CAR Q3 2025 Earnings

Call Details

• Call Title: Avis Budget Group Q3 2025 Earnings Call
• Date: October 28, 2025 at 12:30 PM UTC
• Management Team:
  • David Calabria (Senior Vice President of Corporate Finance)
  • Brian Choi (Chief Executive Officer)
  • Daniel Cunha (Chief Financial Officer)

Call Summary

Financial Performance

• Total revenue for the quarter was $3.51 billion, up from $3.48 billion a year ago, a $39 million increase.
• Consolidated adjusted EBITDA increased 11% year-over-year on a non-GAAP basis.
• Consolidated pricing declined 1% in the quarter versus prior year.
• Americas RPD decreased 3% in the quarter and Americas overall mix shifted toward leisure which increased ancillary attachment.
• International RPD grew 5% excluding exchange-rate effects and international adjusted EBITDA was up nearly 40% year-over-year.
• Recall-related costs in Q3 were roughly $60 million with a full-year impact now estimated at $90 to $100 million.

Guidance

• The company now expects 2025 EBITDA to be toward the low end of the previously stated range.
• CFO noted the recall shift is the single largest headwind relative to prior outlook and that effects may persist into early 2026.
• No quantitative guidance was provided for next-year RPD or consolidated EBITDA targets on the call.
• The company reiterated long-term allocation priorities of maintaining a strong balance sheet and investing in fleet and technology modernization.
• Operational expectation is for a modest Q4 improvement in Americas RPD, but the company cautioned seasonality and parts lead times create uncertainty.