Hertz Announces Q2 2026 Results, Highlights Strong Commercial Momentum and Continued Transformation Progress

About this update from Hertz Global Holdings, Inc

[{"type":"text","content":" \nHertz Global Holdings, Inc. (NASDAQ: HTZ) (\"Hertz,\" \"Hertz Global,\" or the \"Company\") today reported results for its second quarter 2026.\n\n \nQ2 2026 HIGHLIGHTS \n\nRevenue totaled $2.4 billion in the second quarter, up 10% year over year, driven by Hertz’s strongest second quarter Revenue per Day (RPD) on record, excluding the pandemic peak in 2022.\n\n \n\nYear-over-year Revenue per Unit (RPU) and RPD metrics continued reflecting sequential improvements, with RPU up 8% and RPD up 9% through strong pricing performance.\n\n \n\nGAAP net income for the quarter totaled $64 million and Diluted GAAP EPS was $0.05. Adjusted net loss was $47 million and Adjusted Diluted EPS was $(0.11).\n\n \n\nAdjusted Corporate EBITDA was $81 million, representing a $63 million year-over-year improvement and coming in above the top end of revised guidance.\n\n \n\nTotal Utilization was 79% in the second quarter, an increase of 80 basis points year-over-year; excluding elevated recalls, Total Utilization was 81%, up 190 basis points compared to the second quarter of 2025.\n\n \n\nNet Depreciation per Unit per Month (Net DPU) was $302 in the second quarter, consistent with the Company's revised guidance. Hertz's U.S. core fleet now consists of approximately 94% model year 2025 and 2026 vehicles.\n\n \n\nAdjusted Direct Operating Expense (DOE) per Day increased 4% year over year; slightly higher than the Company's expectations, due primarily to higher revenue-related variable costs and higher expenses related to sale leaseback transactions. When normalizing for these factors and the Days impact of recalls, Adjusted DOE per Day improved approximately 2% year over year.\n\n \n\nThe spread between RPD and DOE per Day improved by 17% on a year-over-year basis, representing the third consecutive quarter of year-over-year spread improvement.\n\n \n\nHertz ended the second quarter with approximately $984 million of liquidity, in line with its prior guidance of just under $1 billion. The Company continues to view liquidity as a growth enabler and remains confident in its ability to fund the business and execute its transformation.\n\n \n\nThe Company’s operating affiliate, Oro Mobility, is gaining momentum. Oro drivers have completed more than six million miles to date and its first AV partnership is progressing and expected to begin operations later this year in the San Francisco Bay Area.\n\n \nQ2 SUMMARY \nHertz's second quarter results reflect continued progress in its transformation strategy, with disciplined commercial execution driving strong performance across the business. The Company delivered $2.4 billion in revenue, up 10% year over year. Continued commercial momentum drove RPU above both the Company's expectations and its North Star target, increasing 8% year over year despite elevated recalls. RPD increased 9%, which was Hertz's strongest second quarter RPD on record, excluding the pandemic peak in 2022. This performance was driven by the continued strength of Hertz’s commercial playbook and its ability to maintain strong supply discipline at airports, as well as a small incremental bonus from the World Cup. As a result of this continued momentum, backed by a more balanced industry supply-demand environment, Hertz’s full-year RPU is expected to trend above its North Star target of $1,500.\n\n \nThe Company produced Net DPU in line with its revised expectations at $302. Forward views on residual values remain stable, and through its disciplined fleet strategy, Hertz expects to achieve its Net DPU target of at or below $300 for the full year. The Company now holds its youngest fleet in a dozen years, with 94% of its U.S. core fleet now comprised of model year 2025 and 2026 vehicles, which Hertz expects will produce better economics than prior model year vehicles.\n\n \nAdjusted DOE per Day was $37.49, which was slightly higher than the Company's expectations, driven primarily by higher revenue-related variable costs and higher expenses related to sale leaseback transactions. When normalizing for these factors and the Days impact of recalls, Adjusted DOE per Day improved approximately 2% year over year. As revenue increases, certain operating costs move in tandem, emphasizing the importance of the Company’s RPD-to-DOE per Day spread, which improved 17% year over year, marking the third consecutive quarter of year-over-year spread improvement.\n\n \nRecall activity was approximately 300% higher year over year and continued to be a measurable headwind to the business, impacting an average of nearly 15,000 vehicles. The estimated year-over-year impact to GAAP Net Income was $27 million and Adjusted Corporate EBITDA was approximately $30 million. Despite that, the Company still produced a significant year-over-year increase in Adjusted Corporate EBITDA.\n\n \nHertz ended the quarter with $984 million of liquidity, which includes cash and cash equivalents and the available capacity under our revolving credit facility. This was in line with the Company's guidance of just under $1 billion. In June, the Company completed the issuance of Exchangeable First Lien Notes Due 2030 for a total of $350 million, which used capacity created through expiring revolving commitments as well as from term loan amortization. In addition, Hertz added an additional $30 million of notes in July as part of the exercising of the greenshoe, bringing the Company's pro forma liquidity post transaction to slightly over $1 billion.\n\n \nPLATFORM FOR GROWTH \nHertz's transformation continues to focus on two complementary objectives: strengthening its core rental business while building a diversified platform for long-term growth. The Company's platform spans Rent-a-Car, Service, Fleet, and Mobility, each with unique potential to scale, and collectively benefiting from Hertz's operational, commercial, and fleet management capabilities.\n\n \nDuring the second quarter, Hertz advanced several of its highest-priority platform initiatives. It has made great strides in shoring up its Rent-a-Car business. One of the greatest opportunities remains more effectively leveraging the power of the Hertz brand. The Company is focused on realizing the full potential of its franchise business and is evaluating near-term opportunities across its global footprint through both whitespace expansion and conversion activity.\n\n \nIn Fleet, building on its unique competitive advantage as one of the largest dealers in the country, the Company is exploring how to deepen existing relationships with the leading used car companies and establish new partnerships with best-in-class retailers. Hertz continued enhancing its direct retail channels via Hertz Car Sales by growing retail sales volumes, reducing reconditioning costs, and delivering strong F&I performance.\n\n \nIn Mobility, Hertz’s affiliated operating company, Oro, is gaining momentum. Through its driver-led managed fleet business, in which it maintains and operates vehicles for drivers supporting rideshare platforms, Oro is now active in four markets, and its drivers have logged over six million miles to date. This business validates Oro’s ability to deliver turnkey fleet solutions at scale today, while also creating a pathway to operating AV fleets at scale. Oro's first AV partnership with Uber's robotaxi program, supporting Lucid vehicles equipped with Nuro autonomous technology, is on track to begin operations later this year in the San Francisco Bay Area.\n\n \nEARNINGS WEBCAST INFORMATION \nHertz Global's live webcast and conference call to discuss its second quarter 2026 results will be held on August 6, 2026 at 9:00 a.m. Eastern Time. The conference call will be broadcast live in listen-only mode on the Company’s Investor Relations website at IR.Hertz.com. If you would like to access the call by phone and ask a question, please go to https://events.q4inc.com/analyst/801751158?pwd=MrFxkOG4 , and you will be provided with dial in details. Investors are encouraged to dial in approximately 15 minutes prior to the call. A web replay will remain available on the website for approximately one year. The earnings release and related supplemental schedules containing the reconciliations of non-GAAP measures will be available on the Hertz website, IR.Hertz.com.\n\n \nABOUT HERTZ \nHertz Global Holdings, Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly vehicle rental brands, with approximately 11,000 rental locations in 160 countries around the globe. The Company also operates the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the United States, and the Hertz 24/7 car-sharing business in Europe. The Company’s operating affiliate, Oro Mobility, provides integrated driver-led and autonomous fleet management solutions across a range of mobility segments. For more information about Hertz, visit www.hertz.com .\n\n SUMMARY RESULTS \n \n\n \nThree Months Ended \nJune 30, \n \n\n \n% Change \n($ in millions, except earnings per share or where noted) \n \n\n \n2026 \n \n\n \n \n\n \n \n\n \n2025 \n \n\n \n \n\n Hertz Global - Consolidated \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nTotal revenues\n\n \n$\n\n \n2,396\n\n \n \n\n \n \n\n \n$\n\n \n2,185\n\n \n \n\n \n \n\n \n10%\n\n \nNet income (loss)\n\n \n$\n\n \n64\n\n \n \n\n \n \n\n \n$\n\n \n(294\n\n \n)\n\n \n \n\n \nNM\n\n \nDiluted earnings (loss) per share\n\n \n$\n\n \n0.05\n\n \n \n\n \n \n\n \n$\n\n \n(0.95\n\n \n)\n\n \n \n\n \nNM\n\n \nNet income (loss) margin\n\n \n \n\n \n3\n\n \n%\n\n \n \n\n \n \n\n \n(13\n\n \n)%\n\n \n \n\n \n \n\n \nAdjusted net income (loss) (a) \n$\n\n \n(47\n\n \n)\n\n \n \n\n \n$\n\n \n(91\n\n \n)\n\n \n \n\n \n48%\n\n \nAdjusted diluted earnings (loss) per share (a) \n$\n\n \n(0.11\n\n \n)\n\n \n \n\n \n$\n\n \n(0.29\n\n \n)\n\n \n \n\n \n62%\n\n \nAdjusted Corporate EBITDA (a) \n$\n\n \n81\n\n \n \n\n \n \n\n \n$\n\n \n18\n\n \n \n\n \n \n\n \nNM\n\n \nAdjusted Corporate EBITDA Margin (a) \n \n\n \n3\n\n \n%\n\n \n \n\n \n \n\n \n1\n\n \n%\n\n \n \n\n \n \n\n \nAverage Vehicles (in whole units)\n\n \n \n\n \n539,118\n\n \n \n\n \n \n\n \n \n\n \n544,962\n\n \n \n\n \n \n\n \n(1)%\n\n \nAverage Rentable Vehicles (in whole units)\n\n \n \n\n \n517,835\n\n \n \n\n \n \n\n \n \n\n \n513,671\n\n \n \n\n \n \n\n \n1%\n\n \nTotal Vehicle Utilization\n\n \n \n\n \n79\n\n \n%\n\n \n \n\n \n \n\n \n78\n\n \n%\n\n \n \n\n \n \n\n \nOperational Vehicle Utilization\n\n \n \n\n \n82\n\n \n%\n\n \n \n\n \n \n\n \n83\n\n \n%\n\n \n \n\n \n \n\n \nTransaction Days (in thousands)\n\n \n \n\n \n38,646\n\n \n \n\n \n \n\n \n \n\n \n38,695\n\n \n \n\n \n \n\n \n—%\n\n \nTotal RPD (in dollars) (b) \n$\n\n \n61.98\n\n \n \n\n \n \n\n \n$\n\n \n56.89\n\n \n \n\n \n \n\n \n9%\n\n \nTotal RPU Per Month (in whole dollars) (b) \n$\n\n \n1,542\n\n \n \n\n \n \n\n \n$\n\n \n1,429\n\n \n \n\n \n \n\n \n8%\n\n \nDepreciation Per Unit Per Month (in whole dollars) (b) \n$\n\n \n302\n\n \n \n\n \n \n\n \n$\n\n \n256\n\n \n \n\n \n \n\n \n18%\n\n \nDOE per Transaction Day (in dollars)\n\n \n$\n\n \n37.62\n\n \n \n\n \n \n\n \n$\n\n \n36.03\n\n \n \n\n \n \n\n \n4%\n\n \nAdjusted DOE per Transaction Day (in dollars) (b)(c) \n$\n\n \n37.49\n\n \n \n\n \n \n\n \n$\n\n \n36.13\n\n \n \n\n \n \n\n \n4%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n Americas RAC Segment \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nTotal revenues\n\n \n$\n\n \n1,918\n\n \n \n\n \n \n\n \n$\n\n \n1,738\n\n \n \n\n \n \n\n \n10%\n\n \nAdjusted EBITDA\n\n \n$\n\n \n88\n\n \n \n\n \n \n\n \n$\n\n \n43\n\n \n \n\n \n \n\n \nNM\n\n \nAdjusted EBITDA Margin\n\n \n \n\n \n5\n\n \n%\n\n \n \n\n \n \n\n \n2\n\n \n%\n\n \n \n\n \n \n\n \nAverage Vehicles (in whole units)\n\n \n \n\n \n429,465\n\n \n \n\n \n \n\n \n \n\n \n436,720\n\n \n \n\n \n \n\n \n(2)%\n\n \nAverage Rentable Vehicles (in whole units)\n\n \n \n\n \n410,849\n\n \n \n\n \n \n\n \n \n\n \n407,913\n\n \n \n\n \n \n\n \n1%\n\n \nTotal Vehicle Utilization\n\n \n \n\n \n79\n\n \n%\n\n \n \n\n \n \n\n \n78\n\n \n%\n\n \n \n\n \n \n\n \nOperational Vehicle Utilization\n\n \n \n\n \n83\n\n \n%\n\n \n \n\n \n \n\n \n83\n\n \n%\n\n \n \n\n \n \n\n \nTransaction Days (in thousands)\n\n \n \n\n \n30,895\n\n \n \n\n \n \n\n \n \n\n \n30,935\n\n \n \n\n \n \n\n \n—%\n\n \nTotal RPD (in dollars) (b) \n$\n\n \n62.11\n\n \n \n\n \n \n\n \n$\n\n \n56.21\n\n \n \n\n \n \n\n \n10%\n\n \nTotal RPU Per Month (in whole dollars) (b) \n$\n\n \n1,557\n\n \n \n\n \n \n\n \n$\n\n \n1,421\n\n \n \n\n \n \n\n \n10%\n\n \nDepreciation Per Unit Per Month (in whole dollars) (b) \n$\n\n \n304\n\n \n \n\n \n \n\n \n$\n\n \n248\n\n \n \n\n \n \n\n \n22%\n\n \nDOE per Transaction Day (in dollars)\n\n \n$\n\n \n38.30\n\n \n \n\n \n \n\n \n$\n\n \n36.59\n\n \n \n\n \n \n\n \n5%\n\n \nAdjusted DOE per Transaction Day (in dollars) (b)(c) \n$\n\n \n38.13\n\n \n \n\n \n \n\n \n$\n\n \n36.45\n\n \n \n\n \n \n\n \n5%\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n International RAC Segment \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nTotal revenues\n\n \n$\n\n \n478\n\n \n \n\n \n \n\n \n$\n\n \n447\n\n \n \n\n \n \n\n \n7%\n\n \nAdjusted EBITDA\n\n \n$\n\n \n47\n\n \n \n\n \n \n\n \n$\n\n \n38\n\n \n \n\n \n \n\n \n24%\n\n \nAdjusted EBITDA Margin\n\n \n \n\n \n10\n\n \n%\n\n \n \n\n \n \n\n \n9\n\n \n%\n\n \n \n\n \n \n\n \nAverage Vehicles (in whole units)\n\n \n \n\n \n109,653\n\n \n \n\n \n \n\n \n \n\n \n108,242\n\n \n \n\n \n \n\n \n1%\n\n \nAverage Rentable Vehicles (in whole units)\n\n \n \n\n \n106,986\n\n \n \n\n \n \n\n \n \n\n \n105,758\n\n \n \n\n \n \n\n \n1%\n\n \nTotal Vehicle Utilization\n\n \n \n\n \n78\n\n \n%\n\n \n \n\n \n \n\n \n79\n\n \n%\n\n \n \n\n \n \n\n \nOperational Vehicle Utilization\n\n \n \n\n \n80\n\n \n%\n\n \n \n\n \n \n\n \n81\n\n \n%\n\n \n \n\n \n \n\n \nTransaction Days (in thousands)\n\n \n \n\n \n7,751\n\n \n \n\n \n \n\n \n \n\n \n7,760\n\n \n \n\n \n \n\n \n—%\n\n \nTotal RPD (in dollars) (b) \n$\n\n \n61.49\n\n \n \n\n \n \n\n \n$\n\n \n59.63\n\n \n \n\n \n \n\n \n3%\n\n \nTotal RPU Per Month (in whole dollars) (b) \n$\n\n \n1,485\n\n \n \n\n \n \n\n \n$\n\n \n1,458\n\n \n \n\n \n \n\n \n2%\n\n \nDepreciation Per Unit Per Month (in whole dollars) (b) \n$\n\n \n294\n\n \n \n\n \n \n\n \n$\n\n \n287\n\n \n \n\n \n \n\n \n2%\n\n \nDOE per Transaction Day (in dollars)\n\n \n$\n\n \n34.82\n\n \n \n\n \n \n\n \n$\n\n \n33.94\n\n \n \n\n \n \n\n \n3%\n\n \nAdjusted DOE per Transaction Day (in dollars) (b)(c) \n$\n\n \n34.74\n\n \n \n\n \n \n\n \n$\n\n \n34.92\n\n \n \n\n \n \n\n \n(1)%\n\n NM = Not meaningful \n(a)\n\n \nRepresents a non-GAAP measure. See the accompanying reconciliations included in Supplemental Schedule II for 2026 and 2025.\n\n \n(b)\n\n \nBased on December 31, 2025 foreign exchange rates.\n\n \n(c)\n\n \nRepresents a non-GAAP measure. See the accompanying reconciliations included in Supplemental Schedule V for 2026 and 2025.\n\n UNAUDITED FINANCIAL DATA, SUPPLEMENTAL SCHEDULES, NON-GAAP MEASURES AND DEFINITIONS \nIn this earnings release, we include select unaudited financial data of Hertz Global, Supplemental Schedules, which are provided to present segment results, and reconciliations of non-GAAP measures to their most comparable GAAP measures. Following the Supplemental Schedules, the Company provides definitions for terminology used throughout the earnings release and the Company’s rationale regarding the importance and usefulness of non-GAAP measures for investors and management.\n\n \nEffective in the first quarter of 2026, the Company revised its definition of Adjusted Net Income (Loss) and Adjusted Corporate EBITDA to adjust for realized (gains) losses from financial instruments, share-based compensation expense and foreign currency (gains) losses. The update was made in an effort to better reflect management's view of ongoing operations and operational performance. The presentation of the prior period has been recast to conform to the current period presentation.\n\n \nAlso effective in the first quarter of 2026, the Company changed its definition of Average Rentable Vehicles and Average Vehicles to use a daily average of vehicles as opposed to a simple average of vehicles at the beginning and end of a period, which the Company believes is a better, more accurate measure of its vehicles. The presentation of the prior period has been recast to conform to the current period presentation.\n\n \nWe have not reconciled Adjusted Corporate EBITDA for the quarter-ended September 30, 2026, the fiscal year ended December 31, 2026, or the fiscal year ended December 31, 2027 to GAAP net income or loss as a result of uncertainty regarding, and the potential variability of, reconciling items such as the change in fair value of Public Warrants, as this adjustment is directly impacted by unpredictable fluctuations in our stock price and the volume of warrants exercised during the period. Accordingly, a reconciliation is not available without unreasonable effort, although it is important to note that these factors could be material to our results calculated in accordance with GAAP.\n\n CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS \nCertain statements contained or incorporated by reference in this release, and in related comments by the Company's management, include “forward-looking statements.” Forward-looking statements are identified by words such as \"believe,\" \"expect,\" \"project,\" \"potential,\" \"anticipate,\" \"intend,\" \"plan,\" \"estimate,\" \"seek,\" \"will,\" \"may,\" \"would,\" \"should,\" \"could,\" \"forecasts,\" \"guidance\" or similar expressions, and include information concerning our liquidity, our results of operations, our business strategies, economic and industry conditions and other information. These forward-looking statements are based on certain assumptions that the Company has made in light of its experience in the industry, as well as its perceptions of historical trends, current conditions, expected future developments and other factors. The Company believes these judgments are reasonable, but you should understand that these forward-looking statements are not guarantees of future performance or results, and that the Company’s actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports, such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed or furnished to the SEC.\n\n \nImportant factors that could affect the Company's actual results and cause them to differ materially from those expressed in forward-looking statements include, among other things.\n\n mix of program and non-program vehicles in the Company's fleet, which can lead to increased exposure to residual value risk upon disposition; \nthe potential for residual values associated with non-program vehicles in the Company's fleet to decline, including suddenly or unexpectedly, or fail to follow historical seasonal patterns; \nthe Company's ability to purchase adequate supplies of competitively priced vehicles at a reasonable cost in order to efficiently service rental demand, including upon any disruptions in the global supply chain; \nthe Company's ability to effectively dispose of vehicles, at the times and through the channels, that maximize the Company's returns; \nthe age of the Company's fleet, and its impact on vehicle carrying costs, customer service scores, as well as on the Company's ability to sell vehicles at acceptable prices and times; \ndisruptions in the supply chain, including in connection with any increases in tariffs or changes in tariff policies or trade agreements; \nwhether a manufacturer of the Company's program vehicle fulfills its repurchase obligations; \nthe frequency or extent of manufacturer safety recalls; \nlevels of travel demand, particularly business and leisure travel in the U.S. and in global markets; \nseasonality and other occurrences that disrupt rental activity during the Company's peak periods, including in critical geographies; \nthe Company's ability to accurately estimate future levels of rental activity and adjust the number, location and mix of vehicles used in the Company's rental operations accordingly; \nthe Company's ability to implement its business strategy or strategic transactions, including the Company's ability to implement plans to support a modern mobility ecosystem and Oro Mobility's partnership with Uber; \nthe Company's ability to achieve cost savings and normalized depreciation levels, as well as revenue enhancements from its profitability initiatives and other operational programs; \nthe Company's ability to adequately respond to changes in technology impacting the mobility industry; \nsignificant changes in the competitive environment and the effect of competition in the Company's markets on rental volume and pricing; \nthe Company's reliance on third-party distribution channels and related prices, commission structures and transaction volumes; \nthe Company's ability to offer services for a favorable customer experience, and to retain and develop customer loyalty and market share; \nthe Company's ability to maintain its network of leases and vehicle rental concessions at airports and other key locations in the U.S. and internationally; \nthe Company's ability to maintain favorable brand recognition and a coordinated branding and portfolio strategy; \nthe Company's ability to attract and retain effective front-line employees, senior management and other key employees; \nthe Company's ability to effectively manage its union relations and labor agreement negotiations; \nthe Company's ability to manage and respond to cybersecurity threats and cyber attacks on the Company's information technology systems or those of the Company's third-party providers; \nthe Company's ability, and that of the Company's key third-party partners, to prevent the misuse or theft of information the Company possesses, including as a result of cyber attacks and other security threats; \nthe Company's ability to evaluate, maintain, upgrade and consolidate its information technology systems; \nthe Company's ability to comply with current and future laws and regulations in the U.S. and internationally regarding data protection, data security and privacy risks; \nrisks associated with operating in many different countries, including the risk of a violation or alleged violation of applicable anti-corruption or anti-bribery laws and the Company's ability to repatriate cash from non-U.S. affiliates without adverse tax consequences; \nrisks relating to tax laws and those tax laws that affect the Company's ability to recapture accelerated tax depreciation and expensing, as well as any adverse determinations or rulings by tax authorities; \nthe Company's ability to utilize its net operating loss carryforwards; \nthe Company's exposure to uninsured liabilities relating to personal injury, death and property damage, or otherwise, including material litigation; \nthe potential for adverse changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, including those related to environmental matters, optional insurance products or policies, franchising and licensing matters, the ability to pass-through rental car related expenses or taxes, among others, that affect the Company's operations, the Company's costs or applicable tax rates; \nthe risk of an impairment of the Company's long-lived assets, which risk could be impacted by, among other things, the timing of our fleet rotation; \nthe Company's ability to recover its goodwill and indefinite-lived intangible assets when performing impairment analysis; \nthe potential for changes in management's best estimates and assessments; \nthe Company's ability to maintain an effective compliance program; \nthe availability of earnings and funds from the Company's subsidiaries; \nthe Company's ability to comply, and the cost and burden of complying, with corporate and social responsibility regulations or expectations of stakeholders, and otherwise advance the Company's corporate responsibility priorities; \nthe availability of additional, or continued sources, of financing at acceptable rates for the Company's revenue earning vehicles and to refinance the Company's existing indebtedness, and the Company's ability to comply with the covenants in the agreements governing its indebtedness; \nthe extent to which the Company's consolidated assets secure its outstanding indebtedness; \nvolatility in the Company's share price, the Company's ownership structure and certain provisions of the Company's charter documents, which could, among other things, negatively affect the market price of the Company's common stock; \nthe Company's ability to implement an effective business continuity plan to protect the business in exigent circumstances; \nthe Company's ability to maintain effective internal control over financial reporting; and \nthe Company's ability to execute strategic transactions. \nAdditional information concerning these and other factors can be found in the Company's filings with the SEC, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.\n\n \nYou should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company, or persons acting on its behalf, are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date of this release, and, except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.\n\n UNAUDITED FINANCIAL INFORMATION U NAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS \n \n\n \nThree Months Ended\n June 30, \n \n\n \nSix Months Ended\n June 30, \n(In millions, except per share data) \n \n\n \n2026 \n \n\n \n \n\n \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n \n\n \n2025 \n \n\n \nRevenues\n\n \n$\n\n \n2,396\n\n \n \n\n \n \n\n \n$\n\n \n2,185\n\n \n \n\n \n \n\n \n$\n\n \n4,400\n\n \n \n\n \n \n\n \n$\n\n \n3,998\n\n \n \n\n \nExpenses:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nDirect vehicle and operating\n\n \n \n\n \n1,454\n\n \n \n\n \n \n\n \n \n\n \n1,394\n\n \n \n\n \n \n\n \n \n\n \n2,798\n\n \n \n\n \n \n\n \n \n\n \n2,668\n\n \n \n\n \nDepreciation of revenue earning vehicles and lease charges, net\n\n \n \n\n \n487\n\n \n \n\n \n \n\n \n \n\n \n415\n\n \n \n\n \n \n\n \n \n\n \n968\n\n \n \n\n \n \n\n \n \n\n \n950\n\n \n \n\n \nDepreciation and amortization of non-vehicle assets\n\n \n \n\n \n26\n\n \n \n\n \n \n\n \n \n\n \n29\n\n \n \n\n \n \n\n \n \n\n \n52\n\n \n \n\n \n \n\n \n \n\n \n59\n\n \n \n\n \nSelling, general and administrative\n\n \n \n\n \n258\n\n \n \n\n \n \n\n \n \n\n \n246\n\n \n \n\n \n \n\n \n \n\n \n494\n\n \n \n\n \n \n\n \n \n\n \n465\n\n \n \n\n \nInterest expense, net:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nVehicle\n\n \n \n\n \n165\n\n \n \n\n \n \n\n \n \n\n \n152\n\n \n \n\n \n \n\n \n \n\n \n311\n\n \n \n\n \n \n\n \n \n\n \n292\n\n \n \n\n \nNon-vehicle\n\n \n \n\n \n94\n\n \n \n\n \n \n\n \n \n\n \n232\n\n \n \n\n \n \n\n \n \n\n \n204\n\n \n \n\n \n \n\n \n \n\n \n359\n\n \n \n\n \nTotal interest expense, net\n\n \n \n\n \n259\n\n \n \n\n \n \n\n \n \n\n \n384\n\n \n \n\n \n \n\n \n \n\n \n515\n\n \n \n\n \n \n\n \n \n\n \n651\n\n \n \n\n \nOther (income) expense, net\n\n \n \n\n \n3\n\n \n \n\n \n \n\n \n \n\n \n7\n\n \n \n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n11\n\n \n \n\n \n(Gain) on sale of non-vehicle capital assets\n\n \n \n\n \n(64\n\n \n)\n\n \n \n\n \n \n\n \n(89\n\n \n)\n\n \n \n\n \n \n\n \n(64\n\n \n)\n\n \n \n\n \n \n\n \n(89\n\n \n)\n\n \nChange in fair value of Public Warrants\n\n \n \n\n \n(98\n\n \n)\n\n \n \n\n \n \n\n \n115\n\n \n \n\n \n \n\n \n \n\n \n(131\n\n \n)\n\n \n \n\n \n \n\n \n124\n\n \n \n\n \nTotal expenses\n\n \n \n\n \n2,325\n\n \n \n\n \n \n\n \n \n\n \n2,501\n\n \n \n\n \n \n\n \n \n\n \n4,633\n\n \n \n\n \n \n\n \n \n\n \n4,839\n\n \n \n\n \nIncome (loss) before income taxes\n\n \n \n\n \n71\n\n \n \n\n \n \n\n \n \n\n \n(316\n\n \n)\n\n \n \n\n \n \n\n \n(233\n\n \n)\n\n \n \n\n \n \n\n \n(841\n\n \n)\n\n \nIncome tax (provision) benefit\n\n \n \n\n \n(7\n\n \n)\n\n \n \n\n \n \n\n \n22\n\n \n \n\n \n \n\n \n \n\n \n(36\n\n \n)\n\n \n \n\n \n \n\n \n104\n\n \n \n\n \nNet income (loss)\n\n \n$\n\n \n64\n\n \n \n\n \n \n\n \n$\n\n \n(294\n\n \n)\n\n \n \n\n \n$\n\n \n(269\n\n \n)\n\n \n \n\n \n$\n\n \n(737\n\n \n)\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nWeighted average number of shares outstanding:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nBasic\n\n \n \n\n \n317\n\n \n \n\n \n \n\n \n \n\n \n309\n\n \n \n\n \n \n\n \n \n\n \n315\n\n \n \n\n \n \n\n \n \n\n \n308\n\n \n \n\n \nDiluted\n\n \n \n\n \n418\n\n \n \n\n \n \n\n \n \n\n \n309\n\n \n \n\n \n \n\n \n \n\n \n358\n\n \n \n\n \n \n\n \n \n\n \n308\n\n \n \n\n \nEarnings (loss) per share:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nBasic\n\n \n$\n\n \n0.20\n\n \n \n\n \n \n\n \n$\n\n \n(0.95\n\n \n)\n\n \n \n\n \n$\n\n \n(0.85\n\n \n)\n\n \n \n\n \n$\n\n \n(2.39\n\n \n)\n\n \nDiluted\n\n \n$\n\n \n0.05\n\n \n \n\n \n \n\n \n$\n\n \n(0.95\n\n \n)\n\n \n \n\n \n$\n\n \n(0.87\n\n \n)\n\n \n \n\n \n$\n\n \n(2.39\n\n \n)\n\n UNAUDITED CONSOLIDATED BALANCE SHEETS \n(In millions, except par value and share data) \nJune 30, 2026 \n \n\n \nDecember 31, 2025 \nASSETS \n \n\n \n \n\n \n \n\n \nCash and cash equivalents\n\n \n$\n\n \n631\n\n \n \n\n \n \n\n \n$\n\n \n565\n\n \n \n\n \nRestricted cash and cash equivalents:\n\n \n \n\n \n \n\n \n \n\n \nVehicle\n\n \n \n\n \n399\n\n \n \n\n \n \n\n \n \n\n \n317\n\n \n \n\n \nNon-vehicle\n\n \n \n\n \n274\n\n \n \n\n \n \n\n \n \n\n \n285\n\n \n \n\n \nTotal restricted cash and cash equivalents\n\n \n \n\n \n673\n\n \n \n\n \n \n\n \n \n\n \n602\n\n \n \n\n \nTotal cash and cash equivalents and restricted cash and cash equivalents\n\n \n \n\n \n1,304\n\n \n \n\n \n \n\n \n \n\n \n1,167\n\n \n \n\n \nReceivables:\n\n \n \n\n \n \n\n \n \n\n \nVehicle\n\n \n \n\n \n290\n\n \n \n\n \n \n\n \n \n\n \n381\n\n \n \n\n \nNon-vehicle, net of allowance of $99 and $91, respectively\n\n \n \n\n \n913\n\n \n \n\n \n \n\n \n \n\n \n729\n\n \n \n\n \nTotal receivables, net\n\n \n \n\n \n1,203\n\n \n \n\n \n \n\n \n \n\n \n1,110\n\n \n \n\n \nPrepaid expenses and other assets\n\n \n \n\n \n989\n\n \n \n\n \n \n\n \n \n\n \n782\n\n \n \n\n \nRevenue earning vehicles:\n\n \n \n\n \n \n\n \n \n\n \nVehicles\n\n \n \n\n \n15,249\n\n \n \n\n \n \n\n \n \n\n \n14,039\n\n \n \n\n \nLess: accumulated depreciation\n\n \n \n\n \n(1,569\n\n \n)\n\n \n \n\n \n \n\n \n(1,513\n\n \n)\n\n \nTotal revenue earning vehicles, net\n\n \n \n\n \n13,680\n\n \n \n\n \n \n\n \n \n\n \n12,526\n\n \n \n\n \nProperty and equipment, net\n\n \n \n\n \n505\n\n \n \n\n \n \n\n \n \n\n \n566\n\n \n \n\n \nOperating lease right-of-use assets\n\n \n \n\n \n2,269\n\n \n \n\n \n \n\n \n \n\n \n2,257\n\n \n \n\n \nIntangible assets, net\n\n \n \n\n \n2,877\n\n \n \n\n \n \n\n \n \n\n \n2,858\n\n \n \n\n \nGoodwill\n\n \n \n\n \n1,045\n\n \n \n\n \n \n\n \n \n\n \n1,045\n\n \n \n\n \nTotal assets\n\n \n$\n\n \n23,872\n\n \n \n\n \n \n\n \n$\n\n \n22,311\n\n \n \n\n \nLIABILITIES AND STOCKHOLDERS' EQUITY \n \n\n \n \n\n \n \n\n \nAccounts payable:\n\n \n \n\n \n \n\n \n \n\n \nVehicle\n\n \n$\n\n \n497\n\n \n \n\n \n \n\n \n$\n\n \n342\n\n \n \n\n \nNon-vehicle\n\n \n \n\n \n628\n\n \n \n\n \n \n\n \n \n\n \n517\n\n \n \n\n \nTotal accounts payable\n\n \n \n\n \n1,125\n\n \n \n\n \n \n\n \n \n\n \n859\n\n \n \n\n \nAccrued liabilities\n\n \n \n\n \n1,024\n\n \n \n\n \n \n\n \n \n\n \n1,231\n\n \n \n\n \nAccrued taxes, net\n\n \n \n\n \n135\n\n \n \n\n \n \n\n \n \n\n \n131\n\n \n \n\n \nDebt:\n\n \n \n\n \n \n\n \n \n\n \nVehicle\n\n \n \n\n \n12,710\n\n \n \n\n \n \n\n \n \n\n \n11,629\n\n \n \n\n \nNon-vehicle\n\n \n \n\n \n6,037\n\n \n \n\n \n \n\n \n \n\n \n5,425\n\n \n \n\n \nTotal debt\n\n \n \n\n \n18,747\n\n \n \n\n \n \n\n \n \n\n \n17,054\n\n \n \n\n \nPublic Warrants\n\n \n \n\n \n90\n\n \n \n\n \n \n\n \n \n\n \n222\n\n \n \n\n \nOperating lease liabilities\n\n \n \n\n \n2,340\n\n \n \n\n \n \n\n \n \n\n \n2,275\n\n \n \n\n \nSelf-insured liabilities\n\n \n \n\n \n643\n\n \n \n\n \n \n\n \n \n\n \n648\n\n \n \n\n \nDeferred income taxes, net\n\n \n \n\n \n396\n\n \n \n\n \n \n\n \n \n\n \n350\n\n \n \n\n \nTotal liabilities\n\n \n \n\n \n24,500\n\n \n \n\n \n \n\n \n \n\n \n22,770\n\n \n \n\n \nCommitments and contingencies\n\n \n \n\n \n \n\n \n \n\n \nStockholders' equity:\n\n \n \n\n \n \n\n \n \n\n \nPreferred stock, $0.01 par value, no shares issued and outstanding\n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nCommon stock, $0.01 par value, 530,730,089 and 486,543,836 shares issued, respectively, and 355,918,045 and 311,731,792 shares outstanding, respectively\n\n \n \n\n \n5\n\n \n \n\n \n \n\n \n \n\n \n5\n\n \n \n\n \nTreasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively\n\n \n \n\n \n(3,430\n\n \n)\n\n \n \n\n \n \n\n \n(3,430\n\n \n)\n\n \nAdditional paid-in capital\n\n \n \n\n \n6,557\n\n \n \n\n \n \n\n \n \n\n \n6,447\n\n \n \n\n \nRetained earnings (Accumulated deficit)\n\n \n \n\n \n(3,518\n\n \n)\n\n \n \n\n \n \n\n \n(3,249\n\n \n)\n\n \nAccumulated other comprehensive income (loss)\n\n \n \n\n \n(242\n\n \n)\n\n \n \n\n \n \n\n \n(232\n\n \n)\n\n \nTotal stockholders' equity (deficit)\n\n \n \n\n \n(628\n\n \n)\n\n \n \n\n \n \n\n \n(459\n\n \n)\n\n \nTotal liabilities and stockholders' equity (deficit)\n\n \n$\n\n \n23,872\n\n \n \n\n \n \n\n \n$\n\n \n22,311\n\n \n \n\n UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS \n \n\n \nThree Months Ended \nJune 30, \n \n\n \nSix Months Ended \nJune 30, \n(In millions) \n \n\n \n2026 \n \n\n \n \n\n \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n \n\n \n2025 \n \n\n \nCash flows from operating activities:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNet income (loss)\n\n \n$\n\n \n64\n\n \n \n\n \n \n\n \n$\n\n \n(294\n\n \n)\n\n \n \n\n \n$\n\n \n(269\n\n \n)\n\n \n \n\n \n$\n\n \n(737\n\n \n)\n\n \nAdjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nDepreciation and reserves for revenue earning vehicles, net\n\n \n \n\n \n542\n\n \n \n\n \n \n\n \n \n\n \n458\n\n \n \n\n \n \n\n \n \n\n \n1,079\n\n \n \n\n \n \n\n \n \n\n \n1,082\n\n \n \n\n \nDepreciation and amortization, non-vehicle\n\n \n \n\n \n26\n\n \n \n\n \n \n\n \n \n\n \n29\n\n \n \n\n \n \n\n \n \n\n \n52\n\n \n \n\n \n \n\n \n \n\n \n59\n\n \n \n\n \nAmortization of deferred financing costs and debt discount (premium)\n\n \n \n\n \n18\n\n \n \n\n \n \n\n \n \n\n \n18\n\n \n \n\n \n \n\n \n \n\n \n37\n\n \n \n\n \n \n\n \n \n\n \n36\n\n \n \n\n \nAccreted interest on Exchangeable Notes\n\n \n \n\n \n8\n\n \n \n\n \n \n\n \n \n\n \n2\n\n \n \n\n \n \n\n \n \n\n \n15\n\n \n \n\n \n \n\n \n \n\n \n4\n\n \n \n\n \nPIK Interest on Exchangeable Notes\n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n11\n\n \n \n\n \n \n\n \n \n\n \n11\n\n \n \n\n \nStock-based compensation charges\n\n \n \n\n \n21\n\n \n \n\n \n \n\n \n \n\n \n16\n\n \n \n\n \n \n\n \n \n\n \n38\n\n \n \n\n \n \n\n \n \n\n \n32\n\n \n \n\n \nProvision for receivables allowance\n\n \n \n\n \n40\n\n \n \n\n \n \n\n \n \n\n \n28\n\n \n \n\n \n \n\n \n \n\n \n84\n\n \n \n\n \n \n\n \n \n\n \n53\n\n \n \n\n \nDeferred income taxes, net\n\n \n \n\n \n13\n\n \n \n\n \n \n\n \n \n\n \n(24\n\n \n)\n\n \n \n\n \n \n\n \n39\n\n \n \n\n \n \n\n \n \n\n \n(148\n\n \n)\n\n \n(Gain) loss on sale of non-vehicle capital assets\n\n \n \n\n \n(64\n\n \n)\n\n \n \n\n \n \n\n \n(89\n\n \n)\n\n \n \n\n \n \n\n \n(64\n\n \n)\n\n \n \n\n \n \n\n \n(89\n\n \n)\n\n \nChange in fair value of Public Warrants\n\n \n \n\n \n(98\n\n \n)\n\n \n \n\n \n \n\n \n115\n\n \n \n\n \n \n\n \n \n\n \n(131\n\n \n)\n\n \n \n\n \n \n\n \n124\n\n \n \n\n \nUnrealized (gain) loss on financial instruments\n\n \n \n\n \n(54\n\n \n)\n\n \n \n\n \n \n\n \n104\n\n \n \n\n \n \n\n \n \n\n \n(84\n\n \n)\n\n \n \n\n \n \n\n \n104\n\n \n \n\n \nOther\n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n8\n\n \n \n\n \n \n\n \n \n\n \n(1\n\n \n)\n\n \n \n\n \n \n\n \n9\n\n \n \n\n \nChanges in assets and liabilities:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNon-vehicle receivables\n\n \n \n\n \n(202\n\n \n)\n\n \n \n\n \n \n\n \n(127\n\n \n)\n\n \n \n\n \n \n\n \n(275\n\n \n)\n\n \n \n\n \n \n\n \n(84\n\n \n)\n\n \nPrepaid expenses and other assets\n\n \n \n\n \n(13\n\n \n)\n\n \n \n\n \n \n\n \n(19\n\n \n)\n\n \n \n\n \n \n\n \n(66\n\n \n)\n\n \n \n\n \n \n\n \n(53\n\n \n)\n\n \nOperating lease right-of-use assets\n\n \n \n\n \n108\n\n \n \n\n \n \n\n \n \n\n \n105\n\n \n \n\n \n \n\n \n \n\n \n220\n\n \n \n\n \n \n\n \n \n\n \n218\n\n \n \n\n \nNon-vehicle accounts payable\n\n \n \n\n \n44\n\n \n \n\n \n \n\n \n \n\n \n21\n\n \n \n\n \n \n\n \n \n\n \n90\n\n \n \n\n \n \n\n \n \n\n \n28\n\n \n \n\n \nAccrued liabilities\n\n \n \n\n \n40\n\n \n \n\n \n \n\n \n \n\n \n117\n\n \n \n\n \n \n\n \n \n\n \n(211\n\n \n)\n\n \n \n\n \n \n\n \n138\n\n \n \n\n \nAccrued taxes, net\n\n \n \n\n \n(18\n\n \n)\n\n \n \n\n \n \n\n \n(34\n\n \n)\n\n \n \n\n \n \n\n \n6\n\n \n \n\n \n \n\n \n \n\n \n4\n\n \n \n\n \nOperating lease liabilities\n\n \n \n\n \n(98\n\n \n)\n\n \n \n\n \n \n\n \n(95\n\n \n)\n\n \n \n\n \n \n\n \n(167\n\n \n)\n\n \n \n\n \n \n\n \n(208\n\n \n)\n\n \nSelf-insured liabilities\n\n \n \n\n \n3\n\n \n \n\n \n \n\n \n \n\n \n7\n\n \n \n\n \n \n\n \n \n\n \n(2\n\n \n)\n\n \n \n\n \n \n\n \n14\n\n \n \n\n \nNet cash provided by (used in) operating activities\n\n \n \n\n \n381\n\n \n \n\n \n \n\n \n \n\n \n346\n\n \n \n\n \n \n\n \n \n\n \n401\n\n \n \n\n \n \n\n \n \n\n \n597\n\n \n \n\n \nCash flows from investing activities:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nRevenue earning vehicles expenditures\n\n \n \n\n \n(3,615\n\n \n)\n\n \n \n\n \n \n\n \n(3,049\n\n \n)\n\n \n \n\n \n \n\n \n(7,217\n\n \n)\n\n \n \n\n \n \n\n \n(5,896\n\n \n)\n\n \nProceeds from disposal of revenue earning vehicles\n\n \n \n\n \n2,556\n\n \n \n\n \n \n\n \n \n\n \n2,126\n\n \n \n\n \n \n\n \n \n\n \n5,083\n\n \n \n\n \n \n\n \n \n\n \n4,250\n\n \n \n\n \nNon-vehicle capital asset expenditures\n\n \n \n\n \n(28\n\n \n)\n\n \n \n\n \n \n\n \n(22\n\n \n)\n\n \n \n\n \n \n\n \n(57\n\n \n)\n\n \n \n\n \n \n\n \n(44\n\n \n)\n\n \nProceeds from non-vehicle capital assets disposed of\n\n \n \n\n \n116\n\n \n \n\n \n \n\n \n \n\n \n99\n\n \n \n\n \n \n\n \n \n\n \n122\n\n \n \n\n \n \n\n \n \n\n \n126\n\n \n \n\n \nNet cash provided by (used in) investing activities\n\n \n \n\n \n(971\n\n \n)\n\n \n \n\n \n \n\n \n(846\n\n \n)\n\n \n \n\n \n \n\n \n(2,069\n\n \n)\n\n \n \n\n \n \n\n \n(1,564\n\n \n)\n\n \nCash flows from financing activities:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nProceeds from issuance of vehicle debt\n\n \n \n\n \n2,040\n\n \n \n\n \n \n\n \n \n\n \n2,648\n\n \n \n\n \n \n\n \n \n\n \n2,785\n\n \n \n\n \n \n\n \n \n\n \n3,774\n\n \n \n\n \nRepayments of vehicle debt\n\n \n \n\n \n(1,250\n\n \n)\n\n \n \n\n \n \n\n \n(1,606\n\n \n)\n\n \n \n\n \n \n\n \n(1,675\n\n \n)\n\n \n \n\n \n \n\n \n(2,990\n\n \n)\n\n \nProceeds from issuance of non-vehicle debt\n\n \n \n\n \n896\n\n \n \n\n \n \n\n \n \n\n \n156\n\n \n \n\n \n \n\n \n \n\n \n2,101\n\n \n \n\n \n \n\n \n \n\n \n1,056\n\n \n \n\n \nRepayments of non-vehicle debt\n\n \n \n\n \n(959\n\n \n)\n\n \n \n\n \n \n\n \n(579\n\n \n)\n\n \n \n\n \n \n\n \n(1,333\n\n \n)\n\n \n \n\n \n \n\n \n(859\n\n \n)\n\n \nPayment of financing costs\n\n \n \n\n \n(47\n\n \n)\n\n \n \n\n \n \n\n \n(28\n\n \n)\n\n \n \n\n \n \n\n \n(54\n\n \n)\n\n \n \n\n \n \n\n \n(41\n\n \n)\n\n \nProceeds from the issuance of stock, net\n\n \n \n\n \n3\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n3\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nOther\n\n \n \n\n \n(4\n\n \n)\n\n \n \n\n \n \n\n \n(4\n\n \n)\n\n \n \n\n \n \n\n \n(12\n\n \n)\n\n \n \n\n \n \n\n \n(7\n\n \n)\n\n \nNet cash provided by (used in) financing activities\n\n \n \n\n \n679\n\n \n \n\n \n \n\n \n \n\n \n587\n\n \n \n\n \n \n\n \n \n\n \n1,815\n\n \n \n\n \n \n\n \n \n\n \n933\n\n \n \n\n \nEffect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents\n\n \n \n\n \n(4\n\n \n)\n\n \n \n\n \n \n\n \n21\n\n \n \n\n \n \n\n \n \n\n \n(10\n\n \n)\n\n \n \n\n \n \n\n \n30\n\n \n \n\n \nNet increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period\n\n \n \n\n \n85\n\n \n \n\n \n \n\n \n \n\n \n108\n\n \n \n\n \n \n\n \n \n\n \n137\n\n \n \n\n \n \n\n \n \n\n \n(4\n\n \n)\n\n \nCash and cash equivalents and restricted cash and cash equivalents at beginning of period\n\n \n \n\n \n1,219\n\n \n \n\n \n \n\n \n \n\n \n1,021\n\n \n \n\n \n \n\n \n \n\n \n1,167\n\n \n \n\n \n \n\n \n \n\n \n1,133\n\n \n \n\n \nCash and cash equivalents and restricted cash and cash equivalents at end of period\n\n \n$\n\n \n1,304\n\n \n \n\n \n \n\n \n$\n\n \n1,129\n\n \n \n\n \n \n\n \n$\n\n \n1,304\n\n \n \n\n \n \n\n \n$\n\n \n1,129\n\n \n \n\n Supplemental Schedule I \nHERTZ GLOBAL HOLDINGS, INC. \nCONDENSED STATEMENT OF OPERATIONS BY SEGMENT \nUnaudited   \n \n\n \nThree Months Ended June 30, 2026 \n \n\n \nThree Months Ended June 30, 2025 \n(In millions)\n\n \nAmericas RAC \n \n\n \nInternational \n RAC \n \n\n \nCorporate \n \n\n \nHertz Global \n \n\n \nAmericas RAC \n \n\n \nInternational \n RAC \n \n\n \nCorporate \n \n\n \nHertz Global \nRevenues\n\n \n$\n\n \n1,918\n\n \n \n\n \n \n\n \n$\n\n \n478\n\n \n \n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n2,396\n\n \n \n\n \n \n\n \n$\n\n \n1,738\n\n \n \n\n \n \n\n \n$\n\n \n447\n\n \n \n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n2,185\n\n \n \n\n \nExpenses:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nDirect vehicle and operating\n\n \n \n\n \n1,183\n\n \n \n\n \n \n\n \n \n\n \n270\n\n \n \n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n1,454\n\n \n \n\n \n \n\n \n \n\n \n1,132\n\n \n \n\n \n \n\n \n \n\n \n263\n\n \n \n\n \n \n\n \n \n\n \n(1\n\n \n)\n\n \n \n\n \n \n\n \n1,394\n\n \n \n\n \nDepreciation of revenue earning vehicles and lease charges, net\n\n \n \n\n \n391\n\n \n \n\n \n \n\n \n \n\n \n96\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n487\n\n \n \n\n \n \n\n \n \n\n \n325\n\n \n \n\n \n \n\n \n \n\n \n90\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n415\n\n \n \n\n \nDepreciation and amortization of non-vehicle assets\n\n \n \n\n \n21\n\n \n \n\n \n \n\n \n \n\n \n4\n\n \n \n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n26\n\n \n \n\n \n \n\n \n \n\n \n23\n\n \n \n\n \n \n\n \n \n\n \n4\n\n \n \n\n \n \n\n \n \n\n \n2\n\n \n \n\n \n \n\n \n \n\n \n29\n\n \n \n\n \nSelling, general and administrative\n\n \n \n\n \n139\n\n \n \n\n \n \n\n \n \n\n \n64\n\n \n \n\n \n \n\n \n \n\n \n55\n\n \n \n\n \n \n\n \n \n\n \n258\n\n \n \n\n \n \n\n \n \n\n \n132\n\n \n \n\n \n \n\n \n \n\n \n57\n\n \n \n\n \n \n\n \n \n\n \n57\n\n \n \n\n \n \n\n \n \n\n \n246\n\n \n \n\n \nInterest expense, net:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nVehicle\n\n \n \n\n \n138\n\n \n \n\n \n \n\n \n \n\n \n27\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n165\n\n \n \n\n \n \n\n \n \n\n \n129\n\n \n \n\n \n \n\n \n \n\n \n23\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n152\n\n \n \n\n \nNon-vehicle\n\n \n \n\n \n2\n\n \n \n\n \n \n\n \n \n\n \n(4\n\n \n)\n\n \n \n\n \n \n\n \n96\n\n \n \n\n \n \n\n \n \n\n \n94\n\n \n \n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n(4\n\n \n)\n\n \n \n\n \n \n\n \n235\n\n \n \n\n \n \n\n \n \n\n \n232\n\n \n \n\n \nTotal interest expense, net\n\n \n \n\n \n140\n\n \n \n\n \n \n\n \n \n\n \n23\n\n \n \n\n \n \n\n \n \n\n \n96\n\n \n \n\n \n \n\n \n \n\n \n259\n\n \n \n\n \n \n\n \n \n\n \n130\n\n \n \n\n \n \n\n \n \n\n \n19\n\n \n \n\n \n \n\n \n \n\n \n235\n\n \n \n\n \n \n\n \n \n\n \n384\n\n \n \n\n \nOther (income) expense, net\n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n3\n\n \n \n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n5\n\n \n \n\n \n \n\n \n \n\n \n7\n\n \n \n\n \n(Gain) on sale of non-vehicle capital assets\n\n \n \n\n \n(64\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n(64\n\n \n)\n\n \n \n\n \n \n\n \n(89\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n(89\n\n \n)\n\n \nChange in fair value of Public Warrants\n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n(98\n\n \n)\n\n \n \n\n \n \n\n \n(98\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n115\n\n \n \n\n \n \n\n \n \n\n \n115\n\n \n \n\n \nTotal expenses\n\n \n \n\n \n1,811\n\n \n \n\n \n \n\n \n \n\n \n458\n\n \n \n\n \n \n\n \n \n\n \n56\n\n \n \n\n \n \n\n \n \n\n \n2,325\n\n \n \n\n \n \n\n \n \n\n \n1,654\n\n \n \n\n \n \n\n \n \n\n \n434\n\n \n \n\n \n \n\n \n \n\n \n413\n\n \n \n\n \n \n\n \n \n\n \n2,501\n\n \n \n\n \nIncome (loss) before income taxes\n\n \n$\n\n \n107\n\n \n \n\n \n \n\n \n$\n\n \n20\n\n \n \n\n \n \n\n \n$\n\n \n(56\n\n \n)\n\n \n \n\n \n \n\n \n71\n\n \n \n\n \n \n\n \n$\n\n \n84\n\n \n \n\n \n \n\n \n$\n\n \n13\n\n \n \n\n \n \n\n \n$\n\n \n(413\n\n \n)\n\n \n \n\n \n \n\n \n(316\n\n \n)\n\n \nIncome tax (provision) benefit\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n(7\n\n \n)\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n22\n\n \n \n\n \nNet income (loss)\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n$\n\n \n64\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n$\n\n \n(294\n\n \n)\n\n Supplemental Schedule I (continued) \nHERTZ GLOBAL HOLDINGS, INC. \nCONDENSED STATEMENT OF OPERATIONS BY SEGMENT \nUnaudited   \n \n\n \nSix Months Ended June 30, 2026 \n \n\n \nSix Months Ended June 30, 2025 \n(In millions)\n\n \nAmericas RAC \n \n\n \nInternational \n RAC \n \n\n \nCorporate \n \n\n \nHertz Global \n \n\n \nAmericas RAC \n \n\n \nInternational \n RAC \n \n\n \nCorporate \n \n\n \nHertz Global \nRevenues\n\n \n$\n\n \n3,546\n\n \n \n\n \n \n\n \n$\n\n \n854\n\n \n \n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n4,400\n\n \n \n\n \n \n\n \n$\n\n \n3,228\n\n \n \n\n \n \n\n \n$\n\n \n770\n\n \n \n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n3,998\n\n \n \n\n \nExpenses:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nDirect vehicle and operating\n\n \n \n\n \n2,281\n\n \n \n\n \n \n\n \n \n\n \n512\n\n \n \n\n \n \n\n \n \n\n \n5\n\n \n \n\n \n \n\n \n \n\n \n2,798\n\n \n \n\n \n \n\n \n \n\n \n2,198\n\n \n \n\n \n \n\n \n \n\n \n470\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n2,668\n\n \n \n\n \nDepreciation of revenue earning vehicles and lease charges, net\n\n \n \n\n \n793\n\n \n \n\n \n \n\n \n \n\n \n175\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n968\n\n \n \n\n \n \n\n \n \n\n \n787\n\n \n \n\n \n \n\n \n \n\n \n163\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n950\n\n \n \n\n \nDepreciation and amortization of non-vehicle assets\n\n \n \n\n \n42\n\n \n \n\n \n \n\n \n \n\n \n7\n\n \n \n\n \n \n\n \n \n\n \n3\n\n \n \n\n \n \n\n \n \n\n \n52\n\n \n \n\n \n \n\n \n \n\n \n49\n\n \n \n\n \n \n\n \n \n\n \n7\n\n \n \n\n \n \n\n \n \n\n \n3\n\n \n \n\n \n \n\n \n \n\n \n59\n\n \n \n\n \nSelling, general and administrative\n\n \n \n\n \n261\n\n \n \n\n \n \n\n \n \n\n \n122\n\n \n \n\n \n \n\n \n \n\n \n111\n\n \n \n\n \n \n\n \n \n\n \n494\n\n \n \n\n \n \n\n \n \n\n \n246\n\n \n \n\n \n \n\n \n \n\n \n104\n\n \n \n\n \n \n\n \n \n\n \n115\n\n \n \n\n \n \n\n \n \n\n \n465\n\n \n \n\n \nInterest expense, net:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nVehicle\n\n \n \n\n \n262\n\n \n \n\n \n \n\n \n \n\n \n49\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n311\n\n \n \n\n \n \n\n \n \n\n \n246\n\n \n \n\n \n \n\n \n \n\n \n46\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n292\n\n \n \n\n \nNon-vehicle\n\n \n \n\n \n5\n\n \n \n\n \n \n\n \n \n\n \n(7\n\n \n)\n\n \n \n\n \n \n\n \n206\n\n \n \n\n \n \n\n \n \n\n \n204\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n(8\n\n \n)\n\n \n \n\n \n \n\n \n367\n\n \n \n\n \n \n\n \n \n\n \n359\n\n \n \n\n \nTotal interest expense, net\n\n \n \n\n \n267\n\n \n \n\n \n \n\n \n \n\n \n42\n\n \n \n\n \n \n\n \n \n\n \n206\n\n \n \n\n \n \n\n \n \n\n \n515\n\n \n \n\n \n \n\n \n \n\n \n246\n\n \n \n\n \n \n\n \n \n\n \n38\n\n \n \n\n \n \n\n \n \n\n \n367\n\n \n \n\n \n \n\n \n \n\n \n651\n\n \n \n\n \nOther (income) expense, net\n\n \n \n\n \n(2\n\n \n)\n\n \n \n\n \n \n\n \n2\n\n \n \n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n(2\n\n \n)\n\n \n \n\n \n \n\n \n12\n\n \n \n\n \n \n\n \n \n\n \n11\n\n \n \n\n \n(Gain) on sale of non-vehicle capital assets\n\n \n \n\n \n(64\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n(64\n\n \n)\n\n \n \n\n \n \n\n \n(89\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n(89\n\n \n)\n\n \nChange in fair value of Public Warrants\n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n(131\n\n \n)\n\n \n \n\n \n \n\n \n(131\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n124\n\n \n \n\n \n \n\n \n \n\n \n124\n\n \n \n\n \nTotal expenses\n\n \n \n\n \n3,578\n\n \n \n\n \n \n\n \n \n\n \n860\n\n \n \n\n \n \n\n \n \n\n \n195\n\n \n \n\n \n \n\n \n \n\n \n4,633\n\n \n \n\n \n \n\n \n \n\n \n3,438\n\n \n \n\n \n \n\n \n \n\n \n780\n\n \n \n\n \n \n\n \n \n\n \n621\n\n \n \n\n \n \n\n \n \n\n \n4,839\n\n \n \n\n \nIncome (loss) before income taxes\n\n \n$\n\n \n(32\n\n \n)\n\n \n \n\n \n$\n\n \n(6\n\n \n)\n\n \n \n\n \n$\n\n \n(195\n\n \n)\n\n \n \n\n \n \n\n \n(233\n\n \n)\n\n \n \n\n \n$\n\n \n(210\n\n \n)\n\n \n \n\n \n$\n\n \n(10\n\n \n)\n\n \n \n\n \n$\n\n \n(621\n\n \n)\n\n \n \n\n \n \n\n \n(841\n\n \n)\n\n \nIncome tax (provision) benefit\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n(36\n\n \n)\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n104\n\n \n \n\n \nNet income (loss)\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n$\n\n \n(269\n\n \n)\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n$\n\n \n(737\n\n \n)\n\n Supplemental Schedule II \nHERTZ GLOBAL HOLDINGS, INC. \nRECONCILIATION OF GAAP TO NON-GAAP MEASURE - ADJUSTED NET INCOME (LOSS), ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE AND ADJUSTED CORPORATE EBITDA \nUnaudited   \n \n\n \nThree Months Ended \nJune 30, \n \n\n \nSix Months Ended \nJune 30, \n(In millions, except per share data)\n\n \n \n\n \n2026 \n \n\n \n \n\n \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n \n\n \n2025 \n \n\n \nAdjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share: \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNet income (loss) (a) \n$\n\n \n64\n\n \n \n\n \n \n\n \n$\n\n \n(294\n\n \n)\n\n \n \n\n \n$\n\n \n(269\n\n \n)\n\n \n \n\n \n$\n\n \n(737\n\n \n)\n\n \nAdjustments:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nIncome tax provision (benefit)\n\n \n \n\n \n7\n\n \n \n\n \n \n\n \n \n\n \n(22\n\n \n)\n\n \n \n\n \n \n\n \n36\n\n \n \n\n \n \n\n \n \n\n \n(104\n\n \n)\n\n \nVehicle and non-vehicle debt-related charges (b) \n \n\n \n31\n\n \n \n\n \n \n\n \n \n\n \n26\n\n \n \n\n \n \n\n \n \n\n \n63\n\n \n \n\n \n \n\n \n \n\n \n51\n\n \n \n\n \nRestructuring and restructuring related charges (c) \n \n\n \n8\n\n \n \n\n \n \n\n \n \n\n \n4\n\n \n \n\n \n \n\n \n \n\n \n16\n\n \n \n\n \n \n\n \n \n\n \n7\n\n \n \n\n \nAcquisition accounting-related depreciation and amortization (d) \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n1\n\n \n \n\n \nNet (gains) losses on financial instruments (e) \n \n\n \n(51\n\n \n)\n\n \n \n\n \n \n\n \n107\n\n \n \n\n \n \n\n \n \n\n \n(80\n\n \n)\n\n \n \n\n \n \n\n \n111\n\n \n \n\n \nShare-based compensation expense\n\n \n \n\n \n20\n\n \n \n\n \n \n\n \n \n\n \n16\n\n \n \n\n \n \n\n \n \n\n \n37\n\n \n \n\n \n \n\n \n \n\n \n31\n\n \n \n\n \nForeign currency (gains) losses (f) \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n(2\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n2\n\n \n \n\n \n(Gain) on sale of non-vehicle capital assets (g) \n \n\n \n(64\n\n \n)\n\n \n \n\n \n \n\n \n(89\n\n \n)\n\n \n \n\n \n \n\n \n(64\n\n \n)\n\n \n \n\n \n \n\n \n(89\n\n \n)\n\n \nChange in fair value of Public Warrants\n\n \n \n\n \n(98\n\n \n)\n\n \n \n\n \n \n\n \n115\n\n \n \n\n \n \n\n \n \n\n \n(131\n\n \n)\n\n \n \n\n \n \n\n \n124\n\n \n \n\n \nOther items (h)(i) \n \n\n \n21\n\n \n \n\n \n \n\n \n \n\n \n17\n\n \n \n\n \n \n\n \n \n\n \n31\n\n \n \n\n \n \n\n \n \n\n \n44\n\n \n \n\n \nAdjusted pre-tax income (loss) (j) \n \n\n \n(62\n\n \n)\n\n \n \n\n \n \n\n \n(121\n\n \n)\n\n \n \n\n \n \n\n \n(361\n\n \n)\n\n \n \n\n \n \n\n \n559\n\n \n \n\n \nIncome tax (provision) benefit on adjusted pre-tax income (loss) (k) \n \n\n \n15\n\n \n \n\n \n \n\n \n \n\n \n30\n\n \n \n\n \n \n\n \n \n\n \n90\n\n \n \n\n \n \n\n \n \n\n \n(140\n\n \n)\n\n \nAdjusted Net Income (Loss)\n\n \n$\n\n \n(47\n\n \n)\n\n \n \n\n \n$\n\n \n(91\n\n \n)\n\n \n \n\n \n$\n\n \n(271\n\n \n)\n\n \n \n\n \n$\n\n \n419\n\n \n \n\n \nWeighted-average number of diluted shares outstanding\n\n \n \n\n \n418\n\n \n \n\n \n \n\n \n \n\n \n309\n\n \n \n\n \n \n\n \n \n\n \n358\n\n \n \n\n \n \n\n \n \n\n \n308\n\n \n \n\n \nAdjusted Diluted Earnings (Loss) Per Share (l) \n$\n\n \n(0.11\n\n \n)\n\n \n \n\n \n$\n\n \n(0.29\n\n \n)\n\n \n \n\n \n$\n\n \n(0.76\n\n \n)\n\n \n \n\n \n$\n\n \n1.36\n\n \n \n\n Supplemental Schedule II (continued)   \n \n\n \nThree Months Ended \nJune 30, \n \n\n \nSix Months Ended \nJune 30, \n(In millions, except per share data)\n\n \n \n\n \n2026 \n \n\n \n \n\n \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n \n\n \n2025 \n \n\n \nAdjusted Corporate EBITDA: \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNet income (loss)\n\n \n$\n\n \n64\n\n \n \n\n \n \n\n \n$\n\n \n(294\n\n \n)\n\n \n \n\n \n$\n\n \n(269\n\n \n)\n\n \n \n\n \n$\n\n \n(737\n\n \n)\n\n \nAdjustments:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nIncome tax provision (benefit)\n\n \n \n\n \n7\n\n \n \n\n \n \n\n \n \n\n \n(22\n\n \n)\n\n \n \n\n \n \n\n \n36\n\n \n \n\n \n \n\n \n \n\n \n(104\n\n \n)\n\n \nNon-vehicle depreciation and amortization\n\n \n \n\n \n26\n\n \n \n\n \n \n\n \n \n\n \n29\n\n \n \n\n \n \n\n \n \n\n \n52\n\n \n \n\n \n \n\n \n \n\n \n59\n\n \n \n\n \nNon-vehicle debt interest, net of interest income (m) \n \n\n \n148\n\n \n \n\n \n \n\n \n \n\n \n127\n\n \n \n\n \n \n\n \n \n\n \n285\n\n \n \n\n \n \n\n \n \n\n \n248\n\n \n \n\n \nVehicle debt-related charges (b) \n \n\n \n10\n\n \n \n\n \n \n\n \n \n\n \n12\n\n \n \n\n \n \n\n \n \n\n \n22\n\n \n \n\n \n \n\n \n \n\n \n23\n\n \n \n\n \nRestructuring and restructuring related charges (c) \n \n\n \n8\n\n \n \n\n \n \n\n \n \n\n \n4\n\n \n \n\n \n \n\n \n \n\n \n16\n\n \n \n\n \n \n\n \n \n\n \n7\n\n \n \n\n \nNet (gains) losses on financial instruments (e) \n \n\n \n(51\n\n \n)\n\n \n \n\n \n \n\n \n107\n\n \n \n\n \n \n\n \n \n\n \n(80\n\n \n)\n\n \n \n\n \n \n\n \n111\n\n \n \n\n \nShare-based compensation expense\n\n \n \n\n \n20\n\n \n \n\n \n \n\n \n \n\n \n16\n\n \n \n\n \n \n\n \n \n\n \n37\n\n \n \n\n \n \n\n \n \n\n \n31\n\n \n \n\n \nForeign currency (gains) losses (f) \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n(2\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n2\n\n \n \n\n \n(Gain) on sale of non-vehicle capital assets (g) \n \n\n \n(64\n\n \n)\n\n \n \n\n \n \n\n \n(89\n\n \n)\n\n \n \n\n \n \n\n \n(64\n\n \n)\n\n \n \n\n \n \n\n \n(89\n\n \n)\n\n \nChange in fair value of Public Warrants\n\n \n \n\n \n(98\n\n \n)\n\n \n \n\n \n \n\n \n115\n\n \n \n\n \n \n\n \n \n\n \n(131\n\n \n)\n\n \n \n\n \n \n\n \n124\n\n \n \n\n \nOther items (h) \n \n\n \n11\n\n \n \n\n \n \n\n \n \n\n \n15\n\n \n \n\n \n \n\n \n \n\n \n16\n\n \n \n\n \n \n\n \n \n\n \n41\n\n \n \n\n \nAdjusted Corporate EBITDA (n) \n$\n\n \n81\n\n \n \n\n \n \n\n \n$\n\n \n18\n\n \n \n\n \n \n\n \n$\n\n \n(80\n\n \n)\n\n \n \n\n \n$\n\n \n(284\n\n \n)\n\n \nAdjusted Corporate EBITDA margin\n\n \n \n\n \n3\n\n \n%\n\n \n \n\n \n \n\n \n1\n\n \n%\n\n \n \n\n \n \n\n \n(2\n\n \n)%\n\n \n \n\n \n \n\n \n(7\n\n \n)%\n\n \n(a)\n\n \nNet income (loss) margin for the three and six months ended June 30, 2026 was 3% and (6)%, respectively. Net income (loss) margin for the three and six months ended June 30, 2025 was (13)% and (18)%, respectively.\n\n \n(b)\n\n \nRepresents debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums.\n\n \n(c)\n\n \nRepresents charges incurred under restructuring actions as defined in U.S. GAAP. Also includes restructuring related charges such as incremental costs incurred related to personnel reductions, litigation and closure of underperforming locations.\n\n \n(d)\n\n \nRepresents incremental expense associated with the amortization of other intangible assets and depreciation of property and equipment relating to acquisition accounting.\n\n \n(e)\n\n \nRepresents total realized and unrealized (gains) losses on derivative financial instruments, including gains (losses) related to the fair value of the Exchange Features 2029, the Exchange Feature 2030, the First Lien Exchangeable Feature 2030 and the Capped Call Transactions 2030. As a result of the revision to the definitions of Adjusted pre-tax income (loss) and Adjusted Corporate EBITDA, the three months ended June 30, 2026 and 2025, include realized losses of $3 million on derivative financial instruments, and for the six months ended June 30, 2026 and 2025, includes realized losses of $4 million and $7 million, respectively, on derivative financial instruments.\n\n \n(f)\n\n \nRepresents (gains) losses recognized on the remeasurement and settlement of foreign currency transactions, excluding gains (losses) related to foreign currency derivative financial instruments, which are included in footnote (e) above.\n\n \n(g)\n\n \nRepresents the gain recognized on the sales of certain non-vehicle capital assets sold in the second quarter of 2026 and June 2025.\n\n \n(h)\n\n \nRepresents miscellaneous items. For the three months ended June 30, 2026, primarily includes certain IT-related charges, cloud computing costs and certain environmental remediation costs. For the three months ended June 30, 2025, primarily includes certain litigation charges, certain IT-related charges and cloud computing costs. For the six months ended June 30, 2026, primarily includes certain IT-related charges, cloud computing costs and certain environmental remediation costs. For the six months ended June 30, 2025, primarily includes certain litigation charges, certain IT-related charges, cloud computing costs and certain concession-related adjustments.\n\n \n(i)\n\n \nAlso includes letter of credit fees.\n\n \n(j)\n\n \nThe table below reconciles expenses as reported in the condensed consolidated unaudited statement of operations to adjusted expenses utilized in calculating Adjusted Pretax Income (Loss) and Adjusted Net Income (Loss), all of which are deemed non-GAAP measures.\n\n Supplemental Schedule II (continued)   \n(in millions)\n\n \nThree Months Ended June 30, 2026 \n \n\n \nThree Months Ended June 30, 2025 Expenses: \nAs Reported \n \n\n \nAdjustment \n \n\n \nAs Adjusted \n \n\n \nAs Reported \n \n\n \nAdjustment \n \n\n \nAs Adjusted \nDirect vehicle and operating\n\n \n$\n\n \n1,454\n\n \n \n\n \n \n\n \n$\n\n \n(5\n\n \n)\n\n \n \n\n \n$\n\n \n1,449\n\n \n \n\n \n$\n\n \n1,394\n\n \n \n\n \n \n\n \n$\n\n \n(6\n\n \n)\n\n \n \n\n \n$\n\n \n1,388\n\n \nDepreciation of revenue earning vehicles and lease charges, net\n\n \n \n\n \n487\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n487\n\n \n \n\n \n \n\n \n415\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n415\n\n \nDepreciation and amortization of non-vehicle assets\n\n \n \n\n \n26\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n26\n\n \n \n\n \n \n\n \n29\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n29\n\n \nSelling, general and administrative\n\n \n \n\n \n258\n\n \n \n\n \n \n\n \n \n\n \n(30\n\n \n)\n\n \n \n\n \n \n\n \n228\n\n \n \n\n \n \n\n \n246\n\n \n \n\n \n \n\n \n \n\n \n(4\n\n \n)\n\n \n \n\n \n \n\n \n242\n\n \nInterest expense, net:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nVehicle\n\n \n \n\n \n165\n\n \n \n\n \n \n\n \n \n\n \n(12\n\n \n)\n\n \n \n\n \n \n\n \n153\n\n \n \n\n \n \n\n \n152\n\n \n \n\n \n \n\n \n \n\n \n(12\n\n \n)\n\n \n \n\n \n \n\n \n140\n\n \nNon-vehicle\n\n \n \n\n \n94\n\n \n \n\n \n \n\n \n \n\n \n21\n\n \n \n\n \n \n\n \n \n\n \n115\n\n \n \n\n \n \n\n \n232\n\n \n \n\n \n \n\n \n \n\n \n(124\n\n \n)\n\n \n \n\n \n \n\n \n108\n\n \nTotal interest expense, net\n\n \n \n\n \n259\n\n \n \n\n \n \n\n \n \n\n \n9\n\n \n \n\n \n \n\n \n \n\n \n268\n\n \n \n\n \n \n\n \n384\n\n \n \n\n \n \n\n \n \n\n \n(136\n\n \n)\n\n \n \n\n \n \n\n \n248\n\n \nOther (income) expense, net\n\n \n \n\n \n3\n\n \n \n\n \n \n\n \n \n\n \n(3\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n7\n\n \n \n\n \n \n\n \n \n\n \n(6\n\n \n)\n\n \n \n\n \n \n\n \n1\n\n \n(Gain) on sale of non-vehicle capital assets\n\n \n \n\n \n(64\n\n \n)\n\n \n \n\n \n \n\n \n64\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n(89\n\n \n)\n\n \n \n\n \n \n\n \n89\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \nChange in fair value of Public Warrants\n\n \n \n\n \n(98\n\n \n)\n\n \n \n\n \n \n\n \n98\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n115\n\n \n \n\n \n \n\n \n \n\n \n(115\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \nTotal expenses\n\n \n$\n\n \n2,325\n\n \n \n\n \n \n\n \n$\n\n \n133\n\n \n \n\n \n \n\n \n$\n\n \n2,458\n\n \n \n\n \n$\n\n \n2,501\n\n \n \n\n \n \n\n \n$\n\n \n(178\n\n \n)\n\n \n \n\n \n$\n\n \n2,323\n\n \n(in millions)\n\n \nSix Months Ended June 30, 2026 \n \n\n \nSix Months Ended June 30, 2025 Expenses: \nAs Reported \n \n\n \nAdjustment \n \n\n \nAs Adjusted \n \n\n \nAs Reported \n \n\n \nAdjustment \n \n\n \nAs Adjusted \nDirect vehicle and operating\n\n \n$\n\n \n2,798\n\n \n \n\n \n \n\n \n$\n\n \n(7\n\n \n)\n\n \n \n\n \n$\n\n \n2,791\n\n \n \n\n \n$\n\n \n2,668\n\n \n \n\n \n \n\n \n$\n\n \n(22\n\n \n)\n\n \n \n\n \n$\n\n \n2,646\n\n \nDepreciation of revenue earning vehicles and lease charges, net\n\n \n \n\n \n968\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n968\n\n \n \n\n \n \n\n \n950\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n950\n\n \nDepreciation and amortization of non-vehicle assets\n\n \n \n\n \n52\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n52\n\n \n \n\n \n \n\n \n59\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n59\n\n \nSelling, general and administrative\n\n \n \n\n \n494\n\n \n \n\n \n \n\n \n \n\n \n(60\n\n \n)\n\n \n \n\n \n \n\n \n434\n\n \n \n\n \n \n\n \n465\n\n \n \n\n \n \n\n \n \n\n \n(7\n\n \n)\n\n \n \n\n \n \n\n \n458\n\n \nInterest expense, net:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nVehicle\n\n \n \n\n \n311\n\n \n \n\n \n \n\n \n \n\n \n(21\n\n \n)\n\n \n \n\n \n \n\n \n290\n\n \n \n\n \n \n\n \n292\n\n \n \n\n \n \n\n \n \n\n \n(23\n\n \n)\n\n \n \n\n \n \n\n \n269\n\n \nNon-vehicle\n\n \n \n\n \n204\n\n \n \n\n \n \n\n \n \n\n \n21\n\n \n \n\n \n \n\n \n \n\n \n225\n\n \n \n\n \n \n\n \n359\n\n \n \n\n \n \n\n \n \n\n \n(148\n\n \n)\n\n \n \n\n \n \n\n \n211\n\n \nTotal interest expense, net\n\n \n \n\n \n515\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n515\n\n \n \n\n \n \n\n \n651\n\n \n \n\n \n \n\n \n \n\n \n(171\n\n \n)\n\n \n \n\n \n \n\n \n480\n\n \nOther (income) expense, net\n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n11\n\n \n \n\n \n \n\n \n \n\n \n(7\n\n \n)\n\n \n \n\n \n \n\n \n4\n\n \n(Gain) on sale of non-vehicle capital assets\n\n \n \n\n \n(64\n\n \n)\n\n \n \n\n \n \n\n \n64\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n(89\n\n \n)\n\n \n \n\n \n \n\n \n89\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \nChange in fair value of Public Warrants\n\n \n \n\n \n(131\n\n \n)\n\n \n \n\n \n \n\n \n131\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n124\n\n \n \n\n \n \n\n \n \n\n \n(124\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \nTotal expenses\n\n \n$\n\n \n4,633\n\n \n \n\n \n \n\n \n$\n\n \n128\n\n \n \n\n \n \n\n \n$\n\n \n4,761\n\n \n \n\n \n$\n\n \n4,839\n\n \n \n\n \n \n\n \n$\n\n \n(242\n\n \n)\n\n \n \n\n \n$\n\n \n4,597\n\n \n(k)\n\n \nDerived utilizing an effective rate of 25% for the three and six months ended June 30, 2026 and 2025, applied to the respective Adjusted Pre-tax Income (Loss).\n\n \n(l)\n\n \nAdjustments used to reconcile diluted earnings (loss) per share on a GAAP basis to Adjusted Diluted Earnings (Loss) Per Share are comprised of the same adjustments, inclusive of the tax impact, used to reconcile net income (loss) to Adjusted Net Income (Loss) divided by the weighted-average diluted shares outstanding during the period.\n\n \n(m)\n\n \nExcludes gains (losses) related to the fair value of the Exchange Features 2029, Exchange Feature 2030, First Lien Exchangeable Feature 2030 and Capped Call Transactions 2030, which are included in footnote (e) above.\n\n \n(n)\n\n \nThe table below reconciles expenses as reported in the condensed consolidated unaudited statement of operations to adjusted expenses utilized in calculating Adjusted Corporate EBITDA, both of which are deemed non-GAAP measures.\n\n Supplemental Schedule II (continued)   \n(in millions)\n\n \nThree Months Ended June 30, 2026 \n \n\n \nThree Months Ended June 30, 2025 Expenses: \nAs Reported \n \n\n \nAdjustment \n \n\n \nAs Adjusted \n \n\n \nAs Reported \n \n\n \nAdjustment \n \n\n \nAs Adjusted \nDirect vehicle and operating\n\n \n$\n\n \n1,454\n\n \n \n\n \n \n\n \n$\n\n \n(5\n\n \n)\n\n \n \n\n \n$\n\n \n1,449\n\n \n \n\n \n$\n\n \n1,394\n\n \n \n\n \n \n\n \n$\n\n \n(6\n\n \n)\n\n \n \n\n \n$\n\n \n1,388\n\n \n \n\n \nDepreciation of revenue earning vehicles and lease charges, net\n\n \n \n\n \n487\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n487\n\n \n \n\n \n \n\n \n415\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n415\n\n \n \n\n \nDepreciation and amortization of non-vehicle assets\n\n \n \n\n \n26\n\n \n \n\n \n \n\n \n \n\n \n(26\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n29\n\n \n \n\n \n \n\n \n \n\n \n(29\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nSelling, general and administrative\n\n \n \n\n \n258\n\n \n \n\n \n \n\n \n \n\n \n(32\n\n \n)\n\n \n \n\n \n \n\n \n226\n\n \n \n\n \n \n\n \n246\n\n \n \n\n \n \n\n \n \n\n \n(4\n\n \n)\n\n \n \n\n \n \n\n \n242\n\n \n \n\n \nInterest expense, net:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nVehicle\n\n \n \n\n \n165\n\n \n \n\n \n \n\n \n \n\n \n(12\n\n \n)\n\n \n \n\n \n \n\n \n153\n\n \n \n\n \n \n\n \n152\n\n \n \n\n \n \n\n \n \n\n \n(12\n\n \n)\n\n \n \n\n \n \n\n \n140\n\n \n \n\n \nNon-vehicle\n\n \n \n\n \n94\n\n \n \n\n \n \n\n \n \n\n \n(94\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n232\n\n \n \n\n \n \n\n \n \n\n \n(232\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nTotal interest expense, net\n\n \n \n\n \n259\n\n \n \n\n \n \n\n \n \n\n \n(106\n\n \n)\n\n \n \n\n \n \n\n \n153\n\n \n \n\n \n \n\n \n384\n\n \n \n\n \n \n\n \n \n\n \n(244\n\n \n)\n\n \n \n\n \n \n\n \n140\n\n \n \n\n \nOther (income) expense, net\n\n \n \n\n \n3\n\n \n \n\n \n \n\n \n \n\n \n(3\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n7\n\n \n \n\n \n \n\n \n \n\n \n(8\n\n \n)\n\n \n \n\n \n \n\n \n(1\n\n \n)\n\n \n(Gain) on sale of non-vehicle capital assets\n\n \n \n\n \n(64\n\n \n)\n\n \n \n\n \n \n\n \n64\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n(89\n\n \n)\n\n \n \n\n \n \n\n \n89\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nChange in fair value of Public Warrants\n\n \n \n\n \n(98\n\n \n)\n\n \n \n\n \n \n\n \n98\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n115\n\n \n \n\n \n \n\n \n \n\n \n(115\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nTotal expenses\n\n \n$\n\n \n2,325\n\n \n \n\n \n \n\n \n$\n\n \n(10\n\n \n)\n\n \n \n\n \n$\n\n \n2,315\n\n \n \n\n \n$\n\n \n2,501\n\n \n \n\n \n \n\n \n$\n\n \n(317\n\n \n)\n\n \n \n\n \n$\n\n \n2,184\n\n \n \n\n \n(in millions)\n\n \nSix Months Ended June 30, 2026 \n \n\n \nSix Months Ended June 30, 2025 Expenses: \nAs Reported \n \n\n \nAdjustment \n \n\n \nAs Adjusted \n \n\n \nAs Reported \n \n\n \nAdjustment \n \n\n \nAs Adjusted \nDirect vehicle and operating\n\n \n$\n\n \n2,798\n\n \n \n\n \n \n\n \n$\n\n \n(7\n\n \n)\n\n \n \n\n \n$\n\n \n2,791\n\n \n \n\n \n$\n\n \n2,668\n\n \n \n\n \n \n\n \n$\n\n \n(22\n\n \n)\n\n \n \n\n \n$\n\n \n2,646\n\n \n \n\n \nDepreciation of revenue earning vehicles and lease charges, net\n\n \n \n\n \n968\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n968\n\n \n \n\n \n \n\n \n950\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n950\n\n \n \n\n \nDepreciation and amortization of non-vehicle assets\n\n \n \n\n \n52\n\n \n \n\n \n \n\n \n \n\n \n(52\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n59\n\n \n \n\n \n \n\n \n \n\n \n(59\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nSelling, general and administrative\n\n \n \n\n \n494\n\n \n \n\n \n \n\n \n \n\n \n(64\n\n \n)\n\n \n \n\n \n \n\n \n430\n\n \n \n\n \n \n\n \n465\n\n \n \n\n \n \n\n \n \n\n \n(7\n\n \n)\n\n \n \n\n \n \n\n \n458\n\n \n \n\n \nInterest expense, net:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nVehicle\n\n \n \n\n \n311\n\n \n \n\n \n \n\n \n \n\n \n(21\n\n \n)\n\n \n \n\n \n \n\n \n290\n\n \n \n\n \n \n\n \n292\n\n \n \n\n \n \n\n \n \n\n \n(23\n\n \n)\n\n \n \n\n \n \n\n \n269\n\n \n \n\n \nNon-vehicle\n\n \n \n\n \n204\n\n \n \n\n \n \n\n \n \n\n \n(204\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n359\n\n \n \n\n \n \n\n \n \n\n \n(359\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nTotal interest expense, net\n\n \n \n\n \n515\n\n \n \n\n \n \n\n \n \n\n \n(225\n\n \n)\n\n \n \n\n \n \n\n \n290\n\n \n \n\n \n \n\n \n651\n\n \n \n\n \n \n\n \n \n\n \n(382\n\n \n)\n\n \n \n\n \n \n\n \n269\n\n \n \n\n \nOther (income) expense, net\n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n1\n\n \n \n\n \n \n\n \n11\n\n \n \n\n \n \n\n \n \n\n \n(12\n\n \n)\n\n \n \n\n \n \n\n \n(1\n\n \n)\n\n \n(Gain) on sale of non-vehicle capital assets\n\n \n \n\n \n(64\n\n \n)\n\n \n \n\n \n \n\n \n64\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n(89\n\n \n)\n\n \n \n\n \n \n\n \n89\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nChange in fair value of Public Warrants\n\n \n \n\n \n(131\n\n \n)\n\n \n \n\n \n \n\n \n131\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n124\n\n \n \n\n \n \n\n \n \n\n \n(124\n\n \n)\n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nTotal expenses\n\n \n$\n\n \n4,633\n\n \n \n\n \n \n\n \n$\n\n \n(153\n\n \n)\n\n \n \n\n \n$\n\n \n4,480\n\n \n \n\n \n$\n\n \n4,839\n\n \n \n\n \n \n\n \n$\n\n \n(517\n\n \n)\n\n \n \n\n \n$\n\n \n4,322\n\n Supplemental Schedule III \nHERTZ GLOBAL HOLDINGS, INC. \nRECONCILIATION OF GAAP TO NON-GAAP MEASURE - ADJUSTED OPERATING CASH FLOW \nAND ADJUSTED FREE CASH FLOW \nUnaudited   \n \n\n \nThree Months Ended \nJune 30, \n \n\n \nSix Months Ended \nJune 30, \n(In millions)\n\n \n \n\n \n2026 \n \n\n \n \n\n \n \n\n \n2025 \n \n\n \n \n\n \n \n\n \n2026 \n \n\n \n \n\n \n \n\n \n2025 \n \n\n \nADJUSTED OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW: \n \n\n \n \n\n \nNet cash provided by (used in) operating activities\n\n \n$\n\n \n381\n\n \n \n\n \n \n\n \n$\n\n \n346\n\n \n \n\n \n \n\n \n$\n\n \n401\n\n \n \n\n \n \n\n \n$\n\n \n597\n\n \n \n\n \nDepreciation and reserves for revenue earning vehicles, net\n\n \n \n\n \n(542\n\n \n)\n\n \n \n\n \n \n\n \n(458\n\n \n)\n\n \n \n\n \n \n\n \n(1,079\n\n \n)\n\n \n \n\n \n \n\n \n(1,082\n\n \n)\n\n \nBankruptcy related payments (post emergence) and other payments\n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n12\n\n \n \n\n \n \n\n \n \n\n \n359\n\n \n \n\n \n \n\n \n \n\n \n12\n\n \n \n\n \nAdjusted operating cash flow\n\n \n \n\n \n(161\n\n \n)\n\n \n \n\n \n \n\n \n(100\n\n \n)\n\n \n \n\n \n \n\n \n(319\n\n \n)\n\n \n \n\n \n \n\n \n(473\n\n \n)\n\n \nNon-vehicle capital asset proceeds (expenditures), net\n\n \n \n\n \n88\n\n \n \n\n \n \n\n \n \n\n \n77\n\n \n \n\n \n \n\n \n \n\n \n65\n\n \n \n\n \n \n\n \n \n\n \n82\n\n \n \n\n \nAdjusted operating cash flow before vehicle investment\n\n \n \n\n \n(73\n\n \n)\n\n \n \n\n \n \n\n \n(23\n\n \n)\n\n \n \n\n \n \n\n \n(254\n\n \n)\n\n \n \n\n \n \n\n \n(391\n\n \n)\n\n \nNet fleet growth after financing\n\n \n \n\n \n235\n\n \n \n\n \n \n\n \n \n\n \n350\n\n \n \n\n \n \n\n \n \n\n \n(50\n\n \n)\n\n \n \n\n \n \n\n \n140\n\n \n \n\n \nAdjusted free cash flow\n\n \n$\n\n \n162\n\n \n \n\n \n \n\n \n$\n\n \n327\n\n \n \n\n \n \n\n \n$\n\n \n(304\n\n \n)\n\n \n \n\n \n$\n\n \n(251\n\n \n)\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCALCULATION OF NET FLEET GROWTH AFTER FINANCING: \n \n\n \n \n\n \nRevenue earning vehicles expenditures\n\n \n$\n\n \n(3,615\n\n \n)\n\n \n \n\n \n$\n\n \n(3,049\n\n \n)\n\n \n \n\n \n$\n\n \n(7,217\n\n \n)\n\n \n \n\n \n$\n\n \n(5,896\n\n \n)\n\n \nProceeds from disposal of revenue earning vehicles\n\n \n \n\n \n2,556\n\n \n \n\n \n \n\n \n \n\n \n2,126\n\n \n \n\n \n \n\n \n \n\n \n5,083\n\n \n \n\n \n \n\n \n \n\n \n4,250\n\n \n \n\n \nRevenue earning vehicles capital expenditures, net\n\n \n \n\n \n(1,059\n\n \n)\n\n \n \n\n \n \n\n \n(923\n\n \n)\n\n \n \n\n \n \n\n \n(2,134\n\n \n)\n\n \n \n\n \n \n\n \n(1,646\n\n \n)\n\n \nDepreciation and reserves for revenue earning vehicles, net\n\n \n \n\n \n542\n\n \n \n\n \n \n\n \n \n\n \n458\n\n \n \n\n \n \n\n \n \n\n \n1,079\n\n \n \n\n \n \n\n \n \n\n \n1,082\n\n \n \n\n \nFinancing activity related to vehicles:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nBorrowings\n\n \n \n\n \n2,040\n\n \n \n\n \n \n\n \n \n\n \n2,648\n\n \n \n\n \n \n\n \n \n\n \n2,785\n\n \n \n\n \n \n\n \n \n\n \n3,774\n\n \n \n\n \nPayments\n\n \n \n\n \n(1,250\n\n \n)\n\n \n \n\n \n \n\n \n(1,606\n\n \n)\n\n \n \n\n \n \n\n \n(1,675\n\n \n)\n\n \n \n\n \n \n\n \n(2,990\n\n \n)\n\n \nRestricted cash changes, vehicle\n\n \n \n\n \n(38\n\n \n)\n\n \n \n\n \n \n\n \n(227\n\n \n)\n\n \n \n\n \n \n\n \n(105\n\n \n)\n\n \n \n\n \n \n\n \n(80\n\n \n)\n\n \nNet financing activity related to vehicles\n\n \n \n\n \n752\n\n \n \n\n \n \n\n \n \n\n \n815\n\n \n \n\n \n \n\n \n \n\n \n1,005\n\n \n \n\n \n \n\n \n \n\n \n704\n\n \n \n\n \nNet fleet growth after financing\n\n \n$\n\n \n235\n\n \n \n\n \n \n\n \n$\n\n \n350\n\n \n \n\n \n \n\n \n$\n\n \n(50\n\n \n)\n\n \n \n\n \n$\n\n \n140\n\n \n \n\n Supplemental Schedule IV \nHERTZ GLOBAL HOLDINGS, INC. \nNET DEBT CALCULATION \nUnaudited   \n \n\n \nAs of June 30, 2026 \n \n\n \nAs of December 31, 2025 \n(In millions)\n\n \nVehicle \n \n\n \nNon-Vehicle \n \n\n \nTotal \n \n\n \nVehicle \n \n\n \nNon-Vehicle \n \n\n \nTotal \nFirst Lien RCF\n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n816\n\n \n \n\n \n \n\n \n$\n\n \n816\n\n \n \n\n \n \n\n \n$\n\n \n—\n\n \n \n\n \n \n\n \n$\n\n \n395\n\n \n \n\n \n \n\n \n$\n\n \n395\n\n \n \n\n \nTerm loans\n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n1,968\n\n \n \n\n \n \n\n \n \n\n \n1,968\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n1,977\n\n \n \n\n \n \n\n \n \n\n \n1,977\n\n \n \n\n \nFirst lien senior notes\n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n1,250\n\n \n \n\n \n \n\n \n \n\n \n1,250\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n1,250\n\n \n \n\n \n \n\n \n \n\n \n1,250\n\n \n \n\n \nExchangeable First Lien Notes Due 2030\n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n350\n\n \n \n\n \n \n\n \n \n\n \n350\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \nExchangeable Notes Due 2029\n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n282\n\n \n \n\n \n \n\n \n \n\n \n282\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n271\n\n \n \n\n \n \n\n \n \n\n \n271\n\n \n \n\n \nExchangeable Notes Due 2030\n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n425\n\n \n \n\n \n \n\n \n \n\n \n425\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n425\n\n \n \n\n \n \n\n \n \n\n \n425\n\n \n \n\n \nUnsecured senior notes\n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n1,200\n\n \n \n\n \n \n\n \n \n\n \n1,200\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n1,200\n\n \n \n\n \n \n\n \n \n\n \n1,200\n\n \n \n\n \nU.S. vehicle financing (HVF III)\n\n \n \n\n \n10,718\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n10,718\n\n \n \n\n \n \n\n \n \n\n \n9,886\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n9,886\n\n \n \n\n \nInternational vehicle financing (Various)\n\n \n \n\n \n1,908\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n1,908\n\n \n \n\n \n \n\n \n \n\n \n1,673\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n1,673\n\n \n \n\n \nOther debt\n\n \n \n\n \n151\n\n \n \n\n \n \n\n \n \n\n \n12\n\n \n \n\n \n \n\n \n \n\n \n163\n\n \n \n\n \n \n\n \n \n\n \n120\n\n \n \n\n \n \n\n \n \n\n \n6\n\n \n \n\n \n \n\n \n \n\n \n126\n\n \n \n\n \nFair value of the Exchange Features 2029\n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n26\n\n \n \n\n \n \n\n \n \n\n \n26\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n78\n\n \n \n\n \n \n\n \n \n\n \n78\n\n \n \n\n \nFair value of the Exchange Feature 2030\n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n21\n\n \n \n\n \n \n\n \n \n\n \n21\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n54\n\n \n \n\n \n \n\n \n \n\n \n54\n\n \n \n\n \nFair Value of the First Lien Exchangeable Feature 2030\n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n110\n\n \n \n\n \n \n\n \n \n\n \n110\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nDebt issue costs, discounts and premiums\n\n \n \n\n \n(67\n\n \n)\n\n \n \n\n \n \n\n \n(338\n\n \n)\n\n \n \n\n \n \n\n \n(405\n\n \n)\n\n \n \n\n \n \n\n \n(50\n\n \n)\n\n \n \n\n \n \n\n \n(231\n\n \n)\n\n \n \n\n \n \n\n \n(281\n\n \n)\n\n \nDebt issue cost - Share Lending Agreement\n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n(85\n\n \n)\n\n \n \n\n \n \n\n \n(85\n\n \n)\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nDebt as reported in the balance sheet\n\n \n \n\n \n12,710\n\n \n \n\n \n \n\n \n \n\n \n6,037\n\n \n \n\n \n \n\n \n \n\n \n18,747\n\n \n \n\n \n \n\n \n \n\n \n11,629\n\n \n \n\n \n \n\n \n \n\n \n5,425\n\n \n \n\n \n \n\n \n \n\n \n17,054\n\n \n \n\n \nAdd:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nDebt issue costs, discounts and premiums\n\n \n \n\n \n67\n\n \n \n\n \n \n\n \n \n\n \n338\n\n \n \n\n \n \n\n \n \n\n \n405\n\n \n \n\n \n \n\n \n \n\n \n50\n\n \n \n\n \n \n\n \n \n\n \n231\n\n \n \n\n \n \n\n \n \n\n \n281\n\n \n \n\n \nDebt issue cost - Share Lending Agreement\n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n85\n\n \n \n\n \n \n\n \n \n\n \n85\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nLess:\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nCash and cash equivalents\n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n631\n\n \n \n\n \n \n\n \n \n\n \n631\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n565\n\n \n \n\n \n \n\n \n \n\n \n565\n\n \n \n\n \nRestricted cash\n\n \n \n\n \n399\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n399\n\n \n \n\n \n \n\n \n \n\n \n317\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n317\n\n \n \n\n \nRestricted cash and restricted cash equivalents associated with Term C Loan\n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n245\n\n \n \n\n \n \n\n \n \n\n \n245\n\n \n \n\n \n \n\n \n \n\n \n—\n\n \n \n\n \n \n\n \n \n\n \n245\n\n \n \n\n \n \n\n \n \n\n \n245\n\n \n \n\n \nNet Debt\n\n \n$\n\n \n12,378\n\n \n \n\n \n \n\n \n$\n\n \n5,584\n\n \n \n\n \n \n\n \n$\n\n \n17,962\n\n \n \n\n \n \n\n \n$\n\n \n11,362\n\n \n \n\n \n \n\n \n$\n\n \n4,846\n\n \n \n\n \n \n\n \n$\n\n \n16,208\n\n \n \n\n \nLTM Adjusted Corporate EBITDA (a) \n \n\n \n \n\n \n \n\n \n(59\n\n \n)\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n(264\n\n \n)\n\n \n \n\n \n \n\n \nNet Corporate Leverage\n\n \n \n\n \n \n\n \n \n\n \nNM\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \nNM\n\n \n \n\n \n \n\n \n \n\n NM = Not meaningful \n(a)\n\n \nReconciliation of LTM Adjusted Corporate EBITDA for the six months ended June 30, 2026, and the twelve months ended December 31, 2025, are as follows:\n\n \n(In millions) \nSix Months Ended\n June 30, 2026 \n \n\n \nTwelve Months Ended\n December 31, 2025 \nNet income (loss) three months ended:\n\n \n \n\n \n \n\n \n \n\n \nSeptember 30, 2025\n\n \n$\n\n \n184\n\n \n \n\n \n \n\n \n \n\n \nn/a\n\n \n \n\n \nDecember 31, 2025\n\n \n \n\n \n(194\n\n \n)\n\n \n \n\n \n \n\n \nn/a\n\n \n \n\n \nMarch 31, 2026\n\n \n \n\n \n(333\n\n \n)\n\n \n \n\n \n \n\n \nn/a\n\n \n \n\n \nJune 30, 2026\n\n \n \n\n \n64\n\n \n \n\n \n \n\n \n \n\n \nn/a\n\n \n \n\n \nLTM net income (loss)\n\n \n \n\n \n(279\n\n \n)\n\n \n \n\n \n$\n\n \n(747\n\n \n)\n\n \nAdjustments:\n\n \n \n...

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