Every material Form 8-K Avis Budget has filed with the SEC since July 29, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Avis Budget Group reported third quarter 2026 revenue of $3.4 billion, down 2% from a year earlier, and net income attributable to the company of $183 million, down 49%. Adjusted EBITDA fell 8% to $513 million, and diluted earnings per share were $5.15 versus $10.11 a year earlier, though the company said Americas vehicle utilization hit a third-quarter record.
Q3 revenue $3.4 billion ($3,436 million) vs. $3,519 million in Q3 2025; Adjusted EBITDA $513 million vs. $559 million
Diluted EPS $5.15 vs. $10.11 a year earlier; net income attributable to the company $183 million vs. $359 million
Total Company vehicle utilization 74.0%, up 2.0 points; Americas utilization 74.1%, both third-quarter record highs
Received $650 million from Pentwater Capital Management settlement on October 5, to be recognized in Q4; redeeming remaining $350 million of 5.750% Senior Notes due 2027
Avis Budget Car Rental, LLC and Avis Budget Finance, Inc., wholly-owned subsidiaries of Avis Budget Group, Inc., sent notice on November 2, 2026 that they will redeem all $350 million of their outstanding 5.750% Senior Notes due July 2027. The notes will be repaid in full on December 30, 2026 at 100% of principal plus accrued and unpaid interest. The filing is a debt repayment notice that does not report any change to earnings or guidance.
Redemption of all $350 million aggregate principal of 5.750% Senior Notes due July 2027
Redemption price is 100% of principal amount, plus accrued and unpaid interest to the Redemption Date
On September 21, 2026, Avis Budget Group subsidiary Avis Budget Rental Car Funding (AESOP) LLC issued $650 million of asset-backed notes maturing in five years, secured by vehicles in its domestic fleet and related assets. The filing describes the notes as new direct financial obligations, and it does not state how the proceeds will be used.
Notes total $650 million across Class A, B, C and D tranches, with coupons from 5.69% to 8.14%
Class A notes total $474.5 million at 5.69%; Class D notes total $66.625 million at 8.14%
Subordinated Class R notes of $35.75 million at 9.598% were issued for U.S. risk retention rules and are held by AESOP Leasing L.P.
Notes were issued under a Series 2026-5 Supplement with The Bank of New York Mellon Trust Company, N.A. as trustee
Avis Budget Group announced that Ravi Simhambhatla, Executive Vice President and Chief Digital & Innovation Officer, will leave the company. He will stay in his current role until September 30, 2026 to ensure a smooth transition. The filing contains no financial results or replacement details.
Ravi Simhambhatla, Executive Vice President and Chief Digital & Innovation Officer, is leaving the company
He remains in his current position until September 30, 2026
Avis Budget Group reported second quarter 2026 revenue of $2,998 million, down 1% from $3,039 million a year earlier. Net income attributable to the company rose to $35 million from $4 million, and Adjusted EBITDA rose 3% to $286 million, so profit improved while sales slipped.
Revenues $2,998 million vs. $3,039 million in Q2 2025, down 1%
Net income attributable to Avis Budget Group $35 million vs. $4 million; diluted EPS $0.98 vs. $0.10
Adjusted EBITDA $286 million vs. $277 million, up 3%; Total Company vehicle utilization 72.6%, up 1.9 points
Liquidity about $1.0 billion at quarter end; $300 million add-on senior notes due 2031 issued in May
On June 29, 2026, Avis Budget Group and subsidiaries Avis Budget Holdings, LLC and Avis Budget Car Rental, LLC entered an Eleventh Amendment to their Sixth Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent. The amendment replaces the existing $2 billion revolving facility with a new $2 billion facility and adds a new $200 million revolving facility, both with springing maturities tied to other debt and legal settlement proceeds. The filing does not state pricing, drawn balances or the prior maturity date.
New $2 billion revolving facility (2031 Revolving Facility) matures June 29, 2031, with a springing maturity 90 days before certain long-term debt maturities if that debt exceeds $300 million
New $200 million revolving facility (2028 Revolving Facility) matures June 29, 2028
Amendment closed June 29, 2026; the 8-K was filed July 1, 2026 with the agreement attached as Exhibit 10.1
On June 9, 2026, Avis Budget Rental Car Funding (AESOP) LLC, a subsidiary, issued $650 million of asset-backed notes in two series, Series 2026-3 and Series 2026-4, with maturities of three and five years. The notes are secured by domestic fleet vehicles and related assets, which makes this a routine refinancing of the company's rental fleet, and the filing does not describe any change to its guidance or operations.
Total issuance of $650 million across Series 2026-3 and Series 2026-4, with a maturity of three years and five years, respectively
Series 2026-3 Class A notes carry a 4.82% coupon; Series 2026-4 Class A notes carry a 5.09% coupon
Notes are secured under the Base Indenture by domestic fleet vehicles and other related assets
Bank of New York Mellon Trust Company, N.A. serves as trustee and Series agent
Avis Budget Group appointed Tina Goldenberg as Vice President and Chief Accounting Officer, effective June 15, 2026, succeeding Cathleen DeGenova, who is retiring. DeGenova remains Senior Vice President and Chief Accounting Officer until June 14, 2026, and will advise the company through April 1, 2027. The change is a routine succession in a finance role and does not alter reported results.
Tina Goldenberg, age 42, appointed Vice President and Chief Accounting Officer, effective June 15, 2026
Goldenberg's offer letter sets an annual base salary of $270,000 and a target annual incentive of 45% of base salary
Cathleen DeGenova, who is retiring after 13 years, serves until June 14, 2026 and advises through April 1, 2027
Avis Budget Group's rental car funding subsidiary completed an amendment and extension of its asset-backed variable-funding financing facilities on April 30, 2026, which help fund its U.S. car rental fleet. The aggregate Series 2010-6 facility rose from approximately $2.227 billion to $2.628 billion, and the Series 2015-3 facility rose from approximately $109 million to $132 million, excluding Class R Notes. The filing shows the increases are scheduled to step down on November 1, 2026.
Series 2010-6 Notes facility increased from approximately $2.227 billion to $2.628 billion (excluding Class R Notes)
Series 2015-3 Notes facility increased from approximately $109 million to $132 million
Increased amounts will be reduced by $438 million and $22 million, respectively, on November 1, 2026
Class A notes in both facilities have a two-year term; Class B notes have a one-year term
Avis Budget Group reported first quarter 2026 results on April 29, 2026. Revenue rose 4% to $2.5 billion and the net loss attributable to the company narrowed to $283 million from $505 million a year earlier, but the Adjusted EBITDA loss widened to $113 million from $93 million.
Revenue was $2,530 million, up 4% from $2,430 million in the first quarter of 2025.
Net loss attributable to Avis Budget Group was $283 million, or $8.01 per share, compared with $505 million, or $14.35 per share, a year earlier.
Adjusted EBITDA loss was $113 million, compared with a $93 million loss in the first quarter of 2025.
Adjusted free cash flow was $80 million, and liquidity at quarter end was $915 million.
On March 11, 2026, subsidiary Avis Budget Rental Car Funding (AESOP) LLC issued $668.20 million of asset-backed notes in two series, with maturities of three and five years. The notes are secured by vehicles in the company's domestic fleet and related assets, so the filing adds new secured debt for shareholders to weigh, though it reports no change to earnings or guidance.
Notes issued March 11, 2026 under Series 2026-1 and Series 2026-2 supplements to a base indenture dated June 3, 2004
Class R notes of $20.62 million (Series 2026-1) and $15.25 million (Series 2026-2) issued for U.S. risk retention rules and held by AESOP Leasing L.P.
The Bank of New York Mellon Trust Company, N.A. serves as trustee and series agent; full terms are in Exhibits 10.1 and 10.2
Avis Budget Group reported fourth quarter 2025 revenue of $2.7 billion, down 2% from a year earlier, and a net loss of $856 million, which includes a $518 million impairment and related charges on certain U.S. electric vehicle rental cars. The company's full-year 2025 net loss was $995 million, compared with $1,817 million in 2024, while full-year Adjusted EBITDA rose 19% to $748 million. The filing shows smaller losses than a year ago but lower revenue, and it provides no new financial guidance.
Q4 2025 revenue was $2.7 billion, down 2% from $2,710 million in Q4 2024.
Q4 2025 net loss was $856 million, versus $1,957 million in Q4 2024; the $518 million impairment and related charges reduced the carrying value of certain U.S. EV rental cars.
Full-year 2025 revenue was $11.7 billion, down 1% from $11,789 million, and full-year net loss was $995 million, versus $1,817 million in 2024.
Full-year 2025 Adjusted EBITDA was $748 million, up 19% from $628 million; Q4 Adjusted EBITDA was $5 million, compared with a loss of $101 million a year earlier.
Avis Budget Group's subsidiary Interpace Funding issued $965 million of asset-backed notes on December 30, 2025, secured by certain vehicles in the company's domestic fleet and related assets. The company used the proceeds to repay $965 million of notes issued by its Avis Budget Rental Car Funding (AESOP) subsidiary on December 31, 2025, so the filing describes a refinancing of equal size rather than a net increase in the amount of debt.
Notes issued December 30, 2025 with a targeted two-year term and a June 20, 2028 maturity date
Issuance comprised about $844 million floating rate Class A Notes, $44 million 5.65% Class B Notes and $77 million 7.35% Class C Notes
On December 31, 2025, $965 million was repaid: $906 million of Series 2010-6 Notes and $59 million of Series 2015-3 Notes
Avis Budget Group reported third quarter 2025 revenue of $3.5 billion, up 1% from a year earlier, and net income attributable to the company of $359 million, up from $237 million. Diluted earnings per share were $10.11 versus $6.65 a year earlier, and Adjusted EBITDA rose to $559 million from $503 million. The filing gives no guidance, and the nine-month results remain a net loss of $142 million.
Diluted earnings per share were $10.11 in Q3 2025, compared with $6.65 in Q3 2024.
Adjusted EBITDA was $559 million, with Americas at $398 million and International at $190 million.
Q3 operating expenses include $109 million of income from legal matters, net; nine-month results show a net loss of $142 million attributable to the company.
Liquidity was nearly $1.0 billion at quarter end, and in July the company extended its $1.1 billion floating rate term loan maturity from August 2027 to July 2032.
On September 16, 2025, Avis Budget Rental Car Funding (AESOP) LLC, a subsidiary of Avis Budget Group, issued $793.2 million of asset-backed notes in two series, Series 2025-3 and Series 2025-4, secured by vehicles in its domestic fleet and related assets. The filing describes the notes as a new direct financial obligation of the company, and it discloses the interest rate and principal amount for each class.
Series 2025-3 and Series 2025-4 notes have maturities of three years and five years, respectively.
Series 2025-4 Class A notes total $358.2 million at 4.40%; Series 2025-3 Class A notes total $199.0 million at 4.17%.
Class D notes were retained by ABRCF and may be sold on a future date; Class R notes were issued to comply with U.S. risk retention rules.
The Bank of New York Mellon Trust Company, N.A. serves as trustee and agent for both series.
Avis Budget Group signed a second amendment to its cooperation agreement with activist investor SRS Investment Management, dated September 5, 2025. The amendment raises the cap on SRS voting power from 35% to 45%, sets board size and SRS-affiliated director limits, and adds conditions on future transfers of SRS shares to buyers holding 10% or more of the company's voting securities.
Voting cap on SRS-owned shares raised from 35% to 45%; excess shares vote in line with other stockholders
Board fixed at five or six directors while SRS owns at least 10%; no more than two directors may be SRS affiliates
Transfers to a 10%-or-larger buyer require the buyer to accept Delaware Section 203 treatment and a five-year board-composition voting commitment
Avis Budget Group reported second quarter 2025 revenues of $3.0 billion, essentially flat from a year earlier, and net income attributable to the company of $4 million, down from $14 million. Adjusted EBITDA, a non-GAAP measure, rose 29% to $277 million, but higher restructuring charges and other items weighed on GAAP profit, which matters to shareholders because per-share earnings fell to $0.10 from $0.41.
Net income attributable to Avis Budget Group was $4 million, or $0.10 per diluted share, versus $14 million, or $0.41, in the second quarter of 2024.
Revenues were $3,039 million versus $3,048 million a year earlier, and Adjusted EBITDA rose to $277 million from $214 million.
Restructuring and other related charges were $59 million, compared with $14 million in the prior-year quarter.
On July 29, 2025, the company announced a partnership with Waymo to launch fully autonomous ride-hailing operations in Dallas, Texas.
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