New York, Feb 23, 2026, 09:54 EST — Regular session
Herc Holdings Inc dropped 2.3% to $150.00 shortly after the open in New York, as cyclicals took a hit following fresh turbulence in U.S. trade policy over the weekend. United Rentals was down 1.1%, while WillScot Mobile Mini edged 0.3% lower.
Stocks slipped at the open, with investors facing fresh tariff jitters after President Donald Trump revealed a new 15% duty—this one coming right after the Supreme Court tossed out his previous, broader tariffs. “You simply can’t bet against Trump. He wants tariffs, and he’s going to find a way to implement them,” said Thomas Hayes, chairman at Great Hill Capital LLC. Reuters
Cross-asset markets aren’t escaping the whiplash, as investors weigh who bears the cost and who catches a break. “The tariff landscape is now more uncertain than before,” said Rodrigo Catril, senior FX strategist at NAB. He flagged a possible back-and-forth cycle of fresh tariffs and quick reversals. Reuters
For Herc and the rest of the equipment rental crowd, it’s not the headline tariffs themselves causing the most anxiety—it’s the way those tariffs ripple through business decisions. When projects are in motion, contractors and manufacturers ramp up rentals. But as soon as budgets lock up, they hit pause just as quickly.
Herc’s most recent reset for the story came last week, in its fourth-quarter and annual report. The company rolled out 2026 targets and highlighted ongoing integration with H&E Equipment Services. Chief executive Larry Silber described 2025 as “a pivotal year” post-acquisition, putting the combined group on track, he said, for “significant long-term strategic and financial value.” Business Wire
According to the filing, equipment rental revenue for the fourth quarter jumped 24%, coming in at $1.039 billion. Total revenue hit $1.209 billion, a 27% gain. Adjusted EBITDA rose 19% to $519 million. As of year-end, the company’s net debt stood at $8.1 billion, with net leverage at 3.95 times, numbers that reflect the borrowing tied to the H&E deal.
Herc is looking at equipment rental revenue between $4.275 billion and $4.4 billion for 2026. Adjusted EBITDA is pegged in the $2.0 billion to $2.1 billion range, with net rental equipment capital spending anticipated anywhere from $500 million up to $800 million.
Since the earnings release, the stock’s been all over the map—tumbling hard early last week, then staging a rebound by Friday. On Feb. 17, it dropped 13.3%. Then on Feb. 20, it clawed back 6.9%, historical pricing data show.
Still, when macro forces take the wheel, company commentary fades, particularly for industrials linked to construction swings. Shifting tariff policies? That’s one wild card. Contractors might hit the brakes on orders just as the spring build season arrives. The result: rental demand and used-equipment sales could both slip, even as financing costs refuse to budge.
Eyes shift to the U.S. factory orders data, out at 10:00 a.m. ET Monday, with comments from Fed Governor Christopher Waller expected earlier that morning. Both are in focus as markets gauge the growth impact of the new tariff regime.
