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Avis Budget Group (CAR) investor relations material
Avis Budget Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Second quarter 2025 revenue was $3.0B, net income $5M, and Adjusted EBITDA $277M, reflecting a 29% year-over-year increase, driven by sustained volume and lower fleet costs despite a slight revenue per day decline.
For the six months ended June 30, 2025, revenue was $5.5B, net loss $501M, and Adjusted EBITDA $184M, with losses driven by accelerated fleet disposal costs.
Launched Avis First, a premium rental service, and announced a multi-year partnership with Waymo for autonomous ride-hailing in Dallas.
Americas segment saw robust leisure demand offsetting commercial softness, with Adjusted EBITDA up 18% in Q2 2025; International Adjusted EBITDA rose 71% on stronger pricing and cost control.
CEO transition and new CFO appointment marked a shift in strategic focus toward innovation and premium offerings.
Financial highlights
Q2 2025 revenue was $3.039B, nearly flat year-over-year; net income attributable to shareholders was $4M, down from $14M.
Adjusted EBITDA for Q2 2025 was $277M, up 29% year-over-year; YTD Adjusted EBITDA was $184M, down 19% from prior year.
Diluted EPS for Q2 2025 was $0.10, compared to $0.41 in Q2 2024.
Per-unit fleet costs per month improved 13% year-over-year to $300 in Q2 2025.
Vehicle utilization increased to 70.7% in Q2 2025.
Outlook and guidance
FY 2025 Adjusted EBITDA expected in the range of $900M–$1,000M, with per-unit fleet costs per month projected at $310–$320 for the year.
Management expects further restructuring expenses of $15M and officer separation costs of $7M in 2025.
The company is focused on scaling premium and autonomous offerings, with long-term EBITDA targets unchanged despite macroeconomic headwinds.
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