At a glance
Avis Budget Group Inc is worth $3.59B. Revenue fell 1.2% to $11.65B in fiscal 2025, at a loss; over 5 years it has grown 16.6% a year. It pays no dividend; it spent $5.82B buying back its shares over FY2021–FY2025. The stock returned −30.2% over the past year with dividends reinvested and −20.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 84.5% in the 2020 crash (S&P 500: 33.7%) and 56.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 43 months after the lows.
The business in plain English
Avis Budget Group rents cars and trucks. Its main brands are Avis, aimed at premium travelers; Budget, aimed at value-minded renters; and Zipcar, a car-sharing service offering self-service cars by the hour or day in cities and on college campuses. It also runs Payless and Apex at the low-price end, plus regional brands such as Maggiore in Italy. In 2025 it averaged about 684,000 vehicles, completed about 38 million rentals and had about 10,000 locations in about 180 countries, including about 3,800 run by licensees.
It makes money mainly by renting vehicles itself. Where it does not operate directly, it licenses its brands to independent owners who pay royalties; these were about 1% of Avis and of Budget revenue in 2025. Business renters tend to fill cars mid-week and leisure renters on weekends and holidays. About half of Avis rentals in 2025 came through corporate contracts or partner organizations. Budget Truck, with about 24,000 trucks and cargo vans, serves US businesses and people moving household goods.
Revenue was about $11.7 billion in 2025, down 1.2% from 2024. Avis brought in about $6.6 billion and Budget about $4.3 billion. The Americas segment produced 76.4% of revenue. International made up 23.6%, split between Europe, the Middle East and Africa (18.2%) and Asia and Australasia (5.4%).
Price history
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CAR -30.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Americas | $8.90B | 76.4% |
| International | $2.75B | 23.6% |
By geography
| Americas | $8.90B | 76.4% |
| Europe, Middle East and Africa | $2.12B | 18.2% |
| Asia and Australasia | $635.0M | 5.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $3.00B, down 1.3% from a year earlier, and net income was $35.0M (+775.0%).
- For fiscal 2025, revenue was $11.65B (-1.2% year over year; +16.6% a year from FY2020 to FY2025) with a -7.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +16.6% good |
|---|---|
| Return on assets (FY2025) | -2.8% weak |
| Net cash (cash minus debt) | $-5.46B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.40B | $-684.0M | — |
| FY2021 | $9.31B | $1.28B | — |
| FY2022 | $11.99B | $2.76B | — |
| FY2023 | $12.01B | $1.63B | — |
| FY2024 | $11.79B | $-1.82B | — |
| FY2025 | $11.65B | $-889.0M | — |
Valuation snapshot
| Market value | $3.59B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Avis Budget Group’s market value went from $6.45B at the end of 2016 to $3.59B on Oct 28, 2026, down 44%; since the end of 2025 it is down 20%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.59B | -20.4% |
| 2025 | $4.52B | +59.4% |
| 2024 | $2.83B | -55.9% |
| 2023 | $6.42B | -5.5% |
| 2022 | $6.80B | -41.9% |
| 2021 | $11.71B | +125.2% |
| 2020 | $5.20B | +9.2% |
| 2019 | $4.76B | +36.9% |
| 2018 | $3.48B | -51.3% |
| 2017 | $7.15B | +10.8% |
| 2016 | $6.45B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CAR price data to Oct 28, 2026 | -20.7% | -30.2% | -12.7% | -20.8% | +5.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -20.7% |
| 2025 | +59.2% |
| 2024 | -54.5% |
| 2023 | +13.8% |
| 2022 | -20.9% |
| 2021 | +178.0% |
| 2020 | +15.7% |
| 2019 | +43.4% |
| 2018 | -48.8% |
| 2017 | +19.6% |
| 2016 | +1.1% |
| 2015 | -45.3% |
| 2014 | +64.1% |
| 2013 | +103.9% |
| 2012 | +84.9% |
| 2011 | -31.1% |
| 2010 | +18.6% |
| 2009 | +1774.3% |
| 2008 | -94.6% |
| 2007 | -40.1% |
| 2006 | -19.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 98.4% over that stretch · deepest drop along the way 98.5%, back to its old high 47.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 69% over that stretch · deepest drop along the way 84.5%, back to its old high 11.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.8% over that stretch · deepest drop along the way 56.7%, back to its old high 42.6 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 66 sales ($1.76B).
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 22, 2026 | Pentwater Capital Management LP 10% owner | sell | $240.6M |
| Apr 22, 2026 | Pentwater Capital Management LP 10% owner | sell | $227.3M |
| Apr 23, 2026 | Pentwater Capital Management LP 10% owner | sell | $223.1M |
| Apr 22, 2026 | Pentwater Capital Management LP 10% owner | sell | $163.6M |
| Apr 23, 2026 | Pentwater Capital Management LP 10% owner | sell | $137.7M |
Who owns it
Large shareholders (13G filings)
| Pentwater Capital Management LP | 7.3% | Apr 30, 2026 |
| Morgan Stanley | 5.6% | Dec 31, 2025 |
| BlackRock, Inc. | 4.5% | Mar 31, 2025 |
| THE GOLDMAN SACHS GROUP, INC. | 4.3% | Sep 30, 2025 |
| G1 Execution Services, LLC | 3.6% | Dec 31, 2025 |
| FMR LLC | 3.1% | Jun 30, 2025 |
| NOMURA HOLDINGS INC | 1.8% | Dec 31, 2025 |
| JANE STREET GROUP, LLC | 0.2% | Mar 31, 2026 |
ETFs with the most weight in CAR
| XTN SPDR S&P Transportation ETF | 3.21% |
| GURU Global X Guru Index ETF | 1% |
| NIXT Research Affiliates Deletions ETF | 0.57% |
| SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF | 0.4% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.4% |
| ABCS Alpha Blue Capital US Small-Mid Cap Dynamic ETF | 0.3% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.26% |
| DFVE DoubleLine Fortune 500 Equal Weight ETF | 0.23% |
What could go wrong
- Used-car prices drive its biggest cost. Fleet costs are its largest expense. About 84% of its 2025 fleet were "risk" vehicles, which carry no automaker guarantee on depreciation, so weaker used-car prices could mean losses when cars are sold.
- Fleet financing hinges on vehicle values. Part of the fleet is financed with asset-backed debt secured by the cars. If vehicle values drop, the company may miss collateral requirements, shrinking borrowing capacity or forcing early repayment. Rising interest rates add cost.
- Price wars and well-funded new rivals. Price is a primary factor in winning renters. If rivals cut rates or add too many cars, prices can suffer. Automakers, ride-hailing and car-sharing firms, some with deep pockets, add pressure.
- Safety recalls can sideline rental cars. When automakers recall vehicles, affected cars may have to be kept off the road until fixed. A large recall of popular models could cut the number of cars available to rent.
- Weaker travel, fuel spikes and global conflict. Rentals depend on business and leisure travel, which weakens in recessions or when fuel prices jump. Wars in the Middle East and Eastern Europe add uncertainty, and results vary by season.
- Extreme swings in the share price. In the 12 months to October 28, 2026, the stock fell as much as 86.2% from a high. Its annualized volatility, a measure of how widely the price moves, was 112.2%.
Recent events
- Other company announcement
- Other company announcement
- Major agreement signed; New debt or financial obligation
- Executive or board change
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Executive or board change
For income and retirement investors
Avis Budget Group does not pay a regular dividend, and its dividend yield was 0% as of October 28, 2026. From 2021 through 2025, its only payout was $10 per share in 2023, about $355 million in total, and there is no streak of increases. Income investors would have to sell shares to draw cash from it. The company favored buybacks instead, spending about $5.8 billion from 2021 through 2025, and its share count fell about 47% between July 2021 and July 2026. Buybacks shrank to $70 million in 2024 and $7 million in 2025, years with net losses.
The shares have fallen hard in past downturns. They lost 98.5% in the 2008 financial crisis and did not recover until February 2013. They dropped 84.5% in the 2020 COVID crash, recovering by February 2021, and fell 56.7% in the 2022 bear market, not regaining that high until April 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Avis Budget Group make money?
Mainly by renting vehicles. Avis Budget Group runs the Avis, Budget and Zipcar brands, plus Budget Truck and value brands such as Payless. In 2025 it generated about $11.7 billion of revenue and completed about 38 million rentals. Avis brought in about $6.6 billion and Budget about $4.3 billion. It also licenses its brands to independent operators in places it does not serve directly. Their royalties equaled about 1% of Avis and Budget revenue. The Americas produced 76.4% of 2025 revenue.
Does Avis Budget Group pay a dividend?
No, not on a regular basis. The dividend yield was 0% as of October 28, 2026. From 2021 through 2025, the company paid a dividend only in 2023: $10 per share, or about $355 million in total. There is no streak of dividend increases. Over the same five years it spent about $5.8 billion on share buybacks, though buybacks fell to $7 million in 2025. Investors seeking steady income would need to sell shares to draw cash.
Is Avis Budget Group profitable?
No, not for its last two full fiscal years. It lost $889 million in 2025, or $25.25 per share, after losing $1.82 billion in 2024. Those losses followed three profitable years, including net income of $2.76 billion in 2022. Revenue slipped 1.2% to about $11.7 billion in 2025. The quarter ended June 30, 2026 was profitable, with net income of $35 million on revenue of about $3.0 billion, though revenue was 1.3% lower than a year earlier.
How much debt does Avis Budget Group have?
About $6.0 billion as of June 30, 2026, according to its balance sheet, against $558 million of cash and investments. Shareholders' equity, which is assets minus liabilities, was negative $3.4 billion. That means liabilities exceeded the company's $32.3 billion of assets. Its annual report also describes asset-backed financing secured by rental vehicles. If used-car values fall, the company could struggle to meet collateral requirements, which could reduce borrowing capacity or force earlier repayment.
How has Avis Budget (CAR) stock performed over the long term?
Poorly over five years and modestly over ten, with very large swings. As of October 28, 2026, the share price was down 69% over five years, about 20.8% a year, and up 65% over ten years, about 5.1% a year. It fell 30.2% over the latest 12 months, after rising 59.2% in 2025 and falling 54.5% in 2024. At one point in that 12-month period it was down 86.2% from its high. These figures reflect price changes only.