When billionaire Bill Ackman quietly built a $104 million position in Hertz Global Holdings Inc. (NASDAQ:HTZ) this summer, few noticed. It was a small 0.76% slice of Pershing Square Capital's portfolio — easy to miss next to his billion-dollar stakes in Chipotle Mexican Grill Inc (NYSE:CMG) and Hilton Hotels Corp (NYSE:HLT).Track HTZ stock here.But after Hertz shocked Wall Street with its first profit in nearly two years, that "small" position suddenly looks a lot like a familiar Ackman setup: the Chipotle ...

Hertz Global swung to a third-quarter profit after nearly two years on Tuesday, as the company relied on used vehicle sales and a newer fleet of rental cars to drive demand, sending its shares up 27% ... ...

Financial Performance - Total company revenues increased by 1% to $3,519 million in 3Q 2025 compared to $3,480 million in 3Q 2024[8] - Rental days for the total company increased by 1% to 49,400 thousand in 3Q 2025 compared to 48,786 thousand in 3Q 2024[8] - Adjusted EBITDA for the total company increased by 11% to $559 million in 3Q 2025 compared to $503 million in 3Q 2024[8] - Americas revenues decreased by 1% to $2,621 million in 3Q 2025 compared to $2,640 million in 3Q 2024, but U S rental car revenue increased by 1%[9] - International revenues increased by 2% to $859 million in 3Q 2025 compared to $840 million in 3Q 2024, excluding exchange rate effects[10] Key Metrics - Revenue per day excluding exchange rate effects for the total company decreased by 1% to $7049 in 3Q 2025 compared to $7132 in 3Q 2024[8] - Per-unit fleet costs per month excluding exchange rate effects for the total company decreased by 18% to $299 in 3Q 2025 compared to $365 in 3Q 2024[8] - Vehicle utilization for the total company decreased slightly by 01 percentage points to 720% in 3Q 2025 compared to 721% in 3Q 2024[8] Liquidity and Outlook - Adjusted Free Cash Flow year-to-date was negative $517 million, impacted by over $1 billion in voluntary fleet contributions[11] - The company anticipates Adjusted EBITDA for FY 2025 to be at the low end of the previously stated $900 million - $1,000 million range[17] - Per-unit fleet costs per month for FY 2025 are expected to be approximately $310-$320, and around $300 in 4Q 2025[17, 18]