Hertz Global Holdings, Inc. (HTZ) Cash Flow Statement
Where HTZ’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.62B −26.9% vs 2024
- Capital expenditures
- $10.28B 120.9% of revenue
- Free cash flow
- −$8.65B −101.8% margin
- Returned to shareholders
- —
- Change in cash
- $34.0M cash at year-end $1.17B
Cash from operations
$1.62B
Capital expenditures
−$10.28B
Acquisitions & other
+$8.29B
Net borrowing (repayment)
+$503.0M
Other financing
−$131.0M
Currency & other
+$32.0M
Change in cash
$34.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
HTZ operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
HTZ cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.53B2016 | $1.62B2025 | −4.8%/yr | |
| Capital expenditures | $11.09B2016 | $10.28B2025 | −0.8%/yr | |
| Free cash flow | −$8.56B2016 | −$8.65B2025 | — | |
| Free cash flow margin | −97.3%2016 | −101.8%2025 | −4.5 pts | |
| Operating cash flow / net income | 7.322017 | 4.022023 | −3.30 | |
| Stock-based compensation | $13.0M2016 | $63.0M2025 | +19.2%/yr | |
| Dividends paid | $239.0M2018 | $02025 | −100.0% | |
| Share buybacks (net) | $100.0M2016 | $02025 | −100.0% | |
| Capex / revenue | 126.0%2016 | 120.9%2025 | −5.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HTZ cash flow by activity
OperatingInvestingFinancingChange in cash
HTZ net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HTZ cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$747.0M | −$2.86B | $616.0M | $2.06B | $365.0M | −$1.72B | −$50.0M | −$227.0M | $327.0M | −$474.0M |
| Depreciation & amortization | $2.27B | $4.12B | $2.57B | $951.0M | $796.0M | $2.48B | $2.99B | $2.76B | $2.96B | $2.80B |
| Stock-based compensation | $63.0M | −$5.0M | $87.0M | $130.0M | $10.0M | −$2.0M | $18.0M | $14.0M | $19.0M | $13.0M |
| Change in working capital | $73.0M | $480.0M | −$371.0M | −$320.0M | −$418.0M | $187.0M | −$159.0M | −$22.0M | −$190.0M | −$146.0M |
| Other non-cash items | −$29.0M | $489.0M | −$429.0M | −$282.0M | $1.05B | $7.0M | $97.0M | $27.0M | −$724.0M | $340.0M |
| Cash from operating activities | $1.62B | $2.22B | $2.47B | $2.54B | $1.81B | $953.0M | $2.90B | $2.56B | $2.39B | $2.53B |
| Investing activities | ||||||||||
| Capital expenditures | −$10.28B | −$10.63B | −$9.70B | −$4.25B | −$7.22B | −$5.64B | −$13.94B | −$12.67B | −$10.77B | −$11.09B |
| Investments (net) | — | −$2.93B | −$4.87B | −$16.0M | −$3.54B | $74.0M | $74.0M | −$24.0M | $16.0M | — |
| Acquisitions & other investing | $8.29B | $10.63B | $10.55B | $31.0M | $7.22B | $10.16B | $9.44B | $8.50B | $7.61B | $9.10B |
| Cash from investing activities | −$2.00B | −$2.93B | −$4.02B | −$4.23B | −$3.54B | $4.59B | −$4.42B | −$4.20B | −$3.15B | −$2.00B |
| Financing activities | ||||||||||
| Dividends paid | $0 | −$7.0M | $0 | −$3.0M | −$239.0M | −$239.0M | −$239.0M | −$239.0M | — | — |
| Share repurchases & issuance (net) | $0 | $0 | −$315.0M | −$2.46B | −$2.54B | $0 | — | — | — | −$100.0M |
| Net borrowing (repayment) | $503.0M | $726.0M | $1.68B | $2.96B | −$262.0M | −$5.25B | $767.0M | $1.57B | $1.05B | — |
| Shares issued | $0 | $0 | $0 | $0 | $3.07B | $28.0M | $748.0M | $0 | $0 | $0 |
| Other financing | −$131.0M | −$61.0M | −$50.0M | −$14.0M | $2.81B | $87.0M | $198.0M | $231.0M | −$64.0M | −$83.0M |
| Cash from financing activities | $372.0M | $658.0M | $1.31B | $487.0M | $2.85B | −$5.37B | $1.47B | $1.56B | $988.0M | −$183.0M |
| Summary | ||||||||||
| Net change in cash | $34.0M | −$73.0M | −$212.0M | −$1.23B | $1.07B | $218.0M | −$50.0M | −$94.0M | $256.0M | $342.0M |
| Cash at end of period | $1.17B | $1.13B | $1.21B | $1.42B | $2.65B | $1.58B | $495.0M | $1.41B | $1.07B | $816.0M |
| Free cash flow | −$8.65B | −$8.40B | −$7.23B | −$1.71B | −$5.42B | −$4.69B | −$11.04B | −$10.11B | −$8.38B | −$8.56B |
| Free cash flow margin | −101.8% | −92.9% | −77.1% | −19.7% | −73.9% | −89.1% | −112.9% | −106.4% | −95.1% | −97.3% |
| Capex / revenue | 120.9% | 117.5% | 103.5% | 48.9% | 98.5% | 107.3% | 142.5% | 133.3% | 122.3% | 126.0% |
| Operating cash flow / net income | — | — | 4.02 | 1.23 | 4.95 | — | — | — | 7.32 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $64.0M | −$333.0M | −$194.0M | $184.0M | −$294.0M | −$443.0M | −$479.0M | −$1.33B | −$865.0M | −$186.0M | −$348.0M | $629.0M |
| Depreciation & amortization | $568.0M | $563.0M | $592.0M | $532.0M | $29.0M | $654.0M | $816.0M | $1.08B | $1.17B | $1.12B | $981.0M | $639.0M |
| Stock-based compensation | $21.0M | $17.0M | $17.0M | $14.0M | $16.0M | $16.0M | $15.0M | $16.0M | $16.0M | −$52.0M | $22.0M | $21.0M |
| Change in working capital | −$136.0M | −$269.0M | −$34.0M | $36.0M | −$25.0M | $82.0M | $171.0M | $471.0M | −$11.0M | −$57.0M | $54.0M | −$85.0M |
| Other non-cash items | −$136.0M | $42.0M | −$188.0M | $69.0M | $620.0M | −$58.0M | −$109.0M | $659.0M | $241.0M | −$455.0M | −$145.0M | −$353.0M |
| Cash from operating activities | $381.0M | $20.0M | $193.0M | $835.0M | $346.0M | $251.0M | $414.0M | $894.0M | $546.0M | $370.0M | $564.0M | $851.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$3.64B | −$3.63B | −$2.41B | −$209.0M | −$3.07B | −$2.87B | −$332.0M | −$499.0M | −$3.75B | −$704.0M | −$1.24B | −$1.80B |
| Investments (net) | — | — | — | −$158.0M | −$846.0M | −$718.0M | $338.0M | −$487.0M | −$2.08B | −$703.0M | $84.0M | −$383.0M |
| Acquisitions & other investing | $2.67B | $2.53B | $2.14B | $209.0M | $3.07B | $2.87B | $332.0M | $499.0M | $3.75B | $704.0M | $1.24B | $1.80B |
| Cash from investing activities | −$971.0M | −$1.10B | −$273.0M | −$158.0M | −$846.0M | −$718.0M | $338.0M | −$487.0M | −$2.08B | −$703.0M | $84.0M | −$383.0M |
| Financing activities | ||||||||||||
| Dividends paid | — | $0 | $0 | — | — | $0 | −$5.0M | — | — | −$2.0M | — | — |
| Share repurchases & issuance (net) | — | — | — | — | — | — | $0 | $0 | $0 | $0 | −$43.0M | −$50.0M |
| Net borrowing (repayment) | $727.0M | $1.15B | −$289.0M | −$189.0M | $619.0M | $362.0M | −$489.0M | −$497.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$48.0M | −$15.0M | −$16.0M | −$67.0M | −$32.0M | −$16.0M | −$4.0M | −$14.0M | $1.58B | $87.0M | −$477.0M | −$518.0M |
| Cash from financing activities | $679.0M | $1.14B | −$305.0M | −$256.0M | $587.0M | $346.0M | −$498.0M | −$511.0M | $1.58B | $85.0M | −$520.0M | −$568.0M |
| Summary | ||||||||||||
| Net change in cash | $85.0M | $52.0M | −$382.0M | $420.0M | $108.0M | −$112.0M | $228.0M | −$89.0M | $49.0M | −$261.0M | $150.0M | −$110.0M |
| Cash at end of period | $1.30B | $1.22B | $1.17B | $1.55B | $1.13B | $1.02B | $1.13B | $905.0M | $994.0M | $945.0M | $1.21B | $1.06B |
| Free cash flow | −$3.26B | −$3.61B | −$2.22B | $626.0M | −$2.73B | −$2.62B | $746.0M | $395.0M | −$3.20B | −$334.0M | −$675.0M | −$946.0M |
| Free cash flow margin | −136.1% | −180.2% | −109.4% | 25.3% | −124.7% | −144.4% | 36.6% | 15.3% | −136.1% | −16.1% | −30.9% | −35.0% |
| Capex / revenue | 152.0% | 181.2% | 118.9% | 8.4% | 140.5% | 158.2% | 16.3% | 19.4% | 159.3% | 33.8% | 56.7% | 66.5% |
| Operating cash flow / net income | 5.95 | — | — | 4.54 | — | — | — | — | — | — | — | 1.35 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
HTZ cash generation
In fiscal 2025 (ended December 31, 2025), Hertz Global generated $1.6 billion of cash from operations (down 26.9%) and spent $10.3 billion on capital expenditures, leaving free cash flow of -$8.7 billion, −101.8% of revenue. Cash and equivalents rose by $34.0 million over the year.
Related: HTZ income statement, HTZ balance sheet. See the HTZ stock overview for the latest quote and news.
HTZ cash flow FAQ
What is Hertz Global's free cash flow?
Hertz Global's free cash flow was -$8.7 billion in fiscal 2025: $1.6 billion of operating cash flow minus $10.3 billion of capital expenditures It was -$8.4 billion a year earlier..
How much cash does Hertz Global generate from operations?
Hertz Global generated $1.6 billion of cash from operating activities in fiscal 2025.
How much does Hertz Global spend on capital expenditures?
Hertz Global spent $10.3 billion on capital expenditures in fiscal 2025, 120.9% of revenue, compared with $10.6 billion the year before.