Jun 2026 (Q2 FY26) — Jul 29, 2026
Avis Budget Group Q2 FY26 — Strategic Fleet Reduction Drives Profitability Amidst Soft Demand
Read the full callAvis Budget Group (CAR) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Avis Budget Group earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,530 | +4.1% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Mar 2026 | Not in the filed figures for the quarter to mar 2026. No older figure is substituted. | ||
| Net profit | -283 | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
2 of 11 judged targets kept · 21 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| All-in fleet cost per unit per month | around $300 | Dec 2024 | Ghosted | |
| Adjusted EBITDA | $850 million to $1 billion | Jun 2026 | we are reiterating our full year guidance of $850 million to $1 billion in adjusted EBITDA. | New |
9 of AVIS BUDGET GROUP, INC.'s 32 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 30 more targets are in the full ledger.
Claimed
- Adjusted EBITDA grew 7.7% year-over-year in Americas despite revenue decline.
- Achieved highest second quarter utilization globally with 73.2% in Americas.
- Delivered 2 consecutive quarters of positive global RPD growth for the first time in 12 quarters.
- Reached a settlement agreement with Pentwater for $650 million in cash.
- Expanded Avis First premium offering to additional major airport locations including Orlando, Washington Dulles, London Heathrow, and Paris Charles de Gaulle.
Qualified
- Americas fleet finished the quarter down 5% year-over-year due to demand deceleration.
- International segment revenue declined 2.5% year-over-year (excluding FX) and adjusted EBITDA declined 11% year-over-year.
- Recall-related constraints impacted the business, grounding approximately 18,000 vehicles and costing over $50 million year-to-date.
- Net corporate leverage ratio of 7.4x remains high, though down 100 bps since year-end 2025.
Price
$102.38 −0.44% · −$0.45
Performance −31.9% 1Y
1Y: $150.39 on 17 Oct 2025 → $102.38. High $713.97 (21 Apr 2026), low $87.69 (23 Feb 2026).
- Previous close
- $102.83
- 52-week range
- $87.69 – $713.97
- One year
- −31.34%
Overview
- Symbol
- CAR
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
2 of 11 judged targets kept · 21 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| All-in fleet cost per unit per month | around $300 | Dec 2024 | Ghosted | |
| Adjusted EBITDA | $850 million to $1 billion | Jun 2026 | we are reiterating our full year guidance of $850 million to $1 billion in adjusted EBITDA. | New |
Claimed
- Adjusted EBITDA grew 7.7% year-over-year in Americas despite revenue decline.
- Achieved highest second quarter utilization globally with 73.2% in Americas.
- Delivered 2 consecutive quarters of positive global RPD growth for the first time in 12 quarters.
- Reached a settlement agreement with Pentwater for $650 million in cash.
- Expanded Avis First premium offering to additional major airport locations including Orlando, Washington Dulles, London Heathrow, and Paris Charles de Gaulle.
Qualified
- Americas fleet finished the quarter down 5% year-over-year due to demand deceleration.
- International segment revenue declined 2.5% year-over-year (excluding FX) and adjusted EBITDA declined 11% year-over-year.
- Recall-related constraints impacted the business, grounding approximately 18,000 vehicles and costing over $50 million year-to-date.
- Net corporate leverage ratio of 7.4x remains high, though down 100 bps since year-end 2025.
The full ledger
Open AVIS BUDGET GROUP, INC.’s full ledger
A free account opens 5 company ledgers a month. All 32 tracked commitments, with each call’s wording and source.
Call summaries
Every analysed call
Avis Budget Group earnings calls (CAR)
Financials
What the filings say
Net profit, year on year: +44% (quarter to mar 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,048 | 3,480 | 2,710 | 2,430 | 3,039 | 3,519 | 2,664 | 2,530 |
| Expenses | 3,021 | 3,151 | 5,551 | 3,107 | 3,024 | 3,046 | 3,404 | 2,870 |
| Interest | 88 | 95 | 92 | — | — | — | — | — |
| Profit before tax | 27 | 329 | -2,841 | -677 | 15 | 473 | -740 | -340 |
| Tax rate | 44.4% | 27.7% | 31.1% | 25.6% | 66.7% | 23.9% | −15.7% | 31.2% |
| Net profit | 14 | 237 | -1,958 | -505 | 4 | 359 | -747 | -283 |
| EPS ($ per share) | 0.41 | 6.67 | — | -14.35 | 0.10 | 10.22 | — | -8.01 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | -1,091 | -785 | -1,470 | -185 | 2,579 | 3,854 | 2,029 | 1,139 |
| Total liabilities | 18,735 | 22,470 | 17,693 | 22,809 | 26,627 | 32,912 | 31,358 | 34,373 |
| Fixed assets | 736 | 792 | 657 | 537 | 594 | 719 | 697 | 748 |
| Total assets | 19,149 | 23,126 | 17,538 | 22,600 | 25,927 | 32,569 | 29,041 | 31,257 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,609 | 2,586 | 691 | 3,491 | 4,707 | 3,828 | 3,518 | 3,296 |
| Cash from investing | -3,426 | -2,752 | 3,177 | -6,306 | -4,299 | -7,346 | -2,753 | -5,164 |
| Cash from financing | 667 | 318 | -4,045 | 2,687 | -360 | 3,506 | -781 | 1,858 |
| Net cash flow | -166 | 165 | -135 | -139 | 16 | 2 | -47 | 21 |
CAR revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Americas | — | — | 78% | 77% | 74% | 77% | 78% | 76% | -1.9% |
| International | — | — | 22% | 23% | 26% | 23% | 22% | 24% | +0.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q4 FY2024 · share of revenue
- Americas 78%
As CAR cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
85 filings between Dec 30, 2025 and Aug 7, 2026.
Open market
decisions to buy or sellPurchases
$40.06M
1 purchase by 1 insider
Sales
$227.78M
9 sales by 4 insiders
Compensation
not trading decisions- 8
- Award — granted as compensation
- 17
- Option exercise — converted options into shares
- 21
- Tax withheld — shares kept back by the company to cover tax
Also filed: 29 option exercises.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Pentwater Capital Management LP | $40.06M | $224.58M | Apr 23, 2026 |
| Linnen Edward P | — | $1.73M | Apr 30, 2026 |
| Simhambhatla Ravi | — | $1.29M | Aug 7, 2026 |
| KROMINGA LYNN | — | $178.5K | Feb 20, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 7, 2026 | Simhambhatla Ravi EVP, CDIO - see remarks | Sale | 276 | $38.7K |
| Aug 7, 2026 | Simhambhatla Ravi EVP, CDIO - see remarks | Sale | 1,490 | $207.9K |
| Aug 7, 2026 | Simhambhatla Ravi EVP, CDIO - see remarks | Sale | 2,936 | $406.0K |
| Jul 26, 2026 | Simhambhatla Ravi EVP, CDIO - see remarks | Tax withheld | 8,155 | $1.30M |
| Jul 26, 2026 | Simhambhatla Ravi EVP, CDIO - see remarks | Option exercise | 17,791 | $0 |
| Jul 23, 2026 | Cunha Daniel Crestian EVP and CFO | Tax withheld | 304 | $48.3K |
| Jul 23, 2026 | Cunha Daniel Crestian EVP and CFO | Option exercise | 969 | $0 |
| Apr 30, 2026 | Simhambhatla Ravi EVP, CDIO - see remarks | Sale | 3,469 | $638.6K |
| Apr 30, 2026 | Linnen Edward P EVP, Chief HR Officer | Sale | 2,400 | $439.4K |
| Apr 30, 2026 | Linnen Edward P EVP, Chief HR Officer | Sale | 7,083 | $1.29M |
| Apr 23, 2026 | Pentwater Capital Management LP 10% owner | Sale | 843,201 | $223.11M |
| Apr 22, 2026 | Pentwater Capital Management LP 10% owner | Sale | 3,347 | $1.47M |
| Apr 21, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 65,000 | $5.20M |
| Apr 21, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 676,100 | $57.47M |
| Apr 17, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 34,700 | $2.95M |
| Mar 20, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 376,600 | $45.19M |
| Mar 20, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 1,236,300 | $135.99M |
| Mar 20, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 4,300 | $559.0K |
| Mar 20, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 60,000 | $6.60M |
| Mar 20, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 53,800 | $6.72M |
| Mar 19, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 371,700 | $46.46M |
| Mar 19, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 13,800 | $1.66M |
| Mar 19, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 508,500 | $55.94M |
| Mar 19, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 102,400 | $13.31M |
| Mar 18, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 4,100 | $492.0K |
| Mar 18, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 32,400 | $4.05M |
| Mar 17, 2026 | Pahwa Jagdeep Executive Chairman | Option exercise | 13,303 | $0 |
| Mar 17, 2026 | Pahwa Jagdeep Executive Chairman | Tax withheld | 4,385 | $436.6K |
| Mar 16, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 2,300 | $287.5K |
| Mar 16, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 41,100 | $4.93M |
| Mar 13, 2026 | Choi Brian J Chief Executive Officer | Award | 2,947 | $0 |
| Mar 13, 2026 | Sera Jean M SVP, GC, CCO & Corp. Sec. | Tax withheld | 348 | $35.0K |
| Mar 13, 2026 | Simhambhatla Ravi EVP, CDIO - see remarks | Tax withheld | 416 | $41.9K |
| Mar 13, 2026 | Sera Jean M SVP, GC, CCO & Corp. Sec. | Option exercise | 749 | $0 |
| Mar 13, 2026 | DeGenova Cathleen Chief Accounting Officer | Tax withheld | 127 | $12.8K |
| Mar 13, 2026 | DeGenova Cathleen Chief Accounting Officer | Option exercise | 273 | $0 |
| Mar 13, 2026 | Linnen Edward P EVP, Chief HR Officer | Tax withheld | 301 | $30.3K |
| Mar 13, 2026 | Simhambhatla Ravi EVP, CDIO - see remarks | Award | 1,326 | $0 |
| Mar 13, 2026 | Linnen Edward P EVP, Chief HR Officer | Award | 958 | $0 |
| Mar 13, 2026 | Choi Brian J Chief Executive Officer | Tax withheld | 1,444 | $145.4K |
| Mar 13, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 72,500 | $9.06M |
| Mar 13, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 1,100 | $132.0K |
| Mar 13, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 5,000 | $650.0K |
| Mar 12, 2026 | DeGenova Cathleen Chief Accounting Officer | Option exercise | 705 | $0 |
| Mar 12, 2026 | Choi Brian J Chief Executive Officer | Tax withheld | 4,756 | $473.5K |
| Mar 12, 2026 | Choi Brian J Chief Executive Officer | Option exercise | 9,977 | $0 |
| Mar 12, 2026 | Linnen Edward P EVP, Chief HR Officer | Tax withheld | 543 | $54.1K |
| Mar 12, 2026 | Linnen Edward P EVP, Chief HR Officer | Award | 1,729 | $0 |
| Mar 12, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 75,500 | $9.81M |
| Mar 12, 2026 | Pentwater Capital Management LP 10% owner | Option exercised | 109,300 | $13.66M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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