Avis Budget Group (CAR) Q2 2026 earnings summary
Event summary combining transcript, slides, and related documents.
Q2 2026 earnings summary
9 Aug, 2026Executive summary
Q2 2026 revenue was $3.0 billion, down 1% year-over-year, with net income of $35 million, a significant increase from $4 million in Q2 2025, driven by lower fleet costs and higher revenue per day, despite lower volume.
Adjusted EBITDA for Q2 2026 was $286 million, up 3% year-over-year, with the highest second-quarter margin in three years.
Vehicle utilization reached a record 73.2% in the Americas and 72.6% globally, up 1.9 points year-over-year, driven by technology investments and operational discipline.
Strategic focus shifted to optimizing revenue per transaction and longer-duration rentals, with proactive fleet reduction and supply discipline in response to softening demand.
The autonomous vehicle partnership with Waymo launched in Dallas, completing thousands of trips in its first month.
Financial highlights
Americas Q2 2026 revenue was $2.29 billion (down 2% year-over-year), with Adjusted EBITDA of $237 million (up 8%).
International Q2 2026 revenue was $710 million (flat year-over-year), with Adjusted EBITDA of $73 million (down 11%).
Per-unit fleet costs decreased 4% year-over-year to $290 per month, and vehicle depreciation and lease charges fell to 19.4% of revenue.
Adjusted Free Cash Flow for the first half of 2026 was $161 million, up from negative $475 million in the prior year period.
Cash and cash equivalents at quarter-end were $558 million, with liquidity of approximately $1.0 billion and $1.9 billion in fleet funding capacity.
Outlook and guidance
Full-year 2026 Adjusted EBITDA is projected between $850 million and $1 billion.
Per-unit fleet costs per month are expected to range from $315 to $325 for FY 2026.
Management remains focused on operational efficiency, analytics, and innovation to drive sustainable growth, with no broad demand recovery assumed.
Latest events from Avis Budget Group
- Director elections, auditor ratification, and executive pay approved; majority voting proposal failed.CAR
AGM 2026 - Revenue up 4% to $2.53B, net loss narrowed, and EBITDA guidance raised to $850M–$1B.CAR
Q1 2026 - Board recommends all director nominees, auditor ratification, and executive pay, but opposes majority voting proposal.CAR
Proxy filing - Key votes include director elections, auditor ratification, and majority voting standard changes.CAR
Proxy filing - Q4 and full-year results missed guidance, but Adjusted EBITDA rose 19% to $748M.CAR
Q4 2025 - Q3 2025 profit and margins surged on cost gains and premium offerings, despite recall and market risks.CAR
Q3 2025 - Revenue and profit declined sharply, but vehicle utilization and liquidity improved.CAR
Q3 2024 - Q2 net income fell 97% as higher costs offset strong utilization and pricing improved for Q3.CAR
Q2 2024 - Q1 2025 saw a $505M net loss on $2.4B revenue, with new ABS notes and strong liquidity.CAR
Q1 2025