Avis Budget Group (CAR) FY2024 results: revenue $11.8 billion, down 1.8% on the year

Avis Budget Group, Inc. (CAR) reported revenue of $11.8 billion for fiscal 2024, the year ended 31 December 2024, down 1.8% on the year before. Net income was -$1.8 billion, and diluted earnings per share $-51.23. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2025.

Revenue

$11.8 billion

-1.8% on the year

FY2017FY2024

Operating margin

-22.3%

15.9% a year earlier

FY2017FY2024

Net income

-$1.8 billion

FY2017FY2024

Diluted EPS

-$51.23

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	11,789	12,008	11,994	-1.8%
Selling, general and administrative	1,352	1,408	1,348	-4.0%
Operating income	-2,627	1,914	3,636
Operating margin	-22.3%	15.9%	30.3%
Interest expense	358	296	250	+20.9%
Pre-tax income	-2,627	1,914	3,636
Income tax	-810	279	880
Effective tax rate	n/a	14.6%	24.2%
Net income	-1,821	1,632	2,764
Net margin	-15.4%	13.6%	23.0%
Diluted EPS	-$51.23	$42.08	$57.16

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	3,518	3,828	4,707	-8.1%
Cash from investing	-2,753	-7,346	-4,299
Cash from financing	-781	3,506	-360
Share-based compensation	19.0	30.0	25.0	-36.7%
Buybacks	70.0	951	3,329	-92.6%
Dividends paid	0.0	355	0.0
Dividend per share	n/a	$10.00	n/a
Diluted shares, weighted	36m	39m	48m	-8.5%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	-2,327	-349	-703
Non-controlling interest	10.0	6.0	3.0	+66.7%
Redeemable equity	0.0	n/a	n/a
Debt	22,929	23,760	18,480	-3.5%
Operating lease liabilities	2,484	2,117	1,884	+17.3%
Other liabilities	5,945	7,035	6,263	-15.5%
Total liabilities and equity	29,041	32,569	25,927	-10.8%
Fixed assets	697	719	594	-3.1%
Goodwill	1,071	1,099	1,070	-2.5%
Intangible assets	601	670	666	-10.3%
Cash and equivalents	534	555	570	-3.8%
Receivables	838	900	810	-6.9%
Other assets	25,300	28,626	22,217	-11.6%
Total assets	29,041	32,569	25,927	-10.8%

10-K for the year ended 31 December 2024, filed 14 February 2025: the filing.