Herc Holdings raises 2026 forecasts again as its large-project pipeline grows

Third-quarter revenue of $1.36 billion matched expectations, while net rental equipment capital spending guidance rose to $1.0 billion to $1.1 billion.

Herc Holdings reported third-quarter earnings per share of $3.91, $0.98 above expectations. Revenue came in at $1.36 billion, in line with the $1.36 billion expected.

The company raised its full-year 2026 equipment rental revenue guidance to $4.475 billion to $4.550 billion, from $4.375 billion to $4.475 billion. It raised adjusted EBITDA guidance to $2.10 billion to $2.15 billion, from $2.05 billion to $2.125 billion. Gross capital expenditure guidance rose to $1.45 billion to $1.60 billion, from $1.25 billion to $1.40 billion. Net rental equipment capital expenditure guidance rose to $1.0 billion to $1.1 billion, from $850 million to $950 million.

"Growth in our large-project pipeline continues to exceed expectations across data centers, infrastructure, manufacturing and energy projects," said Larry Silber, chief executive officer. The company has raised full-year guidance for the second time this year.

Earlier, on September 16, 2026, Herc Holdings paid a quarterly dividend of $0.70 per share to shareholders of record as of September 2, 2026.

The company has now raised its outlook twice this year, while third-quarter revenue only matched expectations. The weight of the update therefore sits on the outlook rather than the quarter. The higher net capital spending figure suggests fleet spending is being scaled up to serve the large projects management expects. Committed fleet spending is hard to unwind if project timing slips, so the pipeline will need to keep converting at the pace that the higher spending assumes.