629
Non-vehicle    
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 570 517
Total debt 6,246 5,425
Vehicle    
ASSETS    
Total restricted cash and cash equivalents 361 317
Total receivables, net 364 381
Non-vehicle    
ASSETS    
Total restricted cash and cash equivalents 275 285
Total receivables, net $ 756 $ 729
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2026 and December 31, 2025 include total assets of variable interest entities (“VIEs”) of $1.3 billion, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2026 and December 31, 2025 include total liabilities of VIEs of $1.3 billion, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.
v3.26.1
HGH - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
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) 489,865,099 486,543,836
Common stock, shares outstanding (in shares) 315,053,055 311,731,792
Number of authorized shares not disclosed true  
Treasury stock, common (in shares) 174,812,044 174,812,044
Total assets [1] $ 23,288 $ 22,311
Total liabilities [1] $ 24,074 $ 22,770
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] $ 23,287 $ 22,308
Total liabilities [2] 23,889 22,551
Variable Interest Entity, Primary Beneficiary    
Total assets 1,200 1,100
Total liabilities 1,200 1,100
Variable Interest Entity, Primary Beneficiary | The Hertz Corporation    
Total assets 1,300 1,300
Total liabilities 1,300 1,300
Non-vehicle    
Accounts receivable, allowance for credit loss 100 91
Non-vehicle | The Hertz Corporation    
Accounts receivable, allowance for credit loss $ 100 $ 91
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2026 and December 31, 2025 include total assets of variable interest entities (“VIEs”) of $1.3 billion, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2026 and December 31, 2025 include total liabilities of VIEs of $1.3 billion, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.
[2] The Hertz Corporation's consolidated total assets as of March 31, 2026 and December 31, 2025 include total assets of VIEs of $1.3 billion, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of March 31, 2026 and December 31, 2025 include total liabilities of VIEs of $1.3 billion, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.
v3.26.1
THC - CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 583 $ 565
Total restricted cash and cash equivalents 636 602
Total cash and cash equivalents and restricted cash and cash equivalents 1,219 1,167
Total receivables, net 1,120 1,110
Prepaid expenses and other assets 1,193 782
Revenue earning vehicles:    
Vehicles 14,532 14,039
Less: accumulated depreciation (1,573) (1,513)
Total revenue earning vehicles, net 12,959 12,526
Property and equipment, net 560 566
Operating lease right-of-use assets 2,328 2,257
Intangible assets, net 2,864 2,858
Goodwill 1,045 1,045
Total assets [1] 23,288 22,311
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 1,146 859
Accrued liabilities 980 1,231
Accrued taxes, net 156 131
Total debt 18,196 17,054
Operating lease liabilities 2,389 2,275
Self-insured liabilities 641 648
Deferred income taxes, net 377 350
Total liabilities [1] 24,074 22,770
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 6,457 6,447
Retained earnings (Accumulated deficit) (3,582) (3,249)
Accumulated other comprehensive income (loss) (236) (232)
Total stockholder's equity (deficit) (786) (459)
Total liabilities and stockholders' equity (deficit) 23,288 22,311
Vehicle    
ASSETS    
Total restricted cash and cash equivalents 361 317
Total receivables, net 364 381
Non-vehicle    
ASSETS    
Total restricted cash and cash equivalents 275 285
Total receivables, net 756 729
The Hertz Corporation    
ASSETS    
Cash and cash equivalents 583 565
Total restricted cash and cash equivalents 636 602
Total cash and cash equivalents and restricted cash and cash equivalents 1,219 1,167
Total receivables, net 1,120 1,110
Prepaid expenses and other assets 1,192 779
Revenue earning vehicles:    
Vehicles 14,532 14,039
Less: accumulated depreciation (1,573) (1,513)
Total revenue earning vehicles, net 12,959 12,526
Property and equipment, net 560 566
Operating lease right-of-use assets 2,328 2,257
Intangible assets, net 2,864 2,858
Goodwill 1,045 1,045
Total assets [2] 23,287 22,308
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 1,146 859
Accrued liabilities 980 1,231
Accrued taxes, net 157 131
Total debt 18,196 17,054
Operating lease liabilities 2,389 2,275
Self-insured liabilities 641 648
Deferred income taxes, net 380 353
Total liabilities [2] 23,889 22,551
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 4,658 4,648
Retained earnings (Accumulated deficit) (5,024) (4,659)
Accumulated other comprehensive income (loss) (236) (232)
Total stockholder's equity (deficit) (602) (243)
Total liabilities and stockholders' equity (deficit) 23,287 22,308
The Hertz Corporation | Vehicle    
ASSETS    
Total restricted cash and cash equivalents 361 317
Total receivables, net 364 381
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 576 342
Total debt 11,950 11,629
The Hertz Corporation | Non-vehicle    
ASSETS    
Total restricted cash and cash equivalents 275 285
Total receivables, net 756 729
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 570 517
Total debt $ 6,246 $ 5,425
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2026 and December 31, 2025 include total assets of variable interest entities (“VIEs”) of $1.3 billion, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2026 and December 31, 2025 include total liabilities of VIEs of $1.3 billion, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.
[2] The Hertz Corporation's consolidated total assets as of March 31, 2026 and December 31, 2025 include total assets of VIEs of $1.3 billion, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of March 31, 2026 and December 31, 2025 include total liabilities of VIEs of $1.3 billion, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.
v3.26.1
THC - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares issued (in shares) 489,865,099 486,543,836
Common stock, shares outstanding (in shares) 315,053,055 311,731,792
Total assets [1] $ 23,288 $ 22,311
Total liabilities [1] 24,074 22,770
Variable Interest Entity, Primary Beneficiary    
Total assets 1,200 1,100
Total liabilities $ 1,200 $ 1,100
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] $ 23,287 $ 22,308
Total liabilities [2] 23,889 22,551
The Hertz Corporation | Variable Interest Entity, Primary Beneficiary    
Total assets 1,300 1,300
Total liabilities 1,300 1,300
Non-vehicle    
Accounts receivable, allowance for credit loss 100 91
Non-vehicle | The Hertz Corporation    
Accounts receivable, allowance for credit loss $ 100 $ 91
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2026 and December 31, 2025 include total assets of variable interest entities (“VIEs”) of $1.3 billion, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2026 and December 31, 2025 include total liabilities of VIEs of $1.3 billion, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.
[2] The Hertz Corporation's consolidated total assets as of March 31, 2026 and December 31, 2025 include total assets of VIEs of $1.3 billion, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of March 31, 2026 and December 31, 2025 include total liabilities of VIEs of $1.3 billion, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.
v3.26.1
HGH - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Revenues $ 2,004 $ 1,813
Expenses:    
Direct vehicle and operating 1,344 1,274
Depreciation of revenue earning vehicles and lease charges, net 481 535
Non-vehicle depreciation and amortization 26 30
Selling, general and administrative 236 219
Interest expense, net 256 267
Other (income) expense, net (2) 4
Change in fair value of Public Warrants (33) 9
Total expenses 2,308 2,338
Income (loss) before income taxes (304) (525)
Income tax (provision) benefit (29) 82
Net income (loss) $ (333) $ (443)
Weighted-average common shares outstanding:    
Basic (in shares) 314 307
Diluted (in shares) 314 307
Earnings (loss) per common share:    
Basic (in dollars per share) $ (1.06) $ (1.44)
Diluted (in dollars per share) $ (1.06) $ (1.44)
Vehicle    
Expenses:    
Interest expense, net $ 146 $ 140
Non-vehicle    
Expenses:    
Interest expense, net $ 110 $ 127
v3.26.1
THC - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Revenues $ 2,004 $ 1,813
Expenses:    
Direct vehicle and operating 1,344 1,274
Depreciation of revenue earning vehicles and lease charges, net 481 535
Non-vehicle depreciation and amortization 26 30
Selling, general and administrative 236 219
Interest expense, net 256 267
Other (income) expense, net (2) 4
Total expenses 2,308 2,338
Income (loss) before income taxes (304) (525)
Income tax (provision) benefit (29) 82
Net income (loss) (333) (443)
Vehicle    
Expenses:    
Interest expense, net 146 140
Non-vehicle    
Expenses:    
Interest expense, net 110 127
The Hertz Corporation    
Revenues:    
Revenues 2,004 1,813
Expenses:    
Direct vehicle and operating 1,344 1,274
Depreciation of revenue earning vehicles and lease charges, net 481 535
Non-vehicle depreciation and amortization 26 30
Selling, general and administrative 234 219
Interest expense, net 256 267
Other (income) expense, net (2) 4
Total expenses 2,339 2,329
Income (loss) before income taxes (335) (516)
Income tax (provision) benefit (30) 82
Net income (loss) (365) (434)
The Hertz Corporation | Vehicle    
Expenses:    
Interest expense, net 146 140
The Hertz Corporation | Non-vehicle    
Expenses:    
Interest expense, net $ 110 $ 127
v3.26.1
HGH - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ (333) $ (443)
Other comprehensive income (loss):    
Foreign currency translation adjustments (4) 15
Total other comprehensive income (loss) (4) 15
Total comprehensive income (loss) $ (337) $ (428)
v3.26.1
THC - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net income (loss) $ (333) $ (443)
Other comprehensive income (loss):    
Foreign currency translation adjustments (4) 15
Total other comprehensive income (loss) (4) 15
The Hertz Corporation    
Net income (loss) (365) (434)
Other comprehensive income (loss):    
Foreign currency translation adjustments (4) 15
Total other comprehensive income (loss) (4) 15
Total comprehensive income (loss) $ (369) $ (419)
v3.26.1
HGH - CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
$ in Millions
Total
Preferred Stock
Common Stock
Additional Paid-In Capital
Retained Earnings (Accumulated deficit)
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Increase (Decrease) in Temporary Equity [Roll Forward]              
Preferred stock, shares outstanding (in shares)   0          
Beginning balance at Dec. 31, 2024   $ 0          
Ending balance at Mar. 31, 2025   $ 0          
Beginning balance (in shares) at Dec. 31, 2024     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             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
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, 2025 $ 0 $ 0          
Ending balance at Mar. 31, 2026 $ 0 $ 0          
Beginning balance (in shares) at Dec. 31, 2025 311,731,792   312,000,000        
Beginning balance at Dec. 31, 2025 $ (459)   $ 5 6,447 (3,249) (232) $ (3,430)
Beginning balance, Treasury stock (in shares) at Dec. 31, 2025 174,812,044           175,000,000
Increase (Decrease) in Stockholders' Equity              
Net income (loss) $ (333)       (333)    
Other comprehensive income (loss) (4)         (4)  
Net settlement on vesting of restricted stock (in shares)     3,000,000        
Net settlement on vesting of restricted stock (7)     (7)      
Stock-based compensation charges $ 17     17      
Ending balance (in shares) at Mar. 31, 2026 315,053,055   315,000,000        
Ending balance at Mar. 31, 2026 $ (786)   $ 5 $ 6,457 $ (3,582) $ (236) $ (3,430)
Ending balance, Treasury stock (in shares) at Mar. 31, 2026 174,812,044           175,000,000
Increase (Decrease) in Temporary Equity [Roll Forward]              
Preferred stock, shares outstanding (in shares) 0 0          
v3.26.1
THC - CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY EQUITY (DEFICIT) - USD ($)
$ in Millions
Total
The Hertz Corporation
Common Stock
Common Stock
The Hertz Corporation
Additional Paid-In Capital
Additional Paid-In Capital
The Hertz Corporation
Accumulated Deficit
Accumulated Deficit
The Hertz Corporation
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
The Hertz Corporation
Beginning balance (in shares) at Dec. 31, 2024     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, 2025 311,731,792 100 312,000,000 100            
Beginning balance at Dec. 31, 2025 $ (459) $ (243) $ 5 $ 0 6,447 4,648 (3,249) (4,659) (232) (232)
Increase (Decrease) in Stockholders' Equity                    
Net income (loss) (333) (365)         (333) (365)    
Other comprehensive income (loss) (4) (4)             (4) (4)
Stock-based compensation charges $ 17 17     17 17        
Dividends paid to Hertz Holdings   $ (7)       (7)        
Ending balance (in shares) at Mar. 31, 2026 315,053,055 100 315,000,000 100            
Ending balance at Mar. 31, 2026 $ (786) $ (602) $ 5 $ 0 $ 6,457 $ 4,658 $ (3,582) $ (5,024) $ (236) $ (236)
v3.26.1
HGH - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Cash flows from operating activities:      
Net income (loss) $ (333) $ (443)  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and reserves for revenue earning vehicles, net 537 624  
Depreciation and amortization, non-vehicle 26 30  
Amortization of deferred financing costs and debt discount (premium) 19 18  
Accreted interest on Exchangeable Notes 7 2  
Non-cash paid-in-kind ("PIK") interest on Exchangeable Notes 11 11  
Stock-based compensation charges 17 16  
Provision for receivables allowance 44 25  
Deferred income taxes, net 26 (124)  
(Gain) loss on sale of non-vehicle capital assets (3) (3)  
Change in fair value of Public Warrants (33) 9  
Unrealized (gain) loss on financial instruments (30) 0  
Other 1 4  
Changes in assets and liabilities:      
Non-vehicle receivables (73) 43  
Prepaid expenses and other assets (53) (34)  
Operating lease right-of-use assets 112 113  
Non-vehicle accounts payable 46 7  
Accrued liabilities (251) 21  
Accrued taxes, net 24 38  
Operating lease liabilities (69) (113)  
Self-insured liabilities (5) 7  
Net cash provided by (used in) operating activities 20 251  
Cash flows from investing activities:      
Revenue earning vehicles expenditures (3,602) (2,847)  
Proceeds from disposal of revenue earning vehicles 2,527 2,124  
Non-vehicle capital asset expenditures (29) (22)  
Proceeds from disposal of non-vehicle capital assets 6 27  
Net cash provided by (used in) investing activities (1,098) (718)  
Cash flows from financing activities:      
Payment of financing costs (7) (13)  
Other (8) (3)  
Net cash provided by (used in) financing activities 1,136 346  
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents (6) 9  
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period 52 (112)  
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 1,167 1,133 $ 1,133
Cash and cash equivalents and restricted cash and cash equivalents at end of period 1,219 1,021 $ 1,167
Cash paid during the period for:      
Income taxes, net of refunds 10 9  
Supplemental disclosures of non-cash information:      
Purchases of revenue earning vehicles included in accounts payable, net of incentives 394 151  
Sales of revenue earning vehicles included in vehicle receivables 183 261  
Purchases of non-vehicle capital assets included in accounts payable 14 6  
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease 16 15  
Vehicle      
Cash flows from financing activities:      
Proceeds from issuance of debt 745 1,126  
Repayments of debt (425) (1,384)  
Cash paid during the period for:      
Interest, net of amounts capitalized: 136 121  
Non-vehicle      
Cash flows from financing activities:      
Proceeds from issuance of debt 1,205 900  
Repayments of debt (374) (280)  
Cash paid during the period for:      
Interest, net of amounts capitalized: $ 137 $ 142  
v3.26.1
THC - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Cash flows from operating activities:      
Net income (loss) $ (333) $ (443)  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and reserves for revenue earning vehicles, net 537 624  
Depreciation and amortization, non-vehicle 26 30  
Amortization of deferred financing costs and debt discount (premium) 19 18  
Accreted interest on Exchangeable Notes 7 2  
Non-cash PIK interest on Exchangeable Notes 11 11  
Stock-based compensation charges 17 16  
Provision for receivables allowance 44 25  
Deferred income taxes, net 26 (124)  
Unrealized (gain) loss on financial instruments (30) 0  
Other 1 4  
Changes in assets and liabilities:      
Non-vehicle receivables (73) 43  
Prepaid expenses and other assets (53) (34)  
Operating lease right-of-use assets 112 113  
Non-vehicle accounts payable 46 7  
Accrued liabilities (251) 21  
Accrued taxes, net 24 38  
Operating lease liabilities (69) (113)  
Self-insured liabilities (5) 7  
Net cash provided by (used in) operating activities 20 251  
Cash flows from investing activities:      
Revenue earning vehicles expenditures (3,602) (2,847)  
Proceeds from disposal of revenue earning vehicles 2,527 2,124  
Non-vehicle capital asset expenditures (29) (22)  
Proceeds from disposal of non-vehicle capital assets 6 27  
Net cash provided by (used in) investing activities (1,098) (718)  
Cash flows from financing activities:      
Payment of financing costs (7) (13)  
Other (8) (3)  
Net cash provided by (used in) financing activities 1,136 346  
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents (6) 9  
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period 52 (112)  
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 1,167    
Cash and cash equivalents and restricted cash and cash equivalents at end of period 1,219   $ 1,167
Cash paid during the period for:      
Income taxes, net of refunds 10 9  
Supplemental disclosures of non-cash information:      
Purchases of revenue earning vehicles included in accounts payable, net of incentives 394 151  
Sales of revenue earning vehicles included in vehicle receivables 183 261  
Purchases of non-vehicle capital assets included in accounts payable 14 6  
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease 16 15  
Vehicle      
Cash flows from financing activities:      
Proceeds from issuance of debt 745 1,126  
Repayments of debt (425) (1,384)  
Cash paid during the period for:      
Interest, net of amounts capitalized: 136 121  
Non-vehicle      
Cash flows from financing activities:      
Proceeds from issuance of debt 1,205 900  
Repayments of debt (374) (280)  
Cash paid during the period for:      
Interest, net of amounts capitalized: 137 142  
The Hertz Corporation      
Cash flows from operating activities:      
Net income (loss) (365) (434)  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and reserves for revenue earning vehicles, net 537 624  
Depreciation and amortization, non-vehicle 26 30  
Amortization of deferred financing costs and debt discount (premium) 19 18  
Accreted interest on Exchangeable Notes 7 2  
Non-cash PIK interest on Exchangeable Notes 11 11  
Stock-based compensation charges 17 16  
Provision for receivables allowance 44 25  
Deferred income taxes, net 26 (124)  
(Gain) loss on sale of non-vehicle capital assets (3) (3)  
Unrealized (gain) loss on financial instruments (30) 0  
Other 2 4  
Changes in assets and liabilities:      
Non-vehicle receivables (73) 43  
Prepaid expenses and other assets (55) (34)  
Operating lease right-of-use assets 112 113  
Non-vehicle accounts payable 46 7  
Accrued liabilities (251) 21  
Accrued taxes, net 24 38  
Operating lease liabilities (69) (113)  
Self-insured liabilities (5) 7  
Net cash provided by (used in) operating activities 20 251  
Cash flows from investing activities:      
Revenue earning vehicles expenditures (3,602) (2,847)  
Proceeds from disposal of revenue earning vehicles 2,527 2,124  
Non-vehicle capital asset expenditures (29) (22)  
Proceeds from disposal of non-vehicle capital assets 6 27  
Net cash provided by (used in) investing activities (1,098) (718)  
Cash flows from financing activities:      
Payment of financing costs (7) (13)  
Dividends paid to Hertz Holdings (7) (3)  
Other (1) 1  
Net cash provided by (used in) financing activities 1,136 347  
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents (6) 9  
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period 52 (111)  
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 1,167 1,132 1,132
Cash and cash equivalents and restricted cash and cash equivalents at end of period 1,219 1,021 $ 1,167
Cash paid during the period for:      
Income taxes, net of refunds 10 9  
Supplemental disclosures of non-cash information:      
Purchases of revenue earning vehicles included in accounts payable, net of incentives 394 151  
Sales of revenue earning vehicles included in vehicle receivables 183 261  
Purchases of non-vehicle capital assets included in accounts payable 14 6  
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease 16 15  
The Hertz Corporation | Vehicle      
Cash flows from financing activities:      
Proceeds from issuance of debt 745 1,126  
Repayments of debt (425) (1,384)  
Cash paid during the period for:      
Interest, net of amounts capitalized: 136 121  
The Hertz Corporation | Non-vehicle      
Cash flows from financing activities:      
Proceeds from issuance of debt 1,205 900  
Repayments of debt (374) (280)  
Cash paid during the period for:      
Interest, net of amounts capitalized: $ 137 $ 142  
v3.26.1
Background
 3 Months Ended
Mar. 31, 2026
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.
v3.26.1
Basis of Presentation and Recently Issued Accounting Pronouncements
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation and Recently Issued Accounting Pronouncements Basis of Presentation and Recently Issued Accounting Pronouncements
Basis of Presentation

This Quarterly Report on Form 10-Q ("Quarterly Report") combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2026 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, 2025 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, 2025 ("2025 Form 10-K"), as filed with the Securities and Exchange Commission ("SEC") on February 26, 2026.

Effective in the first quarter of 2026, the Company revised its definition of Adjusted EBITDA, the Company's measure of segment profitability, to better reflect the Company's chief operating decision maker's ("CODM") view of ongoing operations and assessment of the Company's operational performance. The presentation of the prior period has been recast to conform to the current period presentation. See Note 12, "Segment Information," for further information.
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

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 is continuing to assess the overall impact of adopting this guidance, but anticipates that the adoption will result in expanded 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.
v3.26.1
Revenue Earning Vehicles
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Earning Vehicles Revenue Earning Vehicles
The components of revenue earning vehicles, net are as follows:
(In millions)March 31,
2026		December 31,
2025
Revenue earning vehicles$14,338 $13,848 
Less accumulated depreciation(1,573)(1,513)
12,765 12,335 
Revenue earning vehicles held for sale, net(1)
194 191 
Revenue earning vehicles, net$12,959 $12,526 
(1)    Represents the carrying amount of non-program vehicles classified as held for sale as of the respective balance sheet date.
Depreciation of revenue earning vehicles and lease charges, net includes the following:
Three Months Ended
March 31,
(In millions)20262025
Depreciation of revenue earning vehicles$436 $466 
(Gain) loss on disposal of revenue earning vehicles(1)
23 59 
Rents paid for vehicles leased22 10 
Depreciation of revenue earning vehicles and lease charges, net$481 $535 
(1)    Includes costs associated with the sales of vehicles of $52 million and $82 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
The Company's debt, including its credit facilities, consists of the following ($ in millions) as of March 31, 2026 and December 31, 2025:
Facility
Weighted-Average Interest Rate
as of
March 31, 2026
Fixed or
Floating
Interest
Rate		MaturityMarch 31,
2026		December 31,
2025
Non-Vehicle Debt
First Lien RCF7.32%Floating3/20281,230 $395 
Term B Loan7.29%Floating6/20281,238 1,242 
Incremental Term B Loan7.42%Floating6/2028489 490 
Term C Loan7.29%Floating6/2028245 245 
First Lien Senior Notes12.63%Fixed7/20291,250 1,250 
Exchangeable Notes Due 2029(1)
8.00%Fixed7/2029282 271 
Exchangeable Notes Due 2030(2)
5.50%Fixed10/2030425 425 
Senior Notes Due 2026(3)
4.63%Fixed12/2026200 200 
Senior Notes Due 20295.00%Fixed12/20291,000 1,000 
Other Non-Vehicle Debt(4)(5)
9.02%Fixed6/20656 6 
Fair Value of the Exchange Features 2029(6)
N/AN/AN/A63 78 
Fair Value of the Exchange Feature 2030(7)
N/AN/AN/A40 54 
Unamortized Debt Issuance Costs(8) and Net (Discount) Premium(9)(10)
(222)(231)
Total Non-Vehicle Debt6,246 5,425 
Vehicle Debt
HVF III U.S. ABS Program
HVF III U.S. Vehicle Variable Funding Notes
HVF III Series 2021-A Class A(11)
5.30%Floating5/20271,855 1,237 
HVF III Series 2021-A Class B(11)
9.28%Fixed8/2027300 300 
2,155 1,537 
HVF III U.S. Vehicle Medium Term Notes
HVF III Series 2021-2(11)
2.12%Fixed12/20262,000 2,000 
HVF III Series 2022-2(11)
2.78%Fixed6/2027750 750 
HVF III Series 2022-5(11)
4.39%Fixed9/2027364 364 
HVF III Series 2023-1(11)
6.17%Fixed6/2026250 500 
HVF III Series 2023-2(11)
6.30%Fixed9/2028300 300 
Facility
Weighted-Average Interest Rate
as of
March 31, 2026
Fixed or
Floating
Interest
Rate		MaturityMarch 31,
2026		December 31,
2025
HVF III Series 2023-3(11)
6.46%Fixed2/2027500 500 
HVF III Series 2023-4(11)
6.66%Fixed3/2029500 500 
HVF III Series 2024-1(11)
5.98%Fixed1/2028375 375 
HVF III Series 2024-2(11)
6.03%Fixed1/2030375 375 
HVF III Series 2025-1(11)
5.36%Fixed9/2028500 500 
HVF III Series 2025-2(11)
5.61%Fixed9/2030500 500 
HVF III Series 2025-3(11)
5.54%Fixed12/2028375 375 
HVF III Series 2025-4(11)
5.92%Fixed12/2030310 310 
HVF III Series 2025-5(11)
5.01%Fixed5/2029450 450 
HVF III Series 2025-6(11)
5.31%Fixed5/2031550 550 
8,099 8,349 
Vehicle Debt - Other
European ABS(11)
4.58%Floating4/2027956 965 
Hertz Canadian Securitization(11)
4.06%Floating4/2027270 307 
Australian Securitization(11)
5.51%Floating6/2027234 228 
New Zealand RCF5.41%Floating8/202769 64 
U.K. ABS5.56%Floating3/202893 109 
Other Vehicle Debt(12)
6.23%Floating4/2026 - 7/2028119 120 
1,741 1,793 
Unamortized Debt Issuance Costs and Net (Discount) Premium (45)(50)
Total Vehicle Debt11,950 11,629 
Total Debt$18,196 $17,054 
(1)    The effective interest rate of the Exchangeable Notes Due 2029, inclusive of the bifurcated Exchange Features 2029, as defined and disclosed in Note 10, "Fair Value Measurements," and PIK interest, was approximately 16.9% and 16.4% as of March 31, 2026 and December 31, 2025, respectively.
(2)    The effective interest rate of the Exchangeable Notes Due 2030, inclusive of the bifurcated Exchange Feature 2030, as defined and disclosed in Note 10, "Fair Value Measurements," was approximately 12.0% as of March 31, 2026 and December 31, 2025.
(3)    In December 2025, Hertz redeemed $300 million aggregate amount of the principal outstanding.
(4)    Other non-vehicle debt is comprised of $6 million in financial liabilities recognized from the sales of certain non-vehicle capital assets in the second quarter of 2025.
(5)    Reflects the effective interest rate of other non-vehicle debt.
(6)    Reflects the fair value of the Exchange Features 2029, as defined and disclosed in Note 10, "Fair Value Measurements."
(7)    Reflects the fair value of the Exchange Feature 2030, as defined and disclosed in Note 10, "Fair Value Measurements."
(8)    Includes unamortized debt issuance costs of $7 million and $8 million associated with the Exchangeable Notes Due 2029 as of March 31, 2026 and December 31, 2025, respectively. Also includes $19 million and $20 million of unamortized debt issuance costs associated with the Exchangeable Notes Due 2030 as of March 31, 2026 and December 31, 2025, respectively.
(9)    Includes $83 million and $79 million as of March 31, 2026 and December 31, 2025, respectively, of unamortized discounts associated with the initial recognition of the Exchange Features 2029, as defined and disclosed in Note 10, "Fair Value Measurements." Also includes $103 million as of March 31, 2026 and December 31, 2025, of unamortized discounts associated with the initial recognition of the Exchange Feature 2030, as defined and disclosed in Note 10, "Fair Value Measurements."
(10)    Includes $4 million of unamortized debt discount associated with the Exchangeable Notes Due 2029 as of March 31, 2026 and December 31, 2025.
(11)    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.
(12)    Other vehicle debt is primarily comprised of $103 million and $105 million in finance lease obligations as of March 31, 2026 and December 31, 2025, respectively.

Non-Vehicle Debt

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 the Semi-annual PIK Event in the first quarter of 2026, the Company increased the principal amount of the Exchangeable Notes Due 2029 by $11 million.

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 of the Semi-annual PIK Event in the first quarter of 2026, the Company recognized an additional debt discount of $4 million within Non-vehicle debt in the accompanying unaudited consolidated balance sheet as of March 31, 2026, representing its initial fair value. Refer to Note 10, "Fair Value Measurements," for further details.

The net carrying amount of the Exchangeable Notes Due 2029 consists of the following:
(In millions)March 31, 2026December 31, 2025
Principal$250 $250 
Non-cash PIK interest32 21 
Unamortized debt discounts and issuance costs(1)
(11)(12)
Unamortized discounts associated with the Exchange Features 2029(2)
(68)(67)
Fair value of the Exchange Features 2029(3)
63 78 
Net carrying amount$266 $270 
(1)    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)    Reflects the unamortized discount associated with the Exchange Features 2029, as defined and disclosed in Note 10, "Fair Value Measurements," net of accretive interest which is amortized to non-vehicle interest expense over the term of the Exchangeable Notes Due 2029 using the effective interest method.
(3)    As defined and further disclosed in Note 10, "Fair Value Measurements."

Interest expense recognized for the Exchangeable Notes Due 2029 consists of the following:
Three Months Ended
March 31,
(In millions)20262025
Non-cash PIK interest$5 $5 
Amortization of debt discounts and debt issuance costs1 — 
Accretive interest3 2 
(Gain) loss on fair value of the Exchange Features 2029(1)
(19)6 
Total$(10)$13 
(1)    As defined and further disclosed in Note 10, "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"). The Exchangeable Notes Due 2030 bear interest payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026.

The net carrying amount of the Exchangeable Notes Due 2030 consists of the following:
(In millions)March 31, 2026December 31, 2025
Principal$425 $425 
Unamortized debt issuance costs(1)
(19)(20)
Unamortized discounts associated with the Exchange Feature 2030(2)
(95)(99)
Fair value of the Exchange Feature 2030(3)
40 54 
Net carrying amount$351 $360 
(1)    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)    Reflects the unamortized discount associated with the Exchange Feature 2030, as defined and disclosed in Note 10, "Fair Value Measurements," net of accretive interest which is amortized to non-vehicle interest expense over the term of the Exchangeable Notes Due 2030 using the effective interest method.
(3)    As defined and further disclosed in Note 10, "Fair Value Measurements."

Interest expense recognized for the Exchangeable Notes Due 2030 consists of the following:
Three Months Ended
March 31,
(In millions)20262025
Contractual interest expense$7 $— 
Amortization of debt issuance costs1 — 
Accretive interest4 — 
(Gain) loss on fair value of the Exchange Feature 2030(1)
(14)— 
Total$(2)$— 
(1)    As defined and further disclosed in Note 10, "Fair Value Measurements."

Vehicle Debt

HVF III U.S. Vehicle Variable Funding Notes

In April 2026, Hertz Vehicle Funding III LLC ("HVF III"), a wholly owned, special-purpose and bankruptcy-remote subsidiary of Hertz, amended the HVF III Series 2021-A Notes to extend the maturity date of the Class A Notes to May 2028. The maximum principal of the Class A Notes is $3.2 billion until May 2027 and thereafter is $3.0 billion until May 2028, after giving effect to the terms of the amendment.
HVF III U.S. Vehicle Medium Term Notes ("MTN")

In April 2026, HVF III issued Class E notes for certain of the outstanding series of notes under the HVF III MTN program (the "Class E Notes") in an aggregate principal amount of $221 million as detailed in the table below.
($ in millions)PrincipalInterest RateMaturity
Class E Notes
HVF III Series 2022-5$17 10.67 %9/2027
HVF III Series 2023-214 10.99 %9/2028
HVF III Series 2023-424 11.48 %3/2029
HVF III Series 2024-118 10.95 %1/2028
HVF III Series 2024-218 11.99 %1/2030
HVF III Series 2025-124 10.99 %9/2028
HVF III Series 2025-224 12.26 %9/2030
HVF III Series 2025-318 11.47 %12/2028
HVF III Series 2025-415 12.28 %12/2030
HVF III Series 2025-522 11.72 %5/2029
HVF III Series 2025-627 12.54 %5/2031
Total Class E Notes$221 

Vehicle Debt—Other

European ABS

In April 2026, International Fleet Financing No. 2 BV ("IFF No. 2"), an indirect, special-purpose subsidiary of Hertz, amended the European ABS, inclusive of Class A Notes, Class B Notes and Class C Notes, to extend the maturity date to April 2028. The aggregate maximum principal of the European ABS is €1.4 billion to April 2027 and thereafter is €1.1 billion until April 2028, after giving effect to terms of the amendment.

Hertz Canadian Securitization

In April 2026, 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$625 million until November 2026, reverting to CAD$475 million thereafter until the extended maturity date of April 2028.
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 and the First Lien RCF. Creditors under each such asset-backed securitization facility have a claim on a specific pool of assets as collateral. With respect to each such asset-backed securitization 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, 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, the Company refers to "Availability
Under Borrowing Base Limitation" as the lower of Remaining Capacity or the borrowing base less the principal amount of debt then-outstanding under such facility (i.e., the amount of debt that can be borrowed given the collateral possessed at such time).

The following facilities were available to the Company as of March 31, 2026 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$254 $254 
Total Non-Vehicle Debt254 254 
Vehicle Debt  
HVF III Series 2021-A1,005 — 
European ABS552 — 
Hertz Canadian Securitization72 — 
Australian Securitization— — 
New Zealand RCF— — 
U.K. ABS192 — 
Other Vehicle Debt40 — 
Total Vehicle Debt1,861 — 
Total$2,115 $254 
Letters of Credit

As of March 31, 2026, there were outstanding letters of credit totaling $1.0 billion comprised primarily of $516 million issued under the First Lien RCF, $275 million of various unsecured letter of credit facilities ("Standby LCs") and $245 million issued under the Term C Loan. As of March 31, 2026, no capacity remained to issue additional letters of credit under the Term C Loan. Such letters of credit have been issued primarily to provide credit enhancement for the Company's asset-backed securitization facilities and to support the Company's insurance programs, as well as to support the Company's vehicle rental concessions and leaseholds. As of March 31, 2026, none of the issued letters of credit have been drawn upon.

The Standby LCs provide that, at Hertz's option and under the terms of the facilities, Hertz may request letters of credit be issued for itself and on behalf of certain of its subsidiaries up to the committed amounts of the facilities. In February 2026, Hertz increased the committed amounts under its Standby LCs by approximately $200 million.

Pledges Related to Vehicle Financing

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

The Company has a 25% ownership interest in IFF No. 2, whose sole purpose is to provide commitments to lend under the European ABS in various currencies, subject to borrowing bases comprised of revenue earning vehicles and related assets of certain of Hertz International, Ltd.'s subsidiaries. IFF No. 2 is a VIE, and the Company is the
primary beneficiary; therefore, the assets, liabilities and results of operations of IFF No. 2 are included in the accompanying unaudited condensed consolidated financial statements. As of March 31, 2026 and December 31, 2025, IFF No. 2 had total assets of $1.2 billion and $1.1 billion, respectively, comprised primarily of intercompany receivables, and total liabilities of $1.2 billion and $1.1 billion, respectively, comprised primarily of debt.

The Company incorporates HFF as a special-purpose orphan entity. HFF provides a vehicle financing facility for the Company's vehicle rental fleet in the U.K. through the U.K. ABS. HFF is a VIE, and the Company is the primary beneficiary; therefore, the assets, liabilities and results of operations of HFF are included in the accompanying unaudited condensed consolidated financial statements. As of March 31, 2026 and December 31, 2025, HFF had total assets of $111 million and $135 million, respectively, comprised primarily of intercompany receivables, and total liabilities of $111 million and $135 million, respectively, comprised primarily of debt.

Covenant Compliance

The First Lien Credit Agreement requires Hertz to comply with the following financial covenant: a 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. Hertz is also subject to a minimum liquidity covenant, 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. As of March 31, 2026, Hertz was in compliance with the First Lien Ratio and the minimum liquidity covenant.

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 March 31, 2026, the Company was in compliance with all covenants under the terms of the agreements governing the respective Corporate Indebtedness.
v3.26.1
Revenue from Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Revenue from Leases Revenue from Leases
The Company recognizes two types of revenue: (i) revenue from leases and (ii) revenue from contracts with customers.

The Company's operating leases for vehicle rentals have rental periods that are typically short term in nature. Rental charges are computed on a limited or unlimited mileage rate, or on a time rate plus a mileage charge. In connection with the vehicle rental, the Company offers supplemental equipment rentals (e.g., child seats and ski racks) which are deemed lease components. The Company also offers value-added services in connection with the vehicle rental, which are deemed non-lease components, such as loss or collision damage waiver, theft protection, liability and personal accident/effects insurance coverage, premium emergency roadside service and satellite radio. Additionally, the Company charges for variable services primarily consisting of tolls, refueling and recharging and collections for vehicle damage during the rental period. The Company combines lease and non-lease components in its contracts under ASC 842, Lease Accounting ("Topic 842"), when permissible.
The Company recognizes other revenues from contracts with its customers under ASC 606, Revenue from Contracts with Customers ("Topic 606"), which primarily consists of fees generated from franchise agreements and revenues associated with the Company's retail car sales operations.

The following table summarizes the amount of operating lease income and other income sources included in total revenues in the accompanying unaudited condensed consolidated statements of operations:
Three Months Ended
March 31,
(In millions)20262025
Operating lease income from vehicle rentals$1,788 $1,634 
Variable operating lease income154 122 
Revenues from leases accounted for under Topic 8421,942 1,756 
Other revenues accounted for under Topic 60662 57 
Total revenues$2,004 $1,813 
Revenue from Leases Revenue from Leases
The Company recognizes two types of revenue: (i) revenue from leases and (ii) revenue from contracts with customers.

The Company's operating leases for vehicle rentals have rental periods that are typically short term in nature. Rental charges are computed on a limited or unlimited mileage rate, or on a time rate plus a mileage charge. In connection with the vehicle rental, the Company offers supplemental equipment rentals (e.g., child seats and ski racks) which are deemed lease components. The Company also offers value-added services in connection with the vehicle rental, which are deemed non-lease components, such as loss or collision damage waiver, theft protection, liability and personal accident/effects insurance coverage, premium emergency roadside service and satellite radio. Additionally, the Company charges for variable services primarily consisting of tolls, refueling and recharging and collections for vehicle damage during the rental period. The Company combines lease and non-lease components in its contracts under ASC 842, Lease Accounting ("Topic 842"), when permissible.
The Company recognizes other revenues from contracts with its customers under ASC 606, Revenue from Contracts with Customers ("Topic 606"), which primarily consists of fees generated from franchise agreements and revenues associated with the Company's retail car sales operations.

The following table summarizes the amount of operating lease income and other income sources included in total revenues in the accompanying unaudited condensed consolidated statements of operations:
Three Months Ended
March 31,
(In millions)20262025
Operating lease income from vehicle rentals$1,788 $1,634 
Variable operating lease income154 122 
Revenues from leases accounted for under Topic 8421,942 1,756 
Other revenues accounted for under Topic 60662 57 
Total revenues$2,004 $1,813 
v3.26.1
Income Tax (Provision) Benefit
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Tax (Provision) Benefit Income Tax (Provision) Benefit
Hertz Global

For the three months ended March 31, 2026, Hertz Global recorded a tax provision of $29 million, which resulted in an effective tax rate of (9)%. For the three months ended March 31, 2025, Hertz Global recorded a tax benefit of $82 million, which resulted in an effective tax rate of 16%.

The change in taxes for the three months ended March 31, 2026 compared to the same period in 2025 was driven primarily by an increase in valuation allowances on deferred tax assets and lower pretax losses, offset by the non-taxable year-over-year fluctuations in the fair value adjustments of Public Warrants and the financial instruments associated with the Exchangeable Notes.

Hertz

For the three months ended March 31, 2026, Hertz recorded a tax provision of $30 million, which resulted in an effective tax rate of (9)%. For the three months ended March 31, 2025, Hertz recorded a tax benefit of $82 million, which resulted in an effective tax rate of 16%.
The change in taxes for the three months ended March 31, 2026 compared to the same period in 2025 was driven primarily by an increase in valuation allowances on deferred tax assets and lower pretax losses, offset by the non-taxable year-over-year fluctuations in the fair value adjustments of the financial instruments associated with the Exchangeable Notes.
v3.26.1
Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global
Public Warrants

As of March 31, 2026, 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 March 31, 2026 and December 31, 2025. See Note 10, "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 a prospectus supplement 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 ATM offering program (the "ATM Program"). As of March 31, 2026, 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
March 31,
(In millions, except per share data)(1)
20262025
Numerator:
Net income (loss) available to Hertz Global common stockholders, basic and diluted$(333)$(443)
Denominator:
Basic and diluted weighted-average common shares outstanding314 307 
Antidilutive Public Warrants(2)
83 83 
Antidilutive stock options, RSUs and PSUs16 17 
Antidilutive shares related to Exchangeable Notes Due 2029
42 39 
Antidilutive shares related to Exchangeable Notes Due 2030
46 — 
Total antidilutive187 139 
Earnings (loss) per common share:
Basic$(1.06)$(1.44)
Diluted$(1.06)$(1.44)
(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 amount has been adjusted in the current period to correct for an immaterial error. The correction only affects the disclosure of antidilutive Public Warrants and does not impact the earnings (loss) per common share, basic and diluted, for the three months ended March 31, 2025.
v3.26.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026, 17,713,487 shares of the Company's common stock were authorized and remain available for future grants
under the 2021 Omnibus Plan. Vesting of the outstanding equity awards is also subject to accelerated vesting as set forth in the 2021 Omnibus Plan.

A summary of the total employee compensation expense and related income tax benefits recognized for grants made under the 2021 Omnibus Plan is as follows:
Three Months Ended
March 31,
(In millions)20262025
Employee compensation expense$17 $15 
Income tax (benefit) expense— — 
Employee compensation expense, net$17 $15 

As of March 31, 2026, there was $145 million of total unrecognized employee compensation expense expected to be recognized over the remaining 1.7 years, on a weighted average basis, of the requisite service period that began on the grant dates of the outstanding awards.

Stock Options and Stock Appreciation Rights

A summary of stock option activity under the 2021 Omnibus Plan for the three months ended March 31, 2026 is presented below.
OptionsSharesWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (years)		Aggregate Intrinsic
Value (In millions)
Outstanding as of January 1, 2026(1)
1,158,270 $26.17 5.8$— 
Granted— $— 0.0$— 
Exercised— $— 0.0$— 
Forfeited or Expired(5,280)$26.17 0.0$— 
Outstanding as of March 31, 2026
1,152,990 $26.17 5.4$— 
Exercisable as of March 31, 2026
(1,152,990)$26.17 5.4$— 
Non-vested as of March 31, 2026
— 
(1)    All shares outstanding as of January 1, 2026 were vested.

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

A summary of the PSU activity for the three months ended March 31, 2026 under the 2021 Omnibus Plan is presented below. As of March 31, 2026, 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, 2026
5,471,438 $4.04 $28 
Granted(1)
3,325,518 $4.99 $— 
Vested(790)$9.00 $— 
Forfeited or Expired(922,624)$4.16 $— 
Outstanding as of March 31, 2026
7,873,542 $4.43 $36 
(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 2026, 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 as of and for the three months ended March 31, 2026 under the 2021 Omnibus Plan is presented below. RSU grants issued in 2026 vest ratably over a period of primarily three years.
Shares Weighted-
Average
Fair Value		Aggregate Intrinsic
Value (In millions)
Outstanding as of January 1, 2026
26,017,278 $4.96 $134 
Granted12,888,138 $4.43 $— 
Vested(4,754,450)$5.44 $— 
Forfeited or Expired(1,358,253)$3.99 $— 
Outstanding as of March 31, 2026
32,792,713 $4.73 $151 

Additional information pertaining to RSU activity under the 2021 Omnibus Plan is as follows:
Three Months Ended March 31,
20262025
Total fair value of awards that vested (in millions)$26 $19 
Weighted-average grant-date fair value of awards granted$4.43 $3.98 

Deferred Stock Units

As of March 31, 2026, there were approximately 409,000 outstanding shares of deferred stock units under the 2021 Omnibus Plan.
v3.26.1
Financial Instruments
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments Financial Instruments
The Company employs established risk management policies and procedures, and, under the terms of our ABS facilities, may be required to enter into interest rate derivatives, which seek to reduce the Company’s commercial risk exposure to fluctuations in interest rates and currency exchange rates. Although the instruments utilized involve varying degrees of credit, market and interest risk, the Company contracts with multiple counterparties to mitigate concentrations of risk and the counterparties to the agreements are expected to perform fully under the terms of the agreements. The Company monitors counterparty credit risk, including lenders, on a regular basis, but cannot be certain that all risks will be discerned or that its risk management policies and procedures will always be effective. Additionally, upon the occurrence of an event of default under the Company’s International Swaps and Derivatives Association ("ISDA") master derivative agreements, the non-defaulting party generally has the right, but not the obligation, to set-off any early termination amounts under any such agreements against any other amounts owed with regard to any other agreements between the parties to each such agreement.

None of the Company's financial instruments have been designated as hedging instruments as of March 31, 2026 and December 31, 2025. 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 has entered into privately negotiated cash-settled capped call transactions (the "Capped Call Transactions 2030") to manage its exposure to market price movements of Hertz Global common stock in connection with the Exchangeable Notes Due 2030.

Fair Value

The following table summarizes the estimated fair value of financial instruments:
Fair Value of Financial Instruments
Asset DerivativesLiability Derivatives
(In millions)March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Interest rate instruments(1)
$3 $1 $— $— 
Foreign currency forward contracts(1)
1 2 2 — 
Exchange Features 2029 related to Exchangeable Notes Due 2029(2)
— — 63 78 
Exchange Feature 2030 related to Exchangeable Notes Due 2030(3)
— — 40 54 
Capped Call Transactions 2030(4)
16 21 — — 
Total
$20 $24 $105 $132 
(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 10, "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 defined and further disclosed in Note 10, "Fair Value Measurements," 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 March 31, 2026.
(4)    The Capped Call Transactions 2030 were entered into in connection with the Exchangeable Notes Due 2030 and are recorded in Prepaid expenses and other assets in the accompanying unaudited condensed consolidated balance sheet as of March 31, 2026.
The following table summarizes the gains or (losses) on financial instruments for the period indicated:
Location of Gain (Loss) Recognized on DerivativesAmount of Gain (Loss) Recognized in Income on Derivatives
Three Months Ended
March 31,
(In millions)20262025
Interest rate instrumentsVehicle interest expense, net$2 $(1)
Foreign currency forward contractsSelling, general and administrative expense(1)4 
Exchange Features 2029 related to Exchangeable Notes Due 2029(1)
Non-vehicle interest expense, net19 (6)
Exchange Feature 2030 related to Exchangeable Notes Due 2030(2)
Non-vehicle interest expense, net14 — 
Capped Call Transactions 2030
Non-vehicle interest expense, net(5)— 
Total
$29 $(3)
(1)    The Exchange Features 2029, as defined and further disclosed in Note 10, "Fair Value Measurements," were bifurcated as derivatives from the Exchangeable Notes Due 2029.
(2)    The Exchange Feature 2030, as defined and further disclosed in Note 10, "Fair Value Measurements," was bifurcated as a derivative from the Exchangeable Notes Due 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.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Under U.S. GAAP, entities are allowed to measure certain financial instruments and other items at fair value. The Company has not elected the fair value measurement option for any of its assets or liabilities that meet the criteria for this option. Irrespective of the fair value option previously described, U.S. GAAP requires certain financial and non-financial assets and liabilities of the Company to be measured on either a recurring basis or on a nonrecurring basis.

Fair Value Disclosures

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

The fair value of the debt facilities is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (i.e., Level 2 inputs).
March 31, 2026December 31, 2025
(In millions)Nominal Unpaid Principal BalanceAggregate Fair ValueNominal Unpaid Principal BalanceAggregate Fair Value
Other Non-Vehicle Debt$5,658 $4,367 $4,828 $4,187 
Exchangeable Notes Due 2029
282 275 271 311 
Exchangeable Notes Due 2030
425 251 425 324 
Total Non-Vehicle Debt6,365 4,893 5,524 4,822 
Vehicle Debt11,995 12,018 11,679 11,662 
Total$18,360 $16,911 $17,203 $16,484 

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows:
March 31, 2026December 31, 2025
(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Cash equivalents and restricted cash equivalents$147 $— $— $147 $287 $— $— $287 
Capped Call Transactions 2030
$— $— $16 $16 $— $— $21 $21 
Liabilities:
Public Warrants$189 $— $— $189 $222 $— $— $222 
Exchange Features 2029
$— $— $63 $63 $— $— $78 $78 
Exchange Feature 2030
$— $— $40 $40 $— $— $54 $54 

Cash Equivalents and Restricted Cash Equivalents

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

Public Warrants – Hertz Global

Hertz Global's Public Warrants are classified as liabilities and recorded at fair value in the accompanying unaudited condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 in accordance with the provisions of ASC 480, Distinguishing Liabilities from Equity. See Note 7, "Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global," for additional information. The Company calculates the fair value based on the end-of-day quoted market price (i.e., a Level 1 input). For the three months ended March 31, 2026 and 2025, the fair value adjustments included a gain of $33 million and a loss of $9 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 months ended March 31, 2026 and 2025.
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 4, "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 quarter of 2026, the Company bifurcated the Exchange Feature 2029 PIK and recognized a debt discount of $4 million within non-vehicle debt, representing the initial fair value.

As of March 31, 2026, the fair value of the Exchange Feature 2029 and the Exchange Feature 2029 PIK (collectively, the "Exchange Features 2029") was $63 million. Refer also to Note 9, "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. Expected volatility is based on historical and company-specific implied equity volatility data and adjusted to reflect market participant expectations observed in arm's length trading. 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 March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
Hertz Global common share price$4.61 $5.14 
Expected term (years)3.293.54
Risk-free interest rate3.83 %3.60 %
Credit spread17.75 %11.26 %
Expected volatility35.00 %35.00 %

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, 2024$61 
Initial recognition of derivative liability(1)
11 
(Gain) loss in fair value recognized in earnings6 
Balance as of December 31, 202578 
Initial recognition of derivative liability(2)
4 
(Gain) loss in fair value recognized in earnings(3)
(19)
Balance as of March 31, 2026
$63 
(1)    Represents the initial debt discounts recognized in association with the Semi-Annual PIK events occurring in the first and third quarters of 2025.
(2)    Represents the initial debt discount recognized in association with the Semi-Annual PIK event occurring in the first quarter of 2026. See Note 4, "Debt," for further details.
(3)    Included in Non-vehicle interest expense, net in the accompanying unaudited condensed consolidated statements of operations for the three months ended March 31, 2026.

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.

As of March 31, 2026, the fair value of the Exchange Feature 2030 was $40 million. Refer also to Note 9, "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. Expected volatility is based on historical and company-specific implied equity volatility data and adjusted to reflect market participant expectations observed in arm's length trading. 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 March 31, 2026:
March 31, 2026December 31, 2025
Hertz Global common share price$4.61 $5.14 
Expected term (years)4.504.75
Risk-free interest rate3.89 %3.71 %
Credit spread20.03 %12.45 %
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 December 31, 2024$— 
Initial recognition of derivative liability103 
(Gain) loss in fair value recognized in earnings(49)
Balance as of December 31, 202554 
(Gain) loss in fair value recognized in earnings(1)
(14)
Balance as of March 31, 2026
$40 
(1)    Included in Non-vehicle interest expense, net in the accompanying unaudited condensed consolidated statements of operations for the three months ended March 31, 2026.

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. Expected volatility is based on historical and company-specific implied equity volatility data and adjusted to reflect market participant expectations observed in arm's length trading. 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:
March 31, 2026December 31, 2025
Hertz Global common share price$4.61 $5.14 
Expected term (years)4.504.75
Risk-free interest rate3.89 %3.71 %
Dividend yield— %— %
Expected volatility36.00 %36.00 %

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.
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 December 31, 2024$— 
Initial recognition of derivative asset37 
Gain (loss) in fair value recognized in earnings(16)
Balance as of December 31, 202521 
Gain (loss) in fair value recognized in earnings(1)
(5)
Balance as of March 31, 2026
$16 
(1)    Included in Non-vehicle interest expense, net in the accompanying unaudited condensed consolidated statements of operations for the three months ended March 31, 2026.
Financial Instruments

The fair value of the Company's financial instruments as of March 31, 2026 and December 31, 2025 are disclosed in Note 9, "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.
v3.26.1
Contingencies and Off-Balance Sheet Commitments
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Contingencies and Off-Balance Sheet Commitments Contingencies and Off-Balance Sheet Commitments
Legal Proceedings

Self-Insured Liabilities

The Company is currently a defendant in numerous actions and has received numerous claims on which actions have not yet commenced for self-insured liabilities arising from the operation of motor vehicles rented from the Company. The obligation for self-insured liabilities on self-insured U.S. and international vehicles, as stated in the accompanying unaudited condensed consolidated balance sheets, represents an estimate for both reported accident claims not yet paid and claims incurred but not yet reported. The related liabilities are recorded on an undiscounted basis and are based on actuarially determined estimates using historical claims experience. These estimates include judgment about severity of claims, frequency and volume of claims. As of March 31, 2026 and December 31, 2025, the Company's liability recorded for self-insured liabilities was $641 million and $648 million, of which $500 million and $508 million relates to liabilities incurred by the Company's Americas RAC operations, respectively. The Company believes that its analysis is based on the most relevant information available, combined with reasonable assumptions. The liability is subject to significant uncertainties. The adequacy of the liability is monitored quarterly based on evolving accident claim history. If the Company's estimates change or if actual results differ from these assumptions, the amount of the recorded liability is adjusted to reflect these results.

Loss Contingencies

From time to time, the Company is a party to various legal proceedings, typically involving operational issues common to the vehicle rental business. The Company has summarized below the material legal proceedings to which the Company was a party during the three months ended March 31, 2026 or the period after March 31, 2026, 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. 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 Company filed a petition for writ of certiorari with the Supreme Court of the United States ("U.S. Supreme Court") on April 4, 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 ("Solicitor General") on whether it should grant the petition for a writ of certiorari. Subsequently, the Solicitor General filed its brief of the United States recommending that the U.S. Supreme Court deny the Company's petition for writ of certiorai. On January 12, 2026, the U.S. Supreme Court denied the Company's petition for writ of certiorari and remanded the case back to the Delaware Bankruptcy Court for entry of final judgment. On January 27, 2026, Hertz paid Wells Fargo, as indenture trustee, the previously reserved amount of $346 million, including the interest to date, which is the amount that was not disputed by the parties. The Delaware Bankruptcy Court subsequently denied Wells Fargo's request for additional pre-judgment interest, but awarded Wells Fargo a nominal amount as a correction to the principal owed. Wells Fargo informed the Bankruptcy Court that it intends to appeal the denial of pre-judgment interest.

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 then settled the direct and derivative claims, subject to approval of the Delaware Chancery Court, which will also determine the amount of attorneys' fees to be awarded to the plaintiff. The final approval hearing is scheduled for June 3, 2026.

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 ("Defendant 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 all claims except those based on two statements by Defendant Scherr in January and April of 2023. The Court directed the clerk to lift the stay. The parties settled in principle during a mediation on March 12, 2026, subject to approval of the Court.

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 until the conclusion of a mediation between the plaintiffs and Cleo scheduled for June 30, 2026. At this early stage of the litigation, the Company does not believe that the ultimate resolution of these actions will have a material adverse effect on our financial condition, results of operations or liquidity.

The Company has established reserves for matters where the Company believes that losses are probable and can be reasonably estimated. Other than the aggregate reserve established for claims for self-insured liabilities and the bankruptcy-related litigation, none of those reserves are material. For matters where the Company has not established a reserve, the ultimate outcome or resolution cannot be predicted at this time, or the amount of ultimate loss, if any, cannot be reasonably estimated. These matters are subject to many uncertainties, and the outcome of the individual litigated matters is not predictable with assurance. It is possible that certain of the actions, claims, inquiries or proceedings could be decided unfavorably to the Company or any of its subsidiaries involved. Accordingly, it is possible that an adverse outcome from such a proceeding could exceed the amount accrued in an amount that could be material to the Company's consolidated financial condition, results of operations or cash flows in any particular reporting period.

Indemnification Obligations

In the ordinary course of business, the Company has executed contracts involving indemnification obligations customary in the relevant industry and indemnifications specific to a transaction, such as the sale of a business. These indemnification obligations might include claims relating to the following: environmental matters; intellectual property rights; governmental regulations and employment-related matters; customer, supplier and other commercial contractual relationships and financial matters. Specifically, the Company has indemnified various parties for the costs associated with remediating numerous hazardous substance storage, recycling or disposal
sites in many states and, in some instances, for natural resource damages. The amount of any such expenses or related natural resource damages for which the Company may be held responsible could be substantial. In addition, Hertz entered into customary indemnification agreements with Hertz Holdings and certain of the Company's stockholders and their affiliates pursuant to which Hertz Holdings and Hertz will indemnify those entities and their respective affiliates, directors, officers, partners, members, employees, agents, representatives and controlling persons, against certain liabilities arising out of performance of a consulting agreement with Hertz Holdings and each of such entities and certain other claims and liabilities, including liabilities arising out of financing arrangements or securities offerings. The Company has entered into customary indemnification agreements with each of its directors and certain of its officers. Performance under these indemnification obligations would generally be triggered by a breach of terms of the contract or by a third-party claim. In connection with the separation of the car rental business in 2016, the Company executed an agreement with Herc Holdings Inc. that contains mutual indemnification clauses and a customary indemnification provision with respect to liability arising out of, or resulting from, assumed legal matters. The Company regularly evaluates the probability of having to incur costs associated with these indemnification obligations and has accrued for expected losses that are probable and estimable.
v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company's 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 the 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.

Effective in the first quarter of 2026, the Company revised its definition of Adjusted EBITDA to adjust for realized (gains) losses from financial instruments, share-based compensation expense and foreign currency (gains) losses. The update to Adjusted EBITDA is to better reflect the CODM's view of ongoing operations and assessment of the Company's operational performance. The presentation of the prior period has been recast to conform to the current period presentation.

Three Months Ended March 31, 2026
(In millions)Americas RACInternational RACTotal
Revenues$1,628 $376 $2,004 
Significant segment expenses:
Three Months Ended March 31, 2026
(In millions)Americas RACInternational RACTotal
Direct vehicle and operating1,098 242 
Depreciation of revenue earning vehicles and lease charges, net(1)
402 79 
Selling, general and administrative122 58 
Other segment items(2)
109 (1)
Segment profit (loss): Adjusted EBITDA$(103)$(2)$(105)
Adjustments:
Corporate(3)
(56)
Non-vehicle depreciation and amortization(26)
Non-vehicle debt interest, net(4)
(137)
Vehicle debt-related charges(5)
(12)
Restructuring and restructuring related charges(6)
(8)
Net (gains) losses on financial instruments(7)
29 
Share-based compensation expense(17)
Foreign currency (gains) losses(8)
— 
Other items(9)
(3)
Income (loss) before income taxes - Hertz(335)
Change in fair value of Public Warrants(10)
33 
Other(2)
Income (loss) before income taxes - Hertz Global$(304)

Three Months Ended March 31, 2025
(In millions)Americas RACInternational RACTotal
Revenues$1,490 $323 $1,813 
Significant segment expenses:
Direct vehicle and operating1,066 207 
Depreciation of revenue earning vehicles and lease charges, net(1)
462 73 
Selling, general and administrative114 47 
Other segment items(2)
83 6 
Segment profit (loss): Adjusted EBITDA$(235)$(10)$(245)
Adjustments:
Corporate(3)
(57)
Non-vehicle depreciation and amortization(30)
Non-vehicle debt interest, net(4)
(121)
Vehicle debt-related charges(5)
(11)
Restructuring and restructuring related charges(6)
(3)
Net (gains) losses on financial instruments(7)
(3)
Share-based compensation expense(15)
Foreign currency (gains) losses(8)
(4)
Other items(9)
(27)
Income (loss) before income taxes - Hertz(516)
Three Months Ended March 31, 2025
(In millions)Americas RACInternational RACTotal
Change in fair value of Public Warrants(10)
(9)
Income (loss) before income taxes - Hertz Global$(525)
(1)    Includes the write-down to carrying value of non-program vehicles classified as held for sale. See Note 3, "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, vehicle-debt related charges and restructuring and restructuring related charges.
(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, the Exchange Feature 2030 and the Capped Call Transactions 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 primarily to personnel reductions and litigation. Charges are recorded within selling, general and administrative expense.
(7)    Represents total realized and unrealized gains (losses) on derivative financial instruments in which interest rate instrument gains (losses) are recorded within vehicle interest expense, net and foreign currency forward contract gains (losses) are recorded within selling, general and administrative expense. Also includes gains (losses) associated with the Exchange Features 2029, the Exchange Feature 2030 and the Capped Call Transactions 2030, which are recorded within non-vehicle interest expense, net. See Note 9, "Financial Instruments." As a result from the revision to Adjusted EBITDA, includes realized losses of $1 million and $4 million on derivative financial instruments for the three months ended March 31, 2026 and 2025, respectively.
(8)    Represents (gains) losses recognized on the remeasurement and settlement of foreign currency transactions, excluding gains (losses) related to foreign currency derivative financial instruments, which are included in footnote 7 above.
(9)    Represents miscellaneous items. For the three months ended March 31, 2026, primarily includes certain IT-related charges and cloud computing costs. For the three months ended March 31, 2025, primarily includes certain litigation charges, certain IT-related charges and certain concessions-related adjustments.
(10)    Represents the change in fair value during the reporting period for Hertz Global's outstanding Public Warrants.
The following tables provide other significant segment statement of operations, balance sheet and cash flow information for each of Hertz Global and Hertz.
Three Months Ended March 31,
(In millions)Americas RACInternational RAC
Unallocated(1)
Total Hertz Global and Hertz
2026
Depreciation and amortization, non-vehicle assets$21 $3 $2 $26 
Vehicle interest expense, net(2)
124 22 — 146 
Non-vehicle interest expense, net(2)
3 (3)110 110 
2025
Depreciation and amortization, non-vehicle assets$26 $3 $1 $30 
Vehicle interest expense, net(2)
117 23 — 140 
Non-vehicle interest expense, net(2)
(1)(4)132 127 
(1)    Includes expenses associated with the Company's corporate operations which are not attributable to a particular reportable segment.
(2)    The Company's CODM relies primarily on interest expense, net when reviewing targeted results versus actual results to facilitate in the evaluation of segment results.
(In millions)Americas RACInternational RAC
Unallocated(1)
Total Hertz Global
Unallocated - Hertz(2)
Total Hertz
As of March 31, 2026
Revenue earning vehicles, net(3)
$11,162 $1,797 $— $12,959 $— $12,959 
Property and equipment, net409 61 90 560 — 560 
Total assets(4)
18,564 3,507 1,217 23,288 (1)23,287 
As of December 31, 2025
Revenue earning vehicles, net(3)
$10,844 $1,682 $— $12,526 $— $12,526 
Property and equipment, net415 63 88 566 — 566 
Total assets(4)
17,809 3,357 1,145 22,311 (3)22,308 
(1)    Includes assets associated with the Company's corporate operations which are not attributable to a particular reportable segment.
(2)    Includes assets associated with Hertz's corporate operations which are not attributable to a particular reportable segment.
(3)    Includes the carrying amount of vehicles classified as held for sale as of the respective balance sheet date. See Note 5, "Revenue Earning Vehicles."    
(4)    The consolidated total assets of Hertz Global and Hertz as of March 31, 2026 and 2025 include total assets of VIEs of $1.3 billion, which can only be used to settle obligations of the VIEs. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.

Three Months Ended March 31,
(In millions)Americas RACInternational RAC
Unallocated(1)
Total Hertz Global and Hertz
2026
Expenditures$(3,201)$(427)$(3)$(3,631)
Proceeds from disposals2,157 376 — 2,533 
Net expenditures$(1,044)$(51)$(3)$(1,098)
2025
Expenditures$(2,560)$(308)$(1)$(2,869)
Proceeds from disposals1,845 306 — 2,151 
Net expenditures$(715)$(2)$(1)$(718)
(1)    Includes assets associated with the Company's corporation operations which are not attributable to a particular reportable segment.

The Company operates in the U.S. and in international countries. International operations are substantially in Europe. The operations within major geographic areas for each of Hertz Global and Hertz are summarized below:
Three Months Ended
March 31,
(In millions)20262025
Revenues
U.S.$1,569 $1,433 
International
435 380 
Total Hertz Global and Hertz
$2,004 $1,813 
(In millions)U.S.InternationalTotal Hertz GlobalU.S. - HertzTotal Hertz
As of March 31, 2026
Revenue earning vehicles, net(1)
$10,806 $2,153 $12,959 $— $12,959 
Property and equipment, net481 79 560 — 560 
Operating lease right-of-use assets1,968 360 2,328 — 2,328 
Total assets19,094 4,194 23,288 (1)23,287 
As of December 31, 2025
Revenue earning vehicles, net(1)
$10,473 $2,053 $12,526 $— $12,526 
Property and equipment, net484 82 566 — 566 
Operating lease right-of-use assets1,927 330 2,257 — 2,257 
Total assets18,242 4,069 22,311 (3)22,308 
(1)    Includes the carrying amount of vehicles classified as held for sale as of the respective balance sheet date. See Note 3, "Revenue Earning Vehicles."
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
See Note 4, "Debt," for disclosures of subsequent events relating to the Company's indebtedness.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

This Quarterly Report on Form 10-Q ("Quarterly Report") combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2026 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

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 is continuing to assess the overall impact of adopting this guidance, but anticipates that the adoption will result in expanded 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.
v3.26.1
Revenue Earning Vehicles (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Components of Revenue Earning Vehicles, Net
The components of revenue earning vehicles, net are as follows:
(In millions)March 31,
2026		December 31,
2025
Revenue earning vehicles$14,338 $13,848 
Less accumulated depreciation(1,573)(1,513)
12,765 12,335 
Revenue earning vehicles held for sale, net(1)
194 191 
Revenue earning vehicles, net$12,959 $12,526 
(1)    Represents the carrying amount of non-program vehicles classified as held for sale as of the respective balance sheet date.
Schedule of Depreciation of Revenue Earning Vehicles and Lease Charges
Depreciation of revenue earning vehicles and lease charges, net includes the following:
Three Months Ended
March 31,
(In millions)20262025
Depreciation of revenue earning vehicles$436 $466 
(Gain) loss on disposal of revenue earning vehicles(1)
23 59 
Rents paid for vehicles leased22 10 
Depreciation of revenue earning vehicles and lease charges, net$481 $535 
(1)    Includes costs associated with the sales of vehicles of $52 million and $82 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt, including its credit facilities, consists of the following ($ in millions) as of March 31, 2026 and December 31, 2025:
Facility
Weighted-Average Interest Rate
as of
March 31, 2026
Fixed or
Floating
Interest
Rate		MaturityMarch 31,
2026		December 31,
2025
Non-Vehicle Debt
First Lien RCF7.32%Floating3/20281,230 $395 
Term B Loan7.29%Floating6/20281,238 1,242 
Incremental Term B Loan7.42%Floating6/2028489 490 
Term C Loan7.29%Floating6/2028245 245 
First Lien Senior Notes12.63%Fixed7/20291,250 1,250 
Exchangeable Notes Due 2029(1)
8.00%Fixed7/2029282 271 
Exchangeable Notes Due 2030(2)
5.50%Fixed10/2030425 425 
Senior Notes Due 2026(3)
4.63%Fixed12/2026200 200 
Senior Notes Due 20295.00%Fixed12/20291,000 1,000 
Other Non-Vehicle Debt(4)(5)
9.02%Fixed6/20656 6 
Fair Value of the Exchange Features 2029(6)
N/AN/AN/A63 78 
Fair Value of the Exchange Feature 2030(7)
N/AN/AN/A40 54 
Unamortized Debt Issuance Costs(8) and Net (Discount) Premium(9)(10)
(222)(231)
Total Non-Vehicle Debt6,246 5,425 
Vehicle Debt
HVF III U.S. ABS Program
HVF III U.S. Vehicle Variable Funding Notes
HVF III Series 2021-A Class A(11)
5.30%Floating5/20271,855 1,237 
HVF III Series 2021-A Class B(11)
9.28%Fixed8/2027300 300 
2,155 1,537 
HVF III U.S. Vehicle Medium Term Notes
HVF III Series 2021-2(11)
2.12%Fixed12/20262,000 2,000 
HVF III Series 2022-2(11)
2.78%Fixed6/2027750 750 
HVF III Series 2022-5(11)
4.39%Fixed9/2027364 364 
HVF III Series 2023-1(11)
6.17%Fixed6/2026250 500 
HVF III Series 2023-2(11)
6.30%Fixed9/2028300 300 
Facility
Weighted-Average Interest Rate
as of
March 31, 2026
Fixed or
Floating
Interest
Rate		MaturityMarch 31,
2026		December 31,
2025
HVF III Series 2023-3(11)
6.46%Fixed2/2027500 500 
HVF III Series 2023-4(11)
6.66%Fixed3/2029500 500 
HVF III Series 2024-1(11)
5.98%Fixed1/2028375 375 
HVF III Series 2024-2(11)
6.03%Fixed1/2030375 375 
HVF III Series 2025-1(11)
5.36%Fixed9/2028500 500 
HVF III Series 2025-2(11)
5.61%Fixed9/2030500 500 
HVF III Series 2025-3(11)
5.54%Fixed12/2028375 375 
HVF III Series 2025-4(11)
5.92%Fixed12/2030310 310 
HVF III Series 2025-5(11)
5.01%Fixed5/2029450 450 
HVF III Series 2025-6(11)
5.31%Fixed5/2031550 550 
8,099 8,349 
Vehicle Debt - Other
European ABS(11)
4.58%Floating4/2027956 965 
Hertz Canadian Securitization(11)
4.06%Floating4/2027270 307 
Australian Securitization(11)
5.51%Floating6/2027234 228 
New Zealand RCF5.41%Floating8/202769 64 
U.K. ABS5.56%Floating3/202893 109 
Other Vehicle Debt(12)
6.23%Floating4/2026 - 7/2028119 120 
1,741 1,793 
Unamortized Debt Issuance Costs and Net (Discount) Premium (45)(50)
Total Vehicle Debt11,950 11,629 
Total Debt$18,196 $17,054 
(1)    The effective interest rate of the Exchangeable Notes Due 2029, inclusive of the bifurcated Exchange Features 2029, as defined and disclosed in Note 10, "Fair Value Measurements," and PIK interest, was approximately 16.9% and 16.4% as of March 31, 2026 and December 31, 2025, respectively.
(2)    The effective interest rate of the Exchangeable Notes Due 2030, inclusive of the bifurcated Exchange Feature 2030, as defined and disclosed in Note 10, "Fair Value Measurements," was approximately 12.0% as of March 31, 2026 and December 31, 2025.
(3)    In December 2025, Hertz redeemed $300 million aggregate amount of the principal outstanding.
(4)    Other non-vehicle debt is comprised of $6 million in financial liabilities recognized from the sales of certain non-vehicle capital assets in the second quarter of 2025.
(5)    Reflects the effective interest rate of other non-vehicle debt.
(6)    Reflects the fair value of the Exchange Features 2029, as defined and disclosed in Note 10, "Fair Value Measurements."
(7)    Reflects the fair value of the Exchange Feature 2030, as defined and disclosed in Note 10, "Fair Value Measurements."
(8)    Includes unamortized debt issuance costs of $7 million and $8 million associated with the Exchangeable Notes Due 2029 as of March 31, 2026 and December 31, 2025, respectively. Also includes $19 million and $20 million of unamortized debt issuance costs associated with the Exchangeable Notes Due 2030 as of March 31, 2026 and December 31, 2025, respectively.
(9)    Includes $83 million and $79 million as of March 31, 2026 and December 31, 2025, respectively, of unamortized discounts associated with the initial recognition of the Exchange Features 2029, as defined and disclosed in Note 10, "Fair Value Measurements." Also includes $103 million as of March 31, 2026 and December 31, 2025, of unamortized discounts associated with the initial recognition of the Exchange Feature 2030, as defined and disclosed in Note 10, "Fair Value Measurements."
(10)    Includes $4 million of unamortized debt discount associated with the Exchangeable Notes Due 2029 as of March 31, 2026 and December 31, 2025.
(11)    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.
(12)    Other vehicle debt is primarily comprised of $103 million and $105 million in finance lease obligations as of March 31, 2026 and December 31, 2025, respectively.
Schedule of Net Carrying Amount
The net carrying amount of the Exchangeable Notes Due 2029 consists of the following:
(In millions)March 31, 2026December 31, 2025
Principal$250 $250 
Non-cash PIK interest32 21 
Unamortized debt discounts and issuance costs(1)
(11)(12)
Unamortized discounts associated with the Exchange Features 2029(2)
(68)(67)
Fair value of the Exchange Features 2029(3)
63 78 
Net carrying amount$266 $270 
(1)    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)    Reflects the unamortized discount associated with the Exchange Features 2029, as defined and disclosed in Note 10, "Fair Value Measurements," net of accretive interest which is amortized to non-vehicle interest expense over the term of the Exchangeable Notes Due 2029 using the effective interest method.
(3)    As defined and further disclosed in Note 10, "Fair Value Measurements."
The net carrying amount of the Exchangeable Notes Due 2030 consists of the following:
(In millions)March 31, 2026December 31, 2025
Principal$425 $425 
Unamortized debt issuance costs(1)
(19)(20)
Unamortized discounts associated with the Exchange Feature 2030(2)
(95)(99)
Fair value of the Exchange Feature 2030(3)
40 54 
Net carrying amount$351 $360 
(1)    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)    Reflects the unamortized discount associated with the Exchange Feature 2030, as defined and disclosed in Note 10, "Fair Value Measurements," net of accretive interest which is amortized to non-vehicle interest expense over the term of the Exchangeable Notes Due 2030 using the effective interest method.
(3)    As defined and further disclosed in Note 10, "Fair Value Measurements."
In April 2026, HVF III issued Class E notes for certain of the outstanding series of notes under the HVF III MTN program (the "Class E Notes") in an aggregate principal amount of $221 million as detailed in the table below.
($ in millions)PrincipalInterest RateMaturity
Class E Notes
HVF III Series 2022-5$17 10.67 %9/2027
HVF III Series 2023-214 10.99 %9/2028
HVF III Series 2023-424 11.48 %3/2029
HVF III Series 2024-118 10.95 %1/2028
HVF III Series 2024-218 11.99 %1/2030
HVF III Series 2025-124 10.99 %9/2028
HVF III Series 2025-224 12.26 %9/2030
HVF III Series 2025-318 11.47 %12/2028
HVF III Series 2025-415 12.28 %12/2030
HVF III Series 2025-522 11.72 %5/2029
HVF III Series 2025-627 12.54 %5/2031
Total Class E Notes$221 
Schedule of Interest Expense Associated with Exchangeable Notes
Interest expense recognized for the Exchangeable Notes Due 2029 consists of the following:
Three Months Ended
March 31,
(In millions)20262025
Non-cash PIK interest$5 $5 
Amortization of debt discounts and debt issuance costs1 — 
Accretive interest3 2 
(Gain) loss on fair value of the Exchange Features 2029(1)
(19)6 
Total$(10)$13 
(1)    As defined and further disclosed in Note 10, "Fair Value Measurements."
Interest expense recognized for the Exchangeable Notes Due 2030 consists of the following:
Three Months Ended
March 31,
(In millions)20262025
Contractual interest expense$7 $— 
Amortization of debt issuance costs1 — 
Accretive interest4 — 
(Gain) loss on fair value of the Exchange Feature 2030(1)
(14)— 
Total$(2)$— 
(1)    As defined and further disclosed in Note 10, "Fair Value Measurements."
Schedule of Facilities Available Net of Outstanding Letters of Credit
The following facilities were available to the Company as of March 31, 2026 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$254 $254 
Total Non-Vehicle Debt254 254 
Vehicle Debt  
HVF III Series 2021-A1,005 — 
European ABS552 — 
Hertz Canadian Securitization72 — 
Australian Securitization— — 
New Zealand RCF— — 
U.K. ABS192 — 
Other Vehicle Debt40 — 
Total Vehicle Debt1,861 — 
Total$2,115 $254 
v3.26.1
Revenue from Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Operating Lease Income And Other Income
The following table summarizes the amount of operating lease income and other income sources included in total revenues in the accompanying unaudited condensed consolidated statements of operations:
Three Months Ended
March 31,
(In millions)20262025
Operating lease income from vehicle rentals$1,788 $1,634 
Variable operating lease income154 122 
Revenues from leases accounted for under Topic 8421,942 1,756 
Other revenues accounted for under Topic 60662 57 
Total revenues$2,004 $1,813 
v3.26.1
Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings (Loss) Per Common Share
The following table sets forth the computation of basic and diluted earnings (loss) per common share:
Three Months Ended
March 31,
(In millions, except per share data)(1)
20262025
Numerator:
Net income (loss) available to Hertz Global common stockholders, basic and diluted$(333)$(443)
Denominator:
Basic and diluted weighted-average common shares outstanding314 307 
Antidilutive Public Warrants(2)
83 83 
Antidilutive stock options, RSUs and PSUs16 17 
Antidilutive shares related to Exchangeable Notes Due 2029
42 39 
Antidilutive shares related to Exchangeable Notes Due 2030
46 — 
Total antidilutive187 139 
Earnings (loss) per common share:
Basic$(1.06)$(1.44)
Diluted$(1.06)$(1.44)
(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 amount has been adjusted in the current period to correct for an immaterial error. The correction only affects the disclosure of antidilutive Public Warrants and does not impact the earnings (loss) per common share, basic and diluted, for the three months ended March 31, 2025.
v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Total Employee Compensation Expense and Related Income Tax Benefits
A summary of the total employee compensation expense and related income tax benefits recognized for grants made under the 2021 Omnibus Plan is as follows:
Three Months Ended
March 31,
(In millions)20262025
Employee compensation expense$17 $15 
Income tax (benefit) expense— — 
Employee compensation expense, net$17 $15 
Schedule of Stock Option Activity
A summary of stock option activity under the 2021 Omnibus Plan for the three months ended March 31, 2026 is presented below.
OptionsSharesWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (years)		Aggregate Intrinsic
Value (In millions)
Outstanding as of January 1, 2026(1)
1,158,270 $26.17 5.8$— 
Granted— $— 0.0$— 
Exercised— $— 0.0$— 
Forfeited or Expired(5,280)$26.17 0.0$— 
Outstanding as of March 31, 2026
1,152,990 $26.17 5.4$— 
Exercisable as of March 31, 2026
(1,152,990)$26.17 5.4$— 
Non-vested as of March 31, 2026
— 
(1)    All shares outstanding as of January 1, 2026 were vested.
Schedule of PSU Activity
A summary of the PSU activity for the three months ended March 31, 2026 under the 2021 Omnibus Plan is presented below. As of March 31, 2026, 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, 2026
5,471,438 $4.04 $28 
Granted(1)
3,325,518 $4.99 $— 
Vested(790)$9.00 $— 
Forfeited or Expired(922,624)$4.16 $— 
Outstanding as of March 31, 2026
7,873,542 $4.43 $36 
(1)    Presented assuming the issuance at the original target award amount (100%).
Schedule of RSU Activity
A summary of RSU activity as of and for the three months ended March 31, 2026 under the 2021 Omnibus Plan is presented below. RSU grants issued in 2026 vest ratably over a period of primarily three years.
Shares Weighted-
Average
Fair Value		Aggregate Intrinsic
Value (In millions)
Outstanding as of January 1, 2026
26,017,278 $4.96 $134 
Granted12,888,138 $4.43 $— 
Vested(4,754,450)$5.44 $— 
Forfeited or Expired(1,358,253)$3.99 $— 
Outstanding as of March 31, 2026
32,792,713 $4.73 $151 

Additional information pertaining to RSU activity under the 2021 Omnibus Plan is as follows:
Three Months Ended March 31,
20262025
Total fair value of awards that vested (in millions)$26 $19 
Weighted-average grant-date fair value of awards granted$4.43 $3.98 
v3.26.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Financial Instruments
The following table summarizes the estimated fair value of financial instruments:
Fair Value of Financial Instruments
Asset DerivativesLiability Derivatives
(In millions)March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Interest rate instruments(1)
$3 $1 $— $— 
Foreign currency forward contracts(1)
1 2 2 — 
Exchange Features 2029 related to Exchangeable Notes Due 2029(2)
— — 63 78 
Exchange Feature 2030 related to Exchangeable Notes Due 2030(3)
— — 40 54 
Capped Call Transactions 2030(4)
16 21 — — 
Total
$20 $24 $105 $132 
(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 10, "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 defined and further disclosed in Note 10, "Fair Value Measurements," 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 March 31, 2026.
(4)    The Capped Call Transactions 2030 were entered into in connection with the Exchangeable Notes Due 2030 and are recorded in Prepaid expenses and other assets in the accompanying unaudited condensed consolidated balance sheet as of March 31, 2026.
Schedule of Gains or (Losses) on Financial Instruments
The following table summarizes the gains or (losses) on financial instruments for the period indicated:
Location of Gain (Loss) Recognized on DerivativesAmount of Gain (Loss) Recognized in Income on Derivatives
Three Months Ended
March 31,
(In millions)20262025
Interest rate instrumentsVehicle interest expense, net$2 $(1)
Foreign currency forward contractsSelling, general and administrative expense(1)4 
Exchange Features 2029 related to Exchangeable Notes Due 2029(1)
Non-vehicle interest expense, net19 (6)
Exchange Feature 2030 related to Exchangeable Notes Due 2030(2)
Non-vehicle interest expense, net14 — 
Capped Call Transactions 2030
Non-vehicle interest expense, net(5)— 
Total
$29 $(3)
(1)    The Exchange Features 2029, as defined and further disclosed in Note 10, "Fair Value Measurements," were bifurcated as derivatives from the Exchangeable Notes Due 2029.
(2)    The Exchange Feature 2030, as defined and further disclosed in Note 10, "Fair Value Measurements," was bifurcated as a derivative from the Exchangeable Notes Due 2030.
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of the Debt Facilities
The fair value of the debt facilities is estimated based on quoted market rates as well as borrowing rates currently available to the Company for loans with similar terms and average maturities (i.e., Level 2 inputs).
March 31, 2026December 31, 2025
(In millions)Nominal Unpaid Principal BalanceAggregate Fair ValueNominal Unpaid Principal BalanceAggregate Fair Value
Other Non-Vehicle Debt$5,658 $4,367 $4,828 $4,187 
Exchangeable Notes Due 2029
282 275 271 311 
Exchangeable Notes Due 2030
425 251 425 324 
Total Non-Vehicle Debt6,365 4,893 5,524 4,822 
Vehicle Debt11,995 12,018 11,679 11,662 
Total$18,360 $16,911 $17,203 $16,484 
Schedule of Company's Assets And Liabilities
The following table summarizes the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows:
March 31, 2026December 31, 2025
(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Cash equivalents and restricted cash equivalents$147 $— $— $147 $287 $— $— $287 
Capped Call Transactions 2030
$— $— $16 $16 $— $— $21 $21 
Liabilities:
Public Warrants$189 $— $— $189 $222 $— $— $222 
Exchange Features 2029
$— $— $63 $63 $— $— $78 $78 
Exchange Feature 2030
$— $— $40 $40 $— $— $54 $54 
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 March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
Hertz Global common share price$4.61 $5.14 
Expected term (years)3.293.54
Risk-free interest rate3.83 %3.60 %
Credit spread17.75 %11.26 %
Expected volatility35.00 %35.00 %
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 March 31, 2026:
March 31, 2026December 31, 2025
Hertz Global common share price$4.61 $5.14 
Expected term (years)4.504.75
Risk-free interest rate3.89 %3.71 %
Credit spread20.03 %12.45 %
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:
March 31, 2026December 31, 2025
Hertz Global common share price$4.61 $5.14 
Expected term (years)4.504.75
Risk-free interest rate3.89 %3.71 %
Dividend yield— %— %
Expected volatility36.00 %36.00 %
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, 2024$61 
Initial recognition of derivative liability(1)
11 
(Gain) loss in fair value recognized in earnings6 
Balance as of December 31, 202578 
Initial recognition of derivative liability(2)
4 
(Gain) loss in fair value recognized in earnings(3)
(19)
Balance as of March 31, 2026
$63 
(1)    Represents the initial debt discounts recognized in association with the Semi-Annual PIK events occurring in the first and third quarters of 2025.
(2)    Represents the initial debt discount recognized in association with the Semi-Annual PIK event occurring in the first quarter of 2026. See Note 4, "Debt," for further details.
(3)    Included in Non-vehicle interest expense, net in the accompanying unaudited condensed consolidated statements of operations for the three months ended March 31, 2026.
The following table summarizes the activity related to the Exchange Feature 2030 measured at fair value utilizing significant unobservable inputs (Level 3):
(In millions)Exchange Feature 2030
Balance as of December 31, 2024$— 
Initial recognition of derivative liability103 
(Gain) loss in fair value recognized in earnings(49)
Balance as of December 31, 202554 
(Gain) loss in fair value recognized in earnings(1)
(14)
Balance as of March 31, 2026
$40 
(1)    Included in Non-vehicle interest expense, net in the accompanying unaudited condensed consolidated statements of operations for the three months ended March 31, 2026.
The following table summarizes the activity related to the Capped Call Transactions 2030 measured at fair value utilizing significant unobservable inputs (Level 3):
(In millions)Capped Call Transactions 2030
Balance as of December 31, 2024$— 
Initial recognition of derivative asset37 
Gain (loss) in fair value recognized in earnings(16)
Balance as of December 31, 202521 
Gain (loss) in fair value recognized in earnings(1)
(5)
Balance as of March 31, 2026
$16 
v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
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.

Effective in the first quarter of 2026, the Company revised its definition of Adjusted EBITDA to adjust for realized (gains) losses from financial instruments, share-based compensation expense and foreign currency (gains) losses. The update to Adjusted EBITDA is to better reflect the CODM's view of ongoing operations and assessment of the Company's operational performance. The presentation of the prior period has been recast to conform to the current period presentation.

Three Months Ended March 31, 2026
(In millions)Americas RACInternational RACTotal
Revenues$1,628 $376 $2,004 
Significant segment expenses:
Three Months Ended March 31, 2026
(In millions)Americas RACInternational RACTotal
Direct vehicle and operating1,098 242 
Depreciation of revenue earning vehicles and lease charges, net(1)
402 79 
Selling, general and administrative122 58 
Other segment items(2)
109 (1)
Segment profit (loss): Adjusted EBITDA$(103)$(2)$(105)
Adjustments:
Corporate(3)
(56)
Non-vehicle depreciation and amortization(26)
Non-vehicle debt interest, net(4)
(137)
Vehicle debt-related charges(5)
(12)
Restructuring and restructuring related charges(6)
(8)
Net (gains) losses on financial instruments(7)
29 
Share-based compensation expense(17)
Foreign currency (gains) losses(8)
— 
Other items(9)
(3)
Income (loss) before income taxes - Hertz(335)
Change in fair value of Public Warrants(10)
33 
Other(2)
Income (loss) before income taxes - Hertz Global$(304)

Three Months Ended March 31, 2025
(In millions)Americas RACInternational RACTotal
Revenues$1,490 $323 $1,813 
Significant segment expenses:
Direct vehicle and operating1,066 207 
Depreciation of revenue earning vehicles and lease charges, net(1)
462 73 
Selling, general and administrative114 47 
Other segment items(2)
83 6 
Segment profit (loss): Adjusted EBITDA$(235)$(10)$(245)
Adjustments:
Corporate(3)
(57)
Non-vehicle depreciation and amortization(30)
Non-vehicle debt interest, net(4)
(121)
Vehicle debt-related charges(5)
(11)
Restructuring and restructuring related charges(6)
(3)
Net (gains) losses on financial instruments(7)
(3)
Share-based compensation expense(15)
Foreign currency (gains) losses(8)
(4)
Other items(9)
(27)
Income (loss) before income taxes - Hertz(516)
Three Months Ended March 31, 2025
(In millions)Americas RACInternational RACTotal
Change in fair value of Public Warrants(10)
(9)
Income (loss) before income taxes - Hertz Global$(525)
(1)    Includes the write-down to carrying value of non-program vehicles classified as held for sale. See Note 3, "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, vehicle-debt related charges and restructuring and restructuring related charges.
(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, the Exchange Feature 2030 and the Capped Call Transactions 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 primarily to personnel reductions and litigation. Charges are recorded within selling, general and administrative expense.
(7)    Represents total realized and unrealized gains (losses) on derivative financial instruments in which interest rate instrument gains (losses) are recorded within vehicle interest expense, net and foreign currency forward contract gains (losses) are recorded within selling, general and administrative expense. Also includes gains (losses) associated with the Exchange Features 2029, the Exchange Feature 2030 and the Capped Call Transactions 2030, which are recorded within non-vehicle interest expense, net. See Note 9, "Financial Instruments." As a result from the revision to Adjusted EBITDA, includes realized losses of $1 million and $4 million on derivative financial instruments for the three months ended March 31, 2026 and 2025, respectively.
(8)    Represents (gains) losses recognized on the remeasurement and settlement of foreign currency transactions, excluding gains (losses) related to foreign currency derivative financial instruments, which are included in footnote 7 above.
(9)    Represents miscellaneous items. For the three months ended March 31, 2026, primarily includes certain IT-related charges and cloud computing costs. For the three months ended March 31, 2025, primarily includes certain litigation charges, certain IT-related charges and certain concessions-related adjustments.
(10)    Represents the change in fair value during the reporting period for Hertz Global's outstanding Public Warrants.
The following tables provide other significant segment statement of operations, balance sheet and cash flow information for each of Hertz Global and Hertz.
Three Months Ended March 31,
(In millions)Americas RACInternational RAC
Unallocated(1)
Total Hertz Global and Hertz
2026
Depreciation and amortization, non-vehicle assets$21 $3 $2 $26 
Vehicle interest expense, net(2)
124 22 — 146 
Non-vehicle interest expense, net(2)
3 (3)110 110 
2025
Depreciation and amortization, non-vehicle assets$26 $3 $1 $30 
Vehicle interest expense, net(2)
117 23 — 140 
Non-vehicle interest expense, net(2)
(1)(4)132 127 
(1)    Includes expenses associated with the Company's corporate operations which are not attributable to a particular reportable segment.
(2)    The Company's CODM relies primarily on interest expense, net when reviewing targeted results versus actual results to facilitate in the evaluation of segment results.
(In millions)Americas RACInternational RAC
Unallocated(1)
Total Hertz Global
Unallocated - Hertz(2)
Total Hertz
As of March 31, 2026
Revenue earning vehicles, net(3)
$11,162 $1,797 $— $12,959 $— $12,959 
Property and equipment, net409 61 90 560 — 560 
Total assets(4)
18,564 3,507 1,217 23,288 (1)23,287 
As of December 31, 2025
Revenue earning vehicles, net(3)
$10,844 $1,682 $— $12,526 $— $12,526 
Property and equipment, net415 63 88 566 — 566 
Total assets(4)
17,809 3,357 1,145 22,311 (3)22,308 
(1)    Includes assets associated with the Company's corporate operations which are not attributable to a particular reportable segment.
(2)    Includes assets associated with Hertz's corporate operations which are not attributable to a particular reportable segment.
(3)    Includes the carrying amount of vehicles classified as held for sale as of the respective balance sheet date. See Note 5, "Revenue Earning Vehicles."    
(4)    The consolidated total assets of Hertz Global and Hertz as of March 31, 2026 and 2025 include total assets of VIEs of $1.3 billion, which can only be used to settle obligations of the VIEs. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.

Three Months Ended March 31,
(In millions)Americas RACInternational RAC
Unallocated(1)
Total Hertz Global and Hertz
2026
Expenditures$(3,201)$(427)$(3)$(3,631)
Proceeds from disposals2,157 376 — 2,533 
Net expenditures$(1,044)$(51)$(3)$(1,098)
2025
Expenditures$(2,560)$(308)$(1)$(2,869)
Proceeds from disposals1,845 306 — 2,151 
Net expenditures$(715)$(2)$(1)$(718)
(1)    Includes assets associated with the Company's corporation operations which are not attributable to a particular reportable segment.

The Company operates in the U.S. and in international countries. International operations are substantially in Europe. The operations within major geographic areas for each of Hertz Global and Hertz are summarized below:
Three Months Ended
March 31,
(In millions)20262025
Revenues
U.S.$1,569 $1,433 
International
435 380 
Total Hertz Global and Hertz
$2,004 $1,813 
(In millions)U.S.InternationalTotal Hertz GlobalU.S. - HertzTotal Hertz
As of March 31, 2026
Revenue earning vehicles, net(1)
$10,806 $2,153 $12,959 $— $12,959 
Property and equipment, net481 79 560 — 560 
Operating lease right-of-use assets1,968 360 2,328 — 2,328 
Total assets19,094 4,194 23,288 (1)23,287 
As of December 31, 2025
Revenue earning vehicles, net(1)
$10,473 $2,053 $12,526 $— $12,526 
Property and equipment, net484 82 566 — 566 
Operating lease right-of-use assets1,927 330 2,257 — 2,257 
Total assets18,242 4,069 22,311 (3)22,308 
(1)    Includes the carrying amount of vehicles classified as held for sale as of the respective balance sheet date. See Note 3, "Revenue Earning Vehicles."
v3.26.1
Revenue Earning Vehicles - Schedule of Components of Revenue Earning Vehicles (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Long-Lived Assets Held-for-sale [Line Items]    
Total revenue earning vehicles, net $ 12,959 $ 12,526
Vehicles, Including Held-For-Sale    
Long-Lived Assets Held-for-sale [Line Items]    
Revenue earning vehicles 14,338 13,848
Less accumulated depreciation (1,573) (1,513)
Revenue earning vehicles less accumulated depreciation 12,765 12,335
Vehicles Held For Sale    
Long-Lived Assets Held-for-sale [Line Items]    
Revenue earning vehicles held for sale, net $ 194 $ 191
v3.26.1
Revenue Earning Vehicles - Schedule of Depreciation of Revenue Earning Vehicles and Lease Charges (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Long-Lived Assets Held-for-sale [Line Items]    
Depreciation of revenue earning vehicles $ 436 $ 466
(Gain) loss on disposal of revenue earning vehicles 23 59
Rents paid for vehicles leased 22 10
Depreciation of revenue earning vehicles and lease charges, net 481 535
Disposed of by Sale    
Long-Lived Assets Held-for-sale [Line Items]    
(Gain) loss on disposal of revenue earning vehicles $ 52 $ 82
v3.26.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Unamortized Debt Issuance Costs and Net (Discount) Premium $ (222) $ (231)
Total Debt 18,196 17,054
Non-Vehicle Debt    
Debt Instrument [Line Items]    
Total Debt $ 6,246 5,425
Term B Loan | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 7.29%  
Outstanding principal $ 1,238 1,242
Incremental Term B Loan | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 7.42%  
Outstanding principal $ 489 490
Term C Loan | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 7.29%  
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 7 8
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 $ 282 $ 271
Effective interest rate 16.90% 16.40%
Unamortized debt discount $ 68 $ 67
Exchangeable Notes Due 2030    
Debt Instrument [Line Items]    
Unamortized debt issuance costs $ 19 20
Exchangeable Notes Due 2030 | Senior Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.50%  
Outstanding principal $ 425 $ 425
Effective interest rate 12.00% 12.00%
Unamortized debt discount $ 95 $ 99
Senior Notes Due 2026 | Senior Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 4.63%  
Outstanding principal $ 200 200
Redemption of aggregate principal outstanding   300
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 6
Finance lease liability 6  
Fair Value of the Exchange Features 2029    
Debt Instrument [Line Items]    
Outstanding principal 63 78
Unamortized debt discount 83 79
Fair Value of the Exchange Feature 2030    
Debt Instrument [Line Items]    
Outstanding principal 40 54
Unamortized debt discount 103 103
Vehicle Debt    
Debt Instrument [Line Items]    
Unamortized Debt Issuance Costs and Net (Discount) Premium (45) (50)
Total Debt 11,950 11,629
HVF III U.S. Vehicle Variable Funding Notes    
Debt Instrument [Line Items]    
Outstanding principal $ 2,155 1,537
HVF III Series 2021-A Class A    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.30%  
Outstanding principal $ 1,855 1,237
HVF III Series 2021-A Class B    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 9.28%  
Outstanding principal $ 300 300
HVF III U.S. Vehicle Medium Term Notes    
Debt Instrument [Line Items]    
Outstanding principal $ 8,099 8,349
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 2022-2 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 2.78%  
Outstanding principal $ 750 750
HVF III Series 2022-5 | 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 $ 250 500
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 $ 500 500
HVF III Series 2025-2 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.61%  
Outstanding principal $ 500 500
HVF III Series 2025-3 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.54%  
Outstanding principal $ 375 375
HVF III Series 2025-4 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.92%  
Outstanding principal $ 310 310
HVF III Series 2025-5 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.01%  
Outstanding principal $ 450 450
HVF III Series 2025-6 | Medium-term Notes    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.31%  
Outstanding principal $ 550 550
Vehicle Debt - Other    
Debt Instrument [Line Items]    
Outstanding principal $ 1,741 1,793
European ABS    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 4.58%  
Outstanding principal $ 956 965
Hertz Canadian Securitization    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 4.06%  
Outstanding principal $ 270 307
Australian Securitization    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.51%  
Outstanding principal $ 234 228
New Zealand RCF    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.41%  
U.K. ABS    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 5.56%  
Outstanding principal $ 93 109
Other Vehicle Debt    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 6.23%  
Outstanding principal $ 119 120
Finance lease liability $ 103 105
Revolving Credit Facility | First Lien RCF | Line of Credit    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) 7.32%  
Outstanding principal $ 1,230 395
Revolving Credit Facility | New Zealand RCF | Line of Credit    
Debt Instrument [Line Items]    
Outstanding principal $ 69 $ 64
v3.26.1
Debt - Narrative (Details)
$ in Millions, € in Billions
 1 Months Ended 3 Months Ended
Feb. 28, 2026
USD ($)
Mar. 31, 2026
USD ($)
Dec. 31, 2026
USD ($)
Dec. 31, 2026
CAD ($)
Sep. 30, 2026
USD ($)
Jun. 30, 2026
USD ($)
Apr. 30, 2026
USD ($)
Apr. 30, 2026
EUR (€)
Apr. 30, 2026
CAD ($)
Mar. 31, 2026
CAD ($)
Dec. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Debt Instrument [Line Items]                          
Remaining Capacity   $ 2,115,000,000                      
Assets [1]   23,288,000,000                 $ 22,311,000,000    
Liabilities [1]   24,074,000,000                 22,770,000,000    
Hertz Fleet Financing UK Limited                          
Debt Instrument [Line Items]                          
Assets   111,000,000                 135,000,000    
Liabilities   $ 111,000,000                 135,000,000    
Variable Interest Entity, Primary Beneficiary                          
Debt Instrument [Line Items]                          
Ownership percentage   25.00%                      
Assets   $ 1,200,000,000                 1,100,000,000    
Liabilities   1,200,000,000                 1,100,000,000    
Letter of Credit                          
Debt Instrument [Line Items]                          
Outstanding standby letters of credit   1,000,000,000.0                      
Alternative Letter Of Credit Facility                          
Debt Instrument [Line Items]                          
Line of credit facility, increase (decrease), net $ 200,000,000                        
Exchangeable Notes Due 2029 | Convertible Debt                          
Debt Instrument [Line Items]                          
Aggregate principal amount                         $ 250,000,000
Exchangeable Notes Due 2029 | Senior Notes                          
Debt Instrument [Line Items]                          
Interest rate                         8.00%
Increase in principal amount   11,000,000                      
Unamortized discount, additional amount   4,000,000                      
Net carrying amount   266,000,000                 270,000,000    
Exchangeable Notes Due 2030 | Convertible Debt                          
Debt Instrument [Line Items]                          
Aggregate principal amount                       $ 425,000,000  
Interest rate                       5.50%  
Exchangeable Notes Due 2030 | Senior Notes                          
Debt Instrument [Line Items]                          
Net carrying amount   351,000,000                 $ 360,000,000    
HVF III Series 2021-A Class A | Debt Maturity May 2027 | Subsequent Event                          
Debt Instrument [Line Items]                          
Net carrying amount             $ 3,200,000,000            
HVF III Series 2021-A Class A | Debt Maturity May 2028 | Subsequent Event                          
Debt Instrument [Line Items]                          
Net carrying amount             3,000,000,000.0            
HVF III U.S. Vehicle Medium Term Notes | Medium-term Notes | Subsequent Event                          
Debt Instrument [Line Items]                          
Net carrying amount             $ 221,000,000            
European ABS                          
Debt Instrument [Line Items]                          
Remaining Capacity   552,000,000                      
European ABS | Debt Maturity April 2028 | Subsequent Event                          
Debt Instrument [Line Items]                          
Maximum borrowing capacity | €               € 1.1          
European ABS | Debt Maturity April 2027 | Subsequent Event                          
Debt Instrument [Line Items]                          
Maximum borrowing capacity | €               € 1.4          
Hertz Canadian Securitization                          
Debt Instrument [Line Items]                          
Maximum borrowing capacity                   $ 475      
Hertz Canadian Securitization | Subsequent Event                          
Debt Instrument [Line Items]                          
Maximum borrowing capacity       $ 475         $ 625        
First Lien RCF                          
Debt Instrument [Line Items]                          
Remaining Capacity   $ 254,000,000                      
Maximum consolidated leverage ratio   3.0               3.0      
First Lien RCF | Forecast                          
Debt Instrument [Line Items]                          
Maximum consolidated leverage ratio     3.0 3.0 3.5 3.5              
First Lien RCF | Revolving Credit Facility                          
Debt Instrument [Line Items]                          
Outstanding standby letters of credit   $ 516,000,000                      
First Lien RCF | Line of Credit                          
Debt Instrument [Line Items]                          
Debt instrument, covenant, liquidity, monthly minimum   500,000,000                      
First Lien RCF | Line of Credit | Forecast                          
Debt Instrument [Line Items]                          
Debt instrument, covenant, liquidity, monthly minimum     $ 500,000,000   $ 400,000,000 $ 400,000,000              
Unsecured Letter of Credit Facility | Letter of Credit                          
Debt Instrument [Line Items]                          
Outstanding standby letters of credit   275,000,000                      
Term C Loan | Letter of Credit                          
Debt Instrument [Line Items]                          
Outstanding standby letters of credit   245,000,000                      
Term C Loan | Medium-term Notes                          
Debt Instrument [Line Items]                          
Remaining Capacity   0                      
Term C Loan and First Lien Revolving Credit Facility | Medium-term Notes                          
Debt Instrument [Line Items]                          
Net carrying amount   $ 0                      
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2026 and December 31, 2025 include total assets of variable interest entities (“VIEs”) of $1.3 billion, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2026 and December 31, 2025 include total liabilities of VIEs of $1.3 billion, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.
v3.26.1
Debt - Schedule of Net Carrying Amount (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Debt Instrument [Line Items]      
Non-cash PIK interest $ 11 $ 11  
Exchangeable Notes Due 2029      
Debt Instrument [Line Items]      
Unamortized discounts associated with the Exchange Features (4)   $ (4)
Exchangeable Notes Due 2029 | Senior Notes      
Debt Instrument [Line Items]      
Principal 250   250
Non-cash PIK interest 32   21
Unamortized debt discounts and debt issuance costs (11)   (12)
Unamortized discounts associated with the Exchange Features (68)   (67)
Fair value of the Exchange Features 63   78
Net carrying amount 266   270
Exchangeable Notes Due 2030 | Senior Notes      
Debt Instrument [Line Items]      
Principal 425   425
Unamortized debt discounts and debt issuance costs (19)   (20)
Unamortized discounts associated with the Exchange Features (95)   (99)
Fair value of the Exchange Features 40   54
Net carrying amount $ 351   $ 360
v3.26.1
Debt - Schedule of Interest Expense Associated with Exchangeable Notes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument [Line Items]    
Accretive interest $ 7 $ 2
Exchangeable Notes Due 2029 | Senior Notes    
Debt Instrument [Line Items]    
Contractual interest expense 5 5
Amortization of debt discounts and debt issuance costs 1 0
Accretive interest 3 2
(Gain) loss on fair value of Exchange Features (19) 6
Total (10) 13
Exchangeable Notes Due 2030 | Senior Notes    
Debt Instrument [Line Items]    
Contractual interest expense 7 0
Amortization of debt discounts and debt issuance costs 1 0
Accretive interest 4 0
(Gain) loss on fair value of Exchange Features (14) 0
Total $ (2) $ 0
v3.26.1
Debt - Schedule of Facilities Available Net of Outstanding Letters of Credit (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Debt Instrument [Line Items]  
Remaining Capacity $ 2,115
Availability Under Borrowing Base Limitation 254
Non-Vehicle Debt  
Debt Instrument [Line Items]  
Remaining Capacity 254
Availability Under Borrowing Base Limitation 254
First Lien RCF  
Debt Instrument [Line Items]  
Remaining Capacity 254
Availability Under Borrowing Base Limitation 254
Vehicle Debt  
Debt Instrument [Line Items]  
Remaining Capacity 1,861
Availability Under Borrowing Base Limitation 0
HVF III Series 2021-A  
Debt Instrument [Line Items]  
Remaining Capacity 1,005
Availability Under Borrowing Base Limitation 0
European ABS  
Debt Instrument [Line Items]  
Remaining Capacity 552
Availability Under Borrowing Base Limitation 0
Hertz Canadian Securitization  
Debt Instrument [Line Items]  
Remaining Capacity 72
Availability Under Borrowing Base Limitation 0
Australian Securitization  
Debt Instrument [Line Items]  
Remaining Capacity 0
Availability Under Borrowing Base Limitation 0
New Zealand RCF  
Debt Instrument [Line Items]  
Remaining Capacity 0
Availability Under Borrowing Base Limitation 0
U.K. ABS  
Debt Instrument [Line Items]  
Remaining Capacity 192
Availability Under Borrowing Base Limitation 0
Other Vehicle Debt  
Debt Instrument [Line Items]  
Remaining Capacity 40
Availability Under Borrowing Base Limitation $ 0
v3.26.1
Debt - Schedule of Class E Notes (Details) - Subsequent Event - Medium-term Notes
$ in Millions
Apr. 30, 2026
USD ($)
Class E Notes  
Debt Instrument [Line Items]  
Total Class E Notes $ 221
HVF III Series 2022-5  
Debt Instrument [Line Items]  
Total Class E Notes $ 17
Interest Rate 10.67%
HVF III Series 2023-2  
Debt Instrument [Line Items]  
Total Class E Notes $ 14
Interest Rate 10.99%
HVF III Series 2023-4  
Debt Instrument [Line Items]  
Total Class E Notes $ 24
Interest Rate 11.48%
HVF III Series 2024-1  
Debt Instrument [Line Items]  
Total Class E Notes $ 18
Interest Rate 10.95%
HVF III Series 2024-2  
Debt Instrument [Line Items]  
Total Class E Notes $ 18
Interest Rate 11.99%
HVF III Series 2025-1  
Debt Instrument [Line Items]  
Total Class E Notes $ 24
Interest Rate 10.99%
HVF III Series 2025-2  
Debt Instrument [Line Items]  
Total Class E Notes $ 24
Interest Rate 12.26%
HVF III Series 2025-3  
Debt Instrument [Line Items]  
Total Class E Notes $ 18
Interest Rate 11.47%
HVF III Series 2025-4  
Debt Instrument [Line Items]  
Total Class E Notes $ 15
Interest Rate 12.28%
HVF III Series 2025-5  
Debt Instrument [Line Items]  
Total Class E Notes $ 22
Interest Rate 11.72%
HVF III Series 2025-6  
Debt Instrument [Line Items]  
Total Class E Notes $ 27
Interest Rate 12.54%
v3.26.1
Revenue from Leases - Schedule of Operating Lease Income And Other Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Lessor, Lease, Description [Line Items]    
Revenues $ 1,942 $ 1,756
Variable operating lease income 154 122
Other revenues accounted for under Topic 606 62 57
Total revenues 2,004 1,813
Operating lease income from vehicle rentals    
Lessor, Lease, Description [Line Items]    
Revenues $ 1,788 $ 1,634
v3.26.1
Income Tax (Provision) Benefit (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Contingency [Line Items]    
Income tax expense (benefit) $ 29 $ (82)
Effective tax rate (as percent) (9.00%) 16.00%
The Hertz Corporation    
Income Tax Contingency [Line Items]    
Income tax expense (benefit) $ 30 $ (82)
Effective tax rate (as percent) (9.00%) 16.00%
v3.26.1
Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 58 Months Ended
May 31, 2025
Mar. 31, 2026
Mar. 31, 2026
Dec. 31, 2025
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
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      
v3.26.1
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
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net income (loss) available to Hertz Global common stockholders, basic $ (333) $ (443)
Net income (loss) available to Hertz Global common stockholders, diluted $ (333) $ (443)
Denominator:    
Basic weighted-average common shares outstanding (in shares) 314 307
Antidilutive stock options, RSUs, PSUs, and PSAs (in shares) 187 139
Earnings (loss) per common share:    
Basic (in dollars per share) $ (1.06) $ (1.44)
Diluted (in dollars per share) $ (1.06) $ (1.44)
Antidilutive Public Warrants    
Denominator:    
Antidilutive stock options, RSUs, PSUs, and PSAs (in shares) 83 83
Antidilutive stock options, RSUs and PSUs    
Denominator:    
Antidilutive stock options, RSUs, PSUs, and PSAs (in shares) 16 17
Exchangeable Notes Due 2029    
Denominator:    
Antidilutive stock options, RSUs, PSUs, and PSAs (in shares) 42 39
Exchangeable Notes Due 2030    
Denominator:    
Antidilutive stock options, RSUs, PSUs, and PSAs (in shares) 46 0
v3.26.1
Stock-Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Purchase price of common stock, percent 0.00%  
Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award requisite service period (in years) 3 years  
Purchase price of common stock, percent 200.00%  
Omnibus Incentive Plan 2021    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares available for grant (in shares) 17,713,487  
Unrecognized compensation cost $ 145  
Period for recognition of total unrecognized compensation cost (in years) 1 year 8 months 12 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) 7,873,542 5,471,438
Purchase price of common stock, percent 100.00%  
Omnibus Incentive Plan 2021 | Restricted Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares outstanding (in shares) 32,792,713 26,017,278
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) 409,000  
v3.26.1
Stock-Based Compensation - Schedule of Total Employee Compensation Expense and Related Income Tax Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Employee compensation expense $ 17 $ 16
Omnibus Incentive Plan 2021    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Employee compensation expense 17 15
Income tax (benefit) expense 0 0
Employee compensation expense, net $ 17 $ 15
v3.26.1
Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Omnibus Incentive Plan 2021 - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Shares    
Outstanding, beginning balance (in shares) 1,158,270  
Granted (in shares) 0  
Exercised (in shares) 0  
Forfeited or Expired (in shares) (5,280)  
Outstanding, ending balance (in shares) 1,152,990 1,158,270
Exercisable (in shares) (1,152,990)  
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 4 months 24 days 5 years 9 months 18 days
Weighted average remaining contractual term, exercisable 5 years 4 months 24 days  
Aggregate intrinsic value, beginning and ending balance $ 0 $ 0
Aggregate intrinsic value, exercisable $ 0  
v3.26.1
Stock-Based Compensation - Schedule of PSU Activity (Details) - Performance Stock Units - Omnibus Incentive Plan 2021
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
$ / shares
shares
Shares  
Outstanding, beginning balance (in shares) | shares 5,471,438
Granted (in shares) | shares 3,325,518
Vested (in shares) | shares (790)
Forfeited or Expired (in shares) | shares (922,624)
Outstanding, ending balance (in shares) | shares 7,873,542
Weighted- Average Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 4.04
Granted (in dollars per share) | $ / shares 4.99
Vested (in dollars per share) | $ / shares 9.00
Forfeited or Expired (in dollars per share) | $ / shares 4.16
Outstanding, ending balance (in dollars per share) | $ / shares $ 4.43
Aggregate Intrinsic Value (In millions)  
Beginning balance | $ $ 28
Ending Balance | $ $ 36
Target award amount 100.00%
v3.26.1
Stock-Based Compensation - Schedule of RSU Activity (Details) - Restricted Stock Units - Omnibus Incentive Plan 2021 - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Shares    
Outstanding, beginning balance (in shares) 26,017,278  
Granted (in shares) 12,888,138  
Vested (in shares) (4,754,450)  
Forfeited or Expired (in shares) (1,358,253)  
Outstanding, ending balance (in shares) 32,792,713  
Weighted- Average Fair Value    
Outstanding, beginning balance (in dollars per share) $ 4.96  
Granted (in dollars per share) 4.43 $ 3.98
Vested (in dollars per share) 5.44  
Forfeited or Expired (in dollars per share) 3.99  
Outstanding, ending balance (in dollars per share) $ 4.73  
Aggregate Intrinsic Value (In millions)    
Beginning balance $ 134  
Ending Balance $ 151  
v3.26.1
Stock-Based Compensation - Schedule of Additional RSU Activity (Details) - Restricted Stock Units - Omnibus Incentive Plan 2021 - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total fair value of awards that vested (in millions) $ 26 $ 19
Weighted-average grant-date fair value of awards granted (in dollars per share) $ 4.43 $ 3.98
v3.26.1
Financial Instruments - Narrative (Details) - instrument
Mar. 31, 2026
Dec. 31, 2025
Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, number of instruments held 0 0
v3.26.1
Financial Instruments - Schedule of Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Asset Derivatives $ 20 $ 24  
Liability Derivatives 105 132  
Interest rate instruments      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Asset Derivatives 3 1  
Liability Derivatives 0 0  
Foreign currency forward contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Asset Derivatives 1 2  
Liability Derivatives 2 0  
Exchange Features 2029 related to Exchangeable Notes Due 2029      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Asset Derivatives 0 0  
Liability Derivatives 63 78  
Fair value 63 78 $ 61
Exchange Feature 2030 related to Exchangeable Notes Due 2030      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Asset Derivatives 0 0  
Liability Derivatives 40 54  
Fair value 40 54 0
Capped Call Transactions 2030      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Asset Derivatives 16 21  
Liability Derivatives 0 0  
Fair value $ 16 $ 21 $ 0
v3.26.1
Financial Instruments - Schedule of Gains or (Losses) on Financial Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives $ 29 $ (3)
Interest rate instruments    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives 2 (1)
Foreign currency forward contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives (1) 4
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 19 (6)
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 14 0
Capped Call Transactions 2030    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives $ (5) $ 0
v3.26.1
Fair Value Measurements - Schedule of Fair Value of the Debt Facilities (Details) - Level 2 - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance $ 18,360 $ 17,203
Aggregate Fair Value 16,911 16,484
Other Non-Vehicle Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance 6,365 5,524
Aggregate Fair Value 4,893 4,822
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 5,658 4,828
Aggregate Fair Value 4,367 4,187
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 282 271
Aggregate Fair Value 275 311
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 425 425
Aggregate Fair Value 251 324
Vehicle Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Nominal Unpaid Principal Balance 11,995 11,679
Aggregate Fair Value $ 12,018 $ 11,662
v3.26.1
Fair Value Measurements - Schedule of Company's Assets And Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and restricted cash equivalents $ 147 $ 287
Capped Call Transactions 2030 16 21
Public Warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Public Warrants 189 222
Exchangeable Notes Due 2029    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Exchange Features 2029 63 78
Exchange Feature 2030 63 78
Exchangeable Notes Due 2030    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Exchange Features 2029 40 54
Exchange Feature 2030 40 54
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and restricted cash equivalents 147 287
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 189 222
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 16 21
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 63 78
Exchange Feature 2030 63 78
Level 3 | Exchangeable Notes Due 2030    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Exchange Features 2029 40 54
Exchange Feature 2030 $ 40 $ 54
v3.26.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Change in fair value of Public Warrants $ (33) $ 9  
Exchange Features 2029      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Unamortized debt discount 4    
Exchangeable Notes Due 2029      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Unamortized debt discount 4   $ 4
Exchangeable Notes Due 2029 | Senior Notes      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Unamortized debt discount 68   67
Aggregate Fair Value 63   78
Exchangeable Notes Due 2029 | Level 3 | Senior Notes      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Aggregate Fair Value 63    
Exchangeable Notes Due 2030 | Senior Notes      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Unamortized debt discount 95   99
Aggregate Fair Value $ 40   $ 54
v3.26.1
Fair Value Measurements - Schedule of Estimated Fair Value (Details)
Mar. 31, 2026
Dec. 31, 2025
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 4.61 5.14
Exchangeable Notes Due 2029 | Expected term (years)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 3.29 3.54
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 0.0383 0.0360
Exchangeable Notes Due 2029 | Credit spread    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.1775 0.1126
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 0.3500
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 4.61 5.14
Exchangeable Notes Due 2030 | Expected term (years)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 4.50 4.75
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 0.0389 0.0371
Exchangeable Notes Due 2030 | Credit spread    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.2003 0.1245
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 Transactions 2030 | Hertz Global common share price    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 4.61 5.14
Capped Call Transactions 2030 | Expected term (years)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 4.50 4.75
Capped Call Transactions 2030 | Risk-free interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.0389 0.0371
Capped Call Transactions 2030 | Credit spread    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0 0
Capped Call Transactions 2030 | Expected volatility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, measurement input 0.3600 0.3600
v3.26.1
Fair Value Measurements - Schedule of Fair Value Measurements (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Exchangeable Notes Due 2029      
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]      
Beginning balance $ 78 $ 61 $ 61
Initial recognition of derivative liability 4   11
Gain (loss) in fair value recognized in earnings (19)   6
Ending balance 63   78
Exchangeable Notes Due 2030      
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]      
Beginning balance 54 0 0
Initial recognition of derivative liability     103
Gain (loss) in fair value recognized in earnings   (14) (49)
Ending balance 40   54
Capped Call Transactions 2030      
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]      
Beginning balance 21 $ 0 0
Initial recognition of derivative liability     37
Gain (loss) in fair value recognized in earnings 5   16
Ending balance $ 16   $ 21
v3.26.1
Contingencies and Off-Balance Sheet Commitments (Details)
$ in Millions
Jan. 27, 2026
USD ($)
Jul. 01, 2021
USD ($)
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Apr. 15, 2025
complaint
Aug. 26, 2024
director
Loss Contingencies [Line Items]            
Self-insured liabilities     $ 641 $ 648    
Number of independent directors | director           2
Number of class action complaints | complaint         10  
Wells Fargo Bank, National Association v. The Hertz Corporation | Hertz Global            
Loss Contingencies [Line Items]            
Legal settlement $ 346          
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        
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     $ 500 $ 508    
v3.26.1
Segment Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
Number of operating segments 2
v3.26.1
Segment Information - Schedule of Revenue, Significant Expenses and Segment Measure of Profitability (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue earning equipment    
Revenues $ 2,004,000 $ 1,813,000
Significant segment expenses:    
Direct vehicle and operating 1,344,000 1,274,000
Depreciation of revenue earning vehicles and lease charges, net 481,000 535,000
Selling, general and administrative 236,000 219,000
Other segment items (3,000) (27,000)
Non-vehicle depreciation and amortization (26,000) (30,000)
Restructuring and restructuring related charges (8,000) (3,000)
Net (gains) losses on financial instruments 29,000 (3,000)
Share-based compensation expense 17,000 15,000
Foreign currency transactions 0 (4,000)
Change in fair value of Public Warrants 33,000 (9,000)
Other (2,000)  
Income (loss) before income taxes (304,000) (525,000)
Realized losses on derivatives 1,000 4,000
The Hertz Corporation    
Revenue earning equipment    
Revenues 2,004,000 1,813,000
Significant segment expenses:    
Direct vehicle and operating 1,344,000 1,274,000
Selling, general and administrative 234,000 219,000
Non-vehicle depreciation and amortization (26,000) (30,000)
Income (loss) before income taxes (335,000) (516,000)
Non-vehicle    
Significant segment expenses:    
Non-vehicle depreciation and amortization (26,000) (30,000)
Non-vehicle debt interest, net (137,000) (121,000)
Vehicle    
Significant segment expenses:    
Vehicle debt-related charges (12,000) (11,000)
Operating Segments    
Revenue earning equipment    
Revenues 2,004,000 1,813,000
Significant segment expenses:    
Segment profit (loss): Adjusted EBITDA (105,000) (245,000)
Operating Segments | Americas RAC    
Revenue earning equipment    
Revenues 1,628,000 1,490,000
Significant segment expenses:    
Direct vehicle and operating 1,098,000 1,066,000
Depreciation of revenue earning vehicles and lease charges, net 402,000 462,000
Selling, general and administrative 122,000 114,000
Other segment items 109,000 83,000
Segment profit (loss): Adjusted EBITDA (103,000) (235,000)
Operating Segments | International RAC    
Revenue earning equipment    
Revenues 376,000 323,000
Significant segment expenses:    
Direct vehicle and operating 242,000 207,000
Depreciation of revenue earning vehicles and lease charges, net 79,000 73,000
Selling, general and administrative 58,000 47,000
Other segment items (1,000) 6,000
Segment profit (loss): Adjusted EBITDA (2,000) (10,000)
Corporate    
Significant segment expenses:    
Segment profit (loss): Adjusted EBITDA $ (56,000) $ (57,000)
v3.26.1
Segment Information - Schedule of Reportable Segments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Depreciation and amortization, non-vehicle assets $ 26 $ 30  
Revenue earning vehicles, net 12,959   $ 12,526
Operating lease right-of-use assets 2,328   2,257
Total assets [1] 23,288   22,311
Revenue earning vehicles and non-vehicle capital assets      
Expenditures (3,631) (2,869)  
Proceeds from disposals 2,533 2,151  
Net expenditures (1,098) (718)  
Revenues 2,004 1,813  
U.S.      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Revenue earning vehicles, net 10,806   10,473
Property and equipment, net 481   484
Operating lease right-of-use assets 1,968   1,927
Total assets 19,094   18,242
Revenue earning vehicles and non-vehicle capital assets      
Revenues 1,569 1,433  
International      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Revenue earning vehicles, net 2,153   2,053
Property and equipment, net 79   82
Operating lease right-of-use assets 360   330
Total assets 4,194   4,069
Revenue earning vehicles and non-vehicle capital assets      
Revenues 435 380  
Variable Interest Entity, Primary Beneficiary      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Total assets 1,200   1,100
The Hertz Corporation      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Depreciation and amortization, non-vehicle assets 26 30  
Revenue earning vehicles, net 12,959   12,526
Property and equipment, net 560   566
Operating lease right-of-use assets 2,328   2,257
Total assets [2] 23,287   22,308
Revenue earning vehicles and non-vehicle capital assets      
Revenues 2,004 1,813  
The Hertz Corporation | U.S.      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Total assets (1)   (3)
The Hertz Corporation | Variable Interest Entity, Primary Beneficiary      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Total assets 1,300   1,300
Hertz Global      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Revenue earning vehicles, net 12,959   12,526
Property and equipment, net 560   566
Operating lease right-of-use assets 2,328   2,257
Non-vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net 110 127  
Americas RAC      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Revenue earning vehicles, net 11,162   10,844
International RAC      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Revenue earning vehicles, net 1,797   1,682
Operating Segments      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Property and equipment, net 560   566
Revenue earning vehicles and non-vehicle capital assets      
Revenues 2,004 1,813  
Operating Segments | Vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net 146 140  
Operating Segments | Americas RAC      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Depreciation and amortization, non-vehicle assets 21 26  
Property and equipment, net 409   415
Total assets 18,564   17,809
Revenue earning vehicles and non-vehicle capital assets      
Expenditures (3,201) (2,560)  
Proceeds from disposals 2,157 1,845  
Net expenditures (1,044) (715)  
Revenues 1,628 1,490  
Operating Segments | Americas RAC | Vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net 124 117  
Operating Segments | Americas RAC | Non-vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net 3 (1)  
Operating Segments | International RAC      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Depreciation and amortization, non-vehicle assets 3 3  
Property and equipment, net 61   63
Total assets 3,507   3,357
Revenue earning vehicles and non-vehicle capital assets      
Expenditures (427) (308)  
Proceeds from disposals 376 306  
Net expenditures (51) (2)  
Revenues 376 323  
Operating Segments | International RAC | Vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net 22 23  
Operating Segments | International RAC | Non-vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net (3) (4)  
Corporate      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Depreciation and amortization, non-vehicle assets 2 1  
Property and equipment, net 90   88
Total assets 1,217   1,145
Revenue earning vehicles and non-vehicle capital assets      
Expenditures (3) (1)  
Proceeds from disposals 0 0  
Net expenditures (3) (1)  
Corporate | The Hertz Corporation      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Total assets (1)   $ (3)
Corporate | Non-vehicle      
Reconciliation of adjusted pre-tax income to income (loss) before income taxes      
Interest expense, net $ 110 $ 132  
[1] Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2026 and December 31, 2025 include total assets of variable interest entities (“VIEs”) of $1.3 billion, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2026 and December 31, 2025 include total liabilities of VIEs of $1.3 billion, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.
[2] The Hertz Corporation's consolidated total assets as of March 31, 2026 and December 31, 2025 include total assets of VIEs of $1.3 billion, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of March 31, 2026 and December 31, 2025 include total liabilities of VIEs of $1.3 billion, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 4, "Debt," for further information.