Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Operating Lease, Lease Income

The following table presents our lease revenues disaggregated by geography:

	Three Months Ended  March 31,
	2026		2025
Americas	$	1,941	$	1,885
Europe, Middle East and Africa	355		342
Asia and Australasia	188		158
Total lease revenues	$	2,484	$	2,385

The following table presents our lease revenues disaggregated by brand:

	Three Months Ended  March 31,
	2026		2025
Avis	$	1,400	$	1,345
Budget	940		874
Other (a)	144		166
Total lease revenues	$	2,484	$	2,385

__________

(a)Other includes Zipcar and other operating brands.

Schedule of Components of Lease Expense

The components of lease expense are as follows:

	Three Months Ended  March 31,
	2026		2025
Property leases
Operating lease expense	$	247	$	232
Variable lease expense	69		59
Total property lease expense (a)	$	316	$	291

__________

(a)Primarily included within operating expenses.

Supplemental cash flow information related to leases is as follows:

	Three Months Ended  March 31,
	2026		2025
Cash payments for lease liabilities within operating activities:
Property operating leases	$	284	$	235
Non-cash activities - increase in right-of-use assets in exchange for lease liabilities:
Property operating leases	$	230	$	326

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows:

	As of			As of
	March 31,			December 31,
	2026			2025
Property leases
Operating lease right-of-use assets	$	3,182		$	3,239
Short-term operating lease liabilities (a)	$	643		$	680
Long-term operating lease liabilities	2,594			2,614
Operating lease liabilities	$	3,237		$	3,294
Weighted average remaining lease term	7.6 years			7.6 years
Weighted average discount rate	5.37		%	5.35		%

__________

(a)Included within accounts payable and other current liabilities.