Companies /Industrials

Avis Budget Group Inc

NASDAQ: CAR Rental & Leasing Services
$137.84
▼ $2.86 (−2.03%) today
Markets closed · 11:45pm ET

Q1 2026 Earnings

Reported Apr 29, 2026, 7:01am ET · SEC source
$-8.01
Miss −6.73%
EPS · est. $-7.50
$2.5B
Beat +3.85%
Revenue · est. $2.4B
−13.1%
Trailing market
CAR vs S&P since report
2 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−10%0+10%+20%Apr 29Apr 30report 7:01am ETearnings+0.4%+12.4%
−10%0+10%+20%Apr 29Apr 30earnings+0.4%+12.4%
CAR +12.4%S&P 500 +0.4%
−10%0+10%+20%Apr 29Apr 30report 7:01am ETearnings+0.6%+12.4%
−10%0+10%+20%Apr 29Apr 30earnings+0.6%+12.4%
CAR +12.4%NASDAQ +0.6%
0+9%+18%+27%Apr 28May 7report 7:01am ETearnings+3.3%+7.2%
0+9%+18%+27%Apr 28May 7earnings+3.3%+7.2%
CAR +7.2%S&P 500 +3.3%
0+9%+18%+27%Apr 28May 7report 7:01am ETearnings+5.6%+7.2%
0+9%+18%+27%Apr 28May 7earnings+5.6%+7.2%
CAR +7.2%NASDAQ +5.6%
−0.47%
Day of report
−0.26%
Next session
−9.34%
One week
−6.51%
30 days

S&P 500 over the same 30 days: +6.60%.

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 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

“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.”

Avis Budget Group CEO, on the earnings call

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 · SEC filings Q1 2025 Q1 2026
$0$800.0M$1.6B$2.4B$2.4B$2.5BRevenue$-196,582,384$-283,000,000Net Income
$0$800.0M$1.6B$2.4BRevenueNet Income

CAR Revenue by Segment

Americas$2.0B+3.0%
International$568.0M+9.0%

CAR Revenue by Geography

Americas$2.0B+3.0%
Rest of World
International$568.0M+9.0%

Figures from SEC filings and company reports. Not investment advice.