Why is Hertz stock surging today?

Hertz stock surged 13.4% in pre-open trading after the company reported second-quarter 2026 results before the market opened today, delivering a turnaround in profitability that significantly exceeded the subdued expectations built into the depressed share price.

The company posted GAAP net income of $64 million, or $0.05 per diluted share, compared with a net loss of $294 million, or $(0.95) per diluted share, in the same quarter a year ago, while total revenues rose 10% year over year to $2.4 billion.

The operational details behind the headline numbers reinforced the bullish reaction. Revenue per day climbed 9% to $61.98 and revenue per unit per month increased 8% to $1,542, both achieved despite operating with a slightly smaller fleet — a sign that Hertz’s pricing and commercial strategy is gaining traction. Critically, adjusted corporate EBITDA came in at $81 million, clearing the high end of the company’s own revised guidance range of $50–$80 million, which had itself been set amid concerns about softness in the used-car market earlier in the summer.

The broader market provided a largely neutral backdrop for today’s move. The S&P 500 edged up 0.1% and the Dow Jones added 0.3%, while the NASDAQ dipped 0.6%, meaning the sharp gain in HTZ was driven entirely by company-specific news rather than a broad risk-on wave. On the competitive front, Verra Mobility — a toll and violation services provider that counts Hertz as a key customer — separately disclosed less favorable contract renewal terms with Hertz, a reminder that the rental car giant has been actively renegotiating supplier agreements as part of its cost-discipline effort.

Taken together, the combination of a return to GAAP profitability, above-guidance EBITDA, and strong per-unit pricing metrics gave investors a concrete reason to reassess a stock that had been trading near its 52-week low of $1.45 just ahead of today’s report. The relief rally reflects how much pessimism had been priced in, with the earnings release serving as the catalyst needed to close the gap between the stock’s depressed valuation and the improving underlying business fundamentals.