Herc Holdings发布二季度业绩并上调2026年全年指引，但同一财报催化已在近72小时内处理

Second Quarter 2026 Highlights
– Equipment rental revenue of $1,072 million increased 23%
– Total revenues of $1,204 million increased 20%
– Net income of $19 million, or $0.57 per diluted share, and adjusted net income of $48 million, or $1.43 per diluted share
– Adjusted EBITDA of $487 million increased 19% with adjusted EBITDA margin flat at 40%
– Free cash flow for the first half of 2026 of $202 million nearly doubled compared to $103 million in the prior year
BONITA SPRINGS, Fla.--(BUSINESS WIRE)--
Herc Holdings Inc. (NYSE: HRI) ("Herc Holdings" or the "Company") today reported financial results for the quarter ended June 30, 2026.
“After successfully completing the H&E integration in the first quarter, the second quarter marked an important turning point for Herc Rentals, with our key metrics improving on a combined, comparable basis, both sequentially and year-over-year,” said Larry Silber, chief executive officer. “Revenue synergies and cost synergies are tracking to plan. And while fuel inflation was a macroeconomic headwind in the quarter, we are taking additional actions to mitigate its impact. Importantly, disciplined fleet management drove positive fleet efficiency, supported by increased rental activity.
“Our growth continues to be led by national accounts, fueled by robust mega project activity and a higher mix of specialty equipment rentals,” said Silber. “The H&E acquisition was well-timed, adding the scale, fleet capacity, talent and branch density to expand our role on large, complex projects and capture a greater share of this accelerating demand.
“The momentum across multi-year projects gives us strong line of sight into the second half of the year. To support this expanding pipeline, we are raising our full-year financial guidance and increasing net fleet capital expenditures to serve customer demand,” Silber added. “Team Herc’s hard work positions us to capitalize on these high-growth opportunities, strengthen customer relationships and continue delivering value for shareholders.”
2026 Second Quarter Financial Results
Total revenues
increased 20% to $1,204 million compared to $1,002 million in the prior-year period. This year-over-year increase was driven by a 23% increase in equipment rental revenue resulting from the larger fleet size after the H&E acquisition, an increase in volume on mega projects and revenue synergies. Sales of rental equipment increased by $4 million during the period to continue to align mix to customer demand.
Dollar utilization
was 39.3% in the second quarter up from 38.3% in the prior-year period, due to the increase in fleet efficiency and a favorable shift in mix to higher-return fleet on rent year-over-year.
Direct operating expenses
were $491 million, or 45.8% of equipment rental revenue, compared to $379 million, or 43.6%, in the prior-year period. Operating expenses as a percent of equipment rental revenue were elevated during the period primarily related to the impact of the H&E acquisition and related greenfields that take more time to mature, as well as increased transportation and fuel expenses as a result of macroeconomic headwinds.
Depreciation of rental equipment
increased 24% to $242 million due to higher year-over-year average fleet size primarily as a result of the H&E acquisition. Non-rental depreciation and amortization increased 67% to $75 million primarily due to amortization of acquisition intangibles, particularly the H&E customer relationship intangible asset, and an increase in non-rental asset depreciation resulting from the growth of the business.
Selling, general and administrative expenses
were $155 million, or 14.5% of equipment rental revenue, compared to $127 million, or 14.6%, in the prior-year period.
Interest expense
was $126 million compared with $86 million in the prior-year period, reflecting the new debt issued in June 2025 to fund the H&E acquisition.
Net income
was $19 million, or $0.57 per diluted share, compared to $35 million net loss, or $1.17 loss per diluted share, in the prior-year period. Adjusted net income was $48 million, or $1.43 per diluted share, compared to $59 million, or $1.97 per diluted share, in the prior-year period.
Adjusted EBITDA
increased 19% to $487 million compared to $410 million in the prior-year period. Adjusted EBITDA margin was 40.4% compared to 40.9% in the prior year period primarily impacted by the inflation in fuel year-over-year.
First Half 2026 Financial Results
Total revenues
increased 26% to $2,343 million compared to $1,863 million in the prior-year period. This year-over-year increase was driven by a 28% increase in equipment rental revenue resulting from the larger fleet size after the H&E acquisition, an increase in volume on mega projects and revenue synergies. Sales of rental equipment increased by $37 million during the period to continue to align mix to customer demand.
Dollar utilization
was nearly flat at 37.9% compared to 38.0% in the prior-year period due to the increase in fleet efficiency and the favorable shift in mix to higher-return fleet on rent year-over-year which accelerated throughout the second quarter.
Direct operating expenses
were $944 million, or 46.0% of equipment rental revenue compared to $706 million, or 43.9%, in the prior-year period. Operating expenses as a percent of equipment rental revenue were elevated during the period primarily related to the impact of the H&E acquisition and related greenfields that take more time to mature, as well as increased transportation and fuel expenses as a result of macroeconomic headwinds.
Depreciation of rental equipment
increased 32% to $484 million due to higher year-over-year average fleet size primarily as a result of the H&E acquisition. Non-rental depreciation and amortization increased 90% to $148 million primarily due to amortization of acquisition intangibles, particularly the H&E customer relationship intangible asset, and an increase in non-rental asset depreciation resulting from the growth of the business.
Selling, general and administrative expenses
were $301 million, or 14.7% of equipment rental revenue, compared to $245 million, or 15.2%, in the prior-year period. The decrease as a percent of equipment rental revenue primarily was related to continued focus on improving operating leverage, including acquisition cost synergies, while expanding revenues.
Interest expense
was $254 million compared with $148 million in the prior-year period, reflecting the new debt issued in June 2025 to fund the H&E acquisition.
Net loss
was $5 million, or $0.15 loss per diluted share, compared to $53 million net loss, or $1.82 loss per diluted share, in the prior-year period. Adjusted net income was $55 million, or $1.64 per diluted share, compared to $96 million, or $3.28 per diluted share, in the prior-year period.
Adjusted EBITDA
increased 25% to $935 million compared to $748 million in the prior-year period Adjusted EBITDA margin was 39.9% compared to 40.2% in the prior year period primarily impacted by the inflation in fuel year-over-year.
Rental Fleet
Net rental equipment capital expenditures were as follows (in millions):
Six Months Ended June 30,
2026
2025
Rental equipment expenditures
$
557
$
421
Proceeds from disposal of rental equipment
(230
)
(183
)
Net rental equipment capital expenditures
$
327
$
238
As of June 30, 2026, the Company's total fleet was approximately $9.6 billion at OEC.
Average fleet at OEC in the second quarter increased 20% compared to the prior-year period.
Average fleet age was 46 months as of June 30, 2026, unchanged from the comparable prior-year period.
Disciplined Capital Management
The Company opened 3 previously planned greenfield locations in the first half of 2026.
Net debt was $7.9 billion as of June 30, 2026, with net leverage of 3.95x
1
compared to $8.3 billion and 3.76x
1
in the same prior-year period. The increase in leverage resulted from the full impact of the H&E acquisition dis-synergies in the most recent