Morgan Stanley (NASDAQ: CAR) discloses 5.6% Avis Budget Group stake

Rhea-AI Filing Summary

Morgan Stanley filed a Schedule 13G reporting a significant passive ownership position in Avis Budget Group, Inc. common stock. The firm reports beneficial ownership of 1,971,874 shares, representing 5.6% of the outstanding common stock as of 12/31/2025.

Morgan Stanley reports shared voting power over 1,923,073 shares and shared dispositive power over 1,971,874 shares, with no sole voting or dispositive power. The filing states the securities were acquired and are held in the ordinary course of business, not to change or influence control of Avis Budget Group.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

AVIS BUDGET GROUP, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

053774105

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 053774105

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,923,073.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,971,874.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,971,874.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.6 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: AVIS BUDGET GROUP, INC.
(b)	Address of issuer's principal executive offices: 379 INTERPACE PARKWAY, PARSIPPANY, NJ, 07054
Item 2.
(a)	Name of person filing: Morgan Stanley
(b)	Address or principal business office or, if none, residence: 1585 Broadway, New York, NY 10036
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 053774105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 5.6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Morgan Stanley

Signature:	Christopher O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	02/11/2026

FAQ

What stake does Morgan Stanley report in Avis Budget Group (CAR)?

Morgan Stanley reports beneficial ownership of 1,971,874 Avis Budget Group common shares, representing 5.6% of the class as of December 31, 2025. This reflects a sizeable institutional holding reported on a passive Schedule 13G filing.

Is Morgan Stanley seeking to influence control of Avis Budget Group (CAR)?

Morgan Stanley certifies the shares were acquired and are held in the ordinary course of business and not for changing or influencing control of Avis Budget Group. The filing states they are not participating in any transaction with that purpose or effect.

How much voting power does Morgan Stanley report in Avis Budget Group?

Morgan Stanley reports no sole voting power and shared voting power over 1,923,073 shares of Avis Budget Group common stock. This indicates voting authority is exercised jointly with others rather than exclusively by Morgan Stanley entities.

What type of reporting person is Morgan Stanley in this Schedule 13G?

Morgan Stanley identifies itself as a parent holding company or control person, coded as “HC” in the filing. The Schedule 13G aggregates holdings of certain internal reporting units under Securities and Exchange Commission Release No. 34-39538.

On what date was Morgan Stanley’s Avis Budget Group ownership measured?

The Schedule 13G reports Morgan Stanley’s beneficial ownership in Avis Budget Group as of December 31, 2025. That date is the “event date” triggering the filing requirement under SEC rules for holders exceeding the 5% ownership threshold.

Does the Morgan Stanley filing cover all of its affiliated units’ holdings in CAR?

The filing states it covers securities beneficially owned, or deemed owned, by certain Morgan Stanley reporting units. It clarifies it does not include securities, if any, held by other Morgan Stanley units whose ownership is disaggregated under the SEC’s Release No. 34-39538.