Hertz Transformation Drives Record Utilization and Return to EPS Profitability

About this update from Hertz Global Holdings, Inc

[{"type":"text","content":" \n“This quarter proves that we're delivering on our commitments: driving strong results through focused execution and operational discipline,\" said Gil West , CEO of Hertz . \"Throughout this transformation, we're rebuilding our foundation while sharpening our skills and capabilities, creating a new platform for growth. Our progress is meaningful, our heads are down, but our eyes are on the horizon as we build a company that can thrive across the full spectrum of mobility.\"\n\n \n ESTERO, Fla ,--(BUSINESS WIRE)--\n Hertz Global Holdings, Inc. (NASDAQ: HTZ) (\" Hertz ,\" \" Hertz Global ,\" or the \"Company\") today reported results for its third quarter 2025.\n\n \n Q3 HIGHLIGHTS \n\n \nThe Company completed its transformative fleet refresh, setting a new standard for the lifecycle of its vehicles.\n\n \nRevenue hit $2.5 billion in the third quarter of 2025, and execution of its Back-to-Basics strategy delivered $184 million of net income and $0.42 of diluted EPS for the Company—both positive for the first time in two years.\n\n \nAdjusted Corporate EBITDA surged about $350 million year-over-year in the third quarter to $190 million , reflecting the Company’s disciplined operational execution and improved fleet economics.\n\n \nUtilization reached more than 84%, the highest since 2018, driven by improved processes that reduce out of service time of vehicles. This further advances the Company’s progress toward its North Star target of RPU over $1,500 .\n\n \nThe Company drove a nearly 50% year-over-year increase in its North America Net Promoter Score in the third quarter, reflecting a relentless focus on the customer experience with measurable gains in rental ease and vehicle quality confidence.\n\n \nThe Company ended the quarter with over $2.2 billion in liquidity, underscoring disciplined balance sheet management, positive Adjusted free cash flow of about $250 million , and robust ABS market access.\n\n \nThe Company’s “Buy Right, Hold Right, Sell Right” fleet strategy continued to yield strong results:\n\n \n \nThe Company strategically monetized its fleet through expanded retail vehicle sales, including its direct-to-consumer Hertz Car Sales platform. The percentage of fleet sold via retail channels increased by 570 basis points in 2025 compared to the first nine months of 2024\n\n \n \nDepreciation per unit per month (DPU) was $273 , aligning with Company guidance and its North Star target of sub-$300\n\n \n \nThe Company has successfully secured procurement for Model Year 2026 vehicles and anticipates maintaining sub-$300 DPU throughout 2026\n\n \n \nDirect operating expenses (DOE) declined 1% year-over-year in the third quarter, while DOE per transaction day improved both sequentially and year-over-year, despite reduced capacity, through rigorous cost control and operational discipline.\n\n \n EARNINGS WEBCAST INFORMATION \n\n \n Hertz Global's live webcast and conference call to discuss its third quarter 2025 results will be held on November 4, 2025 at 9:00 a.m. Eastern Time . The conference call will be broadcast live in listen-only mode on the Company’s Investor Relations website at IR.Hertz.com . If you would like to access the call by phone and ask a question, please go to Hertz Q3 2025 earnings teleco registration , and you will be provided with dial in details. Investors are encouraged to dial in approximately 15 minutes prior to the call. A web replay will remain available on the website for approximately one year. The earnings release and related supplemental schedules containing the reconciliations of non-GAAP measures will be available on the Hertz website, IR.Hertz.com .\n\n \n ABOUT HERTZ \n\n \n Hertz Global Holdings, Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation , and licensees operate the Hertz , Dollar, Thrifty, and Firefly vehicle rental brands, with more than 11,000 rental locations in 160 countries around the globe. The Company also operates the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the United States , and the Hertz 24/7 car-sharing business in Europe . For more information about Hertz , visit www.hertz.com .\n\n \n \n \n \n \n \n \n \n \n SUMMARY RESULTS \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n Three Months Ended \n\n \n\n \n September 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Percent \n\n \n\n \n Inc/(Dec) \n\n \n\n \n 2025 vs 2024 \n\n \n\n \n\n \n \n \n ($ in millions, except earnings per share or where noted) \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Hertz Global - Consolidated \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal revenues\n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,478\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,576\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4)%\n\n \n\n \n\n \n \n \nNet income (loss)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n184\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(1,332\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 \nDiluted earnings (loss) per share\n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.42\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(4.34\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 \nNet income (loss) margin\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\n \n \n\n \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 \n \n\n \n\n \n\n \n \n \nAdjusted net income (loss)(a)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n43\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(208\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 \nAdjusted diluted earnings (loss) per share(a)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.12\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(0.68\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 \nAdjusted Corporate EBITDA(a)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n190\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(157\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 \nAdjusted Corporate EBITDA Margin(a)\n\n \n\n \n\n \n \n\n \n\n \n\n \n8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAverage Vehicles (in whole units)\n\n \n\n \n\n \n \n\n \n\n \n\n \n545,395\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n583,516\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 \nAverage Rentable Vehicles (in whole units)\n\n \n\n \n\n \n \n\n \n\n \n\n \n527,992\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n550,074\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4)%\n\n \n\n \n\n \n \n \nVehicle Utilization\n\n \n\n \n\n \n \n\n \n\n \n\n \n84\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n82\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTransaction Days (in thousands)\n\n \n\n \n\n \n \n\n \n\n \n\n \n40,884\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n41,298\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1)%\n\n \n\n \n\n \n \n \nTotal RPD (in dollars)(b)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n59.26\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n61.61\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4)%\n\n \n\n \n\n \n \n \nTotal RPU Per Month (in whole dollars)(b)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,530\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,542\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1)%\n\n \n\n \n\n \n \n \nDepreciation Per Unit Per Month (in whole dollars)(b)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n273\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n532\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(49)%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\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\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal revenues\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,910\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,062\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 \nAdjusted EBITDA\n\n \n\n \n\n \n$\n\n \n\n \n\n \n152\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(169\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 \nAdjusted EBITDA Margin\n\n \n\n \n\n \n \n\n \n\n \n\n \n8\n\n \n\n \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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAverage Vehicles (in whole units)\n\n \n\n \n\n \n \n\n \n\n \n\n \n425,004\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n463,467\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 \nAverage Rentable Vehicles (in whole units)\n\n \n\n \n\n \n \n\n \n\n \n\n \n409,222\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n432,608\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(5)%\n\n \n\n \n\n \n \n \nVehicle Utilization\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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n82\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTransaction Days (in thousands)\n\n \n\n \n\n \n \n\n \n\n \n\n \n31,923\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32,693\n\n \n\n \n\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 \nTotal RPD (in dollars)(b)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n59.67\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n62.88\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(5)%\n\n \n\n \n\n \n \n \nTotal RPU Per Month (in whole dollars)(b)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,552\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,584\n\n \n\n \n\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 \nDepreciation Per Unit Per Month (in whole dollars)(b)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n278\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n591\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(53)%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\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\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal revenues\n\n \n\n \n\n \n$\n\n \n\n \n\n \n568\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n514\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 \nAdjusted EBITDA\n\n \n\n \n\n \n$\n\n \n\n \n\n \n100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n63\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 \nAdjusted EBITDA Margin\n\n \n\n \n\n \n \n\n \n\n \n\n \n18\n\n \n\n \n\n \n%\n\n \n\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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAverage Vehicles (in whole units)\n\n \n\n \n\n \n \n\n \n\n \n\n \n120,391\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n120,049\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—%\n\n \n\n \n\n \n \n \nAverage Rentable Vehicles (in whole units)\n\n \n\n \n\n \n \n\n \n\n \n\n \n118,770\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n117,466\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 \nVehicle Utilization\n\n \n\n \n\n \n \n\n \n\n \n\n \n82\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n80\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTransaction Days (in thousands)\n\n \n\n \n\n \n \n\n \n\n \n\n \n8,961\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,605\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4%\n\n \n\n \n\n \n \n \nTotal RPD (in dollars)(b)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n57.81\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n56.82\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 \n \n \nTotal RPU Per Month (in whole dollars)(b)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,454\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,387\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5%\n\n \n\n \n\n \n \n \nDepreciation Per Unit Per Month (in whole dollars)(b)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n254\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n304\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(16)%\n\n \n\n \n\n \n \n \n NM = Not meaningful \n \n \n \n(a)\n\n \n\n \n\n \nRepresents a non-GAAP measure. See the accompanying reconciliations included in Supplemental Schedule II for 2025 and 2024.\n\n \n\n \n\n \n \n \n(b)\n\n \n\n \n\n \nBased on December 31, 2024 foreign exchange rates.\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n UNAUDITED FINANCIAL DATA, SUPPLEMENTAL SCHEDULES, NON-GAAP MEASURES AND DEFINITIONS \n\n \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 \n CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS \n\n \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 \n \nmix of program and non-program vehicles in the Company's fleet, which can lead to increased exposure to residual value risk upon disposition;\n\n \n \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;\n\n \n \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;\n\n \n \nthe Company's ability to effectively dispose of vehicles, at the times and through the channels, that maximize the Company's returns;\n\n \n \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;\n\n \n \ndisruptions in the supply chain, including in connection with any increases in tariffs or changes in tariff policies or trade agreements;\n\n \n \nwhether a manufacturer of the Company's program vehicle fulfills its repurchase obligations;\n\n \n \nthe frequency or extent of manufacturer safety recalls;\n\n \n \nlevels of travel demand, particularly business and leisure travel in the U.S. and in global markets;\n\n \n \nseasonality and other occurrences that disrupt rental activity during the Company's peak periods, including in critical geographies;\n\n \n \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;\n\n \n \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;\n\n \n \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;\n\n \n \nthe Company's ability to adequately respond to changes in technology impacting the mobility industry;\n\n \n \nsignificant changes in the competitive environment and the effect of competition in the Company's markets on rental volume and pricing;\n\n \n \nthe Company's reliance on third-party distribution channels and related prices, commission structures and transaction volumes;\n\n \n \nthe Company's ability to offer services for a favorable customer experience, and to retain and develop customer loyalty and market share;\n\n \n \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;\n\n \n \nthe Company's ability to maintain favorable brand recognition and a coordinated branding and portfolio strategy;\n\n \n \nthe Company's ability to attract and retain effective front-line employees, senior management and other key employees;\n\n \n \nthe Company's ability to effectively manage its union relations and labor agreement negotiations;\n\n \n \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;\n\n \n \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;\n\n \n \nthe Company's ability to evaluate, maintain, upgrade and consolidate its information technology systems;\n\n \n \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;\n\n \n \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;\n\n \n \nrisks relating to tax laws, including the expiration of federal tax credits for battery EVs purchased after September 30, 2025 , and the resulting impact on vehicle acquisition costs, residual values, fleet composition strategies and customer demand for EVs, 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;\n\n \n \nthe Company's ability to utilize its net operating loss carryforwards;\n\n \n \nthe Company's exposure to uninsured liabilities relating to personal injury, death and property damage, or otherwise, including material litigation;\n\n \n \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;\n\n \n \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;\n\n \n \nthe Company's ability to recover its goodwill and indefinite-lived intangible assets when performing impairment analysis;\n\n \n \nthe potential for changes in management's best estimates and assessments;\n\n \n \nthe Company's ability to maintain an effective compliance program;\n\n \n \nthe availability of earnings and funds from the Company's subsidiaries;\n\n \n \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;\n\n \n \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;\n\n \n \nthe extent to which the Company's consolidated assets secure its outstanding indebtedness;\n\n \n \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;\n\n \n \nthe Company's ability to implement an effective business continuity plan to protect the business in exigent circumstances;\n\n \n \nthe Company's ability to effectively maintain effective internal control over financial reporting; and\n\n \n \nthe Company's ability to execute strategic transactions.\n\n \n \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 \n \n \n \n \n \n \n \n \n \n \n \n UNAUDITED FINANCIAL INFORMATION \n\n \n\n \n\n \n \n \n \n \n \n UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n Three Months Ended \n\n \n\n \n September 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Nine Months Ended \n\n \n\n \n September 30 , \n\n \n\n \n\n \n \n \n (In millions, except per share data) \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRevenues\n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,478\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,576\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,476\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,009\n\n \n\n \n\n \n \n\n \n\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\n \n \n\n \n\n \n\n \n \n \nDirect vehicle and operating\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,454\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,470\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,122\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,276\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDepreciation of revenue earning vehicles and lease charges, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n457\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n937\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,407\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,941\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDepreciation and amortization of non-vehicle assets\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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n88\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n107\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSelling, general and administrative\n\n \n\n \n\n \n \n\n \n\n \n\n \n241\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n189\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n706\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n594\n\n \n\n \n\n \n \n\n \n\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\n \n \n\n \n\n \n\n \n \n \nVehicle\n\n \n\n \n\n \n \n\n \n\n \n\n \n161\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n157\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n453\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \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 \nNon-vehicle\n\n \n\n \n\n \n \n\n \n\n \n\n \n86\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \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\n \n\n \n \n\n \n\n \n\n \n445\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n252\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal interest expense, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n247\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n246\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n898\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n699\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther (income) expense, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\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 \n \n\n \n\n \n\n \n2\n\n \n\n \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 \n \n\n \n\n \n\n \n \n \n(Gain) on sale of non-vehicle capital assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n(39\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(128\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLegal settlement\n\n \n\n \n\n \n \n\n \n\n \n\n \n(154\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(154\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBankruptcy-related litigation reserve\n\n \n\n \n\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 \n \n\n \n\n \n\n \n288\n\n \n\n \n\n \n \n\n \n\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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n288\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLong-Lived Assets impairment\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,048\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,048\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 \n \n\n \n\n \n\n \n6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(21\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n130\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(272\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n2,244\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,196\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,083\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,683\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome (loss) before income taxes\n\n \n\n \n\n \n \n\n \n\n \n\n \n234\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,620\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(607\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,674\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nIncome tax (provision) benefit\n\n \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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n288\n\n \n\n \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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n291\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet income (loss)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n184\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(1,332\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(553\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(2,383\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\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 \n\n \n\n \n \n\n \n\n \n\n \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\n \n \n\n \n\n \n\n \n311\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n307\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n309\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n306\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDiluted\n\n \n\n \n\n \n \n\n \n\n \n\n \n364\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n307\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n309\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n306\n\n \n\n \n\n \n \n\n \n\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 \n\n \n\n \n \n\n \n\n \n\n \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\n \n$\n\n \n\n \n\n \n0.59\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(4.34\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(1.79\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(7.79\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nDiluted\n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.42\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(4.34\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(1.79\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(7.79\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n UNAUDITED CONSOLIDATED BALANCE SHEETS \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n (In millions, except par value and share data) \n\n \n\n \n\n \n September 30 , \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 , \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n \n ASSETS \n\n \n\n \n\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$\n\n \n\n \n\n \n1,095\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n592\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRestricted cash and cash equivalents:\n\n \n\n \n\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\n \n \n\n \n\n \n\n \n171\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n258\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNon-vehicle\n\n \n\n \n\n \n \n\n \n\n \n\n \n283\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n283\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal restricted cash and cash equivalents\n\n \n\n \n\n \n \n\n \n\n \n\n \n454\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n541\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal cash and cash equivalents and restricted cash and cash equivalents\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,549\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,133\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nReceivables:\n\n \n\n \n\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\n \n \n\n \n\n \n\n \n428\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n389\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNon-vehicle, net of allowance of $76 and $58 , respectively\n\n \n\n \n\n \n \n\n \n\n \n\n \n782\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n816\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal receivables, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,210\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,205\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPrepaid expenses and other assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n780\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n894\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRevenue earning vehicles:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVehicles\n\n \n\n \n\n \n \n\n \n\n \n\n \n14,023\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,714\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLess: accumulated depreciation\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,330\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(751\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal revenue earning vehicles, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n12,693\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,963\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProperty and equipment, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n570\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n623\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOperating lease right-of-use assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n2,288\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,088\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIntangible assets, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n2,855\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,852\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Goodwill \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,045\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,044\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal assets\n\n \n\n \n\n \n$\n\n \n\n \n\n \n22,990\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n21,802\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n LIABILITIES AND STOCKHOLDERS' EQUITY \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccounts payable:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVehicle\n\n \n\n \n\n \n$\n\n \n\n \n\n \n281\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n161\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNon-vehicle\n\n \n\n \n\n \n \n\n \n\n \n\n \n549\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n481\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal accounts payable\n\n \n\n \n\n \n \n\n \n\n \n\n \n830\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n642\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccrued liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,257\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,174\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccrued taxes, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n127\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n158\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDebt:\n\n \n\n \n\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\n \n \n\n \n\n \n\n \n11,759\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,231\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNon-vehicle\n\n \n\n \n\n \n \n\n \n\n \n\n \n5,649\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,104\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal debt\n\n \n\n \n\n \n \n\n \n\n \n\n \n17,408\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16,335\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPublic Warrants\n\n \n\n \n\n \n \n\n \n\n \n\n \n308\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n178\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOperating lease liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n2,292\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,073\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSelf-insured liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n660\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n617\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeferred income taxes, net\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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n472\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n23,307\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n21,649\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommitments and contingencies\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nStockholders' equity:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \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 \n\n \n\n \n \n\n \n\n \n\n \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, $0.01 par value, 485,598,271 and 481,502,623 shares issued, respectively, and 310,786,227 and 306,690,579 shares outstanding, respectively\n\n \n\n \n\n \n \n\n \n\n \n\n \n5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Treasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,430\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,430\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nAdditional paid-in capital\n\n \n\n \n\n \n \n\n \n\n \n\n \n6,432\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,396\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRetained earnings (Accumulated deficit)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,055\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,502\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nAccumulated other comprehensive income (loss)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(269\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(316\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal stockholders' equity (deficit)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(317\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n153\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal liabilities and stockholders' equity (deficit)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n22,990\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n21,802\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n Three Months Ended \n\n \n\n \n September 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Nine Months Ended \n\n \n\n \n September 30 , \n\n \n\n \n\n \n \n \n (In millions) \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash flows from operating activities:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet income (loss)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n184\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(1,332\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(553\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(2,383\n\n \n\n \n\n \n)\n\n \n\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 \n\n \n\n \n \n\n \n\n \n\n \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\n \n \n\n \n\n \n\n \n503\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,025\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,585\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,219\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDepreciation and amortization, non-vehicle\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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n88\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n107\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAmortization of deferred financing costs and debt discount (premium)\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 \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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n61\n\n \n\n \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 \n\n \n \n \nPIK Interest on Exchangeable Notes\n\n \n\n \n\n \n \n\n \n\n \n\n \n10\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nStock-based compensation charges\n\n \n\n \n\n \n \n\n \n\n \n\n \n14\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \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 \n\n \n\n \n48\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nStock-based compensation forfeitures\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(68\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nProvision for receivables allowance\n\n \n\n \n\n \n \n\n \n\n \n\n \n33\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n31\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n86\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n94\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeferred income taxes, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n60\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(314\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(88\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(379\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nLong-Lived Assets impairment\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,048\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,048\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(Gain) loss on sale of non-vehicle capital assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n(39\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(128\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\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 \n \n\n \n\n \n\n \n6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(21\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n130\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(272\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nChanges in financial instruments\n\n \n\n \n\n \n \n\n \n\n \n\n \n(32\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(16\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n72\n\n \n\n \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 \n\n \n \n \nOther\n\n \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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\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 \n \n\n \n\n \n\n \n(1\n\n \n\n \n\n \n)\n\n \n\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 \n\n \n\n \n \n\n \n\n \n\n \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 \n \n\n \n\n \n\n \n62\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n156\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(45\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nPrepaid expenses and other assets\n\n \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 \n\n \n\n \n39\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(30\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(20\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nOperating lease right-of-use assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n105\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n91\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n323\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n281\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNon-vehicle accounts payable\n\n \n\n \n\n \n \n\n \n\n \n\n \n15\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(81\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n43\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(18\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nAccrued liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n(79\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n239\n\n \n\n \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 \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n310\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccrued taxes, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1\n\n \n\n \n\n \n)\n\n \n\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 \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\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 \nOperating lease liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n(96\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(108\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(308\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nSelf-insured liabilities\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 \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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n35\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n87\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet cash provided by (used in) operating activities\n\n \n\n \n\n \n \n\n \n\n \n\n \n835\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n894\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,432\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,810\n\n \n\n \n\n \n \n\n \n\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 \n\n \n\n \n \n\n \n\n \n\n \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 \n \n\n \n\n \n\n \n(1,903\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,231\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7,799\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7,858\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nProceeds from disposal of revenue earning vehicles\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,720\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,754\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,970\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,656\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNon-vehicle capital asset expenditures\n\n \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 \n \n\n \n\n \n\n \n(22\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(70\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(81\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nProceeds from non-vehicle capital assets disposed of\n\n \n\n \n\n \n \n\n \n\n \n\n \n51\n\n \n\n \n\n \n \n\n \n\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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n177\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nReturn of (investment in) equity investments\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \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 \nNet cash provided by (used in) investing activities\n\n \n\n \n\n \n \n\n \n\n \n\n \n(158\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(487\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,722\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,267\n\n \n\n \n\n \n)\n\n \n\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 \n\n \n\n \n \n\n \n\n \n\n \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\n \n \n\n \n\n \n\n \n850\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,576\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,624\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,259\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRepayments of vehicle debt\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,295\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,159\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4,285\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,280\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nProceeds from issuance of non-vehicle debt\n\n \n\n \n\n \n \n\n \n\n \n\n \n775\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n585\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,831\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,470\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRepayments of non-vehicle debt\n\n \n\n \n\n \n \n\n \n\n \n\n \n(519\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(499\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,378\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,234\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nPayment of financing costs\n\n \n\n \n\n \n \n\n \n\n \n\n \n(27\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(13\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(68\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(55\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nPurchase of Capped Call Transactions, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n(38\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(38\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther\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 \n\n \n\n \n(1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \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\n \n \n \nNet cash provided by (used in) financing activities\n\n \n\n \n\n \n \n\n \n\n \n\n \n(256\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(511\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n677\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,156\n\n \n\n \n\n \n \n\n \n\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 \n \n\n \n\n \n\n \n(1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15\n\n \n\n \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 \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\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\n \n \n\n \n\n \n\n \n420\n\n \n\n \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\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n416\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(301\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nCash and cash equivalents and restricted cash and cash equivalents at beginning of period\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,129\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n994\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,133\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,206\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash and cash equivalents and restricted cash and cash equivalents at end of period\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,549\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n905\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,549\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n905\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Supplemental Schedule I \n\n \n\n \n\n \n \n \n \n \n \n HERTZ GLOBAL HOLDINGS, INC. \nCONDENSED STATEMENT OF OPERATIONS BY SEGMENT\nUnaudited \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n Three Months Ended September 30, 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Three Months Ended September 30, 2024 \n\n \n\n \n\n \n \n \n (In millions) \n\n \n\n \n\n \n Americas \n\n \n\n \n RAC \n\n \n\n \n\n \n \n\n \n\n \n\n \n International \n\n \n\n \n R AC \n\n \n\n \n\n \n \n\n \n\n \n\n \n Corporate \n\n \n\n \n\n \n \n\n \n\n \n\n \n Hertz Global \n\n \n\n \n\n \n \n\n \n\n \n\n \n Americas \n\n \n\n \n RAC \n\n \n\n \n\n \n \n\n \n\n \n\n \n International \n\n \n\n \n R AC \n\n \n\n \n\n \n \n\n \n\n \n\n \n Corporate \n\n \n\n \n\n \n \n\n \n\n \n\n \n Hertz Global \n\n \n\n \n\n \n \n \nRevenues\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,910\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n568\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,478\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,062\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n514\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,576\n\n \n\n \n\n \n \n\n \n\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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\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\n \n \n\n \n\n \n\n \n1,155\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n298\n\n \n\n \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\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,454\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,202\n\n \n\n \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 \n\n \n \n\n \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 \n \n\n \n\n \n\n \n1,470\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDepreciation of revenue earning vehicles and lease charges, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n355\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n102\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n457\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n822\n\n \n\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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n937\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDepreciation and amortization of non-vehicle assets\n\n \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 \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 \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 \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 \n\n \n\n \n28\n\n \n\n \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\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\n \n\n \n \n\n \n\n \n\n \n34\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSelling, general and administrative\n\n \n\n \n\n \n \n\n \n\n \n\n \n127\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n80\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n241\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n113\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n57\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n189\n\n \n\n \n\n \n \n\n \n\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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\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\n \n \n\n \n\n \n\n \n134\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \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 \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n161\n\n \n\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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n33\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n157\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNon-vehicle\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 \n\n \n\n \n(4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \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\n \n\n \n \n\n \n\n \n\n \n86\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n94\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \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 \nTotal interest expense, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n135\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \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 \n\n \n\n \n89\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n247\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n123\n\n \n\n \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 \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n94\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n246\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther (income) expense, net\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 \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 \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 \n\n \n\n \n(1\n\n \n\n \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 \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\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 \n \n\n \n\n \n\n \n \n\n \n\n \n\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(Gain) on sale of non-vehicle capital assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n(39\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(39\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLegal settlement\n\n \n\n \n\n \n \n\n \n\n \n\n \n(154\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(154\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBankruptcy-related litigation reserve\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\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 \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 \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n288\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n288\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLong-Lived Assets impairment\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n865\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n183\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,048\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 \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(21\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(21\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,603\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n503\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n138\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,244\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,155\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n659\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n382\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,196\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome (loss) before income taxes\n\n \n\n \n\n \n$\n\n \n\n \n\n \n307\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n65\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(138\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n234\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(1,093\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(145\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(382\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,620\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nIncome tax (provision) benefit\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(50\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n288\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet income (loss)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n184\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(1,332\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Supplemental Schedule I (continued) \n\n \n\n \n\n \n \n \n \n \n \n HERTZ GLOBAL HOLDINGS, INC. \nCONDENSED STATEMENT OF OPERATIONS BY SEGMENT\nUnaudited \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n Nine Months Ended September 30, 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Nine Months Ended September 30, 2024 \n\n \n\n \n\n \n \n \n (In millions) \n\n \n\n \n\n \n Americas \n\n \n\n \n RAC \n\n \n\n \n\n \n \n\n \n\n \n\n \n International \n\n \n\n \n R AC \n\n \n\n \n\n \n \n\n \n\n \n\n \n Corporate \n\n \n\n \n\n \n \n\n \n\n \n\n \n Hertz Global \n\n \n\n \n\n \n \n\n \n\n \n\n \n Americas \n\n \n\n \n RAC \n\n \n\n \n\n \n \n\n \n\n \n\n \n International \n\n \n\n \n R AC \n\n \n\n \n\n \n \n\n \n\n \n\n \n Corporate \n\n \n\n \n\n \n \n\n \n\n \n\n \n Hertz Global \n\n \n\n \n\n \n \n \nRevenues\n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,138\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,338\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,476\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,729\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,280\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n7,009\n\n \n\n \n\n \n \n\n \n\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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\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\n \n \n\n \n\n \n\n \n3,353\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n768\n\n \n\n \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\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,122\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,553\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n731\n\n \n\n \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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,276\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDepreciation of revenue earning vehicles and lease charges, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,142\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n265\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,407\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,603\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n338\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,941\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDepreciation and amortization of non-vehicle assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n72\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n88\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n81\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n107\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSelling, general and administrative\n\n \n\n \n\n \n \n\n \n\n \n\n \n373\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n184\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n149\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n706\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n374\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n160\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n60\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n594\n\n \n\n \n\n \n \n\n \n\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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\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\n \n \n\n \n\n \n\n \n380\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n73\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n453\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n363\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n84\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \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 \nNon-vehicle\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 \n\n \n\n \n(12\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n456\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n445\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \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 \n \n\n \n\n \n\n \n(14\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n269\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n252\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal interest expense, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n381\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n61\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n456\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n898\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n360\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n70\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n269\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n699\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther (income) expense, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\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 \n \n\n \n\n \n\n \n2\n\n \n\n \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 \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 \n \n\n \n\n \n\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 \n\n \n\n \n2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(Gain) on sale of non-vehicle capital assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n(128\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(128\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLegal settlement\n\n \n\n \n\n \n \n\n \n\n \n\n \n(154\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(154\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBankruptcy-related litigation reserve\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\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 \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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n288\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n288\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLong-Lived Assets impairment\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n865\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n183\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,048\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 \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n130\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n130\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(272\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(272\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n5,041\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,283\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n759\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,083\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,838\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,494\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n351\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9,683\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome (loss) before income taxes\n\n \n\n \n\n \n$\n\n \n\n \n\n \n97\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n55\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(759\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(607\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(2,109\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(214\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(351\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,674\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nIncome tax (provision) benefit\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n54\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n291\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet income (loss)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(553\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(2,383\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Supplemental Schedule II \n\n \n\n \n\n \n \n \n \n \n \n HERTZ GLOBAL HOLDINGS, INC. \nRECONCILIATION OF GAAP TO NON-GAAP MEASURE - ADJUSTED NET INCOME (LOSS), ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE AND ADJUSTED CORPORATE EBITDA\nUnaudited \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n Three Months Ended \n\n \n\n \n September 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Nine Months Ended \n\n \n\n \n September 30 , \n\n \n\n \n\n \n \n \n (In millions, except per share data) \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet income (loss)(a)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n184\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(1,332\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(553\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(2,383\n\n \n\n \n\n \n)\n\n \n\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 \n\n \n\n \n \n\n \n\n \n\n \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\n \n \n\n \n\n \n\n \n50\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(288\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(291\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nVehicle and non-vehicle debt-related charges(b)\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 \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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n77\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n60\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRestructuring and restructuring related charges(c)\n\n \n\n \n\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 \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 \n\n \n\n \n11\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n45\n\n \n\n \n\n \n \n\n \n\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\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \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\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\n \n\n \n\n \n \n \nUnrealized (gains) losses on financial instruments(e)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(33\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(16\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n71\n\n \n\n \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 \n\n \n \n \n(Gain) on sale of non-vehicle capital assets(f)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(39\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(128\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLegal settlement(g)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(154\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(154\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBankruptcy-related litigation reserve(h)\n\n \n\n \n\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 \n \n\n \n\n \n\n \n288\n\n \n\n \n\n \n \n\n \n\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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n288\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLong-Lived Assets impairment(i)\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,048\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,048\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 \n \n\n \n\n \n\n \n6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(21\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n130\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(272\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nOther items(j)(k)\n\n \n\n \n\n \n \n\n \n\n \n\n \n9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n45\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \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 \nAdjusted pre-tax income (loss)(l)\n\n \n\n \n\n \n \n\n \n\n \n\n \n57\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(276\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(542\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,466\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nIncome tax (provision) benefit on adjusted pre-tax income (loss)(m)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(14\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n68\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n136\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n366\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted Net Income (Loss)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n43\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(208\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(406\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(1,100\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nWeighted-average number of diluted shares outstanding\n\n \n\n \n\n \n \n\n \n\n \n\n \n364\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n307\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n309\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n306\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted Diluted Earnings (Loss) Per Share(n)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n0.12\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(0.68\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(1.31\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(3.59\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Supplemental Schedule II (continued) \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n Three Months Ended \n\n \n\n \n September 30 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Nine Months Ended \n\n \n\n \n September 30 , \n\n \n\n \n\n \n \n \n (In millions, except per share data) \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted Corporate EBITDA: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet income (loss)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n184\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(1,332\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(553\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(2,383\n\n \n\n \n\n \n)\n\n \n\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 \n\n \n\n \n \n\n \n\n \n\n \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\n \n \n\n \n\n \n\n \n50\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(288\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(291\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNon-vehicle depreciation and amortization\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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n88\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n107\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNon-vehicle debt interest, net of interest income(o)\n\n \n\n \n\n \n \n\n \n\n \n\n \n123\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n103\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n371\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n266\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVehicle debt-related charges(b)\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 \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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n35\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n33\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRestructuring and restructuring related charges(c)\n\n \n\n \n\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 \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 \n\n \n\n \n11\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n45\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nUnrealized (gains) losses on financial instruments(e)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(33\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(16\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n71\n\n \n\n \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 \n\n \n \n \n(Gain) on sale of non-vehicle capital assets(f)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(39\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(128\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLegal settlement(g)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(154\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(154\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBankruptcy-related litigation reserve(h)\n\n \n\n \n\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 \n \n\n \n\n \n\n \n288\n\n \n\n \n\n \n \n\n \n\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 \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n288\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLong-Lived Assets impairment(i)\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,048\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,048\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNon-cash stock-based compensation forfeitures(p)\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \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\n \n \n \nChange in fair value of Public Warrants\n\n \n\n \n\n \n \n\n \n\n \n\n \n6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(21\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n130\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(272\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nOther items(j)\n\n \n\n \n\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 \n \n\n \n\n \n\n \n15\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n37\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n47\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted Corporate EBITDA(q)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n190\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(157\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(134\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(1,184\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nAdjusted Corporate EBITDA margin\n\n \n\n \n\n \n \n\n \n\n \n\n \n8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \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\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 \n\n \n\n \n(17\n\n \n\n \n\n \n)%\n\n \n\n \n\n \n \n \n \n(a)\n\n \n\n \n\n \nNet income (loss) margin for the three and nine months ended September 30, 2025 was 7% and (9)%, respectively. Net income (loss) margin for the three and nine months ended September 30, 2024 was (52)% and (34)%, respectively.\n\n \n\n \n\n \n \n \n(b)\n\n \n\n \n\n \nRepresents debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums.\n\n \n\n \n\n \n \n \n(c)\n\n \n\n \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\n \n\n \n \n \n(d)\n\n \n\n \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\n \n\n \n \n \n(e)\n\n \n\n \n\n \nRepresents unrealized gains (losses) on derivative financial instruments, including the Exchange Features 2029 and Exchange Feature 2030. \n\n \n\n \n\n \n \n \n(f)\n\n \n\n \n\n \nRepresents gains on the sales of certain non-vehicle assets in second and third quarters of 2025. \n\n \n\n \n\n \n \n \n(g)\n\n \n\n \n\n \nRepresents the gain related to the receipt of a settlement distribution in September 2025 in connection with the Company’s participation in a class action settlement. \n\n \n\n \n\n \n \n \n(h)\n\n \n\n \n\n \nRepresents an increase to an existing bankruptcy-related litigation reserve initially recorded in September 2024 , including interest which continues to accrue during each subsequent reporting period. \n\n \n\n \n\n \n \n \n(i)\n\n \n\n \n\n \nRepresents Long-Lived Assets impairment charges recognized in the third quarter of 2024. \n\n \n\n \n\n \n \n \n(j)\n\n \n\n \n\n \nRepresents miscellaneous items. For the three months ended September 30, 2025 , primarily includes an unfavorable litigation ruling, partially offset by certain litigation adjustments. For the three months ended September 30, 2024 , primarily includes certain IT-related charges, cloud computing costs and certain storm-related damages, partially offset by a loss recovery settlement. For the nine months ended September 30, 2025 , primarily includes certain IT-related charges, an unfavorable litigation ruling, cloud computing costs, certain concession-related adjustments and certain litigation charges and adjustments. For the nine months ended September 30, 2024 , primarily includes certain IT-related charges, cloud computing costs and certain storm-related damages, partially offset by certain litigation settlements and a loss recovery settlement. \n\n \n\n \n\n \n \n \n(k)\n\n \n\n \n\n \nAlso includes letter of credit fees. \n\n \n\n \n\n \n \n \n(l)\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 Pretax Income (Loss) and Adjusted Net Income (Loss), all of which are deemed non-GAAP measures. \n\n \n\n \n\n \n \n \n \n(in millions)\n\n \n\n \n\n \n Three Months Ended September 30, 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n Three Months Ended September 30, 2024 \n\n \n\n \n\n \n \n \n Expenses: \n\n \n\n \n\n \n As Reported \n\n \n\n \n\n \n \n\n \n\n \n\n \n Adjustment \n\n \n\n \n\n \n \n\n \n\n \n\n \n As Adjusted \n\n \n\n \n\n \n \n\n \n\n \n\n \n As Reported \n\n \n\n \n\n \n \n\n \n\n \n\n \n Adjustment \n\n \n\n \n\n \n \n\n \n\n \n\n \n As Adjusted \n\n \n\n \n\n \n \n \nDirect vehicle and operating\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,454\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,460\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,470\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\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 \n1,463\n\n \n\n \n\n \n \n \nDepreciation of revenue earning vehicles and lease charges, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n457\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n457\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n937\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n937\n\n \n\n \n\n \n \n \nDepreciation and amortization of non-vehicle assets\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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \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 \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n34\n\n \n\n \n\n \n \n \nSelling, general and administrative\n\n \n\n \n\n \n \n\n \n\n \n\n \n241\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(17\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n224\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n189\n\n \n\n \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\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n190\n\n \n\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\n \n \n\n \n\n \n\n \n \n\n \n\n \n\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\...

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