Avis Budget Group

CAR · Nasdaq · Industrials · Financials, fiscal 2016 to 2025

CAR · Last close · October 26, 2026

$101.86

Avis Budget Group's revenue fell 1.2% to $11.7 billion in fiscal 2025. Its net margin was −7.6%, up from −15.4% a year earlier. It paid out $7 million in dividends and buybacks. The diluted share count fell 0.8%.

AVIS BUDGET GROUP, INC. Latest fiscal year ended December 31, 2025 10-K filed February 19, 2026 · 0000723612-26-000012 Updated October 16, 2026

Revenue

$11.7B

1.2%

Net margin

−7.6%

7.8 pts

Net income

−$889M

Free cash flow

—

Return on equity

—

Market cap

$3.6B

Oct 26 close

P/E

—

Loss: no P/E

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Avis Budget's equity is negative, so its invested capital is small next to its US$31 billion of assets (mostly rental vehicles) and return on capital for 2025 isn't meaningful.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2023, earnings per share grew 57.5% a year and net income 39.0% a year, as buybacks cut the share count by 58%. Avis Budget Group then lost money in fiscal 2024 and 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Avis Budget Group's filings doesn't give both for any year, so free cash flow is left out.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Avis Budget Group yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Avis Budget Group's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Avis Budget Group's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow, as its free cash flow was not available) of $3.1B, net cash of −$5.5B at December 31, 2025 and 35 million diluted shares, from its filings. The scenarios are fitted to Avis Budget Group: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -1.0% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Passenger Ground Transportation), plus 1 point as a smaller company, worth $3.6B, plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Avis Budget Group's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 12% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $101.86
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Avis Budget Group's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	534	570	555	534	519
Debt incl. finance leases	4,028	4,671	4,791	5,373	6,049
Net debt (negative means net cash)	3,494	4,101	4,236	4,839	5,530
Net debt to EBITDA	1.6x	1.0x	1.8x	—	—
Debt to equity	—	—	—	—	—
Interest coverage	8.8x	15.5x	7.5x	−6.3x	−1.2x
Current ratio	0.8x	0.7x	0.8x	0.8x	0.7x
Quick ratio	0.8x	0.7x	0.8x	0.8x	0.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $40.1 million of Avis Budget Group shares on the open market, and 5 insiders sold $1.8 billion.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 7, 2026	Ravi SimhambhatlaEVP, CDIO - see remarks	Sold	4,702	$138.79	$652,575	Form 4
Apr 30, 2026	Edward P LinnenEVP, Chief HR Officer	Sold	9,483	$182.32	$1.7 million	Form 4
Apr 30, 2026	Ravi SimhambhatlaEVP, CDIO - see remarks	Sold	3,469	$184.09	$638,608	Form 4
Apr 23, 2026	Matthew Halbower10% owner	Sold	1,848,899	$275.54	$509.4 million	Form 4
Apr 23, 2026	Pentwater Capital Management LP10% owner	Sold	843,201	$264.60	$223.1 million	Form 4
Apr 22, 2026	Pentwater Capital Management LP10% owner	Sold	1,643,653	$619.35	$1.0 billion	Form 4
Apr 22, 2026	Matthew Halbower10% owner	Sold	3,347	$438.74	$1.5 million	Form 4
Feb 20, 2026	Pentwater Capital Management LP10% owner	Bought	425,000	$94.26	$40.1 million	Form 4
Feb 20, 2026	Lynn KromingaDirector	Sold	1,950	$91.54	$178,503	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Pass
F-score	6 of 8	3 of 8	5 of 8
Accruals ratio	−7.5%	−17.3%	−13.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Avis Budget Group side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Avis Budget Group	FY25	−1.2%	—	—	—	—	5
Lyft	FY25	9.2%	−3.0%	—	−12.3%	—	4	Compare
Grab	FY25	20.5%	1.9%	−0.5%	0.9%	1.2x	5	Compare
Uber	FY25	18.3%	10.7%	18.8%	19.7%	0.5x	6	Compare
J.B. Hunt	FY25	−0.7%	7.2%	7.9%	13.1%	0.9x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	8,659	8,848	9,124	9,172	5,402	9,313	11,994	12,008	11,789	11,652
Revenue growth	—	2.2%	3.1%	0.5%	−41.1%	72.4%	28.8%	0.1%	−1.8%	−1.2%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	163	361	165	302	−684	1,285	2,764	1,632	−1,821	−889
Diluted EPS (US$)	1.75	4.25	2.06	3.98	−9.71	19.44	57.16	42.08	−51.23	−25.25
Diluted shares (millions)	93	85	80	76	70	66	48	39	36	35
Cash flow
Cash from operations	2,640	2,648	2,609	2,586	691	3,491	4,707	3,828	3,518	3,296
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Free cash flow	—	—	—	—	—	—	—	—	—	—
Dividends paid	0	0	0	0	0	0	0	355	0	0
Share buybacks	398	210	216	67	119	1,460	3,329	951	70	7
Acquisitions	55	21	91	77	69	46	0	0	0	0
Stock-based compensation	27	13	24	22	9	30	25	30	19	19
Balance sheet at fiscal year end
Cash and short-term investments	490	611	615	686	692	534	570	555	534	519
Debt incl. finance leases	3,523	3,599	3,551	3,435	4,210	4,028	4,671	4,791	5,373	6,049
Total assets	17,643	17,699	19,149	23,126	17,538	22,600	25,927	32,569	29,041	31,257
Total liabilities	17,422	17,126	18,735	22,470	17,693	22,809	26,627	32,912	31,358	34,373
Shareholders' equity	221	573	414	656	−155	−220	−703	−349	−2,327	−3,129
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	1.9%	4.1%	1.8%	3.3%	−12.7%	13.8%	23.0%	13.6%	−15.4%	−7.6%
Free cash flow margin	—	—	—	—	—	—	—	—	—	—
Return on capital	8.4%	11.7%	8.1%	13.8%	−16.9%	43.5%	88.1%	51.8%	−55.9%	—
Return on equity	—	—	—	—	—	—	—	—	—	—
Return on assets	0.9%	2.0%	0.9%	1.4%	−3.4%	6.4%	11.4%	5.6%	−5.9%	−3.0%
Net debt to EBITDA	4.1x	4.5x	4.1x	3.8x	—	1.6x	1.0x	1.8x	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Avis Budget Group's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Avis Budget Group.