Earnings Releases·Nov 3, 2026, 4:03 PM ET

Avis Budget Group — Third Quarter 2026 Earnings Summary

Third quarter revenue declined 2% year-over-year to $3.436 billion, while net income attributable to the company fell 49% to $183 million; year-to-date net income narrowed to a $65 million loss compared to a $142 million loss in 2025.
Adjusted EBITDA decreased 8% to $513 million for the quarter and $686 million year-to-date, driven by softer travel demand despite vehicle utilization rising 2.0 percentage points to 74.0%.
Management provided no quantitative forward guidance, citing an objective to improve transaction economics and profitability amidst high competition and inflationary fleet cost pressures.
Significant liquidity and capital events include a $650 million settlement receipt with Pentwater Capital Management to be recognized in Q4 and a redemption notice issued to repay $350 million of 2027 Senior Notes prior to year-end.
The company maintains a liquidity position of $866 million with $2.5 billion in available fleet funding capacity, though stockholders' equity remains in a deficit of $3.210 billion.