v3.26.3
Revenues and Costs from Leases (Tables)
 9 Months Ended
Sep. 30, 2026
Leases [Abstract]  
Schedule of Operating Lease Income And Other Income
The following table summarizes the amount of operating lease income and other income sources included in total revenues in the accompanying unaudited condensed consolidated statements of operations:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2026202520262025
Operating lease income from vehicle rentals$2,359 $2,232 $6,290 $5,846 
Variable operating lease income173 170 514 440 
Revenues from leases accounted for under Topic 8422,532 2,402 6,804 6,286 
Other revenues accounted for under Topic 60685 76 213 190 
Total revenues$2,617 $2,478 $7,017 $6,476 
Schedule of Sale Leaseback Transactions The table below reflects the results of these transactions ($ in millions), in which a total pre-tax gain of $64 million was recognized on the sales and is included in the (Gain) on sale of non-vehicle capital assets in the accompanying unaudited condensed consolidated statements of operations for the nine months ended September 30, 2026.
Period of SaleLocation TypeLease ClassificationLease Terms
Pre-tax Gain(1)
Financial Liability
April 2026Operating site
Operating lease(2)
18 years$9 $— 
June 2026Operating site
Operating lease(2)
< one year
15 — 
June 2026Operating sites
Operating lease(2)
13 years14 — 
June 2026Operating site
Operating lease(2)
15 years7 — 
June 2026
Various(3)
Various(4)
15 years4 3 
June 2026Operating sites
Operating lease(2)
20 years10 — 
June 2026Operating site
Various(4)
20 years5 3 
$64 $6 
(1)    Recorded in (Gain) on sale of non-vehicle capital assets in the accompanying unaudited condensed consolidated statements of operations for the nine months ended September 30, 2026.
(2)    The sale qualified for sale-leaseback accounting and is accounted for as an operating lease.
(3)    Includes the sales of an airport rental location and operating sites.
(4)    The land portions of the sales qualified for sale-leaseback accounting and are accounted for as operating leases. The buildings portions of the sales, inclusive of site improvements, did not meet the criteria for a sale and are considered financial liabilities. The financial liabilities are classified as other non-vehicle debt and recorded in Non-vehicle debt in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2026.
The table below reflects certain results of these transactions ($ in millions). See Note 3, "Divestitures," for additional information.
Period of SaleLocation TypeLease ClassificationLease TermsFuture Minimum Payments
April 2026Operating site
Operating lease(1)
18 years$19 
June 2026Operating site
Operating lease(1)
< one year
— 
June 2026Operating sites
Operating lease(1)
13 years22 
June 2026Operating site
Operating lease(1)
15 years12 
June 2026
Various(2)
Various(3)
15 years29 
June 2026Operating sites
Operating lease(1)
20 years43 
June 2026Operating site
Various(3)
20 years24 
$149 
(1)    The sale qualified for sale-leaseback accounting and is accounted for as an operating lease.
(2)    Includes the sales of an airport rental location and operating sites.
(3)    The land portions of the sales qualified for sale-leaseback accounting and are accounted for as operating leases. The buildings portions of the sales, inclusive of site improvements, did not meet the criteria for a sale and are considered financial liabilities. The financial liabilities are classified as other non-vehicle debt and recorded in Non-vehicle debt in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2026.
Schedule of Weighted-Average
The following summarizes the weighted-average remaining lease term and weighted-average discount rate for the Company's operating leases as a lessee as of September 30, 2026:
Weighted-average remaining lease term (in years)11.3
Weighted-average discount rate14.00 %
Schedule of Minimum Fixed Lease Obligations
The following table summarizes the Company's minimum fixed lease obligations under existing agreements as a lessee, excluding variable concession obligations in excess of minimum annual guarantees and short-term leases, as of September 30, 2026:
(In millions)
Remainder 2026$172 
2027629 
2028527 
2029450 
2030328 
After 20302,944 
Total lease payments5,050 
Interest(2,790)
Operating lease liabilities as of September 30, 2026
$2,260