Avis Budget Group, Inc. (CAR) Earnings
Avis Budget Group, Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $2.18. CAR has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise -570.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $-6.82 | $-8.01 | -17.4% | $2.5B | +4.2% |
| Feb 18, 2026 | $-0.29 | $-6.53 | -2151.7% | $2.7B | +8.1% |
| Jul 29, 2025 | $2.02 | $0.10 | -95.0% | $3.0B | -12.2% |
| Oct 31, 2024 | $8.18 | $6.65 | -18.7% | $3.5B | +27.7% |
| May 1, 2024 | $-3.15 | $-3.21 | -1.9% | $2.6B | +5.7% |
| Feb 12, 2024 | $4.15 | $7.10 | +71.1% | $2.8B | -1.5% |
| Nov 1, 2023 | $14.16 | $16.78 | +18.5% | $3.6B | -0.7% |
| May 1, 2023 | $3.07 | $7.72 | +151.5% | $2.8B | -12.7% |
| Feb 13, 2023 | $6.79 | $10.46 | +54.1% | $2.8B | +3.7% |
| Oct 31, 2022 | $14.64 | $21.70 | +48.2% | $3.5B | +0.3% |
| Aug 1, 2022 | $11.48 | $15.94 | +38.9% | $3.2B | +2.2% |
| May 2, 2022 | $3.45 | $9.99 | +189.6% | $2.4B | +12.6% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Brian addressed the recent stock price volatility, explaining that Pentwater Capital's significant ownership increase and high short interest led to a short squeeze, and Avis has not been active in share trading. • Executed on fleet reduction and supply discipline plan, with early results showing progress. • Americas saw growth in revenue driven by RPD performance, international executed well on mixed strategy. • Avis First in 36 locations with strong customer satisfaction, on track for Dallas Waymo launch in Q3. • Daniel walked through details of Americas and international segments, discussing revenue, fleet, depreciation, and leverage.
Guidance
• Exceeded adjusted EBITDA plan by ~$50 million in Q1. • Raising off-year guidance to $850 million to $1 billion in adjusted EBITDA. • Expect to reduce net corporate leverage ratio to below 6 by year end through earnings growth and debt repayment. • Aim to continue EBITDA growth and debt repayment strategy to reach target leverage ratios of 3 to 4 times.
Segment performance
Americas segment: Revenue grew 2.9% year-over-year, first surge in 10 quarters. Rental days essentially flat, RPD increased 2.8%, first positive pricing in Americas since Q4 2022. Ancillary performance grew 1.9% year-over-year, leisure share of revenue increased by 1.1 point. Fleet reduced by 0.6% to align with demand, monthly depreciation in Americas averaged ~$380, expected to decline in Q2. International segment: Rental days down 3.8% year-over-year, RPD increased 3% on a constant currency basis, shifting revenue mix towards higher return segments, facing uneven international demand influenced by geopolitical developments and higher travel costs.
Risks & headwinds
• Geopolitical environment, particularly in the Middle East, impacting energy prices and consumer behavior. • Uneven international demand influenced by geopolitical developments and higher travel costs. • Pentwater Capital's sale of shares violating SEC Section 16 short-swing profit rules, and Avis is pursuing rights on behalf of stockholders.
Analyst Q&A
Q: Address pricing trends and confidence it can hold for balance of year.
A: Brian and Daniel discussed pricing being constructive in Q1, improved in Feb and March, expecting stabilization in May and June.
Q: On balance sheet, leverage ratio and steps to reduce.
A: Focus on capital allocation shifting to debt repayment, expect to reduce leverage to below 6 by year end, aim for 3-4 times.
Q: Fleet size, continue fleeting under demand.
A: Continue fleeting under demand, focus on operational efficiency and utilization.
Q: EBITDA guidance, normalization.
A: $850 - $1 billion range for FY, not normalized yet, structural EBITDA should be higher.
Q: Fleet cost, longer term comfort.
A: Longer term low 300s possible with better asset management.
Q: Used car supply impact and fleet disposition.
A: Monitor used vehicle supply, being nimble, investing in innovative disposition methods.
Q: Share issuance and pentwater's actions.
A: No intention of issuing shares, pursuing shareholders' entitlement, Pentwater's sales disclosed after market close.
Q: Remedy for short swing profit rule and industry discipline.
A: Pursuing to get shareholders' owed dollars, industry appropriately fleeted, focus on own discipline.
Q: Underlying demand environment and cost initiatives.
A: Demand mixed in Q1, strengthening later, cost initiatives on operational efficiencies and technology