AVIS BUDGET GROUP (CAR) Company Report

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

Presentation

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

Transcript

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

Transcript

Avis Budget Group Reports Q3 2025 Revenue Growth and Strategic Customer Experience Initiatives

CAR

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Avis Budget Group reported Q3 2025 revenue of $3.51 billion, a $39 million increase from the prior year, marking its first year-over-year revenue growth in eight quarters. Consolidated adjusted EBITDA for the quarter increased 11% year over year.
Americas RPD declined 3% in Q3 2025, though management expects a modest improvement in Q4. International RPD, excluding exchange rate effects, grew 5%.
The company estimates a $90 to $100 million impact for the full year from fleet recalls, with two-thirds of affected vehicles still awaiting parts, an issue expected to linger through Q4 and potentially into early 2026.
A key strategic focus is a "hard reset on customer experience", exemplified by the Avis First product, which has achieved an average customer rating of 4.9 stars and an RPD of over $100.

Oct 28, 2025, 12:30 PM

Transcript

Avis Budget Group Announces Third Quarter 2025 Results

CAR

Earnings

Revenue Acceleration/Inflection

Avis Budget Group reported Q3 2025 revenues of $3.5 billion, representing a 1% increase compared to Q3 2024.
Net income attributable to Avis Budget Group, Inc. rose 51% to $359 million, and Adjusted EBITDA increased 11% to $559 million in Q3 2025 compared to the prior year period.
The company experienced a 1% increase in rental days in Q3 2025, while revenue per day, excluding exchange rate effects, decreased by 1% compared to Q3 2024.
Avis Budget Group ended the quarter with a liquidity position of nearly $1.0 billion and successfully amended its $1.1 billion floating rate term loan, extending its maturity date from August 2027 to July 2032.

Oct 27, 2025, 8:01 PM

8-K

Avis Budget Group Announces Third Quarter 2025 Results

CAR

Earnings

Revenue Acceleration/Inflection

Avis Budget Group reported revenues of $3.5 billion, net income of $360 million, and Adjusted EBITDA of $559 million for the third quarter of 2025.
The company returned to revenue growth, with Q3 2025 revenues increasing 1% to $3.519 billion compared to the third quarter of 2024.
Adjusted EBITDA for the Americas segment rose to $398 million (up 4%) and for the International segment to $190 million (up 37%) in Q3 2025, driven by factors such as lower fleet costs and increased rental days in the Americas, and stronger revenue per day and lower fleet costs internationally.
The company maintained a strong liquidity position of nearly $1.0 billion at quarter-end, with an additional $1.9 billion of fleet funding capacity, and extended the maturity of its $1.1 billion floating rate term loan to July 2032.

Oct 27, 2025, 8:00 PM

Press Release

Avis Budget Group Announces Q2 2025 Results and Full-Year Outlook

CAR

Earnings

Guidance Update

Debt Issuance

Avis Budget Group reported Q2 2025 revenues of $3,039 million and Adjusted EBITDA of $277 million, representing a 29% increase in Adjusted EBITDA compared to Q2 2024.
The company achieved a 13% decrease in per-unit fleet costs per month to $300 in Q2 2025 compared to the prior year.
As of June 30, 2025, total liquidity was $944 million, with year-to-date Adjusted Free Cash Flow at $(475) million.
For full-year 2025, Avis Budget Group anticipates Adjusted EBITDA to be between ~$900 million and $1,000 million, and per-unit fleet costs per month are expected to be ~$310-$320. The company also issued $600 million senior notes due 2032 and extended a $1,147 million term loan to 2032.

Jul 30, 2025, 12:30 PM

Presentation

Avis Budget Group Faces Class Action Lawsuit, Reports Q4 2024 Loss, and Announces CEO Transition

CAR

Legal Proceedings

CEO Change

Accounting Changes

A class action lawsuit has been filed against Avis Budget Group, Inc. (CAR) on behalf of investors who bought securities between February 16, 2024, and February 10, 2025, with a deadline of June 24, 2025, for investors to file a lead plaintiff motion.
The lawsuit alleges the company failed to disclose a plan to aggressively accelerate fleet rotation, which resulted in a Q4 2024 quarterly loss of $1.96 billion, or $55.66 per share, attributed to a $2.3 billion non-cash impairment and $180 million in other non-cash charges.
Joseph A. Ferraro will step down as CEO effective June 30, 2025, and Brian Choi will assume the CEO position starting July 1, 2025.

Jun 18, 2025, 9:46 PM

Press Release

Avis Budget Group Faces Class Action Lawsuit and Announces CEO Transition

CAR

Legal Proceedings

CEO Change

A class action lawsuit has been filed against Avis Budget Group, Inc. and certain officers, covering the period from February 16, 2024, to February 10, 2025, alleging violations of federal securities laws.
The lawsuit claims the company made false and misleading statements regarding its accelerated fleet rotation strategy, which led to a $2.3 billion non-cash impairment and $180 million in other non-cash charges.
Avis Budget reported a loss of $1.96 billion, or $55.66 per share, for Q4 2024, attributed to these charges.
Following this news, Avis Budget's stock price fell $6.12 per share, or 6.82%, on February 11, 2025.
Effective July 1, 2025, Joseph A. Ferraro will transition from CEO to Board Advisor, and Brian Choi will become the new CEO.

Jun 15, 2025, 2:02 PM

Press Release

Avis Budget Group Faces Class Action Lawsuit, Reports Significant Q4 2024 Loss, and Announces CEO Transition

CAR

Legal Proceedings

Earnings

CEO Change

A class action lawsuit has been filed against Avis Budget Group, Inc., representing investors who purchased securities between February 16, 2024 and February 10, 2025, with a deadline of June 24, 2025 for investors to file a lead plaintiff motion.
The lawsuit alleges that Avis Budget's financial condition and business outlook were materially overstated due to an undisclosed plan to aggressively accelerate its fleet rotation during the fourth quarter of 2024, which significantly shortened vehicle useful life and necessitated billions in impairment charges.
Avis Budget reported a $1.96 billion quarterly loss, or $55.66 per share, for Q4 2024, primarily due to a $2.3 billion non-cash impairment and $180 million in other non-cash charges resulting from this accelerated fleet rotation strategy.
Additionally, CEO Joseph A. Ferraro will step down on June 30, 2025, to be replaced by Brian Choi starting July 1, 2025, a change that reportedly led to a nearly 7% drop in Avis Budget's stock price.