# Hertz HTZ / YouTube research V7

Research reviewed 24 September 2026. Market snapshot: 23 September close. All 60 slide numbers retained.



## Slide 01 — Hertz: After Hours

One night in Miami. One rental car. And a business trying to earn better returns from every vehicle. The game provides the comedy; these sixty slides provide the evidence behind Palantir, autonomous fleet services, data and the equity.

Sources: [E: Hertz Q2 2026 earnings release](https://www.sec.gov/Archives/edgar/data/47129/000165785326000045/q22026earningsrelease.htm); [P: Original Hertz and Palantir partnership](https://newsroom.hertz.com/press-releases/press-release-details/hertz-partners-with-palantir-to-drive-operational-excellence-and-enhance-customer-experien/)



## Slide 02 — HTZ at a glance

At the September twenty-third close, FMP shows Hertz at one dollar seventy-four, with a market capitalization near five hundred forty-nine million dollars. Its fifty-two-week range is one dollar forty-five to eight dollars eighteen. Six analysts estimate about 9.19 billion dollars of revenue in 2026 and 9.56 billion in 2027. Daily RSI is about 34.6. The marked support and resistance zones are interpretations of price history, not forecasts. This is a dated snapshot; it is not a live quote.

Sources: [FS: FMP HTZ quote, revenue consensus and technical data](Research_Sources/fmp_snapshot_2026-09-23.json)



## Slide 03 — 11,000 locations across 160 countries

Hertz reports roughly eleven thousand company-operated and franchise locations across one hundred sixty countries and jurisdictions. The Americas has about forty-six hundred locations and International about sixty-three hundred; rounding explains why these do not sum exactly to eleven thousand. Location count measures distribution reach, not the revenue Hertz books at every counter. Franchisees own many customer relationships and retain their rental revenue while paying Hertz fees. The 10-K does not give a single worldwide company-operated-only count in this summary.

Sources: [K: Hertz 2025 Form 10-K](https://www.sec.gov/Archives/edgar/data/47129/000165785326000008/htz-20251231.htm)



## Slide 04 — Q2 improved, but recurring earnings stayed weak

Revenue grew and corporate EBITDA improved by 63 million dollars. The adjusted net result still showed a loss. GAAP profit included a 98 million dollar warrant remeasurement gain and a 64 million dollar gain on nonvehicle asset disposals, among other reconciliation items. We should evaluate the rental recovery using the full reconciliation, rather than annualizing headline profit.

Sources: [E: Hertz Q2 2026 earnings release](https://www.sec.gov/Archives/edgar/data/47129/000165785326000045/q22026earningsrelease.htm); [Q: Hertz June 2026 Form 10-Q](https://www.sec.gov/Archives/edgar/data/47129/000165785326000046/htzz-20260630.htm)



## Slide 05 — The daily spread still has several bills to pay

Each transaction day generated 61 dollars and 98 cents in revenue against 37 dollars and 62 cents of reported direct operating expense. The difference is useful for following rental economics. It is not the final profit. Vehicle depreciation and financing still matter enormously. Intelligence creates value only when the total economics improve, not merely when a single dashboard metric rises.

Sources: [E: Hertz Q2 2026 earnings release](https://www.sec.gov/Archives/edgar/data/47129/000165785326000045/q22026earningsrelease.htm); [M: Q2 2026 management prepared remarks](https://newsroom.hertz.com/articles/article-details/hertz-global-holdings-inc-q2-2026-prepared-remarks/); [MODEL: EpochX calculations and scenarios](Research_Sources/model_assumptions.md)



## Slide 06 — The announced EV reduction was completed in 2024

One part of the cleanup is already complete: Hertz reported finishing its announced thirty-thousand-vehicle EV reduction in its full-year 2024 results. That does not establish that every Tesla has been sold, or that normal fleet disposal has ended. The forward thesis is a more disciplined vehicle mix, paired with better decisions on repairs, allocation and resale. Palantir can support those decisions, while ordinary depreciation and financing remain ongoing costs.

Sources: [TES21: Hertz announces initial Tesla order](https://www.prnewswire.com/news-releases/hertz-invests-in-largest-electric-vehicle-rental-fleet-and-partners-with-seven-time-super-bowl-champion-tom-brady-to-headline-new-campaign-301407266.html); [EV24: Hertz FY2024 results and EV reduction](https://newsroom.hertz.com/press-releases/press-release-details/hertz-reports-fourth-quarter-and-full-year-2024-results/); [K: Hertz 2025 Form 10-K](https://www.sec.gov/Archives/edgar/data/47129/000165785326000008/htz-20251231.htm)



## Slide 07 — A $25 monthly DPU change means about $162M a year

Depreciation per unit rose from 256 to 302 dollars per month in the Q2 comparison. At the current average fleet size, a 25 dollar monthly change would alter annual depreciation by about 162 million dollars. That is an annual sensitivity using a constant fleet, not an annual forecast. Better purchasing and disposal decisions can be as important as finding another rental.

Sources: [E: Hertz Q2 2026 earnings release](https://www.sec.gov/Archives/edgar/data/47129/000165785326000045/q22026earningsrelease.htm); [CALC: EpochX operating sensitivities and assumptions](Research_Sources/operating_models.md)



## Slide 08 — Recalls show the cost of unavailable cars

Recalls affected about fifteen thousand vehicles per month in Q2 and created an estimated thirty-million-dollar Q2 EBITDA headwind, with more than fifty-five million across the first half. Software can prioritize repairs, but it cannot create an unavailable part or remove a legal safety hold. The recoverable value depends on repair timing and paying demand.

Sources: [E: Hertz Q2 2026 earnings release](https://www.sec.gov/Archives/edgar/data/47129/000165785326000045/q22026earningsrelease.htm); [M: Q2 2026 management prepared remarks](https://newsroom.hertz.com/articles/article-details/hertz-global-holdings-inc-q2-2026-prepared-remarks/)



## Slide 09 — The Americas produces 80% of Q2 revenue

The Americas produced 1.918 billion dollars of the 2.396 billion dollars of second-quarter revenue. International produced 478 million. On the separate country geography, the United States generated 1.836 billion, or almost seventy-seven percent. Canada is outside the U.S. but inside the Americas segment, so the two breakdowns must not be mixed. Hertz does not publish a city-by-city revenue ranking in these financial statements; the size of the Miami game setting is not a claim about Miami revenue.

Sources: [Q: Hertz June 2026 Form 10-Q](https://www.sec.gov/Archives/edgar/data/47129/000165785326000046/htzz-20260630.htm)



## Slide 10 — Daytona at frontline scale

Hertz reports more than fifteen thousand frontline users and over four million monthly operational touchpoints. Those figures establish scale of usage. They do not disclose dollars saved, software cost or the effect on cash flow. The next slides focus on the decisions the system can change.

Sources: [AIP: Hertz Daytona demonstration at AIPCon 10](https://www.linkedin.com/posts/palantir-technologies_at-aipcon-10-hertz-reveals-how-palantir-activity-7470120635973799936-nqem); [DAY: Hertz confirms Daytona deployment](https://www.linkedin.com/posts/hertz_navigating-the-operational-complexity-of-activity-7470127003765985281-u_-A)



## Slide 11 — Connected decisions for every vehicle

A record saying that a car is broken is useful. Linking that record to an arriving customer and a repair slot makes it operational. Foundry brings records together. The Ontology represents the business relationships and permitted actions. AIP supports AI within those workflows. This is a simplified explanation of Palantir’s platform, not a claim that every possible capability has been deployed by Hertz.

Sources: [P: Original Hertz and Palantir partnership](https://newsroom.hertz.com/press-releases/press-release-details/hertz-partners-with-palantir-to-drive-operational-excellence-and-enhance-customer-experien/); [ONT: Palantir Ontology overview](https://www.palantir.com/docs/foundry/ontology/overview); [AIPDOC: Palantir AIP architecture](https://www.palantir.com/docs/foundry/architecture-center/aip-architecture)



## Slide 12 — A two-hour repair deadline

The interesting feature is coordination. A maintenance problem immediately becomes a customer-assignment problem. The demonstration connects both. Its value would come from fewer missed handoffs and a shorter period in which the vehicle cannot earn.

Sources: [AIP: Hertz Daytona demonstration at AIPCon 10](https://www.linkedin.com/posts/palantir-technologies_at-aipcon-10-hertz-reveals-how-palantir-activity-7470120635973799936-nqem)



## Slide 13 — Repair routing weighs time, cost and lost rentals

Choosing the cheapest invoice can create the most expensive delay. A useful decision compares the complete opportunity cost. The following numerical example is ours, rather than a price or result reported in the demonstration.

Sources: [AIP: Hertz Daytona demonstration at AIPCon 10](https://www.linkedin.com/posts/palantir-technologies_at-aipcon-10-hertz-reveals-how-palantir-activity-7470120635973799936-nqem)



## Slide 14 — A faster $200 repair can beat a slower $100 repair

Suppose the internal option costs one hundred dollars but takes four days. An outside repair costs two hundred dollars and takes one day. At forty dollars of lost contribution per day, the outside option costs twenty dollars less overall. If there is no paying demand, the logic can reverse. This is why an intelligent system needs both repair data and commercial context.

Sources: [CALC: EpochX operating sensitivities and assumptions](Research_Sources/operating_models.md)



## Slide 15 — Labor planning is now an explicit operating disclosure

Labor is the clearest current earnings-call connection to Palantir. Hertz says its new model aligns staffing with demand and reduces overtime and third-party labor. The investment test is whether the savings persist after software and implementation costs while queues and customer service improve. No separate dollar amount was provided for this model in the reviewed remarks. The September leadership filing identifies Rental, Fleet, Service and Oro Mobility as four operating platforms. Financial reporting still has two reportable segments: Americas RAC and International RAC.

Sources: [M: Q2 2026 management prepared remarks](https://newsroom.hertz.com/articles/article-details/hertz-global-holdings-inc-q2-2026-prepared-remarks/); [AIP7: Hertz CIO at AIPCon 7](https://www.linkedin.com/posts/palantir-technologies_from-two-way-radios-and-dispatchers-to-custom-activity-7338567961638547457-rf4a); [ORG: Hertz rental and service division appointments](https://www.sec.gov/Archives/edgar/data/47129/000165785326000057/htz-20260909.htm)



## Slide 16 — Fleet planning moved into Foundry in Q1

The Q1 call reports an advanced fleet planning engine using decision optimization inside Palantir Foundry. That is a concrete operating deployment, beyond a dashboard demonstration. Its business purpose is to place the right available vehicle where demand can use it. The economic test is whether added rental contribution exceeds relocation, holding and implementation costs. Hertz has not separately disclosed the engine cost or an isolated return, so overall revenue improvement cannot all be credited to Palantir.

Sources: [Q1T: Hertz Q1 2026 earnings call, company transcript](https://s204.q4cdn.com/384814028/files/doc_financials/2026/q1/Q1-Earnings-Call-Transcript.pdf); [Q1E: Hertz Q1 2026 results and fleet planning launch](https://newsroom.hertz.com/press-releases/press-release-details/hertz-announces-q1-2026-results-strongest-revenue-growth-in-three-years/)



## Slide 17 — Airport rentals generate about two-thirds of revenue

The network has many more off-airport locations, but airports generate roughly two-thirds of vehicle rental revenue. The 10-K discloses a thirty-four percent off-airport revenue share. This distinction explains why location counts are a poor substitute for revenue or profit. Airport demand, flight timing, concessions and peak-period fleet placement matter disproportionately. International and off-airport franchise locations also carry a different revenue recognition model from company-operated rentals.

Sources: [K: Hertz 2025 Form 10-K](https://www.sec.gov/Archives/edgar/data/47129/000165785326000008/htz-20251231.htm)



## Slide 18 — Utilization sensitivity

Using the reported Q2 average fleet, ninety-one days and revenue per day, one additional percentage point of total utilization creates about four hundred ninety-one thousand rental days. At the same daily rate, that is roughly thirty million dollars of quarterly revenue. This assumes sufficient demand, unchanged mix and no displaced rentals. It is a sensitivity, not a forecast or a measured Palantir benefit.

Sources: [E: Hertz Q2 2026 earnings release](https://www.sec.gov/Archives/edgar/data/47129/000165785326000045/q22026earningsrelease.htm); [CALC: EpochX operating sensitivities and assumptions](Research_Sources/operating_models.md)



## Slide 19 — Franchise sales and Hertz revenue are different

Management says franchisees now produce more than one-quarter of Hertz-branded system revenue. The annual filing says franchise fees represented about two percent of Hertz worldwide vehicle rental revenue in 2025. These are not conflicting numbers: the first counts customer rental sales inside the branded system, and the second counts the fees recognized by Hertz. Franchising can reduce capital intensity, but an operator-to-franchise conversion may also reduce reported revenue even if brand reach stays intact. Watch fee profit, sale proceeds and capital released.

Sources: [K: Hertz 2025 Form 10-K](https://www.sec.gov/Archives/edgar/data/47129/000165785326000008/htz-20251231.htm); [Q2T: Hertz Q2 2026 earnings call, Q&A](https://s204.q4cdn.com/384814028/files/doc_financials/2026/q2/Hertz-Global-Holdings-Inc-Q2-2026-Earnings-Call_Transcript_EditedCopy_20260806155605.pdf)



## Slide 20 — A $1 direct-cost improvement is $38.6M per quarter

On the Q2 rental-day base, a dollar less direct operating expense per transaction day means almost thirty-nine million dollars of quarterly cost reduction. This can come from many sources, not only AI. It is the arithmetic that makes labor planning interesting. A model that changes staffing without delivering net savings or acceptable service has not met the economic test.

Sources: [E: Hertz Q2 2026 earnings release](https://www.sec.gov/Archives/edgar/data/47129/000165785326000045/q22026earningsrelease.htm); [CALC: EpochX operating sensitivities and assumptions](Research_Sources/operating_models.md)



## Slide 21 — The software break-even hurdle

Hertz has not isolated the all-in cost of this work in the sources reviewed. We can still calculate a hurdle. On a simple four-times-Q2 rental-day base, a twenty-five million dollar annual program would need about sixteen cents of direct-cost improvement per rental day to break even. That illustration excludes revenue benefits. It also assumes the Q2 activity level persists, despite seasonality.

Sources: [E: Hertz Q2 2026 earnings release](https://www.sec.gov/Archives/edgar/data/47129/000165785326000045/q22026earningsrelease.htm); [CALC: EpochX operating sensitivities and assumptions](Research_Sources/operating_models.md)



## Slide 22 — Reported improvement does not isolate the AI contribution

The operating scorecard is mixed. Revenue per day rose and utilization improved, while depreciation and reported direct cost per day increased. Some direct costs rise with revenue, and management explains normalization items. The aggregate figures cannot tell us how much Palantir contributed. We need comparisons that control for mix, pricing, recalls and the many other changes underway.

Sources: [E: Hertz Q2 2026 earnings release](https://www.sec.gov/Archives/edgar/data/47129/000165785326000045/q22026earningsrelease.htm); [M: Q2 2026 management prepared remarks](https://newsroom.hertz.com/articles/article-details/hertz-global-holdings-inc-q2-2026-prepared-remarks/)



## Slide 23 — Costs improved underneath a higher daily bill

Q2 direct operating expense per transaction day increased on both the reported and adjusted definitions. Management describes underlying improvement after normalizing revenue-related costs, sale-leaseback effects and recall-related days. That is a useful explanation, not the same as an actual two-percent decline in the reported daily bill. The investment test is whether labor planning and throughput gains eventually show up in cash costs without sacrificing service.

Sources: [Q: Hertz June 2026 Form 10-Q](https://www.sec.gov/Archives/edgar/data/47129/000165785326000046/htzz-20260630.htm); [Q2P: Hertz Q2 2026 investor presentation](https://s204.q4cdn.com/384814028/files/doc_financials/2026/q2/Q2-2026-Investor-Presentation-8-5-2026-Final.pdf); [M: Q2 2026 management prepared remarks](https://newsroom.hertz.com/articles/article-details/hertz-global-holdings-inc-q2-2026-prepared-remarks/)



## Slide 24 — Higher utilization can still produce less revenue

Suppose a car rents eighty percent of the time at sixty dollars per day. That produces forty-eight dollars of revenue per available car-day. If price falls to fifty dollars and utilization rises to ninety percent, revenue falls to forty-five dollars. More paid days are not always better. Research on joint pricing and capacity decisions supports evaluating the choices together. The prices here are illustrative, not Hertz quotes.

Sources: [OPT: Integrating pricing and capacity decisions in car rental](https://www.sciencedirect.com/science/article/pii/S2214716018302707); [CALC: EpochX operating sensitivities and assumptions](Research_Sources/operating_models.md)



## Slide 25 — 94% of the U.S. core fleet is model year 2025–26

The fleet is substantially refreshed: ninety-four percent of the U.S. core fleet is model year 2025 or 2026. Yet Q2 monthly depreciation was higher than the prior year. Newer vehicles do not eliminate acquisition cost, resale risk or carrying cost. Management says the prior-year comparison benefited from the tariff environment. Watch the Q3 two-eighty-five to two-ninety-five DPU target, actual sale proceeds and repair downtime together.

Sources: [Q2P: Hertz Q2 2026 investor presentation](https://s204.q4cdn.com/384814028/files/doc_financials/2026/q2/Q2-2026-Investor-Presentation-8-5-2026-Final.pdf); [M: Q2 2026 management prepared remarks](https://newsroom.hertz.com/articles/article-details/hertz-global-holdings-inc-q2-2026-prepared-remarks/)



## Slide 26 — Inspection data in the operating loop

Hertz’s UVeye partnership is another source of structured condition information. Better inspections could make maintenance decisions more consistent. Automated findings also need clear explanations and a fair dispute process. A Senate inquiry illustrates that customer trust is a material operating issue. These are inspection and billing questions, and should not be presented as evidence about Palantir’s separate planning work.

Sources: [UV: Hertz and UVeye vehicle inspections](https://newsroom.hertz.com/articles/article-details/hertz-and-uveye-partner-to-modernize-vehicle-maintenance-with-ai-technology/); [SEN: Senate inquiry into AI rental inspections](https://www.blumenthal.senate.gov/newsroom/press/release/icymi-blumenthal-demands-answers-from-hertz-about-ai-rental-car-inspections)



## Slide 27 — The resale opportunity is a channel shift

The resale opportunity is not just completing the old electric-vehicle reduction. Hertz still disposes of most vehicles through wholesale channels. Management wants a much larger share through higher-yield channels, supported by its own stores and digital distribution. That ambition is not the current sales mix. The value to measure is net proceeds after preparation, selling fees and extra inventory days; a higher sticker price alone does not establish more profit.

Sources: [Q2T: Hertz Q2 2026 earnings call, Q&A](https://s204.q4cdn.com/384814028/files/doc_financials/2026/q2/Hertz-Global-Holdings-Inc-Q2-2026-Earnings-Call_Transcript_EditedCopy_20260806155605.pdf); [AMZ: Hertz Car Sales on Amazon Autos](https://newsroom.hertz.com/uncategorizeds/uncategorized-details/hertz-car-sales-launches-on-amazon-autos/); [EBAY: Hertz Car Sales expands on eBay](https://newsroom.hertz.com/press-releases/press-release-details/hertz-car-sales-continues-retail-expansion-with-digital-showroom-on-ebay/)



## Slide 28 — A 5% fleet-value shock is $684M before offsets

Five percent of the June vehicle book value is six hundred eighty-four million dollars. This stress test is larger than the dated market capitalization at the opening. It is not a forecast of an accounting charge, and financing, tax and portfolio changes can affect the outcome. It shows why resale exposure can overwhelm modest operating savings.

Sources: [Q: Hertz June 2026 Form 10-Q](https://www.sec.gov/Archives/edgar/data/47129/000165785326000046/htzz-20260630.htm); [MODEL: EpochX calculations and scenarios](Research_Sources/model_assumptions.md)



## Slide 29 — The $64M GAAP profit is not recurring earnings

Hertz reported a positive GAAP quarter, but the adjusted result remained a loss. The earnings reconciliation removes fifty-one million dollars of financial-instrument gains and ninety-eight million of public-warrant fair-value gains, plus sixty-four million from non-vehicle asset sales. Other costs and tax adjustments also matter, so subtracting just these gains will not reproduce adjusted net income. The main lesson is to inspect operating performance and cash generation separately from market-value remeasurements and asset disposals.

Sources: [E: Hertz Q2 2026 earnings release](https://www.sec.gov/Archives/edgar/data/47129/000165785326000045/q22026earningsrelease.htm); [Q2P: Hertz Q2 2026 investor presentation](https://s204.q4cdn.com/384814028/files/doc_financials/2026/q2/Q2-2026-Investor-Presentation-8-5-2026-Final.pdf)



## Slide 30 — Cybercab rollout

Cybercab has moved beyond a prototype. Tesla reported production began in the second quarter, and its current support page lists rides in limited areas of Austin. Cybercab seats two and has no steering wheel. Tesla also invites commercial fleet purchase inquiries. Broader Model Y Robotaxi availability is a different rollout. This creates a possible future fleet-management market, but the reviewed primary sources do not establish an Avis or Hertz Cybercab agreement.

Sources: [TCAB: Tesla Cybercab availability and commercial inquiries](https://www.tesla.com/support/robotaxi/cybercab); [TQ2: Tesla Q2 2026 shareholder update](https://ir.tesla.com/_flysystem/s3/sec/000162828026049213/tsla-20260722-gen.pdf)



## Slide 31 — Avis and Waymo in Dallas

Avis provides the clearest operating comparison. Its announced agreement covers infrastructure, vehicle readiness, maintenance and depots. Waymo supplies the autonomous driving system and offers rides through its app. Avis subsequently reported that Dallas went live on June first and completed thousands of trips that month. This demonstrates that an autonomous company can contract with a rental operator for physical fleet work. The reviewed disclosures do not isolate the contract margin.

Sources: [AW: Avis and Waymo fleet operations agreement](https://avisbudgetgroup.gcs-web.com/news-releases/news-release-details/avis-budget-group-announces-multi-year-strategic-partnership); [CAR: Avis Budget Q2 results](https://www.avisbudgetgroup.com/home/news-and-media/press-release/avis-budget-group-reports-second-quarter-results-2026)



## Slide 32 — Hertz names one first AV partnership

Hertz describes its first autonomous-vehicle partnership as Oro supporting Uber robotaxis with Lucid vehicles and Nuro technology. Uber, Lucid and Nuro are roles inside the same announced program, not evidence of three separate Hertz service contracts. The August update targets operations later in 2026 in the Bay Area. No launch confirmation was found in the reviewed September twenty-fourth sources. The exact count of executed service contracts, fee schedule and committed fleet volume remain undisclosed.

Sources: [ORO: Oro and Uber fleet partnerships](https://newsroom.hertz.com/press-releases/press-release-details/hertz-and-uber-partner-to-power-autonomous-robotaxi-and-driver-led-fleet-operations/); [M: Q2 2026 management prepared remarks](https://newsroom.hertz.com/articles/article-details/hertz-global-holdings-inc-q2-2026-prepared-remarks/)



## Slide 33 — The work between driverless rides

Removing the driver does not remove wear, dirt, charging time or repairs. Rental operators already coordinate those activities across vehicles and facilities. Their opportunity is to sell reliable vehicle availability to autonomous networks. Existing sites and purchasing relationships can help, though each city still needs suitable capacity and trained staff. The value comes from doing that work at attractive contract returns. It does not require Hertz to own the autonomous driving software.

Sources: [ORO: Oro and Uber fleet partnerships](https://newsroom.hertz.com/press-releases/press-release-details/hertz-and-uber-partner-to-power-autonomous-robotaxi-and-driver-led-fleet-operations/); [AW: Avis and Waymo fleet operations agreement](https://avisbudgetgroup.gcs-web.com/news-releases/news-release-details/avis-budget-group-announces-multi-year-strategic-partnership)



## Slide 34 — Fleet-service unit economics

Here is a deliberately simple service-only contract. One thousand customer-owned vehicles paying four hundred dollars a month create 4.8 million dollars of annual revenue. At two hundred fifty dollars of direct cash costs per vehicle per month and six hundred thousand dollars of fixed cash costs, 1.2 million remains before capital spending, financing and tax. The illustration shows why fee revenue alone tells us little. Real contracts need capacity, energy, labor and liability detail.

Sources: [AVMODEL: EpochX autonomous servicing illustration](Research_Sources/autonomous_service_model.md)



## Slide 35 — The AV contract count is not publicly disclosed

The honest answer to how many autonomous service contracts Hertz has is that the company does not publish that count. We can identify one named initial program and distinguish it from Oro driver-led operations in four markets. Future value depends on fleet commitments, net servicing margins, capital obligations and utilization guarantees. Treat those as diligence questions until agreements or operating results provide evidence. Avis has a verified Waymo relationship; Cybercab availability does not establish a Tesla contract with either rental company.

Sources: [ORO: Oro and Uber fleet partnerships](https://newsroom.hertz.com/press-releases/press-release-details/hertz-and-uber-partner-to-power-autonomous-robotaxi-and-driver-led-fleet-operations/); [M: Q2 2026 management prepared remarks](https://newsroom.hertz.com/articles/article-details/hertz-global-holdings-inc-q2-2026-prepared-remarks/); [CAR: Avis Budget Q2 results](https://www.avisbudgetgroup.com/home/news-and-media/press-release/avis-budget-group-reports-second-quarter-results-2026); [TCAB: Tesla Cybercab availability and commercial inquiries](https://www.tesla.com/support/robotaxi/cybercab)



## Slide 36 — International earns more margin on less revenue

The Americas is the revenue engine, but International had more than twice the segment margin in Q2. International earned forty-seven million dollars of segment EBITDA on 478 million of revenue, while the Americas earned eighty-eight million on 1.918 billion. Corporate expense then absorbed fifty-four million. Geography changes the profit mix, and the larger network is not automatically the more important profit contributor. Do not extrapolate a seasonal quarter into a full-year margin.

Sources: [Q: Hertz June 2026 Form 10-Q](https://www.sec.gov/Archives/edgar/data/47129/000165785326000046/htzz-20260630.htm)



## Slide 37 — Existing depots help; AV investment still needs proof

Asked about Oro investment needs, management pointed to existing fleet infrastructure and charging investment. That can reduce the cost of entering a new fleet-service market, but the call did not quantify a project-level capital return. The next evidence should be deployed vehicles, revenue per serviced car, direct cost, new depot spending and who bears residual value. Palantir could help scheduling and uptime; we do not have evidence that every Oro workflow already runs on it.

Sources: [Q2T: Hertz Q2 2026 earnings call, Q&A](https://s204.q4cdn.com/384814028/files/doc_financials/2026/q2/Hertz-Global-Holdings-Inc-Q2-2026-Earnings-Call_Transcript_EditedCopy_20260806155605.pdf); [ORO: Oro and Uber fleet partnerships](https://newsroom.hertz.com/press-releases/press-release-details/hertz-and-uber-partner-to-power-autonomous-robotaxi-and-driver-led-fleet-operations/)



## Slide 38 — Oro’s $600M outlook includes existing rentals

Oro combines an established rideshare rental base with new operating activity. Management expects more than six hundred million dollars of revenue in 2026 from that broader scope. Its four driver-led markets and more than six million miles demonstrate operating activity, but they are not four autonomous launches or AV-only miles. Keep these revenues within consolidated Hertz and wait for a separate margin profile before assigning a platform premium.

Sources: [M: Q2 2026 management prepared remarks](https://newsroom.hertz.com/articles/article-details/hertz-global-holdings-inc-q2-2026-prepared-remarks/); [ORO: Oro and Uber fleet partnerships](https://newsroom.hertz.com/press-releases/press-release-details/hertz-and-uber-partner-to-power-autonomous-robotaxi-and-driver-led-fleet-operations/)



## Slide 39 — Fleet data and permissions

It helps to separate operational records from customer and advertising records. Hertz uses vehicle information to run the fleet. Customer records support bookings and service. Marketing systems can use permitted information to select or measure ads. These categories can be linked, which is why access, purpose and legal restrictions matter. A repair forecast and a personalized restaurant offer involve different uses, even if both begin with data collected during a rental.

Sources: [HP: Hertz current rental privacy policy](https://www.hertz.com/rentacar/privacypolicy/index.jsp?targetPage=privacyPolicyView.jsp); [P: Original Hertz and Palantir partnership](https://newsroom.hertz.com/press-releases/press-release-details/hertz-partners-with-palantir-to-drive-operational-excellence-and-enhance-customer-experien/)



## Slide 40 — Hertz’s data-sale disclosure

The current Hertz notice permits sale or advertising-related sharing of telematics and vehicle data, including identifiable precise location. It provides opt-out routes and recognizes local restrictions. This is broader than older Hertz pages. It does not identify a specific fleet-data sale to Google, a Palantir export, or the revenue involved. Those are separate facts that this policy cannot establish.

Sources: [HP: Hertz current rental privacy policy](https://www.hertz.com/rentacar/privacypolicy/index.jsp?targetPage=privacyPolicyView.jsp); [CCPA: California AG: sale, sharing and sensitive information](https://oag.ca.gov/privacy/ccpa)



## Slide 41 — Palantir’s role and customer data

Palantir says it does not sell personal data and that its customers own their data. Its published GCP contract template restricts customer-content use to service provision and support, with limits on disclosure and sale. That template is not Hertz’s actual contract. A customer can still authorize its own lawful marketing activity using analytics. Access to software or cloud hosting does not by itself give Palantir or Google advertising rights over a customer’s fleet records.

Sources: [PLPR: Palantir proxy: customer data and business model](https://www.sec.gov/Archives/edgar/data/1321655/000132165526000019/pltr-20260423.htm); [PLTC: Palantir published GCP terms, customer content](https://www.palantir.com/assets/xrfr7uokpv1b/2ajxcAAipDS2EAkFxZZvDa/ed556b05d8ef5d80b91a0e7bf8aff559/Palantir_Terms_and_Conditions_for_GCP.pdf)



## Slide 42 — A café ad can earn money without selling a named trip history

Your café example can take several forms. Hertz could sell an ad placement or referral, or a partner could buy aggregate demand insights. Those products differ from selling an identifiable customer’s trip history. A hypothetical Google advertising integration would need the appropriate contract and data rights. Google’s publisher policy requires notice and express consent for precise location use. Neither this concept nor the policy proves that Hertz currently operates an in-car Google advertising business.

Sources: [GLOC: Google publisher policy on precise location](https://support.google.com/publisherpolicies/answer/10437073?hl=en-GB); [CCPA: California AG: sale, sharing and sensitive information](https://oag.ca.gov/privacy/ccpa); [HP: Hertz current rental privacy policy](https://www.hertz.com/rentacar/privacypolicy/index.jsp?targetPage=privacyPolicyView.jsp)



## Slide 43 — Evidence needed for a data business

The operating data already has a credible internal use. An external advertising or analytics business could add another source of value, but it needs a buyer, a permitted product, distribution, and economics after partner fees and compliance costs. I found no primary-source disclosure establishing the proposed three-company fleet-data arrangement. The valuation therefore adds no separate advertising-data premium. That leaves a clear question to revisit if Hertz reports an actual product or contract.

Sources: [HP: Hertz current rental privacy policy](https://www.hertz.com/rentacar/privacypolicy/index.jsp?targetPage=privacyPolicyView.jsp); [PLPR: Palantir proxy: customer data and business model](https://www.sec.gov/Archives/edgar/data/1321655/000132165526000019/pltr-20260423.htm); [GLOC: Google publisher policy on precise location](https://support.google.com/publisherpolicies/answer/10437073?hl=en-GB); [MODEL: EpochX calculations and scenarios](Research_Sources/model_assumptions.md)



## Slide 44 — Positive adjusted FCF includes fleet financing

Hertz reports positive adjusted free cash flow of one hundred sixty-two million dollars in Q2. Its reconciliation starts with 381 million of GAAP operating cash flow, deducts vehicle depreciation, and then includes net non-vehicle asset proceeds and fleet investment after financing. The fleet line incorporates 752 million of net vehicle financing. This is a useful rental-industry measure, but it should not be read as cash left after buying all cars without financing. Watch both the definition and the funding needs.

Sources: [Q2P: Hertz Q2 2026 investor presentation](https://s204.q4cdn.com/384814028/files/doc_financials/2026/q2/Q2-2026-Investor-Presentation-8-5-2026-Final.pdf); [E: Hertz Q2 2026 earnings release](https://www.sec.gov/Archives/edgar/data/47129/000165785326000045/q22026earningsrelease.htm)



## Slide 45 — Liquidity and borrowing capacity

Reported liquidity consisted of cash and available corporate revolver capacity. Fleet facilities also had unused contractual capacity, but none was available against the existing borrowing bases at June thirtieth. Those numbers answer different questions. Restricted cash cannot simply be added to free corporate cash. The distinction matters when assessing whether operating improvement can be financed long enough to arrive.

Sources: [Q: Hertz June 2026 Form 10-Q](https://www.sec.gov/Archives/edgar/data/47129/000165785326000046/htzz-20260630.htm); [E: Hertz Q2 2026 earnings release](https://www.sec.gov/Archives/edgar/data/47129/000165785326000045/q22026earningsrelease.htm)



## Slide 46 — About $5.29B of corporate principal falls due in 2028–29

The June corporate maturity schedule concentrates more than five billion dollars in 2028 and 2029. The full corporate principal amount was 6.303 billion dollars, above its accounting carrying value. Refinancing is therefore part of the equity thesis. Better operating results can improve the negotiating position, but they do not eliminate the need to refinance or repay the claims.

Sources: [Q: Hertz June 2026 Form 10-Q](https://www.sec.gov/Archives/edgar/data/47129/000165785326000046/htzz-20260630.htm)



## Slide 47 — August ABS issuance shows the price of fleet funding

The August filing adds a concrete funding benchmark: 834.75 million dollars of externally issued vehicle-backed notes across two series. The senior Class A tranches carry rates of 5.51 and 5.87 percent, while Class D costs 9.62 and 10.70 percent. Hertz retained another 40.25 million of Class E notes. These are nominal principal amounts, not net cash after expenses. Fleet-backed issuance finances collateral; it is not the same as an unrestricted cash injection that eliminates corporate refinancing risk.

Sources: [ABS: Hertz August fleet-backed note issuance](https://www.sec.gov/Archives/edgar/data/47129/000165785326000054/htz-20260827.htm)



## Slide 48 — Financing can change both debt and the share count

The exchangeable financing creates linked debt and dilution outcomes. The initial exchange price was about three dollars and fifty-eight cents, and half the coupon accrues in additional principal. Share lending complicates the legal share count. Hertz also retained ATM capacity. A consistent valuation must change both the debt claim and share count if conversion or new issuance is assumed.

Sources: [Q: Hertz June 2026 Form 10-Q](https://www.sec.gov/Archives/edgar/data/47129/000165785326000046/htzz-20260630.htm); [JUNE: June first-lien exchangeable financing](https://www.sec.gov/Archives/edgar/data/1657853/000110465926078857/tm2619276d1_8k.htm)



## Slide 49 — Concentrated control meets a heavily shorted stock

CK Amarillo’s filed beneficial position is about 50.9 percent. An August voting agreement treats votes above forty-five percent proportionally to other shareholders; it does not reduce economic ownership to forty-five percent. UW reports 114.472 million shares short at August thirty-first settlement, a lagged observation rather than a live position count. Share lending, dilution and provider float definitions complicate comparisons.

Sources: [OWN: CK Amarillo Schedule 13D amendment 11](https://www.sec.gov/Archives/edgar/data/1657853/000090514826003880/xslSCHEDULE_13D_X02/primary_doc.xml); [VOTE: CK Amarillo voting agreement](https://www.sec.gov/Archives/edgar/data/47129/000165785326000050/htz-20260820.htm); [US: UW short-interest observations](Research_Sources/htz_research_provider_snapshot_2026-09-24.json)



## Slide 50 — Q3 guidance provides the nearest operating test

Management expected the peak quarter to do much more of the work. The EBITDA guide was 275 to 325 million dollars, with modest transaction-day growth and lower depreciation per unit. Those are expectations, not completed results. The next earnings report should be judged against the combination of profitability, fleet cost and cash conversion.

Sources: [M: Q2 2026 management prepared remarks](https://newsroom.hertz.com/articles/article-details/hertz-global-holdings-inc-q2-2026-prepared-remarks/)



## Slide 51 — Annual guidance and run-rate ambition

This distinction changes how we read the valuation. Management’s language is potentially more than one billion dollars of adjusted corporate EBITDA run rate in 2027 and beyond. A run rate describes a level of activity, which may be reached only late in a period. It is not a forecast that one billion dollars will be earned across calendar 2027. We should not present those two measures as directly comparable annual results. The August liquidity outlook is one to 1.4 billion dollars at year-end, down from about 1.5 billion because forecast ATM proceeds were removed. The ATM remains available; management did not say it was cancelled.

Sources: [M: Q2 2026 management prepared remarks](https://newsroom.hertz.com/articles/article-details/hertz-global-holdings-inc-q2-2026-prepared-remarks/)



## Slide 52 — Peer EBITDA margins frame the execution gap

The comparison with Avis helps frame the size of Hertz's execution challenge. It is directional because the two companies' EBITDA definitions are not fully standardized. We should not turn the difference directly into a valuation premium or a guaranteed margin opportunity. It is a prompt to investigate operating performance and accounting definitions.

Sources: [E: Hertz Q2 2026 earnings release](https://www.sec.gov/Archives/edgar/data/47129/000165785326000045/q22026earningsrelease.htm); [CAR: Avis Budget Q2 results](https://www.avisbudgetgroup.com/home/news-and-media/press-release/avis-budget-group-reports-second-quarter-results-2026); [MODEL: EpochX calculations and scenarios](Research_Sources/model_assumptions.md)



## Slide 53 — The equity sits below $5.67B of net corporate debt

The share price is small, but the corporate financing claim is large. Using the September twenty-third market capitalization and June net corporate principal produces a reference operating value of approximately 6.221 billion dollars. This is a simplified analyst bridge, not a real-time enterprise value calculation. It excludes vehicle financing because normal vehicle financing cost remains inside the Corporate EBITDA framework. Later financing and dilution can change the residual available to each share.

Sources: [FS: FMP HTZ quote, revenue consensus and technical data](Research_Sources/fmp_snapshot_2026-09-23.json); [Q: Hertz June 2026 Form 10-Q](https://www.sec.gov/Archives/edgar/data/47129/000165785326000046/htzz-20260630.htm); [MODEL: EpochX calculations and scenarios](Research_Sources/model_assumptions.md)



## Slide 54 — The valuation requires a much stronger earnings level

At the midpoint of the 2026 Corporate EBITDA guide, the reference value is nearly twenty-five times earnings. At one billion dollars, it falls to about six times. The difference is almost entirely the assumed recovery. The billion-dollar figure is management ambition for a run rate, not a guaranteed annual result. Investors need to judge the path through pricing, costs, depreciation and refinancing, rather than apply the lower multiple to earnings that do not yet exist.

Sources: [M: Q2 2026 management prepared remarks](https://newsroom.hertz.com/articles/article-details/hertz-global-holdings-inc-q2-2026-prepared-remarks/); [MODEL: EpochX calculations and scenarios](Research_Sources/model_assumptions.md)



## Slide 55 — Debt and dilution drive very different equity outcomes

These are joint steady-state scenarios, rather than 2027 price targets. Earnings, multiples, net corporate debt and shares all change together. In the bear illustration the simplified equity residual is zero. The base and bull cases show how much results depend on both operating improvement and financing. They exclude a separate speculative value for autonomous technology and do not assume the run-rate ambition is achieved for a full calendar year.

Sources: [MODEL: EpochX calculations and scenarios](Research_Sources/model_assumptions.md)



## Slide 56 — Equity sensitivity

This is the leverage in the stock. At a seven-times earnings multiple, an extra hundred million dollars of sustainable corporate EBITDA creates seven hundred million dollars of operating value. Across four hundred million shares, that is a dollar seventy-five each. An extra hundred million dollars of net corporate debt takes away twenty-five cents per share. Sustainable operating gains matter, and the financing path determines how much investors retain.

Sources: [CALC: EpochX operating sensitivities and assumptions](Research_Sources/operating_models.md)



## Slide 57 — Analyst targets show the market’s skepticism

The provider records show a wide range of cautious views. Morgan Stanley has a three-dollar target, Susquehanna two-fifty, Goldman two dollars, and Barclays one dollar on the dates shown. FMP target consensus is 2.61 dollars, with a one-to-five-dollar range. Target aggregates may include older observations and should not be treated as a precise forecast. These are rating records; full proprietary analyst notes were not available, so the slides do not invent those firms’ valuation arguments.

Sources: [RATE: FMP and UW analyst rating records](Research_Sources/htz_research_provider_snapshot_2026-09-24.json)



## Slide 58 — The next report needs progress on a short scorecard

The next earnings report has concrete hurdles. The EBITDA and depreciation guidance establish a near-term check. Rental days test whether the demand and fleet plans align. Liquidity tests whether the turnaround is buying financial room. Alongside those results, useful incremental evidence would include downtime, labor productivity and service quality with enough detail to separate pricing and mix from process improvement.

Sources: [M: Q2 2026 management prepared remarks](https://newsroom.hertz.com/articles/article-details/hertz-global-holdings-inc-q2-2026-prepared-remarks/); [CALC: EpochX operating sensitivities and assumptions](Research_Sources/operating_models.md)



## Slide 59 — Revenue consensus improves before earnings recover

Six analysts in the FMP revenue set estimate about 9.19 billion dollars for 2026 and 9.56 billion for 2027, roughly four percent growth. The EPS set has four analysts and remains negative in both years, though close to breakeven in 2027. A recovering revenue line is therefore not the same as a completed equity turnaround. We use the company’s Corporate EBITDA definition separately; provider generic EBITDA fields are not interchangeable with Hertz’s fleet-inclusive operating measure.

Sources: [EST: FMP annual analyst estimates](Research_Sources/htz_research_provider_snapshot_2026-09-24.json)



## Slide 60 — The turnaround must become cash for shareholders

The case comes down to a few measurable outcomes. Q3 must deliver the guided earnings and depreciation range. Operating improvements must become cash rather than merely more revenue. Oro needs disclosed unit economics before autonomy receives a large valuation premium. The 2028 and 2029 corporate maturities still need a funding path. A vast network and better software create useful opportunities; how much survives fleet costs, debt and dilution decides what reaches the shareholder.

Sources: [M: Q2 2026 management prepared remarks](https://newsroom.hertz.com/articles/article-details/hertz-global-holdings-inc-q2-2026-prepared-remarks/); [Q: Hertz June 2026 Form 10-Q](https://www.sec.gov/Archives/edgar/data/47129/000165785326000046/htzz-20260630.htm); [ORO: Oro and Uber fleet partnerships](https://newsroom.hertz.com/press-releases/press-release-details/hertz-and-uber-partner-to-power-autonomous-robotaxi-and-driver-led-fleet-operations/)