Avis Budget Group reports Q3 2026 results

Item 2.02 Results of Operations and Financial Condition.

On November 3, 2026, Avis Budget Group, Inc. (the "Company," "we," "our" or "us") reported our third quarter 2026 results.^{1 1}Our third quarter 2026 results are discussed in detail in the press release attached hereto as Exhibit 99.1¹, which is incorporated herein by reference.

The information in this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended² (the "Exchange Act") or incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1 Press Release dated November 3, 2026.³

104 Cover Page Interactive Data File (embedded within the inline XBRL document).³

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AVIS BUDGET GROUP, INC.

By: /s/ Tina Goldenberg

Tina Goldenberg

Vice President and Chief Accounting Officer

Date: November 3, 2026

Avis Budget Group Reports Third Quarter 2026 Results

PARSIPPANY, N.J., November 3, 2026 - Avis Budget Group, Inc. ( NASDAQ: CAR ) announced financial results for the third quarter ended September 30, 2026 today. We ended the quarter with revenues of $3.4 billion, net income of $199 million, and an Adjusted EBITDA 1 of $513 million.⁴

"The third quarter demonstrated continued progress in how we manage our fleet, with third-quarter Americas utilization being the best we have had in twenty years despite a softer travel demand environment," said Brian Choi, Avis Budget Group CEO. "We are building on the improvements we've made in fleet management and field operations with the objective of improving transaction economics, strengthening profitability, and delivering more consistent financial performance over time."

Q3 OPERATIONAL HIGHLIGHTS AND RECENT DEVELOPMENTS

• Total Company Revenue per Day was $71.54, excluding exchange rate effects⁵, a slight increase compared to the third quarter of 2025 and the third consecutive quarter of positive year-over-year growth.

• Total Company Vehicle Utilization was 74.0%, up 2 points year-over-year.⁵ Americas utilization was 74.1%, up 2.8 points, with both marking third quarter record highs.

• Total Company per-unit fleet costs were $316 per month, excluding exchange rate effects, an increase of 4% compared to the third quarter of 2025 but within our expectations.

• Our liquidity position at the end of the quarter was $866 million, with an additional $2.5 billion of fleet funding capacity.⁶

• On October 5th, we received $650 million in cash pursuant to the previously reported settlement with Pentwater Capital Management LP and certain affiliated persons, which will be recognized in Q4.⁷

• On November 2nd, we delivered a redemption notice to repay the remaining $350 million outstanding principal amount of our 5.750% Senior Notes due 2027 prior to year end.⁸

SUPPLEMENTAL FINANCIALS

Investors may access our third quarter 2026 supplemental financials on our investor relations website at ir.avisbudgetgroup.com.

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1 Adjusted EBITDA and certain other measures in this release are non-GAAP financial measures. See "Non-GAAP Financial Measures and Key Metrics" and the tables that accompany this release for the definitions and reconciliations of these non-GAAP measures to the most comparable GAAP measures.

INVESTOR CONFERENCE CALL

We will host a conference call to discuss our third quarter results on November 4, 2026, at 8:30 a.m. (ET). Investors may access the call on our investor relations website at ir.avisbudgetgroup.com or by dialing (877) 407-2991. A replay of the call will be available on our website and at (877) 660-6853 using conference code 13763238.

ABOUT AVIS BUDGET GROUP

We are a leading global provider of mobility solutions through our three most recognized brands, Avis, Budget and Zipcar, as well as several other brands, well recognized in their respective markets. We license the use of the Avis, Budget, Zipcar and other brands' trademarks to licensees in areas in which we do not operate directly. We and our licensees operate our brands in approximately 180 countries throughout the world. Our brands and mobility solutions have an extended global reach with approximately 10,000 rental locations throughout the world. We operate most of our car rental locations in North America, Europe and Australasia. We are headquartered in Parsippany, N.J. More information is available at avisbudgetgroup.com.

NON-GAAP FINANCIAL MEASURES AND KEY METRICS

This release includes financial measures such as Adjusted EBITDA and Adjusted Free Cash Flow, as well as other financial measures, that are not considered generally accepted accounting principle ("GAAP") measures as defined under SEC rules. Important information regarding such non-GAAP measures is contained in the tables within this release and in Appendix I, including the definitions of these measures and reconciliations to the most comparable U.S. GAAP measures.

We measure performance principally using the following key metrics: (i) rental days, (ii) revenue per day, (iii) vehicle utilization, and (iv) per-unit fleet costs. Our rental days, revenue per day and vehicle utilization metrics are all calculated based on the actual rental of the vehicle during a 24-hour period. We believe that this methodology provides management with the most relevant metrics in order to effectively manage the performance of our business. Our calculations may not be comparable to the calculations of similarly-titled metrics by other companies. We present currency exchange rate effects on our key metrics to provide a method of assessing how our business performed excluding the effects of foreign currency rate fluctuations. Currency exchange rate effects are calculated by translating the current-period's results at the prior-period average exchange rates plus any related gains and losses on currency hedges.

2

FORWARD-LOOKING STATEMENTS

Certain statements in this press release constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained herein are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by any such for