HERC HOLDINGS (HRI) Company Report

Herc Holdings Inc. announced the pricing of a $1,200 million senior unsecured notes offering on December 2, 2025.
The offering includes $600 million of 5.750% senior unsecured notes due 2031 and $600 million of 6.000% senior unsecured notes due 2034.
The company expects to use the net proceeds from this offering, combined with borrowings under its existing ABL credit facility, to redeem all $1,200 million in aggregate principal amount of its 5.50% Senior Notes due 2027 and cover related fees and expenses.
The closing of the offering is anticipated to occur on or about December 16, 2025.

2 days ago

8-K

Herc Holdings Inc. Announces Proposed Private Offering of Senior Unsecured Notes

HRI

Debt Issuance

M&A

Herc Holdings Inc. announced a proposed private offering of $1,200 million in aggregate principal amount of senior unsecured notes due 2031 and senior unsecured notes due 2034.
The net proceeds from this offering are expected to be used to redeem all $1,200 million of the Company's 5.50% Senior Notes due 2027 and pay related fees and expenses.
This private offering is being made in connection with the company's acquisition of H&E Equipment Services, Inc., which was completed on June 2, 2025.
Following the acquisition, Herc Holdings Inc.'s 2024 pro forma total revenues were approximately $5.1 billion.

3 days ago

8-K

Herc Holdings Plans $1.2B Senior Notes Offering to Redeem 2027 Debt

HRI

Debt Issuance

Herc Holdings, Inc. announced plans to offer $1.2 billion in senior unsecured notes due 2031 and 2034 through a private offering.
The proceeds from this offering will be used to redeem all $1.2 billion of its 5.50% Senior Notes due 2027 and cover related fees and expenses.
The redemption of the 2027 notes is contingent upon securing satisfactory financing, with a target redemption date of December 16, 2025.
Analyst sentiment on Herc Holdings stock is mixed, with a Hold rating and a price target of $137.

4 days ago

Morningstar

Herc Rentals discusses H&E acquisition, synergy targets, and 2026 outlook

HRI

M&A

Guidance Update

New Projects/Investments

Herc Rentals completed the acquisition of H&E Equipment Services in June, expanding its North American footprint to 612 locations and increasing its fleet to over $9.6 billion at original equipment cost.
The acquisition is projected to generate $300 million in incremental EBITDA, comprising $175 million from revenue synergies and $125 million from cost synergies, with approximately half of the cost synergies expected by the end of 2025.
Despite the H&E business experiencing a ~15% year-over-year decline in demand prior to the acquisition closing, Herc is focused on integration, leveraging its technology platform, and expanding its specialty business into the acquired locations.
The company aims to reduce its leverage ratio to 2-3 times by the end of 2027 and anticipates stable demand in 2026, particularly from mega projects in data centers and LNG.

Nov 11, 2025, 7:10 PM

Transcript

Herc Holdings Inc. Reports Q3 2025 Results, Highlights Integration Progress and Strategic Growth

HRI

Earnings

Guidance Update

M&A

Herc Holdings Inc. (HRI) reported a 30% year-over-year increase in equipment rental revenue and a 24% increase in adjusted EBITDA for Q3 2025, primarily driven by the H&E Equipment Services Inc. acquisition and strong performance in mega projects and specialty solutions.
The company completed the full systems integration of H&E Equipment Services Inc. in just 90 days and expects full visibility into the combined business starting in Q4 2025, enabling deeper operational analysis.
HRI is reiterating its 2025 guidance and anticipates full-year gross fleet CapEx of $900 million to $1.1 billion and disposals at OEC of $1.1 to $1.2 billion.
Strategic initiatives include optimizing the network footprint, with plans to add approximately 50 additional specialty locations next year, increasing the specialty network by 25%.
The current leverage ratio stands at 3.8 times, with a goal to reduce it to the target range of 2 to 3 times by year-end 2027 through revenue and cost synergies.

Oct 28, 2025, 12:30 PM

Transcript

Herc Holdings Inc Reports Q3 2025 Results and Provides Integration Update

HRI

Earnings

Guidance Update

M&A

Herc Holdings Inc reported Q3 2025 equipment rental revenue increased approximately 30% year-over-year and Adjusted EBITDA rose 24%.
The company completed the full systems integration of the H&E acquisition in just 90 days and made significant progress in disposing of underutilized, off-brand, and aged acquired fleet.
Management reiterated its 2025 guidance and aims to reduce its current 3.8x leverage ratio to the target range of 2-3x by year-end 2027.
Herc Holdings Inc expects gross fleet CapEx of $900 million-$1.1 billion and disposals at OEC of $1.1 billion-$1.2 billion for the full year 2025.
The company noted robust activity in mega projects and specialty solutions, while local market growth is constrained by high interest rates, and plans to increase its specialty network by 25% next year.

Oct 28, 2025, 12:30 PM

Transcript

Herc Rentals Reports Q3 2025 Results and Reaffirms 2025 Outlook

HRI

Earnings

Guidance Update

M&A

Herc Rentals reported net income of $30 million, Adjusted EBITDA of $551 million, and total revenues of $1,304 million for Q3 2025. Adjusted earnings per diluted share was $2.22.
The company reaffirmed its 2025 guidance, projecting Equipment Rental Revenue between $3.7 billion to $3.9 billion, Adjusted EBITDA from $1.8 billion to $1.9 billion, and Adjusted free cash flow of $400 million to $500 million.
Herc Rentals completed its Systems Integration in Q3 2025, enabling operations from a single dashboard in Q4, and finalized the sale of the Cinelease studio entertainment business on July 31, 2025.
As of September 30, 2025, the company maintained ample liquidity of $1.8 billion and a net leverage of 3.8x. Mega Project Starts are projected to reach $652 billion in 2025.

Oct 28, 2025, 12:30 PM

Presentation

Herc Holdings Inc. Announces Q3 2025 Results and H&E Integration Progress

HRI

Earnings

Guidance Update

M&A

Herc Holdings Inc. reported Q3 2025 equipment rental revenue increased approximately 30% year over year and Adjusted EBITDA rose 24%, driven by the H&E Equipment Services Inc. acquisition and strong contributions from mega projects and specialty solutions.
The company successfully completed the full systems integration of H&E Equipment Services Inc. in just 90 days, transitioning branch operations to its customized RentalMan front-end system and Oracle ERP framework.
Management reiterated its 2025 guidance and noted that local market growth remains limited due to high interest rates, while mega project activity continues to be robust.
Herc Holdings Inc. generated $342 million in free cash flow (net of transaction costs) for the nine months ended September 30, 2025, and is working to reduce its current 3.8 times leverage ratio to the target range of two to three times by year-end 2027.

Oct 28, 2025, 12:30 PM

Transcript

Herc Holdings Reports Strong Q3 2025 Results and Reaffirms Full Year Guidance

HRI

Earnings

Guidance Update

M&A

Herc Holdings reported total revenues of $1,304 million for Q3 2025, a 35% increase year-over-year, with equipment rental revenue growing 30% to $1,122 million. Adjusted EBITDA increased 24% to $551 million.
Net income for Q3 2025 was $30 million, or $0.90 per diluted share, while adjusted net income was $74 million, or $2.22 per diluted share.
The company completed the full IT integration of H&E Equipment Services in Q3 2025 and successfully divested its Cinelease studio entertainment business on July 31, 2025, for $100 million in initial cash consideration.
Herc Holdings reaffirmed its full-year 2025 guidance, expecting equipment rental revenue between $3.7 billion and $3.9 billion and Adjusted EBITDA between $1.8 billion and $1.9 billion.
As of September 30, 2025, net debt stood at $8.2 billion, resulting in a net leverage of 3.8x, and the company maintained $1.8 billion in liquidity.

Oct 28, 2025, 10:31 AM

8-K

Herc Holdings Reports Q3 2025 Results and Reaffirms Full Year Guidance

HRI

Earnings

Guidance Update

M&A

Herc Holdings reported total revenues of $1,304 million for the third quarter of 2025, marking a 35% increase compared to the prior-year period, with equipment rental revenue rising 30% to $1,122 million.
The company's adjusted net income for Q3 2025 was $74 million, or $2.22 per diluted share, and adjusted EBITDA increased 24% to $551 million.
Herc Holdings completed the IT integration of H&E Equipment Services and successfully divested the Cinelease studio entertainment business on July 31, 2025.
The company reaffirmed its 2025 full-year guidance and reported net debt of $8.2 billion with a net leverage of 3.8x as of September 30, 2025.

Oct 28, 2025, 10:30 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for HERC HOLDINGS.

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