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Avis Budget Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.2B in Q3 2026 · $2.7B over twelve months

Operating cash flow$1.2B
Free cash flow+$1.2B
Cash / net income6.0×

Analysis

In Q3 2026, Avis Budget Group generated $1.2B of operating cash flow. That is $210M less than in Q3 2025 ($1.4B).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.7B; the largest uses were other investing ($2.4B), other financing ($422M), net borrowing (+) / repaid (−) ($23.0M); besides operations, cash came from partners ($171M), asset & business sales ($3.0M); the cash balance rose by $8.0M.

Operating cash flow was $1.2B against net income of $199M — 6.0× profit, cash ran ahead of reported earnings. The largest differences: income taxes payable +$84.0M, payables +$62.0M, other operating capital +$44.0M.

Free cash flow

Avis Budget Group: free cash flow by quarterAvis Budget Group: free cash flow by quarter$772MQ4 2024$619MQ1 2025$837MQ2 2025$1.4BQ3 2025$437MQ4 2025$434MQ1 2026$632MQ2 2026$1.2BQ3 2026
Operating cash flow less capital spending.
Avis Budget Group: operating cash flow against capital spendingAvis Budget Group: operating cash flow against capital spendingOperating cash flowCapital spending$772M$0Q4 2024$619M$0Q1 2025$837M$0Q2 2025$1.4B$0Q3 2025$437M$0Q4 2025$434M$0Q1 2026$632M$0Q2 2026$1.2B$0Q3 2026
Latest (Q3 2026): Operating cash flow $1.2B, Capital spending $0.

Capital allocation, year by year

Avis Budget Group: where the cash came from (up) and went (down), by fiscal yearAvis Budget Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesAcquisitionsBuybacksDividendsFY2021: Operating cash flow $3.5BFY2021: Net borrowing $1.0MFY2021: Asset sales $3.0MFY2021: Acquisitions −$46.0MFY2021: Buybacks −$1.5B$3.5BFY2021FY2022: Operating cash flow $4.7BFY2022: Net borrowing −$1.0MFY2022: Asset sales $2.0MFY2022: Buybacks −$3.3B$4.7BFY2022FY2023: Operating cash flow $3.8BFY2023: Net borrowing $118MFY2023: Asset sales $3.0MFY2023: Buybacks −$951MFY2023: Dividends −$355M$3.9BFY2023FY2024: Operating cash flow $3.5BFY2024: Net borrowing $630MFY2024: Asset sales $3.0MFY2024: Buybacks −$70.0M$4.2BFY2024FY2025: Operating cash flow $3.3BFY2025: Net borrowing $469MFY2025: Asset sales $2.0MFY2025: Buybacks −$7.0M$3.8BFY2025
Over these 5 years operating cash flow totalled $18.8B; the largest uses were buybacks ($5.8B) and dividends ($355M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$561M
Debt$6.0B
Net debt$5.5B

Avis Budget Group funds itself: free cash flow was $2.7B over the last twelve months, and $561M of cash and investments stands against $6.0B of debt.

Where the cash came from and went

Avis Budget Group: sources (+) and uses (−) of cash, Q3 2026Avis Budget Group: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.2BOther financing−$953MOther investing−$269MCash drawn (+) / kept (−)$40.0MNet borrowing (+) / repaid (−)−$5.0MExchange rates−$5.0MBuybacks−$2.0MAsset & business sales$1.0M
Avis Budget Group: sources (+) and uses (−) of cash, TTM to Q3 2026Avis Budget Group: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.7BOther investing−$2.4BOther financing−$422MPartners$171MNet borrowing (+) / repaid (−)−$23.0MExchange rates−$13.0MBuybacks−$12.0MCash drawn (+) / kept (−)−$8.0MAsset & business sales$3.0M

From profit to cash

Avis Budget Group: net income to operating cash flow, Q3 2026Avis Budget Group: net income to operating cash flow, Q3 2026Net income$199MStock-based pay$4.0MReceivables−$8.0MPayables$62.0MIncome taxes payable$84.0MOther operating capital$44.0MOperating cash flow$1.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.2B−$2.0M−$5.0M$40.0M$1.2B
Q2 2026$632M—−$3.0M−$36.0M$632M
Q1 2026$434M−$7.0M−$10.0M−$33.0M$434M
Q4 2025$437M−$3.0M−$5.0M$21.0M$437M
Q3 2025$1.4B−$1.0M−$16.0M−$36.0M$1.4B
Q2 2025$837M—$8.0M$4.0M$837M
Q1 2025$619M−$3.0M$482M−$10.0M$619M
Q4 2024$772M−$45.0M—$52.0M$772M

Avis Budget Group: income statement and cash flow

Avis Budget Group, Q3 2026: revenue $3.4B (-2% year over year), operating margin 9.0%. The chart follows the revenue to costs, profit and cash.

Avis Budget Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.