AVIS BUDGET GROUP, INC.

Listed Company

CARCIK 0000723612NasdaqLarge AcceleratedServices-Auto Rental & Leasing (No Drivers)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$11.65B

Net Income

$-889.00M

Total Assets

$31.26B

Equity

$-3.13B

Shares Out

35.32M

Op. Cash Flow

$3.30B

Business

AVIS BUDGET GROUP, INC. is a global provider of mobility solutions operating a portfolio of recognized brands, including Avis, Budget and Zipcar, that deliver vehicle rental and car-sharing services. It offers products and services such as car and truck rentals, car sharing, ancillary insurance and convenience products, fleet disposition and licensing of its trademarks. The company reports operations in two segments — Americas (vehicle rental, car sharing and licensees in North, Central and South America and the Caribbean) and International (vehicle rental, car sharing and licensees across Europe, the Middle East, Africa, Asia and Australasia). It operates and licenses locations worldwide through airport and city locations, digital channels, mobile applications, travel partnerships and franchise/licensee networks.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	11,652	11,789	12,008	11,994	9,313
Operating	5,857	6,014	5,675	5,285	4,255
Vehicle depreciation and lease charges, net	3,015	2,976	1,739	828	1,197
Selling, general and administrative	1,447	1,352	1,408	1,348	1,145
Vehicle interest, net	918	941	736	402	313
Non-vehicle related depreciation and amortization	231	237	216	225	272
Interest expense	422	358	296	—	—
Early extinguishment of debt	6	19	5	0	136
Long-lived asset impairment and other related charges	518	2,470	0	0	—
Restructuring and other related charges	131	37	11	19	64
Transaction-related costs, net	18	3	5	8	5
Other (income) expense, net	18	9	3	−7	0
Total expenses	12,581	14,416	10,094	8,358	7,605
Income (loss) before income taxes	−929	−2,627	1,914	3,636	1,708
Provision for (benefit from) income taxes	66	−810	279	880	425
Net income (loss)	−995	−1,817	1,635	2,756	1,283
Less: Net income (loss) attributable to non-controlling interests	−106	4	3	−8	−2
Net income (loss) attributable to Avis Budget Group, Inc.	−889	−1,821	1,632	2,764	1,285
Basic (in USD per share)	−25.25	−51.23	42.57	58.41	19.79
Diluted (in USD per share)	−25.25	−51.23	42.08	57.16	19.44

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	519	534	555	570	534
Receivables (net of allowance for doubtful accounts of $78 and $96, respectively)	878	838	900	810	775
Other current assets	696	662	684	506	538
Total current assets	2,093	2,034	2,139	1,886	1,847
Property and equipment, net	748	697	719	594	537
Operating lease right-of-use assets	3,239	3,057	2,654	2,405	2,368
Deferred income taxes	2,105	1,786	1,868	1,379	1,615
Goodwill	1,129	1,071	1,099	1,070	1,108
Other intangibles, net	589	601	670	666	724
Other non-current assets	403	422	441	499	382
Total assets exclusive of assets under vehicle programs	10,306	9,668	9,590	8,499	8,581
Program cash	94	60	85	70	89
Vehicles, net	18,720	17,619	21,240	15,961	12,866
Receivables from vehicle manufacturers and other	540	386	443	421	222
Investment in Avis Budget Rental Car Funding (AESOP) LLCrelated party	1,597	1,308	1,211	976	842
Total assets under vehicle programs	20,951	19,373	22,979	17,428	14,019
Total assets	31,257	29,041	32,569	25,927	22,600
Accounts payable and other current liabilities	2,865	2,700	2,627	2,547	2,389
Short-term debt and current portion of long-term debt	24	20	32	27	—
Total current liabilities	2,889	2,720	2,659	2,574	2,408
Long-term debt	6,049	5,373	4,791	4,644	3,990
Long-term operating lease liabilities	2,614	2,484	2,117	1,884	1,910
Other non-current liabilities	495	470	528	554	625
Total liabilities exclusive of liabilities under vehicle programs	12,047	11,047	10,095	9,656	8,933
Debt	4,792	3,453	3,496	2,534	2,542
Debt due to Avis Budget Rental Car Funding (AESOP) LLCrelated party	14,396	14,083	15,441	11,275	8,848
Deferred income taxes	2,677	2,442	3,418	2,754	2,242
Other	387	333	462	408	244
Total Liabilities under vehicle programs	22,252	20,311	22,817	16,971	13,876
Commitments and contingencies (Note 15)	—	—	—	—	—
Redeemable non-controlling interests	74	0	—	—	—
Preferred stock, $0.01 par valueauthorized 10 shares; none issued and outstanding, in each period	0	0	0	0	0
Common stock, $0.01 par valueauthorized 250 shares; issued 137 shares, in each period	1	1	1	1	1
Additional paid-in capital	6,622	6,620	6,634	6,666	6,676
Retained earnings	1,139	2,029	3,854	2,579	−185
Accumulated other comprehensive loss	−138	−210	−96	−101	−133
Treasury stock, at cost102 shares, in each period	−10,753	−10,767	−10,742	−9,848	−6,579
Stockholders equity attributable to Avis Budget Group, Inc.	−3,129	−2,327	−349	−703	−220
Non-controlling interests	13	10	6	3	11
Total stockholders equity	−3,116	−2,317	−343	−700	−209
Total liabilities, redeemable non-controlling interests and stockholders equity	31,257	29,041	32,569	25,927	22,600

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Vehicle depreciation	2,657	2,658	2,228	1,709	1,402
Amortization of right-of-use assets	1,081	1,114	1,006	877	806
(Gain) loss on sale of vehicles, net	238	167	−656	−1,019	−361
Vehicle related reserves	351	496	348	234	—
Amortization of debt financing fees	52	46	40	34	33
Early extinguishment of debt costs	6	21	5	0	—
Deferred income taxes	−24	−905	191	682	378
Stock-based compensation	19	19	30	25	30
Receivables	60	51	−43	−97	−143
Income taxes	−31	45	−81	6	−28
Accounts payable and other current liabilities	110	63	−72	217	414
Operating lease liabilities	−1,082	−1,097	−1,002	−879	−801
Other, net	105	−50	−17	−63	70
Net cash provided by operating activities	3,296	3,518	3,828	4,707	3,491
Property and equipment additions	−218	−202	−273	−246	−108
Proceeds received on asset sales	2	3	3	2	3
Net assets acquired (net of cash acquired)	0	−3	−65	−3	−46
Other, net	−9	12	6	−33	−3
Net cash used in investing activities exclusive of vehicle programs	−225	−190	−329	−280	−154
Investment in vehicles	−15,056	−9,860	−15,185	−10,491	−10,054
Proceeds received on disposition of vehicles	10,406	7,394	8,403	6,606	4,077
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC related party	−1,072	−798	−541	−439	−367
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC related party	783	701	306	305	192
Vehicle programs	−4,939	−2,563	−7,017	−4,019	−6,152
Net cash used in investing activities	−5,164	−2,753	−7,346	−4,299	−6,306
Proceeds from borrowings (original maturities greater than three months)	1,580	1,569	936	—	—
Payments on borrowings (original maturities greater than three months)	−1,111	−939	−818	—	—
Debt financing fees	−17	−28	−22	−7	−24
Repurchases of common stock	−7	−70	−951	−3,329	−1,460
Contributions from non-controlling interests	183	0	0	40	38
Dividends paid	0	0	−355	0	0
Net cash provided by (used in) financing activities exclusive of vehicle programs	628	532	−1,210	−2,592	−1,699
Proceeds from borrowings	25,973	21,335	23,980	17,419	14,467
Payments on borrowings	−24,714	−22,604	−19,220	−15,160	−10,056
Debt financing fees	−29	−44	−44	−27	−25
Net cash provided by financing activities of vehicle programs	1,230	−1,313	4,716	2,232	4,386
Net cash provided by (used in) financing activities	1,858	−781	3,506	−360	2,687
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	31	−31	14	−32	−11
Net increase (decrease) in cash and cash equivalents, program and restricted cash	21	−47	2	16	−139
Interest payments	1,297	1,273	988	543	509
Income tax payments, net of refunds	121	50	169	192	75

Filings

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