HERTZ CORP
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Financial Information of Registrant Hertz Global Holdings, Inc
SCHEDULE I
PARENT COMPANY BALANCE SHEETS
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| ASSETS | ||
| Cash and cash equivalents | $— | $1 |
| Restricted cash and cash equivalents | — | — |
| Total cash and cash equivalents and restricted cash and cash equivalents | — | 1 |
| Prepaid expenses and other assets | 3 | — |
| Investments in subsidiaries, net | (243) | 326 |
| Deferred income taxes, net | 3 | 4 |
| Total assets | $(237) | $331 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Public Warrants | 222 | 178 |
| Total liabilities | 222 | 178 |
| Stockholders' equity: | ||
| Preferred stock, $0.01 par value, no shares issued and outstanding | — | — |
| Common stock, $0.01 par value, 486,543,836 and 481,502,623 shares issued, respectively, and 311,731,792 and 306,690,579 shares outstanding, respectively | 5 | 5 |
| Treasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively | (3,430) | (3,430) |
| Additional paid-in capital | 6,447 | 6,396 |
| Retained earnings (Accumulated deficit) | (3,249) | (2,502) |
| Accumulated other comprehensive income (loss) | (232) | (316) |
| Total stockholders' equity | (459) | 153 |
| Total liabilities and stockholders' equity | $(237) | $331 |
PARENT COMPANY STATEMENTS OF OPERATIONS
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenues | $— | $— | $— |
| Expenses: | |||
| Change in fair value of Public Warrants | 44 | (275) | (163) |
| Total expenses | 44 | (275) | (163) |
| Income (loss) before income taxes and equity in earnings (losses) of subsidiaries | (44) | 275 | 163 |
| Income tax (provision) benefit | — | — | 1 |
| Equity in earnings (losses) of subsidiaries, net of tax | (703) | (3,137) | 452 |
| Net income (loss) | $(747) | $(2,862) | $616 |
PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net income (loss) | $(747) | $(2,862) | $616 |
| Total other comprehensive income (loss) | 84 | (68) | 46 |
| Total comprehensive income (loss) | $(663) | $(2,930) | $662 |
PARENT COMPANY STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net cash provided by (used in) operating activities | $(3) | $(2) | $3 |
| Cash flows from financing activities: | |||
| Share repurchases | — | — | (315) |
| Dividends from Hertz | 13 | 7 | 321 |
| Other | (11) | (4) | (9) |
| Net cash provided by (used in) financing activities | 2 | 3 | (3) |
| Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period | (1) | 1 | — |
| Cash and cash equivalents and restricted cash and cash equivalents at beginning of period | 1 | — | — |
| Cash and cash equivalents and restricted cash and cash equivalents at end of period | $— | $1 | $— |
NOTES TO PARENT COMPANY FINANCIAL STATEMENTS
Note 1—Background and Basis of Presentation
Hertz Global Holdings, Inc. was incorporated in Delaware in 2015 and wholly owns Rental Car Intermediate Holdings, LLC which wholly owns Hertz, Hertz Global's primary operating company.
These condensed parent company financial statements reflect the activity of Hertz Holdings as the parent company to Hertz and have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X, as the restricted net assets of Hertz exceed 25% of the consolidated net assets of Hertz Holdings. This information should be read in conjunction with the consolidated financial statements of Hertz Global included in this 2025 Annual Report under the caption Item 8, "Financial Statements and Supplementary Data."
Note 2—Contingencies
For a discussion of the commitments and contingencies of Hertz Holdings, refer to the sections below included in Note 15, "Contingencies and Off-Balance Sheet Commitments," to the Notes to its consolidated financial statements included in this 2025 Annual Report under the caption Item 8, "Financial Statements and Supplementary Data."
Share Repurchase Program Litigation
Securities Class Action Complaint
The remaining sections of Note 15, "Contingencies and Off-Balance Sheet Commitments," and Note 10, "Leases," describe the commitments and contingencies of Hertz Holdings, including its subsidiaries.
Note 3—Dividends
In 2025 and 2024, $13 million and $7 million of cash dividends were paid by Hertz to Hertz Holdings. In 2023,$321 million in cash dividends were paid by Hertz to Hertz Holdings to fund common stock repurchases. There wereno non-cash dividends paid by Hertz in 2025, 2024 or 2023.
Note 4—Share Repurchases
For a discussion of the share repurchase programs of Hertz Holdings, see Note 17, "Equity and Earnings (Loss) Per Common Share – Hertz Global" in Part II, Item 8 of this 2025 Annual Report. There wereno share repurchases during the years ended December 31, 2025 and 2024.
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