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Q1 26 EPS
$-8.01
MISS 6.73%
Est. $-7.50
Q1 26 Revenue
$2.53B
BEAT +3.85%
Est. $2.44B
vs S&P Since Q1 26
+8.7%
BEATING MARKET
CAR +12.4% vs S&P +3.7%
Market Reaction
Did CAR Beat Earnings? Q1 2026 Results
Avis Budget Group delivered a mixed first quarter for fiscal 2026, posting revenue of $2.53 billion, up 4.1% year over year and ahead of the $2.44 billion consensus estimate by 3.85%, while earnings per share of negative $8.01 fell short of the negat… Read more Avis Budget Group delivered a mixed first quarter for fiscal 2026, posting revenue of $2.53 billion, up 4.1% year over year and ahead of the $2.44 billion consensus estimate by 3.85%, while earnings per share of negative $8.01 fell short of the negative $7.50 consensus by 6.73%. The headline loss was driven partly by worsening Adjusted EBITDA, which deepened to a loss of $113 million from a loss of $93 million a year ago, even as the company's net loss narrowed sharply to $283 million from $505 million, aided by a dramatic drop in vehicle depreciation and lease charges to $664 million from $1.05 billion. Fleet discipline was the central theme, with the average rental fleet trimmed 2% year over year to roughly 619,700 vehicles and utilization reaching 70% across both segments. CEO Brian Choi pointed to improving pricing and stronger utilization as foundations for a more resilient business ahead, though the quarter also drew attention from a separate corporate governance storyline involving a major shareholder's large stock sales occurring amid elevated volatility in the company's shares.
Key Takeaways
- • Revenue per day excluding exchange rate effects increased 3% in both Americas and International
- • Vehicle utilization reached 70% for both segments, a first quarter record in over fifteen years
- • Total company per-unit fleet costs flat at $351 per month excluding exchange rate effects
- • Significant reduction in vehicle depreciation and lease charges from $1,055M to $664M year-over-year
- • Adjusted free cash flow improved by more than $570 million versus Q1 2025
CAR Forward Guidance & Outlook
CEO Brian Choi indicated the company sees clear momentum heading into the rest of the year, citing tighter fleet discipline, improving pricing, and stronger utilization as building blocks for a more resilient business. No specific quantitative guidance was provided.
CAR YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
CAR Revenue by Segment
With YoY comparisons, source: SEC Filings
CAR Revenue by Geography
With YoY comparisons, source: SEC Filings
“We executed on the changes we outlined last quarter, and the first quarter reflects a meaningful inflection in our operating performance. With tighter fleet discipline, improving pricing, and stronger utilization, we are building a more resilient business with clear momentum heading into the rest of the year.”
— Brian Choi, Q1 2026 Earnings Press Release
CAR Earnings Trends
CAR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CAR EPS Trend
Earnings per share: estimate vs actual
CAR Revenue Trend
Quarterly revenue: estimate vs actual
CAR Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $-7.50 | $-8.01 | -6.73% | $2.53B | +3.85% |
| Q4 25 MISS FY | $-0.19 | $-21.25 | -11,014.02% | $2.66B | -2.65% |
| FY Full Year | $-4.16 | $-25.25 | -507.60% | $11.65B | -0.69% |
| Q3 25 BEAT | $7.90 | $10.11 | +27.92% | $3.52B | +2.19% |
| Q2 25 MISS | $1.83 | $0.10 | -94.55% | $3.04B | +1.21% |
| Q1 25 MISS | $-5.61 | $-14.35 | -155.68% | $2.43B | -2.50% |