Key Highlights

  • Hertz Global Holdings (NASDAQ:HTZ) is scheduled to report third-quarter 2026 results on Thursday, November 5, 2026 before the open, and Options data on October 30 implied a move of 21.8%.
  • Second-quarter Revenue was USD 2,396 million, up 10%, with GAAP Net Income of USD 64 million against a net loss of USD 294 million a year earlier, according to the August 6, 2026 release.
  • Adjusted corporate EBITDA rose to USD 81 million from USD 18 million, while fleet Depreciation per unit per month rose 18% to USD 302 from USD 256.
  • Liquidity was about USD 984 million at quarter end, and full-year depreciation per unit is guided at or below USD 300 per month, with revenue per unit expected to trend above USD 1,500.

What the Last Report Showed

Hertz Global Holdings (NASDAQ:HTZ) rents cars and carries a large owned fleet, so depreciation is its biggest swing cost. Second-quarter GAAP diluted Earnings were USD 0.05 per share, yet adjusted diluted earnings were a loss of USD 0.11, and adjusted net loss was USD 47 million. The difference reflects non-GAAP adjustments described in the release. Average vehicles were 539,118, down 1%, while average rentable vehicles were 517,835, up 1%. Adjusted corporate EBITDA of USD 81 million beat the top of revised guidance, which points to better cost control and pricing. Liquidity of about USD 984 million was in line with the company's guide of just under USD 1 billion.

Why the Implied Move Is So Large

A 21.8% implied move is the largest among the major November 4 and 5 reports reviewed, reflecting Leverage and the sensitivity of earnings to fleet costs, used-car values and rental demand. A small change in depreciation per unit can move profit by a large amount. Management targets depreciation at or below USD 300 per month for the full year, so the 18% year-on-year rise to USD 302 in the second quarter would need to ease. The release gives no numeric adjusted EBITDA guide for the third quarter, so investors will compare the result with analyst expectations and with the prior year. Used-car values, which set the resale price of retired vehicles, are a hidden driver of that cost.

Risks and What to Watch

Traders will watch revenue per unit against the USD 1,500 target, depreciation per unit, adjusted EBITDA and liquidity, which was about USD 984 million and slightly over USD 1 billion pro forma for a July notes add-on. Rental companies also face seasonal swings, and the third quarter is usually a peak travel period. Risks include used-car price swings, high fleet and financing costs, travel Demand and Debt levels. A 21.8% implied move is a snapshot from options data on October 30, not a forecast of direction, and Hertz Global Holdings (NASDAQ:HTZ) reports before the open on November 5, 2026. Nothing in this article is Investment advice.

Where Things Stand

The answer is Hertz Global Holdings (NASDAQ:HTZ), which faces a 21.8% options-implied move because earnings swing sharply with fleet depreciation, pricing and demand. After a USD 64 million GAAP profit but an adjusted net loss of USD 47 million, the November 5, 2026 report will show whether depreciation per unit moves toward the USD 300 target and whether adjusted EBITDA keeps rising from USD 81 million.