XML 61 R27.htm IDEA: XBRL DOCUMENT v3.25.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Avis Mobility Ventures LLC

Avis Mobility Ventures LLC (“AMV”) is our former subsidiary. We ceased to have a controlling interest in AMV in 2022, and as a result we deconsolidated AMV from our financial statements. Our proportional share of AMV’s income or loss is included within other (income) expense, net in our Consolidated Statements of Operations. In June 2024, we settled approximately $12 million in receivables from AMV related to services we provided. In November 2025, we made a capital contribution of approximately $9 million to AMV. As of December 31, 2025, we own approximately 35% of AMV. We continue to provide vehicles, related fleet services, and certain administrative services to AMV to support their operations. The following tables provide amounts reported within our financial statements related to our equity method investment in AMV and these services.

The components of other (income) expense, net are summarized below:

 Year Ended December 31,
202520242023
(Income) expense for services to AMV, net$11 $2 $(22)
(Income) loss on equity method investment in AMV, net7 7 25 
Other (income) expense, net$18 $9 $3 


The following table provides amounts reported within our Consolidated Balance Sheets related to AMV:

As of December 31,
20252024
Receivables from AMV (a)
$6 $3 
Equity method investment in AMV (b)
30 28 
Vehicles, net investment in lease with AMV (c)
136 74 
________
(a)    Included within other current assets.
(b)    Included within other non-current assets.
(c)    Included within vehicles, net. See Note 8 – Vehicle Rental Activities.
SRS Mobility Ventures, LLC

SRS Mobility Ventures, LLC is an affiliate of our largest shareholder, SRS Investment Management, LLC. SRS Mobility Ventures, LLC obtained a controlling interest in AMV in 2022. In August and October 2023, SRS Mobility Ventures, LLC made capital contributions to AMV, increasing their ownership to approximately 65%. In June 2024, SRS Mobility Ventures, LLC made a capital contribution of approximately $22 million to AMV. SRS Mobility Ventures, LLC’s ownership percentage remained at approximately 65% following these transactions. In November 2025, SRS Mobility Ventures, LLC made a capital contribution of approximately $16 million to AMV. As of December 31, 2025, they own approximately 65% of AMV.