v3.26.1
Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global
Public Warrants

As of June 30, 2026, approximately 82,700,000 Public Warrants remain outstanding with an exercise price of $12.81. There have been approximately 6,300,000 Public Warrants exercised since their original issuance in June 2021. The Public Warrants are recorded at fair value in the accompanying unaudited condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. See Note 11, "Fair Value Measurements."

In connection with the issuance of the Exchangeable First Lien Notes Due 2030, as disclosed in Note 5, "Debt," an anti-dilution provision in the agreement governing the Public Warrants required that the exercise price and warrant number be adjusted. This resulted in the exercise price of the Public Warrants decreasing from $13.61 to $12.81, effective upon the issuance of the Exchangeable First Lien Notes Due 2030 on June 29, 2026. Effective concurrently with the change in exercise price, the number of shares of Hertz Global common stock to which a holder of a Public Warrant is entitled upon exercise of a Public Warrant increased from 1.0140 shares to 1.0772 shares.

At-the-Market ("ATM") Equity Offering Program

In May 2025, Hertz Global filed a Form S-3 Registration Statement as well as a prospectus supplement covering the offering, issuance and sale of up to a maximum aggregate offering price of $250 million shares of Hertz Global common stock par value $0.01 per share that may be issued and sold from time to time under an equity distribution agreement with various banking institutions, acting as the Company's agents, through an ATM offering program (the "ATM Program"). Between April 1, 2026, and June 30, 2026, approximately 524,000 shares of Hertz Global common stock were sold under the ATM Program for net proceeds of approximately $3 million. As of June 30, 2026, there remains approximately $247 million shares of Hertz Global common stock to be issued under the ATM Program.
Computation of Earnings (Loss) Per Common Share

Basic earnings (loss) per common share has been computed based upon the weighted-average number of common shares outstanding. Diluted earnings (loss) per common share has been computed based upon the weighted-average number of common shares outstanding plus the effect of all potentially dilutive common stock equivalents, including Public Warrants, Exchangeable Notes Due 2029, Exchangeable Notes Due 2030 and Exchangeable First Lien Notes Due 2030, except when the effect would be antidilutive. Dilutive shares for stock-based instruments and Public Warrants are computed using the treasury stock method and dilutive shares for Exchangeable Notes Due 2029, Exchangeable Notes Due 2030 and Exchangeable First Lien Notes Due 2030 are computed using the if-converted method. Additionally, the Company removes the income or expense impacts related to Public Warrants, Exchangeable Notes Due 2029, Exchangeable Notes Due 2030 and Exchangeable First Lien Notes Due 2030 when computing diluted earnings (loss) per common share, when the impacts are dilutive.

Concurrently with the issuance of the Exchangeable First Lien Notes Due 2030, Hertz Global lent the Borrowed Shares pursuant to the Share Lending Agreement, as disclosed in Note 5, "Debt." The Share Lending Agreement qualified for equity classification in accordance with ASC 815-40, Contracts on an Entity's Own Equity, and as such, the Borrowed Shares are excluded from the calculation of basic and diluted earnings (loss) per share.
The following table sets forth the computation of basic and diluted earnings (loss) per common share:
Three Months Ended
June 30,		Six Months Ended
June 30,
(In millions, except per share data)(1)
2026202520262025
Numerator:
Net income (loss) available to Hertz Global common stockholders, basic$64 $(294)$(269)$(737)
Impact of Exchangeable Notes Due 2029
(27)— (37)— 
Impact of Exchangeable Notes Due 2030
(8)— — — 
Impact of Exchangeable First Lien Notes Due 2030
(5)— (5)— 
Net income (loss) available to Hertz Global common stockholders, diluted$23 $(294)$(312)$(737)
Denominator:
Basic weighted-average common shares outstanding317 309 315 308 
Dilutive effect of stock options, RSUs and PSUs11 — — — 
Dilutive effect of Exchangeable Notes Due 2029
43 — 42 — 
Dilutive effect of Exchangeable Notes Due 2030
46 — — — 
Dilutive effect of Exchangeable First Lien Notes Due 2030
1 — 1 — 
Diluted weighted-average common shares outstanding418 309 358 308 
Antidilutive:
Antidilutive Public Warrants83 83 83 83 
Antidilutive stock options, RSUs and PSUs5 18 16 17 
Antidilutive shares related to Exchangeable Notes Due 2029
— 39 — 39 
Antidilutive shares related to Exchangeable Notes Due 2030
— — 46 — 
Total antidilutive87 140 144 139 
Earnings (loss) per common share:
Basic$0.20 $(0.95)$(0.85)$(2.39)
Diluted$0.05 $(0.95)$(0.87)$(2.39)
(1)    This table is denoted in millions, excluding earnings (loss) per common share. Amounts are calculated from the underlying numbers in thousands, and, as a result, may not agree to the amounts shown in the table when calculated in millions.