Cash Flow Statement

Operating Cash Flow

-24%

+182%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	385	488	458	292	846	813	983	1 131	1 080	1 212	1 521	0	2 091	2 700	2 397	3 173	1 618	1 770	328	(1 461)	(1 994)	(2 051)	(974)	143	(916)	(941)	(948)	(2 059)	(1 124)	(1 161)	(1 183)	(119)	(47)	(36)	(4)	29	54	99	125	117	(29)	(59)	(32)	166	290	267	160	(2)	16	66	120	194	245	232	349	341	313	271	164	189	163	107	74	110	361	381	404	372	165	161	197	173	302	235	(308)	(452)	(684)	(696)	183	812	1 283	1 980	2 356	2 713	2 756	2 541	2 203	1 799	1 635	1 210	789	400	(1 817)	(2 208)	(2 218)	(2 096)
Depreciation & Amortization	764	892	1 203	1 432	1 633	1 733	1 697	1 523	105	1 129	437	0	115	297	394	202	116	73	662	110	105	137	189	88	84	105	141	82	88	59	7	1 193	96	41	(10)	(20)	90	105	125	138	95	130	144	188	125	149	248	337	1 830	1 891	1 935	1 975	2 020	2 044	2 054	2 055	2 055	2 076	2 094	2 113	2 130	2 137	2 154	2 182	2 206	2 227	2 249	2 238	2 230	2 212	2 180	2 156	2 153	2 133	1 967	1 778	1 616	1 460	1 453	1 519	1 674	1 786	1 835	1 894	1 934	2 028	2 173	2 328	2 444	2 534	2 655	2 767	2 895	3 021	3 025	2 977
Change in Deffered Taxes	418	232	121	0	420	488	700	0	(315)	0	(103)	0	(224)	0	(77)	(318)	(170)	0	0	(531)	(200)	0	0	322	(57)	0	0	(317)	(241)	0	0	(56)	(60)	0	0	0	(20)	0	0	0	32	0	0	0	128	0	0	0	37	0	0	0	65	0	0	0	58	0	0	0	51	0	0	0	(192)	0	0	0	14	0	0	0	(103)	0	0	0	(317)	0	0	0	378	0	0	0	682	0	0	0	191	0	0	0	(905)	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	2	0	0	0	25	0	0	0	93	4	9	14	17	17	14	13	15	13	15	15	15	16	16	15	15	15	17	17	17	17	15	16	16	16	17	18	20	24	27	29	25	23	22	24	28	29	29	27	27	21	20	14	13	17	18	23	24	24	24	24	22	15	12	10	9	15	21	28	30	32	28	24	25	27	29	30	30	29	27	20	19	18	18	21
Other Non-Cash Items	1 292	453	(664)	(896)	(1 532)	78	657	706	5 878	5 765	6 052	6 292	3 462	6 308	6 653	8 121	2 075	3 664	3 748	2 271	3 368	1 595	766	1 540	2 729	0	0	4 084	2 901	0	0	373	1 394	0	0	1 608	1 456	0	0	1 271	1 356	1 333	1 288	1 292	1 398	1 432	1 486	1 518	68	55	44	31	34	23	10	(12)	33	60	93	105	81	104	127	125	102	82	44	22	23	226	485	748	972	982	926	864	839	937	966	720	644	221	26	(38)	(83)	30	55	370	425	767	991	1 149	4 333	4 688	4 714	4 714
Cash Taxes Paid	40	0	0	0	62	0	0	0	(67)	0	0	0	82	0	0	0	188	0	0	0	275	0	0	0	(26)	0	0	0	15	0	0	0	20	0	0	0	142	0	0	0	51	0	0	0	65	0	0	0	58	0	0	0	45	0	0	0	29	0	0	0	60	0	0	0	58	0	0	0	53	0	0	0	93	0	0	0	44	0	0	0	75	0	0	0	192	0	0	0	169	0	0	0	50	0	0	0
Cash Interest Paid	609	0	0	0	788	0	0	0	499	0	0	0	584	0	0	0	576	0	0	0	996	0	0	0	461	0	0	0	468	0	0	0	461	0	0	0	483	0	0	0	465	0	0	0	552	0	0	0	457	0	0	0	474	0	0	0	454	0	0	0	461	0	0	0	460	0	0	0	497	0	0	0	509	0	0	0	503	0	0	0	509	0	0	0	543	0	0	0	988	0	0	0	1 273	0	0	0
Change in Working Capital	6	104	(122)	52	(314)	(366)	(102)	397	397	(545)	(999)	1 563	(39)	(2 048)	(1 635)	(6 132)	(126)	(1 954)	(1 350)	833	(564)	1 235	496	(488)	(126)	(113)	(113)	(30)	80	79	68	145	108	74	113	14	60	(3)	(4)	68	124	118	166	152	(52)	(40)	19	127	302	294	254	340	215	328	117	101	168	88	227	182	215	216	294	112	171	206	125	262	177	(67)	(423)	(646)	(738)	(731)	(511)	(800)	(763)	(727)	(689)	(127)	(488)	(62)	12	(142)	(582)	(903)	(995)	(1 299)	(867)	(1 104)	(1 107)	(968)	(988)	(1 048)	(1 115)	(1 059)
Cash from Operating Activities	2 865 N/A	2 169 -24%	996 -54%	1 070 +7%	1 053 -2%	2 810 +167%	3 999 +42%	4 177 +4%	7 145 +71%	6 368 -11%	5 881 -8%	6 716 +14%	5 405 -20%	5 604 +4%	6 091 +9%	5 046 -17%	3 513 -30%	3 279 -7%	2 964 -10%	1 222 -59%	715 -41%	716 +0%	277 -61%	1 605 +479%	1 714 +7%	1 754 +2%	1 783 +2%	1 760 -1%	1 704 -3%	1 637 -4%	1 552 -5%	1 536 -1%	1 491 -3%	1 443 -3%	1 463 +1%	1 579 +8%	1 640 +4%	1 637 0%	1 682 +3%	1 574 -6%	1 578 +0%	1 554 -2%	1 598 +3%	1 830 +15%	1 889 +3%	1 936 +2%	2 041 +5%	2 108 +3%	2 253 +7%	2 343 +4%	2 390 +2%	2 577 +8%	2 579 +0%	2 692 +4%	2 595 -4%	2 550 -2%	2 627 +3%	2 553 -3%	2 636 +3%	2 647 +0%	2 640 0%	2 615 -1%	2 700 +3%	2 580 -4%	2 648 +3%	2 704 +2%	2 630 -3%	2 702 +3%	2 609 -3%	2 546 -2%	2 453 -4%	2 445 0%	2 586 +6%	2 516 -3%	1 971 -22%	1 287 -35%	691 -46%	657 -5%	1 596 +143%	2 607 +63%	3 491 +34%	4 303 +23%	4 607 +7%	4 805 +4%	4 707 -2%	4 378 -7%	4 118 -6%	3 880 -6%	3 828 -1%	3 598 -6%	3 519 -2%	3 539 +1%	3 518 -1%	3 548 +1%	3 501 -1%	3 631 +4%
Investing Cash Flow
Capital Expenditures	(9 428)	(1 440)	(1 367)	(1 405)	(11 961)	(12 017)	(12 058)	(21 329)	(9 731)	(9 596)	(15 333)	(1 421)	(10 494)	(10 402)	(10 838)	(17 022)	(11 360)	(11 276)	(11 735)	(12 195)	(11 443)	(11 446)	(10 992)	(10 722)	(10 787)	(11 073)	(10 445)	(9 223)	(8 691)	(8 333)	(6 405)	(6 641)	(6 814)	(9 300)	(8 602)	(8 744)	(8 662)	(8 897)	(8 570)	(8 825)	(9 124)	(9 468)	(10 452)	(11 037)	(11 199)	(11 734)	(11 574)	(11 112)	(11 051)	(10 754)	(11 983)	(12 056)	(12 057)	(11 982)	(11 782)	(11 983)	(12 127)	(13 071)	(12 697)	(12 515)	(12 651)	(12 457)	(12 264)	(12 185)	(11 735)	(12 032)	(12 007)	(12 161)	(12 820)	(12 970)	(13 178)	(13 383)	(13 137)	(12 498)	(8 565)	(7 162)	(5 495)	(4 745)	(7 468)	(8 769)	(10 162)	(9 882)	(10 274)	(10 130)	(10 737)	(11 897)	(13 378)	(15 460)	(15 458)	(15 668)	(13 465)	(10 957)	(10 062)	(9 747)	(11 909)	(13 496)
Other Items	3 015	(2 938)	(1 046)	(1 183)	10 311	9 066	8 429	17 941	6 407	5 799	11 333	(548)	5 985	5 968	5 044	10 154	8 641	8 616	10 456	15 325	13 994	13 717	13 060	8 332	8 870	8 567	8 660	7 646	6 595	8 992	7 013	7 460	6 980	8 196	6 472	6 474	7 059	6 929	6 505	6 464	6 751	6 988	7 803	8 426	9 126	9 420	9 008	8 833	8 817	8 771	9 139	9 487	9 250	9 358	9 326	9 312	9 442	9 811	10 503	10 347	10 469	10 507	9 977	9 834	9 531	9 064	9 241	9 204	9 394	9 846	10 354	10 596	10 385	9 698	9 276	9 931	8 672	8 038	6 293	4 532	3 856	3 777	4 133	5 179	6 438	7 085	7 735	7 807	8 112	8 482	8 778	7 845	7 309	7 797	7 755	8 785
Cash from Investing Activities	(6 413) N/A	(4 378) +32%	(2 413) +45%	(2 588) -7%	(1 650) +36%	(2 951) -79%	(3 629) -23%	(3 388) +7%	(3 324) +2%	(3 797) -14%	(4 000) -5%	(1 969) +51%	(4 509) -129%	(4 434) +2%	(5 794) -31%	(6 868) -19%	(2 719) +60%	(2 660) +2%	(1 279) +52%	3 130 N/A	2 551 -18%	2 271 -11%	2 068 -9%	(2 390) N/A	(1 917) +20%	(2 506) -31%	(1 785) +29%	(1 577) +12%	(2 096) -33%	659 N/A	608 -8%	819 +35%	166 -80%	(1 104) N/A	(2 130) -93%	(2 270) -7%	(1 603) +29%	(1 968) -23%	(2 065) -5%	(2 361) -14%	(2 373) -1%	(2 480) -5%	(2 649) -7%	(2 611) +1%	(2 073) +21%	(2 314) -12%	(2 566) -11%	(2 279) +11%	(2 234) +2%	(1 983) +11%	(2 844) -43%	(2 569) +10%	(2 807) -9%	(2 624) +7%	(2 456) +6%	(2 671) -9%	(2 685) -1%	(3 260) -21%	(2 194) +33%	(2 168) +1%	(2 182) -1%	(1 950) +11%	(2 287) -17%	(2 351) -3%	(2 204) +6%	(2 968) -35%	(2 766) +7%	(2 957) -7%	(3 426) -16%	(3 124) +9%	(2 824) +10%	(2 787) +1%	(2 752) +1%	(2 800) -2%	711 N/A	2 769 +289%	3 177 +15%	3 293 +4%	(1 175) N/A	(4 237) -261%	(6 306) -49%	(6 105) +3%	(6 141) -1%	(4 951) +19%	(4 299) +13%	(4 812) -12%	(5 643) -17%	(7 653) -36%	(7 346) +4%	(7 186) +2%	(4 687) +35%	(3 112) +34%	(2 753) +12%	(1 950) +29%	(4 154) -113%	(4 711) -13%
Financing Cash Flow
Net Issuance of Common Stock	623	(18)	(130)	(171)	(166)	(292)	(470)	(534)	(644)	(929)	(875)	13	107	401	404	(877)	(1 060)	(1 170)	(998)	(470)	(197)	37	49	52	50	4	(22)	(32)	(33)	0	0	0	(33)	0	0	0	0	0	0	0	0	6	12	12	14	17	13	(8)	(22)	(98)	(179)	(216)	(297)	(263)	(265)	(363)	(436)	(455)	(462)	(412)	(398)	(364)	(324)	(253)	(210)	(163)	(179)	(209)	(216)	(206)	(142)	(138)	(67)	(166)	(166)	(106)	(104)	(20)	(23)	(997)	(1 460)	(2 740)	(3 186)	(3 037)	(3 329)	(2 081)	(1 781)	(1 445)	(951)	(915)	(767)	(286)	(70)	(58)	(57)	(49)
Net Issuance of Debt	4 057	1 402	295	(1 142)	(917)	79	339	647	(509)	349	895	(1 993)	(765)	50	288	1 902	490	(660)	(1 056)	(4 857)	(4 341)	(4 038)	(3 616)	740	198	718	67	(55)	558	(2 084)	(1 924)	(2 211)	(1 393)	(139)	791	944	451	802	621	1 254	631	737	948	392	269	376	642	296	202	109	736	420	524	300	210	433	544	1 216	65	378	(6)	(227)	(16)	(167)	(74)	(51)	149	212	920	820	493	477	415	543	(1 742)	(3 007)	(3 897)	(4 026)	(321)	1 918	4 158	4 550	4 029	3 012	2 963	2 532	3 309	5 253	4 878	4 931	2 290	214	(639)	(1 493)	754	1 147
Cash Paid for Dividends	0	0	0	0	0	0	0	0	0	(72)	(144)	(237)	(333)	(357)	(381)	(405)	(423)	(440)	(344)	(227)	(113)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(355)	0	0	0	0	0	0	0
Other	(38)	(128)	(123)	(100)	(178)	(133)	(135)	(122)	(2 095)	(2 023)	(2 039)	(2 041)	(319)	(577)	(718)	(97)	582	634	691	1 487	1 009	1 219	1 332	(81)	(9)	(12)	(11)	(12)	(62)	(58)	(56)	(62)	(39)	(77)	(75)	(76)	(71)	(36)	(73)	(78)	(207)	(122)	(90)	(86)	(33)	(53)	(69)	(75)	(104)	(92)	(80)	(74)	(45)	(44)	(47)	(39)	(36)	(35)	(39)	(47)	(45)	(46)	(34)	(27)	(24)	(20)	(28)	(32)	(37)	(34)	(46)	(36)	(30)	(34)	(25)	(42)	(44)	(47)	(47)	(5)	(11)	(7)	(4)	(4)	6	0	(4)	(52)	(66)	(99)	(92)	(88)	(72)	(29)	(43)	(29)
Cash from Financing Activities	4 642 N/A	1 256 -73%	42 -97%	(1 413) N/A	(1 261) +11%	(346) +73%	(266) +23%	(9) +97%	(3 248) -35 989%	(2 675) +18%	(2 163) +19%	(4 258) -97%	(1 310) +69%	(483) +63%	(407) +16%	523 N/A	(411) N/A	(1 636) -298%	(1 707) -4%	(4 067) -138%	(3 642) +10%	(2 782) +24%	(2 235) +20%	711 N/A	239 -66%	710 +197%	34 -95%	(99) N/A	463 N/A	(2 142) N/A	(1 980) +8%	(2 273) -15%	(1 465) +36%	(249) +83%	683 N/A	835 +22%	380 -54%	766 +102%	548 -28%	1 176 +115%	424 -64%	621 +46%	870 +40%	318 -63%	250 -21%	340 +36%	586 +72%	213 -64%	76 -64%	(81) N/A	477 N/A	130 -73%	182 +40%	(7) N/A	(102) -1 357%	31 N/A	72 +132%	726 +908%	(436) N/A	(81) +81%	(449) -454%	(637) -42%	(374) +41%	(447) -20%	(308) +31%	(234) +24%	(58) +75%	(29) +50%	667 N/A	580 -13%	305 -47%	303 -1%	318 +5%	343 +8%	(1 933) N/A	(3 155) -63%	(4 045) -28%	(4 093) -1%	(391) +90%	916 N/A	2 687 +193%	1 803 -33%	839 -53%	(29) N/A	(360) -1 141%	451 N/A	1 524 +238%	3 756 +146%	3 506 -7%	3 562 +2%	1 076 -70%	(515) N/A	(781) -52%	(1 580) -102%	654 N/A	1 069 +63%
Change in Cash
Effect of Foreign Exchange Rates	(8)	(9)	(21)	0	41	24	37	19	0	9	58	14	4	(9)	(66)	(45)	0	26	41	56	2	3	(4)	(3)	6	0	2	(12)	(27)	(27)	(7)	14	32	35	8	9	12	8	22	(10)	(6)	(2)	(10)	15	6	1	(12)	(7)	(8)	(7)	11	(14)	(23)	(48)	(45)	(38)	(50)	3	(8)	2	(6)	(16)	17	12	45	46	7	8	(16)	(27)	(10)	(21)	13	(14)	5	51	42	61	42	(1)	(11)	(3)	(32)	(49)	(32)	(25)	(1)	17	14	(4)	(7)	16	(31)	(10)	19	1
Net Change in Cash	1 086 N/A	(962) N/A	(1 396) -45%	(2 931) -110%	(1 817) +38%	(463) +75%	141 N/A	799 +467%	573 -28%	(95) N/A	(224) -136%	503 N/A	(410) N/A	678 N/A	(176) N/A	(1 344) -664%	383 N/A	(991) N/A	19 N/A	341 +1 695%	(374) N/A	208 N/A	106 -49%	(77) N/A	42 N/A	(42) N/A	34 N/A	72 +112%	44 -39%	127 +189%	173 +36%	96 -45%	224 +133%	125 -44%	24 -81%	153 +538%	429 +180%	443 +3%	187 -58%	379 +103%	(377) N/A	(307) +19%	(191) +38%	(448) -135%	72 N/A	(37) N/A	49 N/A	35 -29%	87 +149%	272 +213%	34 -88%	124 +265%	(69) N/A	13 N/A	(8) N/A	(128) -1 500%	(36) +72%	22 N/A	(2) N/A	400 N/A	3 -99%	12 +300%	56 +367%	(206) N/A	181 N/A	(452) N/A	(187) +59%	(276) -48%	(166) +40%	(25) +85%	(76) -204%	(60) +21%	165 N/A	45 -73%	754 +1 576%	952 +26%	(135) N/A	(82) +39%	72 N/A	(715) N/A	(139) +81%	(2) +99%	(727) -36 250%	(224) +69%	16 N/A	(8) N/A	(2) +75%	0 N/A	2 N/A	(30) N/A	(99) -230%	(72) +27%	(47) +35%	8 N/A	20 +150%	(10) N/A
Free Cash Flow
Free Cash Flow	(6 563) N/A	729 N/A	(371) N/A	(335) +10%	(10 908) -3 156%	(9 207) +16%	(8 059) +12%	(17 152) -113%	(2 586) +85%	(3 228) -25%	(9 452) -193%	5 295 N/A	(5 089) N/A	(4 798) +6%	(4 747) +1%	(11 976) -152%	(7 847) +34%	(7 997) -2%	(8 771) -10%	(10 973) -25%	(10 728) +2%	(10 730) 0%	(10 715) +0%	(9 117) +15%	(9 073) +0%	(9 319) -3%	(8 662) +7%	(7 463) +14%	(6 987) +6%	(6 696) +4%	(4 853) +28%	(5 105) -5%	(5 323) -4%	(7 857) -48%	(7 139) +9%	(7 165) 0%	(7 022) +2%	(7 260) -3%	(6 888) +5%	(7 251) -5%	(7 546) -4%	(7 914) -5%	(8 854) -12%	(9 207) -4%	(9 310) -1%	(9 798) -5%	(9 533) +3%	(9 004) +6%	(8 798) +2%	(8 411) +4%	(9 593) -14%	(9 479) +1%	(9 478) +0%	(9 290) +2%	(9 187) +1%	(9 433) -3%	(9 500) -1%	(10 518) -11%	(10 061) +4%	(9 868) +2%	(10 011) -1%	(9 842) +2%	(9 564) +3%	(9 605) 0%	(9 087) +5%	(9 328) -3%	(9 377) -1%	(9 459) -1%	(10 211) -8%	(10 424) -2%	(10 725) -3%	(10 938) -2%	(10 551) +4%	(9 982) +5%	(6 594) +34%	(5 875) +11%	(4 804) +18%	(4 088) +15%	(5 872) -44%	(6 162) -5%	(6 671) -8%	(5 579) +16%	(5 667) -2%	(5 325) +6%	(6 030) -13%	(7 519) -25%	(9 260) -23%	(11 580) -25%	(11 630) 0%	(12 070) -4%	(9 946) +18%	(7 418) +25%	(6 544) +12%	(6 199) +5%	(8 408) -36%	(9 865) -17%

Income Statement Balance Sheet Cash Flow Statement

Avis Budget Group Inc
NASDAQ:CAR

Cash Flow Statement

Cash Flow Statement
Avis Budget Group Inc

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Avis Budget Group Inc NASDAQ:CAR

Cash Flow Statement

Cash Flow Statement Avis Budget Group Inc

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Avis Budget Group Inc
NASDAQ:CAR

Cash Flow Statement
Avis Budget Group Inc