Earnings Per Share

12 Months Ended

Dec. 31, 2025

The following table sets forth the computation of basic and diluted earnings (loss) per share (“EPS”) (shares in millions):


	Year Ended December 31,
	2025		2024		2023
Net income (loss) attributable to Avis Budget Group, Inc. for basic and diluted EPS	$	(889)	$	(1,821)	$	1,632

Basic weighted average shares outstanding	35.2		35.5		38.3
Non-vested stock	—		—		0.5
Diluted weighted average shares outstanding	35.2		35.5		38.8

Earnings (loss) per share
Basic	$	(25.25)	$	(51.23)	$	42.57
Diluted	$	(25.25)	$	(51.23)	$	42.08

Diluted EPS was computed using the treasury stock method for non-vested stock. In computing diluted loss per share for the years ended December 31, 2025 and 2024, respectively, our number of diluted weighted average shares outstanding excludes the effect of non-vested stock as the effect would have been anti-dilutive. This occurs when a net loss is reported and the effect of using dilutive shares would be anti-dilutive.

The following table summarizes our outstanding common stock equivalents that were anti-dilutive and therefore excluded from the computation of diluted EPS (shares in millions):


	As of December 31,
	2025	2024	2023
Non-vested stock (a)	0.3	0.4	0.1

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(a)The weighted average grant date fair value for anti-dilutive non-vested stock for 2025, 2024 and 2023 was $101.43, $134.69 and $198.92, respectively.