EarningsQ2 2026 Earnings Report

Avis Budget (CAR) Q2 2026 Earnings Report

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Previous Report: Q1 2026

MX:CAR Q2 2026 EPS Results

Actual EPS$40.70

Consensus EPS$37.16

Beat/MissBeat by +$3.54

One Year Ago EPS$49.02

MX:CAR Q2 2026 Revenue Results

Actual Revenue$54.45B

Expected Revenue$56.25B

Beat/MissMissed by -$1.81B

YoY Revenue Growth-1.35%

Earnings Announcement Details

QuarterQ2 2026

Date07/28/2026

TimeAfter Close

Conference CallTuesday, July 28, 2026

MX:CAR Upcoming Earnings

Avis Budget's next earnings date is estimated for November 2, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:CAR Q2 2026 Earnings Call

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Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 28, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presented a cautiously positive tone: management highlighted disciplined execution that produced adjusted EBITDA growth, record utilization, RPD stabilization, strengthened liquidity measures, and strategic progress on Waymo and Avis First. At the same time, meaningful near-term headwinds were acknowledged, including softer-than-expected travel demand (notably international), significant recall-related costs and grounded vehicles, elevated leverage and refinancing cost risk, and the potential for used-vehicle price moderation. Management emphasized conservative fleet sizing, operational improvements and capital allocation focused on deleveraging and returns, which supports confidence in guidance but leaves exposure to the noted demand, recall and market risks.

Company Guidance

Avis reiterated full‑year adjusted EBITDA guidance of $850 million to $1.0 billion and expects to reduce net corporate leverage by at least one full turn of adjusted EBITDA by year‑end 2026 (net corporate leverage was 7.4x as of June 30, down 100 bps since year‑end 2025). Management expects Q3 to resemble Q2 with Americas fleet down roughly mid‑single digits (Americas fleet down ~5–5.4% YoY), rental days down ~2–2.1% (inbound down ~5%), utilization at a record 73.2% in the Americas, RPD broadly flat (RPD ex‑FX +0.2% in Americas; global RPD two consecutive quarters of positive growth), revenue per transaction +6% YoY, and per‑unit depreciation unusually low at $301 (normalized ~$320). Liquidity/funding includes >$1.0 billion available liquidity, ~$1.9 billion fleet funding capacity, a expected $650 million Pentwater settlement (planned to retire the remaining $350 million 2027 notes), a $300 million 2031 note issuance, a revolver extended to June 2031 plus a temporary $200 million facility, and ABS financings of $650 million (AESOP) and $200 million (Canada); recalls have grounded roughly 18,000 vehicles and driven >$50 million of YTD direct costs.

Adjusted EBITDA Growth and Margin Expansion

Adjusted EBITDA grew year-over-year, delivering the highest second-quarter adjusted EBITDA margin in the last 3 years. The company exceeded its first-half adjusted EBITDA plan and reiterated full-year guidance of $850 million to $1 billion.

Record Utilization and Operational Efficiency

Global utilization reached a record second-quarter high, with Americas utilization at 73.2% (highest second-quarter utilization in company history). Americas rental days fell only ~2% while the Americas fleet was reduced ~5% year-over-year, reflecting improved utilization and operating execution.

RPD Stabilization and Revenue Per Transaction Improvement

The company delivered 2 consecutive quarters of positive global RPD growth for the first time in 12 quarters. Americas RPD (ex-FX) rose ~0.2% year-over-year; revenue per transaction increased ~6% year-over-year. Management noted that like-for-like RPD would have been up nearly 3% absent a deliberate shift to longer-duration rentals.

Fleet and Asset Management Discipline

Proactive fleet resizing: Americas fleet finished the quarter down ~5% (Daniel cited ~5.4%), achieved by accelerating dispositions during a seasonally strong used-car market. Per-unit depreciation was unusually low at $301 (management estimates a normalized level of ~$320 under typical sales patterns).

Significant Corporate Settlement and Strengthened Liquidity

Reached settlement with Pentwater for $650 million in cash (subject to court approval, expected by year-end). As of June 30, the company had >$1 billion in available liquidity and ~ $1.9 billion of fleet funding capacity. Net corporate leverage improved to 7.4x (down 100 bps since year-end 2025).

Successful Refinancing and Capital Markets Access

Executed several refinancings: issued $300M senior notes due 2031, extended $2B revolver to June 2031 and added a temporary $200M facility, issued $650M AESOP term ABS and $200M Canadian ABS, and renewed a CAD 580M Canadian bank facility. Term transactions were oversubscribed and priced tighter than prior deals.

Strategic Partnerships and New Offerings

Launched autonomous ride-hail operations with Waymo in Dallas (operational responsibility assumed in June/July), delivering thousands of trips to date. Expanded Avis First premium offering to additional major airports (Orlando, Dulles, Heathrow, CDG) and broadened luxury vehicle portfolio; customer satisfaction averaged 4.9/5.

MX:CAR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 02, 2026	2026 (Q3)	149.21 / -	198.95	―
Jul 28, 2026	2026 (Q2)	37.16 / 40.70	49.016	-16.97% (-8.32)
Apr 29, 2026	2026 (Q1)	-124.02 / -114.59	-38.246	-199.62% (-76.35)
Feb 18, 2026	2025 (Q4)	-6.81 / -83.58	317.685	-126.31% (-401.26)
Oct 27, 2025	2025 (Q3)	144.85 / 198.95	131.447	51.35% (+67.50)
Jul 29, 2025	2025 (Q2)	40.06 / 49.02	28.294	73.23% (+20.72)
May 07, 2025	2025 (Q1)	-108.06 / -38.25	-55.753	31.40% (+17.51)
Feb 11, 2025	2024 (Q4)	-21.03 / 317.68	133.935	137.19% (+183.75)
Oct 31, 2024	2024 (Q3)	150.04 / 131.45	306.189	-57.07% (-174.74)
Aug 05, 2024	2024 (Q2)	45.20 / 28.29	202.256	-86.01% (-173.96)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed