Investing.com -- Hertz Global Holdings, Inc. (NASDAQ:HTZ) reported third-quarter results that fell short of Wall Street expectations, with adjusted earnings per share of $0.14 missing the analyst consensus of $0.25 by $0.11. Revenue of $2.6 billion also came in below the $2.63 billion estimate, though it represented a 6% increase from the prior year period.
The company posted adjusted net income of $67 million and adjusted corporate EBITDA of $233 million, up 15% YoY. GAAP net income totaled $116 million, down from $184 million in the third quarter of 2025. Shares fell 7% following the results.
"We delivered our strongest quarterly revenue and Adjusted Corporate EBITDA performance in three years, driven by continued revenue growth and margin expansion on flat capacity," said Gil West, Chief Executive Officer of Hertz.
Revenue per unit and revenue per day each increased approximately 5% YoY, marking the third consecutive quarter of sequential improvement. The company's U.S. core business showed particular strength with revenue per day rising approximately 8%, though this was partially offset by softness in international markets.
Direct operating expense per day increased 6% YoY, with approximately 240 basis points attributed to revenue-related expenses. The remaining increase primarily reflected higher collision and maintenance costs. The spread between revenue per day and adjusted direct operating expense per day improved by approximately 5% YoY.
Net depreciation per unit was $285 per month, consistent with company expectations. Hertz's U.S. core fleet averaged nine months in age, the youngest it has been in 12 years.
The company ended the quarter with approximately $946 million of liquidity. Hertz also announced that Oro Mobility secured an $80 million strategic equity investment, with Oro drivers having completed more than 10 million miles to date.
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