Avis Budget Group (CAR) Q3 2026 earnings summary

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.