Avis Budget (CAR) Earnings Dates, Call Summary & Reports

Compare

1,235 Followers

Earnings Data

Report Date

May 04, 2026

After Close (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

-7.14

Last Year’s EPS

-2.11

Same Quarter Last Year

Analyst Consensus

Hold

Based on 5 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 18, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call mixed material near-term negatives with decisive corrective actions. Financially, Avis Budget missed prior guidance meaningfully (full-year adjusted EBITDA guided $900M vs. reported $748M) driven by an abrupt November demand shock in the Americas, RPD weakness (-3.7%), used-vehicle price volatility (Manheim -4.3% Oct→Nov), elevated depreciation per unit ($338 in Q4 versus prior expectations) and a ~ $500M EV write-down. Offsetting these challenges, management monetized EV tax credits (≈$180M cash), recorded operational improvements (utilization +0.5pp, record dispositions in January), accelerated fleet rightsizing (average fleet age <1 year by end of Q1), and laid out clear cost and capital-allocation changes — including OEM rebalancing, a leaner cost base, and continued strategic initiatives (Avis First, Waymo). Given the significant financial misses and large one-time write-downs balanced against strong corrective measures and some tangible cash/operational wins, the call reflects a neutral tone: meaningful problems acknowledged and addressed, but near-term pressure remains.

Company Guidance

Management said 2026 guidance comes with a wide adjusted‑EBITDA range that will be narrowed as the year progresses and is built on a tighter‑fleet, utilization‑first plan that assumes modest Americas revenue growth; they highlighted FY2025 adjusted EBITDA of $748M versus the October guide of $900M (Q4 had been implied at ~$157M), a roughly $150M miss driven by flat rental days (vs. a +3% guide), an 11% decline in commercial rental days in November, RPD down 3.7% (vs. ~2% expected), a Manheim price drop of about $1,000 (−4.3%) Oct→Nov, and monthly net depreciation per unit in the Americas of $338 (vs. an October estimate just under $300); the Q4 bridge cited roughly $40M from lower rental days/RPD, ~$60M from higher gross depreciation and lower gains on sale, and ~ $50M from a PLPD reserve increase, plus ~14,000 recall‑grounded vehicles (recall impact ≈ $40M in Q4) and an approximately $500M EV fleet write‑down offset in part by monetizing EV tax credits ( ~$180M cash realized to date) and shortening EV useful life from 36 to ~18 months (EV depreciation moved from ≈ $600/month toward slightly north of $300/month); company expectations include elevated depreciation (~$400 headline in Q1 per slides) normalizing to the low‑$300s monthly run rate through 2026, DPU higher in Q1 then moderating, record vehicle dispositions in January and continued elevated sales into the March–April tax‑refund season.

International Business Turnaround

International segment executed a meaningful turnaround in 2025 and performed as expected in Q4, isolating the operational shortfall to the Americas.

Record Vehicle Dispositions in January

Following Q4 defleeting, the company sold a record number of vehicles in January with momentum continuing into February and elevated disposition activity expected through tax refund season (March–April).

EV Tax Credit Monetization and Cash Generation

Completed a transaction to monetize EV-related tax credits and generated approximately $180 million of cash to date, strengthening liquidity and enabling a balance-sheet reset.

Shortened EV Useful Life to Reduce Residual Risk

Revised EV economic life from 36 months to ~18 months to reduce residual value and obsolescence risk; previously depreciating these EVs at roughly $600/month, the shorter life materially lowers future exposure and accelerates capital recycling.

Fleet Age and Utilization Improvements

Average age of U.S. rental fleet expected to be less than one year old by end of Q1 2026; utilization improved ~0.5 percentage points in the Americas in 2025 despite recall headwinds.

Operational & Cost Discipline Initiatives

Management initiated a global reduction in force in January, strengthened performance management, is prioritizing utilization over fleet growth, and is conducting a business portfolio review (including Zipcar exits/restructures) to allocate capital to higher-return initiatives.

Waymo Partnership Progress

Waymo Dallas launch remains on schedule with real estate, hiring, training and compliance tracking to plan; Waymo currently offering employees fully autonomous rides in Dallas as a step toward public rollout.

Clear Strategic Response and Governance

Management provided a three-horizon plan (diagnose Q4 miss, near-term corrective actions, and long-term strategy) and committed to tighter fleet discipline, stronger OEM partner selection, and focused customer experience improvements (Avis First expansion).

Avis Budget (CAR) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

CAR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 04, 2026	2026 (Q1)	-7.14 / -	-2.106	―	―	―
Feb 18, 2026	2025 (Q4)	-0.38 / -4.60	17.493	-126.31% (-22.09)
Oct 27, 2025	2025 (Q3)	7.98 / 10.96	7.238	51.35% (+3.72)
Jul 29, 2025	2025 (Q2)	2.21 / 2.70	1.558	73.23% (+1.14)
May 07, 2025	2025 (Q1)	-5.95 / -2.11	-3.07	31.40% (+0.96)	―
Feb 11, 2025	2024 (Q4)	-1.16 / 17.49	7.375	137.19% (+10.12)	―
Oct 31, 2024	2024 (Q3)	8.26 / 7.24	16.86	-57.07% (-9.62)	―
Aug 05, 2024	2024 (Q2)	2.49 / 1.56	11.137	-86.01% (-9.58)	―
May 01, 2024	2024 (Q1)	-2.94 / -3.07	7.72	-139.77% (-10.79)	―
Feb 12, 2024	2023 (Q4)	4.16 / 7.38	10.46	-29.49% (-3.09)	―

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

CAR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 18, 2026	$123.30	$96.74	-21.54%
Oct 27, 2025	$155.18	$145.77	-6.06%
Jul 29, 2025	$203.88	$172.46	-15.41%
May 07, 2025	$100.50	$101.09	+0.59%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.