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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Avis Budget Group
Avis Budget Group (CAR) investor relations material
Avis Budget Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Q3 revenue was $3.436B, down 2% YoY; Adjusted EBITDA fell 8% to $513M as rental volume declined and per-unit fleet costs rose.
Q3 net income was $199M, including $183M attributable to shareholders, versus $360M and $359M, respectively, a year earlier.
Americas utilization reached 74.1%, a Q3 record and the highest Q3 level in 20 years, despite softer travel demand.
Financial highlights
Q3 revenue was $3.436B versus $3.519B; Adjusted EBITDA was $513M versus $559M.
Q3 diluted EPS was $5.15 versus $10.11; net income attributable to shareholders was $183M versus $359M.
9M revenue was $8.964B; Adjusted EBITDA was $686M versus $743M, and attributable net loss narrowed to $65M from $142M.
9M Adjusted Free Cash Flow was $198M, up $715M YoY; operating cash flow was $2.259B.
Q3 rental days fell 3% to 48.1M; revenue per day was $71.54 versus $71.22, and monthly per-unit fleet costs rose 4% to $316.
Outlook and guidance
FY 2026 Adjusted EBITDA is expected to be approximately $850M, at the low end of the prior range and roughly 14% above FY 2025.
Q4 Adjusted EBITDA is expected at approximately $165M versus $5M in Q4 2025; consolidated revenue is expected to grow at a low-single-digit rate YoY.
Q4 monthly per-unit fleet costs are expected at $310–$320; FY guidance remains $315–$325.
Q4 pricing is expected to add $60M–$65M of EBITDA YoY, utilization about $30M, and net depreciation is expected to improve $25M–$30M YoY.
FY outlook excludes future currency-rate changes; GAAP reconciliation is unavailable without unreasonable effort due to uncertainty in taxes, interest and FX.
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Latest events from Avis Budget Group
- Record revenue and stronger Americas results were tempered by lower net income and weaker International earnings.CAR
Q4 2018 - Revenue grew, but fleet costs pressured EBITDA as mobility investment accelerated.CARQ4 2017
- Revenue growth continued, but lower pricing and higher fleet costs cut earnings.CARQ4 2016
- Record FY15 Adjusted EBITDA topped $900M despite currency and pricing pressure.CARQ4 2015
- Record 2014 revenue and EBITDA, with growth led by volume, pricing and acquisitions.CARQ4 2014
- Revenue grew 8%, while higher fleet costs and one-time charges weighed on earnings.CARQ4 2013
- Q2 2026 delivered $3.0B revenue, $35M net income, record utilization, and lower fleet costs.CARQ2 2026
- Q3 2025 profit and margins surged on cost gains and premium offerings, despite recall and market risks.CARQ3 2025
- Q1 2025 saw a $505M net loss on $2.4B revenue, with new ABS notes and strong liquidity.CARQ1 2025
Next Avis Budget Group earnings date
Q4 202611 Feb, 2027
Avis Budget Group
Next Avis Budget Group earnings date
Q4 202611 Feb, 2027
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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.