Avis Budget

Q3 FY2026 EarningsQ3 FY26 results were mixed, with a slight revenue beat but a significant bottom-line miss compared to consensus. Revenue of $3,436M exceeded expectations by 0.75%, while normalized EPS of $5.15 fell significantly short of the $7.84 mean estimate. The variance was primarily driven by a 3% decline in rental volume and a sharp increase in operating expenses (47.2% of sales vs. 43.0% YoY), reflecting the absence of prior-year antitrust settlement benefits and higher per-unit fleet costs.