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Vehicle Rental Activities
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Vehicle Rental Activities Vehicle Rental Activities
The components of vehicles, net within assets under vehicle programs are as follows: 
As of December 31,
20252024
Rental vehicles (a)
$21,011 $20,094 
Less: Accumulated depreciation(2,859)(3,143)
18,152 16,951 
Vehicles held for sale (a)
432 594 
Vehicles, net investment in lease (b)
136 74 
Vehicles, net$18,720 $17,619 
_________
(a)    For the year ended December 31, 2025, reflects long-lived asset impairment and other related charges, which reduced the carrying value of our rental vehicles to fair value. For the year ended December 31, 2024, reflects long-lived asset impairment and other related charges, which reduced the carrying value of our rental vehicles and vehicles held for sale to fair value. See Note 2 – Summary of Significant Accounting Policies.
(b)    See Note 17 – Related Party Transactions.
The components of vehicle depreciation and lease charges, net are summarized below:
Year Ended December 31,
202520242023
Depreciation expense$2,657 $2,658 $2,228 
Lease charges120 151 167 
(Gain) loss on sale of vehicles, net (a)
238 167 (656)
Vehicle depreciation and lease charges, net$3,015 $2,976 $1,739 
_________
(a)    For the year ended December 31, 2025, includes other fleet charges of $390 million related to the disposal of certain fleet in our Americas reportable segment.
As of December 31, 2025, 2024 and 2023, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $284 million, $203 million and $287 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $473 million, $287 million and $237 million, respectively.
Property and Equipment, net
Property and equipment, net consisted of:
As of December 31,
20252024
Land$63 $61 
Buildings and leasehold improvements704 616 
Capitalized software943 981 
Furniture, fixtures and equipment509 484 
Projects in process134 92 
Buses and support vehicles94 94 
2,447 2,328 
Less: Accumulated depreciation and amortization(1,699)(1,631)
Property and equipment, net$748 $697 
Depreciation and amortization expense relating to property and equipment during 2025, 2024 and 2023 was $208 million, $207 million, and $187 million, respectively (including $92 million, $102 million, and $101 million, respectively, of amortization expense relating to capitalized software). As of December 31, 2025 and 2024, we had payables related to property and equipment included in accounts payable and other current liabilities of $1 million and $10 million, respectively.