Avis Budget Group (CAR) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue declined 1% year-over-year to $2.998 billion, with net income of $35 million and Adjusted EBITDA of $286 million, reflecting stable operational performance despite a slight revenue decline.

• Year-to-date revenue rose 1% to $5.528 billion.

• Net income for Q2 2026 was $35 million, a significant improvement from $4 million in Q2 2025; year-to-date net loss narrowed to $171 million from $499 million.

• Vehicle utilization reached a record 72.6% for the quarter, up 1.9 points year-over-year.

• The autonomous vehicle partnership with Waymo launched in Dallas, completing thousands of trips in its first month.

Financial highlights

• Rental days in Q2 2026 decreased 2% year-over-year to 43.9 million; average rental fleet declined 5%.

• Revenue per day was stable at $67.84 in Q2 2026.

• Per-unit fleet costs per month fell 4% year-over-year to $290 in Q2 2026, excluding exchange rate effects.

• Adjusted free cash flow for the first half of 2026 was $161 million, up from negative $475 million in the prior year period.

• Total liquidity at quarter-end was $1.03 billion, up from $944 million a year earlier.

Outlook and guidance

• Full-year 2026 Adjusted EBITDA is projected between $850 million and $1 billion.

• Per-unit fleet costs per month are expected to range from $315 to $325 for FY 2026.

• Guidance excludes the impact of future currency exchange rate changes.

• Management remains focused on disciplined execution, customer experience, and adaptability to changing demand environments.