Avis Budget Financials

CAR

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Avis Budget (CAR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

3/9

Avis Budget passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Mixed

-3.71x

For every $1 of reported earnings, Avis Budget generates $-3.71 in operating cash flow ($3.3B OCF vs -$889.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$11.7B

YoY-1.2%

5Y CAGR+16.6%

10Y CAGR+3.2%

Avis Budget generated $11.7B in revenue in fiscal year 2025. This represents a decrease of 1.2% from the prior year.

EBITDA

N/A

Net Income

-$889.0M

YoY+51.2%

Avis Budget reported -$889.0M in net income in fiscal year 2025. This represents an increase of 51.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$519.0M

YoY-2.8%

5Y CAGR-5.6%

10Y CAGR+1.4%

Avis Budget held $519.0M in cash against $6.0B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

35M

YoY+0.4%

5Y CAGR-12.8%

10Y CAGR-9.6%

Avis Budget had 35M shares outstanding in fiscal year 2025. This represents an increase of 0.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-7.6%

YoY+7.8pp

5Y CAGR+5.0pp

10Y CAGR-11.3pp

Avis Budget's net profit margin was -7.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.8 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

$7.0M

YoY-90.0%

5Y CAGR-43.3%

10Y CAGR-33.8%

Avis Budget spent $7.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 90.0% from the prior year.

Capital Expenditures

N/A

CAR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$11.7B-1.2%	$11.8B-1.8%	$12.0B+0.1%	$12.0B+28.8%	$9.3B+72.4%	$5.4B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.4B+7.0%	$1.4B-4.0%	$1.4B+4.5%	$1.3B+17.7%	$1.1B+62.9%	$703.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$422.0M+17.9%	$358.0M+20.9%	$296.0M+18.4%	$250.0M+14.7%	$218.0M-5.6%	$231.0M
Income Tax	$66.0M+108.1%	-$810.0M-390.3%	$279.0M-68.3%	$880.0M+107.1%	$425.0M+256.3%	-$272.0M
Net Income	-$889.0M+51.2%	-$1.8B-211.6%	$1.6B-41.0%	$2.8B+115.1%	$1.3B+287.9%	-$684.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$2.7B-24.3%	$3.5B+15.8%	$3.0B+25.1%	$2.4B-10.3%	$2.7B-22.1%	$3.5B+14.2%	$3.0B+19.5%	$2.6B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$321.0M-23.9%	$422.0M+6.6%	$396.0M+28.6%	$308.0M-1.3%	$312.0M-15.0%	$367.0M+5.5%	$348.0M+7.1%	$325.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$106.0M-2.8%	$109.0M-0.9%	$110.0M+13.4%	$97.0M+5.4%	$92.0M-3.2%	$95.0M+8.0%	$88.0M+6.0%	$83.0M
Income Tax	$116.0M+2.7%	$113.0M+1030.0%	$10.0M+105.8%	-$173.0M+80.4%	-$884.0M-1071.4%	$91.0M+658.3%	$12.0M+141.4%	-$29.0M
Net Income	-$747.0M-308.1%	$359.0M+8875.0%	$4.0M+100.8%	-$505.0M+74.2%	-$2.0B-926.2%	$237.0M+1592.9%	$14.0M+112.3%	-$114.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CAR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$31.3B+7.6%	$29.0B-10.8%	$32.6B+25.6%	$25.9B+14.7%	$22.6B+28.9%	$17.5B
Current Assets	$2.1B+2.9%	$2.0B-4.9%	$2.1B+13.4%	$1.9B+2.1%	$1.8B+2.9%	$1.8B
Cash & Equivalents	$519.0M-2.8%	$534.0M-3.8%	$555.0M-2.6%	$570.0M+6.7%	$534.0M-22.8%	$692.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.1B+5.4%	$1.1B-2.5%	$1.1B+2.7%	$1.1B-3.4%	$1.1B-2.6%	$1.1B
Total Liabilities	$34.4B+9.6%	$31.4B-4.7%	$32.9B+23.6%	$26.6B+16.7%	$22.8B+29.0%	$17.7B
Current Liabilities	$2.9B+6.2%	$2.7B+2.3%	$2.7B+3.3%	$2.6B+6.9%	$2.4B+17.3%	$2.1B
Long-Term Debt	$6.0B+12.6%	$5.4B+12.1%	$4.8B+3.2%	$4.6B+16.4%	$4.0B-4.8%	$4.2B
Total Equity	-$3.1B-34.5%	-$2.3B-566.8%	-$349.0M+50.4%	-$703.0M-219.5%	-$220.0M-41.9%	-$155.0M
Retained Earnings	$1.1B-43.9%	$2.0B-47.4%	$3.9B+49.4%	$2.6B+1494.1%	-$185.0M+87.4%	-$1.5B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$31.3B-3.9%	$32.5B+0.5%	$32.4B+11.5%	$29.0B0.0%	$29.0B-11.3%	$32.7B-3.3%	$33.9B+1.1%	$33.5B
Current Assets	$2.1B-6.4%	$2.2B-9.0%	$2.5B+14.8%	$2.1B+5.2%	$2.0B-12.3%	$2.3B-5.7%	$2.5B+5.4%	$2.3B
Cash & Equivalents	$519.0M-8.0%	$564.0M+4.3%	$541.0M+4.8%	$516.0M-3.4%	$534.0M-11.3%	$602.0M+17.8%	$511.0M-2.1%	$522.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.1B+0.2%	$1.1B-0.5%	$1.1B+3.8%	$1.1B+1.9%	$1.1B-3.4%	$1.1B+2.0%	$1.1B-0.1%	$1.1B
Total Liabilities	$34.4B-1.5%	$34.9B-0.6%	$35.1B+10.2%	$31.9B+1.6%	$31.4B-4.9%	$33.0B-4.0%	$34.4B+1.0%	$34.0B
Current Liabilities	$2.9B-8.7%	$3.2B-1.3%	$3.2B-4.8%	$3.4B+23.8%	$2.7B-18.2%	$3.3B+16.1%	$2.9B-6.8%	$3.1B
Long-Term Debt	$6.0B+0.5%	$6.0B-0.3%	$6.0B+11.2%	$5.4B+1.0%	$5.4B-1.7%	$5.5B+4.4%	$5.2B+4.0%	$5.0B
Total Equity	-$3.1B-30.4%	-$2.4B+12.6%	-$2.7B+2.7%	-$2.8B-21.3%	-$2.3B-877.7%	-$238.0M+51.4%	-$490.0M+4.9%	-$515.0M
Retained Earnings	$1.1B-39.6%	$1.9B+23.4%	$1.5B+0.3%	$1.5B-24.9%	$2.0B-49.1%	$4.0B+6.3%	$3.8B+0.3%	$3.7B

CAR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$3.3B-6.3%	$3.5B-8.1%	$3.8B-18.7%	$4.7B+34.8%	$3.5B+405.2%	$691.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$5.2B-87.6%	-$2.8B+62.5%	-$7.3B-70.9%	-$4.3B+31.8%	-$6.3B-298.5%	$3.2B
Financing Cash Flow	$1.9B+337.9%	-$781.0M-122.3%	$3.5B+1073.9%	-$360.0M-113.4%	$2.7B+166.4%	-$4.0B
Dividends Paid	$0	$0-100.0%	$355.0M	$0	$0	N/A
Share Buybacks	$7.0M-90.0%	$70.0M-92.6%	$951.0M-71.4%	$3.3B+128.0%	$1.5B+1126.9%	$119.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$437.0M-68.9%	$1.4B+67.6%	$837.0M+35.2%	$619.0M-19.8%	$772.0M-39.4%	$1.3B+44.0%	$884.0M+50.1%	$589.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$510.0M+26.9%	-$698.0M+78.5%	-$3.2B-353.3%	-$715.0M-1154.4%	-$57.0M+59.6%	-$141.0M+86.4%	-$1.0B+31.7%	-$1.5B
Financing Cash Flow	$51.0M+107.7%	-$664.0M-128.0%	$2.4B+2321.4%	$98.0M+113.3%	-$738.0M+31.6%	-$1.1B-876.3%	$139.0M-84.5%	$897.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$3.0M+200.0%	$1.0M	$0-100.0%	$3.0M-93.3%	$45.0M+400.0%	$9.0M+800.0%	$1.0M-93.3%	$15.0M

CAR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-7.6%+7.8pp	-15.4%-29.0pp	13.6%-9.4pp	23.0%+9.2pp	13.8%+26.5pp	-12.7%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-2.8%+3.4pp	-6.3%-11.3pp	5.0%-5.7pp	10.7%+5.0pp	5.7%+9.6pp	-3.9%
Current Ratio	0.72-0.0	0.75-0.1	0.80+0.1	0.73-0.0	0.77-0.1	0.87
Debt-to-Equity	-1.93+0.4	-2.31+11.4	-13.73-7.1	-6.61+11.5	-18.14+8.9	-27.04
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-28.0%-38.2pp	10.2%+10.1pp	0.1%+20.9pp	-20.8%+51.5pp	-72.3%-79.1pp	6.8%+6.3pp	0.5%+4.9pp	-4.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-2.4%-3.5pp	1.1%+1.1pp	0.0%+1.7pp	-1.7%+5.0pp	-6.7%-7.5pp	0.7%+0.7pp	0.0%+0.4pp	-0.3%
Current Ratio	0.72+0.0	0.71-0.1	0.77+0.1	0.64-0.1	0.75+0.1	0.70-0.2	0.86+0.1	0.76
Debt-to-Equity	-1.93+0.6	-2.51-0.3	-2.20-0.3	-1.92+0.4	-2.31+20.7	-22.96-12.3	-10.68-0.9	-9.77
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$3.1B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.72), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Avis Budget's annual revenue?

Avis Budget (CAR) reported $11.7B in total revenue for fiscal year 2025. This represents a -1.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Avis Budget's revenue growing?

Avis Budget (CAR) revenue declined by 1.2% year-over-year, from $11.8B to $11.7B in fiscal year 2025.

Is Avis Budget profitable?

No, Avis Budget (CAR) reported a net income of -$889.0M in fiscal year 2025, with a net profit margin of -7.6%.

How much debt does Avis Budget have?

As of fiscal year 2025, Avis Budget (CAR) had $519.0M in cash and equivalents against $6.0B in long-term debt.

What is Avis Budget's net profit margin?

Avis Budget (CAR) had a net profit margin of -7.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Avis Budget's operating cash flow?

Avis Budget (CAR) generated $3.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Avis Budget's total assets?

Avis Budget (CAR) had $31.3B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Avis Budget buy back shares?

Yes, Avis Budget (CAR) spent $7.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Avis Budget have outstanding?

Avis Budget (CAR) had 35M shares outstanding as of fiscal year 2025.

What is Avis Budget's current ratio?

Avis Budget (CAR) had a current ratio of 0.72 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Avis Budget's debt-to-equity ratio?

Avis Budget (CAR) had a debt-to-equity ratio of -1.93 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Avis Budget's return on assets (ROA)?

Avis Budget (CAR) had a return on assets of -2.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Why is Avis Budget's debt-to-equity ratio negative or unusual?

Avis Budget (CAR) has negative shareholder equity of -$3.1B as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Avis Budget's Piotroski F-Score?

Avis Budget (CAR) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Avis Budget's earnings high quality?

Avis Budget (CAR) has an earnings quality ratio of -3.71x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.