Avis Budget Group
Operates rental, truck-rental, and car-sharing brands through a direct and licensee network.
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Profile
Operates Avis and Budget vehicle-rental brands, Budget Truck, and Zipcar car sharing. Most North American, European, and Australasian locations are operated directly, while licensees serve other regions.
Operates Avis and Budget vehicle-rental brands, Budget Truck, and Zipcar car sharing. The rental network combines airport heritage with personalized end-to-end rental experiences and transportation solutions.
Most locations in North America, Europe, and Australasia are operated directly; licensees principally serve other regions. The current listed issuer emerged when Cendant was renamed Avis Budget Group and CAR began trading in 2006, while Avis and Budget trace their brand lineages to 1946 and 1958. Avis Europe's acquisition reunified Avis and Budget globally, and Zipcar expanded the company into car sharing. Global operation depends on the mix of corporate-operated locations and licensee networks.
Company facts
Categories
Key statistics
Year to date +7.7% · Average volume (30d) 424.0K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 24, 2026 | Goldman Sachs | Reiterate | Sell | $85 | $95 | |
| Jun 8, 2026 | Barclays | Upgrade | Underweight | Equal Weight | $140 | $160 |
| May 20, 2026 | Morgan Stanley | Reiterate | Equal Weight | $142 | $99 | |
| May 8, 2026 | Susquehanna | Reiterate | Neutral | $130 | $140 | |
| May 5, 2026 | Barclays | Reiterate | Underweight | $120 | $140 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | $2.05 | $0.98 | −52.2% | $3.10B | $3.00B | −3.2% | −6.90% |
| Apr 29, 2026Q1 FY26 | −$6.82 | −$8.01 | −17.4% | $2.43B | $2.53B | +4.2% | −0.26% |
| Feb 18, 2026Q4 FY25 | −$0.29 | −$6.53 | −2,151.7% | $2.74B | $2.66B | −2.7% | −21.54% |
| Oct 27, 2025Q3 FY25 | $8.11 | $10.11 | +24.7% | $2.75B | $3.52B | +27.9% | −6.06% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.43B | $3.04B | $3.52B | $2.66B | $2.53B | $3.00B | |
| Gross profit | $340.0M | $809.0M | $1.27B | $513.0M | $412.0M | $1.53B | |
| Operating income | $5.0M | $392.0M | $708.0M | $168.0M | $48.0M | $1.09B | |
| Net income | −$505.0M | $4.0M | $359.0M | −$747.0M | −$283.0M | $35.0M | |
| Diluted EPS | −$14.35 | $0.11 | $10.11 | −$21.22 | −$8.02 | $1.01 | |
| Gross margin | 14.0% | 26.6% | 36.2% | 19.3% | 16.3% | 51.1% | |
| Operating margin | 0.2% | 12.9% | 20.1% | 6.3% | 1.9% | 36.3% |
Fiscal years (4-quarter sums)FY21 $9.31B · FY22 $11.99B · FY23 $12.01B · FY24 $11.79B · FY25 $11.65B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $558.0M · Total debt $29.13B · Total assets $32.33B · Shareholders' equity −$3.39B
Dividends
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Dec 14, 2023 | Dec 15 | Dec 21 | $10.00 | special dividend |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 35.33M · Float 34.76M · 98.4% free float
A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| SRS Investment Management, LLC | 17.43M | 49.34% | 13F | Aug 14, 2026 |
| UBS Group AG | 2.54M | 7.18% | 13F | Aug 13, 2026 |
| Pentwater Capital Management LP | 2.51M | 7.11% | 13F | Aug 14, 2026 |
| Morgan Stanley | 2.03M | 5.75% | 13F | Aug 13, 2026 |
| HSBC Holdings PLC | 1.68M | 4.75% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 7, 2026 | Ravi Simhambhatla | officer: EVP, CDIO - see remarks | −4,702 | $138.79 |
| Apr 30, 2026 | Edward P. Linnen | officer: EVP, Chief HR Officer | −9,483 | $182.32 |
| Apr 30, 2026 | Ravi Simhambhatla | officer: EVP, CDIO - see remarks | −3,469 | $184.09 |
| Apr 23, 2026 | Pentwater Capital Management LP | 10 percent owner | −2,694,239 | $272.14 |
| Apr 22, 2026 | Pentwater Capital Management LP | 10 percent owner | −1,647,000 | $618.99 |
Peers
- Hertz
Global airport and off-airport vehicle rental rival
- U-Haul
Self-moving truck and equipment-rental competitor
