Hertz Global Holdings reported its first-quarter 2025 earnings with revenue of $1.81 billion, a 13% decline year-over-year, falling short of the estimated $2 billion. The company posted an adjusted loss per share of $1.12, wider than the anticipated loss of 97 cents, and a net loss of $443 million. Hertz reduced its fleet capacity by 8%, which contributed to a 45% year-over-year decrease in vehicle depreciation due to a disciplined fleet rotation strategy. Over 70% of the fleet consists of vehicles newer than 12 months, and the company is on track to achieve a distribution per unit (DPU) below $300 ahead of schedule, with positive EBITDA expected by the third quarter. Despite moderating demand in corporate, government, and U.S. inbound segments, forward bookings for leisure rentals increased year-over-year. Hertz has filed a $250 million stock offering amid ongoing macroeconomic uncertainty. Following the earnings release, the company's shares declined, and analysts from Goldman Sachs and JPMorgan reiterated sell and underweight ratings, respectively, citing the revenue miss and fleet reduction as concerns. Jefferies lowered its price target to $6 from $7 but maintained a hold rating, noting that the benefits of Hertz's turnaround efforts remain more than a year away.