Herc's fourth-quarter equipment rental revenue rose 24% year-over-year on a GAAP basis, driven by the H&E acquisition and strong specialty solutions demand. Adjusted EBITDA increased 19%, supported by a 53% surge in used equipment sales and a REBITDA margin of 45%.

Management reported cost synergies tracking ahead of plan through procurement optimization, elimination of redundant functions and streamlined corporate activities. The company optimized its branch network—completing 80% of planned actions—and realigned fleet assets by category, class and location to improve utilization and seasonal responsiveness.

For full-year 2025, Herc generated $521 million of free cash flow net of transaction costs. Pro forma leverage stood at 3.9x to 3.95x, in line with expectations, with a goal to return to a 2x–3x range by year-end 2027.

The 2026 plan includes gross capital expenditures of $950 million at midpoint and net capex of approximately $650 million to support 13–17% rental revenue growth. The company guided Adjusted EBITDA of $2.0–2.1 billion and expects $100–120 million of incremental revenue synergies plus $125 million of cost synergies next year.