After two years of losses, Hertz Global Holdings has returned to profitability, reporting $184 million in net income for the third quarter of 2025, a sharp reversal from a $1.3 billion loss during the same period a year earlier.
The Estero-based rental car company generated $2.5 billion in quarterly revenue and an adjusted corporate EBITDA of $190 million, marking an improvement of about $350 million from last year. The company credited the gains to its Back-to-Basics strategy, a sweeping operational overhaul focused on cost control, disciplined fleet management and streamlined rental operations.
“This quarter proves that we're delivering on our commitments: driving strong results through focused execution and operational discipline,” said Gil West, Hertz’s CEO. “Throughout this transformation, we're rebuilding our foundation while sharpening our skills and capabilities, creating a new platform for growth.”
Hertz said vehicle utilization reached more than 84%, the highest since 2018, reflecting better efficiency in how the company maintains and deploys its cars. Depreciation costs — a major drag on rental car margins — fell to $273 per vehicle per month, down nearly 50% from last year, as the company completed a fleet refresh aimed at extending the life cycle of its vehicles.
The Back-to-Basics plan also has emphasized customer satisfaction and fleet monetization. Hertz expanded its retail vehicle sales, particularly through its direct-to-consumer Hertz Car Sales platform, and saw a nearly 50% year-over-year improvement in its North America Net Promoter Score.
NFL legend Tom Brady appears in a new national campaign highlighting Hertz Car Sales’ launch of a fully online car-buying platform, now available nationwide.
At the end of the quarter, Hertz reported more than $2.2 billion in liquidity and roughly $250 million in free cash flow, underscoring what West described as “focused execution and operational discipline.”
The results mark a milestone for Hertz, which emerged from bankruptcy in 2021 and has been rebuilding its balance sheet and brand reputation ever since, this time, with its eyes on steady growth across the full spectrum of mobility.
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