Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

Leases

Lessor

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.

Lessee

We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right-of-use assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.

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 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.

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

Leases

Leases

Lessor

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.

Lessee

We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right-of-use assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.

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 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.

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

Leases

Leases

Lessor

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.

Lessee

We have operating and finance leases for rental locations, corporate offices, vehicle rental fleet and equipment. Many of our operating leases for rental locations contain concession agreements with various airport authorities that allow us to conduct our vehicle rental operations on site. In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts. Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right-of-use assets and operating lease liabilities and are recorded as variable lease expense as incurred. Our operating leases for rental locations often also require us to pay or reimburse operating expenses.

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 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.

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