v3.26.1
THC - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:          
Net income (loss)     $ (269) $ (737)  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Depreciation and reserves for revenue earning vehicles, net     1,079 1,082  
Depreciation and amortization, non-vehicle $ 26 $ 29 52 59  
Amortization of deferred financing costs and debt discount (premium)     37 36  
Accreted interest on Exchangeable Notes     15 4  
Non-cash PIK interest on Exchangeable Notes     11 11  
Stock-based compensation charges     38 32  
Provision for receivables allowance     84 53  
Deferred income taxes, net     39 (148)  
Unrealized (gain) loss on financial instruments     (84) 104  
Other     (1) 9  
Changes in assets and liabilities:          
Non-vehicle receivables     (275) (84)  
Prepaid expenses and other assets     (66) (53)  
Operating lease right-of-use assets     220 218  
Non-vehicle accounts payable     90 28  
Accrued liabilities     (211) 138  
Accrued taxes, net     6 4  
Operating lease liabilities     (167) (208)  
Self-insured liabilities     (2) 14  
Net cash provided by (used in) operating activities     401 597  
Cash flows from investing activities:          
Revenue earning vehicles expenditures     (7,217) (5,896)  
Proceeds from disposal of revenue earning vehicles     5,083 4,250  
Non-vehicle capital asset expenditures     (57) (44)  
Proceeds from disposal of non-vehicle capital assets     122 126  
Net cash provided by (used in) investing activities     (2,069) (1,564)  
Cash flows from financing activities:          
Payment of financing costs     (54) (41)  
Other     (12) (7)  
Net cash provided by (used in) financing activities     1,815 933  
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents     (10) 30  
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period     137 (4)  
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period     1,167    
Cash and cash equivalents and restricted cash and cash equivalents at end of period 1,304   1,304   $ 1,167
Cash paid during the period for:          
Income taxes, net of refunds     26 56  
Supplemental disclosures of non-cash information:          
Purchases of revenue earning vehicles included in accounts payable, net of incentives     355 191  
Sales of revenue earning vehicles included in vehicle receivables     148 100  
Purchases of non-vehicle capital assets included in accounts payable     23 10  
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease     32 30  
Vehicle          
Cash flows from financing activities:          
Proceeds from issuance of debt     2,785 3,774  
Repayments of debt     (1,675) (2,990)  
Cash paid during the period for:          
Interest, net of amounts capitalized:     294 255  
Non-vehicle          
Cash flows from financing activities:          
Proceeds from issuance of debt     2,101 1,056  
Repayments of debt     (1,333) (859)  
Cash paid during the period for:          
Interest, net of amounts capitalized:     219 212  
The Hertz Corporation          
Cash flows from operating activities:          
Net income (loss) (34) (179) (399) (613)  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Depreciation and reserves for revenue earning vehicles, net     1,079 1,082  
Depreciation and amortization, non-vehicle     52 59  
Amortization of deferred financing costs and debt discount (premium)     37 36  
Accreted interest on Exchangeable Notes     15 4  
Non-cash PIK interest on Exchangeable Notes     11 11  
Stock-based compensation charges     38 32  
Provision for receivables allowance     84 53  
Deferred income taxes, net     39 (148)  
(Gain) loss on sale of non-vehicle capital assets     (64) (89)  
Unrealized (gain) loss on financial instruments     (84) 104  
Other     0 10  
Changes in assets and liabilities:          
Non-vehicle receivables     (275) (84)  
Prepaid expenses and other assets     (68) (53)  
Operating lease right-of-use assets     220 218  
Non-vehicle accounts payable     90 28  
Accrued liabilities     (211) 138  
Accrued taxes, net     6 4  
Operating lease liabilities     (167) (208)  
Self-insured liabilities     (2) 14  
Net cash provided by (used in) operating activities     401 598  
Cash flows from investing activities:          
Revenue earning vehicles expenditures     (7,217) (5,896)  
Proceeds from disposal of revenue earning vehicles     5,083 4,250  
Non-vehicle capital asset expenditures     (57) (44)  
Proceeds from disposal of non-vehicle capital assets     122 126  
Net cash provided by (used in) investing activities     (2,069) (1,564)  
Cash flows from financing activities:          
Payment of financing costs     (54) (41)  
Dividends paid to Hertz Holdings     (13) (7)  
Other     1 0  
Net cash provided by (used in) financing activities     1,812 933  
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents     (10) 30  
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period     134 (3)  
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period     1,167 1,132 1,132
Cash and cash equivalents and restricted cash and cash equivalents at end of period $ 1,301 $ 1,129 1,301 1,129 $ 1,167
Cash paid during the period for:          
Income taxes, net of refunds     26 56  
Supplemental disclosures of non-cash information:          
Purchases of revenue earning vehicles included in accounts payable, net of incentives     355 191  
Sales of revenue earning vehicles included in vehicle receivables     148 100  
Purchases of non-vehicle capital assets included in accounts payable     23 10  
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease     32 30  
The Hertz Corporation | Vehicle          
Cash flows from financing activities:          
Proceeds from issuance of debt     2,785 3,774  
Repayments of debt     (1,675) (2,990)  
Cash paid during the period for:          
Interest, net of amounts capitalized:     294 255  
The Hertz Corporation | Non-vehicle          
Cash flows from financing activities:          
Proceeds from issuance of debt     2,101 1,056  
Repayments of debt     (1,333) (859)  
Cash paid during the period for:          
Interest, net of amounts capitalized:     $ 219 $ 212