v3.26.3
THC - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:          
Net income (loss)     $ (153) $ (553)  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Depreciation and reserves for revenue earning vehicles, net     1,600 1,585  
Depreciation and amortization, non-vehicle $ 28 $ 29 80 88  
Amortization of deferred financing costs and debt discount (premium)     61 55  
Accreted interest on Exchangeable Notes     27 6  
Non-cash PIK interest on Exchangeable Notes     22 21  
Stock-based compensation charges     56 46  
Provision for receivables allowance     120 86  
Deferred income taxes, net     10 (88)  
Unrealized (gain) loss on financial instruments     (163) 72  
Other     3 5  
Changes in assets and liabilities:          
Non-vehicle receivables     (274) (22)  
Prepaid expenses and other assets     (53) (30)  
Operating lease right-of-use assets     327 323  
Non-vehicle accounts payable     117 43  
Accrued liabilities     (246) 59  
Accrued taxes, net     3 3  
Operating lease liabilities     (311) (304)  
Self-insured liabilities     (12) 35  
Net cash provided by (used in) operating activities     1,000 1,432  
Cash flows from investing activities:          
Revenue earning vehicles expenditures     (8,845) (7,799)  
Proceeds from disposal of revenue earning vehicles     6,778 5,970  
Non-vehicle capital asset expenditures     (84) (70)  
Proceeds from disposal of non-vehicle capital assets     125 177  
Return of (investment in) equity investments     (1) 0  
Net cash provided by (used in) investing activities     (2,027) (1,722)  
Cash flows from financing activities:          
Payment of financing costs     (66) (68)  
Purchase of Capped Call Transactions 2030, net     0 (38)  
Net cash provided by (used in) financing activities     991 677  
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents     (8) 29  
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period     (44) 416  
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 1,123   1,123   $ 1,167
Cash paid during the period for:          
Income taxes, net of refunds     29 54  
Supplemental disclosures of non-cash information:          
Purchases of revenue earning vehicles included in accounts payable, net of incentives     122 200  
Sales of revenue earning vehicles included in vehicle receivables     330 347  
Purchases of non-vehicle capital assets included in accounts payable     29 12  
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease     44 39  
Vehicle          
Cash flows from financing activities:          
Proceeds from issuance of debt     4,165 4,624  
Repayments of debt     (3,825) (4,285)  
Cash paid during the period for:          
Interest, net of amounts capitalized:     458 400  
Non-vehicle          
Cash flows from financing activities:          
Proceeds from issuance of debt     2,621 1,831  
Repayments of debt     (1,894) (1,378)  
Cash paid during the period for:          
Interest, net of amounts capitalized:     355 349  
The Hertz Corporation          
Cash flows from operating activities:          
Net income (loss) 98 190 (301) (423)  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Depreciation and reserves for revenue earning vehicles, net     1,600 1,585  
Depreciation and amortization, non-vehicle     80 88  
Amortization of deferred financing costs and debt discount (premium)     61 55  
Accreted interest on Exchangeable Notes     27 6  
Non-cash PIK interest on Exchangeable Notes     22 21  
Stock-based compensation charges     56 46  
Provision for receivables allowance     120 86  
Deferred income taxes, net     10 (88)  
(Gain) loss on sale of non-vehicle capital assets     (64) (128)  
Unrealized (gain) loss on financial instruments     (163) 72  
Other     2 6  
Changes in assets and liabilities:          
Non-vehicle receivables     (274) (22)  
Prepaid expenses and other assets     (54) (28)  
Operating lease right-of-use assets     327 323  
Non-vehicle accounts payable     117 43  
Accrued liabilities     (246) 59  
Accrued taxes, net     3 3  
Operating lease liabilities     (311) (304)  
Self-insured liabilities     (12) 35  
Net cash provided by (used in) operating activities     1,000 1,435  
Cash flows from investing activities:          
Revenue earning vehicles expenditures     (8,845) (7,799)  
Proceeds from disposal of revenue earning vehicles     6,778 5,970  
Non-vehicle capital asset expenditures     (84) (70)  
Proceeds from disposal of non-vehicle capital assets     125 177  
Return of (investment in) equity investments     (1) 0  
Net cash provided by (used in) investing activities     (2,027) (1,722)  
Cash flows from financing activities:          
Payment of financing costs     (66) (68)  
Purchase of Capped Call Transactions 2030, net     0 (38)  
Dividends paid to Hertz Holdings     (13) (11)  
Contributions from (distributions to) affiliates, net     3 0  
Net cash provided by (used in) financing activities     991 675  
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents     (8) 29  
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period     (44) 417  
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 $ 1,123 $ 1,549 1,123 1,549 $ 1,167
Cash paid during the period for:          
Income taxes, net of refunds     29 54  
Supplemental disclosures of non-cash information:          
Purchases of revenue earning vehicles included in accounts payable, net of incentives     122 200  
Sales of revenue earning vehicles included in vehicle receivables     330 347  
Purchases of non-vehicle capital assets included in accounts payable     29 12  
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease     44 39  
The Hertz Corporation | Vehicle          
Cash flows from financing activities:          
Proceeds from issuance of debt     4,165 4,624  
Repayments of debt     (3,825) (4,285)  
Cash paid during the period for:          
Interest, net of amounts capitalized:     458 400  
The Hertz Corporation | Non-vehicle          
Cash flows from financing activities:          
Proceeds from issuance of debt     2,621 1,831  
Repayments of debt     (1,894) (1,378)  
Cash paid during the period for:          
Interest, net of amounts capitalized:     $ 355 $ 349