Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

We held derivative instruments with absolute notional values as follows:

	As of December 31,
	2025		2024
Foreign exchange contracts	$	1,578	$	1,704
Interest rate caps (a)	11,390		12,014
Interest rate swaps	750		750

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(a)Represents $7.1 billion of interest rate caps sold and approximately $4.3 billion of interest rate caps purchased as of December 31, 2025 and $8.9 billion of interest rate caps sold and approximately $3.1 billion of interest rate caps purchased as of December 31, 2024. These amounts exclude $3.3 billion and $5.8 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary as of December 31, 2025 and 2024, respectively, as it is not consolidated by us.

Schedule of Fair Value of Derivative Instruments

Estimated fair values (Level 2) of derivative instruments are as follows:

	As of December 31, 2025				As of December 31, 2024
	Fair Value, Asset  Derivatives		Fair Value, Liability  Derivatives		Fair Value, Asset  Derivatives		Fair Value, Liability  Derivatives
Derivatives designated as hedging instruments
Interest rate swaps (a)	$	17	$	—	$	41	$	—
Derivatives not designated as hedging instruments
Foreign exchange contracts (b)	4		4		5		10
Interest rate caps (c)	1		1		3		12
Total	$	22	$	5	$	49	$	22

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Amounts in this table exclude derivatives issued by Avis Budget Rental Car Funding, as it is not consolidated by us; however, certain amounts related to the derivatives held by Avis Budget Rental Car Funding are included within accumulated other comprehensive income (loss), as discussed in Note 16 – Stockholders' Equity.

(a)Included in other non-current assets or other non-current liabilities.

(b)Included in other current assets or other current liabilities.

(c)Included in assets under vehicle programs or liabilities under vehicle programs.

The effects of financial instruments recognized in our Consolidated Financial Statements are as follows:

	Year Ended December 31,
	2025		2024		2023
Financial instruments designated as hedging instruments (a)
Interest rate swaps (b)	$	(17)	$	(6)	$	(8)
Euro-denominated notes (c)	(124)		55		(21)
Financial instruments not designated as hedging instruments (d)
Foreign exchange contracts (e)	26		(47)		(12)
Interest rate caps (f)	—		—		(1)
Total	$	(115)	$	2	$	(42)

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(a)Recognized, net of tax, as a component of accumulated other comprehensive income (loss) within stockholders’ equity.

(b)Classified as a net unrealized gain (loss) on cash flow hedges in accumulated other comprehensive income (loss). Refer to Note 16 – Stockholders' Equity for amounts reclassified from accumulated other comprehensive income (loss) into earnings.

(c)Classified as a net investment hedge within currency translation adjustments in accumulated other comprehensive income (loss).

(d)Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged.

(e)For the year ended December 31, 2025, included a $28 million gain in interest expense and a $2 million loss in operating expenses. For the year ended December 31, 2024, included a $47 million loss in interest expense. For the year ended December 31, 2023, included a $14 million loss in interest expense and a $2 million gain in operating expenses.

(f)Primarily included in vehicle interest, net.

Schedule of Carrying Amounts and Estimated Fair Values

The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows:

	As of December 31, 2025				As of December 31, 2024
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Corporate debt
Short-term debt and current portion of long-term debt	$	24	$	24	$	20	$	20
Long-term debt	6,049		6,214		5,373		5,452
Debt under vehicle programs
Vehicle-backed debt due to Avis Budget Rental Car Funding	$	14,396	$	14,634	$	14,083	$	14,154
Vehicle-backed debt	4,791		4,822		3,441		3,469
Interest rate swaps and interest rate caps (a)	1		1		12		12

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(a)Derivatives in a liability position.