Avis Budget Group (CAR) FY2025 results: revenue $11.7 billion, down 1.2% on the year

Avis Budget Group rents cars and trucks and runs car sharing, mainly under the Avis, Budget and Zipcar brands. The company and its licensees operate those brands in approximately 180 countries, from approximately 10,000 rental locations, including approximately 3,800 operated by licensees. Its global rental fleet averaged approximately 684,000 vehicles in 2025, and it completed approximately 38 million vehicle rental transactions worldwide that year.

The brands

Avis is the premium brand, with 4,695 locations at the end of 2025, of which 2,745 were company-operated and 1,950 run by licensees. Its services include Avis Preferred, a loyalty program with counter bypass, the Avis mobile app with contactless pickup, and Avis First, a first-class service launched in select markets in 2025 that adds vehicle drop off and pickup and an on-call concierge. Budget is the value-for-money brand, with 3,710 locations. Licensees of both brands generally pay royalty fees based on a percentage of revenues.

Budget Truck rents light- and medium-duty trucks and cargo vans for local and one-way moves in the United States. Its fleet averaged approximately 24,000 vehicles in 2025, rented through approximately 800 company and dealer-operated locations, approximately half of them company-operated. Zipcar provides self-service vehicles by the hour or day, parked in reserved spaces in neighborhoods, business districts and college campuses. Payless serves the deep-value end of the market from approximately 310 locations. Other brands include Apex, AmicoBlu and Maggiore in Italy and FranceCars in France.

The fleet

The fleet consists mainly of vehicles from the current and preceding model year, and in countries with both brands Avis and Budget share a single fleet. No vehicle brand represented more than 11% of 2025 fleet purchases, which came primarily from Toyota, Chevrolet, Ford, Mazda, Kia, Jeep, Hyundai, Volkswagen, Nissan and Renault. Approximately 16% of the average 2025 fleet were program vehicles, which manufacturers agree to repurchase at a set price or whose depreciation they guarantee. The rest, which the company calls risk vehicles, are sold largely through direct-to-consumer and direct-to-dealer sales, online auctions and traditional auctions. Vehicles that exceed certain Avis and Budget age or mileage thresholds can be moved to Payless, extending their life-cycle.

Average quarterly fleet size ranged from approximately 631,000 vehicles in the first quarter of 2025 to approximately 746,000 in the third. Quarterly fleet utilization, the share of available time vehicles spend on rent, ranged from approximately 68% to 72%. Fleet size and utilization are typically highest in the summer months.

Airports and customers

At airports the company generally operates under concession agreements with airport authorities, typically paying fees based on a percentage of revenues, and concessions are usually awarded every three to ten years. Commercial rentals happen mostly during the week and leisure rentals mostly on holidays and weekends. In 2025 the company announced a multi-year partnership with Waymo to support autonomous ride-hailing operations in Dallas.

Structure and people

The company reports two segments: Americas, covering North, South and Central America and the Caribbean, and International, covering Europe, the Middle East, Africa, Asia and Australasia. As of December 31, 2025 it employed approximately 25,000 people worldwide, approximately 8,000 of them part-time, and approximately 7,500 in the International segment.

From Avis Budget Group's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.