v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
Lessor

The following table presents our lease revenues disaggregated by geography:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
2025202420252024
Americas$2,308 $2,330 $4,193 $4,304 
Europe, Middle East and Africa543 524 885 888 
Asia and Australasia138 140 296 311 
Total lease revenues$2,989 $2,994 $5,374 $5,503 

The following table presents our lease revenues disaggregated by brand:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
2025202420252024
Avis$1,687 $1,710 $3,032 $3,144 
Budget1,120 1,105 1,994 2,014 
Other (a)
182 179 348 345 
Total lease revenues$2,989 $2,994 $5,374 $5,503 
__________
(a)Other includes Zipcar and other operating brands.

Lessee

We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.

The components of lease expense are as follows:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
2025202420252024
Property leases
Operating lease expense$237 $233 $469 $462 
Variable lease expense89 93 148 162 
Total property lease expense (a)
$326 $326 $617 $624 
__________
(a)Primarily included within operating expenses.
Supplemental balance sheet information related to leases is as follows:
As ofAs of
June 30,December 31,
20252024
Property leases
Operating lease ROU assets$3,198$3,057
Short-term operating lease liabilities (a)
$621$628
Long-term operating lease liabilities2,6302,484
Operating lease liabilities$3,251$3,112
Weighted average remaining lease term7.9 years8.0 years
Weighted average discount rate5.32 %4.98 %
__________
(a)Included within accounts payable and other current liabilities.

Supplemental cash flow information related to leases is as follows:
Six Months Ended 
June 30,
20252024
Cash payments for lease liabilities within operating activities:
Property operating leases$474 $452 
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases$553 $572 
Leases Leases
Lessor

The following table presents our lease revenues disaggregated by geography:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
2025202420252024
Americas$2,308 $2,330 $4,193 $4,304 
Europe, Middle East and Africa543 524 885 888 
Asia and Australasia138 140 296 311 
Total lease revenues$2,989 $2,994 $5,374 $5,503 

The following table presents our lease revenues disaggregated by brand:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
2025202420252024
Avis$1,687 $1,710 $3,032 $3,144 
Budget1,120 1,105 1,994 2,014 
Other (a)
182 179 348 345 
Total lease revenues$2,989 $2,994 $5,374 $5,503 
__________
(a)Other includes Zipcar and other operating brands.

Lessee

We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.

The components of lease expense are as follows:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
2025202420252024
Property leases
Operating lease expense$237 $233 $469 $462 
Variable lease expense89 93 148 162 
Total property lease expense (a)
$326 $326 $617 $624 
__________
(a)Primarily included within operating expenses.
Supplemental balance sheet information related to leases is as follows:
As ofAs of
June 30,December 31,
20252024
Property leases
Operating lease ROU assets$3,198$3,057
Short-term operating lease liabilities (a)
$621$628
Long-term operating lease liabilities2,6302,484
Operating lease liabilities$3,251$3,112
Weighted average remaining lease term7.9 years8.0 years
Weighted average discount rate5.32 %4.98 %
__________
(a)Included within accounts payable and other current liabilities.

Supplemental cash flow information related to leases is as follows:
Six Months Ended 
June 30,
20252024
Cash payments for lease liabilities within operating activities:
Property operating leases$474 $452 
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases$553 $572 
Leases Leases
Lessor

The following table presents our lease revenues disaggregated by geography:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
2025202420252024
Americas$2,308 $2,330 $4,193 $4,304 
Europe, Middle East and Africa543 524 885 888 
Asia and Australasia138 140 296 311 
Total lease revenues$2,989 $2,994 $5,374 $5,503 

The following table presents our lease revenues disaggregated by brand:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
2025202420252024
Avis$1,687 $1,710 $3,032 $3,144 
Budget1,120 1,105 1,994 2,014 
Other (a)
182 179 348 345 
Total lease revenues$2,989 $2,994 $5,374 $5,503 
__________
(a)Other includes Zipcar and other operating brands.

Lessee

We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.

The components of lease expense are as follows:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
2025202420252024
Property leases
Operating lease expense$237 $233 $469 $462 
Variable lease expense89 93 148 162 
Total property lease expense (a)
$326 $326 $617 $624 
__________
(a)Primarily included within operating expenses.
Supplemental balance sheet information related to leases is as follows:
As ofAs of
June 30,December 31,
20252024
Property leases
Operating lease ROU assets$3,198$3,057
Short-term operating lease liabilities (a)
$621$628
Long-term operating lease liabilities2,6302,484
Operating lease liabilities$3,251$3,112
Weighted average remaining lease term7.9 years8.0 years
Weighted average discount rate5.32 %4.98 %
__________
(a)Included within accounts payable and other current liabilities.

Supplemental cash flow information related to leases is as follows:
Six Months Ended 
June 30,
20252024
Cash payments for lease liabilities within operating activities:
Property operating leases$474 $452 
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases$553 $572