Avis Budget Group, Inc. Q4 2025 Earnings Call Summary

The Q4 adjusted EBITDA miss of approximately $150 million was concentrated entirely in the Americas segment, driven by a sudden November demand reversal. Commercial rental days plummeted from mildly down in October to down 11% in November due to FAA flight reductions and TSA disruptions, erasing expected growth. Management aggressively defleeted in November despite unfavorable used car market conditions to avoid carrying excess capacity into a soft demand environment. Industry-wide capacity remained ...