0000723612-25-000078 | 10-Q | XBRL Viewer

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Long-term Corporate Debt and Borrowing Arrangements (Schedule of Committed Credit Facilities) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Line of Credit Facility [Line Items]
Outstanding Borrowings	$ 19,336
Available Capacity	1,934
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Total Capacity	2,000
Outstanding Borrowings	0
Letters of Credit Issued	1,571
Available Capacity	$ 429
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Basis points	2.00%

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Debt Under Vehicle Programs and Borrowing Arrangements (Schedule of Contractual Maturities) (Details) - Deferred Financing Fees $ in Millions	Sep. 30, 2025 USD ($)
Debt Instrument [Line Items]
Within 1 year	$ 4,018
Between 1 and 2 years	8,169
Between 2 and 3 years	2,911
Between 3 and 4 years	2,912
Between 4 and 5 years	962
Thereafter	364
Total	19,336
Bank And Bank-Sponsored Facilities
Debt Instrument [Line Items]
Within 1 year	600
Between 1 and 2 years	4,400
Between 3 and 4 years	$ 100
Short-term debt, weighted average interest rate, at point in time	4.52%

Vehicle Rental Activities

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Vehicle Rental Activities

The components of vehicles, net within assets under vehicle programs are as follows:


	As of		As of
	September 30,		December 31,
	2025		2024
Rental vehicles	$	22,020	$	20,094
Less: Accumulated depreciation	(2,928)		(3,143)
	19,092		16,951
Vehicles held for sale	448		594
Vehicles, net investment in lease (a)	100		74
Vehicles, net	$	19,640	$	17,619

__________

(a)See Note 14 – Related Party Transactions.

The components of vehicle depreciation and lease charges, net are summarized below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Depreciation expense	$	675	$	723	$	2,025	$	1,940
Lease charges	34		41		95		115
(Gain) loss on sale of vehicles, net (a)	(31)		42		249		120
Vehicle depreciation and lease charges, net	$	678	$	806	$	2,369	$	2,175

__________

(a)For the nine months ended September 30, 2025, includes other fleet charges of $390 million related to the accelerated disposal of certain fleet in our Americas reportable segment. These costs relate to vehicles that were not included in the long-lived asset impairment and other related charges recorded in 2024.

As of September 30, 2025 and 2024, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $216 million and $152 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $486 million and $284 million, respectively.

Long-term Corporate Debt and Borrowing Arrangements (Schedule of Long-Term Debt) (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Jul. 30, 2025	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Other		$ 34	$ 20
Deferred financing fees		(60)	(60)
Total		6,058	5,393
Less: Short-term debt and current portion of long-term debt		38	20
Long-term debt		$ 6,020	5,373
5.750% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage		5.75%
Long-term debt		$ 644	740
4.750% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage		4.75%
Long-term debt		$ 500	500
7.000% euro-denominated Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage		7.00%
Long-term debt		$ 704	621
5.375% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage		5.375%
Long-term debt		$ 600	600
8.250% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage		8.25%
Long-term debt		$ 700	700
7.250% euro-denominated Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage		7.25%
Long-term debt		$ 704	622
8.000% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage		8.00%
Long-term debt		$ 498	497
8.375% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest percentage		8.375%
Long-term debt		$ 600	0
Floating Rate Term Loan \| Loans Payable
Debt Instrument [Line Items]
Long-term debt		$ 1,134	$ 1,153
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) [Member]
Basis spread on variable rate	2.50%	2.50%
Aggregate interest rate		6.66%
Amount of hedged item		$ 750
Aggregate rate		4.01%

Segment Information (Schedule of Segment Assets) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment additions	$ 136	$ 202
Assets exclusive of assets under vehicle programs	10,780	9,668
Assets under vehicle programs	21,738	19,373
Net long-lived assets	2,431	2,369
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment additions	44	109
Assets exclusive of assets under vehicle programs	7,394	6,785
Assets under vehicle programs	17,504	16,058
Net long-lived assets	1,438	1,474
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment additions	23	40
Assets exclusive of assets under vehicle programs	3,066	2,539
Assets under vehicle programs	4,234	3,315
Net long-lived assets	793	733
Unallocated Assets
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment additions	69	53
Assets exclusive of assets under vehicle programs	320	344
Assets under vehicle programs	0	0
Net long-lived assets	$ 200	$ 162

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues
Revenues	$ 3,519	$ 3,480	$ 8,988	$ 9,079
Expenses
Operating	1,513	1,575	4,392	4,451
Vehicle depreciation and lease charges, net	678	806	2,369	2,175
Selling, general and administrative	422	367	1,126	1,040
Vehicle interest, net	248	241	687	724
Non-vehicle related depreciation and amortization	58	58	174	177
Interest expense related to corporate debt, net:
Interest expense	109	95	316	266
Early extinguishment of debt	3	0	6	1
Restructuring and other related charges	13	6	94	23
Transaction-related costs, net	0	0	0	2
Other (income) expense, net	2	3	13	6
Total expenses	3,046	3,151	9,177	8,865
Income (loss) before income taxes	473	329	(189)	214
Provision for (benefit from) income taxes	113	91	(50)	74
Net income (loss)	360	238	(139)	140
Less: Net income attributable to non-controlling interests	1	1	3	3
Net income (loss) attributable to Avis Budget Group, Inc.	359	237	(142)	137
Comprehensive income (loss) attributable to Avis Budget Group, Inc.	$ 341	$ 260	$ (85)	$ 121
Earnings (loss) per share
Basic (in usd per share)	$ 10.22	$ 6.67	$ (4.02)	$ 3.86
Diluted (in usd per share)	$ 10.11	$ 6.65	$ (4.02)	$ 3.84

Related Party Transactions (Narrative) (Details) - Subsidiary Equity - SRS Mobility Ventures, LLC - Company Subsidiary	Sep. 30, 2025
Related Party Transaction [Line Items]
Ownership acquired percentage	35.00%
Maximum
Related Party Transaction [Line Items]
Ownership interest	65.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Vehicle Rental Activities (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Liabilities under vehicle programs	$ 216	$ 152
Other receivables	$ 486	$ 284

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate for the nine months ended September 30, 2025 was a benefit of 26.5%. Such rate differed from the Federal Statutory rate of 21.0% primarily due to foreign taxes on our International operations and state taxes. Our effective tax rate for the nine months ended September 30, 2024 was a provision of 34.6%. Such rate differed from the Federal Statutory rate of 21.0% primarily due to foreign taxes and U.S. taxes on our International operations. The Organisation for Economic Cooperation and Development (“OECD”) published a proposal for the establishment of a global minimum tax rate of 15% (the “Pillar Two rule”), effective as of fiscal 2024. We are closely monitoring developments of the Pillar Two rule as the OECD continues to refine its technical guidance and member states implement tax laws and regulations based on the Pillar Two rule proposals. Based on our preliminary analysis, we do not expect the Pillar Two rule to have a material impact on our Consolidated Financial Statements for the year ended December 31, 2025. In July 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, making permanent key provisions of the Tax Cuts and Jobs Act, including full expensing of qualified property and modifications to the business interest expense limitation. As a result of this enactment, our deferred tax balances as of September 30, 2025 reflect the new law, resulting in the deferral of a significant portion of current federal tax over future periods. As our income tax provision includes both current and deferred components, the overall net impact to our Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 is not significant. We are continuing to monitor additional provisions of the OBBBA that become effective through 2027 for potential future impact.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases (Schedule of Lessee Components of Lease Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Property leases
Operating lease expense	$ 241	$ 229	$ 710	$ 691
Variable lease expense	128	117	276	279
Total property lease expense	$ 369	$ 346	$ 986	$ 970

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Related Party Transactions

The components of other (income) expense, net are summarized below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
(Income) expense for services to AMV, net	$	1	$	1	$	9	$	(1)
(Income) loss on equity method investment in AMV, net	1		2		4		7
Other (income) expense, net	$	2	$	3	$	13	$	6

The following table provides amounts reported within our Condensed Consolidated Balance Sheets related to AMV:


	As of		As of
	September 30,		December 31,
	2025		2024
Receivables from AMV (a)	$	4	$	3
Equity method investment in AMV (b)	23		28
Vehicles, net investment in lease with AMV (c)	100		74

__________

(a)Included within other current assets.

(b)Included within other non-current assets.

(c)Included within vehicles, net. See Note 7 – Vehicle Rental Activities.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 564	$ 534
Receivables, net	859	838
Other current assets	812	662
Total current assets	2,235	2,034
Property and equipment, net	710	697
Operating lease right-of-use assets	3,222	3,057
Deferred income taxes	2,487	1,786
Goodwill	1,127	1,071
Other intangibles, net	594	601
Other non-current assets	405	422
Total assets exclusive of assets under vehicle programs	10,780	9,668
Assets under vehicle programs:
Program cash	71	60
Vehicles, net	19,640	17,619
Receivables from vehicle manufacturers and other	579	386
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party	1,448	1,308
Total assets under vehicle programs	21,738	19,373
Total assets	32,518	29,041
Current liabilities:
Accounts payable and other current liabilities	3,127	2,700
Short-term debt and current portion of long-term debt	38	20
Total current liabilities	3,165	2,720
Long-term debt	6,020	5,373
Long-term operating lease liabilities	2,619	2,484
Other non-current liabilities	499	470
Total liabilities exclusive of liabilities under vehicle programs	12,303	11,047
Liabilities under vehicle programs:
Debt	4,368	3,453
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party	14,894	14,083
Deferred income taxes	2,982	2,442
Other	345	333
Total liabilities under vehicle programs	22,589	20,311
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.01 par value—authorized 10 shares; none issued and outstanding, in each period	0	0
Common stock, $0.01 par value—authorized 250 shares; issued 137 shares, in each period	1	1
Additional paid-in capital	6,623	6,620
Retained earnings	1,886	2,029
Accumulated other comprehensive loss	(153)	(210)
Treasury stock, at cost—102 shares, in each period	(10,756)	(10,767)
Stockholders’ equity attributable to Avis Budget Group, Inc.	(2,399)	(2,327)
Non-controlling interests	25	10
Total stockholders’ equity	(2,374)	(2,317)
Total liabilities and stockholders’ equity	$ 32,518	$ 29,041

Financial Instruments (Schedule of Notational Amounts of Derivatives Held) (Details) $ in Millions	Sep. 30, 2025 USD ($)
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 1,694
Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	11,343
Interest rate caps \| Subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	3,100
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	750
Sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	7,100
Purchase
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 4,200

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 630	$ 602
Accumulated Amortization	550	512
Net Carrying Amount	80	90
Indefinite-lived Intangible Assets [Line Items]
Goodwill	1,127	1,071
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	514	511
License agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	309	306
Accumulated Amortization	253	244
Net Carrying Amount	56	62
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	262	244
Accumulated Amortization	243	221
Net Carrying Amount	19	23
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	59	52
Accumulated Amortization	54	47
Net Carrying Amount	$ 5	$ 5

Debt Under Vehicle Programs and Borrowing Arrangements

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt Under Vehicle Programs and Borrowing Arrangements

Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of:


	As of		As of
	September 30,		December 31,
	2025		2024
Americas - Debt due to Avis Budget Rental Car Funding (a)	$	14,952	$	14,143
Americas - Debt borrowings (b)	1,276		1,160
International - Debt borrowings	2,967		2,159
International - Finance leases	141		143
Other	—		8
Deferred financing fees (c)	(74)		(77)
Total	$	19,262	$	17,536

__________

(a)Includes approximately $814 million and $751 million of Class R notes as of September 30, 2025 and December 31, 2024, respectively, which are held by us.

(b)Includes our Repurchase Facilities.

(c)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of September 30, 2025 and December 31, 2024 were $58 million and $60 million, respectively.

The following table provides a summary of debt issued by Avis Budget Rental Car Funding during the nine months ended September 30, 2025:


Issuance Date	Maturity Date	Weighted Average Interest Rate		Amount Issued
January 2025	August 2027	7.31	%	$	41
January 2025	April 2028	7.59	%	75
January 2025	June 2028	7.31	%	75
January 2025	December 2028	7.37	%	72
January 2025	February 2029	7.52	%	95
May 2025	August 2028	4.94	%	250
May 2025	August 2030	5.26	%	400
September 2025	February 2029	4.27	%	250
September 2025	February 2031	4.52	%	450
		5.33	%	$	1,708

In September 2025, we entered into an additional repurchase agreement. We have two repurchase agreements (the “Repurchase Facilities”), whereby we may sell our Class D notes issued by Avis Budget Rental Car Funding to the Repurchase Facilities’ counterparty and repurchase such notes.

Transactions under the first Repurchase Facility currently have a one-month tenor and may be extended thereafter at our discretion. In March 2025, we extended the maturity of certain transactions under the first Repurchase Facility from March 2025 to June 2025. Beginning with the extension in June 2025 to July 2025, transactions under the first Repurchase Facility began a one-month tenor, with a current maturity date of November 2025. Each period we extended the maturity, we simultaneously repriced the interest rate on these transactions. As of September 30, 2025, $112 million was outstanding under the first Repurchase Facility, which bears interest at a rate of 6.16%. Transactions under the second Repurchase Facility currently have a three-month tenor and may be extended thereafter at our discretion. As of September 30, 2025, $66 million was outstanding under the second Repurchase Facility, which bears interest at a rate of 5.10%.

As of September 30, 2025, we had $273 million of securities pledged as collateral for the Repurchase Facilities, included within investment in Avis Budget Rental Car Funding (AESOP) LLC—related party on our Condensed Consolidated Balance Sheets.

Debt Maturities

The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, as of September 30, 2025:


	Debt under Vehicle Programs (a)
Within 1 year (b)	$	4,018
Between 1 and 2 years (c)	8,169
Between 2 and 3 years (d)	2,911
Between 3 and 4 years	2,912
Between 4 and 5 years	962
Thereafter	364
Total	$	19,336

__________

(a) Vehicle-backed debt primarily represents asset-backed securities.

(b) Includes $0.6 billion of bank and bank-sponsored facilities. These short-term borrowings have a weighted average interest rate of 4.52% as of September 30, 2025.

(d) Includes $0.1 billion of bank and bank-sponsored facilities.

Committed Credit Facilities and Available Funding Arrangements

The following table presents available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, as of September 30, 2025:


	Total Capacity (a)		Outstanding Borrowings (b)		Available Capacity
Americas - Debt due to Avis Budget Rental Car Funding	$	16,187	$	14,952	$	1,235
Americas - Debt borrowings	1,561		1,276		285
International - Debt borrowings	3,359		2,967		392
International - Finance leases	163		141		22

Total	$	21,270	$	19,336	$	1,934

__________

(a)Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas - Debt due to Avis Budget Rental Car Funding includes increases from our asset-backed variable-funding financing facilities. These facilities were most recently amended and restated in April 2025.

(b)The outstanding debt is collateralized by vehicles and related assets of $15.9 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.7 billion for Americas - Debt borrowings; $3.8 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

Debt Covenants

The agreements under our vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries and restrictions on indebtedness, mergers, liens, liquidations, and sale and leaseback transactions and in some cases also require compliance with certain financial requirements. As of September 30, 2025, we are not aware of any instances of non-compliance with any of the financial or restrictive covenants contained in the debt agreements under our vehicle-backed funding programs.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)(3)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
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-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Vehicle Rental Activities ( Schedule of Components of the Company's Vehicles) (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Rental vehicles	$ 22,020	$ 20,094
Less: Accumulated depreciation	(2,928)	(3,143)
Rental vehicles net, total	19,092	16,951
Vehicles held for sale	448	594
Vehicle, net investment in lease	100	74
Vehicles, net	$ 19,640	$ 17,619

Stockholders' Equity

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Stockholders' Equity

Share Repurchases

Our Board of Directors has authorized the repurchase of up to approximately $8.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded, most recently in February 2023 (the “Stock Repurchase Program”). During the nine months ended September 30, 2025, we did not repurchase shares of common stock under the Stock Repurchase Program. During the nine months ended September 30, 2024, we repurchased approximately 0.1 million shares of common stock at a cost of approximately $8 million (excluding excise taxes due under the Inflation Reduction Act of 2022) under the Stock Repurchase Program. As of September 30, 2025, approximately $757 million of authorization remained available to repurchase common stock under the Stock Repurchase Program.

Common stock repurchases under the Stock Repurchase Program do not include shares withheld to satisfy employees’ income tax liabilities attributable to the vesting of restricted stock unit awards.

Total Comprehensive Income (Loss)

Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income (loss).

The components of other comprehensive income (loss) were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss)	$	360	$	238	$	(139)	$	140
Less: Net income attributable to non-controlling interests	1		1		3		3
Net income (loss) attributable to Avis Budget Group, Inc.	359		237		(142)		137

Other comprehensive income (loss), net of tax
Currency translation adjustments, net of tax of $(1), $13, $43 and $5, respectively (a)	(16)		38		68		(7)
Net unrealized gain (loss) on cash flow hedges, net of tax of $1, $5, $5 and $4, respectively	(3)		(16)		(14)		(12)
Minimum pension liability adjustment, net of tax of $(1), $(1), $(1) and $(1), respectively	1		1		3		3
	(18)		23		57		(16)
Total comprehensive income (loss) attributable to Avis Budget Group, Inc.	$	341	$	260	$	(85)	$	121

__________

(a)Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries.

Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) were as follows:


	Currency Translation Adjustments		Net Unrealized Gains (Losses) on Cash Flow Hedges (a)		Minimum Pension Liability Adjustment (b)		Accumulated Other Comprehensive Income (Loss)
Balance as of July 1, 2025	$	(41)	$	20	$	(114)	$	(135)
Other comprehensive income (loss) before reclassifications	(16)		1		—		(15)
Gross (gains) losses reclassified			(5)		1		(4)
Tax on (gains) losses reclassified			1		—		1
(Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax	—		(4)		1		(3)
Net current-period other comprehensive income (loss)	(16)		(3)		1		(18)
Balance as of September 30, 2025	$	(57)	$	17	$	(113)	$	(153)

Balance as of July 1, 2024	$	(48)	$	41	$	(128)	$	(135)
Other comprehensive income (loss) before reclassifications	38		(11)		—		27
Gross (gains) losses reclassified			(8)		1		(7)
Tax on (gains) losses reclassified			3		—		3
(Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax	—		(5)		1		(4)
Net current-period other comprehensive income (loss)	38		(16)		1		23
Balance as of September 30, 2024	$	(10)	$	25	$	(127)	$	(112)


	Currency Translation Adjustments		Net Unrealized Gains (Losses) on Cash Flow Hedges (a)		Minimum Pension Liability Adjustment (b)		Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2025	$	(125)	$	31	$	(116)	$	(210)
Other comprehensive income (loss) before reclassifications	68		(2)		—		66
Gross (gains) losses reclassified			(16)		4		(12)
Tax on (gains) losses reclassified			4		(1)		3
(Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax	—		(12)		3		(9)
Net current-period other comprehensive income (loss)	68		(14)		3		57
Balance as of September 30, 2025	$	(57)	$	17	$	(113)	$	(153)

Balance as of January 1, 2024	$	(3)	$	37	$	(130)	$	(96)
Other comprehensive income (loss) before reclassifications	(7)		4		—		(3)
Gross (gains) losses reclassified			(22)		4		(18)
Tax on (gains) losses reclassified			6		(1)		5
(Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax	—		(16)		3		(13)
Net current-period other comprehensive income (loss)	(7)		(12)		3		(16)
Balance as of September 30, 2024	$	(10)	$	25	$	(127)	$	(112)

__________

All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries and include $25 million gain, net of tax, as of September 30, 2025 related to our hedge of our investment in euro-denominated foreign operations (see Note 16 – Financial Instruments).

(a)Amounts reclassified to interest expense.

(b)Amounts reclassified to selling, general and administrative expenses.

- Definition

The entire disclosure for equity.

+ References

+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Based Compensation Activity

The activity related to stock units consisted of (in thousands of shares):


	Number of Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Time-based RSUs
Outstanding as of January 1, 2025	306	$	143.25
Granted (a)	286	65.23
Vested (b)	(77)	154.79
Forfeited	(40)	108.88
Outstanding and expected to vest as of September 30, 2025 (c)	475	$	97.36	1.2	$	76
Performance-based RSUs
Outstanding as of January 1, 2025	315	$	159.62
Granted (a)	433	64.10
Vested (b)	(63)	192.76
Forfeited	(128)	132.20
Outstanding as of September 30, 2025	557	$	87.91	1.6	$	89
Outstanding and expected to vest as of September 30, 2025 (c)	192	$	67.97	1.6	$	31

__________

(a)Reflects the maximum number of stock units assuming achievement of all time- and performance-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time- and performance-based RSUs granted during the nine months ended September 30, 2024 was $111.39 and $112.44, respectively.

(b)The total fair value of time- and performance-based RSUs vested during the nine months ended September 30, 2025 and 2024 was $24 million and $32 million, respectively.

(c)Aggregate unrecognized compensation expense related to time- and performance-based RSUs amounted to $35 million and will be recognized over a weighted average vesting period of 1.3 years.

Related Party Transactions

9 Months Ended

Sep. 30, 2025

Related Party Transactions

Avis Mobility Ventures LLC

Avis Mobility Ventures LLC (“AMV”) is our former subsidiary. We ceased to have a controlling interest in AMV in 2022, and as a result we deconsolidated AMV from our financial statements. Our proportional share of AMV’s income or loss is included within other (income) expense, net in our Condensed Consolidated Statements of Comprehensive Income. As of September 30, 2025, we own approximately 35% of AMV. We continue to provide vehicles, related fleet services, and certain administrative services to AMV to support their operations. The following tables provide amounts reported within our financial statements related to our equity method investment in AMV and these services.

The components of other (income) expense, net are summarized below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
(Income) expense for services to AMV, net	$	1	$	1	$	9	$	(1)
(Income) loss on equity method investment in AMV, net	1		2		4		7
Other (income) expense, net	$	2	$	3	$	13	$	6

The following table provides amounts reported within our Condensed Consolidated Balance Sheets related to AMV:


	As of		As of
	September 30,		December 31,
	2025		2024
Receivables from AMV (a)	$	4	$	3
Equity method investment in AMV (b)	23		28
Vehicles, net investment in lease with AMV (c)	100		74

__________

(a)Included within other current assets.

(b)Included within other non-current assets.

(c)Included within vehicles, net. See Note 7 – Vehicle Rental Activities.

SRS Mobility Ventures, LLC

SRS Mobility Ventures, LLC is an affiliate of our largest shareholder, SRS Investment Management, LLC. SRS Mobility Ventures, LLC obtained a controlling interest in AMV in 2022. As of September 30, 2025, they own approximately 65% of AMV.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Related Party Transactions (Schedule of Equity Method Investment in Balance Sheet and Statements of Comprehensive (Income) Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Related Party Transaction [Line Items]
Other (income) expense, net	$ (2)	$ (3)	$ (13)	$ (6)
Receivables from AMV	19,640		19,640		$ 17,619
Equity method investment in AMV	405		405		422
Vehicles, net investment in lease with AMV	100		100		74
Avis Mobility Ventures LLC (AMV) \| Related Party \| Avis Mobility Ventures LLC (AMV)
Related Party Transaction [Line Items]
Other (income) expense, net	2	3	13	6
Equity method investment in AMV	23		23		28
Avis Mobility Ventures LLC (AMV) \| (Income) expense for services to AMV, net \| Related Party \| Avis Mobility Ventures LLC (AMV)
Related Party Transaction [Line Items]
Other (income) expense, net	1	1	9	(1)
Avis Mobility Ventures LLC (AMV) \| (Income) loss on equity method investment in AMV, net \| Related Party \| Avis Mobility Ventures LLC (AMV)
Related Party Transaction [Line Items]
Other (income) expense, net	1	$ 2	4	$ 7
Avis Mobility Ventures LLC (AMV) \| Receivables from AMV \| Related Party
Related Party Transaction [Line Items]
Receivables from AMV	$ 4		$ 4		$ 3

Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segments Information

We believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our operating businesses and in comparing our results from period to period. We also believe that Adjusted EBITDA is useful to investors because it allows them to assess our results of operations and financial condition on the same basis that management uses internally. Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for net income or other income statement data prepared in accordance with U.S. GAAP.

Provided below is information about our revenues, significant segment expenses, and reportable segment Adjusted EBITDA, together with a reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes.


	Three Months Ended September 30,
	2025						2024
	Americas		International		Total		Americas		International		Total
Revenues	$	2,621	$	898	$	3,519	$	2,640	$	840	$	3,480

Significant segment expenses:
Operating (a)	1,234		374				1,210		348
Vehicle depreciation and lease charges, net	508		170				613		193
Selling, general and administrative	269		128				236		116
Vehicle interest, net	212		36				197		44
Reportable segment Adjusted EBITDA	$	398	$	190	$	588	$	384	$	139	$	523

Reconciliation of reportable segment Adjusted EBITDA to income before income taxes:
					2025						2024
Reportable segment Adjusted EBITDA					$	588					$	523
Non-vehicle related depreciation and amortization					57						58
Interest expense related to corporate debt, net:
Interest expense					4						3



Restructuring and other related charges					9						6

Other (income) expense, net					2						3
Other segment expenses (b)					(110)						1
Corporate and other (c)					153						123
Income before income taxes					$	473					$	329

__________

(a)Excludes other segment expenses.

(b)Legal matters, net, cloud computing costs and severe weather-related damages, net for the three months ended September 30, 2025. Cloud computing costs for the three months ended September 30, 2024.

(c)Consists of unallocated corporate expenses not attributable to a particular reportable segment. For the three months ended September 30, 2025 and 2024, includes $105 million and $92 million of interest expense related to corporate debt, respectively.


	Nine Months Ended September 30,
	2025						2024
	Americas		International		Total		Americas		International		Total
Revenues	$	6,860	$	2,128	$	8,988	$	6,994	$	2,085	$	9,079

Significant segment expenses:
Operating (a)	3,467		977				3,449		957
Vehicle depreciation and lease charges, net (b)	1,525		454				1,659		516
Selling, general and administrative	733		325				665		323
Vehicle interest, net	584		103				607		117
Reportable segment Adjusted EBITDA	$	551	$	269	$	820	$	614	$	172	$	786

Reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes:
					2025						2024
Reportable segment Adjusted EBITDA					$	820					$	786
Non-vehicle related depreciation and amortization					172						176
Interest expense related to corporate debt, net:
Interest expense					10						5


Other fleet charges					390						—
Restructuring and other related charges					82						23
Transaction-related costs, net					—						2
Other (income) expense, net					13						6
Other segment expenses (c)					(97)						10
Corporate and other (d)					439						350
Income (loss) before income taxes					$	(189)					$	214

__________

(a)Excludes other segment expenses.

(b)For the nine months ended September 30, 2025, excludes other fleet charges related to the accelerated disposal of certain fleet within our Americas reportable segment. These costs relate to vehicles that were not included in the long-lived asset impairment and other related charges recorded in 2024.

(c)Legal matters, net, cloud computing costs and severe weather-related damages, net for the nine months ended September 30, 2025. Legal matters, net and cloud computing costs for the nine months ended September 30, 2024.

(d)Consists of unallocated corporate expenses not attributable to a particular reportable segment. For the nine months ended September 30, 2025 and 2024, includes $306 million and $261 million of interest expense related to corporate debt, respectively.

Schedule of Geographic Segment Information

Provided below is information about our segment assets.


	Americas		International		Unallocated Assets (a)		Total
Nine Months Ended September 30, 2025
Property and equipment additions	$	44	$	23	$	69	$	136
As of September 30, 2025
Assets exclusive of assets under vehicle programs	7,394		3,066		320		10,780
Assets under vehicle programs	17,504		4,234		—		21,738
Net long-lived assets	1,438		793		200		2,431

Year Ended December 31, 2024
Property and equipment additions	$	109	$	40	$	53	$	202
As of December 31, 2024
Assets exclusive of assets under vehicle programs	6,785		2,539		344		9,668
Assets under vehicle programs	16,058		3,315		—		19,373
Net long-lived assets	1,474		733		162		2,369

__________

(a)Includes unallocated corporate assets which are not attributable to a particular reportable segment.

Leases

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

Lessor

The following table presents our lease revenues disaggregated by geography:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Americas	$	2,597	$	2,587	$	6,790	$	6,891
Europe, Middle East and Africa	710		660		1,595		1,548
Asia and Australasia	151		145		447		456
Total lease revenues	$	3,458	$	3,392	$	8,832	$	8,895

The following table presents our lease revenues disaggregated by brand:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Avis	$	1,961	$	1,953	$	4,993	$	5,097
Budget	1,312		1,247		3,306		3,261
Other (a)	185		192		533		537
Total lease revenues	$	3,458	$	3,392	$	8,832	$	8,895

__________

(a)Other includes Zipcar and other operating brands.

Lessee

We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.

The components of lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Property leases
Operating lease expense	$	241	$	229	$	710	$	691
Variable lease expense	128		117		276		279
Total property lease expense (a)	$	369	$	346	$	986	$	970

__________

(a)Primarily included within operating expenses.

Supplemental balance sheet information related to leases is as follows:


	As of			As of
	September 30,			December 31,
	2025			2024
Property leases
Operating lease ROU assets	$	3,222		$	3,057

Short-term operating lease liabilities (a)	$	656		$	628
Long-term operating lease liabilities	2,619			2,484
Operating lease liabilities	$	3,275		$	3,112

Weighted average remaining lease term	7.7 years			8.0 years
Weighted average discount rate	5.36		%	4.98		%

__________

(a)Included within accounts payable and other current liabilities.

Supplemental cash flow information related to leases is as follows:


	Nine Months Ended September 30,
	2025		2024
Cash payments for lease liabilities within operating activities:
Property operating leases	$	718	$	710
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases	$	825	$	945

Leases

Lessor

The following table presents our lease revenues disaggregated by geography:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Americas	$	2,597	$	2,587	$	6,790	$	6,891
Europe, Middle East and Africa	710		660		1,595		1,548
Asia and Australasia	151		145		447		456
Total lease revenues	$	3,458	$	3,392	$	8,832	$	8,895

The following table presents our lease revenues disaggregated by brand:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Avis	$	1,961	$	1,953	$	4,993	$	5,097
Budget	1,312		1,247		3,306		3,261
Other (a)	185		192		533		537
Total lease revenues	$	3,458	$	3,392	$	8,832	$	8,895

__________

(a)Other includes Zipcar and other operating brands.

Lessee

The components of lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Property leases
Operating lease expense	$	241	$	229	$	710	$	691
Variable lease expense	128		117		276		279
Total property lease expense (a)	$	369	$	346	$	986	$	970

__________

(a)Primarily included within operating expenses.

Supplemental balance sheet information related to leases is as follows:


	As of			As of
	September 30,			December 31,
	2025			2024
Property leases
Operating lease ROU assets	$	3,222		$	3,057

Short-term operating lease liabilities (a)	$	656		$	628
Long-term operating lease liabilities	2,619			2,484
Operating lease liabilities	$	3,275		$	3,112

Weighted average remaining lease term	7.7 years			8.0 years
Weighted average discount rate	5.36		%	4.98		%

__________

(a)Included within accounts payable and other current liabilities.

Supplemental cash flow information related to leases is as follows:


	Nine Months Ended September 30,
	2025		2024
Cash payments for lease liabilities within operating activities:
Property operating leases	$	718	$	710
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases	$	825	$	945

Leases

Lessor

The following table presents our lease revenues disaggregated by geography:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Americas	$	2,597	$	2,587	$	6,790	$	6,891
Europe, Middle East and Africa	710		660		1,595		1,548
Asia and Australasia	151		145		447		456
Total lease revenues	$	3,458	$	3,392	$	8,832	$	8,895

The following table presents our lease revenues disaggregated by brand:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Avis	$	1,961	$	1,953	$	4,993	$	5,097
Budget	1,312		1,247		3,306		3,261
Other (a)	185		192		533		537
Total lease revenues	$	3,458	$	3,392	$	8,832	$	8,895

__________

(a)Other includes Zipcar and other operating brands.

Lessee

The components of lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Property leases
Operating lease expense	$	241	$	229	$	710	$	691
Variable lease expense	128		117		276		279
Total property lease expense (a)	$	369	$	346	$	986	$	970

__________

(a)Primarily included within operating expenses.

Supplemental balance sheet information related to leases is as follows:


	As of			As of
	September 30,			December 31,
	2025			2024
Property leases
Operating lease ROU assets	$	3,222		$	3,057

Short-term operating lease liabilities (a)	$	656		$	628
Long-term operating lease liabilities	2,619			2,484
Operating lease liabilities	$	3,275		$	3,112

Weighted average remaining lease term	7.7 years			8.0 years
Weighted average discount rate	5.36		%	4.98		%

__________

(a)Included within accounts payable and other current liabilities.

Supplemental cash flow information related to leases is as follows:


	Nine Months Ended September 30,
	2025		2024
Cash payments for lease liabilities within operating activities:
Property operating leases	$	718	$	710
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases	$	825	$	945

Segment Information (Narrative) (Details) $ in Millions	Sep. 30, 2025 USD ($)
Segment Reporting [Abstract]
Estimated litigation liability	$ 5

Leases (Schedule of Supplemental Balance Sheet Information) (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Property leases
Operating lease ROU assets	$ 3,222	$ 3,057
Short-term operating lease liabilities	656	628
Long-term operating lease liabilities	2,619	2,484
Operating lease liabilities	$ 3,275	$ 3,112
Weighted average remaining lease term	7 years 8 months 12 days	8 years
Weighted average discount rate	5.36%	4.98%
Operating lease, liability, current, statement of financial position [extensible enumeration]	Accounts Payable and Accrued Liabilities, Current	Accounts Payable and Accrued Liabilities, Current

Stockholders' Equity (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (2,733)	$ (482)	$ (2,317)	$ (343)
Other comprehensive income (loss) before reclassifications	(15)	27	66	(3)
Gross (gains) losses reclassified	(4)	(7)	(12)	(18)
Tax on (gains) losses reclassified	1	3	3	5
(Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax	(3)	(4)	(9)	(13)
Net current-period other comprehensive income (loss)	(18)	23	57	(16)
Ending balance	(2,374)	(229)	(2,374)	(229)
Foreign Exchange Contracts \| Derivatives designated as hedging instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Derivatives used in net investment hedge, net of tax	25		25
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(135)	(135)	(210)	(96)
Ending balance	(153)	(112)	(153)	(112)
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(41)	(48)	(125)	(3)
Other comprehensive income (loss) before reclassifications	(16)	38	68	(7)
(Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax	0	0	0	0
Net current-period other comprehensive income (loss)	(16)	38	68	(7)
Ending balance	(57)	(10)	(57)	(10)
Net Unrealized Gains (Losses) on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	20	41	31	37
Other comprehensive income (loss) before reclassifications	1	(11)	(2)	4
Gross (gains) losses reclassified	(5)	(8)	(16)	(22)
Tax on (gains) losses reclassified	1	3	4	6
(Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax	(4)	(5)	(12)	(16)
Net current-period other comprehensive income (loss)	(3)	(16)	(14)	(12)
Ending balance	17	25	17	25
Minimum Pension Liability Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(114)	(128)	(116)	(130)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Gross (gains) losses reclassified	1	1	4	4
Tax on (gains) losses reclassified	0	0	(1)	(1)
(Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax	1	1	3	3
Net current-period other comprehensive income (loss)	1	1	3	3
Ending balance	$ (113)	$ (127)	$ (113)	$ (127)

Vehicle Rental Activities ( Schedule of Components of Vehicle Depreciation and Lease Charges) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 675	$ 723	$ 2,025	$ 1,940
Lease charges	34	41	95	115
(Gain) loss on sale of vehicles, net	(31)	42	249	120
Vehicle depreciation and lease charges, net	$ 678	$ 806	2,369	$ 2,175
Other fleet charges			$ 390

Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Accounts Payable and Accrued Liabilities, Current [Abstract]
Short-term operating lease liabilities	$ 656	$ 628
Accounts payable	597	450
Accrued sales and use taxes	459	305
Accrued advertising and marketing	307	258
Public liability and property damage insurance liabilities – current	254	245
Deferred lease revenues - current	186	149
Accrued payroll and related	196	126
Accrued interest	124	180
Other	348	359
Accounts payable and other current liabilities	$ 3,127	$ 2,700

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating activities
Net income (loss)	$ (139)	$ 140
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Vehicle depreciation	2,025	1,940
Amortization of right-of-use assets	810	831
(Gain) loss on sale of vehicles, net	249	120
Vehicle related reserves	263	330
Non-vehicle related depreciation and amortization	174	177
Stock-based compensation	16	14
Amortization of debt financing fees	39	36
Early extinguishment of debt costs	6	1
Net change in assets and liabilities:
Receivables	20	(62)
Income taxes and deferred income taxes	(152)	38
Accounts payable and other current liabilities	292	57
Operating lease liabilities	(812)	(822)
Other, net	68	(54)
Net cash provided by operating activities	2,859	2,746
Investing activities
Property and equipment additions	(136)	(135)
Proceeds received on asset sales	2	2
Net assets acquired (net of cash acquired)	0	(3)
Other, net	0	12
Net cash used in investing activities exclusive of vehicle programs	(134)	(124)
Vehicle programs:
Investment in vehicles	(11,586)	(8,153)
Proceeds received on disposition of vehicles	7,206	5,653
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	(808)	(668)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC—related party	668	596
Net cash used in investing activities of vehicle programs	(4,520)	(2,572)
Net cash used in investing activities	(4,654)	(2,696)
Financing activities
Proceeds from long-term borrowings	1,579	1,569
Payments on long-term borrowings	(1,105)	(396)
Repurchases of common stock	(4)	(25)
Debt financing fees	(15)	(27)
Contributions from non-controlling interests	12	0
Net cash provided by financing activities exclusive of vehicle programs	467	1,121
Vehicle programs:
Proceeds from borrowings	19,360	16,536
Payments on borrowings	(17,996)	(17,657)
Debt financing fees	(24)	(43)
Net cash provided by financing activities of vehicle programs	1,340	(1,164)
Net cash provided by (used in) financing activities	1,807	(43)
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	30	(2)
Net increase in cash and cash equivalents, program and restricted cash	42	5
Cash and cash equivalents, program and restricted cash, beginning of period	597	644
Cash and cash equivalents, program and restricted cash, end of period	$ 639	$ 649

Leases (Schedule of Revenues Disaggregated by Geography) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Lessor, Lease, Description [Line Items]
Total lease revenues	$ 3,458	$ 3,392	$ 8,832	$ 8,895
Avis
Lessor, Lease, Description [Line Items]
Total lease revenues	1,961	1,953	4,993	5,097
Budget
Lessor, Lease, Description [Line Items]
Total lease revenues	1,312	1,247	3,306	3,261
Other
Lessor, Lease, Description [Line Items]
Total lease revenues	185	192	533	537
Americas
Lessor, Lease, Description [Line Items]
Total lease revenues	2,597	2,587	6,790	6,891
Europe, Middle East and Africa
Lessor, Lease, Description [Line Items]
Total lease revenues	710	660	1,595	1,548
Asia and Australasia
Lessor, Lease, Description [Line Items]
Total lease revenues	$ 151	$ 145	$ 447	$ 456

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Stockholders’ Equity Attributable to Avis Budget Group, Inc.	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2023			137.1
Beginning balance at Dec. 31, 2023	$ (343)	$ (349)	$ 1	$ 6,634	$ 3,854	$ (96)	$ (10,742)	$ 6
Treasury stock, beginning balance (in shares) at Dec. 31, 2023							(101.6)
Comprehensive income (loss):
Net income (loss)	140	137			137			3
Other comprehensive income (loss)	(16)	(16)				(16)
Total comprehensive income (loss)	124	121			137	(16)		3
Contributions from non-controlling interests								12
Net activity related to restricted stock units (in shares)							0.2
Net activity related to restricted stock units	$ (2)	(2)		(19)	(3)		$ 20
Repurchases of common stock (in shares)	(0.1)						(0.1)
Repurchases of common stock	$ (8)	(8)					$ (8)
Ending balance (in shares) at Sep. 30, 2024			137.1
Ending balance at Sep. 30, 2024	(229)	(238)	$ 1	6,615	3,988	(112)	$ (10,730)	9
Treasury stock, ending balance (in shares) at Sep. 30, 2024							(101.5)
Beginning balance (in shares) at Jun. 30, 2024			137.1
Beginning balance at Jun. 30, 2024	(482)	(490)	$ 1	6,616	3,751	(135)	$ (10,723)	8
Treasury stock, beginning balance (in shares) at Jun. 30, 2024							(101.4)
Comprehensive income (loss):
Net income (loss)	238	237			237			1
Other comprehensive income (loss)	23	23				23
Total comprehensive income (loss)	261	260			237	23		1
Net activity related to restricted stock units	0	0		(1)			$ 1
Repurchases of common stock (in shares)							(0.1)
Repurchases of common stock	(8)	(8)					$ (8)
Ending balance (in shares) at Sep. 30, 2024			137.1
Ending balance at Sep. 30, 2024	(229)	(238)	$ 1	6,615	3,988	(112)	$ (10,730)	9
Treasury stock, ending balance (in shares) at Sep. 30, 2024							(101.5)
Beginning balance (in shares) at Dec. 31, 2024			137.1
Beginning balance at Dec. 31, 2024	$ (2,317)	(2,327)	$ 1	6,620	2,029	(210)	$ (10,767)	10
Treasury stock, beginning balance (in shares) at Dec. 31, 2024	(102.0)						(102.0)
Comprehensive income (loss):
Net income (loss)	$ (139)	(142)			(142)			3
Other comprehensive income (loss)	57	57				57
Total comprehensive income (loss)	(82)	(85)			(142)	57		3
Contributions from non-controlling interests	12
Net activity related to restricted stock units (in shares)							0.1
Net activity related to restricted stock units	$ 13	13		3	(1)		$ 11
Repurchases of common stock (in shares)	0.0
Ending balance (in shares) at Sep. 30, 2025			137.1
Ending balance at Sep. 30, 2025	$ (2,374)	(2,399)	$ 1	6,623	1,886	(153)	$ (10,756)	25
Treasury stock, ending balance (in shares) at Sep. 30, 2025	(102.0)						(101.9)
Beginning balance (in shares) at Jun. 30, 2025			137.1
Beginning balance at Jun. 30, 2025	$ (2,733)	(2,745)	$ 1	6,618	1,528	(135)	$ (10,757)	12
Treasury stock, beginning balance (in shares) at Jun. 30, 2025							(101.9)
Comprehensive income (loss):
Net income (loss)	360	359			359			1
Other comprehensive income (loss)	(18)	(18)				(18)
Total comprehensive income (loss)	342	341			359	(18)		1
Contributions from non-controlling interests	12							12
Net activity related to restricted stock units (in shares)							0.0
Net activity related to restricted stock units	5	5		5	(1)		$ 1
Ending balance (in shares) at Sep. 30, 2025			137.1
Ending balance at Sep. 30, 2025	$ (2,374)	$ (2,399)	$ 1	$ 6,623	$ 1,886	$ (153)	$ (10,756)	$ 25
Treasury stock, ending balance (in shares) at Sep. 30, 2025	(102.0)						(101.9)

Segment Information (Schedule of Segments Information) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Revenues	$ 3,519	$ 3,480	$ 8,988	$ 9,079
Significant segment expenses:
Operating	1,513	1,575	4,392	4,451
Vehicle depreciation and lease charges, net	678	806	2,369	2,175
Selling, general and administrative	422	367	1,126	1,040
Vehicle interest, net	248	241	687	724
Reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes:
Non-vehicle related depreciation and amortization	58	58	174	177
Other fleet charges			390
Restructuring and other related charges	13	6	94	23
Transaction-related costs, net	0	0	0	2
Other (income) expense, net	2	3	13	6
Income (loss) before income taxes	473	329	(189)	214
Operating Segments
Segment Reporting Information [Line Items]
Revenues	3,519	3,480	8,988	9,079
Significant segment expenses:
Reportable segment Adjusted EBITDA	588	523	820	786
Reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes:
Non-vehicle related depreciation and amortization	57	58	172	176
Interest expense	4	3	10	5
Other fleet charges			390	0
Restructuring and other related charges	9	6	82	23
Transaction-related costs, net			0	2
Other (income) expense, net	2	3	13	6
Other segment expenses	(110)	1	(97)	10
Operating Segments \| Americas
Segment Reporting Information [Line Items]
Revenues	2,621	2,640	6,860	6,994
Significant segment expenses:
Operating	1,234	1,210	3,467	3,449
Vehicle depreciation and lease charges, net	508	613	1,525	1,659
Selling, general and administrative	269	236	733	665
Vehicle interest, net	212	197	584	607
Reportable segment Adjusted EBITDA	398	384	551	614
Operating Segments \| International
Segment Reporting Information [Line Items]
Revenues	898	840	2,128	2,085
Significant segment expenses:
Operating	374	348	977	957
Vehicle depreciation and lease charges, net	170	193	454	516
Selling, general and administrative	128	116	325	323
Vehicle interest, net	36	44	103	117
Reportable segment Adjusted EBITDA	190	139	269	172
Corporate and Other
Reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes:
Corporate and other	153	123	439	350
Interest expense	$ 105	$ 92	$ 306	$ 261

Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Operating Lease, Lease Income

The following table presents our lease revenues disaggregated by geography:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Americas	$	2,597	$	2,587	$	6,790	$	6,891
Europe, Middle East and Africa	710		660		1,595		1,548
Asia and Australasia	151		145		447		456
Total lease revenues	$	3,458	$	3,392	$	8,832	$	8,895

The following table presents our lease revenues disaggregated by brand:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Avis	$	1,961	$	1,953	$	4,993	$	5,097
Budget	1,312		1,247		3,306		3,261
Other (a)	185		192		533		537
Total lease revenues	$	3,458	$	3,392	$	8,832	$	8,895

__________

(a)Other includes Zipcar and other operating brands.

Schedule of the Components of Lease Expense

The components of lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Property leases
Operating lease expense	$	241	$	229	$	710	$	691
Variable lease expense	128		117		276		279
Total property lease expense (a)	$	369	$	346	$	986	$	970

__________

(a)Primarily included within operating expenses.

Supplemental cash flow information related to leases is as follows:


	Nine Months Ended September 30,
	2025		2024
Cash payments for lease liabilities within operating activities:
Property operating leases	$	718	$	710
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases	$	825	$	945

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows:


	As of			As of
	September 30,			December 31,
	2025			2024
Property leases
Operating lease ROU assets	$	3,222		$	3,057

Short-term operating lease liabilities (a)	$	656		$	628
Long-term operating lease liabilities	2,619			2,484
Operating lease liabilities	$	3,275		$	3,112

Weighted average remaining lease term	7.7 years			8.0 years
Weighted average discount rate	5.36		%	4.98		%

__________

(a)Included within accounts payable and other current liabilities.

Financial Instruments (Schedule of Fair Values of Derivatives Instruments) (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Asset Derivatives	$ 24	$ 49
Fair Value, Liability Derivatives	4	22
Derivatives designated as hedging instruments \| Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Asset Derivatives	22	41
Fair Value, Liability Derivatives	0	0
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Asset Derivatives	2	5
Fair Value, Liability Derivatives	4	10
Derivatives not designated as hedging instruments \| Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value, Asset Derivatives	0	3
Fair Value, Liability Derivatives	$ 0	$ 12

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Other Current Assets (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Assets, Current [Abstract]
Sales and use taxes	$ 345	$ 187
Prepaid expenses	183	162
Prepaid vehicle license and registration	113	77
Other	171	236
Other current assets	$ 812	$ 662

Earnings Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share (“EPS”) (shares in millions):


		Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024
Net income (loss) attributable to Avis Budget Group, Inc. for basic and diluted EPS		$	359	$	237	$	(142)	$	137

Basic weighted average shares outstanding		35.2		35.5		35.2		35.6
Non-vested stock (a)		0.3		0.2		—		0.2
Diluted weighted average shares outstanding (b)		35.5		35.7		35.2		35.8

Earnings (loss) per share
	Basic	$	10.22	$	6.67	$	(4.02)	$	3.86
	Diluted (c)	$	10.11	$	6.65	$	(4.02)	$	3.84

__________

(a)For the three months ended September 30, 2025 and 2024, an immaterial amount and 0.2 million non-vested stock awards, respectively, have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. For the nine months ended September 30, 2024, 0.2 million non-vested stock awards have an anti-dilutive effect and therefore have been excluded from the computation of diluted weighted average shares outstanding.

(b)For the nine months ended September 30, 2025, 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. For the nine months ended September 30, 2025, 0.2 million non-vested stock awards have an anti-dilutive effect and therefore have been excluded from the computation of diluted weighted average shares outstanding.

(c)Diluted earnings (loss) per share was computed using the treasury stock method for non-vested stock.

Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows.


	As of September 30,
	2025		2024
Cash and cash equivalents	$	564	$	602
Program cash	71		44
Restricted cash (a)	4		3
Total cash and cash equivalents, program and restricted cash	$	639	$	649

__________

(a)Included within other current assets.

Schedule of Restrictions on Cash and Cash Equivalents


	As of September 30,
	2025		2024
Cash and cash equivalents	$	564	$	602
Program cash	71		44
Restricted cash (a)	4		3
Total cash and cash equivalents, program and restricted cash	$	639	$	649

__________

(a)Included within other current assets.

Schedule of Disaggregation of Revenue

The following table presents our revenues disaggregated by geography:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Americas	$	2,621	$	2,640	$	6,860	$	6,994
Europe, Middle East and Africa	742		689		1,667		1,615
Asia and Australasia	156		151		461		470
Total revenues	$	3,519	$	3,480	$	8,988	$	9,079

The following table presents our revenues disaggregated by brand:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Avis	$	1,999	$	2,011	$	5,089	$	5,218
Budget	1,328		1,263		3,346		3,301
Other (a)	192		206		553		560
Total revenues	$	3,519	$	3,480	$	8,988	$	9,079

__________

(a)Other includes Zipcar and other operating brands.

Basis of Presentation

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying unaudited Condensed Consolidated Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries, as well as entities in which Avis Budget Group, Inc. directly or indirectly has a controlling financial interest (collectively, “we,” “our,” “us,” or the “Company”), and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting.

We operate the following reportable business segments:

•Americas - consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly.

•International - consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly.

The operating results of acquired businesses are included in the accompanying Condensed Consolidated Financial Statements from the dates of acquisition. We consolidate joint venture activities when we have a controlling interest and record non-controlling interests within stockholders’ equity and the statement of comprehensive income equal to the percentage of ownership interest retained in such entities by the respective non-controlling party. On September 30, 2025, we received a contribution of $12 million from a non-controlling interest party in exchange for approximately 17% in a new joint venture which is consolidated by the Company.

In presenting the Condensed Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Condensed Consolidated Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with our 2024 Annual Report on Form 10-K (the “2024 Form 10-K”).

Summary of Significant Accounting Policies

Our significant accounting policies are fully described in Note 2 – Summary of Significant Accounting Policies in our 2024 Form 10-K.

Cash and cash equivalents, Program cash and Restricted cash. The following table provides a detail of cash and cash equivalents, program and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows.


	As of September 30,
	2025		2024
Cash and cash equivalents	$	564	$	602
Program cash	71		44
Restricted cash (a)	4		3
Total cash and cash equivalents, program and restricted cash	$	639	$	649

__________

(a)Included within other current assets.

Vehicle Programs. We present separately the financial data of our vehicle programs. These programs are distinct from our other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of our vehicle programs. We believe it is appropriate to segregate the financial data of our vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets.

Transaction-related costs, net. Transaction-related costs, net are classified separately in the Condensed Consolidated Statements of Comprehensive Income. These costs are comprised of expenses primarily related to acquisition-related activities such as due diligence and other advisory costs, expenses related to the integration of the acquiree’s operations with our own operations, including the implementation of best practices and process improvements, non-cash gains and losses related to re-acquired rights, expenses related to pre-acquisition contingencies and contingent consideration related to acquisitions.

Currency Transactions. We record the gain or loss on foreign currency transactions on certain intercompany loans and the gain or loss on intercompany loan hedges within interest expense related to corporate debt, net.

Variable Interest Entity (“VIE”). We review our investments to determine if they are VIEs. A VIE is an entity in which either (i) the equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. Entities that are determined to be VIEs are consolidated if we are the primary beneficiary of the entity. The primary beneficiary possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it. We will reconsider our original assessment of a VIE upon the occurrence of certain events such as contributions and redemptions, either by us, or third parties, or amendments to an entity’s governing documents. On an ongoing basis, we reconsider whether we are deemed to be a VIE’s primary beneficiary. We account for VIEs where we are not the primary beneficiary under the equity method.

Our former subsidiary, Avis Mobility Ventures LLC (“AMV”), is a VIE. We lack the ability to direct the significant activities of AMV and are not its primary beneficiary. As such, we account for AMV under the equity method. See Note 14 – Related Party Transactions.

Investments. As of September 30, 2025 and December 31, 2024, we had equity method investments with a carrying value of $122 million and $100 million, respectively, which are included in other non-current assets. Earnings from our equity method investments are included within operating expenses. For the three months ended September 30, 2025 and 2024, we recorded income of $9 million and $7 million related to our equity method investments, respectively. For the nine months ended September 30, 2025 and 2024, we recorded income of $14 million and $13 million related to our equity method investments, respectively. In July 2024, we received a $7 million dividend from our equity method investment in our Greece licensee. See Note 14 – Related Party Transactions for our equity method investment in AMV.

Revenues. Revenues are recognized under Leases (Topic 842), with the exception of royalty fee revenue derived from our licensees and revenue related to our customer loyalty program, which were approximately $61 million and $88 million during the three months ended September 30, 2025 and 2024, respectively, and $156 million and $184 million during the nine months ended September 30, 2025 and 2024, respectively.

The following table presents our revenues disaggregated by geography:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Americas	$	2,621	$	2,640	$	6,860	$	6,994
Europe, Middle East and Africa	742		689		1,667		1,615
Asia and Australasia	156		151		461		470
Total revenues	$	3,519	$	3,480	$	8,988	$	9,079

The following table presents our revenues disaggregated by brand:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Avis	$	1,999	$	2,011	$	5,089	$	5,218
Budget	1,328		1,263		3,346		3,301
Other (a)	192		206		553		560
Total revenues	$	3,519	$	3,480	$	8,988	$	9,079

__________

(a)Other includes Zipcar and other operating brands.

Reclassification

We reclassified certain items within operating activities on the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 to conform to the current year presentation. These reclassifications had no impact on reported net cash provided by operating activities.

Adoption of New Accounting Pronouncements

Improvements to Reportable Segment Disclosures

On January 1, 2024, as the result of a new accounting pronouncement, we adopted ASU 2023-07, “Improvements to Reportable Segment Disclosures,” which amends Topic 280 primarily through enhanced disclosures about significant segment expenses. The update was effective in our Consolidated Financial Statements for the year ended December 31, 2024, and became effective on an interim basis beginning on January 1, 2025. The adoption of this accounting pronouncement has resulted in incremental disclosures within Note 17 – Segment Information.

Recently Issued Accounting Pronouncements

Improvements to Income Tax Disclosures

On January 1, 2025, as the result of a new accounting pronouncement, we adopted ASU 2023-09, “Improvements to Income Tax Disclosures,” which amends Topic 740 primarily through enhanced income tax disclosures, improving transparency into the factors affecting income tax expense. We expect to include certain additional income tax disclosures in the notes to our Consolidated Financial Statements for the year ended December 31, 2025.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses,” which amends Topic 220 primarily through requiring disclosures in the notes to financial statements about certain costs and expenses. The amendments are effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted on a prospective or retrospective basis. ASU 2024-03 becomes effective for us on January 1, 2027. We are currently evaluating the impact of the adoption of this accounting pronouncement.

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, “Targeted Improvements to the Accounting for Internal-Use Software,” which amends Topic 350 primarily to modernize the accounting for software costs. The amendments are effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted as of the beginning of an annual period. A prospective, modified or retrospective transition approach is permitted. ASU 2025-06 becomes effective for us on an interim basis beginning on January 1, 2028. We are currently evaluating the impact of the adoption of this accounting pronouncement.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies In 2006, we completed the spin-offs of our Realogy and Wyndham subsidiaries (now known as Anywhere Real Estate, Inc., and Wyndham Hotels and Resorts, Inc. and Travel + Leisure Co., respectively). We do not believe that the impact of any resolution of pre-existing contingent liabilities in connection with the spin-offs should result in a material liability to us in relation to our consolidated financial position or liquidity, as Anywhere Real Estate, Inc., Wyndham Hotels and Resorts, Inc. and Travel + Leisure Co. have agreed to assume responsibility for these liabilities. We are also involved in litigation that is primarily related to the businesses of our former subsidiaries, including Realogy and Wyndham. We are entitled to indemnification from such entities for any liability resulting from such litigation. In September 2014, Dawn Valli et al. v. Avis Budget Group Inc., et al. was filed in U.S. District Court for the District of New Jersey. The plaintiffs seek to represent a purported nationwide class of certain renters of vehicles from our Avis and Budget subsidiaries from September 30, 2008 through the present. The plaintiffs seek damages in connection with claims relating to alleged misrepresentations and omissions concerning charging customers for traffic infractions and related administrative fees. In October 2023, plaintiffs’ motion for class certification was denied as to their proposed nationwide class and granted as to a subclass, created at the Court’s discretion, of Avis Preferred and Budget Fastbreak members. We have been named as a defendant in other purported consumer class action lawsuits, including a class action filed against us in New Jersey seeking damages in connection with a breach of contract claim, which the Company intends to vigorously defend. As previously reported, several shareholder plaintiffs sued the Company and management in New Jersey federal court under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, alleging misstatements and omissions about the Company’s fleet strategy in 2024. Those cases were consolidated, co-lead plaintiffs were appointed, and an amended complaint was due to be filed in October 2025. Rather than file an amended complaint, on October 13, 2025, co-lead plaintiffs dismissed the action without prejudice. On October 16, 2025, the Court entered an order dismissing the action without prejudice and closing the case. Two shareholders filed derivative suits in the United States District Court for the District of New Jersey alleging that the Company’s directors and officers breached their fiduciary duties in connection with the Company’s fleet strategy in 2024. The Company is named as a nominal defendant. On October 23, 2025, plaintiffs agreed to dismiss their cases without prejudice, which is subject to court approval. In September 2025, we received a net pro rata settlement distribution of approximately $114 million in connection with the Company’s participation in a class action settlement in the In re Automotive Parts Antitrust Litigation, No. 2:12-md-02311 (E.D. Mich.), which is included within operating expenses in the Condensed Consolidated Statements of Comprehensive Income. We are currently involved, and in the future may be involved, in claims and/or legal proceedings, including class actions, and governmental inquiries that are incidental to our vehicle rental and car sharing operations, including, among others, contract and licensee disputes, competition matters, employment and wage-and-hour claims, insurance and liability claims, intellectual property claims, business practice disputes and other regulatory, environmental, commercial and tax matters. In addition, we are a defendant in a number of legal proceedings for personal injury arising from the operation of our vehicles. Litigation is inherently unpredictable and, although we believe that our accruals are adequate and/or that we have valid defenses in these matters, unfavorable resolutions could occur. We estimate that the potential exposure resulting from adverse outcomes of current legal proceedings in which it is reasonably possible that a loss may be incurred could, in the aggregate, be up to approximately $45 million in excess of amounts accrued as of September 30, 2025. We do not believe that the impact should result in a material liability to us in relation to our consolidated financial condition or results of operations. Commitments to Purchase Vehicles We maintain agreements with vehicle manufacturers under which we have agreed to purchase approximately $4.2 billion of vehicles from manufacturers over the next 12 months, a $2.1 billion decrease compared to December 31, 2024, financed primarily through the issuance of vehicle-backed debt and cash received upon the disposition of vehicles. Certain of these commitments are subject to the vehicle manufacturers satisfying their obligations under their respective repurchase and guaranteed depreciation agreements. Concentrations Concentrations of credit risk as of September 30, 2025 include risks related to our repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers and primarily with respect to receivables for program cars that have been disposed of, but for which we have not yet received payment from the manufacturers.

Basis of Presentation (Schedule of Disaggregated Revenue in Basis of Presentation) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Revenues	$ 3,519	$ 3,480	$ 8,988	$ 9,079
Avis
Disaggregation of Revenue [Line Items]
Revenues	1,999	2,011	5,089	5,218
Budget
Disaggregation of Revenue [Line Items]
Revenues	1,328	1,263	3,346	3,301
Other
Disaggregation of Revenue [Line Items]
Revenues	192	206	553	560
Americas
Disaggregation of Revenue [Line Items]
Revenues	2,621	2,640	6,860	6,994
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenues	742	689	1,667	1,615
Asia and Australasia
Disaggregation of Revenue [Line Items]
Revenues	$ 156	$ 151	$ 461	$ 470

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Components of Other Comprehensive Income (Loss)

The components of other comprehensive income (loss) were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss)	$	360	$	238	$	(139)	$	140
Less: Net income attributable to non-controlling interests	1		1		3		3
Net income (loss) attributable to Avis Budget Group, Inc.	359		237		(142)		137

Other comprehensive income (loss), net of tax
Currency translation adjustments, net of tax of $(1), $13, $43 and $5, respectively (a)	(16)		38		68		(7)
Net unrealized gain (loss) on cash flow hedges, net of tax of $1, $5, $5 and $4, respectively	(3)		(16)		(14)		(12)
Minimum pension liability adjustment, net of tax of $(1), $(1), $(1) and $(1), respectively	1		1		3		3
	(18)		23		57		(16)
Total comprehensive income (loss) attributable to Avis Budget Group, Inc.	$	341	$	260	$	(85)	$	121

__________

(a)Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries.

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) were as follows:


	Currency Translation Adjustments		Net Unrealized Gains (Losses) on Cash Flow Hedges (a)		Minimum Pension Liability Adjustment (b)		Accumulated Other Comprehensive Income (Loss)
Balance as of July 1, 2025	$	(41)	$	20	$	(114)	$	(135)
Other comprehensive income (loss) before reclassifications	(16)		1		—		(15)
Gross (gains) losses reclassified			(5)		1		(4)
Tax on (gains) losses reclassified			1		—		1
(Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax	—		(4)		1		(3)
Net current-period other comprehensive income (loss)	(16)		(3)		1		(18)
Balance as of September 30, 2025	$	(57)	$	17	$	(113)	$	(153)

Balance as of July 1, 2024	$	(48)	$	41	$	(128)	$	(135)
Other comprehensive income (loss) before reclassifications	38		(11)		—		27
Gross (gains) losses reclassified			(8)		1		(7)
Tax on (gains) losses reclassified			3		—		3
(Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax	—		(5)		1		(4)
Net current-period other comprehensive income (loss)	38		(16)		1		23
Balance as of September 30, 2024	$	(10)	$	25	$	(127)	$	(112)


	Currency Translation Adjustments		Net Unrealized Gains (Losses) on Cash Flow Hedges (a)		Minimum Pension Liability Adjustment (b)		Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2025	$	(125)	$	31	$	(116)	$	(210)
Other comprehensive income (loss) before reclassifications	68		(2)		—		66
Gross (gains) losses reclassified			(16)		4		(12)
Tax on (gains) losses reclassified			4		(1)		3
(Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax	—		(12)		3		(9)
Net current-period other comprehensive income (loss)	68		(14)		3		57
Balance as of September 30, 2025	$	(57)	$	17	$	(113)	$	(153)

Balance as of January 1, 2024	$	(3)	$	37	$	(130)	$	(96)
Other comprehensive income (loss) before reclassifications	(7)		4		—		(3)
Gross (gains) losses reclassified			(22)		4		(18)
Tax on (gains) losses reclassified			6		(1)		5
(Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax	—		(16)		3		(13)
Net current-period other comprehensive income (loss)	(7)		(12)		3		(16)
Balance as of September 30, 2024	$	(10)	$	25	$	(127)	$	(112)

__________

(a)Amounts reclassified to interest expense.

(b)Amounts reclassified to selling, general and administrative expenses.

Income Taxes (Details)	9 Months Ended
Income Taxes (Details)	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	26.50%	34.60%

Vehicle Rental Activities (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The components of vehicles, net within assets under vehicle programs are as follows:


	As of		As of
	September 30,		December 31,
	2025		2024
Rental vehicles	$	22,020	$	20,094
Less: Accumulated depreciation	(2,928)		(3,143)
	19,092		16,951
Vehicles held for sale	448		594
Vehicles, net investment in lease (a)	100		74
Vehicles, net	$	19,640	$	17,619

__________

(a)See Note 14 – Related Party Transactions.

The components of vehicle depreciation and lease charges, net are summarized below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Depreciation expense	$	675	$	723	$	2,025	$	1,940
Lease charges	34		41		95		115
(Gain) loss on sale of vehicles, net (a)	(31)		42		249		120
Vehicle depreciation and lease charges, net	$	678	$	806	$	2,369	$	2,175

__________

Restructuring and Other Related Charges (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring and other related charges	$ 13	$ 6	$ 94	$ 23
Employee Separation
Restructuring Cost and Reserve [Line Items]
Restructuring and other related charges	3		11
Expected cost	$ 3		3
Global Rightsizing
Restructuring Cost and Reserve [Line Items]
Restructuring expense					$ 7
Restructuring and other related charges			$ 83

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Long-term Corporate Debt and Borrowing Arrangements

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Long-term Corporate Debt and Borrowing Arrangements

Long-term debt and other borrowing arrangements consisted of:


		As of		As of
	Maturity	September 30,		December 31,
	Date	2025		2024
5.750% Senior Notes	July 2027	644		740
4.750% Senior Notes	April 2028	500		500
7.000% euro-denominated Senior Notes	February 2029	704		621
5.375% Senior Notes	March 2029	600		600
8.250% Senior Notes	January 2030	700		700
7.250% euro-denominated Senior Notes	July 2030	704		622
8.000% Senior Notes	February 2031	498		497
8.375% Senior Notes	June 2032	600		—
Floating Rate Term Loan (a)	July 2032	1,134		1,153
Other (b)		34		20
Deferred financing fees		(60)		(60)
Total		6,058		5,393
Less: Short-term debt and current portion of long-term debt		38		20
Long-term debt		$	6,020	$	5,373

__________

(a)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2025, the floating rate term loan due 2032 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 2.50%, for an aggregate rate of 6.66%. We have entered into a swap to hedge $750 million of interest rate exposure related to the floating rate term loan at an aggregate rate of 4.01%.

(b)Primarily includes finance leases, which are secured by liens on the related assets.

In February 2025, we borrowed $500 million under a floating rate term loan due December 2025, which was part of our senior revolving credit facilities. In June 2025, we fully repaid our outstanding borrowings under the floating rate term loan due 2025.

In May 2025, we issued $600 million of 8.375% Senior Notes due June 2032. Net proceeds were used to repay our floating rate term loan due 2025 and a portion of our 5.750% Senior Notes due July 2027, with the remaining proceeds being used to repay outstanding fleet debt and for general corporate purposes.

In June 2025, we redeemed $100 million of our outstanding 5.750% Senior Notes due July 2027.

In July 2025, we amended our floating rate term loan, extending its maturity date from August 2027 to July 2032 and increasing the interest rate to SOFR plus 2.50%.

Committed Credit Facilities and Available Funding Arrangements

As of September 30, 2025, the committed corporate credit facilities available to us and/or our subsidiaries were as follows:


	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Senior revolving credit facility maturing 2028 (a)	$	2,000	$	—	$	1,571	$	429

__________

(a)The senior revolving credit facility bears interest at one-month SOFR plus 2.00% and is part of our senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property.

As of September 30, 2025, we have other uncommitted standby letter of credit facilities (“SBLC facilities”) with an additional letter of credit capacity of up to $467 million. As of September 30, 2025, letters of credit totaling $467 million have been issued on our SBLC facilities, which results in no remaining available capacity.

Debt Covenants

The agreements governing our indebtedness contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries, the incurrence of additional indebtedness and/or liens by us and certain of our subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. Our senior credit facility also contains a maximum leverage ratio requirement. As of September 30, 2025, we were in compliance with the financial covenants governing our indebtedness.

Other Current Assets

9 Months Ended

Sep. 30, 2025

Assets, Current [Abstract]

Other Current Assets

Other current assets consisted of:


	As of		As of
	September 30,		December 31,
	2025		2024
Sales and use taxes	$	345	$	187
Prepaid expenses (a)	183		162
Prepaid vehicle license and registration (a)	113		77
Other	171		236
Other current assets	$	812	$	662

__________

(a)For the year ended December 31, 2024, we reclassified $77 million of prepaid vehicle license and registration to conform to the current year presentation. This reclassification had no impact to other current assets.

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

We held derivative instruments with absolute notional values as follows:


	As of September 30, 2025
Foreign exchange contracts	$	1,694
Interest rate caps (a)	11,343
Interest rate swaps	750

__________

(a)Represents $7.1 billion of interest rate caps sold and $4.2 billion of interest rate caps purchased. These amounts exclude $3.1 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary as it is not consolidated by us.

Schedule of Fair Value of Derivative Instruments

Estimated fair values (Level 2) of derivative instruments are as follows:


	As of September 30, 2025				As of December 31, 2024
	Fair Value, Asset Derivatives		Fair Value, Liability Derivatives		Fair Value, Asset Derivatives		Fair Value, Liability Derivatives
Derivatives designated as hedging instruments
Interest rate swaps (a)	$	22	$	—	$	41	$	—
Derivatives not designated as hedging instruments
Foreign exchange contracts (b)	2		4		5		10
Interest rate caps (c)	—		—		3		12

Total	$	24	$	4	$	49	$	22

__________

Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by us; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 13 – Stockholders' Equity.

(a)Included within other non-current assets or other non-current liabilities.

(b)Included within other current assets or other current liabilities.

(c)Included within assets under vehicle programs or liabilities under vehicle programs.

The effects of financial instruments recognized in our Condensed Consolidated Financial Statements are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Financial instruments designated as hedging instruments (a)
Interest rate swaps (b)	$	(3)	$	(16)	$	(14)	$	(12)
Euro-denominated notes (c)	5		(37)		(123)		(14)
Financial instruments not designated as hedging instruments (d)
Foreign exchange contracts (e)	(3)		(15)		23		(34)


Total	$	(1)	$	(68)	$	(114)	$	(60)

__________

(a)Recognized, net of tax, as a component of accumulated other comprehensive income (loss) within stockholders’ equity.

(b)Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 13 – Stockholders' Equity for amounts reclassified from accumulated other comprehensive income (loss) into earnings.

(c)Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss).

(d)Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged.

(e)Primarily included within interest expense.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows:


	As of September 30, 2025				As of December 31, 2024
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Corporate debt
Short-term debt and current portion of long-term debt	$	38	$	38	$	20	$	20
Long-term debt	6,020		6,181		5,373		5,452

Debt under vehicle programs
Vehicle-backed debt due to Avis Budget Rental Car Funding	$	14,894	$	15,134	$	14,083	$	14,154
Vehicle-backed debt	4,368		4,397		3,441		3,469
Interest rate swaps and interest rate caps (a)	—		—		12		12

__________

(a)Derivatives in a liability position.

Accounts Payable and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accounts Payable and Other Current Liabilities

Accounts payable and other current liabilities consisted of:


	As of		As of
	September 30,		December 31,
	2025		2024
Short-term operating lease liabilities	$	656	$	628
Accounts payable	597		450
Accrued sales and use taxes	459		305
Accrued advertising and marketing	307		258
Public liability and property damage insurance liabilities – current	254		245
Deferred lease revenues - current	186		149
Accrued payroll and related	196		126
Accrued interest	124		180
Other	348		359
Accounts payable and other current liabilities	$	3,127	$	2,700

Financial Instruments

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Derivative Instruments and Hedging Activities

Currency Risk. We use currency exchange contracts to manage our exposure to changes in currency exchange rates associated with certain of our non-U.S.-dollar denominated receivables and forecasted royalties, forecasted earnings of non-U.S. subsidiaries and forecasted non-U.S. dollar denominated acquisitions. We primarily hedge a portion of our current-year currency exposure to the Australian, Canadian and New Zealand dollars, the euro and the British pound sterling. The majority of forward contracts do not qualify for hedge accounting treatment. The fluctuations in the value of these forward contracts do, however, largely offset the impact of changes in the value of the underlying risk they economically hedge. We have designated our euro-denominated notes as a hedge of our investment in euro-denominated foreign operations.

The estimated net amount of existing gains or losses we expect to reclassify from accumulated other comprehensive income (loss) to earnings for cash flow and net investment hedges over the next 12 months is not material.

Interest Rate Risk. We use various hedging strategies including interest rate swaps and interest rate caps to create what we deem an appropriate mix of fixed and floating rate assets and liabilities. We use interest rate swaps and interest rate caps to manage the risk related to our floating rate corporate debt and our floating rate vehicle-backed debt. We record the changes in the fair value of our cash flow hedges to other comprehensive income (loss), net of tax, and subsequently reclassify these amounts into earnings in the period during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. We record the gains or losses related to freestanding derivatives, which are not designated as a hedge for accounting purposes, currently in earnings and are presented in the same line of the income statement expected for the hedged item. We estimate that approximately $16 million of gain currently recorded in accumulated other comprehensive income (loss) will be recognized in earnings over the next 12 months.

Commodity Risk. We periodically enter into derivative commodity contracts to manage our exposure to changes in the price of fuel. These instruments were designated as freestanding derivatives and the changes in fair value are recorded in earnings and are presented in the same line of the income statement expected for the hedged item.

We held derivative instruments with absolute notional values as follows:


	As of September 30, 2025
Foreign exchange contracts	$	1,694
Interest rate caps (a)	11,343
Interest rate swaps	750

__________

Estimated fair values (Level 2) of derivative instruments are as follows:


	As of September 30, 2025				As of December 31, 2024
	Fair Value, Asset Derivatives		Fair Value, Liability Derivatives		Fair Value, Asset Derivatives		Fair Value, Liability Derivatives
Derivatives designated as hedging instruments
Interest rate swaps (a)	$	22	$	—	$	41	$	—
Derivatives not designated as hedging instruments
Foreign exchange contracts (b)	2		4		5		10
Interest rate caps (c)	—		—		3		12

Total	$	24	$	4	$	49	$	22

__________

(a)Included within other non-current assets or other non-current liabilities.

(b)Included within other current assets or other current liabilities.

(c)Included within assets under vehicle programs or liabilities under vehicle programs.

The effects of financial instruments recognized in our Condensed Consolidated Financial Statements are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Financial instruments designated as hedging instruments (a)
Interest rate swaps (b)	$	(3)	$	(16)	$	(14)	$	(12)
Euro-denominated notes (c)	5		(37)		(123)		(14)
Financial instruments not designated as hedging instruments (d)
Foreign exchange contracts (e)	(3)		(15)		23		(34)


Total	$	(1)	$	(68)	$	(114)	$	(60)

__________

(a)Recognized, net of tax, as a component of accumulated other comprehensive income (loss) within stockholders’ equity.

(c)Classified as a net investment hedge within currency translation adjustment in accumulated other comprehensive income (loss).

(d)Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged.

(e)Primarily included within interest expense.

Debt Instruments

The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows:


	As of September 30, 2025				As of December 31, 2024
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Corporate debt
Short-term debt and current portion of long-term debt	$	38	$	38	$	20	$	20
Long-term debt	6,020		6,181		5,373		5,452

Debt under vehicle programs
Vehicle-backed debt due to Avis Budget Rental Car Funding	$	14,894	$	15,134	$	14,083	$	14,154
Vehicle-backed debt	4,368		4,397		3,441		3,469
Interest rate swaps and interest rate caps (a)	—		—		12		12

__________

(a)Derivatives in a liability position.

Debt Under Vehicle Programs and Borrowing Arrangements (Schedule of Available Funding Under the Vehicle Programs) (Details) $ in Millions	Sep. 30, 2025 USD ($)
Debt Instrument [Line Items]
Total Capacity	$ 21,270
Outstanding Borrowings	19,336
Available Capacity	1,934
Americas - Debt due to Avis Budget Rental Car Funding \| Affiliated Entity
Debt Instrument [Line Items]
Total Capacity	16,187
Outstanding Borrowings	14,952
Available Capacity	1,235
Americas - Debt due to Avis Budget Rental Car Funding \| Affiliated Entity \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	15,900
Americas - Debt borrowings
Debt Instrument [Line Items]
Total Capacity	1,561
Outstanding Borrowings	1,276
Available Capacity	285
Americas - Debt borrowings \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	1,700
International - Debt borrowings
Debt Instrument [Line Items]
Total Capacity	3,359
Outstanding Borrowings	2,967
Available Capacity	392
International - Debt borrowings \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	3,800
International - Finance leases
Debt Instrument [Line Items]
Total Capacity	163
Outstanding Borrowings	141
Available Capacity	22
International - Finance leases \| Secured Debt
Debt Instrument [Line Items]
Outstanding Borrowings	$ 200

Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2025

Assets, Current [Abstract]

Schedule of Other Current Assets

Other current assets consisted of:


	As of		As of
	September 30,		December 31,
	2025		2024
Sales and use taxes	$	345	$	187
Prepaid expenses (a)	183		162
Prepaid vehicle license and registration (a)	113		77
Other	171		236
Other current assets	$	812	$	662

__________

Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense relating to all intangible assets	$ 6	$ 7	$ 17	$ 22
Amortization expense for remainder of the year	5		5
Intangible assets amortization expense, year one	22		22
Intangible assets amortization expense, year two	16		16
Intangible assets amortization expense, year three	11		11
Intangible assets amortization expense, year four	8		8
Intangible assets amortization expense, year five	$ 8		$ 8

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

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-Name Accounting Standards Codification
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-Publisher FASB
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+ Details

Stockholders' Equity (Schedule of Components of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Equity [Abstract]
Net income (loss)	$ 360	$ 238	$ (139)	$ 140
Less: Net income attributable to non-controlling interests	1	1	3	3
Net income (loss) attributable to Avis Budget Group, Inc.	359	237	(142)	137
Other comprehensive income (loss), net of tax
Currency translation adjustments, net of tax of [$(14)], $(3), [$0] and $(8), respectively	(16)	38	68	(7)
Net unrealized gain (loss) on cash flow hedges, net of tax of $1, $5, $5 and $4, respectively	(3)	(16)	(14)	(12)
Minimum pension liability adjustment, net of tax of $(1), $(1), $(1) and $(1), respectively	1	1	3	3
Net current-period other comprehensive income (loss)	(18)	23	57	(16)
Total comprehensive income (loss) attributable to Avis Budget Group, Inc.	341	260	(85)	121
Currency translation adjustments, tax	(1)	13	43	5
Net unrealized gain (loss) on cash flow hedges, tax	1	5	5	4
Minimum pension liability adjustment, tax	$ (1)	$ (1)	$ (1)	$ (1)

Restructuring and Other Related Charges (Schedule of Changes to Restructuring-Related Liabilities) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period			$ 17
Restructuring and other related charges	$ 13	$ 6	94	$ 23
Balance at the end of the period	30		30
Americas
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period			9
Balance at the end of the period	1		1
International
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period			8
Balance at the end of the period	29		29
Personnel Related
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period			10
Balance at the end of the period	22		22
Facility Related
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period			0
Balance at the end of the period	6		6
Other
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period			7
Balance at the end of the period	$ 2		2
Global Rightsizing
Restructuring Reserve [Roll Forward]
Restructuring and other related charges			83
Restructuring payments and utilization			(69)
Global Rightsizing \| Americas
Restructuring Reserve [Roll Forward]
Restructuring and other related charges			12
Restructuring payments and utilization			(19)
Global Rightsizing \| International
Restructuring Reserve [Roll Forward]
Restructuring and other related charges			71
Restructuring payments and utilization			(50)
Global Rightsizing \| Personnel Related
Restructuring Reserve [Roll Forward]
Restructuring and other related charges			46
Restructuring payments and utilization			(33)
Global Rightsizing \| Facility Related
Restructuring Reserve [Roll Forward]
Restructuring and other related charges			8
Restructuring payments and utilization			(2)
Global Rightsizing \| Other
Restructuring Reserve [Roll Forward]
Restructuring and other related charges			29
Restructuring payments and utilization			(34)
Cost Optimization
Restructuring Reserve [Roll Forward]
Restructuring payments and utilization			(1)
Cost Optimization \| Americas
Restructuring Reserve [Roll Forward]
Restructuring payments and utilization			(1)
Cost Optimization \| International
Restructuring Reserve [Roll Forward]
Restructuring payments and utilization			0
Cost Optimization \| Personnel Related
Restructuring Reserve [Roll Forward]
Restructuring payments and utilization			(1)
Cost Optimization \| Facility Related
Restructuring Reserve [Roll Forward]
Restructuring payments and utilization			0
Cost Optimization \| Other
Restructuring Reserve [Roll Forward]
Restructuring payments and utilization			$ 0

Leases (Schedule of Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash payments for lease liabilities within operating activities:
Property operating leases	$ 718	$ 710
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases	$ 825	$ 945

Long-term Corporate Debt and Borrowing Arrangements (Narrative) (Details) - USD ($)	1 Months Ended	9 Months Ended
	Jul. 30, 2025	Sep. 30, 2025	May 31, 2025	Feb. 28, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Line of credit balance		$ 21,270,000,000
Available capacity		1,934,000,000
Line of Credit \| SBLC Facility
Debt Instrument [Line Items]
Line of credit balance		467,000,000
Letters of credit issued		467,000,000
Floating Rate Term Loan December 2025 \| Loans Payable
Debt Instrument [Line Items]
Long-term debt				$ 500,000,000
8.375% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Long-term debt		$ 600,000,000			$ 0
Debt issued			$ 600,000,000
Debt instrument stated interest percentage		8.375%
5.750% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Long-term debt		$ 644,000,000			740,000,000
Debt instrument stated interest percentage		5.75%
Debt repurchased		$ 100,000,000
Floating Rate Term Loan \| Loans Payable
Debt Instrument [Line Items]
Long-term debt		$ 1,134,000,000			$ 1,153,000,000
Basis points	2.50%	2.50%

Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of:


	As of September 30, 2025						As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
License agreements	$	309	$	253	$	56	$	306	$	244	$	62
Customer relationships	262		243		19		244		221		23
Other	59		54		5		52		47		5
Total	$	630	$	550	$	80	$	602	$	512	$	90
Unamortized Intangible Assets
Goodwill	$	1,127					$	1,071
Trademarks	$	514					$	511

For the three months ended September 30, 2025 and 2024, amortization expense related to amortizable intangible assets was approximately $6 million and $7 million, respectively. For the nine months ended September 30, 2025 and 2024, amortization expense related to amortizable intangible assets was approximately $17 million and $22 million, respectively.

Based on our amortizable intangible assets as of September 30, 2025, we expect amortization expense of approximately $5 million for the remainder of 2025, $22 million for 2026, $16 million for 2027, $11 million for 2028, $8 million for 2029 and $8 million for 2030, excluding effects of currency exchange rates.

Long-term Corporate Debt and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt and other borrowing arrangements consisted of:


		As of		As of
	Maturity	September 30,		December 31,
	Date	2025		2024
5.750% Senior Notes	July 2027	644		740
4.750% Senior Notes	April 2028	500		500
7.000% euro-denominated Senior Notes	February 2029	704		621
5.375% Senior Notes	March 2029	600		600
8.250% Senior Notes	January 2030	700		700
7.250% euro-denominated Senior Notes	July 2030	704		622
8.000% Senior Notes	February 2031	498		497
8.375% Senior Notes	June 2032	600		—
Floating Rate Term Loan (a)	July 2032	1,134		1,153
Other (b)		34		20
Deferred financing fees		(60)		(60)
Total		6,058		5,393
Less: Short-term debt and current portion of long-term debt		38		20
Long-term debt		$	6,020	$	5,373

__________

(b)Primarily includes finance leases, which are secured by liens on the related assets.

The following table provides a summary of debt issued by Avis Budget Rental Car Funding during the nine months ended September 30, 2025:


Issuance Date	Maturity Date	Weighted Average Interest Rate		Amount Issued
January 2025	August 2027	7.31	%	$	41
January 2025	April 2028	7.59	%	75
January 2025	June 2028	7.31	%	75
January 2025	December 2028	7.37	%	72
January 2025	February 2029	7.52	%	95
May 2025	August 2028	4.94	%	250
May 2025	August 2030	5.26	%	400
September 2025	February 2029	4.27	%	250
September 2025	February 2031	4.52	%	450
		5.33	%	$	1,708

Schedule of Committed Credit Facilities

As of September 30, 2025, the committed corporate credit facilities available to us and/or our subsidiaries were as follows:


	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Senior revolving credit facility maturing 2028 (a)	$	2,000	$	—	$	1,571	$	429

__________


	Total Capacity (a)		Outstanding Borrowings (b)		Available Capacity
Americas - Debt due to Avis Budget Rental Car Funding	$	16,187	$	14,952	$	1,235
Americas - Debt borrowings	1,561		1,276		285
International - Debt borrowings	3,359		2,967		392
International - Finance leases	163		141		22

Total	$	21,270	$	19,336	$	1,934

__________

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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-Paragraph 1
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+ Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Oct. 22, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-10308
Entity Registrant Name	AVIS BUDGET GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-0918165
Entity Address, Address Line One	379 Interpace Parkway
Entity Address, City or Town	Parsippany
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07054
City Area Code	973
Local Phone Number	496-4700
Title of 12(b) Security	Common Stock, Par Value $0.01
Trading Symbol	CAR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		35,196,992
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000723612
Current Fiscal Year End Date	--12-31

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Financial Instruments (Schedule of Effects of Derivatives Recognized) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	$ (1)	$ (68)	$ (114)	$ (60)
Interest rate swaps \| Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	(3)	(16)	(14)	(12)
Euro-denominated notes \| Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	5	(37)	(123)	(14)
Foreign exchange contracts \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss) recognized in OCI	$ (3)	$ (15)	$ 23	$ (34)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share (“EPS”) (shares in millions):


		Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024
Net income (loss) attributable to Avis Budget Group, Inc. for basic and diluted EPS		$	359	$	237	$	(142)	$	137

Basic weighted average shares outstanding		35.2		35.5		35.2		35.6
Non-vested stock (a)		0.3		0.2		—		0.2
Diluted weighted average shares outstanding (b)		35.5		35.7		35.2		35.8

Earnings (loss) per share
	Basic	$	10.22	$	6.67	$	(4.02)	$	3.86
	Diluted (c)	$	10.11	$	6.65	$	(4.02)	$	3.84

__________

(c)Diluted earnings (loss) per share was computed using the treasury stock method for non-vested stock.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

We recorded stock-based compensation expense of $4 million ($3 million, net of tax) and $1 million ($1 million, net of tax) during the three months ended September 30, 2025 and 2024, respectively. We recorded stock-based compensation expense of $16 million ($12 million, net of tax) and $14 million ($11 million, net of tax) during the nine months ended September 30, 2025 and 2024, respectively.

As part of our declaration and payment of a special cash dividend in December 2023, we granted additional restricted stock units (“RSUs”) to our award holders with unvested shares as a dividend equivalent, which has been deferred until, and will not be paid unless, the shares of stock underlying the award vest.

The activity related to stock units consisted of (in thousands of shares):


	Number of Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Time-based RSUs
Outstanding as of January 1, 2025	306	$	143.25
Granted (a)	286	65.23
Vested (b)	(77)	154.79
Forfeited	(40)	108.88
Outstanding and expected to vest as of September 30, 2025 (c)	475	$	97.36	1.2	$	76
Performance-based RSUs
Outstanding as of January 1, 2025	315	$	159.62
Granted (a)	433	64.10
Vested (b)	(63)	192.76
Forfeited	(128)	132.20
Outstanding as of September 30, 2025	557	$	87.91	1.6	$	89
Outstanding and expected to vest as of September 30, 2025 (c)	192	$	67.97	1.6	$	31

__________

(b)The total fair value of time- and performance-based RSUs vested during the nine months ended September 30, 2025 and 2024 was $24 million and $32 million, respectively.

(c)Aggregate unrecognized compensation expense related to time- and performance-based RSUs amounted to $35 million and will be recognized over a weighted average vesting period of 1.3 years.

Debt Under Vehicle Programs and Borrowing Arrangements (Schedule of Debt Under Vehicle Programs) (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Debt under vehicle programs	$ 19,262	$ 17,536
Deferred financing fees related to debt	60	60
Americas - Debt due to Avis Budget Rental Car Funding
Debt Instrument [Line Items]
Debt under vehicle programs	14,952	14,143
Debt Due To Rental Car Funding, Class R Notes
Debt Instrument [Line Items]
Debt under vehicle programs	814	751
Americas - Debt borrowings
Debt Instrument [Line Items]
Debt under vehicle programs	1,276	1,160
International - Debt borrowings
Debt Instrument [Line Items]
Debt under vehicle programs	2,967	2,159
International - Finance leases
Debt Instrument [Line Items]
Debt under vehicle programs	141	143
Other
Debt Instrument [Line Items]
Debt under vehicle programs	0	8
Deferred financing fees
Debt Instrument [Line Items]
Deferred financing fees	(74)	(77)
Avis Budget Rental Car Funding \| Deferred financing fees
Debt Instrument [Line Items]
Deferred financing fees related to debt	$ 58	$ 60

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock (in usd per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	10	10
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common stock (in usd per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	250	250
Common stock issued (in shares)	137	137
Treasury stock (in shares)	102	102

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 4	$ 1	$ 16	$ 14
Stock-based compensation expense (net of tax)	$ 3	$ 1	$ 12	$ 11

Stock-Based Compensation (Schedule of Stock Based Compensation Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Number of Shares
Ending balance (in shares)	475
Weighted Average Grant Date Fair Value
Cost not yet recognized	$ 35
Period for recognition	1 year 3 months 18 days
Time-based RSUs
Number of Shares
Beginning balance (in shares)	306
Granted (in shares)	286
Vested (in shares)	(77)
Forfeited (in shares)	(40)
Outstanding and expected to vest (in shares)	475
Weighted Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 143.25
Granted (in usd per share)	65.23
Vested (in usd per share)	154.79
Forfeited (in usd per share)	108.88
Ending balance (in usd per share)	97.36
Outstanding and expected to vest (in usd per share)	$ 97.36
Outstanding and expected to vest, weighted average remaining contractual term (in years)	1 year 2 months 12 days
Aggregate intrinsic value, outstanding and expected to vest	$ 76
Fair value vested in period	$ 24	$ 32
Performance-based RSUs
Number of Shares
Beginning balance (in shares)	315
Granted (in shares)	433
Vested (in shares)	(63)
Forfeited (in shares)	(128)
Ending balance (in shares)	557
Outstanding and expected to vest (in shares)	192
Weighted Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 159.62
Granted (in usd per share)	64.10
Vested (in usd per share)	192.76
Forfeited (in usd per share)	132.20
Ending balance (in usd per share)	87.91
Outstanding and expected to vest (in usd per share)	$ 67.97
Outstanding and expected to vest, weighted average remaining contractual term (in years)	1 year 7 months 6 days
Outstanding, weighted average remaining contractual terms (in years)	1 year 7 months 6 days
Aggregate intrinsic value, outstanding and expected to vest	$ 31
Aggregate intrinsic value outstanding	$ 89
Time -Based RSU
Weighted Average Grant Date Fair Value
Granted (in usd per share)		$ 111.39
Performance-Based RSU
Weighted Average Grant Date Fair Value
Granted (in usd per share)		$ 112.44

Accounts Payable and Other Current Liabilities

9 Months Ended

Sep. 30, 2025

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accounts Payable and Other Current Liabilities

Accounts payable and other current liabilities consisted of:


	As of		As of
	September 30,		December 31,
	2025		2024
Short-term operating lease liabilities	$	656	$	628
Accounts payable	597		450
Accrued sales and use taxes	459		305
Accrued advertising and marketing	307		258
Public liability and property damage insurance liabilities – current	254		245
Deferred lease revenues - current	186		149
Accrued payroll and related	196		126
Accrued interest	124		180
Other	348		359
Accounts payable and other current liabilities	$	3,127	$	2,700

Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Debt Instrument [Line Items]
Investments		$ 122		$ 122		$ 100
Equity method investment		$ 9	$ 7	14	$ 13
Dividend from equity method investment	$ 7
Contributions from non-controlling interests				$ 12	0
Avis Budget Group, Inc.
Debt Instrument [Line Items]
Ownership interest		17.00%		17.00%
Royalty fee
Debt Instrument [Line Items]
Revenue		$ 61	$ 88	$ 156	$ 184

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Restructuring and Other Related Charges (Tables)

9 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

Schedule of Changes to Restructuring-Related Liabilities

The following tables summarize the changes to our restructuring-related liabilities and identify the amounts recorded within our reportable segments for restructuring charges and corresponding payments and utilizations:


	Personnel Related		Facility Related		Other		Total
Balance as of January 1, 2025	$	10	$	—	$	7	$	17

Restructuring expense:
Global Rightsizing (a)	46		8		29		83




Restructuring payment/utilization:
Global Rightsizing (a)	(33)		(2)		(34)		(69)
Cost Optimization	(1)		—		—		(1)



Balance as of September 30, 2025	$	22	$	6	$	2	$	30

__________

(a)Other includes the disposition of vehicles.


	Americas		International		Total
Balance as of January 1, 2025	$	9	$	8	$	17

Restructuring expense:
Global Rightsizing	12		71		83




Restructuring payment/utilization:
Global Rightsizing	(19)		(50)		(69)
Cost Optimization	(1)		—		(1)



Balance as of September 30, 2025	$	1	$	29	$	30

Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt

Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of:


	As of		As of
	September 30,		December 31,
	2025		2024
Americas - Debt due to Avis Budget Rental Car Funding (a)	$	14,952	$	14,143
Americas - Debt borrowings (b)	1,276		1,160
International - Debt borrowings	2,967		2,159
International - Finance leases	141		143
Other	—		8
Deferred financing fees (c)	(74)		(77)
Total	$	19,262	$	17,536

__________

(a)Includes approximately $814 million and $751 million of Class R notes as of September 30, 2025 and December 31, 2024, respectively, which are held by us.

(b)Includes our Repurchase Facilities.

(c)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of September 30, 2025 and December 31, 2024 were $58 million and $60 million, respectively.

Schedule of Debt Issued by AESOP

Long-term debt and other borrowing arrangements consisted of:


		As of		As of
	Maturity	September 30,		December 31,
	Date	2025		2024
5.750% Senior Notes	July 2027	644		740
4.750% Senior Notes	April 2028	500		500
7.000% euro-denominated Senior Notes	February 2029	704		621
5.375% Senior Notes	March 2029	600		600
8.250% Senior Notes	January 2030	700		700
7.250% euro-denominated Senior Notes	July 2030	704		622
8.000% Senior Notes	February 2031	498		497
8.375% Senior Notes	June 2032	600		—
Floating Rate Term Loan (a)	July 2032	1,134		1,153
Other (b)		34		20
Deferred financing fees		(60)		(60)
Total		6,058		5,393
Less: Short-term debt and current portion of long-term debt		38		20
Long-term debt		$	6,020	$	5,373

__________

(b)Primarily includes finance leases, which are secured by liens on the related assets.

The following table provides a summary of debt issued by Avis Budget Rental Car Funding during the nine months ended September 30, 2025:


Issuance Date	Maturity Date	Weighted Average Interest Rate		Amount Issued
January 2025	August 2027	7.31	%	$	41
January 2025	April 2028	7.59	%	75
January 2025	June 2028	7.31	%	75
January 2025	December 2028	7.37	%	72
January 2025	February 2029	7.52	%	95
May 2025	August 2028	4.94	%	250
May 2025	August 2030	5.26	%	400
September 2025	February 2029	4.27	%	250
September 2025	February 2031	4.52	%	450
		5.33	%	$	1,708

Schedule of Maturities of Long-term Debt

The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, as of September 30, 2025:


	Debt under Vehicle Programs (a)
Within 1 year (b)	$	4,018
Between 1 and 2 years (c)	8,169
Between 2 and 3 years (d)	2,911
Between 3 and 4 years	2,912
Between 4 and 5 years	962
Thereafter	364
Total	$	19,336

__________

(a) Vehicle-backed debt primarily represents asset-backed securities.

(b) Includes $0.6 billion of bank and bank-sponsored facilities. These short-term borrowings have a weighted average interest rate of 4.52% as of September 30, 2025.

(d) Includes $0.1 billion of bank and bank-sponsored facilities.

Schedule of Committed Credit Facilities

As of September 30, 2025, the committed corporate credit facilities available to us and/or our subsidiaries were as follows:


	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Senior revolving credit facility maturing 2028 (a)	$	2,000	$	—	$	1,571	$	429

__________


	Total Capacity (a)		Outstanding Borrowings (b)		Available Capacity
Americas - Debt due to Avis Budget Rental Car Funding	$	16,187	$	14,952	$	1,235
Americas - Debt borrowings	1,561		1,276		285
International - Debt borrowings	3,359		2,967		392
International - Finance leases	163		141		22

Total	$	21,270	$	19,336	$	1,934

__________

- Definition

+ References

+ Details

Financial Instruments (Schedule of Carrying Amounts and Estimated Fair Values) (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 6,020	$ 5,373
Carrying Amount \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt and current portion of long-term debt	38	20
Long-term debt	6,020	5,373
Carrying Amount \| Interest rate swaps and interest rate caps \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and interest rate caps	0	12
Carrying Amount \| Vehicle-backed debt due to Avis Budget Rental Car Funding \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	4,368	3,441
Carrying Amount \| Avis Budget Rental Car Funding \| Vehicle-backed debt due to Avis Budget Rental Car Funding \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	14,894	14,083
Estimated Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term debt and current portion of long-term debt	38	20
Long-term debt	6,181	5,452
Estimated Fair Value \| Interest rate swaps and interest rate caps \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps and interest rate caps	0	12
Estimated Fair Value \| Vehicle-backed debt due to Avis Budget Rental Car Funding \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	4,397	3,469
Estimated Fair Value \| Avis Budget Rental Car Funding \| Vehicle-backed debt due to Avis Budget Rental Car Funding \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vehicle-backed debt	$ 15,134	$ 14,154

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of:


	As of September 30, 2025						As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
License agreements	$	309	$	253	$	56	$	306	$	244	$	62
Customer relationships	262		243		19		244		221		23
Other	59		54		5		52		47		5
Total	$	630	$	550	$	80	$	602	$	512	$	90
Unamortized Intangible Assets
Goodwill	$	1,127					$	1,071
Trademarks	$	514					$	511

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	9 Months Ended
Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2025 USD ($)	Sep. 30, 2025 USD ($)
Schedule Of Commitments And Contingencies [Line Items]
Range of possible loss (up to)	$ 45	$ 45
Purchase obligation over the next twelve months	4,200	$ 4,200
Long-term purchase commitment, term		12 months
Purchase commitment period decrease		$ 2,100
Antitrust Litigation, No. 2:12-md-02311
Schedule Of Commitments And Contingencies [Line Items]
Net pro rata settlement distribution	$ 114

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Debt Under Vehicle Programs and Borrowing Arrangements (Narrative) (Details) $ in Millions	1 Months Ended	9 Months Ended
	Sep. 30, 2025 USD ($) agreement	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Number of repurchase agreements \| agreement	2
Debt under vehicle programs	$ 19,262	$ 19,262	$ 17,536
Repurchase Facility
Debt Instrument [Line Items]
Debt interest, tenor period		1 month
Debt under vehicle programs	112	$ 112
Interest rate		6.16%
Securities pledged as collateral	273	$ 273
Second Repurchase Facility
Debt Instrument [Line Items]
Debt under vehicle programs	$ 66	$ 66
Interest rate		5.10%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share [Abstract]
Net income (loss) attributable to Avis Budget Group, Inc. for basic and diluted EPS	$ 359	$ 237	$ (142)	$ 137
Basic weighted average shares outstanding (in shares)	35.2	35.5	35.2	35.6
Non-vested stock (in shares)	0.3	0.2	0.0	0.2
Diluted weighted average shares outstanding (in shares)	35.5	35.7	35.2	35.8
Earnings (loss) per share
Basic (in usd per share)	$ 10.22	$ 6.67	$ (4.02)	$ 3.86
Diluted (in usd per share)	$ 10.11	$ 6.65	$ (4.02)	$ 3.84
Non-vested stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0.0	0.2	0.2	0.2

Basis of Presentation (Schedule of Cash Activity) (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 564	$ 534	$ 602
Program cash	71	60	44
Restricted cash	4		3
Total cash and cash equivalents, program and restricted cash	$ 639	$ 597	$ 649	$ 644

Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

Our chief executive officer, who also serves as our chief operating decision-maker (“CODM,”) assesses performance and allocates resources based upon the separate financial information of our operating segments. We aggregate certain of our operating segments into our reportable segments. In identifying our reportable segments, we also consider the management structure of the organization, the nature of services provided by our operating segments, the geographical areas and economic characteristics in which the segments operate, and other relevant factors.

Our CODM evaluates the operating results of each of our reportable segments based upon revenues and Adjusted EBITDA, which we define as income (loss) from continuing operations before non-vehicle related depreciation and amortization; long-lived asset impairment and other related charges; other fleet charges; restructuring and other related charges; early extinguishment of debt costs; non-vehicle related interest; transaction-related costs, net; legal matters, net, which primarily includes amounts recorded in excess of $5 million, related to unprecedented self-insurance reserves for allocated loss adjustment expense, class action lawsuits and personal injury matters; non-operational charges related to shareholder activist activity, which includes third-party advisory, legal and other professional fees; COVID-19 charges, net; cloud computing costs; other (income) expense, net; severe weather-related damages in excess of $5 million, net of insurance proceeds; and income taxes. In the first quarter of 2025, we revised our definition of Adjusted EBITDA to exclude other fleet charges. We did not revise prior years' Adjusted EBITDA amounts because there were no other charges similar in nature to these.


	Three Months Ended September 30,
	2025						2024
	Americas		International		Total		Americas		International		Total
Revenues	$	2,621	$	898	$	3,519	$	2,640	$	840	$	3,480

Significant segment expenses:
Operating (a)	1,234		374				1,210		348
Vehicle depreciation and lease charges, net	508		170				613		193
Selling, general and administrative	269		128				236		116
Vehicle interest, net	212		36				197		44
Reportable segment Adjusted EBITDA	$	398	$	190	$	588	$	384	$	139	$	523

Reconciliation of reportable segment Adjusted EBITDA to income before income taxes:
					2025						2024
Reportable segment Adjusted EBITDA					$	588					$	523
Non-vehicle related depreciation and amortization					57						58
Interest expense related to corporate debt, net:
Interest expense					4						3



Restructuring and other related charges					9						6

Other (income) expense, net					2						3
Other segment expenses (b)					(110)						1
Corporate and other (c)					153						123
Income before income taxes					$	473					$	329

__________

(a)Excludes other segment expenses.


	Nine Months Ended September 30,
	2025						2024
	Americas		International		Total		Americas		International		Total
Revenues	$	6,860	$	2,128	$	8,988	$	6,994	$	2,085	$	9,079

Significant segment expenses:
Operating (a)	3,467		977				3,449		957
Vehicle depreciation and lease charges, net (b)	1,525		454				1,659		516
Selling, general and administrative	733		325				665		323
Vehicle interest, net	584		103				607		117
Reportable segment Adjusted EBITDA	$	551	$	269	$	820	$	614	$	172	$	786

Reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes:
					2025						2024
Reportable segment Adjusted EBITDA					$	820					$	786
Non-vehicle related depreciation and amortization					172						176
Interest expense related to corporate debt, net:
Interest expense					10						5


Other fleet charges					390						—
Restructuring and other related charges					82						23
Transaction-related costs, net					—						2
Other (income) expense, net					13						6
Other segment expenses (c)					(97)						10
Corporate and other (d)					439						350
Income (loss) before income taxes					$	(189)					$	214

__________

(a)Excludes other segment expenses.

Provided below is information about our segment assets.


	Americas		International		Unallocated Assets (a)		Total
Nine Months Ended September 30, 2025
Property and equipment additions	$	44	$	23	$	69	$	136
As of September 30, 2025
Assets exclusive of assets under vehicle programs	7,394		3,066		320		10,780
Assets under vehicle programs	17,504		4,234		—		21,738
Net long-lived assets	1,438		793		200		2,431

Year Ended December 31, 2024
Property and equipment additions	$	109	$	40	$	53	$	202
As of December 31, 2024
Assets exclusive of assets under vehicle programs	6,785		2,539		344		9,668
Assets under vehicle programs	16,058		3,315		—		19,373
Net long-lived assets	1,474		733		162		2,369

__________

(a)Includes unallocated corporate assets which are not attributable to a particular reportable segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt Under Vehicle Programs and Borrowing Arrangements (Schedule of Debt Issued by AESOP) (Details) $ in Millions	Sep. 30, 2025 USD ($)
Debt Instrument [Line Items]
Weighted Average Interest Rate	5.33%
Amount Issued	$ 1,708
Avis Budget Rental Car Funding Program August 2027
Debt Instrument [Line Items]
Weighted Average Interest Rate	7.31%
Amount Issued	$ 41
Avis Budget Rental Car Funding Program April 2028
Debt Instrument [Line Items]
Weighted Average Interest Rate	7.59%
Amount Issued	$ 75
Avis Budget Rental Car Funding Program June 2028
Debt Instrument [Line Items]
Weighted Average Interest Rate	7.31%
Amount Issued	$ 75
Avis Budget Rental Car Funding Program December 2028
Debt Instrument [Line Items]
Weighted Average Interest Rate	7.37%
Amount Issued	$ 72
Avis Budget Rental Car Funding Program February 2029
Debt Instrument [Line Items]
Weighted Average Interest Rate	7.52%
Amount Issued	$ 95
Avis Budget Rental Car Funding Program August 2028
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.94%
Amount Issued	$ 250
Avis Budget Rental Car Funding Program August 2030
Debt Instrument [Line Items]
Weighted Average Interest Rate	5.26%
Amount Issued	$ 400
Avis Budget Rental Car Funding Program February 2029
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.27%
Amount Issued	$ 250
Avis Budget Rental Car Funding Program February 2031
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.52%
Amount Issued	$ 450

Restructuring and Other Related Charges

9 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Other Related Charges

In 2024, we initiated a global restructuring plan to further right size our operations (“Global Rightsizing”). The costs associated with this initiative are primarily related to the operational scaling of processes, locations, and lines of business. We expect further restructuring expense of approximately $7 million related to this initiative to be incurred this year.

In 2022, we initiated a restructuring plan to focus on consolidating our global operations by designing new processes and implementing new systems (“Cost Optimization”). This initiative is complete.


	Personnel Related		Facility Related		Other		Total
Balance as of January 1, 2025	$	10	$	—	$	7	$	17

Restructuring expense:
Global Rightsizing (a)	46		8		29		83




Restructuring payment/utilization:
Global Rightsizing (a)	(33)		(2)		(34)		(69)
Cost Optimization	(1)		—		—		(1)



Balance as of September 30, 2025	$	22	$	6	$	2	$	30

__________

(a)Other includes the disposition of vehicles.


	Americas		International		Total
Balance as of January 1, 2025	$	9	$	8	$	17

Restructuring expense:
Global Rightsizing	12		71		83




Restructuring payment/utilization:
Global Rightsizing	(19)		(50)		(69)
Cost Optimization	(1)		—		(1)



Balance as of September 30, 2025	$	1	$	29	$	30

Other Related Charges

Officer Separation Costs

In February 2025, we announced that Joseph A. Ferraro, President and Chief Executive Officer, would transition to a Board Advisor role effective June 30, 2025. In connection with Mr. Ferraro’s departure, we recorded other related charges of approximately $3 million and $11 million for the three and nine months ended September 30, 2025, respectively, and expect further expense of approximately $3 million to be incurred this year.

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying unaudited Condensed Consolidated Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries, as well as entities in which Avis Budget Group, Inc. directly or indirectly has a controlling financial interest (collectively, “we,” “our,” “us,” or the “Company”), and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting. We operate the following reportable business segments: •Americas - consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly. •International - consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly. The operating results of acquired businesses are included in the accompanying Condensed Consolidated Financial Statements from the dates of acquisition. We consolidate joint venture activities when we have a controlling interest and record non-controlling interests within stockholders’ equity and the statement of comprehensive income equal to the percentage of ownership interest retained in such entities by the respective non-controlling party. On September 30, 2025, we received a contribution of $12 million from a non-controlling interest party in exchange for approximately 17% in a new joint venture which is consolidated by the Company. In presenting the Condensed Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Condensed Consolidated Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with our 2024 Annual Report on Form 10-K (the “2024 Form 10-K”).
Consolidation	Basis of Presentation Avis Budget Group, Inc. provides mobility solutions to businesses and consumers worldwide. The accompanying unaudited Condensed Consolidated Financial Statements include the accounts and transactions of Avis Budget Group, Inc. and its subsidiaries, as well as entities in which Avis Budget Group, Inc. directly or indirectly has a controlling financial interest (collectively, “we,” “our,” “us,” or the “Company”), and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting. We operate the following reportable business segments: •Americas - consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly. •International - consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in which we do not operate directly. The operating results of acquired businesses are included in the accompanying Condensed Consolidated Financial Statements from the dates of acquisition. We consolidate joint venture activities when we have a controlling interest and record non-controlling interests within stockholders’ equity and the statement of comprehensive income equal to the percentage of ownership interest retained in such entities by the respective non-controlling party. On September 30, 2025, we received a contribution of $12 million from a non-controlling interest party in exchange for approximately 17% in a new joint venture which is consolidated by the Company. In presenting the Condensed Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Condensed Consolidated Financial Statements contain all adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with our 2024 Annual Report on Form 10-K (the “2024 Form 10-K”).
Vehicle Programs	Vehicle Programs. We present separately the financial data of our vehicle programs. These programs are distinct from our other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets. The income generated by these assets is used, in part, to repay the principal and interest associated with the debt. Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of our vehicle programs. We believe it is appropriate to segregate the financial data of our vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets.
Transaction-related costs, net	Transaction-related costs, net. Transaction-related costs, net are classified separately in the Condensed Consolidated Statements of Comprehensive Income. These costs are comprised of expenses primarily related to acquisition-related activities such as due diligence and other advisory costs, expenses related to the integration of the acquiree’s operations with our own operations, including the implementation of best practices and process improvements, non-cash gains and losses related to re-acquired rights, expenses related to pre-acquisition contingencies and contingent consideration related to acquisitions.
Currency Transactions	Currency Transactions. We record the gain or loss on foreign currency transactions on certain intercompany loans and the gain or loss on intercompany loan hedges within interest expense related to corporate debt, net.
Variable Interest Entity (“VIE”)	Variable Interest Entity (“VIE”). We review our investments to determine if they are VIEs. A VIE is an entity in which either (i) the equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. Entities that are determined to be VIEs are consolidated if we are the primary beneficiary of the entity. The primary beneficiary possesses the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to it. We will reconsider our original assessment of a VIE upon the occurrence of certain events such as contributions and redemptions, either by us, or third parties, or amendments to an entity’s governing documents. On an ongoing basis, we reconsider whether we are deemed to be a VIE’s primary beneficiary.
Investments	Investments.Earnings from our equity method investments are included within operating expenses.
Revenues	Revenues. Revenues are recognized under Leases (Topic 842), with the exception of royalty fee revenue derived from our licensees and revenue related to our customer loyalty program,
Reclassification	Reclassification We reclassified certain items within operating activities on the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 to conform to the current year presentation. These reclassifications had no impact on reported net cash provided by operating activities.
Adoption of New Accounting Pronouncements and Recently Issued Accounting Pronouncements	Adoption of New Accounting Pronouncements Improvements to Reportable Segment Disclosures On January 1, 2024, as the result of a new accounting pronouncement, we adopted ASU 2023-07, “Improvements to Reportable Segment Disclosures,” which amends Topic 280 primarily through enhanced disclosures about significant segment expenses. The update was effective in our Consolidated Financial Statements for the year ended December 31, 2024, and became effective on an interim basis beginning on January 1, 2025. The adoption of this accounting pronouncement has resulted in incremental disclosures within Note 17 – Segment Information. Recently Issued Accounting Pronouncements Improvements to Income Tax Disclosures On January 1, 2025, as the result of a new accounting pronouncement, we adopted ASU 2023-09, “Improvements to Income Tax Disclosures,” which amends Topic 740 primarily through enhanced income tax disclosures, improving transparency into the factors affecting income tax expense. We expect to include certain additional income tax disclosures in the notes to our Consolidated Financial Statements for the year ended December 31, 2025. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses,” which amends Topic 220 primarily through requiring disclosures in the notes to financial statements about certain costs and expenses. The amendments are effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted on a prospective or retrospective basis. ASU 2024-03 becomes effective for us on January 1, 2027. We are currently evaluating the impact of the adoption of this accounting pronouncement. Targeted Improvements to the Accounting for Internal-Use Software In September 2025, the FASB issued ASU 2025-06, “Targeted Improvements to the Accounting for Internal-Use Software,” which amends Topic 350 primarily to modernize the accounting for software costs. The amendments are effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted as of the beginning of an annual period. A prospective, modified or retrospective transition approach is permitted. ASU 2025-06 becomes effective for us on an interim basis beginning on January 1, 2028. We are currently evaluating the impact of the adoption of this accounting pronouncement.
Lessee	Lessee We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.

Stockholders' Equity (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2013
Equity [Abstract]
Stock repurchase program, authorized amount (up to)				$ 8,100
Number of shares purchased (in shares)		0.0	0.1
Treasury stock value acquired	$ 8		$ 8
Remaining authorized repurchase amount		$ 757

Financial Instruments (Narrative) (Details) $ in Millions	9 Months Ended
Financial Instruments (Narrative) (Details) $ in Millions	Sep. 30, 2025 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash flow hedge gain to be reclassified within twelve months	$ 16