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Long-term Corporate Debt and Borrowing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term debt and other borrowing arrangements consisted of:
Maturity
Date		As of December 31,
20252024
5.750% Senior Notes
July 2027$645 $740 
4.750% Senior Notes
April 2028500 500 
7.000% euro-denominated Senior Notes
February 2029705 621 
5.375% Senior Notes
March 2029600 600 
8.250% Senior Notes
January 2030700 700 
7.250% euro-denominated Senior Notes
July 2030705 622 
8.000% Senior Notes
February 2031498 497 
8.375% Senior Notes
June 2032600 — 
Floating Rate Term Loan (a)
July 20321,131 1,153 
Other (b)
45 20 
Deferred financing fees(56)(60)
Total6,073 5,393 
Less: Short-term debt and current portion of long-term debt24 20 
Long-term debt$6,049 $5,373 
_________
(a)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property.
(b)Primarily includes finance leases, which are secured by liens on the related assets. These borrowings have weighted average interest rates which range from 5.35% to 5.61% as of December 31, 2025.
The following table provides a summary of debt issued by Avis Budget Rental Car Funding during the years ended December 31, 2025 and 2024:
Issuance DateMaturity DateWeighted Average
Interest Rate		Amount
Issued
January 2025 (a)
August 20277.31 %$41 
January 2025 (a)
April 20287.59 %75 
January 2025 (a)
June 20287.31 %75 
January 2025 (a)
December 20287.37 %72 
January 2025 (a)
February 20297.52 %95 
May 2025August 20284.94 %250 
May 2025August 20305.26 %400 
September 2025February 20294.27 %250 
September 2025February 20314.52 %450 
5.33 %$1,708 
January 2024June 20295.51 %$1,200 
February 2024April 20266.24 %53 
February 2024April 20286.23 %52 
February 2024October 20266.18 %37 
March 2024October 20275.26 %400 
March 2024December 20295.35 %700 
December 2024 (b)
February 20269.56 %88 
December 2024 (b)
April 20269.56 %75 
December 2024 (b)
October 20269.61 %53 
December 2024 (b)
February 20279.65 %61 
December 2024 (b)
April 20279.66 %65 
December 2024 (b)
October 20279.67 %55 
6.04 %$2,839 
__________ 
(a)During January 2025, Avis Budget Rental Car Funding issued additional notes under several previously outstanding series of debt. In April 2025 and June 2025, these notes were amended and restated.
(b)During December 2024, Avis Budget Rental Car Funding issued additional notes under several previously outstanding series of debt. In March 2025, these notes were amended and restated with weighted average interest rates of 8.52%, 8.46%, 7.26%, 7.32%, 7.35% and 7.43%, respectively.
Schedule of Maturities of Long-term Debt
The following table provides contractual maturities of our corporate debt as of December 31, 2025:
YearAmount
2026 (a)
$24 
2027668 
2028522 
20291,322 
20301,421 
Thereafter2,172 
$6,129 
__________
(a)These short-term borrowings have weighted average interest rates which range from 5.52% to 5.73% as of December 31, 2025.
The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, as of December 31, 2025:
Debt under Vehicle Programs (a)
2026 (b)
$6,289 
2027 (c)
5,855 
2028 (d)
3,598 
2029 (e)
2,698 
2030
793 
Thereafter26 
$19,259 
__________
(a)    Vehicle-backed debt primarily represents asset-backed securities.
(b)    Includes $2.7 billion of bank and bank-sponsored facilities. These short-term borrowings have a weighted average interest rate of 4.25% as of December 31, 2025.
(c)    Includes $2.6 billion of bank and bank-sponsored facilities.
(d)    Includes $0.4 billion of bank and bank-sponsored facilities.
(e)    Includes $0.1 billion of bank and bank-sponsored facilities.
Schedule of Line of Credit Facilities
As of December 31, 2025, the committed corporate credit facilities available to us and/or our subsidiaries were as follows:
Total CapacityOutstanding BorrowingsLetters of Credit IssuedAvailable Capacity
Senior revolving credit facility maturing 2028 (a)
$2,000 $— $1,701 $299 
__________
(a)The senior revolving credit facility bears interest at one-month SOFR plus 2.00% and is part of our senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property.
The following table presents available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, as of December 31, 2025:
Total Capacity (a)
Outstanding Borrowings (b)
Available Capacity
Americas – Debt due to Avis Budget Rental Car Funding
$15,417 $14,447 $970 
Americas – Debt borrowings
2,558 2,202 356 
International – Debt borrowings
3,235 2,480 755 
International – Finance leases 142 130 12 
Total$21,352 $19,259 $2,093 
__________
(a)Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas — Debt due to Avis Budget Rental Car Funding includes increases from our asset-backed variable funding financing facilities. These facilities were most recently amended and extended in December 2025.
(b)The outstanding debt is collateralized by vehicles and related assets of $14.7 billion for Americas - Debt due to Avis Budget Rental Car Funding; $2.5 billion for Americas - Debt borrowings; $3.2 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.