Avis Budget Q2 2026: Record Utilization Drives $286M Adjusted EBITDA, In Line with Expectations
CAR sits 66% above its 52-week low of $85.96.
Summary
Avis Budget reported Q2 2026 Adjusted EBITDA of $286 million, in line with expectations, driven by record vehicle utilization and lower fleet costs. The Waymo autonomous partnership went live in Dallas, and liquidity remains strong at $1.0 billion.
Key Events · Earnings and Guidance · CAR
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Q2 Adjusted EBITDA of $286M
Adjusted EBITDA reached $286 million on revenues of $3.0 billion, in line with management's initial expectations, as the company navigated shifting booking trends.
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Record Vehicle Utilization
Total company vehicle utilization hit 72.6%, up 1.9 points year-over-year, with Americas utilization at a second-quarter record of 73.2%, reflecting rapid fleet resizing.
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Fleet Costs Decline 4%
Per-unit fleet costs fell to $290 per month, a 4% decrease from Q2 2025, contributing to margin improvement.
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Waymo Partnership Goes Live
The autonomous vehicle partnership with Waymo launched commercially in Dallas on June 1, completing thousands of trips in its first month.
Analysis · CAR · Trade & Services
Second-quarter results landed in line with internal targets, as Adjusted EBITDA reached $286 million on revenues of $3.0 billion. The real story, however, was vehicle utilization—a company-wide record of 72.6%, up 1.9 points year-over-year—after management swiftly resized the fleet to match shifting booking patterns. Per-unit fleet costs provided an additional tailwind, falling 4% to $290 per month. The quarter also marked the commercial launch of the Waymo autonomous vehicle partnership in Dallas. While net income of $63 million remains modest, the operational gains and $1.0 billion in liquidity point to a business that is adapting to a volatile demand backdrop. These results carry extra weight given the company's recent heavy refinancing activity and the pending $650 million Pentwater settlement, which together are reshaping the balance sheet.
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In the 30 days to Sep 23, 2026, 29.1% of the 1683 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.32%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, CAR was trading at $142.99 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $5.9B. The 52-week trading range was $85.96 to $847.70. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.