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Avis Budget Group, Inc.

CAR

Avis Budget Group, Inc. • NASDAQ
$135.88 ▲ 1.44% (+1.93)
Market Cap $4.78 B
52w High $212.81
52w Low $54.03
Dividend Yield 0%
P/E -2.3
Volume 128.48K
Outstanding Shares 35.20M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.519B ▲ $565M ▲ $359M ▲ 10.202% ▲ $10.22 ▲ $1.84B ▲
Q2-2025 $3.039B ▲ $417M ▲ $4M ▲ 0.132% ▲ $0.11 ▲ $1.365B ▲
Q1-2025 $2.43B ▼ $335M ▼ $-505M ▲ -20.782% ▲ $-14.22 ▲ $635M ▲
Q4-2024 $2.71B ▼ $348M ▼ $-1.958B ▼ -72.251% ▼ $-55.66 ▼ $-1.478B ▼
Q3-2024 $3.48B $408M $237M 6.81% $6.68 $1.737B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $568M ▲ $32.518B ▲ $34.892B ▼ $-2.399B ▲
Q2-2025 $546M ▲ $32.371B ▲ $35.104B ▲ $-2.745B ▲
Q1-2025 $520M ▼ $29.044B ▼ $31.855B ▼ $-2.822B ▼
Q4-2024 $537M ▼ $29.953B ▼ $32.27B ▼ $-2.327B ▼
Q3-2024 $605M $32.749B $32.978B $-238M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $360M ▲ $1.403B ▲ $-698M ▲ $-664M ▼ $36M ▲ $-1.479B ▲
Q2-2025 $4M ▲ $837M ▲ $-3.241B ▼ $2.373B ▲ $26M ▲ $-4.184B ▼
Q1-2025 $-504M ▲ $619M ▼ $-715M ▼ $98M ▲ $10M ▲ $-3.2B ▼
Q4-2024 $-1.958B ▼ $772M ▼ $-57M ▲ $-738M ▲ $-52M ▼ $-1.002B ▼
Q3-2024 $237M $1.273B $-141M $-1.079B $66M $-22M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Avis
Avis
 $2.01Bn ▲$1.37Bn ▼$1.72Bn ▲$2.00Bn ▲
Budget
Budget
 $1.26Bn ▲$890.00M ▼$1.13Bn ▲$1.33Bn ▲
Other Brands
Other Brands
 $210.00M ▲$170.00M ▼$190.00M ▲$190.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has largely stabilized after the big rebound from the pandemic, but profitability has clearly come off its peak. Operating profit is still positive, yet earnings swung to a loss most recently, likely reflecting higher financing costs, fleet-related charges, or other below‑the‑line items rather than a complete collapse in the core business. Margins were exceptionally strong in the immediate post‑pandemic recovery, then compressed as demand normalized, competition and price sensitivity increased, and cost inflation (including interest and vehicles) became more visible. Overall, the business still generates solid operating income, but the earnings profile has become more volatile and less favorable than in the standout years right after travel reopened.

Balance Sheet

Balance Sheet The balance sheet is heavily geared, which is common for car rental companies that finance large vehicle fleets, but leverage here is still notable. Total assets have grown steadily as the fleet expanded, yet this has been funded mostly through debt rather than retained equity. Shareholders’ equity has been negative for several years, pointing to an aggressively leveraged and capital‑intensive model, likely amplified by past buybacks and accounting for fleet financing. This structure works when demand and pricing are strong, but it leaves less room for error if travel slows, vehicle values fall, or interest rates stay elevated.

Cash Flow

Cash Flow The company consistently generates strong cash flow from day‑to‑day operations, showing that rentals themselves remain cash‑generative. However, free cash flow has recently been deeply negative because of heavy reinvestment in the fleet and related capital needs. In other words, cash comes in from rentals but goes back out to refresh and resize the vehicle base. This approach can support future service quality and cost efficiency, but it increases reliance on capital markets and debt facilities, and it makes overall cash generation more cyclical and sensitive to timing of fleet purchases and sales.

Competitive Edge

Competitive Edge Avis Budget holds a solid competitive position with a well‑known brand family (Avis, Budget, and Zipcar) and a large global footprint. Its scale provides purchasing power with automakers, broad airport and neighborhood coverage, and the ability to serve both premium and value‑oriented customers, as well as urban car‑sharing users. At the same time, it faces intense competition not just from traditional rivals like Hertz and Enterprise, but also from ride‑sharing platforms, peer‑to‑peer car‑sharing, and changing attitudes toward car ownership. The company’s brand strength and network are meaningful advantages, but they must constantly be defended through service quality, pricing discipline, and digital convenience.

Innovation and R&D

Innovation and R&D Avis Budget is pushing hard on digital and mobility innovation rather than traditional lab‑style R&D. Key efforts include connected cars that feed real‑time data for better fleet management, AI‑driven demand forecasting, and a mobile‑first rental experience that reduces friction at the counter. The shift of core systems to the cloud should make it faster to roll out new services and integrate partners. Differentiated offerings like Avis First (premium concierge rental), Zipcar’s membership‑based car‑sharing model, early moves into electric vehicle rentals and charging partnerships, and fleet management relationships with autonomous players like Waymo show a willingness to experiment at the edges of the business model. The main question is execution: whether these initiatives can translate into consistently better customer experiences, higher pricing power, and more stable earnings over time.

Summary

Avis Budget today looks like a mature, scale player in a structurally changing industry: operationally capable and innovative, but financially leveraged and exposed to cycles. The core rental business still produces healthy operating cash, yet profits have become more uneven and the company is carrying a sizable debt load supported by a large fleet. Strategic moves in connected vehicles, digital experiences, EVs, and autonomous partnerships could strengthen its long‑term relevance and help defend pricing, but they will play out over several years and come with execution risk. Overall, this is a story of a strong brand and network trying to navigate a capital‑intensive model through shifting mobility trends while balancing aggressive investment with a stretched balance sheet.

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