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Dec 31, 2025
Herc Holdings Q4 2025 Earnings Report
Herc Holdings reported strong fourth quarter 2025 revenue growth and higher net income driven by the H&E acquisition, despite margin pressure from integration costs.
Key Takeaways
Herc Holdings generated Q4 2025 total revenues of 1209000000, up 27% year-over-year, with net income of 24000000 and adjusted EBITDA of 519000000. Growth was driven by a 24% increase in equipment rental revenue following the H&E acquisition, while margins reflected integration-related costs.
Total revenue increased 27% to 1209000000, led by equipment rental growth.
Net income was 24000000 with diluted EPS of 0.72.
Adjusted EBITDA rose 19% to 519000000 with margin of 42.9%.
Dollar utilization declined to 37.5% due to acquired fleet optimization.
Revenue by Segment
Forward Guidance
For full year 2026, the company expects equipment rental revenue between 4275000000 and 4400000000 and adjusted EBITDA between 2000000000 and 2100000000, supported by fleet investment and acquisition synergies.
Positive Outlook
- Equipment rental revenue guidance up to 4400000000.
- Adjusted EBITDA guidance up to 2100000000.
- Scale benefits from H&E acquisition integration.
- Fleet optimization initiatives underway.
- Expected share gains in higher construction spending environment.
Challenges Ahead
- Net rental equipment capex expected between 500000000 and 800000000.
- Gross capex guidance up to 1100000000.
- Integration-related cost pressures may persist.
- Moderation in certain local construction markets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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