HERTZ GLOBAL HOLDINGS, INC (HTZ)

Hertz Global Holdings, Inc. is the Delaware holding company for The Hertz Corporation, its primary operating company. Hertz was incorporated in 1967 and is a successor to businesses engaged in vehicle rental and leasing since 1918. The company is principally in the business of renting vehicles under the Hertz, Dollar and Thrifty brands. It describes itself as one of the largest worldwide vehicle rental companies, with the Hertz name among the most recognized globally. It also operates the Hertz Car Sales brand, which sells used cars online and at locations across the U.S. Its "Back-to-Basics" strategy rests on disciplined fleet management, revenue optimization and cost control.

The company has two reportable segments, plus corporate operations. Americas RAC covers vehicle rental, vehicle sales and value-added services in the U.S., Canada, Latin America and the Caribbean. International RAC covers the same activities elsewhere, with company-operated locations mainly in Europe, Australia and New Zealand. Hertz is the premium brand and runs the Hertz Gold+ loyalty program, which accounted for about 33% of worldwide rental transactions in 2025. Dollar is the "smart value" brand and Thrifty the "deep value" brand, and both focus on leisure and small business travelers at airports. Revenue also comes from value-added services such as supplemental equipment, damage waivers, insurance coverage, roadside service and satellite radio, and from reimbursements of concession fees, licensing, fueling and charging costs. Digital offerings include a smartphone app, digital check-in, electronic rental agreements, Hertz e-Return and PlatePass cashless tolling.

As of December 31, 2025, the company and its franchisees operated from about 11,000 locations in roughly 160 countries and jurisdictions. Americas RAC had about 2,000 airport and 2,600 off airport locations, and International RAC had about 1,500 airport and 4,800 off airport locations. Off airport revenue was 34% of worldwide vehicle rental revenue. Customers include business and leisure renters, government agencies, tour operators, travel companies, insurance-replacement renters, and drivers for ride share partners. The company markets through its sales force, websites, app, travel agents, third-party travel sites and reservation centers. Franchisees pay license fees and royalties, and franchise fees were about 2% of worldwide vehicle rental revenue in 2025.

Airport locations operate under concessions from airport operators, typically requiring fees based on a percentage of revenue, often with minimum annual guarantees. Fleet purchases are financed through borrowing programs and cash from operations. Vehicles are bought as program vehicles, with manufacturer repurchase or guaranteed depreciation arrangements, or as non-program vehicles. In 2025 the peak fleet was about 442,000 vehicles in Americas RAC and 96,000 in International RAC. Average holding periods for vehicles sold were about 18 months in the Americas and 17 months internationally. The company runs its own maintenance centers and uses independent contractors for collision and major repairs. Its business is seasonal, peaking in the second and third quarters.