Key Highlights

  • Revenue was USD 3.4 billion and Net Income USD 199 million, while adjusted EBITDA fell 8% to USD 513 million.
  • Total company vehicle utilization reached 74.0%, up 2 points, and Americas utilization of 74.1% was the best in twenty years.
  • Revenue per day was USD 71.54, a slight increase, while per-unit fleet costs rose 4% to USD 316 per month.
  • The company received USD 650 million from the Pentwater settlement and called the remaining USD 350 million of notes.

Third-Quarter Results

Avis Budget Group, Inc. (NASDAQ:CAR) reported third-quarter 2026 revenues of USD 3,436 million, down 2% from USD 3,519 million. Americas Revenue was USD 2,552 million, down 3%, and International revenue was USD 884 million, down 2%. Net income attributable to the company was USD 183 million versus USD 359 million, a 49% decline, while net income including noncontrolling interests was USD 199 million. Adjusted EBITDA was USD 513 million versus USD 559 million.

Americas adjusted EBITDA was USD 365 million versus USD 398 million, and International adjusted EBITDA was USD 180 million versus USD 190 million. CEO Brian Choi said the quarter showed continued progress in fleet management, with Americas utilization the best in twenty years.

Analyst estimates were EPS of USD 8.01 against reported EPS of USD 5.91, and revenue of USD 3.42 billion against reported revenue of USD 3.44 billion.

Operating Metrics and Nine-Month View

Total company revenue per day was USD 71.54 excluding Exchange Rate effects, a slight increase and the third consecutive quarter of positive year-over-year growth. Total company utilization of 74.0% was up 2 points, and Americas utilization of 74.1% was up 2.8 points, both third-quarter record highs. Vehicle Depreciation and Lease charges were USD 668 million versus USD 678 million, even as per-unit fleet costs rose 4% to USD 316 per month, which management said was within its expectations.

For the first nine months, revenue was USD 8,964 million against USD 8,988 million, adjusted EBITDA was USD 686 million against USD 743 million, and the net loss attributable to the company narrowed to USD 65 million from USD 142 million.

Liquidity, Debt and the Settlement

Liquidity at the end of the quarter was USD 866 million, with an additional USD 2.5 billion of fleet funding capacity. Cash and cash equivalents were USD 561 million versus USD 519 million at the end of 2025, and corporate debt was USD 6,011 million versus USD 6,073 million. Debt under vehicle programs was USD 18,920 million versus USD 19,188 million, and stockholders' Equity attributable to the company was a Deficit of USD 3,210 million.

On October 5 the company received USD 650 million in cash under the previously reported settlement with Pentwater Capital Management LP and certain affiliates, which is recognized in the fourth quarter. On November 2 it delivered a Redemption notice to repay the remaining USD 350 million principal amount of its 5.750% Senior Notes due 2027 before year end.

Net cash provided by Operating Activities was USD 2,259 million for the nine months, and cash and cash equivalents were USD 561 million versus USD 519 million at the end of 2025.

Items to Follow

Revenue per day, fleet cost per unit and the fourth-quarter recognition of the settlement are the items to follow.