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Avis Budget Group
Avis Budget Group (CAR) investor relations material
Avis Budget Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Q4 and full-year 2025 results missed guidance, with full-year revenue at $11.7 billion, a net loss of $995 million, and Adjusted EBITDA of $748 million, mainly due to demand decline, pricing pressure, and a $518 million EV impairment charge.
Americas revenue fell 2% for the year, while International revenue was flat; both segments focused on profitable segments and disciplined fleet management.
Management is implementing tighter fleet discipline, utilization, and capital allocation to reduce volatility and improve returns, aiming for sustainable EBITDA above $1 billion annually.
Financial highlights
Full-year Adjusted EBITDA was $748 million, up 19% year-over-year but below the $900 million guidance; Q4 Adjusted EBITDA was $5 million, up from a $101 million loss in Q4 2024.
Full-year revenue declined 1% to $11.65 billion; Q4 revenue was $2.66 billion, down 2% year-over-year.
Per-unit fleet costs per month dropped 10% to $320 for the year and 18% to $326 in Q4.
Adjusted Free Cash Flow was negative $698 million, mainly due to $859 million in fleet contributions.
A $500–$518 million impairment/write-down was taken on the EV fleet, with $180–$183 million monetized in federal EV tax credits.
Outlook and guidance
FY 2026 Adjusted EBITDA is projected between $800 million and $1 billion, reflecting industry volatility and a conservative approach.
Per-unit fleet costs per month are expected to be $320–$330 for FY 2026.
Fleet size is expected to decrease, with a focus on utilization and contribution margin; Americas revenue is expected to grow modestly.
Depreciation per unit will be elevated in Q1 (~$400), then normalize to low $300s as the year progresses.
Management expects tightened fleet discipline and improved balance sheet to support sustainable earnings growth.
Detail the rationale for the EV fleet rotation
Drivers of lower per-unit fleet costs Q4
Impact of recent asset-backed securities issuance
Detail fleet utilization strategy for 2026
Explain OEM strategy shift and expected impact
How does EV fleet write-down impact future DPU?
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Next Avis Budget Group earnings date
Q1 20267 May, 2026
Avis Budget Group
Next Avis Budget Group earnings date
Q1 20267 May, 2026
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Frequently asked questions
Avis Budget Group Inc provides vehicle rental and mobility solutions through a portfolio of brands including Avis, Budget, and Zipcar. The company offers short-term vehicle rentals, car sharing, and leasing services to individual and corporate clients worldwide. Avis Budget Group operates within the transportation and consumer services sectors. The company is headquartered in Parsippany, New Jersey, and its shares are listed on the NASDAQ.
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