TLDR
- Hertz reported a Q2 loss of $0.11 per share, beating Wall Street’s estimate of a $0.24 loss
- Total revenue rose 10% year over year to $2.4 billion
- The stock jumped 17% in premarket trading, hitting $1.82
- Adjusted EBITDA came in at $81 million, at the top end of company guidance
- Nearly 30% of available HTZ stock is sold short, raising the risk of a short squeeze
Hertz stock jumped as much as 17% in premarket trading Thursday after the company posted second-quarter results that came in well ahead of Wall Street expectations.
Hertz Global Holdings, Inc., HTZ
The stock hit $1.82 in premarket, up from a 52-week low of $1.45 reached just before the report. That move came after HTZ had already fallen 70% this year heading into earnings.
Hertz posted a GAAP net income of $64 million, or $0.05 per diluted share, for Q2 2026. That compares to a net loss of $294 million, or $0.95 per diluted share, in the same quarter a year ago.
HERTZ $HTZ Q2’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $2.4B (Est. $2.28B) 🟢; +10% YoY
🔹 Adj. EPS: -$0.11 (Est. -$0.24) 🟢; +62% YoY
🔹 EBITDA: $81M (Est. $60.1M) 🟢
🔹 RPD: $61.98; +9% YoYSegment Net Revenue:
🔹 Americas RAC: $1.9B; +10% YoY
🔹 International RAC: $478M; +7% YoY…— Wall St Engine (@wallstengine) August 6, 2026
On a per-share loss basis, Hertz reported an $0.11 loss, beating the Wall Street estimate of a $0.24 loss, according to FactSet.
Total revenue came in at $2.4 billion, up 10% year over year and ahead of the roughly $2.3 billion analysts had forecast.
Pricing and Fleet Metrics Impressed
Revenue per day climbed 9% to $61.98. Revenue per unit per month rose 8% to $1,542.
Both metrics improved even as Hertz operated with a slightly smaller fleet, pointing to stronger pricing discipline rather than just volume growth.
CEO Gil West said the results “reflect the disciplined execution of our strategy and our consistent commercial strength.”
Adjusted corporate EBITDA came in at $81 million, clearing the top of the company’s own revised guidance range of $50 to $80 million.
That guidance range had been set earlier in the summer after Hertz flagged weakness in the used-car market. The Q2 results show things played out better than feared.
Short Sellers Face Pressure
Nearly 30% of HTZ’s tradeable float is currently sold short. That is roughly 10 times the average for a U.S. stock.
When a heavily shorted stock gets a positive catalyst, short sellers can be forced to buy back their positions quickly. That buying pressure can push a stock higher and faster than the earnings beat alone would justify.
HTZ dropped 41% on June 24 after warning that weakness in the used-car market would weigh on Q2 results. That warning set a low bar that Thursday’s numbers cleared comfortably.
On the supplier side, Verra Mobility disclosed less favorable contract renewal terms with Hertz, a sign that Hertz has been renegotiating supplier agreements as part of a broader cost-cutting effort.
The S&P 500 and Dow Jones were up 0.1% and 0.3% respectively in premarket trading, while the Nasdaq dipped 0.6%. The move in HTZ was driven entirely by company-specific news.
Hertz’s adjusted EBITDA of $81 million came in at the high end of its own guidance range, which had been set after the company warned of used-car market softness earlier this summer.
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