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AVIS BUDGET GROUP, INC.

CIK:0000723612|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Revenues	$ 2,998	$ 3,039	$ 5,528	$ 5,469
Expenses
Operating	1,526	1,526	2,948	2,879
Vehicle depreciation and lease charges, net	583	636	1,247	1,691
Selling, general and administrative	385	396	726	704
Vehicle interest, net	232	229	461	439
Non-vehicle related depreciation and amortization	60	60	118	116
Interest expense related to corporate debt, net:
Interest expense	108	110	217	207
Early extinguishment of debt costs	3	3	3	3
Restructuring and other related charges	18	59	53	81
Transaction-related costs, net	9	0	15	0
Other (income) expense, net	1	5	7	11
Total expenses	2,925	3,024	5,795	6,131
Income (loss) before income taxes	73	15	(267)	(662)
Provision for (benefit from) income taxes	10	10	(96)	(163)
Net income (loss)	63	5	(171)	(499)
Less: Net income attributable to non-controlling interests	28	1	77	2
Net income (loss) attributable to Avis Budget Group, Inc.	35	4	(248)	(501)
Comprehensive income (loss) attributable to Avis Budget Group, Inc.	$ 22	$ 71	$ (259)	$ (426)
Earnings (loss) per share
Basic (in usd per share)	$ 1.00	$ 0.10	$ (7.01)	$ (14.24)
Diluted (in usd per share)	$ 0.98	$ 0.10	$ (7.01)	$ (14.24)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net loss	$ (171)	$ (499)
Adjustments to reconcile net loss to net cash provided by operating activities:
Vehicle depreciation	1,273	1,350
Amortization of right-of-use assets	583	533
(Gain) loss on sale of vehicles, net	(78)	280
Vehicle related reserves	136	175
Non-vehicle related depreciation and amortization	118	116
Amortization of debt financing fees	25	27
Early extinguishment of debt costs	3	3
Stock-based compensation	7	12
Net change in assets and liabilities:
Receivables	(63)	(56)
Income taxes and deferred income taxes	(170)	(220)
Accounts payable and other current liabilities	21	235
Operating lease liabilities	(582)	(535)
Other, net	(36)	35
Net cash provided by operating activities	1,066	1,456
Investing activities
Property and equipment additions	(109)	(85)
Proceeds received on asset sales	2	2
Net assets acquired (net of cash acquired)	(28)	0
Other, net	8	0
Net cash used in investing activities exclusive of vehicle programs	(127)	(83)
Vehicle programs:
Investment in vehicles	(7,763)	(8,755)
Proceeds received on disposition of vehicles	6,153	4,986
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	(445)	(609)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	571	505
Net cash used in investing activities of vehicle programs	(1,484)	(3,873)
Net cash used in investing activities	(1,611)	(3,956)
Financing activities
Proceeds from borrowings (original maturities greater than three months)	302	1,100
Payments on borrowings (original maturities greater than three months)	(315)	(610)
Repurchases of common stock	(7)	(3)
Debt financing fees	(9)	(12)
Net cash provided by (used in) financing activities exclusive of vehicle programs	(29)	475
Vehicle programs:
Proceeds from borrowings	12,723	14,086
Payments on borrowings	(12,043)	(12,075)
Debt financing fees	(28)	(15)
Net cash provided by financing activities of vehicle programs	652	1,996
Net cash provided by financing activities	623	2,471
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	(9)	35
Net increase in cash and cash equivalents, program and restricted cash	69	6
Cash and cash equivalents, program and restricted cash, beginning of period	618	597
Cash and cash equivalents, program and restricted cash, end of period	$ 687	$ 603

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 558	$ 519
Receivables, net	936	878
Other current assets	1,014	696
Total current assets	2,508	2,093
Property and equipment, net	756	748
Operating lease right-of-use assets	3,197	3,239
Deferred income taxes	2,298	2,105
Goodwill	1,115	1,129
Other intangibles, net	614	589
Other non-current assets	375	403
Total assets exclusive of assets under vehicle programs	10,863	10,306
Assets under vehicle programs:
Program cash	126	94
Vehicles, net	19,589	18,720
Receivables from vehicle manufacturers and other	281	540
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	1,469	1,597
Total assets under vehicle programs	21,465	20,951
Total assets	32,328	31,257
Current liabilities:
Accounts payable and other current liabilities	3,074	2,865
Short-term debt and current portion of long-term debt	23	24
Total current liabilities	3,097	2,889
Long-term debt	5,999	6,049
Long-term operating lease liabilities	2,632	2,614
Other non-current liabilities	472	495
Total liabilities exclusive of liabilities under vehicle programs	12,200	12,047
Liabilities under vehicle programs:
Debt	5,414	4,792
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party	14,436	14,396
Deferred income taxes	2,736	2,677
Other	769	387
Total liabilities under vehicle programs	23,355	22,252
Commitments and contingencies (Note 13)
Redeemable non-controlling interests	147	74
Stockholders’ equity:
Preferred stock, $0.01 par value—authorized 10 shares; none issued and outstanding, in each period	0	0
Common stock, $0.01 par value—authorized 250 shares; issued 137 shares, in each period	1	1
Additional paid-in capital	6,612	6,622
Retained earnings	891	1,139
Accumulated other comprehensive loss	(149)	(138)
Treasury stock, at cost—102 shares, in each period	(10,743)	(10,753)
Stockholders’ equity attributable to Avis Budget Group, Inc.	(3,388)	(3,129)
Non-controlling interests	14	13
Total stockholders’ equity	(3,374)	(3,116)
Total liabilities, redeemable non-controlling interests and stockholders’ equity	$ 32,328	$ 31,257