Revenue has hovered between roughly $2.4B and $3.5B per quarter with gross margin compressing from 51.1% in Q2 2026 to 33.4% in Q3 2026, while net margin fell to 5.3% and EPS growth turned sharply negative at -49.1%.
Avis Budget Group, Inc. (CAR) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Jan'97 |
|---|
| Sales/Revenue | 11.63B | 11.65B | 11.79B | 12.01B | 11.99B | 9.31B | 5.4B | 9.17B | 9.12B | 8.85B | 8.66B | 8.5B | 8.48B | 7.94B | 7.36B | 5.9B | 5.18B | 5.13B | 5.98B | 5.99B | 5.69B | 5.4B | 16.69B | 18.19B | 14.09B | 8.95B | 3.93B | 5.4B | 5.28B | 5.31B | 2.35B |
| Revenue Growth % | -0.6% | -1.16% | -1.82% | 0.12% | 28.79% | 72.4% | -41.1% | 0.53% | 3.12% | 2.18% | 1.85% | 0.2% | 6.9% | 7.88% | 24.69% | 13.79% | 1.05% | -14.25% | -0.03% | 5.22% | 5.35% | -67.64% | -8.26% | 29.13% | 57.41% | 127.74% | -27.25% | 2.24% | -0.58% | 126.38% | 65.92% |
| Cost of Goods Sold | 8.02B | 8.81B | 8.79B | 8.08B | 7.22B | 5.92B | 4.81B | 6.91B | 6.88B | 6.67B | 6.46B | 6.36B | 6.27B | 5.91B | 5.39B | 4.5B | 4B | 4.12B | 4.87B | 4.68B | 4.35B | 4.04B | 11.38B | 9.41B | 6.72B | 2.94B | 1.31B | 1.1B | 609.2M | -184M | -3M |
| COGS % of Revenue | - | 75.58% | 74.57% | 67.3% | 60.24% | 63.61% | 88.97% | 75.38% | 75.46% | 75.41% | 74.6% | 74.75% | 73.93% | 74.49% | 73.3% | 76.2% | 77.07% | 80.32% | 81.45% | 78.22% | 76.53% | 74.74% | 68.22% | 51.72% | 47.71% | 32.82% | 33.44% | 20.31% | 11.53% | -3.46% | -0.13% |
| Gross Profit | 3.6B | 2.85B | 3B | 3.93B | 4.77B | 3.39B | 596M | 2.26B | 2.24B | 2.18B | 2.2B | 2.15B | 2.21B | 2.02B | 1.96B | 1.4B | 1.19B | 1.01B | 1.11B | 1.3B | 1.33B | 1.36B | 5.3B | 8.78B | 7.37B | 6.01B | 2.62B | 4.3B | 4.67B | 5.5B | 2.35B |
| Gross Margin % | 31% | 24.42% | 25.43% | 32.7% | 39.76% | 36.39% | 11.03% | 24.62% | 24.54% | 24.59% | 25.4% | 25.25% | 26.07% | 25.51% | 26.7% | 23.8% | 22.93% | 19.68% | 18.55% | 21.78% | 23.47% | 25.26% | 31.78% | 48.28% | 52.29% | 67.18% | 66.56% | 79.69% | 88.47% | 103.46% | 100.13% |
| Gross Profit Growth % | - | -5.1% | -23.66% | -17.66% | 40.72% | 468.62% | -73.61% | 0.85% | 2.9% | -1.05% | 2.42% | -2.94% | 9.23% | 3.11% | 39.89% | 18.08% | 17.72% | -9.01% | -14.88% | -2.32% | -2.13% | -74.28% | -39.62% | 19.23% | 22.52% | 129.85% | -39.23% | -7.91% | -14.99% | 133.92% | 57.87% |
| Operating Expenses | 1.63B | 1.56B | 1.5B | 1.57B | 1.49B | 1.3B | 893M | 1.49B | 1.47B | 1.34B | 1.31B | 1.25B | 1.24B | 1.16B | 1.05B | 818M | 617M | 612M | 632M | 659M | 872M | 926M | 2.99B | 6.13B | 5.07B | 4.31B | 1.4B | 2.76B | 3.41B | 3.99B | 1.9B |
| OpEx % of Revenue | - | 13.42% | 12.72% | 13.12% | 12.39% | 13.97% | 16.53% | 16.27% | 16.14% | 15.17% | 15.17% | 14.69% | 14.65% | 14.59% | 14.34% | 13.86% | 11.9% | 11.93% | 10.56% | 11.01% | 15.33% | 17.15% | 17.92% | 33.69% | 36% | 48.16% | 35.7% | 51.04% | 64.49% | 75.07% | 81.1% |
| Selling, General & Admin | 1.44B | 1.44B | 1.35B | 1.41B | 1.35B | 1.15B | 703M | 1.24B | 1.22B | 1.12B | 1.13B | 1.09B | 1.08B | 1.02B | 925M | 756M | 583M | 548M | 581M | 613M | 818M | 857M | 2.76B | 3.12B | 2.51B | 2.01B | 1.07B | 1.69B | 1.82B | 1.99B | 1.2B |
| SG&A % of Revenue | - | 12.39% | 11.43% | 11.73% | 11.24% | 12.29% | 13.01% | 13.49% | 13.37% | 12.66% | 13.1% | 12.86% | 12.73% | 12.84% | 12.57% | 12.81% | 11.24% | 10.68% | 9.71% | 10.24% | 14.38% | 15.87% | 16.51% | 17.17% | 17.83% | 22.46% | 27.3% | 31.25% | 34.54% | 37.51% | 51.11% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 120M | 151M | 167M | 138M | 156M | 190M | 255M | 253M | 222M | 180M | 156M | 163M | 139M | 130M | 62M | 48M | 61M | 51M | 46M | 54M | 69M | -591M | 3B | 0 | 2.3B | 330M | 1.07B | 1.58B | 2B | 704.3M |
| Operating Income | 1.98B | 1.28B | 1.5B | 2.35B | 3.28B | 2.09B | -297M | 766M | 766M | 834M | 885M | 898M | 969M | 867M | 909M | 586M | 572M | 398M | 478M | 645M | 463M | 438M | 2.31B | 2.71B | 1.03B | 2.46B | 1.31B | 3.47B | 2.11B | 2.66B | 617M |
| Operating Margin % | 16.99% | 10.99% | 12.72% | 19.59% | 27.37% | 22.42% | -5.5% | 8.35% | 8.4% | 9.43% | 10.22% | 10.56% | 11.42% | 10.92% | 12.36% | 9.93% | 11.03% | 7.76% | 7.99% | 10.78% | 8.14% | 8.11% | 13.87% | 14.92% | 7.3% | 27.51% | 33.38% | 64.25% | 39.85% | 49.99% | 26.28% |
| Operating Income Growth % | - | -14.54% | -36.27% | -28.36% | 57.23% | 803.03% | -138.77% | 0% | -8.15% | -5.76% | -1.45% | -7.33% | 11.76% | -4.62% | 55.12% | 2.45% | 43.72% | -16.74% | -25.89% | 39.31% | 5.71% | -81.07% | -14.74% | 164.01% | -58.25% | 87.65% | -62.2% | 64.85% | -20.75% | 330.6% | 124.28% |
| EBITDA | 5.64B | 5.25B | 5.51B | 5.8B | 6.09B | 4.57B | 2.26B | 3.91B | 3B | 3.04B | 3.02B | 2.95B | 2.99B | 2.7B | 2.47B | 2.08B | 1.94B | 1.89B | 2.21B | 2.29B | 1.93B | 1.75B | 4.35B | 6.18B | 3.75B | 4.63B | 1.64B | 4.54B | 3.69B | 4.65B | 1.32B |
| EBITDA Margin % | 48.55% | 45.06% | 46.72% | 48.32% | 50.81% | 49.05% | 41.91% | 42.61% | 32.84% | 34.36% | 34.82% | 34.73% | 35.23% | 33.98% | 33.6% | 35.19% | 37.4% | 36.74% | 36.85% | 38.32% | 33.93% | 32.31% | 26.09% | 33.95% | 26.58% | 51.73% | 41.78% | 84.04% | 69.8% | 87.55% | 56.28% |
| EBITDA Growth % | 6.95% | -4.68% | -5.07% | -4.79% | 33.41% | 101.77% | -42.07% | 30.44% | -1.45% | 0.83% | 2.1% | -1.2% | 10.83% | 9.1% | 19.08% | 7.07% | 2.86% | -14.51% | -3.88% | 18.86% | 10.6% | -59.92% | -29.5% | 64.91% | -19.11% | 181.97% | -63.83% | 23.1% | -20.74% | 252.16% | 81.25% |
| D&A (Non-Cash Add-back) | 3.67B | 3.97B | 4.01B | 3.45B | 2.81B | 2.48B | 2.56B | 3.14B | 2.23B | 2.21B | 2.13B | 2.06B | 2.02B | 1.83B | 1.56B | 1.49B | 1.37B | 1.49B | 1.73B | 1.65B | 1.47B | 1.31B | 2.04B | 3.46B | 2.72B | 2.17B | 330M | 1.07B | 1.58B | 2B | 704.3M |
| EBIT | 1.44B | 472M | -1.33B | 2.98B | 4.34B | 2.25B | -387M | 816M | 763M | 676M | 850M | 904M | 899M | 611M | 826M | 546M | 553M | 379M | -886M | -545M | -115M | 423M | 2.34B | 2.65B | 2.29B | 1.61B | 1.26B | 1.55B | 1.34B | 1.01B | 446.6M |
| Net Interest Income | -1.31B | -1.39B | -358M | -296M | -250M | -218M | -557M | -514M | -188M | -188M | -203M | -194M | -209M | -228M | -268M | -219M | -170M | -153M | -129M | -127M | -236M | -172M | -251M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 13M | 0 | 0 | 0 | 0 | 12M | 15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.31B | 1.4B | 358M | 296M | 250M | 218M | 569M | 529M | 188M | 188M | 203M | 194M | 209M | 228M | 268M | 219M | 162M | 153M | 129M | 127M | 236M | 1.34B | 251M | 797M | 1.27B | 1.84B | 401M | 3.93B | 1.46B | 2.36B | 340.8M |
| Other Income/Expense | -2.67B | -2.21B | -4.13B | -438M | 353M | -380M | -659M | -479M | -499M | -623M | -606M | -516M | -577M | -770M | -609M | -550M | -500M | -475M | -1.82B | -1.64B | -1.14B | -500M | -267M | -445M | -700M | -1.05B | -354M | -2.18B | -1B | -754.7M | -170.4M |
| Pretax Income | -698M | -929M | -2.63B | 1.91B | 3.64B | 1.71B | -956M | 287M | 267M | 211M | 279M | 382M | 392M | 97M | 300M | 36M | 72M | -77M | -1.34B | -992M | -677M | 1.35B | 2.55B | 2.21B | 1.64B | 658M | 885M | -635M | 264.4M | 294.7M | 276.2M |
| Pretax Margin % | -6% | -7.97% | -22.28% | 15.94% | 30.32% | 18.34% | -17.7% | 3.13% | 2.93% | 2.38% | 3.22% | 4.49% | 4.62% | 1.22% | 4.08% | 0.61% | 1.39% | -1.5% | -22.44% | -16.57% | -11.9% | 24.93% | 15.27% | 12.15% | 11.62% | 7.35% | 22.52% | -11.75% | 5% | 5.54% | 11.76% |
| Income Tax | 130M | 66M | -810M | 279M | 880M | 425M | -272M | -15M | 102M | -150M | 116M | 69M | 147M | 81M | 10M | 65M | 18M | -30M | -219M | -45M | -226M | 474M | 728M | 745M | 556M | 235M | 309M | -406M | 104.5M | 239.3M | 112.1M |
| Effective Tax Rate % | -18.62% | -7.1% | 30.83% | 14.58% | 24.2% | 24.88% | 28.45% | -5.23% | 38.2% | -71.09% | 41.58% | 18.06% | 37.5% | 83.51% | 3.33% | 180.56% | 25% | 38.96% | 16.31% | 4.54% | 33.38% | 35.22% | 28.57% | 33.71% | 33.96% | 35.71% | 34.92% | 63.94% | 39.52% | 81.2% | 40.59% |
| Net Income | -812M | -889M | -1.82B | 1.63B | 2.76B | 1.28B | -684M | 302M | 165M | 361M | 163M | 313M | 245M | 16M | 290M | -29M | 54M | -47M | -1.12B | -916M | -1.99B | 1.34B | 2.08B | 1.17B | 846M | 385M | 602M | -55M | 539.6M | 55.4M | 164.1M |
| Net Margin % | -6.98% | -7.63% | -15.45% | 13.59% | 23.04% | 13.8% | -12.66% | 3.29% | 1.81% | 4.08% | 1.88% | 3.68% | 2.89% | 0.2% | 3.94% | -0.49% | 1.04% | -0.92% | -18.78% | -15.3% | -35.05% | 24.83% | 12.48% | 6.44% | 6.01% | 4.3% | 15.32% | -1.02% | 10.21% | 1.04% | 6.99% |
| Net Income Growth % | 61.33% | 51.18% | -211.58% | -40.96% | 115.1% | 287.87% | -326.49% | 83.03% | -54.29% | 121.47% | -47.92% | 27.76% | 1431.25% | -94.48% | 1100% | -153.7% | 214.89% | 95.82% | -22.71% | 54.06% | -248.7% | -35.59% | 77.65% | 38.53% | 119.74% | -36.05% | 1194.55% | -110.19% | 874.01% | -66.24% | 0.43% |
| Net Income (Continuing) | -828M | -995M | -1.82B | 1.64B | 2.76B | 1.28B | -684M | 302M | 165M | 361M | 163M | 313M | 245M | 16M | 290M | -29M | 54M | -47M | -1.12B | -947M | -451M | -11M | 1.37B | 1.47B | 1.05B | 342M | 569M | -229M | 208M | 66.3M | 164.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.51B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 177M | 74M | 10M | 6M | 3M | 11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 375M | 375M | 2.06B | 1.48B | 1.47B | 0 | 0 |
| EPS (Diluted) | -22.81 | -25.26 | -51.23 | 42.06 | 57.11 | 19.44 | -9.70 | 3.99 | 2.06 | 4.25 | 1.75 | 2.98 | 2.22 | 0.15 | 2.42 | -0.28 | 0.49 | -0.46 | -11.03 | -8.88 | -19.82 | 15.56 | 19.66 | 11.30 | 7.57 | 4.10 | 8.10 | -0.73 | 6.10 | -2.70 | 4.10 |
| EPS Growth % | 61.4% | 50.69% | -221.8% | -26.35% | 193.78% | 300.41% | -343.11% | 93.69% | -51.53% | 142.86% | -41.28% | 34.23% | 1380% | -93.8% | 964.29% | -157.14% | 206.52% | 95.83% | -24.21% | 55.2% | -227.38% | -20.85% | 73.98% | 49.27% | 84.63% | -49.38% | 1209.59% | -111.97% | 325.93% | -165.85% | -26.79% |
| EPS (Basic) | - | -25.26 | -51.23 | 42.61 | 58.44 | 19.80 | -9.70 | 4.02 | 2.08 | 4.32 | 1.78 | 3.02 | 2.32 | 0.15 | 2.72 | -0.28 | 0.53 | -0.46 | -11.03 | -8.88 | -19.82 | 15.56 | 20.29 | 11.50 | 7.57 | 4.20 | 8.40 | -0.73 | 6.40 | 1.29 | 4.10 |
| Diluted Shares Outstanding | 35.6M | 35.2M | 35.5M | 38.8M | 48.4M | 66.1M | 70.5M | 75.7M | 80.1M | 84.8M | 93.3M | 105M | 110.6M | 111.4M | 121.6M | 105.2M | 126.7M | 102.2M | 101.9M | 103.1M | 100.6M | 104M | 103.1M | 103.72M | 111.76M | 93.9M | 74.32M | 75.1M | 88.52M | 80.44M | 40.02M |
| Basic Shares Outstanding | 35.3M | 35.2M | 35.5M | 38.3M | 47.3M | 64.9M | 70.5M | 75.2M | 79.3M | 83.4M | 92M | 103.4M | 105.4M | 107.6M | 106.6M | 105.2M | 103.1M | 102.2M | 101.9M | 103.1M | 100.6M | 104M | 103.1M | 101.91M | 111.76M | 91.67M | 71.67M | 75.1M | 84.38M | 42.91M | 40.02M |
| Dividend Payout Ratio | - | - | - | 21.75% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 31.54% | 15.99% | - | - | - | - | - | - | 11.91% | 1.71% |
Quick answers to the most common questions about buying CAR stock.
For fiscal year 2025, Avis Budget Group, Inc. (CAR) reported total revenue of $11.65B. This represents a 396.3% increase compared to $2.35B in 1996.
Avis Budget Group, Inc. (CAR) reported a net loss of $889.0M for the fiscal year ending 2025.
Avis Budget Group, Inc. (CAR) reported an operating income of $1.28B, resulting in an operating profit margin of 11.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Avis Budget Group, Inc. (CAR) generated $2.85B in gross profit for the year, representing a gross profit margin of 24.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Leveraged fleet residual value exposure
Metrics are mathematically derived from official filings.
Revenue Flat Amid Seasonal Swings
Based on the reported quarterly income statements, CAR's revenue hovered near $2.4B to $3.5B across the ten quarters, with the latest quarter showing a 2.4% year-over-year decline that suggests demand has plateaued rather than re-accelerated.
The pattern points to a business whose top line is driven largely by seasonal travel peaks, with the third quarter consistently the strongest. The modest negative growth in the most recent period suggests pricing and volume are not offsetting one another, which may indicate softening rental demand. Investors should monitor whether utilization holds without further rate concessions.
Gross Margin Compression From Fleet Costs
As reported in the income statements, CAR's gross margin fell from 51.1% in Q2 2026 to 33.4% in Q3 2026, a swing that appears to reflect fleet depreciation and vehicle cost pressure rather than revenue weakness alone.
The wide quarterly range in gross margin is characteristic of a business whose largest cost line is fleet depreciation, which moves with used vehicle values and disposal timing. This suggests the company has limited structural pricing power to insulate margins from residual value swings. The pattern may indicate that current gross profit is more sensitive to fleet cycle timing than to underlying operating efficiency.
Operating Leverage Hinges on Utilization
Based on EDBL-style reported figures, CAR's operating margin ranged from 1.9% in Q1 2026 to 36.3% in Q2 2026, while SG&A stayed comparatively stable near $320M to $530M per quarter.
Because SG&A remains relatively fixed while operating income swings widely, the business exhibits high operating leverage to volume and pricing. The sharp drop in operating income during weaker quarters suggests fixed airport and personnel costs are not easily flexed down. Investors should treat the operating margin as highly contingent on sustained fleet utilization.
Net Income Distorted by Non-Operating Items
According to reported financials, CAR posted a net loss of $2.0B in Q4 2024 and $747M in Q4 2025 despite positive operating income in several periods, indicating that reported earnings are heavily influenced by items below the operating line.
The gap between operating income and net income in several quarters suggests that interest expense on fleet-related debt and other non-operating charges are material. EPS volatility, including a -55.66 reading in one quarter, appears to reflect these items more than core rental economics. Analysts should normalize earnings before drawing conclusions about underlying profitability.
Earnings Power Tied to Used Car Values
Based on the reported figures, CAR's recent profitability may have been supported by elevated used vehicle residuals, and a reversion toward pre-pandemic depreciation curves could compress earnings materially, given a reported net margin of -7.6% on the latest snapshot.
If the margin improvements of 2021 through 2023 were largely a function of a temporary used car supply shortage, current earnings may overstate sustainable power. The combination of a negative net margin and flat revenue growth suggests limited cushion if residual values decline further. Investors should monitor fleet disposal gains as a share of operating income.