Avis Budget Group (CAR) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Avis Budget Group published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Avis Budget Group does not report an adjusted EPS figure. Its main non-GAAP measure is Adjusted EBITDA, which was $513 million in Q3 2026 against $559 million a year earlier.
• Q3 2025 operating expenses included $109 million of income from a settlement distribution in the In re Automotive Parts Antitrust Litigation, which raised the year-ago net income and EPS.
• The $650 million Pentwater settlement was received on October 5, 2026 and will be recognized in Q4 2026, so it is not in these Q3 results.

Source: Avis Budget Group Q3 2026 results, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Avis Budget Group splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Avis Budget Group's Americas revenue was $2.6 billion in Q3 2026, down 3% from $2.6 billion in Q3 2025, 74% of total revenue.
• Avis Budget Group's International revenue was $884 million in Q3 2026, down 2% from $898 million in Q3 2025, 26% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS attributable to Avis Budget Group, each as first reported in that quarter's release. Q4 2025 included $518 million of long-lived asset impairment and other related charges on certain U.S. electric rental vehicles.

We do not hold a confirmed date for Avis Budget Group's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

Avis Budget Group reports two segments. In Q3 2026 Americas brought in $2,552 million and International $884 million of total revenues of $3,436 million, down 2% from $3,519 million a year earlier. By brand, Avis generated $1,958 million, Budget $1,320 million and Other, which includes Zipcar, $158 million, down from $192 million. (Avis Budget Group Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 3, 2026; Avis Budget Group Form 10-Q, Q3 2026, Nov 4, 2026)

Avis Budget Group said revenues fell $83 million mainly because of a 3% decrease in volume and a $6 million negative impact from currency movements, partly offset by sustained revenue per day. Total rental days were 48,112 thousand against 49,400 thousand, and revenue per day excluding exchange rate effects was $71.54 against $71.22, the third consecutive quarter of year-over-year growth. (Avis Budget Group Form 10-Q, Q3 2026, Nov 4, 2026; Avis Budget Group Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 3, 2026)

The fleet shrank faster than demand. The average rental fleet was 706,717 vehicles against 746,161, and total vehicle utilization rose 2 points to 74.0%. Americas utilization was 74.1%, up 2.8 points, which CEO Brian Choi called the best third quarter in twenty years despite a softer travel demand environment. Per-unit fleet costs were $316 per month excluding exchange rate effects, up 4%. (Avis Budget Group Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 3, 2026)

By geography, Europe, Middle East and Africa revenues were $712 million against $742 million and Asia and Australasia $172 million against $156 million. Avis Budget Group's 10-K says the third quarter has historically been its strongest because of leisure travel, and that in 2025 average quarterly fleet ranged from about 631,000 vehicles in the first quarter to about 746,000 in the third. (Avis Budget Group Form 10-Q, Q3 2026, Nov 4, 2026; Avis Budget Group Form 10-K, 2025, Feb 19, 2026)

Most of the fleet carries used-car price risk. In 2025 about 84% of Avis Budget Group's average rental fleet was risk vehicles, not cars bought under manufacturer repurchase or guaranteed depreciation programs. Program vehicles were about 52% of the International fleet and 3% of the Americas fleet. (Avis Budget Group Form 10-K, 2025, Feb 19, 2026)

Avis Budget Group's diluted EPS was $5.15 in Q3 2026 against $10.11 a year earlier, on net income attributable to the company of $183 million against $359 million. The year-ago quarter included $109 million of income in operating expenses from a favorable settlement distribution in the In re Automotive Parts Antitrust Litigation. Avis Budget Group does not publish an adjusted EPS; Adjusted EBITDA was $513 million against $559 million. (Avis Budget Group Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 3, 2026; Avis Budget Group Form 10-Q, Q3 2026, Nov 4, 2026)

The effective tax rate was 35.6%, up from 23.9%, and net income attributable to non-controlling interests rose to $16 million from $1 million. Diluted weighted average shares were 35.6 million against 35.5 million. Avis Budget Group made no repurchases under its stock repurchase program in the quarter and had about $757 million of authorization left at September 30, 2026. (Avis Budget Group Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 3, 2026; Avis Budget Group Form 10-Q, Q3 2026, Nov 4, 2026)

Two cash items fall after the quarter. Avis Budget Group received $650 million from its settlement with Pentwater Capital Management over short-swing profits on October 5, 2026 and will recognize it in Q4. On November 2 it delivered a notice to redeem the remaining $350 million of its 5.750% Senior Notes due 2027 on December 30, 2026. (Avis Budget Group Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 3, 2026; Avis Budget Group Form 10-Q, Q3 2026, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Avis Budget Group's Q3 2026 release gives no numeric outlook for revenue, EPS or Adjusted EBITDA for Q4 or the full year. The release points investors to supplemental financials on its investor relations site and to its November 4, 2026 conference call. (Avis Budget Group Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 3, 2026)

Known Q4 items from the filings: the $650 million Pentwater settlement will be recognized in Q4 2026, and the company reduced capacity under its asset-backed variable-funding facilities by $460 million effective October 6, 2026. (Avis Budget Group Form 10-Q, Q3 2026, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover Avis Budget Group, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Avis Budget Group's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning CAR is on is CAR a buy or a sell?, what analysts expect next is on the CAR forecast, and what the company does is on the Avis Budget Group (CAR) stock page.

Every number on this page can be traced to a document Avis Budget Group published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.