What changed at Avis Budget in Q3 2026?
Avis Budget Group's third-quarter 2026 results, released on 3 November 2026, show cars being rented more of the time and revenue per day edging up, but lower profit. Revenue fell about 2% to $3.44 billion, Adjusted EBITDA fell 8% to $513 million, and per-unit fleet costs rose 4%. For renters, the release points to a market where average income per rental day is flat to slightly higher, not falling. It gives no price guidance for renters.
What were the headline numbers?
- Revenue: $3,436 million, against $3,519 million in Q3 2025.
- Net income: $199 million. The part attributable to shareholders was $183 million, down from $359 million.
- Adjusted EBITDA: $513 million, down from $559 million. This is a non-GAAP measure, meaning the company's own adjusted profit figure rather than a standard accounting total.
For the first nine months of 2026, revenue was flat at $8.96 billion. The company reported a loss attributable to shareholders of $65 million, compared with a $142 million loss a year earlier.
Market reports said the company also missed analyst expectations on earnings. One reported diluted earnings per share of $5.15 against a consensus estimate of $8.63, and shares fell about 8.8% in after-hours trading. Those consensus figures come from third-party reports, not from the company.
How did fleet costs change?
Per-unit fleet costs, meaning the cost of each car in the fleet per month, were $316 in the quarter. That is up 4% from Q3 2025 when exchange-rate effects are excluded. The company said the rise was within its expectations.
The increase was larger in the Americas, where per-unit fleet costs were $330 a month, up 7% from $309. Over nine months, Americas per-unit costs rose 2%.
The Americas fleet also got smaller. Its average rental fleet was 510,817 cars, down 6% from 546,293. Vehicle depreciation and lease charges, which is the cost of losing value on cars and leasing them, were $668 million for the quarter, down from $678 million.
The release lists several things that could change fleet costs, including tariffs, manufacturer recalls, and the price the company gets when it sells used cars.
How did pricing change?
Total company revenue per day was $71.54, excluding exchange-rate effects. That is a slight increase on Q3 2025 and the third quarter in a row of year-on-year growth. Revenue per day is the average income the company earns from each rented car-day. It blends every rental, so it is not the price any single customer pays.
By region:
| Measure | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Americas revenue per day | $73.30 | $73.19 | Flat |
| International revenue per day | $66.49 | $66.03 | +1% |
Americas rental days fell 3% to 34.8 million, so the quarter's Americas revenue was down 3% overall even though income per day held steady.
How did utilization change?
Vehicle utilization is the share of the fleet that is out on rent during a 24-hour period. Company-wide, it was 74.0%, up 2 percentage points. In the Americas it was 74.1%, up 2.8 points. Both were third-quarter records.
Chief executive Brian Choi said Americas utilization was the best the company has had in twenty years, despite softer travel demand. The company's aim, in his words, is to improve "transaction economics", meaning the profit made on each rental, and deliver more consistent results.
What should renters expect?
The release does not give renters a price forecast, and the company gave no formal outlook for the fourth quarter or the full year. Based on the figures, these are the reasonable expectations:
- Average rates are not falling. Revenue per day rose slightly company-wide and held flat in the Americas.
- The Americas fleet is smaller and busier. A fleet that is rented more of the time has less idle stock to fall back on. The release does not say how this affects availability, so check stock early for busy dates.
- Costs are rising but are not the main pressure. Fleet costs are up, but the company describes them as within its plans.
Practical steps for a traveller:
- Compare total prices, including extras and fees, on live price search. For how rental pricing is built, see how rental pricing works.
- Book early for peak periods, since the release shows the Americas fleet is running at high utilization.
- Read the cancellation and change terms before you pay. Cars Renta does not hold reservations. Bookings are completed on DiscoverCars, and only DiscoverCars support can change or cancel one.
What comes next for the company?
The company received $650 million in cash on 5 October from a previously reported settlement with Pentwater Capital Management, which it will recognise in the fourth quarter. It ended the quarter with $866 million of liquidity and $2.5 billion of additional fleet funding capacity. On 2 November it gave notice to repay the remaining $350 million of its 5.750% senior notes due 2027 before the end of the year.
The company's investor conference call on the results is scheduled for 4 November 2026 at 8:30 a.m. ET.
