# Avis Budget Group, Inc. (CAR)

> Source: Nexqual · https://nexqual.com/CAR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Avis Budget Group, Inc. (CAR), nexqual.com/CAR" · informational, not investment advice.

**Price:** USD 101.55 (+3.21% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 98.39 · day 97.23–103.79 · 52w 85.96–847.7 · market cap $3.59B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $11.7B, net income -$636M (-5.4% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $1.76B; 6 not under a Rule 10b5-1 plan ($1.76B); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.38 on a 1–5 scale) (8 analysts), mean target USD 122.86 (range 94–160).
- Total return with dividends: 1Y -33.7% vs S&P 500 +14.9%; 5Y -36.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 8.31, revenue estimate $3.41B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $9.31B | $12.0B | $12.0B | $11.8B | $11.7B | $11.7B |
| Net income | $1.28B | $2.76B | $1.63B | -$1.82B | -$889M | -$636M |
| EPS (diluted) | $19.44 | $57.16 | $42.08 | -$51.23 | -$25.25 | — |
| Net margin | 13.8% | 23.0% | 13.6% | -15.4% | -7.6% | -5.4% |
| Revenue growth | +72.4% | +28.8% | +0.1% | -1.8% | -1.2% | — |
| Cash + short-term investments | $534M | $570M | $555M | $534M | $519M | — |
| Total debt | $4.01B | $4.67B | $4.82B | $5.39B | $6.07B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.3x · EV/Sales 0.8x · Earnings yield -17.73% · Buyback yield (TTM) 0.31% · Net debt $5.46B · EV $9.05B
P/E at fiscal year-ends: Dec 2023 4.2x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-07 | Simhambhatla Ravi | EVP, CDIO - see remarks | 4,702 | $653K | 20% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-30 | Simhambhatla Ravi | EVP, CDIO - see remarks | 3,469 | $639K | 20% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-30 | Linnen Edward P | EVP, Chief HR Officer | 9,483 | $1.7M | 20% | No | Too little history (no open-market trades in 2024) |
| 2026-04-23 | Pentwater Capital Management Lp |  | 843,201 | $223M | 19.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-22…2026-04-23 | Pentwater Capital Management Lp |  | 1,852,246 | $511M | 6.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-22 | Pentwater Capital Management Lp |  | 1,643,653 | $1.02B | 4.1% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.38 on a 1–5 scale), 8 analysts; mean target USD 122.86 (low 94, high 160).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | JP Morgan | Target lowered | Underweight | $145 → $105 |
| 2026-09-11 | Morgan Stanley | Target lowered | Equal-Weight | $99 → $95 |
| 2026-07-24 | Goldman Sachs | Target raised | Sell | $85 → $95 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -33.7% | -36.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -33.8% | -8.6% |
| Volatility (annualized) | 112.6% | 84.8% |
| Max drawdown | -86.2% (Apr 2026→Oct 2026) | -79.4% (Apr 2026→Oct 2026) |

## Peers (Rental & Leasing Services)
EQPT (EquipmentShare.com Inc) USD 16.33 -3.09% · WSC (WillScot Holdings Corporation) USD 16.49 -0.48% · HRI (Herc Holdings Inc.) USD 133.55 +1.38% · MGRC (McGrath RentCorp) USD 116.81 +2.22% · GATX (GATX Corporation) USD 167.5 +1.95% · CTOS (Custom Truck One Source, Inc.) USD 8.87 -5.13%

## More
Full page: https://nexqual.com/CAR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CAR's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/723612/000072361226000012/car-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Interpace Ventures | "On September 30, 2025, we received a contribution of $12 million from a non-controlling interest party (Class A Member) in exchange for approximately 17% in a new joint venture establishing Interpace Ventures LLC ("Inter…" |

Other companies that name CAR in their own reports (relationship from CAR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Travel & Leisure Co. (TNL) | 10-K 2026-02-18 | "Pursuant to the Separation and Distribution Agreement with the Company's former parent, ABG, the Company entered into certain guarantee commitments with ABG and ABG's former subsidiary, Anywhere Real …" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $2.29B | 76.3% | -1.9% |
| International | $710.0M | 23.7% | +0.4% |
| Total revenue | $3.00B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Avis | $1.72B | 57.2% | -0.2% |
| Budget | $1.14B | 37.9% | +0.3% |
| Other | $147.0M | 4.9% | -21.8% |
| Royalty fee | $52.0M | 1.7% | +4.0% |
| Total revenue | $3.00B | 100% | — |
The lines above cover 101.7% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $8.90B | 76.4% | -2.3% |
| United States | $8.39B | 72.0% | -2.2% |
| Non Us | $3.26B | 28.0% | +1.6% |
| Europe, Middle East and Africa | $2.12B | 18.2% | +3.5% |
| Asiaand Australasia | $635.0M | 5.4% | +0.3% |
| Total revenue | $11.65B | 100% | — |
The lines above cover 200% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $8.31 | $10.29 | -19.3% | $3.41B | 4 |
| Next quarter (ends 2026-12-31) | $-1.05 | $-1.28 | -17.4% | $2.67B | 4 |
| Current fiscal year (ends 2026-12-31) | $1.30 | $3.42 | -62.0% | $11.62B | 4 |
| Next fiscal year (ends 2027-12-31) | $6.28 | $8.40 | -25.3% | $11.80B | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-03): ±15.0%; earnings reaction alone ±10.6%; last 8 reports averaged ±8.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 66.7% | ±7.9% |
| 2026-11-06 | 14 | 92.5% | ±15.0% |
| 2026-11-13 | 21 | 84.7% | ±16.6% |
| 2026-11-20 | 28 | 74.7% | ±16.8% |
| 2026-11-27 | 35 | 70.3% | ±17.6% |
| 2026-12-04 | 42 | 69.9% | ±19.2% |
| 2026-12-18 | 56 | 71.1% | ±22.3% |
| 2027-01-15 | 84 | 61.7% | ±23.6% |