Avis Budget Financials

CAR

FY2025 annual

Revenue $11.7B -1.2% YoY

Net Income -$889.0M +51.2% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

Avis Budget (CAR) reported $11.7B in revenue for fiscal year 2025, down 1.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI CAR FY2025 2026-04-29

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 $5.7B of share buybacks in FY2021-FY2023, equity still stood at -$3.1B by FY2025. The share count fell from 53.8M to 35.3M, showing cash was directed to shrinking ownership claims rather than rebuilding book equity; that leaves balance-sheet support thinner than the cash flow statement alone suggests.

Revenue moved only from $12.0B in FY2023 to $11.7B in FY2025 over two years. Yet net margin flipped from 13.6% to -7.6%, a margin reset that says earnings are being driven more by asset costs and financing load than by a straightforward collapse in demand.

Financial Health Signals

Financial health score not available

Avis Budget does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

3/8

Avis Budget passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 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

N/A

Avis Budget reported a net loss of $889.0M while generating $3.3B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

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.

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.

EBITDA

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

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.

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.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Return on Equity

Not reported for fiscal year 2025.

Capital Allocation

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.

R&D Spending

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

CAR Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

CAR annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$11.8B	$11.7B-1.2%	$11.8B-1.8%	$12.0B+0.1%	$12.0B+28.8%	$9.3B+72.4%	$5.4B-41.1%	$9.2B+0.5%	$9.1B+3.1%	$8.8B+2.2%	$8.7B+1.8%	$8.5B+0.2%	$8.5B+6.9%	$7.9B+7.9%	$7.4B+24.7%	$5.9B
SG&A Expenses	$1.5B	$1.4B+7.0%	$1.4B-4.0%	$1.4B+4.5%	$1.3B+17.7%	$1.1B+62.9%	$703.0M-43.2%	$1.2B+1.4%	$1.2B+8.9%	$1.1B-1.2%	$1.1B+3.8%	$1.1B+1.2%	$1.1B+6.0%	$1.0B+10.2%	$925.0M+22.4%	$756.0M
Interest Expense	$434.0M	$422.0M+17.9%	$358.0M+20.9%	$296.0M+18.4%	$250.0M+14.7%	$218.0M-5.6%	$231.0M+29.8%	$178.0M-5.3%	$188.0M0.0%	$188.0M-7.4%	$203.0M+4.6%	$194.0M-7.2%	$209.0M-8.3%	$228.0M-14.9%	$268.0M+22.4%	$219.0M
Income Tax	$133.0M	$66.0M+108.1%	-$810.0M-390.3%	$279.0M-68.3%	$880.0M+107.1%	$425.0M+256.3%	-$272.0M-1713.3%	-$15.0M-114.7%	$102.0M+168.0%	-$150.0M-229.3%	$116.0M+68.1%	$69.0M-53.1%	$147.0M+81.5%	$81.0M+710.0%	$10.0M-84.6%	$65.0M
Net Income	-$667.0M	-$889.0M+51.2%	-$1.8B-211.6%	$1.6B-41.0%	$2.8B+115.1%	$1.3B+287.9%	-$684.0M-326.5%	$302.0M+83.0%	$165.0M-54.3%	$361.0M+121.5%	$163.0M-47.9%	$313.0M+27.8%	$245.0M+1431.3%	$16.0M-94.5%	$290.0M+1100.0%	-$29.0M

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
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
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

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EPS (Diluted).

TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

CAR Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

CAR annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$31.3B+7.6%	$29.0B-10.8%	$32.6B+25.6%	$25.9B+14.7%	$22.6B+28.9%	$17.5B-24.2%	$23.1B+20.8%	$19.1B+8.2%	$17.7B+0.3%	$17.6B+0.1%	$17.6B+4.7%	$16.8B+3.4%	$16.3B+7.0%	$15.2B+17.6%	$12.9B
Current Assets	$2.1B+2.9%	$2.0B-4.9%	$2.1B+13.4%	$1.9B+2.1%	$1.8B+2.9%	$1.8B-16.3%	$2.1B-1.3%	$2.2B+5.2%	$2.1B+13.7%	$1.8B+11.7%	$1.6B-3.1%	$1.7B-13.6%	$1.9B+13.7%	$1.7B+11.0%	$1.5B
Cash & Equivalents	$519.0M-2.8%	$534.0M-3.8%	$555.0M-2.6%	$570.0M+6.7%	$534.0M-22.8%	$692.0M+0.9%	$686.0M+11.5%	$615.0M+0.7%	$611.0M+24.7%	$490.0M+8.4%	$452.0M-27.6%	$624.0M-10.0%	$693.0M+14.4%	$606.0M+13.5%	$534.0M
Goodwill	$1.1B+5.4%	$1.1B-2.5%	$1.1B+2.7%	$1.1B-3.4%	$1.1B-2.6%	$1.1B+3.3%	$1.1B+0.8%	$1.1B+1.8%	$1.1B+6.6%	$1.0B+3.5%	$973.0M+15.6%	$842.0M+21.9%	$691.0M+84.3%	$375.0M+6.2%	$353.0M
Total Liabilities	$34.4B+9.6%	$31.4B-4.7%	$32.9B+23.6%	$26.6B+16.7%	$22.8B+29.0%	$17.7B-21.3%	$22.5B+19.9%	$18.7B+9.4%	$17.1B-1.7%	$17.4B+1.3%	$17.2B+6.3%	$16.2B+4.3%	$15.5B+7.3%	$14.5B+15.4%	$12.5B
Current Liabilities	$2.9B+6.2%	$2.7B+2.3%	$2.7B+3.3%	$2.6B+6.9%	$2.4B+17.3%	$2.1B-7.7%	$2.2B+29.7%	$1.7B+4.3%	$1.6B-6.9%	$1.8B+16.9%	$1.5B-0.5%	$1.5B-3.1%	$1.6B+6.1%	$1.5B+0.5%	$1.5B
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+22.7%	$3.4B-3.2%	$3.5B-1.3%	$3.6B+10.1%	$3.2B-5.6%	$3.4B+3.3%	$3.3B+0.6%	$3.3B+16.0%	$2.8B-10.1%	$3.2B
Total Equity	-$3.1B-34.5%	-$2.3B-566.8%	-$349.0M+50.4%	-$703.0M-219.5%	-$220.0M-41.9%	-$155.0M-123.6%	$656.0M+58.5%	$414.0M-27.7%	$573.0M+159.3%	$221.0M-49.7%	$439.0M-34.0%	$665.0M-13.7%	$771.0M+1.8%	$757.0M+83.7%	$412.0M
Retained Earnings	$1.1B-43.9%	$2.0B-47.4%	$3.9B+49.4%	$2.6B+1494.1%	-$185.0M+87.4%	-$1.5B-87.3%	-$785.0M+28.0%	-$1.1B+10.7%	-$1.2B+25.4%	-$1.6B+9.0%	-$1.8B+14.8%	-$2.1B+10.4%	-$2.4B+0.7%	-$2.4B+10.9%	-$2.7B

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
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

Not reported in any period shown, so not listed: Inventory, Accounts Receivable.

CAR Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

CAR annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$3.1B	$3.3B-6.3%	$3.5B-8.1%	$3.8B-18.7%	$4.7B+34.8%	$3.5B+405.2%	$691.0M-73.3%	$2.6B-0.9%	$2.6B-1.5%	$2.6B+0.3%	$2.6B+0.5%	$2.6B+1.9%	$2.6B+14.5%	$2.3B+19.3%	$1.9B+19.7%	$1.6B
Investing Cash Flow	-$4.0B	-$5.2B-87.6%	-$2.8B+62.5%	-$7.3B-70.9%	-$4.3B+31.8%	-$6.3B-298.5%	$3.2B+215.4%	-$2.8B+19.7%	-$3.4B-55.4%	-$2.2B-1.0%	-$2.2B+18.7%	-$2.7B+4.3%	-$2.8B-25.6%	-$2.2B-7.8%	-$2.1B+12.6%	-$2.4B
Financing Cash Flow	$938.0M	$1.9B+337.9%	-$781.0M-122.3%	$3.5B+1073.9%	-$360.0M-113.4%	$2.7B+166.4%	-$4.0B-1372.0%	$318.0M-52.3%	$667.0M+316.6%	-$308.0M+31.4%	-$449.0M-723.6%	$72.0M-60.4%	$182.0M+139.5%	$76.0M-69.6%	$250.0M-41.0%	$424.0M
Dividends Paid	N/A	$0	$0-100.0%	$355.0M	$0	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$11.0M	$7.0M-90.0%	$70.0M-92.6%	$951.0M-71.4%	$3.3B+128.0%	$1.5B+1126.9%	$119.0M+77.6%	$67.0M-69.0%	$216.0M+2.9%	$210.0M-47.2%	$398.0M-8.7%	$436.0M+46.8%	$297.0M+518.8%	$48.0M	$0	$0

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
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
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

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.

CAR Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

CAR annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Net Margin	-7.6%+7.8pp	-15.4%-29.0pp	13.6%-9.4pp	23.0%+9.2pp	13.8%+26.5pp	-12.7%-15.9pp	3.3%+1.5pp	1.8%-2.3pp	4.1%+2.2pp	1.9%-1.8pp	3.7%+0.8pp	2.9%+2.7pp	0.2%-3.7pp	3.9%+4.4pp	-0.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	46.0%+6.2pp	39.9%-23.1pp	63.0%-10.8pp	73.8%+2.5pp	71.3%+34.5pp	36.8%+34.8pp	2.1%-36.2pp	38.3%+45.4pp	-7.0%
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%-5.2pp	1.3%+0.5pp	0.9%-1.2pp	2.0%+1.1pp	0.9%-0.9pp	1.8%+0.3pp	1.5%+1.4pp	0.1%-1.8pp	1.9%+2.1pp	-0.2%
Current Ratio	0.720.0x	0.75-0.1x	0.80+0.1x	0.730.0x	0.77-0.1x	0.87-0.1x	0.96-0.3x	1.270.0x	1.26+0.2x	1.030.0x	1.080.0x	1.11-0.1x	1.24+0.1x	1.16+0.1x	1.05
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A	5.21-3.3x	8.52+2.3x	6.24-8.4x	14.68+6.9x	7.82+2.8x	5.00+0.7x	4.29+0.5x	3.76-3.9x	7.69

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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 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	0.740.0x	0.720.0x	0.71-0.1x	0.77+0.1x	0.64-0.1x	0.75+0.1x	0.70-0.2x	0.86

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, FCF Margin.

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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Where Avis Budget Ranks

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 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 not reported?

Avis Budget (CAR) has negative shareholder equity of -$3.1B as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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) reported a net loss of $889.0M while generating $3.3B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.