v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
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,
2026202520262025
Americas$2,265 $2,308 $4,206 $4,193 
Europe, Middle East and Africa527 543 882 885 
Asia and Australasia154 138 342 296 
Total lease revenues$2,946 $2,989 $5,430 $5,374 
The following table presents our lease revenues disaggregated by brand:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
2026202520262025
Avis$1,682 $1,687 $3,082 $3,032 
Budget1,123 1,120 2,063 1,994 
Other (a)
141 182 285 348 
Total lease revenues$2,946 $2,989 $5,430 $5,374 
__________
(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 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,
2026202520262025
Property leases
Operating lease expense$245 $237 $492 $469 
Variable lease expense96 89 165 148 
Total property lease expense (a)
$341 $326 $657 $617 
__________
(a)Primarily included within operating expenses.


Supplemental balance sheet information related to leases is as follows:
As ofAs of
June 30,December 31,
20262025
Property leases
Operating lease right-of-use assets$3,197$3,239
Short-term operating lease liabilities (a)
$621$680
Long-term operating lease liabilities2,6322,614
Operating lease liabilities$3,253$3,294
Weighted average remaining lease term8.1 years7.6 years
Weighted average discount rate5.45 %5.35 %
__________
(a)Included within accounts payable and other current liabilities.
Supplemental cash flow information related to leases is as follows:
Six Months Ended 
June 30,
20262025
Cash payments for lease liabilities within operating activities:
Property operating leases$531 $474 
Non-cash activities - increase in right-of-use assets in exchange for lease liabilities:
Property operating leases$497 $553 
Leases Leases
Lessor

The following table presents our lease revenues disaggregated by geography:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
2026202520262025
Americas$2,265 $2,308 $4,206 $4,193 
Europe, Middle East and Africa527 543 882 885 
Asia and Australasia154 138 342 296 
Total lease revenues$2,946 $2,989 $5,430 $5,374 
The following table presents our lease revenues disaggregated by brand:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
2026202520262025
Avis$1,682 $1,687 $3,082 $3,032 
Budget1,123 1,120 2,063 1,994 
Other (a)
141 182 285 348 
Total lease revenues$2,946 $2,989 $5,430 $5,374 
__________
(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 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,
2026202520262025
Property leases
Operating lease expense$245 $237 $492 $469 
Variable lease expense96 89 165 148 
Total property lease expense (a)
$341 $326 $657 $617 
__________
(a)Primarily included within operating expenses.


Supplemental balance sheet information related to leases is as follows:
As ofAs of
June 30,December 31,
20262025
Property leases
Operating lease right-of-use assets$3,197$3,239
Short-term operating lease liabilities (a)
$621$680
Long-term operating lease liabilities2,6322,614
Operating lease liabilities$3,253$3,294
Weighted average remaining lease term8.1 years7.6 years
Weighted average discount rate5.45 %5.35 %
__________
(a)Included within accounts payable and other current liabilities.
Supplemental cash flow information related to leases is as follows:
Six Months Ended 
June 30,
20262025
Cash payments for lease liabilities within operating activities:
Property operating leases$531 $474 
Non-cash activities - increase in right-of-use assets in exchange for lease liabilities:
Property operating leases$497 $553 
Leases Leases
Lessor

The following table presents our lease revenues disaggregated by geography:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
2026202520262025
Americas$2,265 $2,308 $4,206 $4,193 
Europe, Middle East and Africa527 543 882 885 
Asia and Australasia154 138 342 296 
Total lease revenues$2,946 $2,989 $5,430 $5,374 
The following table presents our lease revenues disaggregated by brand:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
2026202520262025
Avis$1,682 $1,687 $3,082 $3,032 
Budget1,123 1,120 2,063 1,994 
Other (a)
141 182 285 348 
Total lease revenues$2,946 $2,989 $5,430 $5,374 
__________
(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 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,
2026202520262025
Property leases
Operating lease expense$245 $237 $492 $469 
Variable lease expense96 89 165 148 
Total property lease expense (a)
$341 $326 $657 $617 
__________
(a)Primarily included within operating expenses.


Supplemental balance sheet information related to leases is as follows:
As ofAs of
June 30,December 31,
20262025
Property leases
Operating lease right-of-use assets$3,197$3,239
Short-term operating lease liabilities (a)
$621$680
Long-term operating lease liabilities2,6322,614
Operating lease liabilities$3,253$3,294
Weighted average remaining lease term8.1 years7.6 years
Weighted average discount rate5.45 %5.35 %
__________
(a)Included within accounts payable and other current liabilities.
Supplemental cash flow information related to leases is as follows:
Six Months Ended 
June 30,
20262025
Cash payments for lease liabilities within operating activities:
Property operating leases$531 $474 
Non-cash activities - increase in right-of-use assets in exchange for lease liabilities:
Property operating leases$497 $553