Avis Budget Group, Inc. is an American car rental agency holding company headquartered in Parsippany, New Jersey. It is one of the three big rental car holding companies in the United States. In 2021, it held a 26% market share, placing it behind both the Hertz Global Holdings and Enterprise Holdings.3 It was founded by Henry Silverman.1 Its revenue was $12 billion in 2022.1Wikipedia text CC BY-SA 4.0
$99.33down 3.12 (3.04%)Price as of Oct 21, 2026 at 18:59 UTC
Avis Budget Group, Inc. is an American car rental agency holding company headquartered in Parsippany, New Jersey. It is one of the three big rental car holding companies in the United States. In 2021, it held a 26% market share, placing it behind both the Hertz Global Holdings and Enterprise Holdings. It is the parent company of several brands including Avis Car Rental, Budget Rent a Car, Budget Truck Rental, Payless Car Rental, and Zipcar.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue1213141511$11.7B in 2025+27% since 2019Net income1213141511-$889.0M in 2025
Revenue161718$2.5B in Q1 FY2026−17% since Q2 FY2025Net income161718-$283.0M in Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.11
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenues
$11.7B
$11.8B
$12.0B
Operating
$5.9B
$6.0B
$5.7B
Vehicle depreciation and lease charges, net
$3.0B
$3.0B
$1.7B
Selling, general and administrative
$1.4B
$1.4B
$1.4B
Vehicle interest, net
$918.0M
$941.0M
$736.0M
Non-vehicle related depreciation and amortization
$231.0M
$237.0M
$216.0M
Interest expense
$422.0M
$358.0M
$296.0M
Early extinguishment of debt
$6.0M
$19.0M
$5.0M
Long-lived asset impairment and other related charges
$518.0M
$2.5B
$0
Restructuring and other related charges
$131.0M
$37.0M
$11.0M
Transaction-related costs, net
$18.0M
$3.0M
$5.0M
Other (income) expense, net
$18.0M
$9.0M
$3.0M
Total expenses
$12.6B
$14.4B
$10.1B
Income (loss) before income taxes
-$929.0M
-$2.6B
$1.9B
Provision for (benefit from) income taxes
$66.0M
-$810.0M
$279.0M
Net income (loss)
-$995.0M
-$1.8B
$1.6B
Less: Net income (loss) attributable to non-controlling interests
-$106.0M
$4.0M
$3.0M
Net income (loss) attributable to Avis Budget Group, Inc.
-$889.0M
-$1.8B
$1.6B
Basic (in USD per share)
-$25.25
-$51.23
$42.57
Diluted (in USD per share)
-$25.25
-$51.23
$42.08
No quarter-by-quarter statement was filed.
Total assets191213141511$31.3B in 2025+35% since 2019Shareholders’ equity1312141511-$3.1B in 2025Cash191213141511$519.0M in 2025−24% since 2019Long-term debt191213141511$6.0B in 2025+77% since 2019
Total assets161718$30.6B in Q1 FY2026−5% since Q2 FY2025Shareholders’ equity161718-$3.4B in Q1 FY2026+24% since Q2 FY2025Cash161718$528.0M in Q1 FY2026−2% since Q2 FY2025Long-term debt161718$6.0B in Q1 FY2026−0% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.11
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$519.0M
$534.0M
Receivables (net of allowance for doubtful accounts of $78 and $96, respectively)
$878.0M
$838.0M
Other current assets
$696.0M
$662.0M
Total current assets
$2.1B
$2.0B
Property and equipment, net
$748.0M
$697.0M
Operating lease right-of-use assets
$3.2B
$3.1B
Deferred income taxes
$2.1B
$1.8B
Goodwill
$1.1B
$1.1B
$1.1B
Other intangibles, net
$589.0M
$601.0M
Other non-current assets
$403.0M
$422.0M
Total assets exclusive of assets under vehicle programs
$10.3B
$9.7B
Program cash
$94.0M
$60.0M
Vehicles, net
$18.7B
$17.6B
Receivables from vehicle manufacturers and other
$540.0M
$386.0M
Investment in Avis Budget Rental Car Funding (AESOP) LLCrelated party
$1.6B
$1.3B
Total assets under vehicle programs
$21.0B
$19.4B
$23.0B
Total assets
$31.3B
$29.0B
Accounts payable and other current liabilities
$2.9B
$2.7B
Short-term debt and current portion of long-term debt
$24.0M
$20.0M
Total current liabilities
$2.9B
$2.7B
Long-term debt
$6.0B
$5.4B
Long-term operating lease liabilities
$2.6B
$2.5B
Other non-current liabilities
$495.0M
$470.0M
Total liabilities exclusive of liabilities under vehicle programs
$12.0B
$11.0B
Debt
$4.8B
$3.5B
Debt due to Avis Budget Rental Car Funding (AESOP) LLCrelated party
$14.4B
$14.1B
Deferred income taxes
$2.7B
$2.4B
Other
$387.0M
$333.0M
Total Liabilities under vehicle programs
$22.3B
$20.3B
Redeemable non-controlling interests
$74.0M
$0
Preferred stock, $0.01 par valueauthorized 10 shares; none issued and outstanding, in each period
$0
$0
Common stock, $0.01 par valueauthorized 250 shares; issued 137 shares, in each period
$1.0M
$1.0M
Additional paid-in capital
$6.6B
$6.6B
Retained earnings
$1.1B
$2.0B
Accumulated other comprehensive loss
-$138.0M
-$210.0M
Treasury stock, at cost102 shares, in each period
-$10.8B
-$10.8B
Stockholders equity attributable to Avis Budget Group, Inc.
-$3.1B
-$2.3B
Non-controlling interests
$13.0M
$10.0M
Total stockholders equity
-$3.1B
-$2.3B
-$343.0M
-$700.0M
Total liabilities, redeemable non-controlling interests and stockholders equity
$31.3B
$29.0B
Receivable
$78.0M
$96.0M
Preferred stock (in dollars per share)
$0.01
$0.01
Preferred stock authorized (in shares)
10.0M shares
10.0M shares
Preferred stock issued (in shares)
0 shares
0 shares
Preferred stock outstanding (in shares)
0 shares
0 shares
Common stock (in dollars per share)
$0.01
$0.01
Common stock authorized (in shares)
250.0M shares
250.0M shares
Common stock issued (in shares)
137.0M shares
137.0M shares
Treasury stock (in shares)
102.0M shares
102.0M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$519.0M
$534.0M
Receivables (net of allowance for doubtful accounts of $78 and $96, respectively)
$878.0M
$838.0M
Other current assets
$696.0M
$662.0M
Total current assets
$2.1B
$2.0B
Property and equipment, net
$748.0M
$697.0M
Operating lease right-of-use assets
$3.2B
$3.1B
Deferred income taxes
$2.1B
$1.8B
Goodwill
$1.1B
$1.1B
$1.1B
Other intangibles, net
$589.0M
$601.0M
Other non-current assets
$403.0M
$422.0M
Total assets exclusive of assets under vehicle programs
$10.3B
$9.7B
Program cash
$94.0M
$60.0M
Vehicles, net
$18.7B
$17.6B
Receivables from vehicle manufacturers and other
$540.0M
$386.0M
Investment in Avis Budget Rental Car Funding (AESOP) LLCrelated party
$1.6B
$1.3B
Total assets under vehicle programs
$21.0B
$19.4B
$23.0B
Total assets
$31.3B
$29.0B
Accounts payable and other current liabilities
$2.9B
$2.7B
Short-term debt and current portion of long-term debt
$24.0M
$20.0M
Total current liabilities
$2.9B
$2.7B
Long-term debt
$6.0B
$5.4B
Long-term operating lease liabilities
$2.6B
$2.5B
Other non-current liabilities
$495.0M
$470.0M
Total liabilities exclusive of liabilities under vehicle programs
$12.0B
$11.0B
Debt
$4.8B
$3.5B
Debt due to Avis Budget Rental Car Funding (AESOP) LLCrelated party
$14.4B
$14.1B
Deferred income taxes
$2.7B
$2.4B
Other
$387.0M
$333.0M
Total Liabilities under vehicle programs
$22.3B
$20.3B
Redeemable non-controlling interests
$74.0M
$0
Preferred stock, $0.01 par valueauthorized 10 shares; none issued and outstanding, in each period
$0
$0
Common stock, $0.01 par valueauthorized 250 shares; issued 137 shares, in each period
$1.0M
$1.0M
Additional paid-in capital
$6.6B
$6.6B
Retained earnings
$1.1B
$2.0B
Accumulated other comprehensive loss
-$138.0M
-$210.0M
Treasury stock, at cost102 shares, in each period
-$10.8B
-$10.8B
Stockholders equity attributable to Avis Budget Group, Inc.
-$3.1B
-$2.3B
Non-controlling interests
$13.0M
$10.0M
Total stockholders equity
-$3.1B
-$2.3B
-$343.0M
-$700.0M
Total liabilities, redeemable non-controlling interests and stockholders equity
$31.3B
$29.0B
Receivable
$78.0M
$96.0M
Preferred stock (in dollars per share)
$0.01
$0.01
Preferred stock authorized (in shares)
10.0M shares
10.0M shares
Preferred stock issued (in shares)
0 shares
0 shares
Preferred stock outstanding (in shares)
0 shares
0 shares
Common stock (in dollars per share)
$0.01
$0.01
Common stock authorized (in shares)
250.0M shares
250.0M shares
Common stock issued (in shares)
137.0M shares
137.0M shares
Treasury stock (in shares)
102.0M shares
102.0M shares
Cash from operations1213141511$3.3B in 2025+27% since 2019Dividends paid141511$0 in 2025Share buybacks1213141511$7.0M in 2025−90% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.11
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income (loss)
-$995.0M
-$1.8B
$1.6B
Vehicle depreciation
$2.7B
$2.7B
$2.2B
Amortization of right-of-use assets
$1.1B
$1.1B
$1.0B
(Gain) loss on sale of vehicles, net
$238.0M
$167.0M
-$656.0M
Vehicle related reserves
$351.0M
$496.0M
$348.0M
Non-vehicle related depreciation and amortization
$231.0M
$237.0M
$216.0M
Amortization of debt financing fees
$52.0M
$46.0M
$40.0M
Early extinguishment of debt costs
$6.0M
$21.0M
$5.0M
Long-lived asset impairment and other related charges
$518.0M
$2.5B
$0
Deferred income taxes
-$24.0M
-$905.0M
$191.0M
Stock-based compensation
$19.0M
$19.0M
$30.0M
Receivables
$60.0M
$51.0M
-$43.0M
Income taxes
-$31.0M
$45.0M
-$81.0M
Accounts payable and other current liabilities
$110.0M
$63.0M
-$72.0M
Operating lease liabilities
-$1.1B
-$1.1B
-$1.0B
Other, net
$105.0M
-$50.0M
-$17.0M
Net cash provided by operating activities
$3.3B
$3.5B
$3.8B
Property and equipment additions
-$218.0M
-$202.0M
-$273.0M
Proceeds received on asset sales
$2.0M
$3.0M
$3.0M
Net assets acquired (net of cash acquired)
$0
-$3.0M
-$65.0M
Other, net
-$9.0M
$12.0M
$6.0M
Net cash used in investing activities exclusive of vehicle programs
-$225.0M
-$190.0M
-$329.0M
Investment in vehicles
-$15.1B
-$9.9B
-$15.2B
Proceeds received on disposition of vehicles
$10.4B
$7.4B
$8.4B
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC related party
-$1.1B
-$798.0M
-$541.0M
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC related party
$783.0M
$701.0M
$306.0M
Vehicle programs
-$4.9B
-$2.6B
-$7.0B
Net cash used in investing activities
-$5.2B
-$2.8B
-$7.3B
Proceeds from borrowings (original maturities greater than three months)
$1.6B
$1.6B
$936.0M
Payments on borrowings (original maturities greater than three months)
-$1.1B
-$939.0M
-$818.0M
Debt financing fees
-$17.0M
-$28.0M
-$22.0M
Repurchases of common stock
-$7.0M
-$70.0M
-$951.0M
Contributions from non-controlling interests
$183.0M
$0
$0
Dividends paid
$0
$0
-$355.0M
Net cash provided by (used in) financing activities exclusive of vehicle programs
$628.0M
$532.0M
-$1.2B
Proceeds from borrowings
$26.0B
$21.3B
$24.0B
Payments on borrowings
-$24.7B
-$22.6B
-$19.2B
Debt financing fees
-$29.0M
-$44.0M
-$44.0M
Net cash provided by financing activities of vehicle programs
$1.2B
-$1.3B
$4.7B
Net cash provided by (used in) financing activities
$1.9B
-$781.0M
$3.5B
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash
$31.0M
-$31.0M
$14.0M
Net increase (decrease) in cash and cash equivalents, program and restricted cash
Avis Budget Group sits at the top of its group. 143 entities, 29 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Avis Budget Group
JANE STREET GROUP, LLCFiled SCHEDULE 13G/A on Avis Budget Group, latest May 11, 2026 (3 filings since Nov 13, 2025)
Avis Budget GroupParsippany, New Jersey, United States
2233516 Ontario, Inc. Subsidiary · Canada
AAA France Cars SAS Subsidiary · France
AB Canada Holdings II Partnership Subsidiary · Delaware, United States
AB Car Rental Services, Inc. Subsidiary · Delaware, United States
AB FleetCo SAS Subsidiary · France
AB Funding Pty Ltd Subsidiary · Australia
AB Group Financial Services Limited Subsidiary · United Kingdom
AB Luxembourg Holdings S. à r.l. Subsidiary · Luxembourg
AB Scotland Finance II, LP Subsidiary · United Kingdom
ABG Car Services Holdings, LLC Subsidiary · Delaware, United States
ABG Commerce Consultancy (Shanghai) Co., Ltd Subsidiary · China
ABG Scandinavia Holdings AS Subsidiary · Norway
ABG Services, LLC Subsidiary · Delaware, United States
ACL Hire Limited Subsidiary · United Kingdom
Advance Ross Corporation Subsidiary · Delaware, United States
Advance Ross Intermediate Corporation Subsidiary · Delaware, United States
Advance Ross Sub Company Subsidiary · Delaware, United States
AE Consolidation Limited Subsidiary · United Kingdom
AE Holdco Limited Subsidiary · United Kingdom
Aegis Motor Insurance Limited Subsidiary · Isle of Man
AESOP Funding Corp. Subsidiary · Delaware, United States
AESOP Leasing Corp. Subsidiary · Delaware, United States
AESOP Leasing Corp. II Subsidiary · Delaware, United States
Apex Car Rentals Subsidiary · New Zealand
AU Holdco Pty Limited Subsidiary · Australia
and 114 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Avis Budget Group reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our principal executive offices are owned and located at 379 Interpace Parkway, Parsippany, New Jersey 07054. We own a facility in Virginia Beach, Virginia, which serves as a satellite administrative facility for our car and truck rental operations. We also lease office space in Tulsa, Oklahoma and Boston, Massachusetts, pursuant to leases expiring in 2028 and 2031, respectively. These locations primarily provide operational and administrative services or contact center operations for our Americas segment. We also lease office space in Bracknell, England, Barcelona, Spain and Budapest, Hungary, pursuant to leases expiring in 2032, 2026 and 2027, respectively, for corporate offices, contact center activities and other administrative functions, respectively, for our International segment. Other office locations throughout the world are leased for administrative, regional sales and operations activities.
We lease or have vehicle rental concessions for our brands at locations throughout the world. We own approximately 3% of the locations from which we operate and in some cases we sublease to licensees or other third parties. The remaining locations from which we operate our vehicle rental businesses are leased or operated under concession agreements with governmental authorities and private entities. Those leases and concession agreements typically require the payment of minimum rents or minimum concession fees and often also require us to pay or reimburse operating expenses, to pay additional rent, or concession fees above guaranteed minimums based on a percentage of revenues or sales arising at the relevant premises, or to do both. See Note 3 – Leases to our Consolidated Financial Statements for information regarding lease commitments.
The rest of Item 2
We believe that our properties are sufficient to meet our present needs and we do not anticipate any difficulty in securing additional space, as needed, on acceptable terms.
Following the decision to dissolve the Cendant company name and split into four separate companies, the vehicle rental division of Cendant became Avis Budget Group in 2006.
In 2011, Avis Budget Group acquired Avis Europe, an independently owned company licensee, globally reuniting the Avis and Budget brands.
On September 5, 2012, Avis Budget Group acquired Apex Car Rentals of New Zealand.
On March 14, 2013, Avis Budget Group purchased carsharing company Zipcar for about US$500 million in cash.
On April 9, 2015, Avis Budget Group announced it had completed the acquisition of Maggiore Group, Italy's fourth-largest vehicle rental company.
During 2018 Avis along with 90 additional Fortune 500 companies "paid an effective federal tax rate of 0% or less" as a result of Donald Trump´s Tax Cuts and Jobs Act of 2017.
The company's stock value rose dramatically due to increased demand for car rentals during the COVID-19 pandemic and it became a meme stock in November 2021, with shares at one point doubling in a single day. In 2021, it held a 26% market share, placing it behind both the Hertz Global Holdings and Enterprise Holdings. Despite rising revenues, the value of the stock began to decline in 2024 due to rising federal interest rates and declining values for used cars.
Avis Budget Group is the parent company of several brands including Avis Car Rental, Budget Rent a Car, Budget Truck Rental, Payless Car Rental, and Zipcar. It also operates several smaller, regional brands including ACL Hire, Apex Car Rentals, AmicoBlu, France Cars, Maggiore Group, MoriniRent, TurisCar and TurisPrime. As of 2018, the company had over 600,000 cars in its fleet.
Nov 3, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $10.11 a share, on Oct 27, 2025.106
When it reported results
Jul 28, 2026Reported quarterly or annual results97
Apr 29, 2026Reported quarterly or annual results105
Feb 18, 2026Reported quarterly or annual results107
Oct 27, 2025Reported quarterly or annual results108
Jul 29, 2025Reported quarterly or annual results109
May 7, 2025Reported quarterly or annual results110
Feb 11, 2025Reported quarterly or annual results111
Oct 31, 2024Reported quarterly or annual results112
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
385 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 79 major events, 214 insider forms, 43 large holders, 29 other. The latest 20:
45 open-market trades by officers, directors and large owners since October 2021: 4 buys and 41 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 19, 2026 (Section 12(b) of the Exchange Act).20
Risk factors and legal proceedings
The risks Avis Budget Group names in Item 1A of its 10-K filed Feb 19, 2026: 32 risks under these headings, as written.20
RISKS RELATED TO OUR INDUSTRY AND THE BROADER ECONOMY
We face risks related to the high level of competition in the mobility industry.
We face risks related to fleet costs and availability.
We face risks related to safety recalls affecting our vehicles.
Weakness or fluctuations in travel demand or general economic conditions, or a significant increase in fuel costs, can adversely impact our business.
We face risks related to political, economic and commercial instability or uncertainty in the countries in which we operate.
Ongoing military conflicts, including in the Middle East and Eastern Europe, are causing uncertainty that may have an adverse impact on our business, financial condition and results of operations.
RISKS RELATED TO THE NATURE OF OUR BUSINESS
Damage to our reputation or brands may negatively impact our business.
We face risks related to third-party distribution channels that we rely upon.
We face risks related to our property leases and vehicle rental concessions.
We face risks related to the seasonality of our business.
The other 22 risks
We face risks related to acquisitions, including the acquisition of existing licensees or investments in or partnerships with other related businesses.
We face risks related to vehicle electrification.
We face risks related to liability and insurance.
We face risks related to fluctuations in currency exchange rates.
We face risks related to our derivative instruments.
We have in the past been, and may in the future be, impacted by impairment charges.
RISKS RELATED TO LEGAL, REGULATORY AND CORPORATE RESPONSIBILITY RELATED MATTERS
Costs associated with lawsuits, investigations or increases in legal reserves that we establish based on our assessment of contingent liabilities may have an adverse effect on our results of operations.
We face risks related to laws and regulations that could impact our global operations.
We face risks related to environmental laws and regulations.
We face risks related to Corporate Responsibility matters.
We face risks related to franchising or licensing laws and regulations.
We face risks related to the actions of, or failures to act by, our licensees, dealers, independent operators or third-party vendors.
We face risks associated with changes in tax laws, including the expiration of tax credits.
RISKS RELATED TO OUR CAPITAL STRUCTURE AND INDEBTEDNESS
We face risks related to our current and future debt obligations, including risks related to conditions in the credit and asset-backed securities markets.
We face risks related to increases in interest rates.
We face certain risks related to our share repurchase program.
RISKS RELATED TO OUR INTELLECTUAL PROPERTY MATTERS, DATA SECURITY AND PRIVACY
We face risks related to our protection of our intellectual property.
We face risks related to our reliance on communications networks and centralized information systems.
We face risks related to cybersecurity breaches of our systems and information technology.
We are subject to privacy, data protection, data security and other regulations, as well as private industry standards, which could negatively impact our global operations and cause us to incur additional incremental expense or reputational harm that impacts our future operating results.
GENERAL RISK FACTORS
We face risks related to the market price of our common stock.
Certain provisions of our certificate of incorporation and by-laws and Delaware law could prevent or delay a potential acquisition of control of our Company, which could decrease the trading price of our common stock.
Legal proceedings
For information regarding legal proceedings, see Note 15 – Commitments and Contingencies to our Consolidated Financial Statements.
SEC regulations require us to disclose certain information about proceedings arising under federal, state or local environmental provisions if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. In accordance with these regulations, we use a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required pursuant to this item.
