| Stockholders' Equity Share Repurchases
Our Board of Directors has authorized the repurchase of up to approximately $8.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded, most recently in February 2023 (the “Stock Repurchase Program”). During the nine months ended September 30, 2025, we did not repurchase shares of common stock under the Stock Repurchase Program. During the nine months ended September 30, 2024, we repurchased approximately 0.1 million shares of common stock at a cost of approximately $8 million (excluding excise taxes due under the Inflation Reduction Act of 2022) under the Stock Repurchase Program. As of September 30, 2025, approximately $757 million of authorization remained available to repurchase common stock under the Stock Repurchase Program.
Common stock repurchases under the Stock Repurchase Program do not include shares withheld to satisfy employees’ income tax liabilities attributable to the vesting of restricted stock unit awards.
Total Comprehensive Income (Loss)
Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income (loss).
The components of other comprehensive income (loss) were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended September 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Net income (loss) | $ | 360 | | | $ | 238 | | | $ | (139) | | | $ | 140 | | | Less: Net income attributable to non-controlling interests | 1 | | | 1 | | | 3 | | | 3 | | | Net income (loss) attributable to Avis Budget Group, Inc. | 359 | | | 237 | | | (142) | | | 137 | | | | | | | | | | | Other comprehensive income (loss), net of tax | | | | | | | | Currency translation adjustments, net of tax of $(1), $13, $43 and $5, respectively (a) | (16) | | | 38 | | | 68 | | | (7) | | Net unrealized gain (loss) on cash flow hedges, net of tax of $1, $5, $5 and $4, respectively | (3) | | | (16) | | | (14) | | | (12) | | Minimum pension liability adjustment, net of tax of $(1), $(1), $(1) and $(1), respectively | 1 | | | 1 | | | 3 | | | 3 | | | (18) | | | 23 | | | 57 | | | (16) | | Total comprehensive income (loss) attributable to Avis Budget Group, Inc. | $ | 341 | | | $ | 260 | | | $ | (85) | | | $ | 121 | |
__________ (a)Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries. Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Currency
Translation
Adjustments | | Net Unrealized Gains (Losses) on Cash Flow Hedges (a) | | Minimum Pension Liability Adjustment (b) | | Accumulated
Other
Comprehensive
Income (Loss) | Balance as of July 1, 2025 | $ | (41) | | | $ | 20 | | | $ | (114) | | | $ | (135) | | | Other comprehensive income (loss) before reclassifications | (16) | | | 1 | | | — | | | (15) | | | Gross (gains) losses reclassified | | | (5) | | | 1 | | | (4) | | | Tax on (gains) losses reclassified | | | 1 | | | — | | | 1 | | | (Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax | — | | | (4) | | | 1 | | | (3) | | | Net current-period other comprehensive income (loss) | (16) | | | (3) | | | 1 | | | (18) | | | Balance as of September 30, 2025 | $ | (57) | | | $ | 17 | | | $ | (113) | | | $ | (153) | | | | | | | | | | Balance as of July 1, 2024 | $ | (48) | | | $ | 41 | | | $ | (128) | | | $ | (135) | | | Other comprehensive income (loss) before reclassifications | 38 | | | (11) | | | — | | | 27 | | | Gross (gains) losses reclassified | | | (8) | | | 1 | | | (7) | | | Tax on (gains) losses reclassified | | | 3 | | | — | | | 3 | | | (Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax | — | | | (5) | | | 1 | | | (4) | | | Net current-period other comprehensive income (loss) | 38 | | | (16) | | | 1 | | | 23 | | | Balance as of September 30, 2024 | $ | (10) | | | $ | 25 | | | $ | (127) | | | $ | (112) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Currency
Translation
Adjustments | | Net Unrealized Gains (Losses) on Cash Flow Hedges (a) | | Minimum Pension Liability Adjustment (b) | | Accumulated
Other
Comprehensive
Income (Loss) | | Balance as of January 1, 2025 | $ | (125) | | | $ | 31 | | | $ | (116) | | | $ | (210) | | | Other comprehensive income (loss) before reclassifications | 68 | | | (2) | | | — | | | 66 | | | Gross (gains) losses reclassified | | | (16) | | | 4 | | | (12) | | | Tax on (gains) losses reclassified | | | 4 | | | (1) | | | 3 | | | (Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax | — | | | (12) | | | 3 | | | (9) | | | Net current-period other comprehensive income (loss) | 68 | | | (14) | | | 3 | | | 57 | | | Balance as of September 30, 2025 | $ | (57) | | | $ | 17 | | | $ | (113) | | | $ | (153) | | | | | | | | | | | Balance as of January 1, 2024 | $ | (3) | | | $ | 37 | | | $ | (130) | | | $ | (96) | | | Other comprehensive income (loss) before reclassifications | (7) | | | 4 | | | — | | | (3) | | | Gross (gains) losses reclassified | | | (22) | | | 4 | | | (18) | | | Tax on (gains) losses reclassified | | | 6 | | | (1) | | | 5 | | | (Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax | — | | | (16) | | | 3 | | | (13) | | | Net current-period other comprehensive income (loss) | (7) | | | (12) | | | 3 | | | (16) | | | Balance as of September 30, 2024 | $ | (10) | | | $ | 25 | | | $ | (127) | | | $ | (112) | |
__________ All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries and include $25 million gain, net of tax, as of September 30, 2025 related to our hedge of our investment in euro-denominated foreign operations (see Note 16 – Financial Instruments). (a)Amounts reclassified to interest expense. (b)Amounts reclassified to selling, general and administrative expenses.
|