Hertz Global Holdings reported a net income of $184 million for the third quarter of 2025, marking the company’s first profit in two years. The quarter’s GAAP earnings per share were $0.42, while adjusted earnings per share were $0.12, both above the consensus estimate of $0.07.
Revenue for the period was $2.478 billion, slightly higher than the $2.6 billion reported in Q3 2024 and well above the $2.185 billion earned in Q2 2025. The company’s net loss of $1.332 billion in Q3 2024 and a $294 million loss in Q2 2025 underscore the significance of the current turnaround.
The profit was driven by several factors: vehicle depreciation and lease charges fell sharply to $457 million from $937 million in the same quarter last year; a $154 million legal settlement gain and a $39 million gain from real‑estate sale‑leasebacks contributed to earnings; and the completion of a fleet refresh under the “Back‑to‑Basics” strategy improved fleet economics and reduced operating costs.
Hertz’s fleet strategy, described as “Buy Right, Hold Right, Sell Right,” has lowered depreciation per unit per month to $273, close to the company’s sub‑$300 target. The company also reported a nearly 50 % year‑over‑year increase in its North America Net Promoter Score, indicating stronger customer satisfaction amid a broader industry downturn.
While the company did not provide explicit guidance for the next quarter, it reiterated its goal of normalizing depreciation per unit per month to under $300 by the end of 2025 and continues to focus on operational discipline and fleet optimization.
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