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Segment Information
 6 Months Ended
Jun. 30, 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 income (loss) before income taxes.
Three Months Ended June 30,
20262025
AmericasInternationalTotalAmericasInternationalTotal
Revenues$2,288 $710 $2,998 $2,332 $707 $3,039 
Significant segment expenses:
Operating (a)
1,170 341 1,169 329 
Vehicle depreciation and lease charges, net443 140 484 152 
Selling, general and administrative241 121 264 110 
Vehicle interest, net197 35 195 34 
Reportable segment Adjusted EBITDA$237 $73 $310 $220 $82 $302 
Reconciliation of reportable segment Adjusted EBITDA to income before income taxes:
20262025
Reportable segment Adjusted EBITDA$310 $302 
Non-vehicle related depreciation and amortization58 60 
Interest expense related to corporate debt, net:
Interest expense2 4 
Restructuring and other related charges17 51 
Other (income) expense, net1 5 
Other segment expenses (b)
— 12 
Corporate and other (c)
159 155 
Income before income taxes$73 $15 

__________
(a)Excludes other segment expenses.
(b)Cloud computing costs and legal matters, net for the three months ended June 30, 2025.
(c)Consists of unallocated corporate expenses which are not attributable to a particular reportable segment. For the three months ended June 30, 2026 and 2025, includes $106 million of interest expense, in each period.
Six Months Ended June 30,
20262025
AmericasInternationalTotalAmericasInternationalTotal
Revenues$4,250 $1,278 $5,528 $4,239 $1,230 $5,469 
Significant segment expenses:
Operating (a)
2,260 657 2,233 603 
Vehicle depreciation and lease charges, net (b)
975 272 1,017 284 
Selling, general and administrative464 222 464 197 
Vehicle interest, net394 67 372 67 
Reportable segment Adjusted EBITDA$157 $60 $217 $153 $79 $232 
Reconciliation of reportable segment Adjusted EBITDA to loss before income taxes:
20262025
Reportable segment Adjusted EBITDA$217 $232 
Non-vehicle related depreciation and amortization116 115 
Interest expense related to corporate debt, net:
Interest expense7 6 
Other fleet charges— 390 
Restructuring and other related charges52 73 
Transaction-related costs, net4 — 
Other (income) expense, net7 11 
Other segment expenses (c)
1 13 
Corporate and other (d)
297 286 
Loss before income taxes$(267)$(662)
__________
(a)Excludes other segment expenses.
(b)For the six months ended June 30, 2025, excludes other fleet charges related to the disposal of certain fleet within our Americas reportable segment.
(c)Cloud computing costs for the six months ended June 30, 2026. Cloud computing cost and legal matters, net for the six months ended June 30, 2025.
(d)Consists of unallocated corporate expenses which are not attributable to a particular reportable segment. For the six months ended June 30, 2026 and 2025, includes $210 million and $201 million of interest expense, respectively.
Provided below is information about our segment assets.
AmericasInternational
Unallocated Assets (a)
Total
Six Months Ended June 30, 2026
Property and equipment additions$35 $20 $54 $109 
As of June 30, 2026
Assets exclusive of assets under vehicle programs7,340 3,187 336 10,863 
Assets under vehicle programs17,099 4,366 — 21,465 
Net long-lived assets1,491 784 210 2,485 
Year Ended December 31, 2025
Property and equipment additions$79 $36 $103 $218 
As of December 31, 2025
Assets exclusive of assets under vehicle programs7,070 2,951 285 10,306 
Assets under vehicle programs17,312 3,639 — 20,951 
Net long-lived assets1,470 805 191 2,466 
__________ 
(a)Includes unallocated corporate assets which are not attributable to a particular reportable segment.