Segment Information

3 Months Ended

Mar. 31, 2026

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.

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 loss before income taxes.

	Three Months Ended March 31,
	2026						2025
	Americas		International		Total		Americas		International		Total
Revenues	$	1,962	$	568	$	2,530	$	1,907	$	523	$	2,430
Significant segment expenses:
Operating (a)	1,090		316				1,064		274
Vehicle depreciation and lease charges, net (b)	532		132				533		132
Selling, general and administrative	223		101				200		87
Vehicle interest, net	197		32				177		33
Reportable segment Adjusted EBITDA	$	(80)	$	(13)	$	(93)	$	(67)	$	(3)	$	(70)
Reconciliation of reportable segment Adjusted EBITDA to loss before income taxes:
					2026						2025
Reportable segment Adjusted EBITDA					$	(93)					$	(70)
Non-vehicle related depreciation and amortization					58						55
Interest expense related to corporate debt, net:
Interest expense					5						2
Other fleet charges					—						390
Restructuring and other related charges					35						22
Transaction-related costs, net					4						—
Other (income) expense, net					6						6
Other segment expenses (c)					1						1
Corporate and other (d)					138						131
Loss before income taxes					$	(340)					$	(677)

__________

(a)Excludes other segment expenses.

(b)For the three months ended March 31, 2025, excludes other fleet charges related to the disposal of certain fleet within our Americas reportable segment.

(c)Cloud computing costs for the three months ended March 31, 2026 and March 31, 2025, respectively.

(d)Consists of unallocated corporate expenses which are not attributable to a particular reportable segment. For the three months ended March 31, 2026 and 2025, includes $104 million and $95 million of interest expense, respectively.

Provided below is information about our segment assets.

	Americas		International		Unallocated Assets (a)		Total
Three Months Ended March 31, 2026
Property and equipment additions	$	14	$	6	$	21	$	41
As of March 31, 2026
Assets exclusive of assets under vehicle programs	7,281		2,906		277		10,464
Assets under vehicle programs	16,371		3,768		—		20,139
Net long-lived assets	1,497		789		195		2,481
Year Ended December 31, 2025
Property and equipment additions	$	79	$	36	$	103	$	218
As of December 31, 2025
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

__________ 

(a)Includes unallocated corporate assets which are not attributable to a particular reportable segment.