CAR
Avis Budget Group, Inc.132.67
+4.06+3.16%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details 2026 guide mechanics
Q&A sharpened focus on Avis Budget's wide 2026 EBITDA guide, achievable via $100M recall normalization, PLPD reset, and $100M utilization boost already underway in Americas. Depreciation hits $400 in Q1 for catch-up, then low $300s; pricing stabilized after January's competitive start and weather. Fleet discipline better absorbed disruptions versus Q4's whipsaw. Avis First expands to Europe and commercial accounts; Waymo Dallas launches soon with no Avis capex yet. Fleet tightening pays off early. Management stayed conservative yet confident, eyes on OEM rebalancing for durable margins.
Key Stats
Market Cap
4.67BP/E (TTM)
-Basic EPS (TTM)
-59.10Dividend Yield
0%Recent Filings
8-K
8-K
ABRCF issues $668M ABS
Avis Budget's ABRCF subsidiary issued $668.20 million in rental car asset-backed notes on March 11, 2026, secured by U.S. fleet vehicles. Series 2026-1 totals $434.72 million across Class A (4.28%, $280.39M, 3-year), B/C/D/R tranches; Series 2026-2 adds $233.48 million similarly with 5-year Class A at 4.60%. Funds fleet financing. Class R notes meet risk retention rules.
8-K
Derivative suits face dismissal
Avis Budget faces proposed voluntary dismissal of two shareholder derivative suits over its February 2025 fleet rotation acceleration and Q4 2024 non-cash impairment. Filed in June and September 2025 against officers and directors for alleged misleading statements on fleet metrics, plaintiffs seek court approval after notice to shareholders. No shareholder intervenes by April 13, 2026? Cases dismissed without prejudice.
10-K
FY2025 results
Avis Budget Group posted FY2025 revenues of $11.7B, down 1% y/y amid sustained rental volume but 1% lower revenue per day, with Americas down 2% to $8.9B while International grew 3% to $2.8B. Adjusted EBITDA improved to $748M from $628M, driven by International's 80% surge to $290M on higher revenue per day and lower per-unit fleet costs, offsetting Americas' flat $552M. Q4 saw $518M impairment on U.S. EV fleet rotation acceleration via Interpace Ventures deal, contributing to $995M net loss versus $1.8B prior year. Total debt stood at $25.4B with $818M liquidity; no buybacks or dividends. No 2026 guidance disclosed. High fleet costs from used vehicle market volatility threaten quarterly momentum.
8-K
Q4 loss on EV impairments
Avis Budget Group reported Q4 2025 revenues of $2.7B but a $856M net loss, driven by $518M impairment on U.S. EV rental cars after shortening their useful life. Adjusted EBITDA swung to $5M from a $101M loss, with Americas at $1M and International at $21M, fueled by 18-21% lower fleet costs. They sold EVs for $183M cash and issued $965M ABS to cut debt. Fleet discipline tightened.
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