Avis Budget Group (CAR) Q3 2026 Earnings
GAAP figure; no adjusted EPS disclosed. Q3 2026 includes restructuring and other related charges of $5 million, transaction-related costs of $2 million, other expense of $9 million, legal matters expense of $1 million and cloud computing costs of $10 million. The prior-year quarter ($10.11 diluted) included $109 million of legal-matters income. The $650 million Pentwater settlement received October 5 will be recognized in Q4, not Q3.
How Did CAR Stock React to Q3 2026 Earnings?
Did CAR Beat Earnings? Q3 2026 Results
No. Avis Budget Group reported Q3 2026 earnings of $5.15 a share on Nov 3, 2026, missing the $8.31 consensus estimate by 38.0%. Revenue was $3.4B against a $3.4B estimate.
Avis Budget Group delivered a sharply disappointing bottom line in the third quarter of 2026, with GAAP diluted EPS of $5.15 missing the $8.31 consensus estimate by 38.03%, even as revenue edged ahead of expectations. The GAAP figure includes restructuring and other related charges of $5 million, transaction-related costs of $2 million, other expense of $9 million, legal matters expense of $1 million, and cloud computing costs of $10 million, and it compares to a year-ago quarter that benefited from $109 million of legal-matters income. Revenue of $3.44 billion topped the $3.41 billion consensus by 0.75% but still fell 2.4% year over year, with total rental days declining 3% to 48.1 million as soft travel demand weighed on volume. Adjusted EBITDA slipped 8% to $513 million, while net income dropped 49% to $183 million. Looking ahead, the company offered no numeric guidance, though a $650 million Pentwater settlement payment received October 5 will be recognized in the fourth quarter, and management plans to retire $350 million of senior notes before year end.
- Total Company vehicle utilization of 74.0%, up 2 points year over year; Americas utilization of 74.1%, up 2.8 points (both third-quarter record highs)
- Total revenue per day of $71.54 excluding FX, slightly up year over year, the third consecutive quarter of growth
- Average rental fleet reduced 5% to 706,717 vehicles; rental days down 3% to 48.1 million
- Per-unit fleet costs of $316 per month excluding FX, up 4%; Americas up 7% to $330, International down 2% to $279
- Adjusted EBITDA down 8% to $513 million; Americas down 8% to $365 million, International down 5% to $180 million
- Operating expenses rose to $1,621 million from $1,513 million; the prior year included $109 million of legal-matters income
“The third quarter demonstrated continued progress in how we manage our fleet, with third-quarter Americas utilization being the best we have had in twenty years despite a softer travel demand environment.”
Avis Budget Group CEO, on the earnings call
What Is Avis Budget Group's Outlook?
No numeric guidance was provided. Management aims to build on fleet management and field operations gains to improve transaction economics, strengthen profitability and deliver more consistent financial performance over time. The $650 million cash received October 5 under the Pentwater settlement will be recognized in Q4. The company also plans to repay the remaining $350 million of its 5.750% Senior Notes due 2027 before year end.
CAR YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $3.4B | $3.5B | −2.4% |
| Net Income | $183.0M | $359.0M | −49.0% |
CAR Revenue by Segment
CAR Revenue by Geography
When Does Avis Budget Group Report Next?
Figures from SEC filings and company reports. Not investment advice.