Business Context and Reporting Period
This Form 8-K is a current report filed by Hertz Global Holdings, Inc. and The Hertz Corporation on June 24, 2026. The filing provides preliminary, unaudited financial expectations for the second quarter of 2026, which has not yet concluded. The Company operates in the vehicle rental industry and is not an emerging growth company.
Key Financial Metrics and Outlook
- Revenue and Operational Metrics: Management expects fleet size, revenue, Revenue Per Day (RPD), and rental days to align with or slightly exceed previous expectations. This is driven by healthy demand and better-than-anticipated capacity utilization, with Q2 year-over-year RPD growth accelerating compared to Q1.
- Adjusted Corporate EBITDA: Expected to be in the range of $50 million to $80 million. This places the result within margin expectations but towards the lower end of the previously indicated range.
- Net DPU (Depreciation, Usage, and Other): Expected to be approximately $300 per month for the quarter.
- Debt and Liquidity: The filing text does not provide specific values for debt levels, cash flow, or liquidity positions.
Material Changes and Unusual Items
The primary material change impacting the quarter is unexpected softness in the used car market. This market condition caused the Company to realize losses on vehicle sales in May 2026, contrasting with gains realized in April 2026. This shift negatively impacts the net DPU per month and compresses the Adjusted Corporate EBITDA outlook.
Management Commentary and Risks
Management notes that the preliminary financial information is based on internal reporting and is subject to change due to quarter-end closing procedures. The Company explicitly states it has not reconciled Adjusted Corporate EBITDA to GAAP net loss due to uncertainty regarding reconciling items, specifically the change in fair value of public warrants, which is impacted by unpredictable stock price fluctuations and warrant exercise volumes. The filing includes standard forward-looking statement disclaimers regarding risks in the travel industry and contingent liabilities.
Investor Verification Checklist
- Verify the final Q2 2026 GAAP financial statements once the quarter concludes to confirm the $50-$80 million Adjusted Corporate EBITDA range.
- Monitor the used car market trends to assess the sustainability of vehicle sale losses versus gains.
- Review the reconciliation of Adjusted Corporate EBITDA to GAAP net loss in the upcoming 10-Q, specifically regarding the fair value adjustments of public warrants.
- Confirm the final RPD and rental day figures against the "slightly exceed" guidance provided in this preliminary report.