Avis Budget Extends Revenue-Per-Day Gains for Third Quarter

The Tip Desk · November 4, 2026 · 3 min read

The car-rental operator posted $3.44 billion of third-quarter revenue and $513 million of Adjusted EBITDA as utilization hit 74.0%.

Avis Budget Group (CAR) reported third-quarter revenue of $3.44 billion, down 2% from $3.52 billion a year earlier, as rental days slipped and a smaller fleet left fewer vehicles available to rent.

Net income attributable to the company fell 49% to $183 million, or $5.15 a share, from $359 million, or $10.11 a share, a year earlier. Adjusted EBITDA declined 8% to $513 million from $559 million.

The mobility operator said revenue per day excluding exchange-rate effects was $71.54, a slight increase from $71.22 a year earlier and the third consecutive quarter of positive year-over-year growth. Total company rental days fell 3% to 48.1 million from 49.4 million. Average rental fleet declined 5% to 706,717 vehicles from 746,161.

Chief executive Brian Choi said third-quarter Americas utilization was the best the company has had in twenty years despite a softer travel demand environment. Total company vehicle utilization rose 2.0 points to 74.0% from 72.0% a year earlier. Americas utilization rose 2.8 points to 74.1% from 71.3%, a third-quarter record. International utilization slipped 0.2 points to 73.7% from 73.9%.

Americas revenue was $2.55 billion, down 3% from $2.62 billion a year earlier. Americas Adjusted EBITDA fell 8% to $365 million from $398 million. Americas rental days were 34.8 million, down 3%. Americas revenue per day excluding exchange-rate effects was $73.38 versus $73.19. Americas average rental fleet was 510,817 vehicles, down 6%.

International revenue was $884 million, down 2% from $898 million a year earlier. International Adjusted EBITDA fell 5% to $180 million from $190 million. International rental days were 13.3 million, down 2%. International revenue per day excluding exchange-rate effects was $66.71 versus $66.03. International average rental fleet was 195,900 vehicles, down 2%. Corporate and other Adjusted EBITDA was a $32 million loss versus a $29 million loss a year earlier.

Total company per-unit fleet costs excluding exchange-rate effects rose 4% to $316 per month from $303 a year earlier, which the company said was within expectations. Americas per-unit fleet costs excluding exchange-rate effects rose 7% to $330 per month from $309. International per-unit fleet costs excluding exchange-rate effects fell 2% to $279 from $285.

Choi said the company is building on improvements in fleet management and field operations with the objective of improving transaction economics, strengthening profitability, and delivering more consistent financial performance over time.

Liquidity at quarter-end was $866 million, with an additional $2.5 billion of fleet funding capacity. Cash and cash equivalents were $561 million. Vehicles, net, were $18.33 billion. Debt under vehicle programs was $18.92 billion. Corporate debt was $6.01 billion. Stockholders’ equity attributable to Avis Budget Group was a $3.21 billion deficit.

On October 5, the company received $650 million in cash pursuant to a previously reported settlement with Pentwater Capital Management LP and certain affiliated persons, which it said will be recognized in the fourth quarter. On November 2, it delivered a redemption notice to repay the remaining $350 million outstanding principal amount of its 5.750% Senior Notes due 2027 prior to year-end.