XML 65 R31.htm IDEA: XBRL DOCUMENT v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Our chief executive officer, who also serves as our chief operating decision-maker (“CODM”), assesses performance and allocates resources based upon the separate financial information of our operating segments. We aggregate certain of our operating segments into our reportable segments. In identifying our reportable segments, we also consider the management structure of the organization, the nature of services provided by our operating segments, the geographical areas and economic characteristics in which the segments operate, and other relevant factors.
Our CODM evaluates the operating results of each of our reportable segments based upon revenues and Adjusted EBITDA, which we define as income (loss) from continuing operations before non-vehicle related depreciation and amortization; long-lived asset impairment and other related charges; other fleet charges; restructuring and other related charges; early extinguishment of debt costs; non-vehicle related interest; transaction-related costs, net; legal matters, net, which primarily includes amounts recorded in excess of $5 million, related to unprecedented self-insurance reserves for allocated loss adjustment expense, class action lawsuits and personal injury matters; non-operational charges related to shareholder activist activity, which includes third-party advisory, legal and other professional fees; COVID-19 charges, net; cloud computing costs; other (income) expense, net; severe weather-related damages in excess of $5 million, net of insurance proceeds; and income taxes. In the first quarter of 2025, we revised our definition of Adjusted EBITDA to exclude other fleet charges. We did not revise prior years' Adjusted EBITDA amounts because there were no other charges similar in nature to these.
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.
Year Ended December 31, 2025
AmericasInternationalTotal
Revenues$8,900 $2,752 $11,652 
Significant segment expenses:
Operating (a)
4,598 1,303 
Vehicle depreciation and lease charges, net (b)
2,026 599 
Selling, general and administrative
942 424 
Vehicle interest, net782 136 
Reportable segment Adjusted EBITDA$552 $290 $842 
Reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes:
Reportable segment Adjusted EBITDA$842 
Non-vehicle related depreciation and amortization229 
Interest expense related to corporate debt, net:
Interest expense11 
Long-lived asset impairment and other related charges (c)
518 
Other fleet charges390 
Restructuring and other related charges117 
Other (income) expense, net18 
Legal matters, net; cloud computing costs; and severe weather-related damages, net(105)
Corporate and other (d)
593 
Income (loss) before income taxes$(929)
__________
(a)Excludes legal matters, net, cloud computing costs and severe weather-related damages, net.
(b)Excludes other fleet charges related to the disposal of certain fleet within our Americas reportable segment.
(c)Includes an impairment charge of approximately $518 million within our Americas reportable segment, related to the acceleration of the rotation of certain United States EV rental car vehicles in conjunction with the Interpace Ventures transaction. See Note 2 – Summary of Significant Accounting Policies – Impairment of Long-Lived Assets.
(d)Consists of unallocated corporate expenses, including $411 million and $6 million of interest expense and early extinguishment of debt, respectively, which are not attributable to a particular reportable segment.
Year Ended December 31, 2024
AmericasInternationalTotal
Revenues$9,111 $2,678 $11,789 
Significant segment expenses:
Operating (a)
4,604 1,279 
Vehicle depreciation and lease charges, net2,301 675 
Selling, general and administrative868 409 
Vehicle interest, net787 154 
Reportable segment Adjusted EBITDA$551 $161 $712 
Reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes:
Reportable segment Adjusted EBITDA$712 
Non-vehicle related depreciation and amortization234 
Interest expense related to corporate debt, net:
Interest expense4 
Long-lived asset impairment and other related charges (b)
2,470 
Restructuring and other related charges37 
Transaction-related costs, net3 
Other (income) expense, net9 
Legal matters, net; cloud computing costs; and severe weather-related damages, net77 
Corporate and other (c)
505 
Income (loss) before income taxes$(2,627)
__________
(a)Excludes legal matters, net, cloud computing costs and severe weather-related damages, net.
(b)Includes an impairment charge of approximately $2.3 billion related to the acceleration of the rotation of our fleet and a charge of $180 million related to the write-down of the carrying value of certain vehicles held for sale within our Americas reportable segment. See Note 2 – Summary of Significant Accounting Policies – Impairment of Long-Lived Assets.
(c)Consists of unallocated corporate expenses, including $354 million and $19 million of interest expense and early extinguishment of debt, respectively, which are not attributable to a particular reportable segment.
Year Ended December 31, 2023
AmericasInternationalTotal
Revenues$9,347 $2,661 $12,008 
Significant segment expenses:
Operating (a)
4,425 1,209 
Vehicle depreciation and lease charges, net1,215 524 
Selling, general and administrative894 409 
Vehicle interest, net617 119 
Reportable segment Adjusted EBITDA$2,196 $400 $2,596 
Reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes:
Reportable segment Adjusted EBITDA$2,596 
Non-vehicle related depreciation and amortization215 
Interest expense related to corporate debt, net:
Interest expense(6)
Restructuring and other related charges11 
Transaction-related costs, net3 
Other (income) expense, net3 
Legal matters, net and cloud computing costs10 
Corporate and other (b)
446 
Income (loss) before income taxes$1,914 
__________
(a)Excludes legal matters, net and cloud computing costs.
(b)Consists of unallocated corporate expenses, including $302 million and $5 million of interest expense and early extinguishment of debt, respectively, which are not attributable to a particular reportable segment.
Provided below is information about our segment assets.

AmericasInternational
Unallocated Assets (a)
Total
2025
Property and equipment additions$79 $36 $103 $218 
Assets exclusive of assets under vehicle programs7,070 2,951 285 10,306 
Assets under vehicle programs17,312 3,639 — 20,951 
Net long-lived assets1,470 805 191 2,466 
2024
Property and equipment additions$109 $40 $53 $202 
Assets exclusive of assets under vehicle programs6,785 2,539 344 9,668 
Assets under vehicle programs16,058 3,315 — 19,373 
Net long-lived assets1,474 733 162 2,369 
2023
Property and equipment additions$126 $44 $103 $273 
Assets exclusive of assets under vehicle programs6,533 2,633 424 9,590 
Assets under vehicle programs19,285 3,694 — 22,979 
Net long-lived assets1,483 795 210 2,488 
__________ 
(a)Includes unallocated corporate assets which are not attributable to a particular reportable segment.

Provided below is information classified based on the geographic location of our subsidiaries.

United StatesAll Other CountriesTotal
2025
Revenues$8,395 $3,257 $11,652 
Assets exclusive of assets under vehicle programs6,851 3,455 10,306 
Assets under vehicle programs16,584 4,367 20,951 
Net long-lived assets1,487 979 2,466 
2024
Revenues$8,583 $3,206 $11,789 
Assets exclusive of assets under vehicle programs6,720 2,948 9,668 
Assets under vehicle programs15,295 4,078 19,373 
Net long-lived assets1,465 904 2,369 
2023
Revenues$8,775 $3,233 $12,008 
Assets exclusive of assets under vehicle programs6,460 3,130 9,590 
Assets under vehicle programs18,228 4,751 22,979 
Net long-lived assets1,507 981 2,488