Hertz Fleet Woes: Fixed, Then Flawed Again?

Hertz Global Holdings is currently involved in a federal securities class action lawsuit filed in the Middle District of Florida. The suit, Cameron Schweitzer v. Hertz Global Holdings, Inc. et al., covers investors who purchased shares between May 7 and June 23, 2026.

In the first quarter of 2026, Hertz reported $2.0 billion in revenue, a 11% increase, but incurred a GAAP net loss of $333 million. The company highlighted a year-over-year improvement in Net Depreciation Per Unit Per Month to $312, nearing its target of under $300.

However, just seven weeks later, Hertz disclosed in a prospectus that unexpected softness in the used car market in May had resulted in losses from vehicle sales. This significantly altered the company's financial outlook for the second quarter.

Previously strong April gains on vehicle sales were wiped out by May's market performance. Hertz revised its second-quarter net depreciation per unit to approximately $300 and projected Adjusted Corporate EBITDA between $50 million and $80 million. This indicates that the disposal of vehicles, a key profit driver, became a substantial negative factor for the quarter.