What is Avis Budget Group's operating income?

Avis Budget Group's total operating income in 2025 was -$507 million, based on the following breakdown: Total Gross Profit: $11.65 billion Total Operating Expenses: $12.16 billion

Avis Budget Group (CAR) Financials

$176.29 +3.91 (+2.27%)

As of 02:32 PM Eastern

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Annual Income Statements for Avis Budget Group

This table shows Avis Budget Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	313	163	361	165	302	-684	1,285	2,764	1,632	-1,821	-889
Consolidated Net Income / (Loss)	313	163	361	165	302	-684	1,283	2,756	1,635	-1,817	-995
Net Income / (Loss) Continuing Operations	313	163	361	165	302	-684	1,283	2,756	1,635	-1,817	-995
Total Pre-Tax Income	382	279	211	267	287	-956	1,708	3,636	1,914	-2,627	-929
Total Operating Income	576	482	399	455	465	-725	1,926	3,886	2,210	-2,269	-507
Total Gross Profit	8,502	8,659	8,848	9,124	9,172	5,402	9,313	11,994	12,008	11,789	11,652
Total Revenue	8,502	8,659	8,848	9,124	9,172	5,402	9,313	11,994	12,008	11,789	11,652
Operating Revenue	6,026	8,659	8,848	9,124	9,172	5,402	9,313	11,994	12,008	11,789	11,652
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	7,926	8,177	8,449	8,669	8,707	6,127	7,387	8,108	9,798	14,058	12,159
Selling, General & Admin Expense	5,377	5,516	5,592	5,859	5,935	4,025	5,400	6,633	7,083	7,366	7,304
Depreciation Expense	2,151	2,300	2,480	2,435	2,326	1,654	1,469	1,053	1,955	3,213	3,246
Other Operating Expenses / (Income)	357	305	286	314	344	321	318	403	739	950	954
Impairment Charge	0.00	0.00	2.00	-	-	-	-	0.00	0.00	2,470	518
Restructuring Charge	18	29	86	42	90	118	64	19	11	37	131
Other Special Charges / (Income)	23	27	3.00	19	12	9.00	136	0.00	10	22	6.00
Total Other Income / (Expense), net	-194	-203	-188	-188	-178	-231	-218	-250	-296	-358	-422
Interest Expense	194	203	188	188	178	231	218	250	296	358	422
Income Tax Expense	69	116	-150	102	-15	-272	425	880	279	-810	66
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	0.00	0.00	-2.00	-8.00	3.00	4.00	-106
Basic Earnings per Share	$3.02	$1.78	$4.32	$2.08	$4.01	($9.71)	$19.79	$58.41	$42.57	($51.23)	($25.25)
Weighted Average Basic Shares Outstanding	103.40M	92M	83.40M	79.30M	74.36M	69.84M	53.77M	39.47M	35.47M	35.11M	35.26M
Diluted Earnings per Share	$2.98	$1.75	$4.25	$2.06	$3.98	($9.71)	$19.44	$57.16	$42.08	($51.23)	($25.25)
Weighted Average Diluted Shares Outstanding	103.40M	92M	83.40M	79.30M	74.36M	69.84M	53.77M	39.47M	35.47M	35.11M	35.26M
Weighted Average Basic & Diluted Shares Outstanding	103.40M	92M	83.40M	79.30M	74.36M	69.84M	53.77M	39.47M	35.47M	35.11M	35.26M

This table shows Avis Budget Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	626	259	-114	14	237	-1,958	-505	4.00	359	-747	-283
Consolidated Net Income / (Loss)	627	260	-113	15	238	-1,957	-504	5.00	360	-856	-234
Net Income / (Loss) Continuing Operations	627	260	-113	15	238	-1,957	-504	5.00	360	-856	-234
Total Pre-Tax Income	757	162	-142	27	329	-2,841	-677	15	473	-740	-340
Total Operating Income	840	239	-59	115	424	-2,749	-580	125	582	-634	-231
Total Gross Profit	3,564	2,764	2,551	3,048	3,480	2,710	2,430	3,039	3,519	2,664	2,530
Total Revenue	3,564	2,764	2,551	3,048	3,480	2,710	2,430	3,039	3,519	2,664	2,530
Operating Revenue	3,564	2,764	2,551	3,048	3,480	2,710	2,430	3,039	3,519	2,664	2,530
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	2,724	2,525	2,610	2,933	3,056	5,459	3,010	2,914	2,937	3,298	2,761
Selling, General & Admin Expense	1,940	1,659	1,669	1,880	1,942	1,875	1,661	1,922	1,935	1,786	1,763
Depreciation Expense	572	635	697	791	864	861	1,111	696	736	703	722
Other Operating Expenses / (Income)	209	223	240	246	244	220	216	234	250	254	235
Restructuring Charge	2.00	4.00	3.00	14	6.00	14	22	59	13	37	35
Other Special Charges / (Income)	1.00	4.00	1.00	2.00	0.00	19	0.00	3.00	3.00	-	6.00
Total Other Income / (Expense), net	-80	-75	-83	-88	-95	-92	-97	-110	-109	-106	-109
Interest Expense	80	75	83	88	95	92	97	110	109	106	109
Income Tax Expense	130	-98	-29	12	91	-884	-173	10	113	116	-106
Net Income / (Loss) Attributable to Noncontrolling Interest	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	-109	49
Basic Earnings per Share	$16.96	$6.60	($3.21)	$0.41	$6.67	($55.10)	($14.35)	$0.10	$10.22	($21.22)	($8.01)
Weighted Average Basic Shares Outstanding	36.22M	35.47M	35.65M	35.66M	35.14M	35.11M	35.19M	35.19M	35.20M	35.26M	35.32M
Diluted Earnings per Share	$16.78	$6.57	($3.21)	$0.41	$6.65	($55.08)	($14.35)	$0.10	$10.11	($21.11)	($8.01)
Weighted Average Diluted Shares Outstanding	36.22M	35.47M	35.65M	35.66M	35.14M	35.11M	35.19M	35.19M	35.20M	35.26M	35.32M
Weighted Average Basic & Diluted Shares Outstanding	36.22M	35.47M	35.65M	35.66M	35.14M	35.11M	35.19M	35.19M	35.20M	35.26M	35.32M

This table details how cash moves in and out of Avis Budget Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-36	3.00	181	-166	165	-135	-139	16	2.00	-47	21
Net Cash From Operating Activities	2,627	2,640	2,648	2,609	2,586	691	3,491	4,707	3,828	3,518	3,296
Net Cash From Continuing Operating Activities	2,627	2,640	2,648	2,609	2,586	691	3,491	4,707	3,823	3,497	3,290
Net Income / (Loss) Continuing Operations	313	163	361	165	302	-684	1,283	2,756	1,635	-1,817	-995
Consolidated Net Income / (Loss)	313	163	361	165	302	-684	1,283	2,756	1,635	-1,817	-995
Depreciation Expense	2,055	2,130	2,206	2,230	2,153	1,616	1,674	1,934	2,444	2,895	2,888
Amortization Expense	42	37	34	28	1,020	978	839	911	1,046	1,160	1,133
Non-Cash Adjustments To Reconcile Net Income	-9.00	44	68	-5.00	-48	-1,075	-195	-760	-278	3,152	1,126
Changes in Operating Assets and Liabilities, net	226	266	-21	191	-841	-144	-110	-134	-1,024	-1,893	-862
Net Cash From Investing Activities	-2,685	-2,182	-2,204	-3,426	-2,752	3,177	-6,306	-4,299	-7,346	-2,753	-5,164
Net Cash From Continuing Investing Activities	-2,685	-2,182	-2,204	-3,426	-2,752	2,909	-6,306	-4,299	-7,346	-2,753	-5,164
Purchase of Property, Plant & Equipment	-12,127	-12,651	-11,735	-12,820	-13,137	-5,495	-10,162	-10,737	-15,458	-10,062	-15,274
Purchase of Investments	0.00	0.00	-61	-188	-251	-355	-413	-442	-606	-801	-1,072
Sale of Property, Plant & Equipment	9,695	10,523	9,608	9,665	10,471	8,759	4,080	6,608	8,406	7,397	10,408
Other Investing Activities, net	3.00	1.00	5.00	-44	81	0.00	189	272	312	713	774
Net Cash From Financing Activities	72	-449	-308	667	318	-4,045	2,687	-360	3,506	-781	1,858
Net Cash From Continuing Financing Activities	72	-449	-308	667	318	-3,777	2,687	-360	3,506	-781	1,858
Repayment of Debt	-14,007	-16,714	-17,899	-531	-517	-18,490	-1,377	-32	-840	-967	-1,128
Repurchase of Common Equity	-436	-398	-210	-216	-67	-119	-1,460	-3,329	-951	-70	-7.00
Payment of Dividends	-	-	-	-	-	-	-	0.00	-355	0.00	0.00
Issuance of Debt	14,515	16,663	17,801	485	402	14,817	1,100	729	936	1,569	1,580
Issuance of Common Equity	-	-	-	0.00	0.00	15	38	40	0.00	0.00	183
Other Financing Activities, net	-	-	-	929	500	-	4,386	2,232	4,716	-1,313	1,230
Effect of Exchange Rate Changes	-50	-6.00	45	-16	13	42	-11	-32	14	-31	31
Cash Interest Paid	454	461	460	497	509	503	509	543	988	1,273	1,297
Cash Income Taxes Paid	29	60	58	53	93	44	75	192	169	50	121

This table details how cash moves in and out of Avis Budget Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	39	-77	-45	-16	66	-52	10	-4.00	36	-21	33
Net Cash From Operating Activities	1,253	793	589	884	1,273	772	619	837	1,403	437	434
Net Cash From Continuing Operating Activities	1,253	788	589	884	1,273	751	619	837	1,403	431	434
Net Income / (Loss) Continuing Operations	627	260	-113	15	238	-1,957	-504	5.00	360	-856	-234
Consolidated Net Income / (Loss)	627	260	-113	15	238	-1,957	-504	5.00	360	-856	-234
Depreciation Expense	669	650	623	713	781	778	749	717	733	689	708
Amortization Expense	331	193	314	243	310	293	274	286	289	284	321
Non-Cash Adjustments To Reconcile Net Income	-457	1,118	-157	-180	-254	3,839	441	292	64	592	62
Changes in Operating Assets and Liabilities, net	83	-1,433	-78	93	198	-2,202	-341	-463	-43	-278	-423
Net Cash From Investing Activities	-1,716	-416	-1,518	-1,037	-141	-57	-715	-3,241	-698	-510	428
Net Cash From Continuing Investing Activities	-1,716	-416	-1,518	-1,037	-141	-57	-715	-3,241	-698	-510	428
Purchase of Property, Plant & Equipment	-3,803	-2,669	-4,134	-2,859	-1,295	-1,774	-3,819	-5,021	-2,882	-3,552	-3,523
Purchase of Investments	-115	-129	-255	-120	-296	-130	-384	-225	-199	-264	-307
Sale of Property, Plant & Equipment	2,130	2,299	2,611	1,817	1,227	1,742	3,091	1,897	2,220	3,200	3,786
Other Investing Activities, net	72	83	260	125	223	105	397	108	163	106	472
Net Cash From Financing Activities	512	-472	897	139	-1,079	-738	98	2,373	-664	51	-822
Net Cash From Continuing Financing Activities	512	-472	897	139	-1,079	-738	98	2,373	-664	51	-822
Repayment of Debt	-338	-488	-21	-385	-17	-544	-20	-602	-498	-8.00	-10
Repurchase of Common Equity	-490	-261	-15	-1.00	-9.00	-45	-3.00	-	-1.00	-3.00	-7.00
Issuance of Debt	439	497	651	218	700	-	500	600	479	1.00	0.00
Other Financing Activities, net	901	135	282	307	-1,753	-149	-379	2,375	-656	-110	-805
Effect of Exchange Rate Changes	-10	18	-13	-2.00	13	-29	8.00	27	-5.00	1.00	-7.00

This table presents Avis Budget Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	17,634	17,643	17,699	19,149	23,126	17,538	22,600	25,927	32,569	29,041	31,257
Total Current Assets	1,627	1,817	2,066	2,174	2,145	1,795	1,847	1,886	2,139	2,034	2,093
Cash & Equivalents	452	490	611	615	686	692	534	570	555	534	519
Accounts Receivable	668	808	922	955	911	647	775	810	900	838	878
Other Current Assets	507	519	533	604	548	456	538	506	684	662	696
Plant, Property, & Equipment, net	11,339	685	11,330	12,210	12,969	8,810	13,403	16,555	21,959	18,316	19,468
Total Noncurrent Assets	4,668	15,141	4,303	4,765	8,012	6,933	7,350	7,486	8,471	8,691	9,696
Long-Term Investments	362	362	423	559	649	667	842	976	1,211	1,308	1,597
Noncurrent Note & Lease Receivables	438	527	547	631	778	281	222	421	443	386	540
Goodwill	973	1,007	1,073	1,092	1,101	1,137	1,108	1,070	1,099	1,071	1,129
Intangible Assets	917	870	850	825	798	774	724	666	670	601	589
Noncurrent Deferred & Refundable Income Taxes	1,488	1,493	931	1,301	1,662	1,198	1,615	1,379	1,868	1,786	2,105
Other Noncurrent Operating Assets	490	10,882	479	357	3,024	2,876	2,839	2,974	3,180	3,539	3,736
Total Liabilities & Shareholders' Equity	17,634	17,643	17,699	19,149	23,126	17,538	22,600	25,927	32,569	29,041	31,257
Total Liabilities	17,195	17,422	17,126	18,735	22,470	17,693	22,809	26,627	32,912	31,358	34,299
Total Current Liabilities	1,511	1,767	1,645	1,716	2,225	2,053	2,408	2,574	2,659	2,720	2,889
Short-Term Debt	26	279	26	23	19	19	19	27	32	20	24
Accounts Payable	1,485	1,488	1,619	1,693	2,206	2,034	2,389	2,547	2,627	2,700	2,865
Total Noncurrent Liabilities	15,684	15,655	15,481	17,019	20,245	15,640	20,401	24,053	30,253	28,638	31,410
Long-Term Debt	12,295	5,427	12,794	13,760	14,484	11,048	15,380	18,453	23,728	22,909	25,237
Capital Lease Obligations	-	-	-	0.00	2,140	2,078	1,910	1,884	2,117	2,484	2,614
Noncurrent Deferred & Payable Income Tax Liabilities	2,367	2,429	1,594	1,961	2,189	1,383	2,242	2,754	3,418	2,442	2,677
Other Noncurrent Operating Liabilities	1,022	7,799	1,093	1,298	1,432	1,131	869	962	990	803	882
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	-	-	0.00	74
Total Equity & Noncontrolling Interests	439	221	573	414	656	-155	-209	-700	-343	-2,317	-3,116
Total Preferred & Common Equity	439	221	573	414	656	-155	-220	-703	-349	-2,327	-3,129
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	439	221	573	414	656	-155	-220	-703	-349	-2,327	-3,129
Common Stock	7,011	6,919	6,821	6,772	6,742	6,669	6,677	6,667	6,635	6,621	6,623
Retained Earnings	-1,802	-1,639	-1,222	-1,091	-785	-1,470	-185	2,579	3,854	2,029	1,139
Treasury Stock	-4,623	-4,905	-5,002	-5,134	-5,144	-5,167	-6,579	-9,848	-10,742	-10,767	-10,753
Accumulated Other Comprehensive Income / (Loss)	-147	-154	-24	-133	-157	-187	-133	-101	-96	-210	-138
Noncontrolling Interest	-	-	-	-	-	0.00	11	3.00	6.00	10	13

This table presents Avis Budget Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	25,197	27,388	31,395	32,304	33,528	33,882	32,749	29,044	32,371	32,518	30,603
Total Current Assets	1,976	1,983	2,233	2,226	2,333	2,460	2,319	2,140	2,456	2,235	2,179
Cash & Equivalents	581	548	571	572	522	511	602	516	541	564	528
Accounts Receivable	869	801	897	918	1,032	1,062	917	873	971	859	832
Other Current Assets	526	634	765	736	779	887	800	751	944	812	819
Plant, Property, & Equipment, net	15,897	18,038	21,249	21,894	22,729	23,178	22,052	18,208	21,221	20,350	18,830
Total Noncurrent Assets	7,324	7,367	7,913	8,184	8,466	8,244	8,378	8,696	8,694	9,933	9,594
Long-Term Investments	927	1,010	1,148	1,172	1,205	1,199	1,283	1,295	1,412	1,448	1,425
Noncurrent Note & Lease Receivables	478	353	421	519	431	326	423	310	235	579	503
Goodwill	1,031	1,076	1,082	1,081	1,088	1,087	1,109	1,091	1,133	1,127	1,120
Intangible Assets	662	659	669	658	658	650	647	598	602	594	624
Noncurrent Deferred & Refundable Income Taxes	1,316	1,399	1,457	1,472	1,811	1,715	1,565	1,738	1,644	2,487	2,240
Other Noncurrent Operating Assets	2,910	2,870	3,136	3,282	3,273	3,267	3,351	3,664	3,668	3,698	3,682
Total Liabilities & Shareholders' Equity	25,197	27,388	31,395	32,304	33,528	33,882	32,749	29,044	32,371	32,518	30,603
Total Liabilities	25,704	27,829	31,520	32,332	34,036	34,364	32,978	31,855	35,104	34,892	33,885
Total Current Liabilities	2,746	2,749	2,844	2,763	3,074	2,866	3,326	3,368	3,207	3,165	2,949
Short-Term Debt	27	34	34	30	405	28	540	508	39	38	23
Accounts Payable	2,719	2,715	2,810	2,733	2,669	2,838	2,786	2,860	3,168	3,127	2,926
Total Noncurrent Liabilities	22,958	25,080	28,676	29,569	30,962	31,498	29,652	28,487	31,897	31,727	30,936
Long-Term Debt	17,667	19,439	22,442	23,389	24,222	24,767	23,358	22,668	25,952	25,282	24,412
Capital Lease Obligations	1,822	1,852	2,079	2,178	2,234	2,234	2,351	2,593	2,630	2,619	2,594
Noncurrent Deferred & Payable Income Tax Liabilities	2,636	2,820	2,997	3,092	3,325	3,231	3,114	2,176	2,035	2,982	2,697
Other Noncurrent Operating Liabilities	833	969	1,158	910	1,181	1,266	829	1,050	1,280	844	1,233
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	-	-	-	120
Total Equity & Noncontrolling Interests	-507	-441	-125	-28	-508	-482	-229	-2,811	-2,733	-2,374	-3,402
Total Preferred & Common Equity	-509	-444	-129	-33	-515	-490	-238	-2,822	-2,745	-2,399	-3,415
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-509	-444	-129	-33	-515	-490	-238	-2,822	-2,745	-2,399	-3,415
Common Stock	6,677	6,621	6,626	6,627	6,611	6,617	6,616	6,613	6,619	6,624	6,608
Retained Earnings	2,156	2,891	3,326	3,952	3,738	3,751	3,988	1,524	1,528	1,886	856
Treasury Stock	-9,157	-9,845	-9,991	-10,482	-10,724	-10,723	-10,730	-10,757	-10,757	-10,756	-10,743
Accumulated Other Comprehensive Income / (Loss)	-185	-111	-90	-130	-140	-135	-112	-202	-135	-153	-136
Noncontrolling Interest	2.00	3.00	4.00	5.00	7.00	8.00	9.00	11	12	25	13

This table displays calculated financial ratios and metrics derived from Avis Budget Group's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.20%	1.85%	2.18%	3.12%	0.53%	-41.10%	72.40%	28.79%	0.12%	-1.82%	-1.16%
EBITDA Growth	0.41%	-0.90%	-0.38%	2.80%	34.10%	-48.63%	137.51%	51.63%	-15.24%	-68.69%	96.75%
EBIT Growth	-4.16%	-16.32%	-17.22%	14.04%	2.20%	-255.91%	365.66%	101.77%	-43.00%	-202.44%	77.66%
NOPAT Growth	25.65%	-40.33%	142.42%	-58.81%	74.02%	-203.72%	385.07%	103.59%	-35.76%	-183.94%	77.66%
Net Income Growth	27.76%	-47.92%	121.47%	-54.29%	83.03%	-326.49%	287.57%	114.81%	-40.67%	-211.13%	45.24%
EPS Growth	34.23%	-41.28%	142.86%	-51.53%	93.20%	-343.97%	300.21%	194.03%	-26.38%	-221.74%	50.71%
Operating Cash Flow Growth	1.86%	0.49%	0.30%	-1.47%	-0.88%	-73.28%	405.21%	34.83%	-18.67%	-8.10%	-6.31%
Free Cash Flow Firm Growth	-44.92%	1,952.80%	-192.29%	94.20%	-540.43%	256.03%	-169.17%	120.84%	-781.40%	124.63%	-296.38%
Invested Capital Growth	7.74%	-57.52%	143.53%	5.37%	22.58%	-27.14%	35.19%	15.23%	31.18%	-10.58%	6.88%
Revenue Q/Q Growth	0.04%	-0.26%	1.61%	0.34%	1.24%	-13.00%	14.99%	1.71%	-0.06%	-0.46%	-0.39%
EBITDA Q/Q Growth	2.26%	-1.30%	2.68%	-0.18%	6.94%	-13.15%	22.56%	0.51%	-4.76%	-60.67%	134.74%
EBIT Q/Q Growth	11.20%	-9.23%	12.39%	1.11%	0.22%	-19.83%	51.42%	-0.08%	-13.48%	-417.79%	80.66%
NOPAT Q/Q Growth	11.19%	-8.53%	191.94%	-55.49%	68.24%	-19.83%	44.27%	2.26%	-6.82%	-309.10%	80.66%
Net Income Q/Q Growth	-11.58%	-13.76%	228.18%	-55.65%	74.57%	-51.33%	58.00%	1.59%	-9.12%	-554.25%	52.53%
EPS Q/Q Growth	-11.04%	-16.27%	221.97%	-53.92%	76.89%	-47.79%	57.03%	8.09%	-7.68%	-591.65%	57.36%
Operating Cash Flow Q/Q Growth	3.02%	-2.22%	3.04%	-3.44%	5.77%	-46.31%	33.91%	-2.04%	-1.34%	-0.59%	-9.23%
Free Cash Flow Firm Q/Q Growth	-105.54%	2,367.69%	7.74%	-491.84%	-16.46%	-72.68%	77.77%	292.84%	12.47%	105.91%	-45.04%
Invested Capital Q/Q Growth	101.04%	-14.85%	-7.42%	-6.19%	-1.94%	527.35%	6.52%	3.53%	-0.24%	-11.94%	-3.55%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	31.44%	30.59%	29.83%	29.73%	39.66%	34.60%	47.66%	56.12%	47.51%	15.15%	30.16%
Operating Margin	6.77%	5.57%	4.51%	4.99%	5.07%	-13.42%	20.68%	32.40%	18.45%	-19.25%	-4.35%
EBIT Margin	6.77%	5.57%	4.51%	4.99%	5.07%	-13.42%	20.68%	32.40%	18.45%	-19.25%	-4.35%
Profit (Net Income) Margin	3.68%	1.88%	4.08%	1.81%	3.29%	-12.66%	13.78%	22.98%	13.62%	-15.41%	-8.54%
Tax Burden Percent	81.94%	58.42%	171.09%	61.80%	105.23%	71.55%	75.12%	75.80%	85.42%	69.17%	107.10%
Interest Burden Percent	66.32%	57.88%	52.88%	58.68%	61.72%	131.86%	88.68%	93.57%	86.41%	115.78%	183.23%
Effective Tax Rate	18.06%	41.58%	-71.09%	38.20%	-5.23%	0.00%	24.88%	24.20%	14.58%	0.00%	0.00%
Return on Invested Capital (ROIC)	4.10%	3.31%	7.83%	2.22%	3.38%	-3.68%	10.58%	17.41%	9.03%	-7.06%	-1.61%
ROIC Less NNEP Spread (ROIC-NNEP)	2.65%	1.86%	3.97%	1.26%	2.03%	-4.98%	9.40%	16.32%	7.84%	-8.01%	-4.21%
Return on Net Nonoperating Assets (RNNOA)	52.61%	46.09%	83.10%	31.22%	53.07%	-269.38%	-715.52%	-623.79%	-322.55%	143.67%	38.75%
Return on Equity (ROE)	56.70%	49.39%	90.93%	33.43%	56.45%	-273.05%	-704.95%	-606.38%	-313.52%	136.62%	37.13%
Cash Return on Invested Capital (CROIC)	-3.35%	84.04%	-75.73%	-3.02%	-16.92%	27.73%	-19.35%	3.26%	-17.94%	4.11%	-8.27%
Operating Return on Assets (OROA)	3.34%	2.73%	2.26%	2.47%	2.20%	-3.57%	9.60%	16.02%	7.57%	-7.37%	-1.68%
Return on Assets (ROA)	1.82%	0.92%	2.04%	0.90%	1.43%	-3.36%	6.39%	11.36%	5.59%	-5.90%	-3.30%
Return on Common Equity (ROCE)	56.70%	49.39%	90.93%	33.43%	56.45%	-273.05%	-726.25%	-615.72%	-316.22%	137.44%	37.81%
Return on Equity Simple (ROE_SIMPLE)	71.30%	73.76%	63.00%	39.86%	46.04%	441.29%	-583.18%	-392.03%	-468.48%	78.08%	0.00%
Net Operating Profit after Tax (NOPAT)	472	282	683	281	489	-508	1,447	2,945	1,892	-1,588	-355
NOPAT Margin	5.55%	3.25%	7.72%	3.08%	5.33%	-9.39%	15.53%	24.56%	15.76%	-13.47%	-3.05%
Net Nonoperating Expense Percent (NNEP)	1.45%	1.45%	3.87%	0.95%	1.34%	1.30%	1.18%	1.09%	1.20%	0.96%	2.60%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	14.98%	7.41%	-6.88%	-1.43%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	63.24%	63.70%	63.20%	64.22%	64.71%	74.51%	57.98%	55.30%	58.99%	62.48%	62.68%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	93.23%	94.43%	95.49%	95.01%	94.93%	113.42%	79.32%	67.60%	81.55%	119.25%	104.35%
Earnings before Interest and Taxes (EBIT)	576	482	399	455	465	-725	1,926	3,886	2,215	-2,269	-507
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,673	2,649	2,639	2,713	3,638	1,869	4,439	6,731	5,705	1,786	3,514
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.88	13.86	5.92	3.99	3.45	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.41	0.35	0.38	0.18	0.25	0.46	1.19	0.54	0.53	0.24	0.39
Price to Earnings (P/E)	11.05	18.79	9.40	10.01	7.49	0.00	8.65	2.34	3.93	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.64%	0.00%	0.00%
Earnings Yield	9.05%	5.32%	10.63%	9.99%	13.35%	0.00%	11.55%	42.80%	25.42%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.25	1.56	1.23	1.10	1.10	1.23	1.72	1.40	1.28	1.24	1.34
Enterprise Value to Revenue (EV/Rev)	1.76	0.91	1.72	1.56	1.92	2.64	2.91	2.11	2.54	2.24	2.61
Enterprise Value to EBITDA (EV/EBITDA)	5.60	2.99	5.75	5.26	4.83	7.63	6.10	3.76	5.35	14.79	8.64
Enterprise Value to EBIT (EV/EBIT)	25.98	16.43	38.05	31.34	37.78	0.00	14.05	6.51	13.79	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	31.71	28.11	22.24	50.72	35.91	0.00	18.71	8.58	16.14	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	5.70	3.00	5.73	5.47	6.79	20.63	7.75	5.37	7.98	7.51	9.21
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	1.11	0.00	0.00	0.00	3.73	0.00	45.84	0.00	28.53	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	28.07	25.82	22.37	33.29	25.37	-84.81	-82.82	-29.09	-75.44	-10.97	-9.16
Long-Term Debt to Equity	28.01	24.56	22.33	33.24	25.34	-84.68	-82.73	-29.05	-75.35	-10.96	-9.16
Financial Leverage	19.86	24.79	20.96	24.72	26.09	54.08	-76.15	-38.23	-41.16	-17.93	-9.21
Leverage Ratio	31.23	53.45	44.51	37.33	39.51	81.17	-110.27	-53.39	-56.08	-23.16	-11.25
Compound Leverage Factor	20.71	30.94	23.54	21.91	24.39	107.03	-97.79	-49.95	-48.46	-26.82	-20.62
Debt to Total Capital	96.56%	96.27%	95.72%	97.08%	96.21%	101.19%	101.22%	103.56%	101.34%	110.03%	112.25%
Short-Term Debt to Total Capital	0.20%	4.71%	0.19%	0.16%	0.11%	0.15%	0.11%	0.14%	0.13%	0.09%	0.10%
Long-Term Debt to Total Capital	96.36%	91.56%	95.53%	96.92%	96.10%	101.05%	101.11%	103.42%	101.22%	109.95%	112.15%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	0.02%	0.02%	0.04%	0.35%
Common Equity to Total Capital	3.44%	3.73%	4.28%	2.92%	3.79%	-1.19%	-1.29%	-3.58%	-1.37%	-10.08%	-12.60%
Debt to EBITDA	4.61	2.15	4.86	5.08	4.57	7.03	3.90	3.03	4.54	14.23	7.93
Net Debt to EBITDA	4.30	1.83	4.47	4.65	4.21	6.31	3.59	2.80	4.23	13.20	7.33
Long-Term Debt to EBITDA	4.60	2.05	4.85	5.07	4.57	7.02	3.90	3.02	4.53	14.22	7.93
Debt to NOPAT	26.11	20.26	18.78	49.02	34.01	-25.90	11.96	6.91	13.68	-16.00	-78.54
Net Debt to NOPAT	24.38	17.24	17.27	44.84	31.29	-23.22	11.01	6.39	12.74	-14.84	-72.58
Long-Term Debt to NOPAT	26.05	19.27	18.74	48.94	33.97	-25.86	11.95	6.90	13.66	-15.99	-78.48
Altman Z-Score	0.58	0.56	0.63	0.56	0.47	0.12	0.94	1.21	0.86	0.27	0.42
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3.02%	-1.54%	-0.86%	-0.60%	-1.81%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.08	1.03	1.26	1.27	0.96	0.87	0.77	0.73	0.80	0.75	0.72
Quick Ratio	0.74	0.73	0.93	0.91	0.72	0.65	0.54	0.54	0.55	0.50	0.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-386	7,153	-6,601	-383	-2,452	3,826	-2,646	551	-3,758	926	-1,818
Operating Cash Flow to CapEx	108.02%	124.06%	124.49%	82.69%	97.00%	0.00%	57.40%	114.00%	54.28%	132.01%	67.74%
Free Cash Flow to Firm to Interest Expense	-1.99	35.23	-35.11	-2.04	-13.77	16.56	-12.14	2.21	-12.70	2.59	-4.31
Operating Cash Flow to Interest Expense	13.54	13.00	14.09	13.88	14.53	2.99	16.01	18.83	12.93	9.83	7.81
Operating Cash Flow Less CapEx to Interest Expense	1.01	2.52	2.77	-2.90	-0.45	17.12	-11.89	2.31	-10.89	2.38	-3.72
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.49	0.49	0.50	0.50	0.43	0.27	0.46	0.49	0.41	0.38	0.39
Accounts Receivable Turnover	13.42	11.73	10.23	9.72	9.83	6.93	13.10	15.13	14.04	13.57	13.58
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.77	1.44	1.47	0.78	0.73	0.50	0.84	0.80	0.62	0.59	0.62
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	27.20	31.11	35.68	37.54	37.13	52.64	27.87	24.12	25.99	26.91	26.88
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	27.20	31.11	35.68	37.54	37.13	52.64	27.87	24.12	25.99	26.91	26.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,946	5,075	12,359	13,023	15,964	11,631	15,724	18,118	23,768	21,254	22,717
Invested Capital Turnover	0.74	1.02	1.02	0.72	0.63	0.39	0.68	0.71	0.57	0.52	0.53
Increase / (Decrease) in Invested Capital	858	-6,871	7,284	664	2,941	-4,333	4,093	2,394	5,650	-2,514	1,463
Enterprise Value (EV)	14,965	7,917	15,181	14,261	17,569	14,256	27,066	25,279	30,538	26,414	30,362
Market Capitalization	3,458	3,063	3,395	1,652	2,261	2,470	11,122	6,458	6,421	2,833	4,516
Book Value per Share	$4.38	$2.51	$7.04	$5.35	$8.89	($2.22)	($3.90)	($16.95)	($9.64)	($66.22)	($88.90)
Tangible Book Value per Share	($14.47)	($18.84)	($16.58)	($19.43)	($16.84)	($29.65)	($36.35)	($58.82)	($58.47)	($113.80)	($137.71)
Total Capital	12,760	5,927	13,393	14,197	17,299	12,990	17,100	19,664	25,534	23,096	24,833
Total Debt	12,321	5,706	12,820	13,783	16,643	13,145	17,309	20,364	25,877	25,413	27,875
Total Long-Term Debt	12,295	5,427	12,794	13,760	16,624	13,126	17,290	20,337	25,845	25,393	27,851
Net Debt	11,507	4,854	11,786	12,609	15,308	11,786	15,933	18,818	24,111	23,571	25,759
Capital Expenditures (CapEx)	2,432	2,128	2,127	3,155	2,666	-3,264	6,082	4,129	7,052	2,665	4,866
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-310	-161	-164	-134	-747	-931	-1,076	-1,231	-1,043	-1,200	-1,291
Debt-free Net Working Capital (DFNWC)	142	329	447	481	-61	-239	-542	-661	-488	-666	-772
Net Working Capital (NWC)	116	50	421	458	-80	-258	-561	-688	-520	-686	-796
Net Nonoperating Expense (NNE)	159	119	322	116	187	177	164	189	257	229	640
Net Nonoperating Obligations (NNO)	11,507	4,854	11,786	12,609	15,308	11,786	15,933	18,818	24,111	23,571	25,759
Total Depreciation and Amortization (D&A)	2,097	2,167	2,240	2,258	3,173	2,594	2,513	2,845	3,490	4,055	4,021
Debt-free, Cash-free Net Working Capital to Revenue	-3.65%	-1.86%	-1.85%	-1.47%	-8.14%	-17.23%	-11.55%	-10.26%	-8.69%	-10.18%	-11.08%
Debt-free Net Working Capital to Revenue	1.67%	3.80%	5.05%	5.27%	-0.67%	-4.42%	-5.82%	-5.51%	-4.06%	-5.65%	-6.63%
Net Working Capital to Revenue	1.36%	0.58%	4.76%	5.02%	-0.87%	-4.78%	-6.02%	-5.74%	-4.33%	-5.82%	-6.83%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.02	$1.78	$4.32	$2.08	$4.01	($9.71)	$19.79	$58.41	$42.57	($51.23)	($25.25)
Adjusted Weighted Average Basic Shares Outstanding	97.04M	85.99M	80.95M	75.77M	74.36M	69.84M	53.77M	39.47M	35.47M	35.11M	35.26M
Adjusted Diluted Earnings per Share	$2.98	$1.75	$4.25	$2.06	$3.98	($9.71)	$19.44	$57.16	$42.08	($51.23)	($25.25)
Adjusted Weighted Average Diluted Shares Outstanding	97.04M	85.99M	80.95M	75.77M	74.36M	69.84M	53.77M	39.47M	35.47M	35.11M	35.26M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	97.04M	85.99M	80.95M	75.77M	74.36M	69.84M	53.77M	39.47M	35.47M	35.11M	35.26M
Normalized Net Operating Profit after Tax (NOPAT)	506	314	343	319	397	-419	1,597	2,960	1,906	182	104
Normalized NOPAT Margin	5.95%	3.63%	3.88%	3.49%	4.33%	-7.75%	17.15%	24.68%	15.87%	1.54%	0.89%
Pre Tax Income Margin	4.49%	3.22%	2.38%	2.93%	3.13%	-17.70%	18.34%	30.32%	15.94%	-22.28%	-7.97%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.97	2.37	2.12	2.42	2.61	-3.14	8.83	15.54	7.48	-6.34	-1.20
NOPAT to Interest Expense	2.43	1.39	3.63	1.50	2.75	-2.20	6.64	11.78	6.39	-4.44	-0.84
EBIT Less CapEx to Interest Expense	-9.57	-8.11	-9.19	-14.36	-12.37	10.99	-19.06	-0.97	-16.34	-13.78	-12.73
NOPAT Less CapEx to Interest Expense	-10.10	-9.10	-7.68	-15.29	-12.23	11.93	-21.26	-4.73	-17.43	-11.88	-12.37
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	21.71%	0.00%	0.00%
Augmented Payout Ratio	139.30%	244.17%	58.17%	130.91%	22.19%	-17.40%	113.80%	120.79%	79.88%	-3.85%	-0.70%

This table displays calculated financial ratios and metrics derived from Avis Budget Group's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	35,258,652.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	35,258,652.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-8.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.48%	-0.25%	-0.23%	-2.40%	-2.36%	-1.95%	-4.74%	-0.30%	1.12%	-1.70%	4.12%
EBITDA Growth	-14.50%	-20.85%	-30.48%	-29.54%	-17.66%	-255.08%	-49.54%	5.32%	5.87%	120.20%	80.14%
EBIT Growth	-40.26%	-59.08%	-112.55%	-82.73%	-49.52%	-1,250.21%	-883.05%	8.70%	37.26%	76.94%	60.17%
NOPAT Growth	-35.59%	-20.07%	-111.18%	-86.84%	-55.91%	-601.67%	-883.05%	-34.78%	44.42%	76.94%	60.17%
Net Income Growth	-39.19%	-38.68%	-136.22%	-96.56%	-62.04%	-852.69%	-346.02%	-66.67%	51.26%	56.26%	53.57%
EPS Growth	-22.57%	-34.76%	-141.58%	-96.28%	-60.37%	-938.36%	-347.04%	-75.61%	52.03%	61.67%	44.18%
Operating Cash Flow Growth	-15.96%	-6.15%	-28.08%	-8.20%	1.60%	-2.65%	5.09%	-5.32%	10.21%	-43.39%	-29.89%
Free Cash Flow Firm Growth	-239.09%	-175.13%	-101.59%	46.39%	99.94%	111.20%	157.53%	145.76%	31,381.24%	-423.35%	-126.32%
Invested Capital Growth	36.14%	31.18%	27.42%	9.36%	1.30%	-10.58%	-14.13%	-3.63%	-2.41%	6.88%	3.06%
Revenue Q/Q Growth	14.12%	-22.45%	-7.71%	19.48%	14.17%	-22.13%	-10.33%	25.06%	15.79%	-24.30%	-5.03%
EBITDA Q/Q Growth	21.05%	-41.20%	-18.48%	21.98%	41.46%	-210.76%	126.40%	154.63%	42.20%	-78.87%	135.40%
EBIT Q/Q Growth	26.13%	-71.55%	-125.21%	294.92%	268.70%	-748.35%	78.90%	121.55%	365.60%	-208.93%	63.56%
NOPAT Q/Q Growth	43.28%	-44.87%	-111.00%	254.69%	380.09%	-727.37%	78.90%	110.26%	963.10%	-200.19%	63.56%
Net Income Q/Q Growth	43.81%	-58.53%	-143.46%	113.27%	1,486.67%	-922.27%	74.25%	100.99%	7,100.00%	-337.78%	72.66%
EPS Q/Q Growth	52.41%	-60.85%	-148.86%	112.77%	1,521.95%	-928.27%	73.95%	100.70%	10,010.00%	-308.80%	62.06%
Operating Cash Flow Q/Q Growth	30.11%	-36.71%	-25.73%	50.08%	44.00%	-39.36%	-19.82%	35.22%	67.62%	-68.85%	-0.69%
Free Cash Flow Firm Q/Q Growth	-46.32%	6.43%	-1.27%	61.39%	99.84%	18,097.34%	421.11%	-69.29%	8.61%	-286.04%	57.59%
Invested Capital Q/Q Growth	4.91%	-0.24%	3.61%	0.86%	-2.83%	-11.94%	-0.50%	13.18%	-1.60%	-3.55%	-4.06%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	51.63%	39.15%	34.42%	35.14%	43.53%	-61.92%	18.23%	37.12%	45.58%	12.73%	31.54%
Operating Margin	23.57%	8.65%	-2.31%	3.77%	12.18%	-101.44%	-23.87%	4.11%	16.54%	-23.80%	-9.13%
EBIT Margin	23.57%	8.65%	-2.31%	3.77%	12.18%	-101.44%	-23.87%	4.11%	16.54%	-23.80%	-9.13%
Profit (Net Income) Margin	17.59%	9.41%	-4.43%	0.49%	6.84%	-72.21%	-20.74%	0.16%	10.23%	-32.13%	-9.25%
Tax Burden Percent	82.83%	160.49%	79.58%	55.56%	72.34%	68.88%	74.45%	33.33%	76.11%	115.68%	68.82%
Interest Burden Percent	90.12%	67.78%	240.68%	23.48%	77.59%	103.35%	116.72%	12.00%	81.27%	116.72%	147.19%
Effective Tax Rate	17.17%	-60.49%	0.00%	44.44%	27.66%	0.00%	0.00%	66.67%	23.89%	0.00%	0.00%
Return on Invested Capital (ROIC)	11.35%	7.96%	-0.88%	1.05%	4.35%	-37.19%	-8.52%	0.66%	6.18%	-8.83%	-3.50%
ROIC Less NNEP Spread (ROIC-NNEP)	11.02%	7.38%	-1.20%	0.85%	4.07%	-37.32%	-8.92%	0.51%	5.85%	-10.50%	-3.79%
Return on Net Nonoperating Assets (RNNOA)	-862.48%	-303.81%	56.95%	-67.32%	-763.19%	669.05%	131.90%	-8.32%	-112.94%	96.66%	30.53%
Return on Equity (ROE)	-851.13%	-295.85%	56.06%	-66.26%	-758.84%	631.86%	123.38%	-7.66%	-106.76%	87.83%	27.03%
Cash Return on Invested Capital (CROIC)	-20.78%	-17.94%	-17.39%	-4.28%	1.87%	4.11%	6.67%	-4.28%	-5.26%	-8.27%	-3.53%
Operating Return on Assets (OROA)	9.85%	3.55%	-0.91%	1.38%	4.44%	-38.82%	-8.90%	1.45%	5.93%	-9.20%	-3.60%
Return on Assets (ROA)	7.35%	3.86%	-1.75%	0.18%	2.49%	-27.64%	-7.74%	0.06%	3.67%	-12.42%	-3.64%
Return on Common Equity (ROCE)	-862.26%	-298.40%	56.65%	-67.57%	-800.17%	635.66%	124.05%	-7.71%	-108.16%	89.42%	27.67%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	-234.95%	-161.02%	-168.07%	0.00%	78.24%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	696	384	-41	64	307	-1,924	-406	42	443	-444	-162
NOPAT Margin	19.52%	13.88%	-1.62%	2.10%	8.81%	-71.01%	-16.71%	1.37%	12.59%	-16.66%	-6.39%
Net Nonoperating Expense Percent (NNEP)	0.33%	0.58%	0.32%	0.20%	0.29%	0.14%	0.40%	0.14%	0.33%	1.67%	0.29%
Return On Investment Capital (ROIC_SIMPLE)	-	1.50%	-	-	-	-8.33%	-1.77%	0.16%	1.73%	-1.79%	-0.68%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	54.43%	60.02%	65.43%	61.68%	55.80%	69.19%	68.35%	63.24%	54.99%	67.04%	69.68%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	76.43%	91.35%	102.31%	96.23%	87.82%	201.44%	123.87%	95.89%	83.46%	123.80%	109.13%
Earnings before Interest and Taxes (EBIT)	840	239	-59	115	424	-2,749	-580	125	582	-634	-231
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,840	1,082	878	1,071	1,515	-1,678	443	1,128	1,604	339	798
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.55	0.53	0.37	0.31	0.26	0.24	0.23	0.51	0.48	0.39	0.44
Price to Earnings (P/E)	3.68	3.93	3.68	4.75	7.89	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	5.64%	8.17%	9.57%	11.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	27.16%	25.42%	27.19%	21.07%	12.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.28	1.28	1.20	1.17	1.14	1.24	1.26	1.36	1.34	1.34	1.39
Enterprise Value to Revenue (EV/Rev)	2.54	2.54	2.46	2.44	2.32	2.24	2.28	2.80	2.70	2.61	2.58
Enterprise Value to EBITDA (EV/EBITDA)	5.09	5.35	5.56	5.97	6.06	14.79	19.71	23.17	21.11	8.64	7.84
Enterprise Value to EBIT (EV/EBIT)	11.90	13.79	17.59	25.71	38.51	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	15.01	16.14	19.99	26.20	36.20	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	7.85	7.98	8.22	8.26	7.77	7.51	7.51	9.32	8.70	9.21	9.76
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	61.16	28.53	17.45	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-914.18	-75.44	-52.88	-56.08	-114.62	-10.97	-9.17	-10.47	-11.77	-9.16	-8.24
Long-Term Debt to Equity	-913.11	-75.35	-52.08	-56.02	-112.27	-10.96	-8.99	-10.46	-11.75	-9.16	-8.23
Financial Leverage	-78.24	-41.16	-47.31	-79.33	-187.61	-17.93	-14.79	-16.17	-19.32	-9.21	-8.05
Leverage Ratio	-107.48	-56.08	-64.19	-107.54	-253.12	-23.16	-18.85	-20.61	-25.07	-11.25	-9.79
Compound Leverage Factor	-96.86	-38.02	-154.49	-25.25	-196.41	-23.94	-22.01	-2.47	-20.38	-13.13	-14.41
Debt to Total Capital	100.11%	101.34%	101.93%	101.82%	100.88%	110.03%	112.24%	110.56%	109.29%	112.25%	113.82%
Short-Term Debt to Total Capital	0.12%	0.13%	1.54%	0.11%	2.08%	0.09%	2.21%	0.15%	0.15%	0.10%	0.10%
Long-Term Debt to Total Capital	99.99%	101.22%	100.39%	101.71%	98.80%	109.95%	110.03%	110.41%	109.14%	112.15%	113.72%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.02%	0.02%	0.03%	0.03%	0.03%	0.04%	0.05%	0.05%	0.10%	0.35%	0.56%
Common Equity to Total Capital	-0.13%	-1.37%	-1.95%	-1.85%	-0.91%	-10.08%	-12.29%	-10.60%	-9.38%	-12.60%	-14.38%
Debt to EBITDA	4.27	4.54	5.05	5.55	5.78	14.23	19.07	20.33	18.66	7.93	6.99
Net Debt to EBITDA	3.98	4.23	4.73	5.20	5.37	13.20	17.73	18.94	17.32	7.33	6.48
Long-Term Debt to EBITDA	4.27	4.53	4.98	5.55	5.66	14.22	18.70	20.30	18.64	7.93	6.98
Debt to NOPAT	12.61	13.68	18.16	24.37	34.56	-16.00	-13.19	-14.71	-15.22	-78.54	-244.39
Net Debt to NOPAT	11.75	12.74	16.99	22.83	32.08	-14.84	-12.27	-13.70	-14.13	-72.58	-226.73
Long-Term Debt to NOPAT	12.59	13.66	17.88	24.35	33.85	-15.99	-12.93	-14.69	-15.20	-78.48	-244.18
Altman Z-Score	0.73	0.66	0.56	0.57	0.59	0.22	0.41	0.51	0.56	0.41	0.46
Noncontrolling Interest Sharing Ratio	-1.31%	-0.86%	-1.05%	-1.98%	-5.45%	-0.60%	-0.54%	-0.62%	-1.31%	-1.81%	-2.36%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.81	0.80	0.76	0.86	0.70	0.75	0.64	0.77	0.71	0.72	0.74
Quick Ratio	0.54	0.55	0.51	0.55	0.46	0.50	0.41	0.47	0.45	0.48	0.46
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-5,628	-5,266	-5,341	-2,062	-3.28	590	3,073	944	1,025	-1,907	-809
Operating Cash Flow to CapEx	74.90%	214.32%	38.67%	84.84%	1,872.06%	2,412.50%	85.03%	26.79%	211.93%	124.15%	0.00%
Free Cash Flow to Firm to Interest Expense	-70.35	-70.22	-64.35	-23.43	-0.03	6.41	31.68	8.58	9.40	-17.99	-7.42
Operating Cash Flow to Interest Expense	15.66	10.57	7.10	10.05	13.40	8.39	6.38	7.61	12.87	4.12	3.98
Operating Cash Flow Less CapEx to Interest Expense	-5.25	5.64	-11.25	-1.80	12.68	8.04	-1.12	-20.79	6.80	0.80	6.39
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.42	0.41	0.39	0.37	0.36	0.38	0.37	0.35	0.36	0.39	0.39
Accounts Receivable Turnover	13.45	14.04	13.10	12.18	12.91	13.57	12.25	11.47	13.17	13.58	13.79
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.64	0.62	0.59	0.54	0.54	0.59	0.57	0.53	0.55	0.62	0.63
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	27.14	25.99	27.87	29.98	28.28	26.91	29.80	31.82	27.71	26.88	26.48
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	27.14	25.99	27.87	29.98	28.28	26.91	29.80	31.82	27.71	26.88	26.48
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	23,825	23,768	24,626	24,837	24,135	21,254	21,147	23,935	23,553	22,717	21,794
Invested Capital Turnover	0.58	0.57	0.55	0.50	0.49	0.52	0.51	0.48	0.49	0.53	0.55
Increase / (Decrease) in Invested Capital	6,324	5,650	5,300	2,126	310	-2,514	-3,479	-902	-582	1,463	647
Enterprise Value (EV)	30,472	30,538	29,577	29,053	27,497	26,414	26,634	32,629	31,603	30,362	30,351
Market Capitalization	6,614	6,421	4,436	3,726	3,124	2,833	2,665	5,949	5,651	4,516	5,142
Book Value per Share	($0.85)	($9.64)	($14.45)	($13.75)	($6.67)	($66.22)	($80.38)	($78.00)	($68.17)	($88.90)	($96.86)
Tangible Book Value per Share	($45.74)	($58.47)	($63.43)	($62.47)	($55.91)	($113.80)	($128.48)	($127.30)	($117.07)	($137.71)	($146.32)
Total Capital	25,569	25,534	26,353	26,547	26,020	23,096	22,958	25,888	25,565	24,833	23,747
Total Debt	25,597	25,877	26,861	27,029	26,249	25,413	25,769	28,621	27,939	27,875	27,029
Total Long-Term Debt	25,567	25,845	26,456	27,001	25,709	25,393	25,261	28,582	27,901	27,851	27,006
Net Debt	23,853	24,111	25,134	25,319	24,364	23,571	23,958	26,668	25,927	25,759	25,076
Capital Expenditures (CapEx)	1,673	370	1,523	1,042	68	32	728	3,124	662	352	-263
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,079	-1,043	-858	-889	-1,069	-1,200	-1,236	-1,253	-1,456	-1,291	-1,275
Debt-free Net Working Capital (DFNWC)	-507	-488	-336	-378	-467	-666	-720	-712	-892	-772	-747
Net Working Capital (NWC)	-537	-520	-741	-406	-1,007	-686	-1,228	-751	-930	-796	-770
Net Nonoperating Expense (NNE)	69	124	72	49	69	33	98	37	83	412	72
Net Nonoperating Obligations (NNO)	23,853	24,111	25,134	25,319	24,364	23,571	23,958	26,668	25,927	25,759	25,076
Total Depreciation and Amortization (D&A)	1,000	843	937	956	1,091	1,071	1,023	1,003	1,022	973	1,029
Debt-free, Cash-free Net Working Capital to Revenue	-8.98%	-8.69%	-7.15%	-7.45%	-9.03%	-10.18%	-10.59%	-10.75%	-12.45%	-11.08%	-10.85%
Debt-free Net Working Capital to Revenue	-4.22%	-4.06%	-2.80%	-3.17%	-3.94%	-5.65%	-6.17%	-6.11%	-7.63%	-6.63%	-6.36%
Net Working Capital to Revenue	-4.47%	-4.33%	-6.17%	-3.40%	-8.50%	-5.82%	-10.52%	-6.44%	-7.95%	-6.83%	-6.55%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$16.96	$6.60	($3.21)	$0.41	$6.67	($55.10)	($14.35)	$0.10	$10.22	($21.22)	($8.01)
Adjusted Weighted Average Basic Shares Outstanding	36.22M	35.47M	35.65M	35.66M	35.14M	35.11M	35.19M	35.19M	35.20M	35.26M	35.32M
Adjusted Diluted Earnings per Share	$16.78	$6.57	($3.21)	$0.41	$6.65	($55.08)	($14.35)	$0.10	$10.11	($21.11)	($8.01)
Adjusted Weighted Average Diluted Shares Outstanding	36.22M	35.47M	35.65M	35.66M	35.14M	35.11M	35.19M	35.19M	35.20M	35.26M	35.32M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	36.22M	35.47M	35.65M	35.66M	35.14M	35.11M	35.19M	35.19M	35.20M	35.26M	35.32M
Normalized Net Operating Profit after Tax (NOPAT)	698	173	-39	73	311	-1,901	-391	131	455	-418	-133
Normalized NOPAT Margin	19.59%	6.26%	-1.51%	2.39%	8.94%	-70.16%	-16.07%	4.31%	12.93%	-15.69%	-5.26%
Pre Tax Income Margin	21.24%	5.86%	-5.57%	0.89%	9.45%	-104.83%	-27.86%	0.49%	13.44%	-27.78%	-13.44%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.50	3.19	-0.71	1.31	4.46	-29.88	-5.98	1.14	5.34	-5.98	-2.12
NOPAT to Interest Expense	8.70	5.11	-0.50	0.73	3.23	-20.92	-4.19	0.38	4.06	-4.19	-1.48
EBIT Less CapEx to Interest Expense	-10.41	-1.75	-19.06	-10.53	3.75	-30.23	-13.48	-27.26	-0.73	-9.30	0.29
NOPAT Less CapEx to Interest Expense	-12.22	0.18	-18.85	-11.11	2.51	-21.26	-11.69	-28.02	-2.01	-7.51	0.93
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	21.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	80.32%	79.88%	75.62%	97.21%	71.50%	-3.85%	-2.63%	-2.57%	-2.34%	-0.70%	-1.52%

Financials Breakdown Chart

Key Financial Trends

Avis Budget Group’s latest quarter shows a clear profitability rebound from a weak 2025 end, but the balance sheet remains highly leveraged and equity is still negative.

In Q1 2026, Avis Budget Group reported revenue of $2.53 billion and a net loss of $234 million, or -$8.01 per share. That compares with a $856 million loss in Q4 2025, but it is still weaker than the company’s profitable periods earlier in 2025. Operating income stayed negative at -$231 million, showing that core margins remain under pressure despite better sequential performance.

Cash generation was more encouraging. Avis produced $434 million of operating cash flow in Q1 2026, supported by large non-cash add-backs like depreciation and amortization. That helped offset the loss and shows the business still has meaningful cash-generating capacity even when accounting earnings are negative.

On the balance sheet, however, leverage remains the big issue. As of March 31, 2026, Avis held $528 million in cash against $24.4 billion of long-term debt and $2.6 billion of capital lease obligations. Total liabilities were $33.9 billion, while total common equity was still negative $3.4 billion. For retail investors, that means the company’s financial flexibility remains limited and debt service will continue to be a major focus.

Compared with the same quarter a year ago, the picture is mixed. Q1 2025 was already weak, with a $504 million loss and negative operating income. The latest quarter was somewhat better on earnings, but revenue also declined from $2.55 billion in Q1 2025 to $2.53 billion in Q1 2026, suggesting the recovery is not being driven by top-line growth yet.

Operating cash flow remained positive at $434 million, showing the core business can still produce cash.
Q1 2026 net loss narrowed sharply versus Q4 2025, indicating a rebound from the prior quarter’s unusually weak results.
Cash and equivalents rose to $528 million, giving the company some liquidity cushion.
Revenue held above $2.5 billion, which suggests demand remained substantial despite earnings pressure.
Depreciation and amortization remain very large, which boosts operating cash flow but also reflects a capital-intensive business model.
Investing cash flow was positive in the quarter, but it was driven by asset sales and other non-core items rather than organic expansion.
The company posted a net loss of $234 million in Q1 2026, so profitability has not yet stabilized.
Operating income was negative at $231 million, indicating the core rental business is still not covering expenses cleanly.
Total debt and lease obligations remain very high, with long-term debt of $24.4 billion and lease obligations of $2.6 billion.
Shareholders’ equity remains deeply negative, underscoring balance sheet risk for equity investors.

Bottom line: Avis Budget Group showed some quarter-over-quarter improvement in Q1 2026, especially in cash generation and earnings versus late 2025. But the company is still carrying heavy debt, negative equity, and inconsistent profitability. For investors, this is a name where the balance sheet and cycle timing matter as much as operating performance.

06/03/26 12:39 PM ETAI Generated. May Contain Errors.

Avis Budget Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Avis Budget Group's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Avis Budget Group's net income appears to be on a downward trend, with a most recent value of -$995 million in 2025, falling from $313 million in 2015. The previous period was -$1.82 billion in 2024. View Avis Budget Group's forecast to see where analysts expect Avis Budget Group to go next.

Avis Budget Group's total operating income in 2025 was -$507 million, based on the following breakdown:

Total Gross Profit: $11.65 billion
Total Operating Expenses: $12.16 billion

Over the last 10 years, Avis Budget Group's total revenue changed from $8.50 billion in 2015 to $11.65 billion in 2025, a change of 37.1%.

Avis Budget Group's total liabilities were at $34.30 billion at the end of 2025, a 9.4% increase from 2024, and a 99.5% increase since 2015.

In the past 10 years, Avis Budget Group's cash and equivalents has ranged from $452 million in 2015 to $692 million in 2020, and is currently $519 million as of their latest financial filing in 2025.

Over the last 10 years, Avis Budget Group's book value per share changed from 4.38 in 2015 to -88.90 in 2025, a change of -2,131.2%.

Related Companies

Financial statements for NASDAQ:CAR last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Avis Budget Group (CAR) Financials

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Avis Budget Group (CAR) Financials

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