---
schema_version: "secwatch.filing_event.v1"
accession: "0001657853-23-000154"
form_type: "8-K"
ticker: "HTZ"
cik: "0001657853"
company_name: "HERTZ GLOBAL HOLDINGS, INC"
filed_at: "2023-10-26T23:59:59+00:00"
generated_at: "2026-06-09T08:36:52.452722+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Hertz Q3 revenue record $2.7B, but adjusted net income down 44% and EBITDA margin halved to 13%

## Summary
- Revenue $2.7B (+8% YoY); GAAP net income $629M ($0.92 diluted EPS); adjusted net income $230M ($0.70 adjusted diluted EPS).
- Adjusted Corporate EBITDA $359M (13% margin), down 42% from $618M (25% margin) a year ago; depreciation per unit +52% to $282.
- Americas RAC revenue $2.172B (+6%) but adjusted EBITDA $302M (14% margin), down from $564M (28% margin); International RAC EBITDA $109M (21% margin).
- Volume +16% YoY; vehicle utilization 83% (+320 bps); company repurchased $50M of common stock (3.0M shares) during the quarter.
- Corporate liquidity $1.7B at quarter-end; operating cash flow $851M, adjusted free cash flow $313M.

## SEC filing metadata
- accession: 0001657853-23-000154
- form_type: 8-K
- ticker: HTZ
- cik: 0001657853
- company_name: HERTZ GLOBAL HOLDINGS, INC
- filed_at: 2023-10-26T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1657853/000165785323000154/0001657853-23-000154-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/47129/000165785323000154/htz-20231026.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001657853-23-000154
- JSON: https://secwatch.observer/filing/0001657853-23-000154.json
- Plain text: https://secwatch.observer/filing/0001657853-23-000154.txt

## Key facts
- Earnings Releases
  HERTZ GLOBAL HOLDINGS, INC reported the quarter ended September 30, 2023 results: revenue $2.7 billion, net income $629 million, EPS $0.92 per diluted share.
  - Period: the quarter ended September 30, 2023
  - Revenue: $2.7 billion
  - Net income: $629 million
  - EPS: $0.92 per diluted share
  - Result: reported results
  source text: HERTZ REPORTS THIRD QUARTER 2023 RESULTS: REVENUE OF $2.7 BILLION, NET INCOME OF $629 MILLION AND ADJUSTED CORPORATE EBITDA OF $359 MILLION
  evidence_url: https://www.sec.gov/Archives/edgar/data/1657853/000165785323000154/0001657853-23-000154-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.