v3.25.3
Leases
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases Leases
Lessor

The following table presents our lease revenues disaggregated by geography:
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
2025202420252024
Americas$2,597 $2,587 $6,790 $6,891 
Europe, Middle East and Africa710 660 1,595 1,548 
Asia and Australasia151 145 447 456 
Total lease revenues$3,458 $3,392 $8,832 $8,895 

The following table presents our lease revenues disaggregated by brand:
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
2025202420252024
Avis$1,961 $1,953 $4,993 $5,097 
Budget1,312 1,247 3,306 3,261 
Other (a)
185 192 533 537 
Total lease revenues$3,458 $3,392 $8,832 $8,895 
__________
(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 
September 30,		Nine Months Ended 
September 30,
2025202420252024
Property leases
Operating lease expense$241 $229 $710 $691 
Variable lease expense128 117 276 279 
Total property lease expense (a)
$369 $346 $986 $970 
__________
(a)Primarily included within operating expenses.

Supplemental balance sheet information related to leases is as follows:
As ofAs of
September 30,December 31,
20252024
Property leases
Operating lease ROU assets$3,222$3,057
Short-term operating lease liabilities (a)
$656$628
Long-term operating lease liabilities2,6192,484
Operating lease liabilities$3,275$3,112
Weighted average remaining lease term7.7 years8.0 years
Weighted average discount rate5.36 %4.98 %
__________
(a)Included within accounts payable and other current liabilities.

Supplemental cash flow information related to leases is as follows:
Nine Months Ended 
September 30,
20252024
Cash payments for lease liabilities within operating activities:
Property operating leases$718 $710 
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases$825 $945 
Leases Leases
Lessor

The following table presents our lease revenues disaggregated by geography:
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
2025202420252024
Americas$2,597 $2,587 $6,790 $6,891 
Europe, Middle East and Africa710 660 1,595 1,548 
Asia and Australasia151 145 447 456 
Total lease revenues$3,458 $3,392 $8,832 $8,895 

The following table presents our lease revenues disaggregated by brand:
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
2025202420252024
Avis$1,961 $1,953 $4,993 $5,097 
Budget1,312 1,247 3,306 3,261 
Other (a)
185 192 533 537 
Total lease revenues$3,458 $3,392 $8,832 $8,895 
__________
(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 
September 30,		Nine Months Ended 
September 30,
2025202420252024
Property leases
Operating lease expense$241 $229 $710 $691 
Variable lease expense128 117 276 279 
Total property lease expense (a)
$369 $346 $986 $970 
__________
(a)Primarily included within operating expenses.

Supplemental balance sheet information related to leases is as follows:
As ofAs of
September 30,December 31,
20252024
Property leases
Operating lease ROU assets$3,222$3,057
Short-term operating lease liabilities (a)
$656$628
Long-term operating lease liabilities2,6192,484
Operating lease liabilities$3,275$3,112
Weighted average remaining lease term7.7 years8.0 years
Weighted average discount rate5.36 %4.98 %
__________
(a)Included within accounts payable and other current liabilities.

Supplemental cash flow information related to leases is as follows:
Nine Months Ended 
September 30,
20252024
Cash payments for lease liabilities within operating activities:
Property operating leases$718 $710 
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases$825 $945 
Leases Leases
Lessor

The following table presents our lease revenues disaggregated by geography:
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
2025202420252024
Americas$2,597 $2,587 $6,790 $6,891 
Europe, Middle East and Africa710 660 1,595 1,548 
Asia and Australasia151 145 447 456 
Total lease revenues$3,458 $3,392 $8,832 $8,895 

The following table presents our lease revenues disaggregated by brand:
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
2025202420252024
Avis$1,961 $1,953 $4,993 $5,097 
Budget1,312 1,247 3,306 3,261 
Other (a)
185 192 533 537 
Total lease revenues$3,458 $3,392 $8,832 $8,895 
__________
(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 
September 30,		Nine Months Ended 
September 30,
2025202420252024
Property leases
Operating lease expense$241 $229 $710 $691 
Variable lease expense128 117 276 279 
Total property lease expense (a)
$369 $346 $986 $970 
__________
(a)Primarily included within operating expenses.

Supplemental balance sheet information related to leases is as follows:
As ofAs of
September 30,December 31,
20252024
Property leases
Operating lease ROU assets$3,222$3,057
Short-term operating lease liabilities (a)
$656$628
Long-term operating lease liabilities2,6192,484
Operating lease liabilities$3,275$3,112
Weighted average remaining lease term7.7 years8.0 years
Weighted average discount rate5.36 %4.98 %
__________
(a)Included within accounts payable and other current liabilities.

Supplemental cash flow information related to leases is as follows:
Nine Months Ended 
September 30,
20252024
Cash payments for lease liabilities within operating activities:
Property operating leases$718 $710 
Non-cash activities - increase (decrease) in ROU assets in exchange for lease liabilities:
Property operating leases$825 $945