AVIS BUDGET GROUP, INC.CAR

AVIS BUDGET GROUP, INC. Earnings Per Share Disclosure

10-KFiled Feb 19, 20261 min read
Earnings Per Share
The following table sets forth the computation of basic and diluted earnings (loss) per share (“EPS”) (shares in millions):
Year Ended December 31,
202520242023
Net income (loss) attributable to Avis Budget Group, Inc. for basic and diluted EPS$(889)$(1,821)$1,632 
Basic weighted average shares outstanding35.2 35.5 38.3 
Non-vested stock— — 0.5 
Diluted weighted average shares outstanding35.2 35.5 38.8 
Earnings (loss) per share
Basic$(25.25)$(51.23)$42.57 
Diluted$(25.25)$(51.23)$42.08 
Diluted EPS was computed using the treasury stock method for non-vested stock. In computing diluted loss per share for the years ended December 31, 2025 and 2024, respectively, our number of diluted weighted average shares outstanding excludes the effect of non-vested stock as the effect would have been anti-dilutive. This occurs when a net loss is reported and the effect of using dilutive shares would be anti-dilutive.
The following table summarizes our outstanding common stock equivalents that were anti-dilutive and therefore excluded from the computation of diluted EPS (shares in millions):
As of December 31,
202520242023
Non-vested stock (a)
0.3 0.4 0.1 
__________
(a)The weighted average grant date fair value for anti-dilutive non-vested stock for 2025, 2024 and 2023 was $101.43, $134.69 and $198.92, respectively.

Historical Timeline

Fiscal YearFiled
2025Feb 19, 2026Showing above
2024Feb 14, 2025
2023Feb 16, 2024
2022Feb 16, 2023
2021Feb 17, 2022
2020Feb 17, 2021
2019Feb 20, 2020
2018Feb 21, 2019
2017Feb 22, 2018
2016Feb 21, 2017
2015Feb 24, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

Income TaxesPP&EGoodwill & IntangiblesLeasesSegmentsDebtCommitmentsStock CompensationNew StandardsPay vs Performance