Hertz Posts Q2 Revenue of $2.3B, Net Income $940M

For the second quarter of 2022 Hertz Global Holdings reported record results of revenue of $2.3 billion in overall revenue, a net income of $940 million, and adjusted corporate EBITDA of $764 million, a 33% margin. The revenue jump was up 25% over the second quarter last year and 30% quarter over quarter.

Revenue results were driven by Hertz’s international segment, which rose 61% compared to the second quarter of 2021, though adjusted EBITDA was virtually flat. Revenues in the Americas segment jumped 20% quarter over quarter, while adjusted EBITDA rose 16%.

In the Americas segment, Hertz finished with 422,113 average vehicles in its fleet, a 21% gain over the second quarter of 2021. Utilization remained steady at 80% compared to last year. Transaction days jumped 17%, while depreciation per unit fell 36% to $49 a vehicle.

"Our second quarter results were impressive and position us well for the peak summer season," said Hertz CEO Stephen Scherr in a statement. "We produced record Adjusted Corporate EBITDA and adjusted free cash flow, taking advantage of positive market conditions. The hard work of our team and the resulting financial performance provided us with the opportunity to pursue investments in technology and a younger fleet, while returning capital to shareholders."

At end of trading on July 29, Hertz’s stock was up 6.25% at $21.42 a share.