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Avis Budget Group

CAR Nasdaq Passenger Ground Transportation Financials FY2016–FY2025

Avis Budget Group had $11.7B of revenue in fiscal 2025, down 1.2% on the year before. Over five years, revenue changed +16.6% a year on average.

Download report 3-page PDF: the company, its results and charts with peers.

Last close · Oct 23, 2026

$101.34

0.2%
Value it Compare

What Avis Budget Group does

CAR · Passenger Ground Transportation

From its latest annual report

No business description yet.

Filing details

Legal name
AVIS BUDGET GROUP, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000723612-26-000012 · 0000723612

KIRA’s summary AI analyst

Hi! I read Avis Budget Group’s latest annual report (fiscal 2025). Here is what stands out:

2 to watch

1.Sales and profit

See section →
  • Avis Budget Group had $11.7B of revenue in fiscal 2025, down 1.2% on the year before. Over five years, revenue changed +16.6% a year on average.
  • Avis Budget Group lost $889M in fiscal 2025.

2.Cash and shareholders

See section →
  • Avis Budget Group returned $7.0M to shareholders in fiscal 2025. The diluted share count fell 0.9%.
  • In the last 12 months, insiders bought $40.1M and sold $1.8B of shares on the open market.

Avis Budget Group in 30 seconds

Good So-so Weak

Weak

Are sales growing?

−1.2%

No. Sales fell 1.2% last year.

Weak

Does it make a profit?

−7.6%

No. It lost money last year.

So-so

How healthy are the accounts?

5 / 8

Mixed. It passes 5 of 8 health tests.

Rules of thumb on reported numbers. A starting point, not a recommendation.

Key numbers, fiscal 2025

Market cap Last close times the latest diluted share count, so it is approximate.
$3.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—

Revenue

Total sales reported in the income statement.

KIRA · Avis Budget Group had $11.7B of revenue in fiscal 2025, down 1.2% on the year before. Over five years, revenue changed +16.6% a year on average.

See the full section →

Operating margin

Operating income as a share of revenue.

See the full section →

Net income

Profit after all expenses, interest and tax.

KIRA · Avis Budget Group lost $889M in fiscal 2025.

See the full section →

Free cash flow

Cash from operations minus capital spending.

See the full section →

Return on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

See the full section →

About these figures. Avis Budget's equity is negative, so its invested capital is small next to its US$31 billion of assets (mostly rental vehicles) and return on capital for 2025 isn't meaningful.

Charts by

Sales and profit

Is it selling more, and how much does it keep?

Results dates

In plain words: Every quarter, companies publish how much they sold and earned. These are the days Avis Budget Group did it, and the next one. Share prices often move a lot on those days.

Next results

November 3, 2026

Tuesday · in 8 days

Time
After the market closes
Covers
Period ended Sep 30, 2026
Expected EPS
$8.47
Source
Earnings calendar
See who else reports that week →
Date Results for Time Source
Jul 28, 2026 Period ended Jun 30, 2026 After the market closes 8-K ↗
Apr 29, 2026 Q1 '26 Before the market opens 8-K ↗
Feb 18, 2026 Q4 '25 After the market closes 8-K ↗
Oct 27, 2025 Q3 '25 After the market closes 8-K ↗
Jul 29, 2025 Q2 '25 After the market closes 8-K ↗
May 7, 2025 Q1 '25 After the market closes 8-K ↗
Feb 10, 2025 Q4 '24 Time not announced 8-K ↗
Oct 31, 2024 Q3 '24 After the market closes 8-K ↗

From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.

Revenue and margins

KIRA · Avis Budget Group had $11.7B of revenue in fiscal 2025, down 1.2% on the year before. Over five years, revenue changed +16.6% a year on average.

In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).

Revenue

Revenue

Margins, % of revenue

Gross Operating Net FCF

Margins, % of revenue

Gross Operating Net FCF

Net income and earnings per share

KIRA · Avis Budget Group lost $889M in fiscal 2025.

Loss periods are shown in red.

In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.

Net income

Net income

Diluted EPS

Diluted EPS

Cash and shareholders

How much cash comes in, and where does it go?

Cash flow

Cash from operations minus capital spending.

In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.

Free cash flow

Cash from operations vs capital spending

Cash from operations Capital spending

Cash from operations vs capital spending

Cash from operations Capital spending

Dividends, buybacks and share count

KIRA · Avis Budget Group returned $7.0M to shareholders in fiscal 2025. The diluted share count fell 0.9%.

In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).

Dividends and buybacks

Dividends Buybacks

Dividends and buybacks

Dividends Buybacks

Diluted shares outstanding (annual)

Insider trades

KIRA · In the last 12 months, insiders bought $40.1M and sold $1.8B of shares on the open market.

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.

In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.

Bought, 12 months

$40.1M

1 insider

Sold, 12 months

$1.8B

5 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 7, 2026 Ravi SimhambhatlaEVP, CDIO - see remarks Sold 4,702 $138.79 $0.7M Form 4
Apr 30, 2026 Edward P LinnenEVP, Chief HR Officer Sold 9,483 $182.32 $1.7M Form 4
Apr 30, 2026 Ravi SimhambhatlaEVP, CDIO - see remarks Sold 3,469 $184.09 $0.6M Form 4
Apr 23, 2026 Matthew Halbower10% owner Sold 1,848,899 $275.54 $509M Form 4
Apr 23, 2026 Pentwater Capital Management LP10% owner Sold 843,201 $264.60 $223M Form 4
Apr 22, 2026 Matthew Halbower10% owner Sold 3,347 $438.74 $1.5M Form 4
Apr 22, 2026 Pentwater Capital Management LP10% owner Sold 1,643,653 $619.35 $1.0B Form 4
Feb 20, 2026 Lynn KromingaDirector Sold 1,950 $91.54 $0.2M Form 4
Feb 20, 2026 Pentwater Capital Management LP10% owner Bought 425,000 $94.26 $40.1M Form 4

Financial health

Can it carry its debts, and how well does it use its money?

Balance sheet

KIRA · Avis Budget Group owes $5.5B more than it holds in cash.

Cash, debt and the ratios that show how comfortably Avis Budget Group can carry it.

In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.

Cash vs debt (incl. leases)

Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $534M$570M$555M$534M$519M
Debt incl. finance leases $4.0B$4.7B$4.8B$5.4B$6.0B
Net debt / EBITDA 1.6x1.0x1.8x——
Interest coverage 8.8x15.5x7.5x−6.3x−1.2x
Current ratio 0.8x0.7x0.8x0.8x0.7x
Quick ratio 0.8x0.7x0.8x0.8x0.7x
Total assets $22.6B$25.9B$32.6B$29.0B$31.3B
Total liabilities $22.8B$26.6B$32.9B$31.4B$34.4B
Shareholders' equity −$220M−$703M−$349M−$2.3B−$3.1B
Net debt (− = net cash) $3.5B$4.1B$4.2B$4.8B$5.5B

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.

Return on capital, equity and assets (annual)

Return on capital Return on equity Return on assets

Piotroski F-score

KIRA · Avis Budget Group passes 5 of 8 financial health tests (Piotroski F-score).

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.

TestFY23FY24FY25
Net income is positive ✓ ✕ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score 6 / 83 / 85 / 8
Accruals ratio −7.5%−17.3%−13.9%
Altman Z'' 0.73−0.53−0.25

Price and value

What does the share cost, and how does it compare?

Value Avis Budget Group yourself

KIRA · At $101.34 a share, the company is worth $3.6B.

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.

Discounted cash flow

Value per share

—

Adds net cash of −$5.5B and divides by 35.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Similar companies

KIRA · Avis Budget Group grew sales faster than 0 of its 4 similar companies.

Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.

In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Avis Budget Group CAR $3.6B −1.2% — — — — 5
Lyft LYFT $6.5B 9.2% −3.0% — −12.3% 2.5x 4 Compare →
Grab GRAB $11.7B 20.5% 1.9% −0.5% 0.9% — 5 Compare →
Uber UBER $136.7B 18.3% 10.7% 18.8% 19.7% 14.6x 6 Compare →
J.B. Hunt JBHT $21.4B −0.7% 7.2% 7.9% 13.1% 31.8x 6 Compare →

All figures

Every number, year by year.

10 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $8.7B $8.8B $9.1B $9.2B $5.4B $9.3B $12.0B $12.0B $11.8B $11.7B
Interest expense $203M $188M $188M $178M $231M $218M $250M $296M $358M $422M
Pretax income $279M $211M $267M $287M −$956M $1.7B $3.6B $1.9B −$2.6B −$929M
Income tax $116M −$150M $102M −$15.0M −$272M $425M $880M $279M −$810M $66.0M
Net income $163M $361M $165M $302M −$684M $1.3B $2.8B $1.6B −$1.8B −$889M
Diluted EPS $1.75 $4.25 $2.06 $3.98 −$9.71 $19.44 $57.16 $42.08 −$51.23 −$25.25
Diluted shares 0.09B 0.08B 0.08B 0.08B 0.07B 0.07B 0.05B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $2.6B $2.6B $2.6B $2.6B $691M $3.5B $4.7B $3.8B $3.5B $3.3B
Depreciation and amortization $253M $259M $256M $263M $283M $272M $225M $216M $237M $231M
Stock-based compensation $27.0M $13.0M $24.0M $22.0M $9.0M $30.0M $25.0M $30.0M $19.0M $19.0M
Acquisitions $55.0M $21.0M $91.0M $77.0M $69.0M $46.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $398M $210M $216M $67.0M $119M $1.5B $3.3B $951M $70.0M $7.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $355M $0.0M $0.0M
Dividends and buybacks $398M $210M $216M $67.0M $119M $1.5B $3.3B $1.3B $70.0M $7.0M
Balance sheet
Cash and short-term investments $490M $611M $615M $686M $692M $534M $570M $555M $534M $519M
Total debt $3.5B $3.6B $3.6B $3.4B $4.2B $4.0B $4.7B $4.8B $5.4B $6.0B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.8B $2.1B $2.2B $2.1B $1.8B $1.8B $1.9B $2.1B $2.0B $2.1B
Current liabilities $1.8B $1.6B $1.7B $2.2B $2.1B $2.4B $2.6B $2.7B $2.7B $2.9B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $685M $704M $736M $792M $657M $537M $594M $719M $697M $748M
Total assets $17.6B $17.7B $19.1B $23.1B $17.5B $22.6B $25.9B $32.6B $29.0B $31.3B
Total liabilities $17.4B $17.1B $18.7B $22.5B $17.7B $22.8B $26.6B $32.9B $31.4B $34.4B
Shareholders' equity $221M $573M $414M $656M −$155M −$220M −$703M −$349M −$2.3B −$3.1B
Margins
EBITDA margin 8.5% 7.4% 7.8% 7.9% −8.2% 23.6% 34.3% 20.2% −17.2% −2.4%
Net margin 1.9% 4.1% 1.8% 3.3% −12.7% 13.8% 23.0% 13.6% −15.5% −7.6%
Returns
Return on capital 8.4% 11.7% 8.1% 13.8% −16.9% 43.5% 88.1% 51.8% −55.9% —
Return on capital employed 3.0% 2.5% 2.7% 2.4% −4.0% 10.8% 17.9% 8.3% −8.1% −1.9%
Return on assets 0.9% 2.0% 0.9% 1.4% −3.4% 6.4% 11.4% 5.6% −5.9% −3.0%
Growth
Revenue growth — 2.2% 3.1% 0.5% −41.1% 72.4% 28.8% 0.1% −1.8% −1.2%
Net income growth −47.9% 121.5% −54.3% 83.0% −326.5% — 115.1% −41.0% −211.6% —
EPS growth −41.3% 142.9% −51.5% 93.2% −344.0% — 194.0% −26.4% −221.7% —
Share count change −11.1% −9.1% −5.5% −5.5% −6.9% −6.2% −26.8% −19.8% −8.5% −0.9%
Financial health
Net debt / EBITDA 4.1x 4.5x 4.1x 3.8x — 1.6x 1.0x 1.8x — —
Interest coverage 2.4x 2.1x 2.4x 2.6x −3.1x 8.8x 15.5x 7.5x −6.3x −1.2x
Current ratio 1.0x 1.3x 1.3x 1.0x 0.9x 0.8x 0.7x 0.8x 0.8x 0.7x
Quick ratio 1.0x 1.3x 1.3x 1.0x 0.9x 0.8x 0.7x 0.8x 0.8x 0.7x
Capital allocation
Stock comp / revenue 0.3% 0.2% 0.3% 0.2% 0.2% 0.3% 0.2% 0.3% 0.2% 0.2%
Quality scores
Piotroski F-score — 7.0 7.0 6.0 3.0 7.0 6.0 6.0 3.0 5.0
Altman Z'' −0.1 0.1 0.2 0.0 −0.7 0.4 1.1 0.7 −0.5 −0.3
Accruals ratio −14.0% −12.9% −13.3% −10.8% −6.8% −11.0% −8.0% −7.5% −17.3% −13.9%

Source: SEC EDGAR XBRL filings (CIK 0000723612). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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