Avis Budget Financials
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).
Accounting earnings swung hard while operating cash stayed resilient, revealing a capital-intensive, highly levered model beneath the income statement.
Across FY2024-FY2025, the company reported a combined-$2.7B of net losses but still produced$6.8B of operating cash flow, a gap too large to dismiss as routine volatility. That profit-cash split suggests heavy non-cash charges and timing swings, so reported earnings alone understate how much cash the operation is still generating before reinvestment and financing decisions.
After
Revenue moved only from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Avis Budget's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Avis Budget's revenue declined 1.2% year-over-year, from $11.8B to $11.7B. This contraction results in a growth score of 31/100.
Avis Budget has elevated debt relative to equity (D/E of -1.93), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Avis Budget's current ratio of 0.72 is below the typical benchmark, resulting in a score of 9/100. This tight liquidity could limit financial flexibility if cash inflows slow.
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.
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
Earnings & Revenue
Avis Budget generated $11.7B in revenue in fiscal year 2025. This represents a decrease of 1.2% from the prior year.
Avis Budget reported -$889.0M in net income in fiscal year 2025. This represents an increase of 51.2% from the prior year.
Cash & Balance Sheet
Avis Budget held $519.0M in cash against $6.0B in long-term debt as of fiscal year 2025.
Avis Budget had 35M shares outstanding in fiscal year 2025. This represents an increase of 0.4% from the prior year.
Margins & Returns
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.
Capital Allocation
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.
CAR Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5B-5.0% | $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 |
| 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 | $341.0M+6.2% | $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 |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $109.0M+2.8% | $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 |
| Income Tax | -$106.0M-191.4% | $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 |
| Net Income | -$283.0M+62.1% | -$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 |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CAR Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $30.6B-2.1% | $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 |
| Current Assets | $2.2B+4.1% | $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 |
| Cash & Equivalents | $528.0M+1.7% | $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 |
| 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-0.8% | $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 |
| Total Liabilities | $34.0B-1.1% | $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 |
| Current Liabilities | $2.9B+2.1% | $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 |
| Long-Term Debt | $6.0B-0.5% | $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 |
| Total Equity | -$3.4B-9.1% | -$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 |
| Retained Earnings | $856.0M-24.8% | $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 |
CAR Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $434.0M-0.7% | $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 |
| 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 | $428.0M+183.9% | -$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 |
| Financing Cash Flow | -$822.0M-1711.8% | $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 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $7.0M+133.3% | $3.0M+200.0% | $1.0M | $0-100.0% | $3.0M-93.3% | $45.0M+400.0% | $9.0M+800.0% | $1.0M |
CAR Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | -11.2%+16.8pp | -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% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -0.9%+1.5pp | -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% |
| Current Ratio | 0.74+0.0 | 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 |
| Debt-to-Equity | -1.76+0.2 | -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 |
| 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.
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 to 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.
How financially healthy is Avis Budget?
Avis Budget (CAR) scores 7 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.