Avis Budget Group, Inc. (CAR) Income Statement
CAR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCAR revenue and net income
Where CAR's revenue goes
2025Each bar shows an amount and its share of revenue. CAR kept −7.6% of revenue as net income.
CAR profit margins
CAR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −1.2% | −1.0% | +16.6% | +3.2% |
| Gross profit | −5.1% | −15.8% | +36.7% | +2.9% |
| Operating income | −14.5% | −26.9% | — | +3.6% |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CAR quarterly EPS vs estimates
Avis Budget beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: November 3, 2026 (estimate $8.47).
CAR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.65B | $11.79B | $12.01B | $11.99B | $9.31B | $5.40B | $9.17B | $9.12B | $8.85B | $8.66B |
| Cost of revenue | $8.81B | $8.79B | $8.08B | $7.22B | $5.92B | $4.81B | $6.91B | $6.88B | $6.67B | $6.46B |
| Gross profit | $2.85B | $3.00B | $3.93B | $4.77B | $3.39B | $596.0M | $2.26B | $2.24B | $2.18B | $2.20B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $1.45B | $1.33B | $1.57B | $1.35B | $1.15B | $757.0M | $1.36B | $1.34B | $1.23B | $1.31B |
| Total operating expenses | $1.56B | $1.50B | $1.57B | $1.49B | $1.30B | $893.0M | $1.49B | $1.47B | $1.34B | $1.31B |
| Operating income | $1.28B | $1.50B | $2.35B | $3.28B | $2.09B | −$297.0M | $766.0M | $766.0M | $834.0M | $885.0M |
| Interest income | — | — | — | — | — | — | $526.0M | $514.0M | $455.0M | $461.0M |
| Interest expense | $1.40B | $358.0M | $296.0M | $250.0M | $218.0M | $569.0M | $529.0M | $188.0M | $188.0M | $203.0M |
| Income before taxes | −$929.0M | −$2.63B | $1.91B | $3.64B | $1.71B | −$956.0M | $287.0M | $267.0M | $211.0M | $279.0M |
| Income taxes | $66.0M | −$810.0M | $279.0M | $880.0M | $425.0M | −$272.0M | −$15.0M | $102.0M | −$150.0M | $116.0M |
| Net income | −$889.0M | −$1.82B | $1.63B | $2.76B | $1.28B | −$684.0M | $302.0M | $165.0M | $361.0M | $163.0M |
| EBITDA | $4.44B | $2.67B | $6.43B | $7.15B | $4.74B | $2.17B | $3.96B | $2.99B | $2.88B | $2.98B |
| EPS (diluted) | −$2.40 | −$51.19 | $43.38 | $57.22 | $22.54 | −$6.73 | $3.70 | $3.04 | $2.15 | $2.97 |
| Gross margin | 24.4% | 25.4% | 32.7% | 39.8% | 36.4% | 11.0% | 24.6% | 24.5% | 24.6% | 25.4% |
| Operating margin | 11.0% | 12.7% | 19.6% | 27.4% | 22.4% | −5.5% | 8.4% | 8.4% | 9.4% | 10.2% |
| Net margin | −7.6% | −15.4% | 13.6% | 23.0% | 13.8% | −12.7% | 3.3% | 1.8% | 4.1% | 1.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.00B | $2.53B | $2.66B | $3.52B | $3.04B | $2.43B | $2.71B | $3.48B | $3.05B | $2.55B | $2.76B | $3.56B |
| Cost of revenue | $1.47B | $2.12B | $2.15B | $2.25B | $2.23B | $2.09B | $2.26B | $2.36B | $2.23B | $1.97B | $1.99B | $2.21B |
| Gross profit | $1.53B | $412.0M | $513.0M | $1.27B | $809.0M | $340.0M | $451.0M | $1.12B | $815.0M | $579.0M | $775.0M | $1.35B |
| Sales, general & admin | $385.0M | $341.0M | $321.0M | $422.0M | $396.0M | $308.0M | $312.0M | $367.0M | $348.0M | $325.0M | $309.0M | $397.0M |
| Total operating expenses | $446.0M | $364.0M | $345.0M | $565.0M | $417.0M | $335.0M | $348.0M | $408.0M | $387.0M | $360.0M | $350.0M | $445.0M |
| Operating income | $1.09B | $48.0M | $168.0M | $708.0M | $392.0M | $5.0M | $103.0M | $716.0M | $428.0M | $219.0M | $425.0M | $907.0M |
| Interest expense | $232.0M | $347.0M | $378.0M | $349.0M | $362.0M | $299.0M | $92.0M | $95.0M | $88.0M | $83.0M | $75.0M | $80.0M |
| Income before taxes | $73.0M | −$340.0M | −$740.0M | $473.0M | $15.0M | −$677.0M | −$2.84B | $329.0M | $27.0M | −$142.0M | $162.0M | $757.0M |
| Income taxes | $10.0M | −$106.0M | $116.0M | $113.0M | $10.0M | −$173.0M | −$884.0M | $91.0M | $12.0M | −$29.0M | −$98.0M | $130.0M |
| Net income | $35.0M | −$283.0M | −$747.0M | $359.0M | $4.0M | −$505.0M | −$1.96B | $237.0M | $14.0M | −$114.0M | $259.0M | $626.0M |
| EBITDA | $2.08B | $1.02B | $598.0M | $1.83B | $1.36B | $633.0M | −$1.48B | $1.74B | $1.30B | $1.11B | $1.30B | $2.04B |
| EPS (diluted) | $0.98 | −$8.01 | −$6.53 | $8.38 | $0.98 | −$5.23 | −$55.66 | $6.65 | $1.03 | −$3.21 | $7.34 | $17.09 |
| Gross margin | 51.1% | 16.3% | 19.3% | 36.2% | 26.6% | 14.0% | 16.6% | 32.3% | 26.7% | 22.7% | 28.0% | 37.9% |
| Operating margin | 36.3% | 1.9% | 6.3% | 20.1% | 12.9% | 0.2% | 3.8% | 20.6% | 14.0% | 8.6% | 15.4% | 25.4% |
| Net margin | 1.2% | −11.2% | −28.0% | 10.2% | 0.1% | −20.8% | −72.3% | 6.8% | 0.5% | −4.5% | 9.4% | 17.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CAR's financial statements (latest annual report filed February 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CAR financial results
In fiscal year 2025 (ended December 31, 2025), Avis Budget reported revenue of $11.7 billion, down 1.2% from the year before. It had a net loss of $889.0 million, a net profit margin of −7.6%. Diluted earnings per share came to −$2.40. Over five years revenue grew at an average rate of 16.6% a year.
See the CAR stock overview for the latest quote and news, or the CAR chart for price history and technical indicators.
CAR income statement FAQ
What is Avis Budget's annual revenue?
Avis Budget reported total revenue of $11.7 billion for fiscal year 2025, which ended on December 31, 2025. That was down 1.2% from $11.8 billion the previous year.
Is Avis Budget profitable?
No. Avis Budget reported a net loss of $889.0 million in fiscal 2025, a net profit margin of −7.6%; its operating margin was 11.0%.
What is Avis Budget's gross margin?
Avis Budget's gross margin was 24.4% in fiscal 2025: for every $100 of revenue, Avis Budget kept $24 after the direct cost of its products and services.
How fast is Avis Budget growing?
Revenue grew 16.6% a year on average over the last five fiscal years, from $5.4 billion to $11.7 billion.
What are Avis Budget's earnings per share?
Avis Budget earned $-2.40 per diluted share in fiscal 2025, compared with $-51.19 a year earlier.
When will Avis Budget report its next earnings?
Avis Budget is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 after the market closes.
When does Avis Budget's fiscal year end?
Avis Budget's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 19, 2026.