赫兹租车 2025年度报告

FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 For the fiscal year endedDecember 31, 2025OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 For the transition period from __________ to __________ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subjectto such filing requirements for the past 90 days.Hertz Global Holdings, Inc.Yes x No☐ 1(Note: As a voluntary filer, The Hertz Corporation is not subject to the filing requirements of Section 13 or 15(d) of the Exchange Act. The HertzCorporation has filed all reports pursuant to Section 13 or 15(d) of the Exchange Act during the preceding 12 months as if it was subject to suchfiling requirements.) Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto submit such files).Hertz Global Holdings, Inc.Yes x No☐ The Hertz CorporationYes x No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and"emerging growth company" in Rule 12b-2 of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accountingfirm that prepared or issued its audit report.Hertz Global Holdings, Inc.x If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant includedin the filing reflect the correction of an error to previously issued financial statements.x Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Hertz Global Holdings, Inc.Yes☐No x The Hertz CorporationYes☐No x The aggregate market value of the voting and non-voting common equity held by non-affiliates of Hertz Global Holdings, Inc. as of June 30,2025, the last business day of the most recently completed second fiscal quarter, based on the closing price of the stock on The Nasdaq GlobalSelect Market on such date was $799 million. There is no market for The Hertz Corporation's common stock. Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the SecuritiesExchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes x No☐ Indicate the number of shares outstanding of each of the registrants' classes of common stock, as of the latest practicable date. DOCUMENTS INCORPORATED BY REFERENCE Certain information required by Items 10, 11, 12 and 13 of Part III of this Form 10-K is incorporatedby reference to Hertz Global Holdings, Inc.'s definitive proxy statement for its 2026 Annual Meeting ofStockholders. Hertz Global Holdings, Inc. intends to file such definitive proxy statement with theSecuritiesand Exchange Commission no later than 120 days after its fiscal year endedDecember 31, 2025.None HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIESTHE HERTZ CORPORATION AND SUBSIDIARIES GLOSSARY OF TERMS Unless the context otherwise requires in this Annual Report on Form 10-K for the year ended December 31, 2025,we use the following defined terms: (i)"2025 Annual Report" or "Combined Form 10-K" means this Annual Report on Form 10-K for the yearended December 31, 2025, which combines the annual reports on Form 10-K for each of Hertz GlobalHoldings, Inc. and The Hertz Corporation into a single filing;(ii)"Americas RAC" means our rental car reportable segment consisting of the countries and regions of theU.S., Canada, Latin America and the Caribbean;(iii)"Bankruptcy-related litigation reserve" means the litigation reserve related to a make-whole and post-petition interest claim by a holder of certain of the Company's unsecured senior notes, which were paidin full and terminated in connection with our bankruptcy emergence in June 2021, as further describedin Note 15, "Contingencies and Off-Balance Sheet Commitments," in Part II, Item 8 of this 2025 AnnualReport;(iv)"Board" means the Hertz Holdings Board of Directors;(v)"Capped Call Transactions 2030" means the privately negotiated cash-settled capped call transactionsentered into in connection with the issuance of t