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Sep 30, 2025
Hertz Q3 2025 Earnings Report
Hertz returned to profitability in Q3 2025 after two years of losses, supported by operational efficiency and lower depreciation expenses.
Key Takeaways
Hertz posted a $184M net income and strong EBITDA in Q3 2025, driven by lower fleet costs, improved vehicle utilization, and stable per-unit economics despite revenue pressures.
Reported EPS of $0.42 and Adjusted EPS of $0.12, returning to profitability.
Revenue reached $2.5B, slightly down from the prior year due to lower fleet levels.
Vehicle depreciation per unit fell 49% YoY to $273.
Utilization improved to 84%, aided by disciplined fleet management.
Revenue by Geographic Location
Forward Guidance
Hertz expects ongoing cost discipline and fleet optimization to support profitability, while maintaining focus on operational efficiency and demand alignment.
Positive Outlook
- Sustained sub-$300 vehicle depreciation expected
- Continued fleet optimization based on demand curves
- Improved monetization of add-on services through dynamic pricing
- Increased vehicle sales through higher-margin retail channels
- Refreshed fleet aligned with model year 2026 goals
Challenges Ahead
- Revenue pressure from lower fleet levels
- Uncertainty in residual value environment
- Continued market pricing pressure on RPD
- Free cash flow impacted by lower vehicle sales volume
- Exposure to macroeconomic conditions affecting travel demand
Historical Earnings Impact
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Avg. Return Before/After Earnings
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