Avis Budget Group Reports Q3 2026 Revenue Decline Amid Softer Summer Demand
Avis Budget Group (CAR) reported third-quarter revenue of $3.44 billion, a 2% decline year-over-year driven by lower rental days and reduced summer demand. Net income fell significantly to $183 million from $359 million in the prior-year period. Adjusted EBITDA reached $513 million, an 8% decrease that missed management's own expectations by approximately $50 million. The company focused on fleet right-sizing, reducing its global average rental fleet by 5% to improve utilization, which hit a 20-year record high of 74.1% in the Americas. Despite volume challenges and rising per-unit fleet costs due to lower used vehicle residual values, Avis expects to receive $650 million from a Pentwater settlement in Q4, which will significantly impact its leverage position.
Tickers: $CAR
Topics: EBITDA miss net income decrease rental demand revenue decline