HERC HOLDINGS INC
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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FY2025 · Filed Feb 17, 2026
HRI$164.59-1.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income | $1 | $211 | $347 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation of rental equipment | 856 | 679 | 643 |
| Depreciation of property and equipment | 109 | 82 | 71 |
| Amortization of intangible assets | 115 | 45 | 41 |
| Amortization of deferred debt and financing obligations costs | 8 | 5 | 4 |
| Loss on extinguishment of debt | 2 | — | — |
| Stock-based compensation charges | 34 | 17 | 18 |
| Impairment | 6 | — | — |
| Provision for receivables allowance | 88 | 70 | 65 |
| Loss on assets held for sale | 48 | 194 | — |
| Deferred taxes | (9) | 59 | 89 |
| Gain on sale of rental equipment | (91) | (87) | (94) |
| Other | 15 | 12 | 1 |
| Changes in assets and liabilities, net of effects from acquisitions: | |||
| Receivables | (46) | (62) | (98) |
| Other assets | (1) | (26) | (22) |
| Accounts payable | 36 | 2 | 7 |
| Accrued liabilities and other long-term liabilities | (86) | 24 | 14 |
| Net cash provided by operating activities | 1,085 | 1,225 | 1,086 |
| Cash flows from investing activities: | |||
| Rental equipment expenditures | (1,097) | (1,048) | (1,320) |
| Proceeds from disposal of rental equipment | 448 | 288 | 325 |
| Non-rental capital expenditures | (157) | (161) | (156) |
| Proceeds from disposal of property and equipment | 20 | 10 | 15 |
| Acquisitions, net of cash acquired | (4,257) | (600) | (430) |
| Proceeds from disposal of business, net | 99 | — | — |
| Other investing activities | — | — | (15) |
| Net cash used in investing activities | (4,944) | (1,511) | (1,581) |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from financing activities: | |||
| Proceeds from issuance of long-term debt | 4,661 | 800 | — |
| Repayments of long-term debt | (1,200) | — | — |
| Proceeds from revolving lines of credit and securitization | 4,585 | 2,008 | 2,127 |
| Repayments on revolving lines of credit and securitization | (4,092) | (2,399) | (1,387) |
| Principal payments under finance lease and financing obligations | (22) | (19) | (16) |
| Payment of debt financing costs | (16) | (9) | (1) |
| Dividends paid | (87) | (77) | (73) |
| Net settlement on vesting of equity awards | (8) | (12) | (25) |
| Proceeds from employee stock purchase plan | 6 | 5 | 4 |
| Proceeds from exercise of stock options | — | 2 | 3 |
| Repurchase of common stock | — | — | (120) |
| Net cash provided by financing activities | 3,827 | 299 | 512 |
| Effect of foreign exchange rate changes on cash and cash equivalents | 1 | (1) | — |
| Net change in cash and cash equivalents during the period | (31) | 12 | 17 |
| Cash and cash equivalents at beginning of period | 83 | 71 | 54 |
| Cash and cash equivalents at end of period | $52 | $83 | $71 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid for interest | $419 | $258 | $221 |
| Cash paid for income taxes, net | $24 | $12 | $30 |
| Supplemental disclosures of non-cash investing activity: | |||
| Purchases of rental equipment in accounts payable | $19 | $30 | $— |
| Non-rental capital expenditures in accounts payable | $5 | $2 | $— |
| Disposals of rental equipment in accounts receivable | $24 | $6 | $— |
| Supplemental disclosures of non-cash investing and financing activity: | |||
| Issuance of common stock for H&E acquisition | $584 | $— | $— |
| Equipment acquired through finance lease | $21 | $17 | $24 |
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