HERTZ CORP
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
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Results of Operations and Selected Operating Data by Segment
Americas RAC
| Three Months EndedSeptember 30, · % Change · Nine Months EndedSeptember 30, · % Change | ||||||
|---|---|---|---|---|---|---|
| ($ in millions, except as noted) · 2026 · 2025 · 2026 · 2025 | ||||||
| Total revenues | $2,045 | $1,910 | 7% | $5,591 | $5,138 | 9% |
| Depreciation of revenue earning vehicles and lease charges, net | $358 | $355 | 1 | $1,151 | $1,142 | 1 |
| Direct vehicle and operating expenses | $1,242 | $1,155 | 8 | $3,523 | $3,353 | 5 |
| Direct vehicle and operating expenses as a percentage of total revenues | 61% | 60% | 63% | 65% | ||
| Non-vehicle depreciation and amortization | $23 | $23 | — | $65 | $72 | (10) |
| Selling, general and administrative expenses | $137 | $127 | 9 | $398 | $373 | 7 |
| Selling, general and administrative expenses as a percentage of total revenues | 7% | 7% | 7% | 7% | ||
| Vehicle interest expense | $139 | $134 | 4 | $401 | $380 | 6 |
| Legal settlement | $(6) | $(154) | 96 | $(6) | $(154) | 96 |
| (Gain) from the sale of non-vehicle capital assets | $— | $(39) | 100 | $(64) | $(128) | 50 |
| Adjusted EBITDA | $188 | $153 | 23 | $173 | $(40) | NM |
| Transaction Days (in thousands)(b) | 31,893 | 31,923 | — | 91,350 | 90,616 | 1 |
| Average Vehicles (in whole units)(f) | 427,207 | 425,268 | — | 425,500 | 425,293 | — |
| Average Rentable Vehicles (in whole units)(c) | 412,911 | 409,371 | 1 | 408,285 | 400,825 | 2 |
| Vehicle Utilization(c) | 84% | 85% | 82% | 83% | ||
| Total RPD (in dollars)(d) | $64.21 | $59.86 | 7 | $61.24 | $56.75 | 8 |
| Total RPU Per Month (in whole dollars)(e) | $1,653 | $1,556 | 6 | $1,523 | $1,425 | 7 |
| Depreciation Per Unit Per Month (in whole dollars)(f) | $280 | $279 | — | $301 | $299 | 1 |
| Percentage of program vehicles as of period end | 13% | 12% | 13% | 12% | ||
Footnotes to the table above are shown in the "Footnotes to the Results of Operations and Selected Operating Data by Segment Tables" section of this MD&A.
Total Americas RAC revenues increased $135 million in the third quarter of 2026 compared to the same period in 2025 due primarily to higher pricing, in which Total RPD increased primarily across our leisure and business channels. Airport revenues comprised 70% of total revenues for the segment in the third quarter of 2026 compared to 69% in the same period in 2025.
Depreciation of revenue earning vehicles and lease charges, net for Americas RAC increased $2 million in the third quarter of 2026 compared to the same period in 2025 due primarily to a reduction in per unit gains on fewer vehicle dispositions, partially offset by a reduction in costs associated with the sales of vehicles resulting in part from our disposition channel mix.
DOE for Americas RAC increased $88 million in the third quarter of 2026 compared to the same period in 2025 due primarily to higher collision, maintenance and variable revenue-related costs.
Non-vehicle depreciation and amortization was comparable in the third quarter of 2026 to the same period in 2025.
SG&A for Americas RAC increased $11 million in the third quarter of 2026 compared to the same period in 2025 due primarily to increased marketing spend.
Vehicle interest expense for Americas RAC increased $5 million in the third quarter of 2026 compared to the same period in 2025 due primarily to higher average rates and increased debt levels driven by the issuance of HVF III 2025 Notes in December 2025 and the issuances of the HVF III 2026 Notes in May and August 2026.
Americas RAC recognized gains of $6 million and $154 million in the third quarters of 2026 and 2025, respectively, related to the receipt of legal settlement distributions in connection with our participation in a class action settlement, as disclosed in Note 12, "Contingencies and Off-Balance Sheet Commitments," in Part I, Item 1 of this Quarterly Report.
Americas RAC recognized a gain of $39 million in the third quarter of 2025 on the sales of certain non-vehicle capital assets, as disclosed in Note 3, "Divestitures," in Part I, Item 1 of this Quarterly Report. We expect to continue to evaluate and complete, when deemed appropriate, sales and lease backs of certain non-vehicle capital assets through the end of 2026.
Total Americas RAC revenues increased $452 million in the nine months ended September 30, 2026 compared to the same period in 2025 due primarily to higher pricing. Total RPD increased across all customer channels in the nine months ended September 30, 2026 compared to the same period in 2025. Airport revenues comprised 69% of total revenues for the segment in each of the nine months ended September 30, 2026 and 2025.
Depreciation of revenue earning vehicles and lease charges, net for Americas RAC increased $9 million in the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to a reduction in per unit gains recognized on vehicle disposals, partially offset by a reduction in costs associated with the sales of vehicles resulting in part from our disposition channel mix.
DOE for Americas RAC increased $169 million in the nine months ended September 30, 2026 compared to the same period in 2025 due primarily to higher collision, maintenance and variable revenue-related costs.
Non-vehicle depreciation and amortization decreased $7 million in the nine months ended September 30, 2026 compared to the same period in 2025 due primarily to an increase in assets that are fully depreciated.
SG&A for Americas RAC increased $25 million in the nine months ended September 30, 2026 compared to the same period in 2025 due primarily to higher marketing spend, partially offset by lower personnel costs.
Vehicle interest expense for Americas RAC increased $21 million in the nine months ended September 30, 2026 compared to the same period in 2025 due primarily to increased debt levels and higher average rates resulting from the issuances of HVF III 2025 Notes in June and December 2025 and the issuance of the HVF III 2026 Notes in May and August 2026.
Americas RAC recognized gains of $6 million and $154 million in the nine months ended September 30, 2026 and 2025 related to the receipt of legal settlement distributions in connection with our participation in a class action settlement, as disclosed in Note 12, "Contingencies and Off-Balance Sheet Commitments," in Part I, Item 1 of this Quarterly Report.
Americas RAC recognized gains of $64 million and $128 million in the nine months ended September 30, 2026 and 2025, respectively, on the sales of certain non-vehicle capital assets during the second quarter of 2026 and the second and third quarters of 2025, respectively, as disclosed in Note 3, "Divestitures," in Part I, Item 1 of this Quarterly Report. We expect to continue to evaluate and complete, when deemed appropriate, sales and lease backs of certain non-vehicle capital assets through the end of 2026.
International RAC
| Three Months EndedSeptember 30, · % Change · Nine Months EndedSeptember 30, · % Change | ||||||
|---|---|---|---|---|---|---|
| ($ in millions, except as noted) · 2026 · 2025 · 2026 · 2025 | ||||||
| Total revenues | $572 | $568 | 1% | $1,426 | $1,338 | 7% |
| Depreciation of revenue earning vehicles and lease charges, net | $110 | $102 | 8 | $285 | $265 | 8 |
| Direct vehicle and operating expenses | $303 | $298 | 1 | $815 | $768 | 6 |
| Direct vehicle and operating expenses as a percentage of total revenues | 53% | 53% | 57% | 57% | ||
| Non-vehicle depreciation and amortization | $3 | $3 | 35 | $10 | $10 | — |
| Selling, general and administrative expenses | $71 | $80 | (11) | $193 | $184 | 5 |
| Selling, general and administrative expenses as a percentage of total revenues | 12% | 14% | 14% | 14% | ||
| Vehicle interest expense | $24 | $27 | (11) | $73 | $73 | — |
| Adjusted EBITDA | $94 | $103 | (9) | $139 | $131 | 6 |
| Transaction Days (in thousands)(b) | 9,075 | 8,961 | 1 | 23,157 | 22,865 | 1 |
| Average Vehicles (in whole units)(f) | 123,027 | 121,633 | 1 | 109,004 | 107,178 | 2 |
| Average Rentable Vehicles (in whole units)(c) | 120,845 | 119,270 | 1 | 106,699 | 104,985 | 2 |
| Vehicle Utilization(c) | 82% | 82% | 79% | 80% | ||
| Total RPD (in dollars)(d) | $63.55 | $63.91 | (1) | $61.65 | $60.67 | 2 |
| Total RPU Per Month (in whole dollars)(e) | $1,591 | $1,601 | (1) | $1,487 | $1,468 | 1 |
| Depreciation Per Unit Per Month (in whole dollars)(f) | $302 | $281 | 7 | $292 | $286 | 2 |
| Percentage of program vehicles as of period end | 25% | 30% | 25% | 30% | ||
Footnotes to the table above are shown in the "Footnotes to the Results of Operations and Selected Operating Data by Segment Tables" section of this MD&A.
Total revenues for International RAC in the third quarter of 2026 were comparable to the same period in 2025.
Depreciation of revenue earning vehicles and lease charges, net for International RAC in the third quarter of 2026 increased $9 million compared to the same period in 2025 due primarily to per unit losses recognized on vehicle dispositions in the third quarter of 2026 compared to per unit gains recognized in the same period in 2025, partially offset by changes in fleet mix.
DOE for International RAC increased $4 million in the third quarter of 2026 compared to the same period in 2025 primarily on volume.
SG&A for International RAC in the third quarter of 2026 decreased $9 million compared to the same period in 2025 due primarily to expenses incurred in the third quarter of 2025 related to an unfavorable litigation ruling.
Vehicle interest expense for International RAC was comparable in the third quarter of 2026 to the same period in 2025.
Total revenues for International RAC increased $89 million in the nine months ended September 30, 2026 compared to the same period in 2025 due largely to higher pricing and increased volume. Total RPD increased in our business channels, with increased Transaction Days primarily across our leisure channels. Total revenues for International RAC were also impacted by a favorable $50 million fx impact in the nine months ended September 30, 2026.
Depreciation of revenue earning vehicles and lease charges, net for International RAC increased $20 million in the nine months ended September 30, 2026 compared to the same period in 2025 due primarily to per unit losses recognized on vehicle dispositions in the nine months ended September 30, 2026 compared to per unit gains recognized in the same period in 2025, partially offset by changes in fleet mix. Depreciation of revenue earning vehicles and lease charges, net was also impacted by an unfavorable $11 million fx impact in the nine months ended September 30, 2026.
DOE for International RAC increased $47 million in the nine months ended September 30, 2026 compared to the same period in 2025 primarily on volume and from an unfavorable $34 million fx impact in the nine months ended September 30, 2026.
SG&A for International RAC increased $8 million in the nine months ended September 30, 2026 compared to the same period in 2025 due primarily to an unfavorable $8 million fx impact in the nine months ended September 30, 2026.
Vehicle interest expense for International RAC was comparable in the nine months ended September 30, 2026 compared to the same period in 2025.
Footnotes to the Results of Operations and Selected Operating Data by Segment Tables
(a)Adjusted Corporate EBITDA is calculated as net income (loss), adjusted for income taxes; non-vehicle depreciation and amortization; non-vehicle debt interest, net; vehicle debt-related charges; restructuring and restructuring related charges; net (gains) losses from financial instruments; share-based compensation expense; foreign currency (gains) losses; change in fair value of Public Warrants and certain other miscellaneous items. When evaluating our operating performance, investors should not consider Adjusted Corporate EBITDA in isolation of, or as a substitute for, measures of our financial performance determined in accordance with U.S. GAAP. The reconciliation to the most comparable U.S. GAAP measure is presented below.
Effective in the first quarter of 2026, we revised our definition of Adjusted Corporate EBITDA to adjust for realized (gains) losses from financial instruments, share-based compensation expense and foreign currency (gains) losses. The update to Adjusted Corporate EBITDA is to better reflect management's view of ongoing operations and its assessment of our operational performance. The presentation of the prior periods has been recast to conform to the current period presentation.
Hertz
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| (In millions) | 2026 | 2025 | 2026 | 2025 |
| Net income (loss) | $98 | $190 | $(301) | $(423) |
| Adjustments: | ||||
| Income tax provision (benefit) | (30) | 50 | 7 | (54) |
| Non-vehicle depreciation and amortization | 28 | 29 | 80 | 88 |
| Non-vehicle debt interest, net(1) | 158 | 123 | 443 | 371 |
| Vehicle debt-related charges(2) | 11 | 12 | 33 | 35 |
| Restructuring and restructuring related charges(3) | 21 | 4 | 37 | 11 |
| Net (gains) losses on financial instruments(4) | (76) | (43) | (156) | 69 |
| Share-based compensation expense(5) | 18 | 14 | 55 | 45 |
| Foreign currency (gains) losses(6) | 2 | 8 | 2 | 10 |
| Gain on sale of non-vehicle capital assets(7) | — | (39) | (64) | (128) |
| Legal settlement(8) | (6) | (154) | (6) | (154) |
| Other items(9) | 9 | 9 | 23 | 48 |
| Adjusted Corporate EBITDA | $233 | $203 | $153 | $(82) |
Hertz Global
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| (In millions) | 2026 | 2025 | 2026 | 2025 |
| Net income (loss) | $116 | $184 | $(153) | $(553) |
| Adjustments: | ||||
| Income tax provision (benefit) | (29) | 50 | 7 | (54) |
| Non-vehicle depreciation and amortization | 28 | 29 | 80 | 88 |
| Non-vehicle debt interest, net(1) | 158 | 123 | 443 | 371 |
| Vehicle debt-related charges(2) | 11 | 12 | 33 | 35 |
| Restructuring and restructuring related charges(3) | 21 | 4 | 37 | 11 |
| Net (gains) losses on financial instruments(4) | (76) | (43) | (156) | 69 |
| Share-based compensation expense(5) | 18 | 14 | 55 | 45 |
| Foreign currency (gains) losses(6) | 2 | 8 | 2 | 10 |
| Gain on sale of non-vehicle capital assets(7) | — | (39) | (64) | (128) |
| Legal settlement(8) | (6) | (154) | (6) | (154) |
| Change in fair value of Public Warrants(10) | (19) | 6 | (150) | 130 |
| Other items(9) | 9 | 9 | 25 | 48 |
| Adjusted Corporate EBITDA | $233 | $203 | $153 | $(82) |
(1)Excludes gains (losses) related to the fair value of the Exchange Features 2029, the Exchange Feature 2030, the First Lien Exchangeable Feature 2030 and the Capped Call Transactions 2030, which are included in footnote 4 below.
(2)Represents vehicle debt-related charges related to the amortization of deferred financing costs and debt discounts and premiums.
(3)Represents charges incurred under restructuring actions as defined in U.S. GAAP. Also includes restructuring related charges such as incremental costs incurred related primarily to consulting fees, personnel reductions, litigation and closures of underperforming locations.
(4)Represents total realized and unrealized (gains) losses on derivative financial instruments, including gains (losses) related to the fair value of the Exchange Features 2029, the Exchange Feature 2030, the First Lien Exchangeable Feature 2030 and the Capped Call Transactions 2030. See Note 10, "Financial Instruments," in Part I, Item 1 of this Quarterly Report. As a result of the revision to Adjusted Corporate EBITDA, the three months ended September 30, 2026 and 2025, includes a realized loss of $3 million and a realized gain of $10 million, respectively, on derivative financial instruments, and the nine months ended September 30, 2026 and 2025, includes a realized loss of $7 million and a realized gain of $3 million, respectively, on derivative financial instruments.
(5)Represents total employee compensation expense associated with grants made under the 2021 Omnibus Plan. See Note 9, "Stock-Based Compensation," in Part I, Item 1 of this Quarterly Report.
(6)Represents (gains) losses recognized on the remeasurement and settlement of foreign currency transactions, excluding gains (losses) related to foreign currency derivative financial instruments, which are included in footnote 4 above.
(7)Represents the gain recognized on the sales of certain non-vehicle capital assets sold in the second quarter of 2026 and in June and July 2025. See Note 3, "Divestitures," in Part I, Item 1 of this Quarterly Report.
(8)Represents the gain related to the receipt of legal settlement distributions in August 2026 and September 2025 in connection with the Company’s participation in a class action settlement. See Note 12, "Contingencies and Off-Balance Sheet Commitments," in Part I, Item 1 of this Quarterly Report.
(9)Represents miscellaneous items. For the three months ended September 30, 2026, primarily includes certain IT-related charges, certain environmental remediation costs and cloud computing costs. For the three months ended September 30, 2025, primarily includes an unfavorable litigation ruling and an increase to an existing bankruptcy-related litigation reserve, partially offset by certain other litigation adjustments. For the nine months ended September 30, 2026, primarily includes certain IT-related charges, cloud computing costs and certain environmental remediation costs. For the nine months ended September 30, 2025, primarily includes an increase to an existing bankruptcy-related litigation reserve, certain IT-related charges, an unfavorable litigation ruling, cloud computing costs, certain concession-related adjustments and certain other litigation charges and adjustments.
(10)Represents the change in fair value during the reporting period for Hertz Global's outstanding Public Warrants. See Note 11, "Fair Value Measurements," in Part I, Item 1 of this Quarterly Report.
(b)Transaction Days represents the total number of 24-hour periods, with any partial period counted as one Transaction Day, that vehicles were on rent (the period between when a rental contract is opened and closed) in a given period. Thus, it is possible for a vehicle to attain more than one Transaction Day in a 24-hour period.
(c)Vehicle Utilization is calculated by dividing total Transaction Days by Available Car Days. Available Car Days represents Average Rentable Vehicles multiplied by the number of days in a given period. Average Rentable Vehicles excludes vehicles for sale on our retail lots or actively in the process of being sold through other disposition channels and is determined using a daily average of such vehicles. Effective in the first quarter of 2026, we changed our definition of Average Rentable Vehicles to use a daily average of rentable vehicles as opposed to a simple average of rentable vehicles at the beginning and end of a period. We believe this is a better, more accurate measure of our rentable vehicles. Accordingly, the prior periods have been recast to reflect this change.
| Americas RAC · International RAC | ||||
|---|---|---|---|---|
| Three Months Ended September 30, | ||||
| 2026 | 2025 | 2026 | 2025 | |
| Transaction Days (in thousands) | 31,893 | 31,923 | 9,075 | 8,961 |
| Average Rentable Vehicles (in whole units) | 412,911 | 409,371 | 120,845 | 119,270 |
| Number of days in period (in whole units) | 92 | 92 | 92 | 92 |
| Available Car Days (in thousands) | 37,994 | 37,665 | 11,121 | 10,977 |
| Vehicle Utilization | 84% | 85% | 82% | 82% |
| Americas RAC · International RAC | ||||
|---|---|---|---|---|
| Nine Months Ended September 30, | ||||
| 2026 | 2025 | 2026 | 2025 | |
| Transaction Days (in thousands) | 91,350 | 90,616 | 23,157 | 22,865 |
| Average Rentable Vehicles (in whole units) | 408,285 | 400,825 | 106,699 | 104,985 |
| Number of days in period (in whole units) | 273 | 273 | 273 | 273 |
| Available Car Days (in thousands) | 111,480 | 109,457 | 29,165 | 28,698 |
| Vehicle Utilization | 82% | 83% | 79% | 80% |
(d)Total RPD is calculated as revenues with all periods adjusted to eliminate the effect of fluctuations in foreign currency exchange rates ("Total Revenues - adjusted for foreign currency"), divided by the total number of Transaction Days. Our management believes eliminating the effect of fluctuations in foreign currency exchange rates is useful in analyzing underlying trends.
| Americas RAC · International RAC | ||||
|---|---|---|---|---|
| Three Months Ended September 30, | ||||
| ($ in millions, except as noted) | 2026 | 2025 | 2026 | 2025 |
| Revenues | $2,045 | $1,910 | $572 | $568 |
| Foreign currency adjustment(1) | 3 | 1 | 5 | 5 |
| Total Revenues - adjusted for foreign currency | $2,048 | $1,911 | $577 | $573 |
| Transaction Days (in thousands) | 31,893 | 31,923 | 9,075 | 8,961 |
| Total RPD (in dollars) | $64.21 | $59.86 | $63.55 | $63.91 |
| Americas RAC · International RAC | ||||
|---|---|---|---|---|
| Nine Months Ended September 30, | ||||
| ($ in millions, except as noted) | 2026 | 2025 | 2026 | 2025 |
| Revenues | $5,591 | $5,138 | $1,426 | $1,338 |
| Foreign currency adjustment(1) | 4 | 4 | 2 | 49 |
| Total Revenues - adjusted for foreign currency | $5,595 | $5,142 | $1,428 | $1,387 |
| Transaction Days (in thousands) | 91,350 | 90,616 | 23,157 | 22,865 |
| Total RPD (in dollars) | $61.24 | $56.75 | $61.65 | $60.67 |
(e) Total RPU Per Month is calculated as Total Revenues - adjusted for foreign currency divided by the Average Rentable Vehicles in each period and then divided by the number of months in the period reported. Effective in the first quarter of 2026, we changed our definition of Average Rentable Vehicles to use a daily average of rentable vehicles as opposed to a simple average of rentable vehicles at the beginning and end of a period. We believe this is a better, more accurate measure of our rentable vehicles. Accordingly, the prior periods have been recast to reflect this change.
| Americas RAC · International RAC | ||||
|---|---|---|---|---|
| Three Months Ended September 30, | ||||
| ($ in millions, except as noted) | 2026 | 2025 | 2026 | 2025 |
| Total Revenues - adjusted for foreign currency | $2,048 | $1,911 | $577 | $573 |
| Average Rentable Vehicles (in whole units) | 412,911 | 409,371 | 120,845 | 119,270 |
| Total revenue per unit (in whole dollars) | $4,959 | $4,668 | $4,773 | $4,802 |
| Number of months in period (in whole units) | 3 | 3 | 3 | 3 |
| Total RPU Per Month (in whole dollars) | $1,653 | $1,556 | $1,591 | $1,601 |
| Americas RAC · International RAC | ||||
|---|---|---|---|---|
| Nine Months Ended September 30, | ||||
| ($ in millions, except as noted) | 2026 | 2025 | 2026 | 2025 |
| Total Revenues - adjusted for foreign currency | $5,595 | $5,142 | $1,428 | $1,387 |
| Average Rentable Vehicles (in whole units) | 408,285 | 400,825 | 106,699 | 104,985 |
| Total revenue per unit (in whole dollars) | $13,703 | $12,829 | $13,380 | $13,215 |
| Number of months in period (in whole units) | 9 | 9 | 9 | 9 |
| Total RPU Per Month (in whole dollars) | $1,523 | $1,425 | $1,487 | $1,468 |
(f) Depreciation Per Unit Per Month represents the amount of average depreciation expense and lease charges, per vehicle per month and is calculated as depreciation of revenue earning vehicles and lease charges, net, with all periods adjusted to eliminate the effect of fluctuations in foreign currency exchange rates, divided by the Average Vehicles in each period, which is determined using a daily average of vehicles, and then dividing by the number of months in the period reported. Our management believes eliminating the effect of fluctuations in foreign currency exchange rates is useful in analyzing underlying trends. Effective in the first quarter of 2026, we changed our definition of Average Vehicles to use a daily average of vehicles as opposed to a simple average of vehicles at the beginning and end of a period. We believe this is a better, more accurate measure of our vehicles. Accordingly, the prior periods have been recast to reflect this change.
| Americas RAC · International RAC | ||||
|---|---|---|---|---|
| Three Months Ended September 30, | ||||
| ($ in millions, except as noted) | 2026 | 2025 | 2026 | 2025 |
| Depreciation of revenue earning vehicles and lease charges, net | $358 | $355 | $110 | $102 |
| Foreign currency adjustment(1) | 1 | 1 | 1 | — |
| Adjusted depreciation of revenue earning vehicles and lease charges | $359 | $356 | $111 | $102 |
| Average Vehicles (in whole units) | 427,207 | 425,268 | 123,027 | 121,633 |
| Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars) | $839 | $837 | $905 | $843 |
| Number of months in period (in whole units) | 3 | 3 | 3 | 3 |
| Depreciation Per Unit Per Month (in whole dollars) | $280 | $279 | $302 | $281 |
| Americas RAC · International RAC | ||||
|---|---|---|---|---|
| Nine Months Ended September 30, | ||||
| ($ in millions, except as noted) | 2026 | 2025 | 2026 | 2025 |
| Depreciation of revenue earning vehicles and lease charges, net | $1,151 | $1,142 | $285 | $265 |
| Foreign currency adjustment(1) | 1 | 2 | 1 | 11 |
| Adjusted depreciation of revenue earning vehicles and lease charges | $1,152 | $1,144 | $286 | $276 |
| Average Vehicles (in whole units) | 425,500 | 425,293 | 109,004 | 107,178 |
| Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars) | $2,707 | $2,689 | $2,626 | $2,578 |
| Number of months in period (in whole units) | 9 | 9 | 9 | 9 |
| Depreciation Per Unit Per Month (in whole dollars) | $301 | $299 | $292 | $286 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.