Hertz posts best revenue growth in three years as fleet strategy gains traction

Hertz Global Holdings (NASDAQ:HTZ) delivered a first quarter marked by robust top-line momentum and meaningful progress in its structural turnaround.

The Estero, Florida-based rental giant reported total revenue of $2 billion for the quarter ended March 31, 2026, an 11% increase year-over-year.

This performance represents the company’s strongest revenue growth in three years, fueled by the steady execution of revised commercial strategies.

Key pricing metrics showed significant recovery, with Revenue Per Day (RPD) increasing 5.5%—the most substantial year-over-year improvement since 2022.

Revenue per Unit (RPU) also continued its sequential climb, indicating that Hertz is successfully capturing higher value from its global fleet.

While the company reported a GAAP net loss of $333 million, or $(1.06) per diluted share, its adjusted figures pointed toward a narrowing deficit.

The adjusted net loss of $224 million ($0.72 per share) represented a $105 million year-over-year improvement.

Adjusted Corporate EBITDA was $(161) million, a nearly 50% improvement compared to the first quarter of 2025, despite a $25 million headwind caused by elevated vehicle recalls.

A critical highlight of the quarter was the stabilization of fleet costs.

Net Depreciation per Unit per Month (Net DPU) improved 13% year-over-year to $312.

This figure is approaching the company’s "North Star" target and reflects more disciplined fleet rotation and a recovering used car market, which began to strengthen in March following a seasonal trough.

Utilization for the quarter stood at 79%.

While this was a slight 70 basis point decline year-over-year, the metric would have risen 140 basis points if not for the impact of vehicles sidelined by recalls.

Hertz continues to gain traction in consumer trust and satisfaction rankings.

The company was the only car rental brand named to USA Today's "Most Trusted Brands" list for 2026 and achieved its highest-ever customer satisfaction scores in Europe during the quarter.

This focus on service has led to consistent improvements in its Global Net Promoter Score.

From a balance sheet perspective, Hertz ended the first quarter with approximately $837 million in liquidity.