v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 558 $ 519
Receivables, net 936 878
Other current assets 1,014 696
Total current assets 2,508 2,093
Property and equipment, net 756 748
Operating lease right-of-use assets 3,197 3,239
Deferred income taxes 2,298 2,105
Goodwill 1,115 1,129
Other intangibles, net 614 589
Other non-current assets 375 403
Total assets exclusive of assets under vehicle programs 10,863 10,306
Assets under vehicle programs:    
Program cash 126 94
Vehicles, net 19,589 18,720
Receivables from vehicle manufacturers and other 281 540
Investment in Avis Budget Rental Car Funding (AESOP) LLC—related party 1,469 1,597
Total assets under vehicle programs 21,465 20,951
Total assets 32,328 31,257
Current liabilities:    
Accounts payable and other current liabilities 3,074 2,865
Short-term debt and current portion of long-term debt 23 24
Total current liabilities 3,097 2,889
Long-term debt 5,999 6,049
Long-term operating lease liabilities 2,632 2,614
Other non-current liabilities 472 495
Total liabilities exclusive of liabilities under vehicle programs 12,200 12,047
Liabilities under vehicle programs:    
Debt 5,414 4,792
Debt due to Avis Budget Rental Car Funding (AESOP) LLC—related party 14,436 14,396
Deferred income taxes 2,736 2,677
Other 769 387
Total liabilities under vehicle programs 23,355 22,252
Commitments and contingencies (Note 13)
Redeemable non-controlling interests 147 74
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 6,612 6,622
Retained earnings 891 1,139
Accumulated other comprehensive loss (149) (138)
Treasury stock, at cost—102 shares, in each period (10,743) (10,753)
Stockholders’ equity attributable to Avis Budget Group, Inc. (3,388) (3,129)
Non-controlling interests 14 13
Total stockholders’ equity (3,374) (3,116)
Total liabilities, redeemable non-controlling interests and stockholders’ equity $ 32,328 $ 31,257