Herc Holdings Inc. (HRI)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$4.9B

Revenue growth

19.4%

Net income, last twelve months

$123.0M

Earnings per share

$3.67

Net margin

2.5%

Free cash flow

$1.1B

Return on equity

6.2%

Market value

$5.6B

Price to earnings

45.3x

Dividend yield

1.7%

Cash

$66.0M

Debt

$8.0B

Debt to equity

4.03

Shares outstanding

33.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 27 October 2026.

• Total revenue rose 5%. Total revenues were $1,364 million, up 5% from $1,304 million. Equipment rental revenue rose 12% to $1,254 million.
• Net income and adjusted EPS reported. Net income was $104 million, or $3.10 per diluted share. Adjusted net income was $131 million, or $3.91 per diluted share, against $2.22 a year earlier.
• Fleet, mega projects and synergies drove revenue. Management attributed the 12% equipment rental increase to a slightly larger average fleet, higher mega-project volume and acquisition revenue synergies.
• Nine-month revenue up 17%. Nine-month revenue was $3,707 million, up 17%, with equipment rental revenue up 21% on the larger fleet after the H&E acquisition. Adjusted EBITDA was $1,538 million, up 18%.
• Rental equipment sales declined. Sales of rental equipment fell $66 million, as prior-year disposal volume was elevated to optimize the fleet after the H&E acquisition.
• Mega-project volume and specialty grew. Management said mega-project volume and double-digit expansion in specialty solutions led the quarter's performance.
• Large-project pipeline above expectations. Management said pipeline growth continues to exceed its expectations, with growing project activity in data centers, infrastructure, manufacturing facilities and energy.
• Local-market demand held steady. Management said local-market demand remained stable while cross-selling, broader fleet access and national account penetration advanced.
• H&E revenue synergies increasing. Management said H&E revenue synergies were an increasing contributor in the quarter, as new specialty branches continued to ramp.
• Pricing and specialty mix lifted efficiency. Management credited fleet management, high time utilization, disciplined deployment, pricing improvement and a higher specialty mix for better fleet efficiency.
• New equipment and service sales fell. Sales of new equipment, parts and supplies were $13 million, against $18 million. Service and other revenue was $12 million, against $13 million.
• Direct costs rose to 42.4% of rental revenue. Direct operating expenses were $532 million, or 42.4% of equipment rental revenue, up from 41.6% a year earlier.
• Transport and fuel costs higher. Management linked the higher direct cost ratio mainly to increased transportation and fuel expenses from continued macroeconomic headwinds.
• Field incentive pay rose with outperformance. Management said higher field incentive compensation, driven by outperformance especially in fleet efficiency, also contributed to the increase during the quarter.

Revenue by segment

As the company reports it in the segment note of its annual report.

By region, FY2025

Company events

The newest 8-K filings of 321 held.

Every filing

The newest filings with the SEC of 674 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

377 funds held it at 30 Jun 2026: 188 added and 86 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Ftai Aviation Ltd. (FTAI): revenue $3.1B, market value $17.2B
• WillScot Holdings Corp. (WSC): revenue $2.3B, market value $3.3B

What the company does

Herc Holdings is an equipment rental company. It says it is engaged principally in the business of renting equipment. Alongside rentals, it sells used rental equipment, sells new equipment and consumables, and offers services and support to its customers. On 2 June 2025 it completed the acquisition of H&E Equipment Services, which added approximately 160 branches, and it also opened 26 new greenfield locations in the same year.

How it makes money

The company reports three kinds of revenue. The first is equipment rental, which covers all revenue tied to renting equipment, including ancillary revenue from delivery, rental protection programs and fueling charges. The second is sales of rental equipment and sales of new equipment, parts and supplies. The third is service and other revenue, which is mainly training and labor provided to customers.

The company says its profitability depends on the volume, mix and pricing of rental transactions and on how much of its equipment is on rent. It also says changes in equipment purchase prices, residual values or interest rates can affect profitability, depending on its ability to adjust pricing for them.

What it rents

It describes H&E, the business acquired in 2025, as a full-service equipment rental company with a general rental fleet that included aerial, earthmoving and material handling equipment, along with other lines. Herc's own rental equipment is its principal asset, at 42.7% of total assets as of 31 December 2025.

Who it serves and where

The company says it is diversified across industries and project types. H&E served a mix of customers in construction and industrial markets through branches in over 30 U.S. states. Herc says its added locations help it reach greater density and scale in select urban markets, serving both local and national customers. Herc and certain of its U.S. and Canadian subsidiaries hold the assets that back its main credit facility, so its operations span the United States and Canada.

The company says it believes the operating environment favors equipment rental companies of scale.

How it manages its fleet

Most of its capital spending goes to buying rental equipment, with the rest going to property, equipment and information technology. The company rotates its equipment and manages the size of the fleet in line with customer demand. It also invests in information technology, service vehicles and facilities.

When it buys rental equipment, it sets depreciation rates using historical experience, industry residual value guidebooks and market monitoring.

- Wages and related benefits - Facility costs - Delivery - Maintenance - Fuel

Changes to the business in 2025

On 31 July 2025 it divested Cinelease, its studio entertainment business, and used the sale proceeds to repay indebtedness. The company reports one reporting unit, equipment rental.

How it is financed and staffed

The company says its business requires substantial spending on equipment, so it needs substantial liquidity. Its main sources of funding are operating cash flows, cash from disposing of equipment and borrowings. To fund the H&E acquisition it issued senior unsecured notes due 2030 and 2033, entered a term loan facility and put in place a new senior secured asset-based revolving credit facility. In December 2025 it redeemed its notes due 2027 and issued new senior unsecured notes due 2031 and 2034.

It also runs an accounts receivable securitization facility. Under it, the company sells receivables to a wholly-owned special-purpose entity whose assets are not available to the company's other creditors. Substantially all remaining assets of Herc and certain U.S. and Canadian subsidiaries are pledged to the lenders under the asset-based facility.

On employees, the Herc Holdings Retirement Plan is a U.S. qualified defined benefit pension plan that has been closed to new employees since it was established in 2016. Under various collective bargaining agreements, certain union-represented employees take part in multiemployer pension plans. The company pays quarterly dividends, which its board sets at its own discretion and which its debt agreements restrict.

*From Herc Holdings's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1364479/000136447926000050/hri-20251231.htm)*

From the company's 10-K.