Earnings summaries and quarterly performance for AVIS BUDGET GROUP.
Executive leadership at AVIS BUDGET GROUP.
Brian Choi
Detailed
Chief Executive Officer
CEO
CD
Cathleen DeGenova
Detailed
Senior Vice President and Chief Accounting Officer
DC
Daniel Cunha
Detailed
Chief Financial Officer
EL
Edward Linnen
Detailed
Executive Vice President, Chief Human Resources Officer
JP
Jagdeep Pahwa
Detailed
Executive Chairman of the Board
JS
Jean Sera
Detailed
Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary
RS
Ravi Simhambhatla
Detailed
Executive Vice President, Chief Digital and Innovation Officer
Board of directors at AVIS BUDGET GROUP.
Research analysts who have asked questions during AVIS BUDGET GROUP earnings calls.
Chris Woronka
Deutsche Bank AG
7 questions for CAR
Also covers: DRH, FUN, HGV +13 more
Dan Levy
Barclays PLC
7 questions for CAR
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JH
John Healy
Northcoast Research
7 questions for CAR
Also covers: ACVA, CPRT, CVNA +9 more
Christopher Stathoulopoulos
Susquehanna Financial Group
6 questions for CAR
Also covers: AAL, AER, ALGT +9 more
LD
Lizzie Dove
Goldman Sachs
4 questions for CAR
Also covers: CCL, CHH, CZR +13 more
Stephanie Moore
Jefferies
4 questions for CAR
Also covers: APG, ARCB, ARMK +30 more
John Babcock
Bank of America
3 questions for CAR
Also covers: ABG, AN, CVNA +12 more
RB
Ryan Brinkman
JPMorgan Chase & Co.
3 questions for CAR
Also covers: AXL, BWA, CWH +8 more
AJ
Adam Jonas
Morgan Stanley
2 questions for CAR
Also covers: APTV, CVNA, F +7 more
AP
Andrew Percoco
Morgan Stanley
2 questions for CAR
Also covers: ADNT, BE, ENPH +12 more
Christopher N. Stathoulopoulos
Susquehanna International Group
2 questions for CAR
ED
Elizabeth Dove
Goldman Sachs
2 questions for CAR
Also covers: ARMK, CCL, CHH +12 more
JY
Josh Young
Truist Securities
2 questions for CAR
Also covers: DG, EWCZ, KMX +2 more
Chris Stathoulopoulos
Susquehanna
1 question for CAR
Also covers: AER, CCL, HTZ +4 more
HA
Harold Antor
Jefferies Financial Group Inc.
1 question for CAR
Also covers: APG, ARMK, BFAM +9 more
JP
Jash Patwa
JPMorgan Chase & Co.
1 question for CAR
Also covers: CPRT, INVZ, LAZR +2 more
JP
Josh Patwa
JPMorgan Chase & Co.
1 question for CAR
Recent press releases and 8-K filings for CAR.
Avis Budget Group Reports Significant Q4 2025 Miss and Outlines 2026 Strategic Reset
CAR
Earnings
Guidance Update
Layoffs
- Avis Budget Group missed its Q4 2025 adjusted EBITDA guidance by approximately $150 million, reporting $748 million for the full year, primarily due to lower rental days, weaker RPD, higher depreciation, and increased insurance reserves in the Americas segment.
- The company took an approximately $500 million write-down on its EV fleets at year-end 2025, monetizing tax credits for $180 million in cash and shortening the useful life of these vehicles to reduce future risk.
- For 2026, Avis Budget Group is implementing a new strategy focused on prioritizing fleet utilization over growth, rebalancing OEM partnerships, and exercising cost rigor, including a global reduction in force in January 2026.
- Management expects lower EBITDA in Q1 2026 due to a depreciation reset (with DPU at $400), but anticipates revenue stabilization and aims to sustainably generate over $1 billion in annual EBITDA from 2026 onwards.
Feb 19, 2026, 1:30 PM
Avis Budget Group Reports Q4 and Full Year 2025 Results
CAR
Earnings
Guidance Update
Demand Weakening
- Avis Budget Group reported Q4 2025 revenues of $2,664 million, a 2% decrease year-over-year, while Adjusted EBITDA improved to $5 million from $(101) million in Q4 2024.
- For the full year 2025, revenues were $11,652 million, a 1% decrease from FY 2024, and Adjusted EBITDA increased by 19% to $748 million.
- The Americas segment's Q4 2025 revenues decreased by 4% to $2,040 million, with Adjusted EBITDA improving to $1 million. The International segment's Q4 2025 revenues (excluding exchange rate effects) were flat at $592 million, and Adjusted EBITDA significantly increased to $21 million.
- Adjusted Free Cash Flow for FY 2025 was negative $698 million, primarily due to $859 million in fleet contributions, and total liquidity was $818 million at year-end 2025.
- The company provided a FY 2026 Adjusted EBITDA outlook of $800 million to $1,000 million, with per-unit fleet costs per month estimated at ~$320-330.
Feb 19, 2026, 1:30 PM
Avis Budget Group Reports Q4 2025 Miss and Outlines 2026 Strategic Shifts
CAR
Earnings
Guidance Update
Demand Weakening
- Avis Budget Group missed its Q4 2025 adjusted EBITDA forecast by approximately $150 million, reporting $748 million for the full year, primarily due to lower rental days, weaker pricing (RPD down 3.7% in Americas), higher depreciation (monthly net depreciation per unit in Americas was $338), and a $50 million increase in insurance reserves.
- The company took an approximately $500 million write-down on its EV fleets at year-end 2025, which allowed them to monetize EV tax credits for $180 million in cash and shorten the useful life of EV vehicles.
- For 2026, Avis Budget Group is shifting its strategy to prioritize utilization over fleet growth, aiming for a tighter fleet, rebalancing OEM partnerships due to significant recall impacts (nearly $40 million in Q4 2025 alone), and implementing cost controls including a global reduction in force.
- The company expects elevated depreciation per unit (DPU) of $400 in Q1 2026, moderating to the low $300s thereafter, and aims to sustainably generate EBITDA north of $1 billion annually.
Feb 19, 2026, 1:30 PM
Avis Budget Group Reports Q4 2025 Earnings Miss and Outlines 2026 Strategic Shifts
CAR
Earnings
Profit Warning
Demand Weakening
- Avis Budget Group (CAR) missed its Q4 2025 adjusted EBITDA forecast by approximately $150 million, reporting $748 million for the full year, primarily due to lower rental days, weaker RPD, higher depreciation, and increased insurance reserves in the Americas segment.
- The company took an approximately $500 million write-down on its EV fleets at year-end 2025, while also monetizing the majority of EV tax credits to generate $180 million of cash.
- For 2026, CAR is shifting its strategy to prioritize utilization over fleet growth, implementing cost rationalization including a global reduction in force, and rebalancing OEM partnerships based on reliability.
- The company expects lower EBITDA in Q1 2026 due to higher depreciation and weather impacts, with depreciation anticipated to be elevated in the near term before trending towards a low $300s monthly run rate later in the year.
Feb 19, 2026, 1:30 PM
Avis Budget Group Reports Fourth Quarter and Full Year 2025 Results
CAR
Earnings
Accounting Changes
Demand Weakening
- Avis Budget Group reported revenues of $2.7 billion and a net loss of $856 million for the fourth quarter ended December 31, 2025. For the full year 2025, revenues were $11.7 billion and the net loss was $995 million.
- The company recorded $518 million in long-lived asset impairment and other related charges in Q4 and Full Year 2025, following a review of its United States electric vehicle fleet strategy that shortened the useful life of these vehicles.
- CEO Brian Choi stated that the company is focusing on tightening fleet discipline, strengthening the balance sheet, and improving customer experience to drive sustainable earnings growth.
- At the end of the fourth quarter of 2025, the company's liquidity position was approximately $818 million, with an additional $2.1 billion of fleet funding capacity.
Feb 18, 2026, 9:02 PM
Avis Budget Group Reports Q4 and Full Year 2025 Results
CAR
Earnings
Accounting Changes
Demand Weakening
- Avis Budget Group announced Q4 2025 revenues of $2.7 billion and a net loss of $856 million, with full-year 2025 revenues of $11.7 billion and a net loss of $995 million.
- The company's net loss for Q4 and full year 2025 includes $518 million in long-lived asset impairment and other related charges, primarily from shortening the useful life of certain United States electric vehicle rental cars.
- For Q4 2025, revenue per day, excluding exchange rate effects, was down 2%, and rental days were down 1% compared to Q4 2024.
- CEO Brian Choi indicated that the company is repositioning the business for 2026 by tightening fleet discipline, strengthening the balance sheet, and raising the bar on customer experience to drive sustainable earnings growth.
Feb 18, 2026, 9:00 PM
Decagon, Avis Budget Group's AI Partner, Triples Valuation to $4.5 Billion
CAR
New Projects/Investments
Revenue Acceleration/Inflection
- Decagon, a provider of conversational AI agents and a key partner for Avis Budget Group, announced a $250 million Series D funding round, which tripled its valuation to $4.5 billion.
- The company experienced rapid growth in 2025, securing over 100 new enterprise customers across various consumer-facing industries, including travel and hospitality.
- Avis Budget Group utilizes Decagon's AI concierge platform to enhance customer engagement, aiming to move from reactive service to intelligent, concierge-led experiences that empower frontline teams and improve issue resolution.
Jan 28, 2026, 6:45 PM
CAR Announces Q3 2025 Results
CAR
Earnings
Guidance Update
Cost Reduction
- CAR reported total revenues of $3,519 million in Q3 2025, a 1% increase compared to Q3 2024, while Adjusted EBITDA grew by 11% to $559 million.
- Per-unit fleet costs per month, excluding exchange rate effects, decreased by 18% to $299 in Q3 2025.
- Year-to-date Adjusted Free Cash Flow for 2025 was negative $517 million, an improvement from negative $1,068 million in the prior year period.
- For the full fiscal year 2025, CAR anticipates Adjusted EBITDA to be at the low end of its previously stated range of $900 million to $1,000 million.
Oct 28, 2025, 12:30 PM
Avis Budget Group Reports Q3 2025 Revenue and EBITDA Growth, Updates 2025 Outlook
CAR
Earnings
Guidance Update
Product Launch
- Avis Budget Group reported Q3 2025 revenue of $3.51 billion, a 1% increase year-over-year, and consolidated adjusted EBITDA increased 11%. This growth occurred despite a 3% decline in Americas RPD, partially offset by 5% International RPD growth (excluding exchange rates).
- The company launched Avis First, a premium product, which has expanded to 36 locations and achieved an average customer rating of 4.9 stars with an RPD over $100, demonstrating a focus on customer experience and value creation.
- Management updated its 2025 outlook, now expecting EBITDA to be toward the low end of its previously stated range, primarily due to the lingering impact of vehicle recalls into Q4 and potentially early 2026.
Oct 28, 2025, 12:30 PM
Avis Budget Group Reports Q3 2025 Revenue Growth and Adjusted EBITDA Increase
CAR
Earnings
Revenue Acceleration/Inflection
Guidance Update
- Avis Budget Group reported Q3 2025 revenue of $3.51 billion, a 1% increase year-over-year from $3.48 billion, marking the first revenue growth in eight quarters. Consolidated adjusted EBITDA increased 11% year-over-year.
- Consolidated pricing declined 1%, with Americas RPD decreasing 3% and International RPD growing 5% (excluding exchange rate effects) due to an intentional mix shift towards higher-margin leisure and inbound business. The International segment's EBITDA increased nearly 40% year-over-year.
- The company expects its 2025 EBITDA to be toward the low end of its previously stated range, primarily due to an estimated $90 million to $100 million full-year impact from vehicle recalls, with roughly two-thirds of affected vehicles still awaiting parts. The impact is expected to linger through Q4 2025 and potentially into early 2026.
- The recently launched Avis First premium offering has achieved an average 4.9-star customer rating and an RPD of over $100, indicating strong product-market fit and potential for margin expansion.
- As of September 30, the company maintained strong liquidity with nearly $1 billion available and an additional $1.9 billion in borrowing capacity in its ABS facilities.
Oct 28, 2025, 12:30 PM
Quarterly earnings call transcripts for AVIS BUDGET GROUP.
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