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Hertz Q3 2026 earnings: Hertz reported third-quarter 2026 results on Thursday, November 5, 2026, before the market opened, with revenue of 2.617 billion dollars, its best quarterly revenue performance in three years. Revenue rose about 6 percent year over year, and adjusted corporate EBITDA was 233 million dollars, up 15 percent year over year and also the best in three years. Profit told a softer story. GAAP net income was 116 million dollars, down from 184 million dollars a year earlier, and adjusted diluted EPS was 0.14 dollars, below the 0.25 dollar estimate.
Quick Facts
| Detail | Fact |
|---|---|
| Revenue | 2.617 billion dollars, up about 6 percent year over year |
| Adjusted corporate EBITDA | 233 million dollars, up 15 percent year over year |
| GAAP net income | 116 million dollars, down from 184 million dollars a year earlier |
| Diluted GAAP EPS | 0.20 dollars |
| Adjusted net income | 67 million dollars |
| Adjusted diluted EPS | 0.14 dollars, below the 0.25 dollar estimate |
| Revenue per day | Up 5 percent; US revenue per day up 8 percent |
| Net depreciation per unit per month | 285 dollars |
| Liquidity at quarter end | About 946 million dollars |
| Results reported | Thursday, November 5, 2026, before the market opened |
| Share price, November 4 close | 2.26 dollars |
Hertz Q3 2026 earnings: What Hertz Reported
Hertz reported its third-quarter 2026 results on Thursday, November 5, 2026, before the market opened. The headline in Hertz Q3 2026 earnings was revenue. At 2.617 billion dollars, it was the best quarterly revenue performance in three years, and it was up about 6 percent year over year. For a rental car company, revenue is the sum of what customers pay to rent cars, and a rise of that size in one quarter points to stronger demand, better pricing, or a mix of both. The company also holds a live call to discuss the results on November 5 at 9:00 a.m. Eastern Time, where managers can answer questions on the quarter in more detail.
Adjusted corporate EBITDA was 233 million dollars, up 15 percent year over year, also the best in three years. A 15 percent rise in that measure, faster than the 6 percent rise in revenue, suggests that the company kept more of each dollar of sales as operating profit than it did a year earlier.
The profit figures were weaker. GAAP net income was 116 million dollars, down from 184 million dollars a year earlier, and diluted GAAP EPS was 0.20 dollars. Adjusted net income was 67 million dollars and adjusted diluted EPS was 0.14 dollars, below the 0.25 dollar estimate. That gap between strong sales and soft profit is the core tension in this quarter, and it is the part investors will weigh most.
Revenue and Profit Tell Different Stories
It is common for revenue and profit to move in different directions in the same quarter, and Hertz Q3 2026 earnings is a clear case of that split. Revenue rose about 6 percent to 2.617 billion dollars. Adjusted corporate EBITDA rose 15 percent to 233 million dollars. Yet GAAP net income fell from 184 million dollars a year earlier to 116 million dollars. The adjusted profit also fell short of the estimate, with adjusted diluted EPS of 0.14 dollars against a 0.25 dollar estimate. Readers who only saw the revenue headline would get a very different sense of the quarter than readers who only saw the EPS miss.
Part of the gap comes from what each measure counts. GAAP net income is the standard accounting profit, after all costs that accounting rules count. Adjusted net income removes some items to show what the company sees as the core result. The revenue and EBITDA figures show a business that sold more and ran its core work better. The GAAP and adjusted profit figures show that the bottom line still faced pressure after those other costs were counted.
For a rental car firm, the fleet is a large part of that pressure. Cars lose value over time, and the cost of holding and selling them shapes profit. Net depreciation per unit per month was 285 dollars in this quarter. A reader who wants to judge the quarter should hold both sides at once: the top line grew, the operating measure grew faster, and the final profit still fell from a year earlier and missed the estimate.
What Drove the Strong Quarter
Revenue per day in Hertz Q3 2026 earnings rose 5 percent, and US revenue per day rose 8 percent despite lower TSA travel volumes. Revenue per day is a simple idea. It measures how much money the company earns for each day a car is rented out. When that number rises, it can mean higher rental prices, a better mix of car types, or longer rentals. A 5 percent rise across the business and an 8 percent rise in the US are solid moves, and they help explain why total revenue reached its best level in three years.
The note about lower TSA travel volumes is worth pausing on. TSA volumes track how many people pass through airport security, and airports are a large part of the rental car market. Lower volumes would normally point to softer demand for airport rentals. Hertz still grew US revenue per day by 8 percent in that setting, which shows that the pricing side of the business held up when travel volumes did not.
The wider earnings season gives useful context for this kind of split between sales and profit. For a look at a tech firm where the market cheered the top line, read more: AppLovin Q3 earnings send stock higher on record revenue. For a chip firm with record sales of its own, read more: Arm Holdings Q2 earnings hit record revenue on AI and CPU demand.
Cash, Liquidity and the Oro Mobility Investment
In Hertz Q3 2026 earnings, Hertz ended the quarter with about 946 million dollars of liquidity. Liquidity is the cash and credit a company can draw on at short notice, and it matters because a rental car business needs ready funds to run its fleet, pay its bills, and handle a slow month. A figure near 946 million dollars gives the company room to operate without an urgent need to raise new funds. It is not a profit figure, and it does not mean the company earned that amount in the quarter. It is a snapshot of what was on hand at the end of the quarter.
Oro Mobility, a Hertz unit, secured an 80 million dollar strategic equity investment from a consortium of investors. That is a separate piece of news inside the same results day. The investment brings outside money into that unit from a group of investors, who take a stake rather than lend money. The sum is small next to total revenue of 2.617 billion dollars, but it still matters for the unit it goes to, because it gives that part of the business fresh funds from outside the parent company.
Readers should keep the two money figures separate. Liquidity of about 946 million dollars is what Hertz had on hand at the end of the quarter. The 80 million dollar investment is money going into Oro Mobility from a consortium of investors. One is a company wide cushion. The other is a targeted stake in one unit.
What the Share Price Shows
Hertz shares closed November 4 at 2.26 dollars, up about 9 percent on the day and about 26 percent over the past month, but down about 56 percent so far this year. That set of numbers tells a story of a sharp recent rise inside a much longer fall. A gain of about 9 percent in one day is a large move for any stock. A gain of about 26 percent over the past month is also large. A fall of about 56 percent so far this year shows how far the shares had dropped before that recent rise began.
The close of 2.26 dollars came on November 4, the day before the Hertz Q3 2026 earnings were released on November 5 before the market opened. That timing matters. The 9 percent gain on the day and the 26 percent gain over the past month both came before investors had seen this quarter in full. The results landed the next morning, with strong revenue and EBITDA on one side and a profit miss on the other.
For readers who follow corporate change, a recent case of a major health company splitting its business shows how far that kind of change can go. Read more: CVS Health to split into two companies, separating pharmacy and insurance.
Frequently Asked Questions
How much revenue did Hertz report in Q3 2026?
In Hertz Q3 2026 earnings, Hertz reported revenue of 2.617 billion dollars in the third quarter of 2026, up about 6 percent year over year. It was the best quarterly revenue performance in three years. Adjusted corporate EBITDA was 233 million dollars, up 15 percent year over year, also the best in three years.
Did Hertz beat profit estimates?
No. GAAP net income was 116 million dollars, down from 184 million dollars a year earlier, and diluted GAAP EPS was 0.20 dollars. Adjusted net income was 67 million dollars and adjusted diluted EPS was 0.14 dollars, below the 0.25 dollar estimate. So revenue and EBITDA were strong, but profit missed the estimate.
What happened to revenue per day?
Revenue per day rose 5 percent, and US revenue per day rose 8 percent despite lower TSA travel volumes. Revenue per day measures how much money the company earns for each day a car is rented out. Net depreciation per unit per month was 285 dollars in the quarter.
How much liquidity did Hertz have at the end of the quarter?
Hertz ended the quarter with about 946 million dollars of liquidity. Oro Mobility, a Hertz unit, also secured an 80 million dollar strategic equity investment from a consortium of investors. Hertz holds a live call to discuss the results on November 5 at 9:00 a.m. Eastern Time.
Sources
Quantisnow: Hertz Announces Q3 2026 Results
AM News: Hertz Announces Q3 2026 Results
Final Thoughts
Hertz Q3 2026 earnings: Hertz delivered its best quarterly revenue and EBITDA in three years, with revenue of 2.617 billion dollars and adjusted corporate EBITDA of 233 million dollars, yet the bottom line fell short. GAAP net income dropped to 116 million dollars from 184 million dollars a year earlier, and adjusted diluted EPS of 0.14 dollars missed the 0.25 dollar estimate.
Revenue per day rose 5 percent, with US revenue per day up 8 percent despite lower TSA travel volumes, and the company ended the quarter with about 946 million dollars of liquidity. The live call on November 5 at 9:00 a.m. Eastern Time is the next chance to hear how Hertz explains that split between strong sales and soft profit.
