Avis Budget Group, Inc. (CAR) Cash Flow Statement
Where CAR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.30B −6.3% vs 2024
- Capital expenditures
- $15.27B 131.1% of revenue
- Free cash flow
- −$11.98B −102.8% margin
- Returned to shareholders
- $7.0M
- Change in cash
- $21.0M cash at year-end $618.0M
Cash from operations
$3.30B
Capital expenditures
−$15.27B
Investments (net)
−$289.0M
Acquisitions & other
+$10.40B
Net borrowing (repayment)
+$1.73B
Other financing
+$137.0M
Currency & other
+$24.0M
Change in cash
$21.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CAR operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CAR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.63B2016 | $3.30B2025 | +2.5%/yr | |
| Capital expenditures | $2.15B2016 | $15.27B2025 | +24.4%/yr | |
| Free cash flow | $482.0M2016 | −$11.98B2025 | — | |
| Free cash flow margin | 5.6%2016 | −102.8%2025 | −108.4 pts | |
| Operating cash flow / net income | 16.132016 | 2.352023 | −13.78 | |
| Stock-based compensation | $27.0M2016 | $19.0M2025 | −3.8%/yr | |
| Dividends paid | $02016 | $02025 | — | |
| Share buybacks (net) | $387.0M2016 | $7.0M2025 | −36.0%/yr | |
| Capex / revenue | 24.8%2016 | 131.1%2025 | +106.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CAR cash flow by activity
OperatingInvestingFinancingChange in cash
CAR net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CAR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$995.0M | −$1.82B | $1.63B | $2.76B | $1.28B | −$684.0M | $302.0M | $165.0M | $361.0M | $163.0M |
| Depreciation & amortization | $3.97B | $4.01B | $3.45B | $2.81B | $2.48B | $2.56B | $3.14B | $2.23B | $2.21B | $2.13B |
| Stock-based compensation | $19.0M | $19.0M | $30.0M | $25.0M | $30.0M | $9.0M | $22.0M | $24.0M | $13.0M | $27.0M |
| Change in working capital | −$943.0M | −$938.0M | −$867.0M | −$753.0M | $243.0M | −$65.0M | $89.0M | $39.0M | −$26.0M | −$69.0M |
| Other non-cash items | $1.25B | $2.25B | −$417.0M | −$132.0M | −$545.0M | −$1.13B | −$969.0M | $151.0M | $94.0M | $378.0M |
| Cash from operating activities | $3.30B | $3.52B | $3.83B | $4.71B | $3.49B | $691.0M | $2.59B | $2.61B | $2.65B | $2.63B |
| Investing activities | ||||||||||
| Capital expenditures | −$15.27B | −$10.06B | −$15.46B | −$4.13B | −$6.08B | −$3.26B | −$2.68B | −$3.17B | −$2.13B | −$2.15B |
| Investments (net) | −$289.0M | −$2.75B | −$7.65B | −$4.30B | −$6.31B | $3.18B | −$2.75B | −$3.43B | −$2.20B | −$2.15B |
| Acquisitions & other investing | $10.40B | $10.06B | $15.77B | $4.13B | $6.08B | $3.26B | $2.68B | $3.17B | $2.13B | $2.15B |
| Cash from investing activities | −$5.16B | −$2.75B | −$7.35B | −$4.30B | −$6.31B | $3.18B | −$2.75B | −$3.43B | −$2.20B | −$2.15B |
| Financing activities | ||||||||||
| Dividends paid | $0 | $0 | −$355.0M | $0 | $0 | −$14.55B | — | — | $0 | $0 |
| Share repurchases & issuance (net) | −$7.0M | −$70.0M | −$951.0M | −$3.33B | −$1.46B | −$119.0M | −$67.0M | −$216.0M | −$210.0M | −$387.0M |
| Net borrowing (repayment) | $1.73B | −$639.0M | $4.88B | −$8.0M | $4.39B | −$26.0M | $251.0M | $188.0M | $61.0M | $4.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $15.0M | $0 | $0 | $0 | $0 |
| Other financing | $137.0M | −$72.0M | −$66.0M | $2.98B | −$239.0M | $10.63B | $134.0M | $695.0M | −$159.0M | −$55.0M |
| Cash from financing activities | $1.86B | −$781.0M | $3.51B | −$360.0M | $2.69B | −$4.04B | $318.0M | $667.0M | −$308.0M | −$438.0M |
| Summary | ||||||||||
| Net change in cash | $21.0M | −$47.0M | $2.0M | $16.0M | −$139.0M | −$135.0M | $165.0M | −$166.0M | $181.0M | $38.0M |
| Cash at end of period | $618.0M | $597.0M | $644.0M | $642.0M | $626.0M | $765.0M | $900.0M | $735.0M | $901.0M | $490.0M |
| Free cash flow | −$11.98B | −$6.54B | −$11.63B | $576.0M | −$2.59B | $3.95B | −$91.0M | −$563.0M | $513.0M | $482.0M |
| Free cash flow margin | −102.8% | −55.5% | −96.9% | 4.8% | −27.9% | 73.1% | −1.0% | −6.2% | 5.8% | 5.6% |
| Capex / revenue | 131.1% | 85.4% | 128.7% | 34.4% | 65.3% | 60.3% | 29.2% | 34.8% | 24.1% | 24.8% |
| Operating cash flow / net income | — | — | 2.35 | 1.71 | 2.72 | — | 8.56 | 15.81 | 7.34 | 16.13 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $63.0M | −$234.0M | −$856.0M | $360.0M | $4.0M | −$504.0M | −$1.96B | $237.0M | $14.0M | −$114.0M | $259.0M | $627.0M |
| Depreciation & amortization | $957.0M | $1.02B | $960.0M | $1.01B | $988.0M | $1.01B | $1.06B | $1.08B | $944.0M | $925.0M | $832.0M | $990.0M |
| Stock-based compensation | $6.0M | $1.0M | $3.0M | $4.0M | $6.0M | $6.0M | $5.0M | $1.0M | $6.0M | $7.0M | $6.0M | $8.0M |
| Change in working capital | −$407.0M | −$387.0M | −$291.0M | −$76.0M | −$200.0M | −$311.0M | −$149.0M | −$210.0M | −$133.0M | −$281.0M | −$455.0M | −$332.0M |
| Other non-cash items | $13.0M | $37.0M | $621.0M | $105.0M | $39.0M | $417.0M | $1.81B | $166.0M | $53.0M | $52.0M | $151.0M | −$40.0M |
| Cash from operating activities | $632.0M | $434.0M | $437.0M | $1.40B | $837.0M | $619.0M | $772.0M | $1.27B | $884.0M | $589.0M | $793.0M | $1.25B |
| Investing activities | ||||||||||||
| Capital expenditures | −$4.35B | −$3.52B | −$3.55B | −$2.88B | −$5.02B | −$3.82B | −$1.77B | −$1.29B | −$2.86B | −$1.47B | −$2.67B | −$3.80B |
| Investments (net) | −$44.0M | $170.0M | −$149.0M | −$698.0M | −$3.24B | −$715.0M | −$57.0M | −$141.0M | −$1.04B | −$1.52B | −$416.0M | −$1.72B |
| Acquisitions & other investing | $2.35B | $3.78B | $3.19B | $2.88B | $5.02B | $3.82B | $1.77B | $1.29B | $2.86B | $1.47B | $2.67B | $3.80B |
| Cash from investing activities | −$2.04B | $428.0M | −$510.0M | −$698.0M | −$3.24B | −$715.0M | −$57.0M | −$141.0M | −$1.04B | −$1.52B | −$416.0M | −$1.72B |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | −$355.0M | — |
| Share repurchases & issuance (net) | $7.0M | −$7.0M | −$3.0M | −$1.0M | $3.0M | −$3.0M | −$45.0M | −$9.0M | −$1.0M | −$15.0M | −$261.0M | −$490.0M |
| Net borrowing (repayment) | $1.47B | −$799.0M | −$110.0M | −$663.0M | $2.40B | $105.0M | −$691.0M | −$1.06B | — | — | — | $1.02B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$28.0M | −$16.0M | $164.0M | $0 | −$26.0M | −$4.0M | −$2.0M | −$14.0M | $140.0M | $912.0M | $144.0M | −$18.0M |
| Cash from financing activities | $1.45B | −$822.0M | $51.0M | −$664.0M | $2.37B | $98.0M | −$738.0M | −$1.08B | $139.0M | $897.0M | −$472.0M | $512.0M |
| Summary | ||||||||||||
| Net change in cash | $36.0M | $33.0M | −$21.0M | $36.0M | −$4.0M | $10.0M | −$52.0M | $66.0M | −$16.0M | −$45.0M | −$77.0M | $39.0M |
| Cash at end of period | $687.0M | $651.0M | $618.0M | $639.0M | $603.0M | $607.0M | $597.0M | $649.0M | $583.0M | $599.0M | $644.0M | $721.0M |
| Free cash flow | −$3.72B | −$3.09B | −$3.12B | −$1.48B | −$4.18B | −$3.20B | −$1.00B | −$22.0M | −$1.98B | −$876.0M | −$1.88B | −$2.55B |
| Free cash flow margin | −124.0% | −122.1% | −116.9% | −42.0% | −137.7% | −131.7% | −37.0% | −0.6% | −64.8% | −34.3% | −67.9% | −71.5% |
| Capex / revenue | 145.1% | 139.2% | 133.3% | 81.9% | 165.2% | 157.2% | 65.5% | 37.2% | 93.8% | 57.4% | 96.6% | 106.7% |
| Operating cash flow / net income | 10.03 | — | — | 3.90 | 209.25 | — | — | 5.37 | 63.14 | — | 3.06 | 2.00 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CAR cash generation
In fiscal 2025 (ended December 31, 2025), Avis Budget generated $3.3 billion of cash from operations (down 6.3%) and spent $15.3 billion on capital expenditures, leaving free cash flow of -$12.0 billion, −102.8% of revenue. It returned $7.0 million to shareholders through dividends ($0) and net share buybacks ($7.0 million). Cash and equivalents rose by $21.0 million over the year.
Related: CAR income statement, CAR balance sheet. See the CAR stock overview for the latest quote and news.
CAR cash flow FAQ
What is Avis Budget's free cash flow?
Avis Budget's free cash flow was -$12.0 billion in fiscal 2025: $3.3 billion of operating cash flow minus $15.3 billion of capital expenditures It was -$6.5 billion a year earlier..
How much cash does Avis Budget generate from operations?
Avis Budget generated $3.3 billion of cash from operating activities in fiscal 2025.
How much does Avis Budget spend on capital expenditures?
Avis Budget spent $15.3 billion on capital expenditures in fiscal 2025, 131.1% of revenue, compared with $10.1 billion the year before.
How much stock does Avis Budget buy back?
Avis Budget spent $7.0 million on net share repurchases in fiscal 2025.