Hertz Global Holdings reported a net loss of $479 million for the fourth quarter of 2024, compared to a loss of $348 million in Q4 2023. Total revenues for the quarter were $2.04 billion, a 7% decrease from $2.184 billion in the prior-year period. The Adjusted Corporate EBITDA loss narrowed slightly to $357 million from $382 million in Q4 2023.
For the full year 2024, Hertz reported a net loss of $2.862 billion on revenues of $9.049 billion, compared to a net income of $616 million on revenues of $9.371 billion in 2023. The company completed the sale of 30,000 electric vehicles in 2024, which included a $245 million loss on sale recognized in Q4 2023, as part of its strategy to reduce its EV fleet.
Depreciation Per Unit (DPU) improved by 16% year-over-year in Q4 2024 to $422, down from $501 in Q4 2023. Hertz anticipates DPU will settle below $300 by the end of 2025 as its fleet rotation continues. The company's 'Back-to-Basics' transformation, focused on fleet management, revenue optimization, and cost efficiency, is expected to be substantially completed by the end of 2025.
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