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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income (loss) $ (1,817) $ 1,635 $ 2,756
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Vehicle depreciation 2,658 2,228 1,709
Amortization of right-of-use assets 1,114 1,006 877
(Gain) loss on sale of vehicles, net 167 (656) (1,019)
Vehicle related reserves 496 348 234
Non-vehicle related depreciation and amortization 237 216 225
Deferred income taxes (905) 191 682
Stock-based compensation 19 30 25
Amortization of debt financing fees 46 40 34
Early extinguishment of debt costs 21 5 0
Long-lived asset impairment and other related charges 2,470 0 0
Net change in assets and liabilities:      
Receivables 51 (43) (97)
Income taxes 45 (81) 6
Accounts payable and other current liabilities 63 (72) 217
Operating lease liabilities (1,097) (1,002) (879)
Other, net (50) (17) (63)
Net cash provided by operating activities 3,518 3,828 4,707
Investing activities      
Property and equipment additions (202) (273) (246)
Proceeds received on asset sales 3 3 2
Net assets acquired (net of cash acquired) (3) (65) (3)
Other, net 12 6 (33)
Net cash used in investing activities exclusive of vehicle programs (190) (329) (280)
Vehicle programs:      
Investment in vehicles (9,860) (15,185) (10,491)
Proceeds received on disposition of vehicles 7,394 8,403 6,606
Investment in debt securities of Avis Budget Rental Car Funding (AESOP) LLC —related party (798) (541) (439)
Proceeds from debt securities of Avis Budget Rental Car Funding (AESOP) LLC —related party 701 306 305
Vehicle programs (2,563) (7,017) (4,019)
Net cash used in investing activities (2,753) (7,346) (4,299)
Financing activities      
Proceeds from long-term borrowings 1,569 936 729
Payments on long-term borrowings (939) (818) (24)
Net change in short-term borrowings 0 0 (1)
Debt financing fees (28) (22) (7)
Repurchases of common stock (70) (951) (3,329)
Dividends paid 0 (355) 0
Contributions from non-controlling interests 0 0 40
Net cash provided by (used) in financing activities exclusive of vehicle programs 532 (1,210) (2,592)
Vehicle programs:      
Proceeds from borrowings 21,335 23,980 17,419
Payments on borrowings (22,604) (19,220) (15,160)
Debt financing fees (44) (44) (27)
Net cash provided by financing activities of vehicle programs (1,313) 4,716 2,232
Net cash provided by (used in) financing activities (781) 3,506 (360)
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash (31) 14 (32)
Net increase (decrease) in cash and cash equivalents, program and restricted cash (47) 2 16
Cash and cash equivalents, program and restricted cash, beginning of period 644 642 626
Cash and cash equivalents, program and restricted cash, end of period 597 644 642
Supplemental disclosure      
Interest payments 1,273 988 543
Income tax payments, net $ 50 $ 169 $ 192