📈 Price History

Ratio Health

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By Category

📊 Peer Medians

About

Avis Budget Group, Inc., together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. The company operates the Avis brand, which offers vehicle rental and other mobility solutions to the commercial and leisure segments of the travel industry and the Zipcar brand, a car sharing network that offers vehicle rental and other mobility solutions comprising budget car rental and budget truck. It also operates various other car rental brands, such as Payless, Apex, Maggiore, Morini Rent, FranceCars, AmicoBlu, Turiscar, and ACL Hire and McNicoll vehicle Hire. The company was formerly known as Cendant Corporation and changed its name to Avis Budget Group, Inc. in September 2006. Avis Budget Group, Inc. was founded in 1946 and is based in Parsippany, New Jersey.

Key Ratios Snapshot

📈 Growth Pattern

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ~ Volatile 4 quarters analysed

Q2 2025

Confident Specific

The CEO uses emphatic language such as 'I believe this is the single most innovative product our industry has seen in 20 years' and 'We are in it to win together', while openly acknowledging challenges like tariffs and recalls but framing them as temporary and manageable.

Q3 2025

Mixed

Management expresses optimism about strategic shift towards customer experience and Avis First, but acknowledges near-term headwinds: RPD decline, recall costs, and uncertain macro. Language like 'not satisfied' and 'tough to answer' shows caution alongside confidence.

Q4 2025

Cautious

CEO described the quarter as 'difficult' and an 'unacceptable miss', provided a detailed fact-based explanation of factors, and emphasized disciplined process despite bad outcomes.

Q1 2026 latest

Confident Specific

Management repeatedly cited concrete achievements: first revenue growth in Americas in 10 quarters (2.9% YoY), first positive RPD since Q4 2022 (+2.8%), record utilization in 15+ years, and adjusted EBITDA exceeding plan by ~$50M. They explicitly contrasted past struggles ('this is the single biggest fundamental change') and provided detailed fleet and pricing metrics.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. The company delivered its first revenue growth in Americas in ten quarters and its first positive pricing since 2022, driven by deliberate fleet discipline and utilization gains. The EBITDA beat and raised full-year guidance signal that operational changes are taking hold. However, the massive stock volatility from Pentwater's actions introduces uncertainty around shareholder value and legal outcomes. The company's commitment to aggressively pursue disgorgement under Section 16 is a positive signal for minority shareholders. Key watch items for next quarter: sustained pricing momentum into the summer peak, depreciation trajectory (especially as more lease returns hit the used car market), and resolution of the Pentwater short-swing profit claim. The leverage ratio target of below 6x by year-end is achievable with EBITDA growth and debt repayment, but execution on fleet cost and revenue mix will be critical.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific ~ Volatile 4 quarters Full tone analysis in Intelligence →

📊 MIXED Avis delivers first Americas revenue growth in 10 quarters, raises EBITDA guidance to $850M-$1B.

Revenue & Profitability

Adjusted EBITDA exceeded plan by approximately $50 million in Q1, prompting management to raise full-year 2026 guidance to a range of $850 million to $1 billion. Americas revenue grew 2.9% year-over-year, with rental days essentially flat and RPD increasing 2.8%—the first positive pricing quarter since Q4 2022. Monthly depreciation in the Americas averaged around $380 for the quarter, improving from above $500 in January to mid-$300s by March. The net corporate leverage ratio was 7.6x, and management expects to reduce it to below 6x by year-end through earnings growth and debt repayment.

Outlook

Management sees healthy demand building into the summer season, with Americas rental days trending mid-single-digit growth and RPD holding steady. Key tailwinds include strong travel for the World Cup in host cities and America 250 celebrations. Headwinds include geopolitical uncertainty, particularly in the Middle East, which is impacting energy prices and beginning to shift vehicle preferences. The Easter holiday shift will affect Q2 year-over-year comparisons, but underlying demand remains constructive.

Growth Drivers

Growth is driven by improved pricing discipline from aligning fleet supply with demand, resulting in the first positive RPD in the Americas since Q4 2022. Ancillary revenue grew 1.9% year-over-year, and leisure share of revenue increased by 1.1 points. The International segment is shifting revenue mix toward higher-return segments, while strong booking trends in World Cup host cities provide a near-term lift. Longer-term, Avis First and Waymo expansions are expected to contribute to revenue and profitability.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Management expects depreciation to decline meaningfully in Q2 as the fleet is right-sized. International cost inefficiencies related to mix shift are viewed as transitional, while the improved revenue mix is structural. The focus is on increasing EBITDA through revenue growth and operational efficiency, with a stated goal of achieving normalized EBITDA above the current $850 million-$1 billion guidance range.

Key Risks

Key risks include geopolitical uncertainty, particularly the Middle East situation affecting energy prices and consumer behavior, as well as higher fuel costs influencing vehicle preference and demand. Management also flagged short-term impacts from weather disruptions and TSA-related commercial travel slowdowns. Additionally, the recent stock volatility was attributed to the second-largest shareholder Pentwater Capital's disclosure and subsequent sale of shares, which the company intends to pursue aggressively under Section 16 short swing profit rules.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-29

Proactive fleet reduction and record utilization drove margin expansion and adjusted EBITDA growth despite softer demand and revenue declines. The company reiterated full-year adjusted EBITDA guidance, highlighted a $650M settlement, and continued disciplined capital allocation.

Q1 2026 Q1 2026 2026-04-29

Adjusted EBITDA exceeded plan in Q1 2026, driven by disciplined fleet management and improved pricing, especially in the Americas. Full-year EBITDA guidance was raised, and the company is targeting lower leverage by year-end, while addressing recent insider trading volatility.

Q4 2025 Q4 2025 2026-02-19

Q4 and full year results missed guidance due to abrupt demand declines, higher fleet costs, and a $500M EV write-down, mainly impacting the Americas. Management is prioritizing fleet utilization, cost discipline, and capital allocation for 2026, with modest revenue growth expected.

Q3 2025 Q3 2025 2025-10-28

Revenue grew 1% year-over-year to $3.51 billion, with adjusted EBITDA up 11% despite a 3% RPD decline in the Americas and significant recall costs. International EBITDA surged 40% on mix shift and cost discipline, while ongoing recalls and macro risks weigh on outlook.

Q2 2025 Q2 2025 2025-07-30

Strategic focus shifted to innovation with the launch of Avis First and a Waymo partnership, while guidance remains at $900M–$1B EBITDA for the second half amid headwinds from tariffs and recalls. RPD is improving as supply tightens and demand stays strong.

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