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Rental & leasing services · Industrials · Fiscal year ends Dec 31
Avis Budget reported revenue of $11.7B in the fiscal year ended Dec 2025, down 1.2% from the year before. Operating income was −$929M, an operating margin of −8.0%, and net income was −$889M. Net debt was $5.6B.
Ranks among the 13 rental & leasing services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 9,313 | 11,994 | 12,008 | 11,789 | 11,652 |
| Selling, general & admin | 1,145 | 1,348 | 1,408 | 1,352 | 1,447 |
| Operating incomederived: revenue − total costs | 1,708 | 3,636 | 1,914 | −2,627 | −929 |
| Interest expense | 218 | 250 | 296 | 358 | 422 |
| Pre-tax income | 1,708 | 3,636 | 1,914 | −2,627 | −929 |
| Income tax | 425 | 880 | 279 | −810 | 66.0 |
| Net income | 1,285 | 2,764 | 1,632 | −1,821 | −889 |
| Diluted EPS | 19.44 | 57.16 | 42.08 | −51.23 | −25.25 |
| Diluted shares | 66.1 | 48.4 | 38.8 | 35.5 | 35.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 534 | 570 | 555 | 534 | 519 |
| Receivables | 775 | 810 | 900 | 838 | 878 |
| Current assets | 1,847 | 1,886 | 2,139 | 2,034 | 2,093 |
| Net PP&E | 537 | 594 | 719 | 697 | 748 |
| Goodwill | 1,108 | 1,070 | 1,099 | 1,071 | 1,129 |
| Total assets | 22,600 | 25,927 | 32,569 | 29,041 | 31,257 |
| Payables | 407 | 466 | 487 | 450 | 453 |
| Deferred revenue | 185 | 188 | 168 | 149 | 155 |
| Current liabilities | 2,408 | 2,574 | 2,659 | 2,720 | 2,889 |
| Short-term debt | 19.0 | 27.0 | 32.0 | 20.0 | 24.0 |
| Long-term debt | 3,990 | 4,644 | 4,791 | 5,373 | 6,049 |
| Total liabilities | 22,809 | 26,627 | 32,912 | 31,358 | 34,373 |
| Shareholders' equity | −220 | −703 | −349 | −2,327 | −3,129 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 3,491 | 4,707 | 3,828 | 3,518 | 3,296 |
| Stock-based compensation | 30.0 | 25.0 | 30.0 | 19.0 | 19.0 |
| Acquisitions | 46.0 | – | – | – | – |
| Share buybacks | 1,460 | 3,329 | 951 | 70.0 | 7.0 |
| Dividends paid | 0.0 | 0.0 | 355 | 0.0 | 0.0 |
| Dividend per share | – | – | 10.00 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 28.8% | 0.1% | −1.8% | −1.2% |
| Operating income growth (YoY) | – | 112.9% | −47.4% | −237.3% | – |
| EPS growth (YoY) | – | 194.0% | −26.4% | −221.7% | – |
| Operating margin | 18.3% | 30.3% | 15.9% | −22.3% | −8.0% |
| Net margin | 13.8% | 23.0% | 13.6% | −15.4% | −7.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.5% | 15.6% | 6.4% | −10.0% | −3.3% |
| Cash conversion (CFO ÷ net income) | 2.72x | 1.70x | 2.35x | −1.93x | −3.71x |
| Receivable days | 30 | 25 | 27 | 26 | 28 |
| Interest cover | 7.83x | 14.5x | 6.47x | −7.34x | −2.20x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 3,475 | 4,101 | 4,268 | 4,859 | 5,554 |
| Current ratio | 0.77x | 0.73x | 0.80x | 0.75x | 0.72x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.