v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 564 $ 534
Receivables, net 859 838
Other current assets 812 662
Total current assets 2,235 2,034
Property and equipment, net 710 697
Operating lease right-of-use assets 3,222 3,057
Deferred income taxes 2,487 1,786
Goodwill 1,127 1,071
Other intangibles, net 594 601
Other non-current assets 405 422
Total assets exclusive of assets under vehicle programs 10,780 9,668
Assets under vehicle programs:    
Program cash 71 60
Vehicles, net 19,640 17,619
Receivables from vehicle manufacturers and other 579 386
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party 1,448 1,308
Total assets under vehicle programs 21,738 19,373
Total assets 32,518 29,041
Current liabilities:    
Accounts payable and other current liabilities 3,127 2,700
Short-term debt and current portion of long-term debt 38 20
Total current liabilities 3,165 2,720
Long-term debt 6,020 5,373
Long-term operating lease liabilities 2,619 2,484
Other non-current liabilities 499 470
Total liabilities exclusive of liabilities under vehicle programs 12,303 11,047
Liabilities under vehicle programs:    
Debt 4,368 3,453
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party 14,894 14,083
Deferred income taxes 2,982 2,442
Other 345 333
Total liabilities under vehicle programs 22,589 20,311
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Preferred stock, $0.01 par value—authorized 10 shares; none issued and outstanding, in each period 0 0
Common stock, $0.01 par value—authorized 250 shares; issued 137 shares, in each period 1 1
Additional paid-in capital 6,623 6,620
Retained earnings 1,886 2,029
Accumulated other comprehensive loss (153) (210)
Treasury stock, at cost—102 shares, in each period (10,756) (10,767)
Stockholders’ equity attributable to Avis Budget Group, Inc. (2,399) (2,327)
Non-controlling interests 25 10
Total stockholders’ equity (2,374) (2,317)
Total liabilities and stockholders’ equity $ 32,518 $ 29,041