Loading financials from SEC filings…
Rental & leasing services · Industrials · Fiscal year ends Dec 31
HERC reported revenue of $862M in the fiscal year ended Dec 2025, up 45.6% from the year before. Net income was $1M. Operating cash flow of $1.1B less capital expenditure of $157M left free cash flow of $928M. Net debt was $8B.
Ranks among the 13 rental & leasing services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,073 | 2,740 | 600 | 592 | 862 |
| Selling, general & admin | 310 | 411 | 440 | 469 | 564 |
| Net interest incomeBanks | −86.0 | −122 | −224 | – | – |
| Interest expense | 86.3 | 122 | – | – | – |
| Pre-tax income | 291 | 434 | 447 | 291 | 1.0 |
| Income tax | 67.0 | 104 | 100 | 80.0 | 0.0 |
| Net income | 224 | 330 | 347 | 211 | 1.0 |
| Diluted EPS | 7.37 | 10.92 | 12.09 | 7.40 | 0.03 |
| Diluted shares | 30.4 | 30.2 | 28.7 | 28.5 | 31.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 35.1 | 54.0 | 71.0 | 83.0 | 52.0 |
| Receivables | 388 | 523 | 563 | 589 | 769 |
| Current assets | 470 | 644 | 732 | 776 | 956 |
| Net PP&E | 308 | 392 | 465 | 554 | 868 |
| Goodwill | 232 | 419 | 483 | 670 | 2,873 |
| Total assets | 4,490 | 5,957 | 7,061 | 7,877 | 13,776 |
| Payables | 281 | 318 | 212 | 248 | 337 |
| Deferred revenue | 13.7 | 20.0 | 18.0 | 19.0 | 28.0 |
| Current liabilities | 530 | 604 | 508 | 562 | 730 |
| Short-term debt | 11.4 | – | – | – | – |
| Long-term debt | 1,916 | 2,922 | 3,673 | 4,069 | 8,021 |
| Total liabilities | 3,514 | 4,849 | 5,788 | 6,481 | 11,828 |
| Shareholders' equity | 977 | 1,108 | 1,273 | 1,396 | 1,948 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 743 | 917 | 1,086 | 1,225 | 1,085 |
| Capital expenditure | 47.0 | 104 | 156 | 161 | 157 |
| Free cash flow | 696 | 813 | 930 | 1,064 | 928 |
| Stock-based compensation | 23.0 | 27.0 | 18.0 | 17.0 | 34.0 |
| Acquisitions | 431 | 515 | 430 | 600 | 4,257 |
| Share buybacks | 0.0 | 115 | 120 | 0.0 | 0.0 |
| Dividends paid | 15.0 | 68.0 | 73.0 | 77.0 | 87.0 |
| Dividend per share | 0.50 | 2.30 | 2.53 | 2.66 | 2.80 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 32.2% | −78.1% | −1.3% | 45.6% |
| EPS growth (YoY) | – | 48.2% | 10.7% | −38.8% | −99.6% |
| Net margin | 10.8% | 12.0% | 57.8% | 35.6% | 0.1% |
| Return on equityBlank when equity is negative | 22.9% | 29.8% | 27.3% | 15.1% | 0.1% |
| Free cash flow margin | 33.6% | 29.7% | 155.0% | 179.7% | 107.7% |
| Cash conversion (CFO ÷ net income) | 3.32x | 2.78x | 3.13x | 5.81x | 1085x |
| Receivable days | 68 | 70 | 342 | 363 | 326 |
| Debt ÷ equity | 1.97x | 2.64x | 2.89x | 2.91x | 4.12x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,892 | 2,868 | 3,602 | 3,986 | 7,969 |
| Current ratio | 0.89x | 1.07x | 1.44x | 1.38x | 1.31x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.