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Bond Market News
Hertz’s Bonds Rally as Losses Narrow amid Better Operating Performance
August 7, 2026
– Amruth S
Hertz Global reported Q2 financial results that surpassed expectations, providing relief amid weak financials. The rental car provider posted an adjusted loss of $0.11/share, outperforming analyst estimates of a $0.24/share loss. Adjusted EBITDA reached $81mn, slightly beating the management’s previous guidance ceiling of $80mn. Operational performance was driven by a 9% increase in revenue per day, which helped offset an 18% surge in per-unit monthly fleet depreciation. The positive earnings beat follows a controversial financing strategy executed in June, where Hertz issued new debt alongside $100mn in shares dedicated for short-selling to enable creditor hedging. At the time, Hertz issued regulatory warnings citing unexpected softness in the used-vehicle market, which had significantly elevated vehicle holding costs and driven a 70% YTD decline in its stock price.
Hertz’s 4.625% bond due December 2026 rallied by 6.3 points to trade at 94 cents on the dollar.
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