HERC HOLDINGS INC — Form 8-K
Filed July 28, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 62/100
What the filing says
Herc Holdings reported Q2 2026 equipment rental revenue of $1,072M (up 23% YoY) and adjusted EBITDA of $487M (up 19%). The company raised full-year 2026 guidance: equipment rental revenue to $4.375B–$4.475B (prior $4.275B–$4.4B); adjusted EBITDA to $2.05B–$2.125B (prior $2.0B–$2.1B); and net rental capex to $850M–$950M (prior $500M–$800M). Integration of H&E (acquired June 2025 for ~$4.3B debt-funded) completed; fleet grew 20% YoY to $9.6B at OEC. Net leverage stands at 3.95x; free cash flow $202M H1 2026. Dollar utilization improved to 39.3% but adjusted EBITDA margin compressed 50 bps to 40.4% due to fuel/transportation inflation.
Why this rating
Meaningful mid-size acquisition integration executing on plan with revenue/cost synergies on track; guidance raise and strong capex deployment signal confidence, but margin compression from inflation and elevated leverage (3.95x) warrant caution. Significant relative to $4.3B market cap.
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