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Avis Budget Group, Inc. (CAR) reported that Ravi Simhambhatla, its Executive Vice President and Chief Digital & Innovation Officer, will be leaving the company. He will continue in his current role until September 30, 2026 to support a smooth transition.
The company expressed appreciation for his leadership and contributions over the past four years. No successor, compensation changes, or strategic shifts were described in this report.
Avis Budget Group EVP Ravi Simhambhatla, EVP, Chief Digital & Innovation Officer, reported three open‑market sales of Avis Budget Group common stock on 2026-08-07. He sold 4,702 shares total: 2,936 shares at $138.27, 1,490 shares at $139.53, and 276 shares at $140.27, each price disclosed as a weighted average with intraday ranges.
Avis Budget Group reported second-quarter 2026 revenues of $2,998 million, slightly below 2025, with income before income taxes of $73 million and net income attributable to the company of $35 million (basic EPS $1.00). For the first six months, revenues were $5,528 million and the net loss attributable to the company narrowed to $248 million. Adjusted EBITDA reached $286 million in the quarter and $173 million year to date, as lower per‑unit fleet costs and higher revenue per day offset softer rental volumes.
Operating cash flow for the first half was $1,066 million, funding significant fleet investment and vehicle programs. As of June 30, 2026, total assets were $32,328 million, including $21,465 million of assets under vehicle programs; corporate long‑term debt was $5,999 million and debt under vehicle programs $19,850 million, with stockholders’ equity at a negative $3,374 million, largely reflecting substantial treasury stock. The company disclosed a proposed $650 million cash settlement in a Section 16(b) action that will be recognized only if court approval and other conditions are satisfied, and vehicle purchase commitments of approximately $2.6 billion over the next 12 months.
Avis Budget Group reported second-quarter 2026 revenue of $2.998 billion, down 1% year over year, with net income attributable to the company of $35 million, total net income of $63 million, Adjusted EBITDA of $286 million (up 3%) and diluted EPS of $0.98.
Total vehicle utilization reached a record second-quarter 72.6% for the company and 73.2% in the Americas, while total per‑unit fleet costs per month declined 4% to $292. Revenue per day increased 1% year over year and rental days fell 2%. The company highlighted its autonomous vehicle partnership with Waymo in Dallas and several financing actions, including issuing $300 million of add-on senior notes, refinancing a $2 billion revolving credit facility to 2031 and adding a new $200 million facility. Quarter-end liquidity was about $1.0 billion, plus $1.9 billion of fleet funding capacity.
Avis Budget Group executive Ravi Simhambhatla settled equity awards as 16,878 restricted stock units and 913 dividend equivalent units automatically converted into 17,791 shares of common stock on July 26, 2026. 8,155 shares were withheld at $159.48 per share to satisfy tax obligations associated with the vesting.
Daniel Crestian Cunha, EVP and CFO of Avis Budget Group, reported the vesting of 969 restricted stock units on July 23, 2026. These units automatically converted into 969 shares of Common Stock, and 304 shares were withheld at $159.04 per share to cover tax obligations. After the conversion, he holds 1,940 restricted stock units, with the units associated with this award vesting in three equal installments on July 23, 2026, 2027 and 2028. The transactions were not reported as made under a Rule 10b5-1 trading plan.
Avis Budget Group updated its main corporate credit facilities through an Eleventh Amendment to its existing credit agreement. The company refinanced its existing $2 billion revolving loan facility with a new $2 billion 2031 Revolving Facility, which now matures on June 29, 2031, subject to a springing maturity if certain long-term debt exceeds $300 million.
The Borrower also established a new $200 million 2028 Revolving Facility maturing on June 29, 2028, with a springing maturity tied to the same long-term debt threshold and to any legal settlement cash proceeds above $500 million. These changes reset the company’s revolving credit maturities and add additional committed liquidity capacity under revised terms.
Avis Budget Group, Inc. executive Christina M. Goldenberg, VP & Chief Accounting Officer, reported her initial ownership of company equity. She directly holds 324 shares of common stock and several grants of restricted stock units that convert into common stock on a one-to-one basis as they vest.
The filing lists restricted stock unit awards tied to 368, 400 and 111 underlying common shares, all held directly. Footnotes explain that some units vest in equal installments in March 2027 and 2028, with additional units vesting in March 2027, 2028 and 2029. The filing records holdings only and does not show any recent share purchases or sales.
Avis Budget Group, Inc. entered into a Settlement and Release Agreement with Pentwater Capital Management LP and certain affiliates to resolve a pending Section 16(b) short-swing profits action. The agreement provides for a $650,000,000 cash settlement amount, payable to Avis Budget Group, subject to court approval.
The court must issue an order approving the settlement terms, including findings that the company diligently pursued the claims and that the settlement amount is fair, reasonable and adequate, along with other customary conditions. The company notes that statements about the lawsuit and settlement are forward-looking and subject to risks, including the possibility the court does not approve the agreement.