Hertz Global Holdings, Inc. (HTZ) Balance Sheet
HTZ balance sheet, 2025
December 31, 2025 · U.S. dollars$22.31B assets = $22.77B liabilities + −$459.0M equity
Liabilities exceed assets: shareholders’ equity is negative (−$459.0M).
Both columns are drawn to the same scale: what HTZ owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HTZ financial health
Descriptive bands, not a rating. Fiscal 2025.
HTZ balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $19.16B2016 | $22.31B2025 | +1.7%/yr | |
| Total liabilities | $18.08B2016 | $22.77B2025 | +2.6%/yr | |
| Shareholders’ equity | $1.07B2016 | −$459.0M2025 | — | |
| Cash & short-term investments | $816.0M2016 | $1.17B2025 | +4.1%/yr | |
| Total debt | $13.54B2016 | $19.20B2025 | +4.0%/yr | |
| Net cash (debt) | −$12.72B2016 | −$18.03B2025 | −$5.3B | |
| Working capital | $649.0M2016 | −$2.47B2025 | −$3.1B | |
| Book value per share | $11.202016 | −$1.432025 | — | |
| Current ratio | 1.282016 | 0.552025 | −0.73 | |
| Debt / equity | 12.602016 | 120.312024 | +107.72 | |
| Shares outstanding | 96.0M2016 | 322.0M2025 | +14.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HTZ assets
HTZ liabilities and equity
HTZ debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HTZ balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.17B | $592.0M | $764.0M | $943.0M | $2.26B | $1.10B | $865.0M | $1.13B | $1.07B | $816.0M |
| Cash & equivalents | $1.17B | $592.0M | $764.0M | $943.0M | $2.26B | $1.10B | $865.0M | $1.13B | $1.07B | $816.0M |
| Short-term investments | — | — | $10.0M | $140.0M | — | — | — | — | — | — |
| Receivables | $1.11B | $1.21B | $1.19B | $974.0M | $758.0M | $777.0M | $1.84B | $1.59B | $1.36B | $1.28B |
| Inventory | $0 | $0 | −$284.0M | $475.0M | $393.0M | $2.22B | $495.0M | $283.0M | $432.0M | $278.0M |
| Other current assets | $782.0M | $541.0M | $726.0M | $0 | $987.0M | $359.0M | $664.0M | $902.0M | $687.0M | $578.0M |
| Total current assets | $3.06B | $2.34B | $2.40B | $2.39B | $4.40B | $4.45B | $3.86B | $3.90B | $3.56B | $2.96B |
| Property, plant & equipment (net) | $15.35B | $14.67B | $17.57B | $15.02B | $2.17B | $2.34B | $2.63B | $13.20B | $12.18B | $11.68B |
| Goodwill & intangible assets | $3.90B | $3.90B | $3.91B | $3.93B | $3.96B | $4.04B | $4.32B | $4.29B | $4.33B | $4.41B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $894.0M | $726.0M | $1.16B | $9.26B | $6.08B | $13.81B | $0 | $0 | $111.0M |
| Total assets | $22.31B | $21.80B | $24.61B | $22.50B | $19.78B | $16.91B | $24.63B | $21.38B | $20.06B | $19.16B |
| Liabilities | ||||||||||
| Accounts payable | $859.0M | $642.0M | $701.0M | $657.0M | $572.0M | $685.0M | $943.0M | $988.0M | $946.0M | $821.0M |
| Short-term debt | $3.31B | $1.19B | $1.38B | $998.0M | $502.0M | $618.0M | $2.93B | $146.0M | $370.0M | $340.0M |
| Deferred revenue | — | — | — | $1.36B | — | $880.0M | — | $136.0M | $160.0M | $165.0M |
| Total current liabilities | $5.53B | $3.16B | $3.10B | $2.74B | $1.59B | $3.35B | $3.76B | $2.57B | $2.40B | $2.31B |
| Long-term debt | $15.98B | $15.14B | $14.31B | $13.73B | $10.76B | $6.13B | $16.65B | $15.90B | $14.20B | $0 |
| Lease obligations | $2.27B | $2.07B | $2.14B | $1.80B | $1.51B | $1.64B | $1.85B | — | — | — |
| Other long-term liabilities | $1.26B | $3.34B | $4.10B | $3.39B | $4.45B | $7.33B | $2.33B | $1.79B | $1.94B | $15.77B |
| Total liabilities | $22.77B | $21.65B | $21.51B | $19.85B | $16.81B | $16.82B | $22.74B | $20.26B | $18.54B | $18.08B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $2.0M | $1.0M | $1.0M | $1.0M | $1.0M |
| Retained earnings (deficit) | −$3.25B | −$2.50B | $360.0M | −$256.0M | −$2.31B | −$2.68B | −$967.0M | −$909.0M | −$506.0M | −$882.0M |
| Treasury stock | — | — | — | −$3.14B | −$708.0M | — | — | — | — | — |
| Accumulated other comprehensive income | −$232.0M | −$316.0M | −$248.0M | −$294.0M | −$214.0M | −$212.0M | −$189.0M | −$192.0M | −$118.0M | −$171.0M |
| Total shareholders' equity | −$459.0M | $153.0M | $3.09B | $2.65B | $2.98B | $56.0M | $1.77B | $1.12B | $1.52B | $1.07B |
| Key figures | ||||||||||
| Total debt | $19.20B | $18.41B | $17.83B | $15.66B | $4.50B | $6.32B | $5.57B | $16.32B | $14.87B | $13.54B |
| Net cash (debt) | −$18.03B | −$17.82B | −$17.07B | −$14.72B | −$2.24B | −$5.23B | −$4.70B | −$15.20B | −$13.79B | −$12.72B |
| Working capital | −$2.47B | −$826.0M | −$699.0M | −$344.0M | $2.80B | $1.10B | $104.0M | $1.32B | $1.16B | $649.0M |
| Tangible book value | −$4.36B | −$3.74B | −$815.0M | −$1.29B | −$980.0M | −$3.98B | −$2.55B | −$3.17B | −$2.81B | −$3.34B |
| Book value per share | −$1.43 | $0.50 | $9.48 | $6.56 | $9.45 | $0.37 | $15.12 | $11.67 | $16.03 | $11.20 |
| Shares outstanding | 322.0M | 306.0M | 326.0M | 403.0M | 315.0M | 150.0M | 117.0M | 96.0M | 94.8M | 96.0M |
| Current ratio | 0.55 | 0.74 | 0.77 | 0.87 | 2.76 | 1.33 | 1.03 | 1.51 | 1.48 | 1.28 |
| Quick ratio | 0.41 | 0.57 | 0.63 | 0.70 | 1.89 | 0.56 | 0.72 | 1.05 | 1.02 | 0.91 |
| Debt / equity | — | 120.31 | 5.77 | 5.92 | 1.51 | 112.89 | 3.15 | 14.57 | 9.78 | 12.60 |
| Equity / assets | −2.1% | 0.7% | 12.6% | 11.8% | 15.0% | 0.3% | 7.2% | 5.2% | 7.6% | 5.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $631.0M | $1.22B | $1.17B | $1.09B | $1.13B | $626.0M | $592.0M | $501.0M | $568.0M | $465.0M | $764.0M | $594.0M |
| Cash & equivalents | $631.0M | $1.22B | $1.17B | $1.09B | $1.13B | $626.0M | $592.0M | $501.0M | $568.0M | $465.0M | $764.0M | $594.0M |
| Short-term investments | — | — | — | — | — | — | — | — | $5.0M | $6.0M | $10.0M | $24.0M |
| Receivables | $1.20B | $1.12B | $1.11B | $1.21B | $1.15B | $1.23B | $1.21B | $1.34B | $1.27B | $1.21B | $1.19B | $1.41B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$5.0M | −$6.0M | −$284.0M | $462.0M |
| Other current assets | $1.66B | $1.19B | $782.0M | $1.23B | $739.0M | $395.0M | $541.0M | $404.0M | $431.0M | $486.0M | $726.0M | $0 |
| Total current assets | $3.50B | $3.53B | $3.06B | $3.54B | $3.02B | $2.25B | $2.34B | $2.25B | $2.26B | $2.16B | $2.40B | $2.46B |
| Property, plant & equipment (net) | $16.45B | $15.85B | $15.35B | $2.86B | $16.17B | $14.89B | $14.67B | $15.91B | $18.27B | $17.50B | $17.57B | $18.33B |
| Goodwill & intangible assets | $3.92B | $3.91B | $3.90B | $3.90B | $3.90B | $3.90B | $3.90B | $3.90B | $3.90B | $3.91B | $3.91B | $3.92B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $0 | $12.69B | $0 | $1.01B | $894.0M | $926.0M | $754.0M | $751.0M | $726.0M | $835.0M |
| Total assets | $23.87B | $23.29B | $22.31B | $22.99B | $23.08B | $22.05B | $21.80B | $22.98B | $25.18B | $24.31B | $24.61B | $25.55B |
| Liabilities | ||||||||||||
| Accounts payable | $1.12B | $1.15B | $859.0M | $830.0M | $898.0M | $861.0M | $642.0M | $624.0M | $995.0M | $1.13B | $701.0M | $790.0M |
| Short-term debt | $3.18B | $2.45B | $3.31B | $160.0M | $333.0M | $1.03B | $1.19B | $2.60B | — | $1.14B | $1.38B | $1.48B |
| Deferred revenue | — | — | — | — | — | — | — | — | — | −$966.0M | — | — |
| Total current liabilities | $2.28B | $4.73B | $5.53B | $3.17B | $2.73B | $3.28B | $3.16B | $4.63B | $2.13B | $3.34B | $3.10B | $3.38B |
| Long-term debt | $17.55B | $17.15B | $15.98B | $16.04B | $16.30B | $15.74B | $15.14B | $14.35B | $17.37B | $14.60B | $14.31B | $15.83B |
| Lease obligations | $2.34B | $2.39B | $2.27B | $2.29B | $2.28B | $2.12B | $2.07B | $2.02B | $2.11B | $2.10B | $2.14B | $2.09B |
| Other long-term liabilities | $4.67B | $2.19B | $1.26B | $4.09B | $4.55B | $3.29B | $3.34B | $3.32B | $3.72B | $3.56B | $4.10B | $2.95B |
| Total liabilities | $24.50B | $24.07B | $22.77B | $23.31B | $23.59B | $22.31B | $21.65B | $22.30B | $23.23B | $21.50B | $21.51B | $22.16B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M | $5.0M |
| Retained earnings (deficit) | −$3.52B | −$3.58B | −$3.25B | −$3.06B | −$3.24B | −$2.94B | −$2.50B | −$2.02B | −$691.0M | $174.0M | $360.0M | $708.0M |
| Accumulated other comprehensive income | −$242.0M | −$236.0M | −$232.0M | −$269.0M | −$261.0M | −$301.0M | −$316.0M | −$251.0M | −$291.0M | −$288.0M | −$248.0M | −$323.0M |
| Total shareholders' equity | −$628.0M | −$786.0M | −$459.0M | −$317.0M | −$504.0M | −$262.0M | $153.0M | $681.0M | $1.96B | $2.81B | $3.09B | $3.39B |
| Key figures | ||||||||||||
| Total debt | $21.09B | $20.48B | $19.20B | $7.94B | $19.74B | $18.90B | $18.41B | $18.98B | $19.48B | $17.84B | $17.83B | $18.11B |
| Net cash (debt) | −$20.46B | −$19.26B | −$18.03B | −$6.85B | −$18.61B | −$18.27B | −$17.82B | −$18.48B | −$18.91B | −$17.38B | −$17.07B | −$17.51B |
| Working capital | $1.21B | −$1.20B | −$2.47B | $365.0M | $283.0M | −$1.03B | −$826.0M | −$2.38B | $127.0M | −$1.18B | −$699.0M | −$917.0M |
| Tangible book value | −$4.55B | −$4.70B | −$4.36B | −$4.22B | −$4.40B | −$4.16B | −$3.74B | −$3.22B | −$1.94B | −$1.09B | −$815.0M | −$535.0M |
| Book value per share | −$1.50 | −$2.50 | −$1.43 | −$0.87 | −$1.63 | −$0.85 | $0.50 | $2.22 | $6.40 | $9.22 | $10.10 | $10.37 |
| Shares outstanding | 418.0M | 314.0M | 322.0M | 364.0M | 309.0M | 307.0M | 307.0M | 307.0M | 306.0M | 305.0M | 306.0M | 327.0M |
| Current ratio | 1.53 | 0.75 | 0.55 | 1.11 | 1.10 | 0.69 | 0.74 | 0.49 | 1.06 | 0.65 | 0.77 | 0.73 |
| Quick ratio | 0.80 | 0.49 | 0.41 | 0.73 | 0.83 | 0.57 | 0.57 | 0.40 | 0.86 | 0.50 | 0.63 | 0.59 |
| Debt / equity | — | — | — | — | — | — | 120.31 | 27.87 | 9.95 | 6.35 | 5.77 | 5.34 |
| Equity / assets | −2.6% | −3.4% | −2.1% | −1.4% | −2.2% | −1.2% | 0.7% | 3.0% | 7.8% | 11.6% | 12.6% | 13.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
HTZ financial position
At the end of fiscal 2025 (December 31, 2025), Hertz Global had total assets of $22.3 billion (up 2.3% from a year earlier), total liabilities of $22.8 billion and shareholders' equity of -$459.0 million. It held $1.2 billion in cash and short-term investments against $19.2 billion of debt, net debt of $18.0 billion. Its current ratio was 0.55. In the latest quarter (ended June 30, 2026) total assets were $23.9 billion and equity -$628.0 million.
Related: HTZ income statement, HTZ cash flow statement, HTZ key metrics. See the HTZ stock overview for the latest quote and news.
HTZ balance sheet FAQ
What are Hertz Global's total assets?
Hertz Global reported total assets of $22.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $21.8 billion a year earlier.
How much debt does Hertz Global have?
Hertz Global had $19.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Hertz Global have?
Hertz Global held $1.2 billion in cash and short-term investments at the end of fiscal 2025; with $19.2 billion of debt that is net debt of $18.0 billion.
What is Hertz Global's book value?
Hertz Global's shareholders' equity (book value) was -$459.0 million at the end of fiscal 2025, or −$1.43 per share.
What is Hertz Global's current ratio?
Hertz Global had current assets of $3.1 billion and current liabilities of $5.5 billion, a current ratio of 0.55 (current liabilities exceed current assets).
How much goodwill does Hertz Global have?
Hertz Global carried $3.9 billion of goodwill and intangible assets, 17.5% of total assets, at the end of fiscal 2025.