CAR · Avis Budget Group, Inc.

Avis Budget Group reported its first quarter 2026 results, revealing a mixed operational landscape. While the company achieved a 4% year-over-year revenue increase to $2.53 billion, the bottom line remained pressured with a GAAP net loss of $283 million attributable to shareholders. However, this represents a significant improvement from the $505 million net loss recorded in the same quarter of the previous year. The loss before income taxes improved by 50% to $340 million. Adjusted EBITDA showed a loss of $113 million, widening slightly from the $93 million loss in the prior year period, indicating persistent cost or pricing pressures despite revenue growth.

Operationally, management highlighted strong execution on strategic changes. CEO Brian Choi cited a "meaningful inflection in operating performance" driven by tighter fleet discipline and improved pricing. Vehicle utilization reached 70% for both Americas and International segments, marking a first quarter record for both in over fifteen years. Revenue per day, excluding exchange rate effects, increased 3% in both segments compared to the first quarter of 2025. Per-unit fleet costs remained flat at $351 per month. A notable highlight was the improvement in Adjusted Free Cash Flow, which stood at $80 million for the quarter, an improvement of more than $570 million versus the first quarter of 2025. The company ended the quarter with a liquidity position of $915 million and an additional $2.9 billion in fleet funding capacity. No specific forward guidance was provided in the release text.