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Hertz Posts Record Income for 2022

Higher volume, lower operating expense drove record net income and EBITDA for Hertz.

Hertz Posts Record Income for 2022

Fleet rejuvenation and seasonal defleeting drove Hertz’s capital expenditures of $312 million.

Logo: Hertz/Design: Canva

2 min to read


Hertz reported total revenues of $2 billion for the fourth quarter of 2022, up 4% from the fourth quarter of 2021, and up 7% on a constant currency basis.

Total revenue per transaction day and total revenue per unit per month were at fourth-quarter record levels, and volume was up 3% led by post-pandemic demand recovery. Hertz said depreciation continued to normalize during the quarter.

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Excluding litigation settlements of $168 million in the quarter, direct operating expense per transaction day was $33, down $2 from the third quarter of 2022, showing improved operating leverage.

Net income was $116 million and adjusted corporate EBITDA was $309 million, a 15% margin. For the quarter, loss per share was $0.01 and adjusted earnings per share was $0.50.

Operating cash flow was $277 million for the quarter. Hertz said fleet capital expenditures of $312 million was a source of cash in the fourth quarter, driven by fleet rejuvenation and seasonal defleeting. Consequently, adjusted free cash flow was $424 million, reflecting a 137% conversion from adjusted corporate EBITDA. The company acquired 19 million shares, or 6% of its common stock, during the quarter.

“Our strong results in the fourth quarter and record performance last year reflect a commitment to customers – from leisure and corporate travelers to ride share drivers. With a focus on asset return and risk management, we showed better operating performance, more disciplined fleet management and a commitment to financial returns,” said Stephen Scherr, Hertz chair and chief executive officer.

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