HTZWWHIGH SIGNALFINANCIAL10-K

HTZWW posted a substantial reduction in net losses while operating cash flow declined meaningfully and debt increased to $15.7 billion.

The dramatic improvement in net loss position suggests potential progress on operational efficiency or restructuring efforts, though this must be weighed against weakening cash generation capabilities. The combination of reduced operating cash flow and increased debt burden raises questions about the company's liquidity position and ability to service its substantial debt load going forward.

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FINANCIAL ANALYSIS

HTZWW showed a mixed financial picture with net losses improving substantially from $2.9 billion to $747 million, while SG&A expenses grew modestly by 16.8% to $957 million. However, operating cash flow declined notably by 26.9% to $1.6 billion, and total debt increased 13.2% to $15.7 billion. The divergence between improved bottom-line losses and weakening cash generation, combined with rising debt levels, signals ongoing financial stress despite progress on loss reduction.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+73.9%
-$2.9B-$747.0M

Net income grew 73.9% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
-26.9%
$2.2B$1.6B

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

SG&A Expense
P&L
+16.8%
$819.0M$957.0M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Total Debt
Balance Sheet
+13.2%
$13.9B$15.7B

Debt rose 13.2% — additional borrowing for investment or operations; monitor coverage ratios.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-18
ADDED
Class Shares Outstanding as of February 19, 2026 Hertz Global Holdings, Inc.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 46 CONSOLIDATED RESULTS OF OPERATIONS - HERTZ 51 RESULTS OF OPERATIONS AND SELECTED OPERATING DATA BY SEGMENT 53 LIQUIDITY AND CAPITAL RESOURCES 59 ITEM 7A.
AND SUBSIDIARIES THE HERTZ CORPORATION AND SUBSIDIARIES (xxxiii) "VIE" means variable interest entity.
We have proprietary rights to a number of trademarks used in this 2025 Annual Report that are important to our business, including, without limitation, Hertz, Dollar and Thrifty.
AND SUBSIDIARIES THE HERTZ CORPORATION AND SUBSIDIARIES CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS AND SUMMARY OF RISK FACTORS (Continued) our ability to offer services for a favorable customer experience, and to retain and develop customer loyalty and market share; our ability to maintain our network of leases and vehicle rental concessions at airports and other key locations in the U.S.
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REMOVED
Class Shares Outstanding as of February 6, 2025 Hertz Global Holdings, Inc.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 47 ITEM 7A.
and The Hertz Corporation into a single filing; (ii) "Amendment No.
GAAP" means accounting principles generally accepted in the U.S.; (xxx) "vehicles means cars, vans, crossovers and light trucks; and (xxxi) "VIE" means variable interest entity.
AND SUBSIDIARIES THE HERTZ CORPORATION AND SUBSIDIARIES We have proprietary rights to a number of trademarks used in this 2024 Annual Report that are important to our business, including, without limitation, Hertz, Dollar, Thrifty, Hertz Gold Plus Rewards and Hertz Ultimate Choice.
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