Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

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


	Americas		International		Total
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, net	782		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 amortization					229
Interest expense related to corporate debt, net:
Interest expense					11

Long-lived asset impairment and other related charges (c)					518
Other fleet charges					390
Restructuring and other related charges					117

Other (income) expense, net					18
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


	Americas		International		Total
Revenues	$	9,111	$	2,678	$	11,789

Significant segment expenses:
Operating (a)	4,604		1,279
Vehicle depreciation and lease charges, net	2,301		675
Selling, general and administrative	868		409
Vehicle interest, net	787		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 amortization					234
Interest expense related to corporate debt, net:
Interest expense					4

Long-lived asset impairment and other related charges (b)					2,470
Restructuring and other related charges					37
Transaction-related costs, net					3
Other (income) expense, net					9
Legal matters, net; cloud computing costs; and severe weather-related damages, net					77
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


	Americas		International		Total
Revenues	$	9,347	$	2,661	$	12,008

Significant segment expenses:
Operating (a)	4,425		1,209
Vehicle depreciation and lease charges, net	1,215		524
Selling, general and administrative	894		409
Vehicle interest, net	617		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 amortization					215
Interest expense related to corporate debt, net:
Interest expense					(6)

Restructuring and other related charges					11
Transaction-related costs, net					3
Other (income) expense, net					3
Legal matters, net and cloud computing costs					10
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.

Schedule of Geographic Segment Information

Provided below is information about our segment assets.


	Americas		International		Unallocated Assets (a)		Total
2025
Property and equipment additions	$	79	$	36	$	103	$	218
Assets exclusive of assets under vehicle programs	7,070		2,951		285		10,306
Assets under vehicle programs	17,312		3,639		—		20,951
Net long-lived assets	1,470		805		191		2,466

2024
Property and equipment additions	$	109	$	40	$	53	$	202
Assets exclusive of assets under vehicle programs	6,785		2,539		344		9,668
Assets under vehicle programs	16,058		3,315		—		19,373
Net long-lived assets	1,474		733		162		2,369

2023
Property and equipment additions	$	126	$	44	$	103	$	273
Assets exclusive of assets under vehicle programs	6,533		2,633		424		9,590
Assets under vehicle programs	19,285		3,694		—		22,979
Net long-lived assets	1,483		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 States		All Other Countries		Total
2025
Revenues	$	8,395	$	3,257	$	11,652
Assets exclusive of assets under vehicle programs	6,851		3,455		10,306
Assets under vehicle programs	16,584		4,367		20,951
Net long-lived assets	1,487		979		2,466

2024
Revenues	$	8,583	$	3,206	$	11,789
Assets exclusive of assets under vehicle programs	6,720		2,948		9,668
Assets under vehicle programs	15,295		4,078		19,373
Net long-lived assets	1,465		904		2,369

2023
Revenues	$	8,775	$	3,233	$	12,008
Assets exclusive of assets under vehicle programs	6,460		3,130		9,590
Assets under vehicle programs	18,228		4,751		22,979
Net long-lived assets	1,507		981		2,488