Hertz reported its strongest year-over-year revenue performance in nearly two years for Q4 2025, driven by sequential improvements in pricing and internal revenue management initiatives. Despite a complex environment and transitory headwinds impacting profitability, the company achieved a significant year-over-year improvement in profitability and adjusted EBITDA, reflecting progress in its 'Back-to-Basics' strategy.
Revenue totaled $2.0 billion in Q4 2025, marking the strongest year-over-year revenue performance since Q1 2024.
positiveProfitability improved more than $2 billion year over year, with net loss narrowing to $194 million in Q4 2025 from $479 million in Q4 2024.
positiveAdjusted Corporate EBITDA improved by approximately $150 million year-over-year in Q4 2025.
positiveVehicle Utilization was 78% in Q4 2025, a year-over-year improvement of 200 basis points.
positiveCustomer experience improved significantly, with Net Promoter Score increasing nearly 50% year-over-year.
positiveNet loss totaled $194 million in Q4 2025, and $747 million for the full year 2025.
negativeDiluted EPS was $(0.72) for Q4 2025 and $(2.43) for the full year 2025.
negativeAdjusted Corporate EBITDA for Q4 2025 was $(205) million, impacted by more than $100 million from transitory headwinds including a government shutdown, FAA cancellations, technology vendor outages, and a high level of vehicles on recall.
attentionDepreciation Per Unit per Month (DPU) was $330 in Q4 2025, above the quarterly target due to a revised residual value outlook and softer seasonal wholesale pricing, resulting in an approximately $60 million non-cash depreciation charge.
attentionTotal revenues decreased 1% year-over-year to $2.0 billion in Q4 2025.
negativeTotal RPD (pricing) decreased 1% year-over-year to $55.67 in Q4 2025.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Americas RAC | N/A | — | — | — |
International RAC | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Hertz sits on a stronger foundation today than we did one year ago.
In the fourth quarter, we delivered measurable progress and our strongest year-over-year revenue performance in nearly two years, despite a complex environment.
We achieved a $2 billion improvement in profitability in our first full year under the Back-to-Basics strategy, driven by meaningful gains in revenue, utilization, unit economics, and customer experience.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.