Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

We believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our operating businesses and in comparing our results from period to period. We also believe that Adjusted EBITDA is useful to investors because it allows them to assess our results of operations and financial condition on the same basis that management uses internally. Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for net income or other income statement data prepared in accordance with U.S. GAAP.

Provided below is information about our revenues, significant segment expenses, and reportable segment Adjusted EBITDA, together with a reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes.


	Three Months Ended September 30,
	2025						2024
	Americas		International		Total		Americas		International		Total
Revenues	$	2,621	$	898	$	3,519	$	2,640	$	840	$	3,480

Significant segment expenses:
Operating (a)	1,234		374				1,210		348
Vehicle depreciation and lease charges, net	508		170				613		193
Selling, general and administrative	269		128				236		116
Vehicle interest, net	212		36				197		44
Reportable segment Adjusted EBITDA	$	398	$	190	$	588	$	384	$	139	$	523

Reconciliation of reportable segment Adjusted EBITDA to income before income taxes:
					2025						2024
Reportable segment Adjusted EBITDA					$	588					$	523
Non-vehicle related depreciation and amortization					57						58
Interest expense related to corporate debt, net:
Interest expense					4						3



Restructuring and other related charges					9						6

Other (income) expense, net					2						3
Other segment expenses (b)					(110)						1
Corporate and other (c)					153						123
Income before income taxes					$	473					$	329

__________

(a)Excludes other segment expenses.

(b)Legal matters, net, cloud computing costs and severe weather-related damages, net for the three months ended September 30, 2025. Cloud computing costs for the three months ended September 30, 2024.

(c)Consists of unallocated corporate expenses not attributable to a particular reportable segment. For the three months ended September 30, 2025 and 2024, includes $105 million and $92 million of interest expense related to corporate debt, respectively.


	Nine Months Ended September 30,
	2025						2024
	Americas		International		Total		Americas		International		Total
Revenues	$	6,860	$	2,128	$	8,988	$	6,994	$	2,085	$	9,079

Significant segment expenses:
Operating (a)	3,467		977				3,449		957
Vehicle depreciation and lease charges, net (b)	1,525		454				1,659		516
Selling, general and administrative	733		325				665		323
Vehicle interest, net	584		103				607		117
Reportable segment Adjusted EBITDA	$	551	$	269	$	820	$	614	$	172	$	786

Reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes:
					2025						2024
Reportable segment Adjusted EBITDA					$	820					$	786
Non-vehicle related depreciation and amortization					172						176
Interest expense related to corporate debt, net:
Interest expense					10						5


Other fleet charges					390						—
Restructuring and other related charges					82						23
Transaction-related costs, net					—						2
Other (income) expense, net					13						6
Other segment expenses (c)					(97)						10
Corporate and other (d)					439						350
Income (loss) before income taxes					$	(189)					$	214

__________

(a)Excludes other segment expenses.

(b)For the nine months ended September 30, 2025, excludes other fleet charges related to the accelerated disposal of certain fleet within our Americas reportable segment. These costs relate to vehicles that were not included in the long-lived asset impairment and other related charges recorded in 2024.

(c)Legal matters, net, cloud computing costs and severe weather-related damages, net for the nine months ended September 30, 2025. Legal matters, net and cloud computing costs for the nine months ended September 30, 2024.

(d)Consists of unallocated corporate expenses not attributable to a particular reportable segment. For the nine months ended September 30, 2025 and 2024, includes $306 million and $261 million of interest expense related to corporate debt, respectively.

Schedule of Geographic Segment Information

Provided below is information about our segment assets.


	Americas		International		Unallocated Assets (a)		Total
Nine Months Ended September 30, 2025
Property and equipment additions	$	44	$	23	$	69	$	136
As of September 30, 2025
Assets exclusive of assets under vehicle programs	7,394		3,066		320		10,780
Assets under vehicle programs	17,504		4,234		—		21,738
Net long-lived assets	1,438		793		200		2,431

Year Ended December 31, 2024
Property and equipment additions	$	109	$	40	$	53	$	202
As of December 31, 2024
Assets exclusive of assets under vehicle programs	6,785		2,539		344		9,668
Assets under vehicle programs	16,058		3,315		—		19,373
Net long-lived assets	1,474		733		162		2,369

__________

(a)Includes unallocated corporate assets which are not attributable to a particular reportable segment.