What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2026-02-19 compared with 2025-02-14 · 536 added, 411 removed, 1560 unchanged (38% of the section changed)

20 unchanged sentences

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2024, of the Company and our report dated February 14, 2025, expressed an unqualified opinion on those consolidated financial statements.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the Company and our report dated February 19, 2026, expressed an unqualified opinion on those financial statements.

Basis for Opinion

29 unchanged sentences

The information required by this Item is incorporated by reference from our definitive proxy statement for the 2026 Annual Meeting of Stockholders to be filed with the SEC pursuant to Regulation 14A within 120 days after December 31, 2025.

PRINCIPAL ACCOUNTING FEES AND SERVICES

PRINCIPAL ACCOUNTANT FEES AND SERVICES

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15(A)(1).

15 unchanged sentences

Signature Title Date

/s/ JOSEPH A.

FERRARO President and Chief Executive Officer February 14, 2025

/s/ IZILDA P.

MARTINS Executive Vice President and Chief Financial Officer February 14, 2025

/s/ CATHLEEN DEGENOVA Senior Vice President and Chief Accounting Officer February 14, 2025

Chief Executive Officer February 19, 2026

/s/ DANIEL CRESTIAN CUNHA

Executive Vice President and Chief Financial Officer February 19, 2026

(Daniel Crestian Cunha)

/s/ CATHLEEN DEGENOVA

Senior Vice President and Chief Accounting Officer February 19, 2026

(Cathleen DeGenova)

13 unchanged sentences

Report of Independent Registered Public Accounting Firm (PCAOB ID No.

Consolidated Statements of Operations for the Y ears E nded December 31, 2024, 2023 and 2022

Consolidated Statements of Comprehensive Income for the Y ears E nded December 31, 2024, 2023 and 2022

Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023

Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023

Consolidated Balance Sheets as of December 31, 2025 and 2024

Consolidated Statements of Cash Flows for the Y ears E nded December 31, 2024, 2023 and 2022

Consolidated Statements of Stockholders’ Equity for the Y ears E nded December 31, 2024, 2023 and 2022

Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023

Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2025, 2024 and 2023

Notes to Consolidated Financial Statements

32 unchanged sentences

The significant estimation uncertainty was primarily due to management’s assumptions regarding the impact of future consumer demand and general economic conditions on expected pricing of used vehicles.

Additionally, auditing the calculation of the estimated residual values for United States risk vehicles was challenging due to the volume of data inputs utilized in management’s calculation, including historical sales data and data specific to the Company’s current fleet.

Additionally, auditing the calculation of the estimated residual values for United States risk vehicles was challenging due to the volume of data inputs utilized in management’s calculation, including third-party data, historical sales data, and data specific to the Company’s current fleet.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures to assess the reasonableness of the estimated residual values and vehicle depreciation expense related to United States risk vehicles included the following, among others:

Our audit procedures to assess the reasonableness of the estimated residual values and vehicle depreciation expense related to the United States risk vehicles included the following, among others:

• We evaluated the appropriateness and consistency of the Company’s methods, significant assumptions and judgments to calculate the estimated residual values of risk vehicles and the expected dates of disposition.

1 unchanged sentence

• We assessed the reasonableness of the estimated residual values of risk vehicles by performing the following procedures on a selection of risk vehicles:

– We tested the underlying historical data that served as the basis for the Company’s calculation of the estimated residual values to evaluate the reasonableness of the inputs.

– We tested the mathematical accuracy of the Company’s calculation of the estimated residual values and vehicle depreciation expense rates.

– We tested the underlying third-party data and historical data that served as the basis for the Company’s calculation of the estimated residual values to evaluate the reasonableness of the inputs.

– We tested significant assumptions and judgments used in the Company’s calculation by developing an independent expectation of residual values and compared them to the estimated residual values calculated by the Company.

Our independent expectation was calculated using our professional judgment by reference to third-party data, information produced by the Company, subsequent vehicle sales, and inquiries of management.

Our independent expectation was calculated using our professional judgment by reference to third-party data, information produced by the Company, and inquiries of management.

– We searched for contradictory evidence associated with the significant assumptions and judgments made by management based on our knowledge of the industry and review of third-party industry data.

6 unchanged sentences

The required liability is subject to adjustment in the future based upon changes in claims experience, including changes in the number of incidents for which the Company is ultimately liable and changes in the cost per incident.

Given the volume of public liability and property damage claims in the United States and the subjectivity of estimating the related self-insurance reserves for reported claims not yet paid and claims incurred but not yet reported due to the uncertain exposure and projected loss development, performing audit procedures to evaluate whether these self-insurance reserves were appropriately recorded as of December 31, 2024 required a significant degree of auditor judgment and an increased extent of effort, including the need to involve our actuarial specialists.

Given the volume of public liability and property damage claims in the United States and the subjectivity of estimating the related self-insurance reserves for reported claims not yet paid and claims incurred but not yet reported due to uncertain exposure and projected loss development, performing audit procedures to evaluate whether these self-insurance reserves were appropriately recorded as of December 31, 2025 required a significant degree of auditor judgment and an increased extent of effort, including the need to involve our actuarial specialists.

How the Critical Audit Matter Was Addressed in the Audit

6 unchanged sentences

– Evaluated the reasonableness of the assumptions used in management’s estimate by comparing prior-year assumptions of expected development and ultimate loss to actuals incurred during the current year to identify potential bias in the determination of these liabilities.

Impairment of Long-Lived Assets – United States Vehicles – Refer to Notes 2 and 8 to the financial statements

Impairment of Long-Lived Assets – United States Electric Vehicles – Refer to Notes 2 and 8 to the financial statements

Critical Audit Matter Description

2 unchanged sentences

Assets are grouped at the lowest level of identifiable cash flows.

If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the assets.

In the current year, the Company changed their fleet strategy for the United States and Canadian vehicles, to accelerate certain fleet rotations and shorten the useful life of the associated vehicles.

In the current year, as a result of the Interpace Ventures transaction, the Company changed their fleet strategy for their United States electric vehicles, which shortened the useful life of the impacted vehicles.

As a result, the Company performed a recoverability test by comparing the sum of undiscounted cash flows expected to result from the use and eventual disposition of the impacted vehicles, to their carrying value and concluded, that for certain vehicles, the carrying value exceeded the sum of undiscounted cash flows expected to result from the use and eventual disposition of those vehicles.

For purposes of the recoverability test, the vehicles were aggregated into asset groups based on make, model and year of the vehicles.

The test was performed as of November 30, 2024.

For purposes of the recoverability test, the electric vehicles were aggregated into asset groups based on make, model and year of the impacted vehicles.

The test was performed as of December 31, 2025.

The Company used a market approach to determine the fair value of the impacted vehicles, utilizing prices for similar assets in active markets (Level 2).

During the year ended December 31, 2025, the Company recorded a non-cash impairment charge.

Given the volume of vehicles in the United States and the significant assumptions made by management to evaluate vehicles for impairment, we performed audit procedures to (1) evaluate whether management appropriately identified events or changes in circumstances indicating that the carrying amounts of vehicle assets may not be recoverable;

Given the volume of electric vehicles in the United States and the significant assumptions made by management to evaluate the impacted vehicles for impairment, we performed audit procedures requiring a high degree of auditor judgment and extensive audit effort, to (1) evaluate whether management appropriately identified events or changes in circumstances indicating that the carrying amounts of the impacted vehicle assets may not be recoverable;

(2) evaluate management's determination of asset groups at the lowest level of identifiable cash flows;

(3) evaluate management’s recoverability test by comparing the sum of undiscounted cash flows expected to result from the use and eventual disposition of the impacted vehicles to their carrying value and, when applicable, (4) evaluate the fair value estimates for the impacted vehicles.

Those procedures required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists and other professionals in our firm with expertise in long-lived asset impairment.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to impairment of long-lived assets of United States vehicles included the following, among others:

• We tested the effectiveness of controls over (1) management’s identification of events or changes in circumstances that indicate that the carrying amount of vehicles may not be recoverable, including management’s review of forecasted future cash flows, and (2) management’s review of the methodology in determining the fair value estimate of vehicles.

• We evaluated whether management appropriately identified events or changes in circumstances that indicated that the carrying amounts of vehicle assets may not be recoverable.

Our audit procedures related to impairment of long-lived assets of United States electric vehicles included the following, among others:

• We tested the effectiveness of controls over (1) management’s identification of events or changes in circumstances that indicate that the carrying amount of the impacted vehicles may not be recoverable, including management’s review of forecasted future cash flows, and (2) management’s review of the methodology in determining the fair value estimate of the impacted vehicles.

• We evaluated whether management appropriately identified events or changes in circumstances that indicated that the carrying amounts of the impacted vehicle assets may not be recoverable.

• We evaluated management’s determination of asset groups at the lowest level of identifiable cash flows.

2 unchanged sentences

– Compared relevant information to historical data.

– Assessed management’s assumptions used when determining the expected rental revenue, operating expenses and residual values expected at the time of disposition of vehicles as part of their recoverability test.

– Assessed management’s assumptions used when determining the expected rental revenue, operating expenses and residual values expected at the time of disposition of the impacted vehicles as part of their recoverability test.

• We tested the fair value estimates for the impacted vehicles.

• With the assistance of our fair value specialists, we evaluated the reasonableness of the valuation methodology applied and fair value determined for vehicles by testing the methodology applied and measurable inputs used, and the mathematical accuracy of the calculation.

• We evaluated the reasonableness of the valuation methodology applied and fair value determined for the impacted vehicles by testing the methodology applied and measurable inputs used, and the mathematical accuracy of the calculation.

/s/ DELOITTE & TOUCHE LLP

77 unchanged sentences

Total assets $ 31,257 $ 29,041

Liabilities and stockholders’ equity

Liabilities, redeemable non-controlling interests and stockholders’ equity

Current liabilities:

13 unchanged sentences

Commitments and contingencies (Note 15)

Redeemable non-controlling interests 74 —

Stockholders’ equity:

12 unchanged sentences

Total stockholders’ equity ( 3,116 ) ( 2,317 )

Total liabilities and stockholders’ equity $ 29,041 $ 32,569

Total liabilities, redeemable non-controlling interests and stockholders’ equity $ 31,257 $ 29,041

See Notes to Consolidated Financial Statements.

12 unchanged sentences

Non-vehicle related depreciation and amortization 231 237 216

Deferred income taxes ( 905 ) 191 682

Stock-based compensation 19 30 25

Amortization of debt financing fees 52 46 40

1 unchanged sentence

Long-lived asset impairment and other related charges 518 2,470 —

Deferred income taxes ( 24 ) ( 905 ) 191

Stock-based compensation 19 19 30

Net change in assets and liabilities:

24 unchanged sentences

Financing activities

Proceeds from long-term borrowings $ 1,569 $ 936 $ 729

Payments on long-term borrowings ( 939 ) ( 818 ) ( 24 )

Net change in short-term borrowings — — ( 1 )

Proceeds from borrowings (original maturities greater than three months) $ 1,580 $ 1,569 $ 936

Payments on borrowings (original maturities greater than three months) ( 1,111 ) ( 939 ) ( 818 )

Debt financing fees ( 17 ) ( 28 ) ( 22 )

Repurchases of common stock ( 7 ) ( 70 ) ( 951 )

Dividends paid — ( 355 ) —

Contributions from non-controlling interests 183 — —

Dividends paid — — ( 355 )

Net cash provided by (used in) financing activities exclusive of vehicle programs 628 532 ( 1,210 )

6 unchanged sentences

Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash

( 31 ) 14 ( 32 )

Net increase (decrease) in cash and cash equivalents, program and restricted cash 21 ( 47 ) 2

3 unchanged sentences

Interest payments $ 1,297 $ 1,273 $ 988

Income tax payments, net $ 50 $ 169 $ 192

Income tax payments, net of refunds $ 121 $ 50 $ 169

See Notes to Consolidated Financial Statements.

5 unchanged sentences

Shares Amount Shares Amount

Balance at January 1, 2022 137.1 $ 1 $ 6,676 $ ( 185 ) $ ( 133 ) ( 81.2 ) $ ( 6,579 ) $ ( 220 ) $ 11 $ ( 209 )

Comprehensive income:

Net income — — — 2,764 — — — 2,764 ( 8 ) 2,756

Other comprehensive income — — — — 32 — — 32 — 32

Total comprehensive income 2,764 32 2,796 ( 8 ) 2,788

Contributions from non-controlling interests — — 24 — — — — 24 — 24

Net activity related to restricted stock units — — ( 34 ) — — 0.3 ( 2 ) ( 36 ) ( 36 )

Repurchases of common stock — — — — — ( 16.7 ) ( 3,267 ) ( 3,267 ) ( 3,267 )

Balance at December 31, 2022 137.1 $ 1 $ 6,666 $ 2,579 $ ( 101 ) ( 97.6 ) $ ( 9,848 ) $ ( 703 ) $ 3 $ ( 700 )

Comprehensive income:

Net income — — — 1,632 — — — 1,632 3 1,635

Other comprehensive income — — — — 5 — — 5 — 5

Total comprehensive income 1,632 5 1,637 3 1,640

Balance as of January 1, 2023 137.1 $ 1 $ 6,666 $ 2,579 $ ( 101 ) ( 97.6 ) $ ( 9,848 ) $ ( 703 ) $ 3 $ ( 700 )

Comprehensive income (loss):

Net income (loss) — — — 1,632 — — — 1,632 3 1,635

Other comprehensive income (loss) — — — — 5 — — 5 — 5

Total comprehensive income (loss) 1,632 5 1,637 3 1,640

Net activity related to restricted stock units — — ( 32 ) ( 2 ) — 0.3 3 ( 31 ) — ( 31 )

3 unchanged sentences

— — — ( 355 ) — — — ( 355 ) — ( 355 )

Balance at December 31, 2023 137.1 $ 1 $ 6,634 $ 3,854 $ ( 96 ) ( 101.6 ) $ ( 10,742 ) $ ( 349 ) $ 6 $ ( 343 )

Comprehensive income:

Balance as of December 31, 2023 137.1 $ 1 $ 6,634 $ 3,854 $ ( 96 ) ( 101.6 ) $ ( 10,742 ) $ ( 349 ) $ 6 $ ( 343 )

Comprehensive income (loss):

Net income (loss) — — — ( 1,821 ) — — — ( 1,821 ) 4 ( 1,817 )

4 unchanged sentences

— — — — — ( 0.6 ) ( 46 ) ( 46 ) — ( 46 )

Balance at December 31, 2024 137.1 $ 1 $ 6,620 $ 2,029 $ ( 210 ) ( 102.0 ) $ ( 10,767 ) $ ( 2,327 ) $ 10 $ ( 2,317 )

Balance as of December 31, 2024 137.1 $ 1 $ 6,620 $ 2,029 $ ( 210 ) ( 102.0 ) $ ( 10,767 ) $ ( 2,327 ) $ 10 $ ( 2,317 )

Comprehensive income (loss):

Net income (loss) — — — ( 889 ) — — — ( 889 ) 3 ( 886 )

Other comprehensive income (loss) — — — — 72 — — 72 — 72

Total comprehensive income (loss) ( 889 ) 72 ( 817 ) 3 ( 814 )

Net activity related to restricted stock units — — 2 ( 1 ) — 0.1 14 15 — 15

Balance as of December 31, 2025 137.1 $ 1 $ 6,622 $ 1,139 $ ( 138 ) ( 101.9 ) $ ( 10,753 ) $ ( 3,129 ) $ 13 $ ( 3,116 )

(a) Amount includes excise taxes due under the Inflation Reduction Act of 2022.

19 unchanged sentences

Segment Information

Subsequent Events

Subsequent Event

Avis Budget Group, Inc.

13 unchanged sentences

We present separately the financial data of our vehicle programs.

These programs are distinct from our other activities since the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets.

These programs are distinct from our other activities as the assets under vehicle programs are generally funded through the issuance of debt that is collateralized by such assets.

The income generated by these assets is used, in part, to repay the principal and interest associated with the debt.

Cash inflows and outflows relating to the acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of our vehicle programs.

Cash inflows and outflows relating to the generation or acquisition of such assets and the principal debt repayment or financing of such assets are classified as activities of our vehicle programs.

We believe it is appropriate to segregate the financial data of our vehicle programs because, ultimately, the source of repayment of such debt is the realization of such assets.

13 unchanged sentences

customers with additional protections for personal or third-party losses incurred;

products for driving convenience such as fuel service options, roadside assistance services, electronic toll collection services, access to satellite radio, mobile WiFi devices, GPS navigation and child safety seat rentals;

and rentals of other supplemental items including automobile towing equipment and other moving accessories and supplies.

and products for driving convenience such as fuel service options, roadside assistance services, electronic toll collection services, additional driver options, and one-way rentals .

We also receive payment from customers for certain operating expenses that we incur, including airport concession fees that are paid by us in exchange for the right to operate at airports and other locations, as well as vehicle licensing fees.

31 unchanged sentences

The following table presents changes in deferred revenue associated with our customer loyalty program:

Year Ended December 31,

Balance, January 1 $ 67 $ 61

Balance as of January 1 $ 50 $ 67

Revenue deferred 59 61

Revenue recognized ( 54 ) ( 78 )

Balance, December 31 (a)

(a) At December 31, 2024 and 2023, $ 27 million and $ 20 million was included in accounts payable and other current liabilities, respectively, and $ 23 million and $ 47 million in other non-current liabilities, respectively.

Balance as of December 31 (a)

(a) As of December 31, 2025 and 2024, $ 22 million and $ 27 million was included in accounts payable and other current liabilities, respectively, and $ 33 million and $ 23 million in other non-current liabilities, respectively.

Non-current amounts are expected to be recognized as revenue within two to three years .

19 unchanged sentences

Useful lives are as follows:

Buildings 30 years

Buildings up to 30 years

Furniture, fixtures & equipment 3 to 10 years

13 unchanged sentences

Other intangible assets with finite lives are amortized over their estimated useful lives and are evaluated each reporting period to determine if circumstances warrant a revision to these lives.

There was no impairment to goodwill or other intangible assets during the years ended December 31, 2025 or 2023.

During our annual impairment assessment performed as of October 1, 2024, we determined that the carrying value of our Zipcar trademark, which is an unamortized intangible asset included within our Americas reportable segment, exceeded its fair value.

3 unchanged sentences

As a result, we recognized an impairment of $ 28 million within long-lived asset impairment and other related charges in the Consolidated Statement of Operations for the year ended December 31, 2024.

There was no impairment to goodwill for the year ended December 31, 2024 and there were no impairments to goodwill or other intangible assets during the years ended December 31, 2023 or 2022.

There was no impairment to goodwill for the year ended December 31, 2024.

Impairment of Long-Lived Assets

3 unchanged sentences

During the fourth quarter of 2025, in conjunction with the Interpace Ventures transaction mentioned below under Variable Interest Entities (“VIE”) and Non-Controlling Interests , we reviewed our fleet strategy, specific to certain United States EV rental car vehicles, and as a result shortened the useful life associated with such vehicles.

We considered this change in strategy to be a triggering event that indicated the carrying amount of these assets may not be recoverable.

As a result, we performed a recoverability test by comparing the sum of undiscounted cash flows expected to result from the use and eventual disposition of the impacted vehicles to their carrying value and concluded, that for certain vehicles, the carrying value exceeded the sum of undiscounted cash flows expected to result from the use and eventual disposition of those vehicles.

For purposes of the recoverability test, the vehicles were aggregated into asset groups based on make, model, and year of the vehicles.

The test was performed as of December 31, 2025, and we used a market approach to determine the value of the impacted vehicles, utilizing prices for similar assets in active markets (Level 2).

During the year ended December 31, 2025, we recorded a $ 518 million non-cash impairment within long-lived asset impairment and other related charges in the Consolidated Statement of Operations within our Americas reportable segment.

During the fourth quarter of 2024, we changed our fleet strategy, specific to United States and Canadian rental car vehicles, to accelerate certain fleet rotations in order to decrease the age of our fleet for competitive reasons, and accordingly, we shortened the useful life associated with such vehicles.

4 unchanged sentences

During the year ended December 31, 2024, we recorded a $ 2.3 billion non-cash impairment within long-lived asset impairment and other related charges in the Consolidated Statement of Operations within our Americas reportable segment.

There were no impairments to long-lived assets during the years ended December 31, 2023 or 2022.

There was no impairment to long-lived assets during the year ended December 31, 2023.

In the future, if events or market conditions affect the estimated fair value to the extent that a long-lived asset is impaired, we will adjust the carrying value of these long-lived assets in the period in which the impairment occurs.

15 unchanged sentences

For the year ended December 31, 2024, we recorded a charge of $ 180 million, which is included within long-lived asset impairment and other related charges in the Consolidated Statement of Operations.

We expect to complete the sale of these vehicles primarily through our standard disposition

channels during the first quarter of 2025.

We completed the sale of a majority of these vehicles primarily through our standard disposition channels during 2025.

There were no similar charges during the years ended December 31, 2025 or 2023.

8 unchanged sentences

As a result of the provisions of the Tax Cuts and Jobs Act, we account for Global Intangible Low-Taxed Income (“GILTI”) as a component of current period income tax expense in the year incurred.

The GILTI has been replaced and renamed the Net Controlled Foreign Corporation Tested Income (“NCTI”) under the One Big Beautiful Bill Act (“OBBBA”) during 2025 and became effective January 1, 2026.

We record net deferred tax assets to the extent we believe that it is more likely than not that these assets will be realized.

8 unchanged sentences

The fair value of our financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (Level 1 inputs).

In some cases where quoted market prices are not available, prices are derived by considering the yield of the benchmark security that was issued to initially price the instruments and adjusting this rate by the credit spread that market participants would demand for the instruments as of the measurement date (Level 2 inputs).

spread that market participants would demand for the instruments as of the measurement date (Level 2 inputs).

In situations where long-term borrowings are part of a conduit facility backed by short-term floating rate debt, we have determined that its carrying value approximates the fair value of this debt (Level 2 inputs).

18 unchanged sentences

The Consolidated Balance Sheets include $ 508 million and $ 451 million of liabilities associated with retained risks of liability to third parties as of December 31, 2025 and 2024, respectively.

Such liabilities relate primarily to public liability and third-party property damage claims, as well as claims arising from the sale of ancillary insurance products including, but not limited to, supplemental liability, personal effects protection and personal accident insurance.

Such liabilities relate primarily to public liability and third-party property damage claims, as well as claims arising from the sale of ancillary insurance products including, but not limited to, additional/supplemental liability, personal effects protection and personal accident insurance.

These obligations represent an estimate for both reported claims not yet paid and claims incurred but not yet reported.

15 unchanged sentences

The risk-free interest rate is derived from the U.S.

Treasury yield curve in effect at the

time of grant and, since we do not currently pay or plan to pay a recurring dividend on our common stock, the expected dividend yield was zero .

Treasury yield curve in effect at the time of grant and, since we do not currently pay or plan to pay a recurring dividend on our common stock, the expected dividend yield was zero .

Business Combinations

14 unchanged sentences

As of December 31, 2025 and 2024, we had investments with a carrying value of $ 130 million and $ 100 million, respectively, recorded within other non-current assets on the Consolidated Balance Sheets.

Aggregate realized gains and losses on equity method investments and dividend income are recorded within operating expenses on the Consolidated Statements of Operations.

During 2024, 2023 and 2022, we recorded net gains from our equity method investments, including dividend income of $ 23 million, $ 12 million, and $ 12 million, respectively.

See Note 17 – Related Party Transactions for our equity method investment in our former subsidiary.

Aggregate realized gains and losses on equity method investments are recorded within operating expenses on the Consolidated Statements of Operations.

During 2025, 2024 and 2023, we recorded net gains from our equity method investments of $ 21 million, $ 16 million, and $ 12 million, respectively.

In July 2024, we

received a $ 7 million dividend, and i n December 2025, we purchased additional shares for $ 1 million, relating to our equity method investment in our Greece licensee.

S ee Note 17 – Related Party Transactions for our equity method investment in our former subsidiary.

We classify long-lived assets and liabilities to be disposed of as held for sale in the period in which they are available for immediate sale in their present condition and the sale is probable and expected to be completed within one year.

1 unchanged sentence

When the divestiture represents a strategic shift that has, or will have, a major effect on our operations and financial results, the disposal is presented as a discontinued operation.

In February 2022, we completed the sale of our operations in the United States Virgin Islands for $ 13 million, for the right to operate the Avis brand.

During the year ended December 31, 2022, we recorded a gain of $ 2 million within restructuring and other related charges.

The United States Virgin Islands operations were reported within our Americas reportable segment.

In March 2022, we completed the sale of our operations in the Netherlands for $ 15 million, for the right to operate the Avis and Budget brands.

During the year ended December 31, 2022, we recorded a loss of $ 7 million, net of impact of foreign currency adjustments, within restructuring and other related charges.

The Netherlands operations were reported within our International reportable segment.

Variable Interest Entity (“VIE”)

Variable Interest Entities (“VIE”) and Non-Controlling Interests

We review our investments to determine if they are VIEs.

4 unchanged sentences

On an ongoing basis, we reconsider whether we are deemed to be a VIE’s primary beneficiary.

We account for VIEs where we are not the primary beneficiary under the equity method.

Our former subsidiary, Avis Mobility Ventures LLC (“AMV”), is a VIE.

We lack the ability to direct the significant activities of AMV and are not its primary beneficiary.

As such, we account for AMV under the equity method.

See Note 17 – Related Party Transactions for our VIE investment in our former subsidiary.

Interpace Ventures Transaction

On September 30, 2025, we received a contribution of $ 12 million from a non-controlling interest party (Class A Member) in exchange for approximately 17 % in a new joint venture establishing Interpace Ventures LLC (“Interpace Ventures”).

On December 30, 2025, we completed the joint venture transaction and Interpace Ventures subsequently funded its wholly-owned subsidiary, Interpace Funding LLC (“Interpace Funding”), with the total contribution from both its Class A members, the third-party investors in the amount of $ 183 million, and the Company, as the Class B member.

Interpace Funding was established to acquire, own, operate, manage, lease, and sell vehicles.

This transaction was undertaken as part of our efforts to monetize a portion of our available tax credits.

Additionally, in conjunction with this transaction, we reviewed our fleet strategy, specific to certain United States EV rental car vehicles, and as a result shortened the useful life associated with such vehicles.

See Note 2 – Summary of Significant Accounting Policies – Impairment of Long-Lived Assets to our Consolidated Financial Statements.

We consolidate joint venture activities when we have a controlling financial interest.

We determined that Interpace Ventures and its related subsidiaries are VIEs and that we are the primary beneficiary.

In accordance with Accounting Standards Codification Topic 810-10, all entities created as a result of the Interpace Ventures transaction have been consolidated.

Based on the substance of the transaction, the non-controlling interests are presented as temporary equity.

The Company has determined the allocation of economics between the controlling party and third-party investors should follow the hypothetical liquidation at book value (“HLBV”) method of accounting, based on governing provisions in each respective limited liability company agreement, instead of respective ownership percentages.

Under the HLBV method, the amounts of income and loss attributable to the non-controlling interest reflects changes in the amount the owners would hypothetically receive at each balance sheet date under the respective liquidation provisions, assuming the net assets of these entities were liquidated at the recorded amounts, after taking into account any capital transactions, such as contributions and distributions, between the entities and the owners.

As specified in the respective limited liability company agreements, the Class A members’ interests are redeemable based upon events that are not solely within our control.

As such, the non-controlling interests were classified as redeemable non-controlling interests of $ 74 million and presented outside of permanent equity on the Consolidated Balance Sheets as of December 31, 2025.

See Note 16 – Stockholders' Equity for the components of redeemable non-controlling interests.

Nonmarketable Equity Securities

4 unchanged sentences

As of December 31, 2025 and 2024, our nonmarketable equity securities within non-current assets on our Consolidated Balance Sheets were not material and no material adjustments were made to the carrying values of these securities during the years ended December 31, 2025, 2024 or 2023.

Reclassification

We reclassified certain items within operating activities on the Consolidated Statements of Cash Flows for the years ended December 31, 2023 and 2022 to conform to the current year presentation.

These reclassifications had no impact on reported net cash provided by operating activities.

Adoption of New Accounting Pronouncements

Improvements to Reportable Segment Disclosures

On January 1, 2024, as the result of a new accounting pronouncement, we adopted ASU 2023-07, “Improvements to Reportable Segment Disclosures,” which amends Topic 280 primarily through enhanced disclosures about significant segment expenses.

The adoption of this accounting pronouncement has resulted in incremental disclosures within the notes to our Consolidated Financial Statements.

Recently Issued Accounting Pronouncements

Improvements to Income Tax Disclosures

On January 1, 2025, as the result of a new accounting pronouncement, we adopted ASU 2023-09, “Improvements to Income Tax Disclosures,” which amends Topic 740 primarily through enhanced income tax disclosures, improving transparency into the factors affecting income tax expense.

We expect to include certain additional income tax disclosures in the notes to our Consolidated Financial Statements as a result of the adoption of this accounting pronouncement.

The adoption of this accounting pronouncement has resulted in incremental disclosures within Note 9 – Income Taxes.

Recently Issued Accounting Pronouncements

Disaggregation of Income Statement Expenses

3 unchanged sentences

We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Financial Statements.

Reference Rate Reform

In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which amends ASU 2020-04 and clarifies the scope and guidance of Topic 848 to allow derivatives impacted by the reference rate reform to qualify for certain optional expedients and exceptions for contract modifications and hedge accounting.

The guidance is optional and is effective for a limited period of time.

In December 2022, the FASB also issued ASU 2022-06, “Reference Rate Reform (Topic 848):

Deferral of the Sunset Date of Topic 848,” to defer the sunset date of ASC 848 from December 31, 2022 to December 31, 2024.

As of December 31, 2024, this guidance had no impact on our Consolidated Financial Statements.

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, “Targeted Improvements to the Accounting for Internal-Use Software,” which amends Topic 350 primarily to modernize the accounting for software costs.

The amendments are effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods.

Early adoption is permitted as of the beginning of an annual period.

A prospective, modified or retrospective transition approach is permitted.

ASU 2025-06 becomes effective for us on an interim basis beginning on January 1, 2028.

We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Financial Statements.

Hedge Accounting Improvements

In November 2025, the FASB issued ASU 2025-09, “Hedge Accounting Improvements,” which clarifies certain aspects of the guidance on hedge accounting and addresses several incremental hedge accounting issues arising from the global reference rate reform initiative.

The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods, with early adoption permitted on a prospective basis.

ASU 2025-09 becomes effective for us on an interim basis beginning on January 1, 2027.

We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Financial Statements.

Narrow-Scope Improvements

In December 2025, the FASB issued ASU 2025-11, “Narrow-Scope Improvements,” which clarifies interim disclosure requirements and the applicability of Topic 270.

The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted on a prospective or retrospective basis.

ASU 2025-11 becomes effective for us on an interim basis beginning on January 1, 2028.

We are currently evaluating the impact of the adoption of this accounting pronouncement on our Consolidated Financial Statements.

The following table presents our lease revenues disaggregated by geography:

15 unchanged sentences

In general, concession fees for airport locations are based on a percentage of total commissionable revenue as defined by each airport authority, some of which are subject to minimum annual guaranteed amounts.

Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right of use (“ROU”) assets and operating lease liabilities and are recorded as variable lease expense as incurred.

Concession fees other than minimum annual guaranteed amounts are not included in the measurement of operating lease right-of-use assets and operating lease liabilities and are recorded as variable lease expense as incurred.

Our operating leases for rental locations often also require us to pay or reimburse operating expenses.

We lease a portion of our vehicles under operating leases.

As of December 31, 2024 and 2023, we have guaranteed up to $ 30 million and $ 52 million, respectively, of residual values for these vehicles at the end of their respective lease terms.

As of December 31, 2025, we have no guarantees of residual values for vehicles under operating leases at the end of their respective lease terms.

As of December 31, 2024, we had guaranteed up to $ 30 million of residual values for vehicles under operating leases at the end of their respective lease terms.

We believe that, based on current market conditions, the net proceeds from the sale of these vehicles at the end of their lease terms will equal or exceed their net book values and therefore have not recorded a liability related to guaranteed residual values.

10 unchanged sentences

Finance lease expense:

Amortization of ROU assets (b)

Amortization of right-of-use assets (b)

$ 18 $ 27 $ 28

2 unchanged sentences

Total vehicle lease expense $ 144 $ 185 $ 201

(a) Primarily included in operating expenses and for the year ended December 31, 2022, includes $( 9 ) million of minimum annual guaranteed rent in excess of concession fees as defined in our rental concession agreements.

(a) Primarily included in operating expenses.

(b) Included in vehicle depreciation and lease charges, net.

3 unchanged sentences

Property leases

Operating lease ROU assets $ 3,057 $ 2,654

Operating lease right-of-use assets $ 3,239 $ 3,057

Short-term operating lease liabilities (a)

3 unchanged sentences

Weighted average discount rate 5.35 % 4.98 %

Vehicle leases

Finance lease ROU assets, gross $ 228 $ 265

Vehicle finance leases

Vehicle finance lease right-of-use assets, gross $ 209 $ 228

Accumulated amortization ( 37 ) ( 43 )

Finance lease ROU assets, net (b)

Vehicle finance lease right-of-use assets, net (b)

Short-term vehicle finance lease liabilities $ 79 $ 75

3 unchanged sentences

Weighted average discount rate 3.81 % 5.07 %

Vehicle operating lease ROU assets (d)

Vehicle operating leases

Vehicle operating lease right-of-use assets (d)

Short-term vehicle operating lease liabilities $ 35 $ 58

17 unchanged sentences

Vehicle finance leases $ 103 $ 105 $ 105

Non-cash activities - increase in ROU assets in exchange for lease liabilities:

Non-cash activities - increase in right-of-use assets in exchange for lease liabilities:

Property operating leases $ 1,086 $ 1,404 $ 1,079

26 unchanged sentences

Diluted EPS was computed using the treasury stock method for non-vested stock.

In computing diluted loss per share for the year ended December 31, 2024, our number of diluted weighted average shares outstanding excludes the effect of non-vested stock as the effect would have been anti-dilutive.

In computing diluted loss per share for the years ended December 31, 2025 and 2024, respectively, our number of diluted weighted average shares outstanding excludes the effect of non-vested stock as the effect would have been anti-dilutive.

This occurs when a net loss is reported and the effect of using dilutive shares would be anti-dilutive.

9 unchanged sentences

In 2022, we initiated a restructuring plan to focus on consolidating our global operations by designing new processes and implementing new systems (“Cost Optimization”).

In 2021, we initiated a global restructuring plan to focus on cost discipline by reviewing headcounts, facilities and contractor agreements.

We transformed our business as we exited the COVID-19 crisis by controlling fixed costs and matching variable costs to demand (“T21”).

In 2020, we initiated a global restructuring plan to reduce operating costs, such as headcount and facilities, due to declining reservations and revenue resulting from the COVID-19 outbreak (“2020 Optimization”).

In 2019, we initiated a restructuring plan to exit our operations in Brazil by closing rental facilities, disposing of assets and terminating personnel (“Brazil”).

We also initiated a restructuring plan in that same year to drive global efficiency by improving processes and consolidating functions, and to create new objectives and strategies for our truck rental operations in the United States by reducing headcount, large vehicles and rental locations (“T19”).

These initiatives are complete.

2 unchanged sentences

Related Other Total

Balance at January 1, 2022 $ 7 $ 2 $ 1 $ 10

Balance as of January 1, 2023 $ 4 $ — $ — $ 4

Restructuring expense:

3 unchanged sentences

Cost Optimization ( 8 ) — ( 2 ) ( 10 )

T21 ( 8 ) ( 1 ) — ( 9 )

2020 Optimization ( 1 ) — — ( 1 )

Brazil — — ( 1 ) ( 1 )

T19 — ( 1 ) — ( 1 )

Balance as of December 31, 2023 $ 4 $ — $ — $ 4

Restructuring expense:

Global Rightsizing (a)

Cost Optimization — — 1 1

Brazil — — 1 1

Restructuring payment/utilization:

Global Rightsizing (a)

( 12 ) — ( 8 ) ( 20 )

Cost Optimization ( 1 ) — ( 3 ) ( 4 )

Brazil — — ( 1 ) ( 1 )

Balance as of December 31, 2024 $ 10 $ — $ 7 $ 17

1 unchanged sentence

Global Rightsizing (a)

Cost Optimization — — 1 1

Restructuring payment/utilization:

5 unchanged sentences

Americas International Total

Balance at January 1, 2022 $ 2 $ 8 $ 10

Balance as of January 1, 2023 $ 1 $ 3 $ 4

Restructuring expense:

2 unchanged sentences

Cost Optimization ( 6 ) ( 4 ) ( 10 )

T21 ( 2 ) ( 7 ) ( 9 )

2020 Optimization — ( 1 ) ( 1 )

Brazil ( 1 ) — ( 1 )

T19 — ( 1 ) ( 1 )

Balance as of December 31, 2023 2 2 4

Restructuring expense:

Global Rightsizing 19 17 36

Cost Optimization 1 — 1

Restructuring payment/utilization:

Global Rightsizing ( 12 ) ( 8 ) ( 20 )

Cost Optimization ( 1 ) ( 3 ) ( 4 )

Brazil ( 1 ) — ( 1 )

Balance as of December 31, 2024 9 8 17

1 unchanged sentence

Global Rightsizing 12 105 117

Cost Optimization 1 — 1

Restructuring payment/utilization:

3 unchanged sentences

Other Related Charges

In April 2022, we announced the departure of Veresh Sita as Executive Vice President and Chief Digital and Innovation Officer effective May 13, 2022.

Officer Separation Costs

In February 2025, we announced that Joseph A.

Ferraro, President and Chief Executive Officer, would transition to a Board Advisor role effective June 30, 2025.

In connection with Mr.

Sita’s separation, we recorded other related charges of approximately $ 1 million, inclusive of accelerated stock-based compensation expense, for the year ended December 31, 2022.

Ferraro’s departure, we recorded other related charges of approximately $ 14 million for the year ended December 31, 2025.

McNicoll Vehicle Hire

38 unchanged sentences

Total $ 23 $ 30 $ 29

Based on our amortizable intangible assets at December 31, 2024, we expect amortization expens e of approximately $ 22 million for 2025, $ 21 million for 2026, $ 15 million for 2027, $ 9 million for 2028 and $ 7 million for 2029 excluding effects of currency exchange rates.

Based on our amortizable intangible assets as of December 31, 2025, we expect amortization expens e of approximately $ 22 million for 2026, $ 16 million for 2027, $ 11 million for 2028, $ 8 million for 2029 and $ 8 million for 2030, excluding effects of currency exchange rates.

The carrying amounts of goodwill and related changes are as follows:

10 unchanged sentences

548 523 1,071

Acquisitions — 2 2

Currency translation adjustments and other 2 56 58

11 unchanged sentences

Vehicles, net $ 18,720 $ 17,619

(a) For the year ended December 31, 2024, reflects long-lived asset impairment and other related charges, which reduced the carrying value of our rental vehicles and vehicles held for sale to fair value.

(a) For the year ended December 31, 2025 , reflects long-lived asset impairment and other related charges, which reduced the carrying value of our rental vehicles to fair value.

For the year ended December 31, 2024, reflects long-lived asset impairment and other related charges, which reduced the carrying value of our rental vehicles and vehicles held for sale to fair value.

See Note 2 – Summary of Significant Accounting Policies.

5 unchanged sentences

Lease charges 120 151 167

(Gain) loss on sale of vehicles, net 167 ( 656 ) ( 1,019 )

(Gain) loss on sale of vehicles, net (a)

238 167 ( 656 )

Vehicle depreciation and lease charges, net $ 3,015 $ 2,976 $ 1,739

At December 31, 2024, 2023 and 2022, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $ 203 million, $ 287 million, and $ 265 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $ 287 million, $ 237 million, and $ 212 million, respectively.

(a) For the year ended December 31, 2025, includes other fleet charges of $ 390 million related to the disposal of certain fleet in our Americas reportable segment.

As of December 31, 2025, 2024 and 2023, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $ 284 million, $ 203 million and $ 287 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $ 473 million, $ 287 million and $ 237 million, respectively.

The provision for (benefit from) income taxes consists of the following:

8 unchanged sentences

Foreign ( 29 ) ( 50 ) 67

Deferred income tax provision ( 905 ) 191 682

Deferred income tax provision (benefit) ( 24 ) ( 905 ) 191

Provision for (benefit from) income taxes $ 66 $ ( 810 ) $ 279

12 unchanged sentences

Tax credits 119 405

Deferred interest expense (a)

Deferred interest expense 85 358

Accrued liabilities and deferred revenue 202 157

1 unchanged sentence

Provision for doubtful accounts 14 19

Valuation allowance (b)

Valuation allowance (a)

( 127 ) ( 83 )

6 unchanged sentences

Deferred income tax assets, net $ 2,105 $ 1,786

(a) For the year ended December 31, 2023, we reclassified $ 179 million of deferred interest expense to conform to the current year presentation.

This reclassification had no impact to our reported deferred income tax assets.

(b) The valuation allowance at December 31, 2024 relates to tax loss carryforwards and certain deferred tax assets of $ 80 million and $ 3 million, respectively.

The valuation allowance at December 31, 2023 relates to tax loss carryforwards and certain deferred tax assets of $ 100 million and $ 3 million, respectively.

(a) The valuation allowance as of December 31, 2025 relates to tax loss carryforwards and certain deferred tax assets of $ 123 million and $ 4 million, respectively.

The valuation allowance as of December 31, 2024 relates to tax loss carryforwards and certain deferred tax assets of $ 80 million and $ 3 million, respectively.

The valuation allowances will be reduced when and if we determine it is more likely than not that the related deferred income tax assets will be realized.

Deferred income tax assets and liabilities related to vehicle programs are comprised of the following:

Deferred income tax liabilities under vehicle programs is comprised of the following:

As of December 31,

6 unchanged sentences

Deferred income tax liabilities under vehicle programs, net $ 2,677 $ 2,442

At December 31, 2024, we had U.S.

As of December 31, 2025, we had U.S.

federal net operating loss carryforwards of approximately $ 6.7 billion.

3 unchanged sentences

federal tax loss carryforwards as there are adequate deferred tax liabilities that could be realized within the carryforward period.

At December 31,

2024, we had foreign net operating loss carryforwards of approximately $ 890 million, the majority of which has an indefinite utilization period.

At December 31, 2024, we had undistributed earnings of certain foreign subsidiaries of approximately $ 1.6 billion that we have indefinitely reinvested, and on which we have not recognized deferred taxes.

As of December 31, 2025, we had foreign net operating loss carryforwards of approximately $ 1.3 billion, the majority of which has an indefinite utilization period.

As of December 31, 2025, we had indefinitely reinvested certain undistributed earnings of foreign subsidiaries for which we have not recognized deferred taxes.

Estimating the amount of potential tax is not practicable because of the complexity and variety of assumptions necessary to compute the tax.

The reconciliation between the provision for (benefit from) income taxes at the U.S.

federal statutory tax rate and our provision for (benefit from) income taxes and effective tax rate is as follows:

Year Ended December 31,

Provision for (benefit from) income taxes at U.S.

federal statutory tax rate $ ( 195 ) 21.0 %

State and local income taxes, net of federal tax (a)

Foreign tax effects 18 ( 2.0 )

Tax credits (b)

Effect of cross-border tax laws ( 12 ) 1.3

Nontaxable or nondeductible items 9 ( 1.0 )

Changes in valuation allowances ( 1 ) 0.1

Changes in unrecognized tax benefits ( 5 ) 0.6

Other adjustments 2 ( 0.2 )

Provision for (benefit from) income taxes and effective tax rate $ 66 ( 7.1 ) %

(a) Primarily California, Florida, Michigan and New York.

(b) For the year ended December 31, 2025, certain previously recognized federal tax credits were reversed, with a corresponding restoration of the related asset basis.

In addition, we are monetizing a portion of our available tax credits.

See Note 2 – Summary of Significant Accounting Policies – Variable Interest Entities (“VIE”) and Non-Controlling Interests for more information related to the Interpace Ventures transaction.

The reconciliation between the U.S.

federal income tax statutory rate and our effective income tax rate is as follows:

federal statutory tax rate and our effective tax rate for the years ended December 31, 2024 and 2023 previously disclosed in our Consolidated Financial Statements prior to the adoption of ASU 2023-09, “Improvements to Income Tax Disclosures,” is as follows:

Year Ended December 31,

2024 2023 2022

federal statutory rate 21.0 % 21.0 % 21.0 %

Adjustments to reconcile to our effective rate:

federal statutory tax rate 21.0 % 21.0 %

Adjustments to reconcile to our effective tax rate:

State and local income taxes, net of federal tax benefits 6.0 4.0

Changes in valuation allowances 0.2 —

Taxes on foreign operations at rates different than U.S.

federal statutory rates ( 0.9 ) 2.8 1.2

Tax credits (a)

3.6 ( 11.7 ) ( 0.4 )

Statutory rate differences between foreign and U.S.

Tax credits 3.6 ( 11.7 )

Stock-based compensation 0.1 ( 1.1 )

Other non-deductible (non-taxable) items ( 0.2 ) 0.7 0.4

1.0 ( 1.1 ) ( 0.1 )

30.8 % 14.6 % 24.2 %

(a) For the year ended December 31, 2022, we reclassified ( 0.4 %) of certain tax credits to conform to the current year presentation.

This reclassification had no impact to our reported effective income tax rate.

The Organisation for Economic Cooperation and Development (“OECD”) published a proposal for the establishment of a global minimum tax rate of 15% (the “Pillar Two rule”), effective for fiscal 2024.

Other nontaxable or nondeductible items ( 0.2 ) 0.7

Other adjustments 1.0 ( 1.1 )

Effective tax rate 30.8 % 14.6 %

On January 5, 2026, the OECD released a comprehensive Side-by-Side package with respect to Pillar Two.

This new guidance introduces new safe harbors and simplifications for U.S.

and other multinational companies which would limit or prevent other countries from imposing tax on the U.S.

profits of American companies.

We are closely monitoring developments of the Pillar Two rule as the OECD continues to refine its technical guidance and member states implement tax laws and regulations based on Pillar Two proposals.

Pillar Two did not have a material impact on our Consolidated Financial Statements for 2024.

The following is a reconciliation of the gross amount of unrecognized tax benefits:

Pillar Two did not have a material impact on our Consolidated Financial Statements for the year ended December 31, 2025.

In July 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, making permanent key provisions of the Tax Cuts and Jobs Act, including full expensing on qualified property, and modifications to the business interest expense limitation.

As a result of this enactment, our deferred tax balances as December 31, 2025 reflect the new law, resulting in the deferral a significant portion of current federal tax over future periods.

As our income tax provision includes both current and deferred components, the overall net impact to our Consolidated Statements of Operations is not significant.

We are continuing to monitor additional provisions of the OBBBA that become effective through 2027 for potential future impact.

The following is a reconciliation of the gross amount of our unrecognized tax benefits:

2025 2024 2023

Balance, January 1 $ 63 $ 53 $ 58

Balance as of January 1 $ 58 $ 63 $ 53

Additions for tax positions related to current year 3 4 5

3 unchanged sentences

Statute of limitations ( 6 ) ( 4 ) ( 2 )

Foreign currency translation ( 3 ) 2 ( 2 )

Balance, December 31 $ 58 $ 63 $ 53

We do not anticipate the gross amount of unrecognized tax benefits to change significantly in 2025.

Currency translation adjustments 3 ( 3 ) 2

Balance as of December 31 $ 40 $ 58 $ 63

We are subject to taxation in the U.S.

1 unchanged sentence

As of December 31, 2025, the 2007 through 2024 tax years generally remain subject to examination by the federal tax authorities.

The 2012 through 2023 tax years generally remain subject to examination by various state tax authorities.

The 2012 through 2024 tax years generally remain subject to examination by various state and local tax authorities.

In significant foreign jurisdictions, the 2017 through 2024 tax years generally remain subject to examination by their respective tax authorities.

Substantially all of the gross amount of unrecognized tax benefits at December 31, 2024, 2023 and 2022, if recognized, would affect our provision for (benefit from) income taxes.

Substantially all of the gross amount of unrecognized tax benefits as of December 31, 2025, 2024 and 2023, if recognized, would affect our provision for (benefit from) income taxes.

As of December 31, 2025, our unrecognized tax benefits were offset by tax loss carryforwards and other deferred tax assets in the amount of $ 29 million.

The following table presents unrecognized tax benefits:

The following table presents our unrecognized tax benefits:

As of December 31,

Unrecognized tax benefits in current income taxes payable (a)

Unrecognized tax benefits in non-current income taxes payable (a)

Unrecognized tax benefits in non-current income taxes payable 14 17

Accrued interest payable on potential tax liabilities (b)

(a) Pursuant to the agreements governing the disposition of certain subsidiaries in 2006, we are entitled to indemnification for certain predisposition tax contingencies.

As of December 31, 2024 and 2023, liabilities for unrecognized tax benefits associated with these tax contingencies are included in current income taxes payable.

(a) Pursuant to the agreements governing the disposition of certain subsidiaries in 2006, we were entitled to indemnification for certain predisposition tax contingencies.

As of December 31, 2024, liabilities for unrecognized tax benefits associated with these tax contingencies were included in current income taxes payable within accounts payable and other current liabilities on our Consolidated Balance Sheets.

(b) We recognize potential interest expense related to unrecognized tax benefits within interest expense related to corporate debt, net on the accompanying Consolidated Statements of Operations.

Penalties incurred during the years ended December 31, 2025, 2024 and 2023, were not significant and were recognized in the provision for (benefit from) income taxes .

Income tax payments, net of refunds is comprised of the following:

Year Ended December 31,

State and local

California 17

Illinois ( 8 )

Other state and local 2

New Zealand 6

Other foreign 16

Income tax payments, net of refunds $ 121

Other Current Assets

17 unchanged sentences

Depreciation and amortization expense relating to property and equipment during 2025, 2024 and 2023 was $ 208 million, $ 207 million, and $ 187 million, respectively (including $ 92 million, $ 102 million, and $ 101 million, respectively, of amortization expense relating to capitalized software).

At December 31, 2024, we had payables related to property and equipment included in accounts payable and other current liabilities of $ 10 million.

At December 31, 2023, we had payables related to property and equipment included in accounts payable and other current liabilities and in other non-current liabilities of $ 18 million and $ 6 million, respectively.

As of December 31, 2025 and 2024, we had payables related to property and equipment included in accounts payable and other current liabilities of $ 1 million and $ 10 million, respectively.

Accounts Payable and Other Current Liabilities

6 unchanged sentences

Public liability and property damage insurance liabilities – current 284 245

Accrued interest (a)

Accrued interest 149 180

Deferred lease revenues – current 155 149

Accrued payroll and related 165 126

Other 342 359

Accounts payable and other current liabilities $ 2,865 $ 2,700

(a) For the year ended December 31, 2023, we reclassified $ 141 million of accrued interest to conform to the current year presentation.

This reclassification had no impact to accounts payable and other current liabilities.

Long-term Corporate Debt and Borrowing Arrangements

1 unchanged sentence

Date As of December 31,

4.750 % euro-denominated Senior Notes

January 2026 — 386

5.750 % Senior Notes

12 unchanged sentences

February 2031 498 497

Floating Rate Term Loan (a)

August 2027 1,153 1,164

8.375 % Senior Notes

June 2032 600 —

Floating Rate Term Loan (a)

March 2029 — 524

July 2032 1,131 1,153

Deferred financing fees ( 56 ) ( 60 )

2 unchanged sentences

Long-term debt $ 6,049 $ 5,373

(a) The floating rate term loan due August 2027 is, and the floating rate term loan due March 2029 was, part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property.

(a) The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property.

(b) Primarily includes finance leases, which are secured by liens on the related assets.

These borrowings have weighted average interest rates which range from 5.35 % to 5.61 % as of December 31, 2025.

Floating Rate Term Loan due 2032.

In February 2020, we amended our floating rate term loan and extended its maturity term to 2027.

As of December 31, 2024, the loan bears interest at one-month Secured Overnight Financing Rate (“ SOFR ”) plus 1.75 %, for an aggregate rate of 6.22 %.

We have entered into an interest rate swap to hedge $ 750 million of our interest rate exposure related to the floating rate term loan at an aggregate rate of 3.26 %.

In July 2025, we amended our floating rate term loan, extending its maturity date from August 2027 to July 2032 and increasing the interest rate to SOFR plus 2.50 %.

As of December 31, 2025, the loan bears interest at one-month SOFR plus 2.50 %, for an aggregate rate of 6.22 %.

We have entered into a swap to hedge $ 750 million of interest rate exposure related to the floating rate term loan at an aggregate rate of 4.01 %.

Floating Rate Term Loan due 2025.

In March 2022, we entered into a $ 750 million Floating Rate Term Loan due March 2029, at a price of 97 % of the aggregate principal amount, with interest paid monthly.

In February 2025, we borrowed $ 500 million under a floating rate term loan due December 2025, which was part of our senior revolving credit facilities.

The proceeds were primarily used to pay down fleet indebtedness.

In June 2025, we fully repaid our outstanding borrowings under the floating rate term loan due 2025.

Floating Rate Term Loan due 2029.

In March 2022, we borrowed $ 750 million under a floating rate term loan due March 2029, at a price of 97 % of the aggregate principal amount, with interest paid monthly.

In December 2023, we repaid approximately $ 200 million of our outstanding balance using the proceeds from the issuance of our 8.000 % Senior Notes due February 2031.

In October 2024, we fully repaid the outstanding borrowings under our floating rate term loan due 2029 using the proceeds from the issuance of our 8.250 % Senior Notes due January 2030.

4.750 % euro-denominated Senior Notes due 2026.

In October 2018, we issued € 350 million of 4.750 % euro-denominated Senior Notes due 2026, at par, with interest payable semi-annually.

We had the right to redeem these notes in whole or in part on or after September 30, 2021 at specified redemption prices plus accrued interest.

Net proceeds from the offering were used to redeem our 5.125 % Senior Notes due June 2022 for $ 410 million plus accrued interest.

In April 2024, we redeemed these notes using the proceeds from our 7.000 % euro-denominated Senior Notes due February 2029.

5.750 % Senior Notes due 2027.

3 unchanged sentences

We used the proceeds from this offering to redeem the outstanding $ 100 million in aggregate principal amount of our 5.500 % Senior Notes due 2023, with the remainder being used for general corporate purposes.

In June 2025, we redeemed $ 100 million of our outstanding 5.750 % Senior Notes due July 2027.

4.750 % Senior Notes due 2028.

2 unchanged sentences

Net proceeds, together with cash on hand, were used to redeem all of the outstanding 6.375 % Senior Notes due 2024 for $ 356 million plus accrued interest and a portion of our outstanding 5.250 % Senior Notes due 2025 for $ 142 million plus accrued interest.

7.000 % euro-denominated Senior Notes due February 2029.

In February 2024, we issued € 600 million of 7.000 % euro-denominated Senior Notes due February 2029, at par, with interest payable semi-annually.

We have the right to redeem these notes in whole or in part at any time prior to February 28, 2026 at their principal amount plus accrued interest and a make-whole premium, or at any time on or after February 28, 2026 at a specified redemption price plus accrued interest.

Net proceeds from the offering were used primarily to redeem all of our outstanding 4.750 % euro-denominated Senior Notes due January 2026 plus accrued interest, with the remainder being used for general corporate purposes.

5.375 % Senior Notes due 2029.

2 unchanged sentences

Net proceeds, together with cash on hand, were used to redeem all of the outstanding 10.500 % Senior Secured Notes due 2025 for $ 599 million plus accrued interest.

8.250 % Senior Notes due January 2030.

In September 2024, we issued $ 700 million of 8.250 % Senior Notes due January 2030, at par, with interest payable semi-annually.

We have the right to redeem these notes in whole or in part, at any time prior to September 15, 2026 at the principal amount plus accrued interest and a make-whole premium, or at any time on or after September 15, 2026 at a specified redemption price plus accrued interest.

Net proceeds from the offering were used to repay the outstanding borrowings under our floating rate term loan due 2029, with the remainder being used to repay maturing vehicle-backed debt and for general corporate purposes.

7.250 % euro-denominated Senior Notes due July 2030 .

8 unchanged sentences

Net proceeds were used to fully redeem our 4.500 % euro-denominated Senior Notes due 2025 and a portion of our outstanding balance on our Term Loan due 2029, with the remainder being used for general corporate purposes.

7.000 % euro-denominated Senior Notes due February 2029.

In February 2024, we issued € 600 million of 7.000 % euro-denominated Senior Notes due February 2029, at par, with interest payable semi-annually.

8.250 % Senior Notes due January 2030.

In September 2024, we issued $ 700 million of 8.250 % Senior Notes due January 2030, at par, with interest payable semi-annually.

In connection with the debt amendments and repayments for the years ended December 31, 2024 and 2023, we record ed $ 19 million and $ 5 million, respectively, in early extinguishment of debt costs.

The 5.750 % Senior Notes, the 4.750 % Senior Notes, the 5.375 % Senior Notes, the 8.000 % Senior Notes and the 8.250 % Senior Notes are senior unsecured obligations of our Avis Budget Car Rental, LLC (“ABCR”) subsidiary, are guaranteed by us and certain of our domestic subsidiaries and rank equally in right of payment with all of our existing and future senior unsecured indebtedness.

The 4.750 % euro-denominated Senior Notes were, and the 7.250 % euro-denominated Senior Notes and the 7.000 % euro-denominated Senior Notes are, unsecured obligations of our Avis Budget Finance plc subsidiary, and are (or were) guaranteed on a senior basis by us and certain of our domestic subsidiaries and rank (or ranked) equally with all of our existing senior unsecured debt.

8.375 % Senior Notes due June 2032.

In May 2025, we issued $ 600 million of 8.375 % Senior Notes due June 2032, at par, with interest payable semi-annually.

We have the right to redeem these notes in whole or in part at any time prior to June 15, 2028 at the principal amount plus accrued interest and a make whole premium, or at any time on or after June 15, 2028 at a specified redemption price plus accrued interest.

Net proceeds were used to repay our floating rate term loan due 2025 and a portion of our 5.750 % Senior Notes due July 2027, with the remaining proceeds being used to repay outstanding fleet debt and for general corporate purposes.

4.750 % euro-denominated Senior Notes due 2026.

In October 2018, we issued € 350 million of 4.750 % euro-denominated Senior Notes due 2026, at par, with interest payable semi-annually.

We had the right to redeem these notes in whole or in part on or after September 30, 2021 at specified redemption prices plus accrued interest.

Net proceeds from the offering were used to redeem our 5.125 % Senior Notes due June 2022 for $ 410 million plus accrued interest.

In April 2024, we redeemed these notes using the proceeds from our 7.000 % euro-denominated Senior Notes due February 2029.

In connection with the debt amendments and repayments for the years ended December 31, 2025 and 2024, we recorded $ 6 million and $ 19 million, respectively, in early extinguishment of debt costs.

The 5.750 % Senior Notes, the 4.750 % Senior Notes, the 5.375 % Senior Notes, the 8.250 % Senior Notes, the 8.000 % Senior Notes, and the 8.375 % Senior Notes are senior unsecured obligations of our Avis Budget Car Rental, LLC (“ABCR”) subsidiary, are guaranteed by us and certain of our domestic subsidiaries and rank equally in right of payment with all of our existing and future senior unsecured indebtedness.

The 7.000 % euro-denominated Senior Notes and the 7.250 % euro-denominated Senior Notes are unsecured obligations of our Avis Budget Finance plc subsidiary, are guaranteed on a senior basis by us and certain of our domestic subsidiaries and rank equally with all of our existing senior unsecured debt.

Debt Maturities

The following table provides contractual maturities of our corporate debt at December 31, 2024:

The following table provides contractual maturities of our corporate debt as of December 31, 2025:

Thereafter 2,172

1 unchanged sentence

Committed Credit Facilities And Available Funding Arrangements

At December 31, 2024, the committed corporate credit facilities available to us and/or our subsidiaries were as follows:

As of December 31, 2025, the committed corporate credit facilities available to us and/or our subsidiaries were as follows:

Total Capacity Outstanding Borrowings Letters of Credit Issued Available Capacity

4 unchanged sentences

We have other uncommitted standby letter of credit facilities (“SBLC facilities”) with an additional letter of credit capacity of up to $ 466 million.

As of December 31, 2024, letters of credit totaling $ 400 million have been issued on our SBLC facilities, which results in a remaining available capacity of approximately $ 55 million.

As of December 31, 2025, letters of credit totaling $ 466 million have been issued on our SBLC facilities, which results in no remaining available capacity.

Debt Covenants

7 unchanged sentences

$ 14,447 $ 14,143

Americas – Debt borrowings 1,160 1,075

Americas – Debt borrowings (b)

International – Debt borrowings 2,480 2,159

International – Finance leases 130 143

Deferred financing fees (b)

Deferred financing fees (c)

( 71 ) ( 77 )

Total $ 19,188 $ 17,536

(a) Includes $ 751 million and $ 841 million of Class R notes as of December 31, 2024 and December 31, 2023, respectively, which are held by us.

(b) Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of December 31, 2024 and 2023 were $ 60 million and $ 61 million, respectively.

(a) Includes approximately $ 826 million and $ 751 million of Class R notes as of December 31, 2025 and December 31, 2024, respectively, which are held by us.

(b) Includes our Repurchase Facilities as of December 31, 2025 and 2024, and $ 965 million associated with the Interpace Ventures transaction as of December 31, 2025.

See Note 2 – Summary of Significant Accounting Policies.

(c) Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of December 31, 2025 and December 31, 2024 were $ 51 million and $ 60 million, respectively.

Debt due to Avis Budget Rental Car Funding .

11 unchanged sentences

AESOP Leasing’s vehicles and related assets, which as of December 31, 2025, appro xim ate $ 16.2 billion and some of which are subject to manufacturer repurchase and guaranteed depreciation agreements, collateralize the debt issued by Avis Budget Rental Car Funding.

The assets and liabilities of AESOP Leasing are presented

on our Consolidated Balance Sheets within assets under vehicle programs and liabilities under vehicle programs, respectively.

The assets and liabilities of AESOP Leasing are presented on our Consolidated Balance Sheets within assets under vehicle programs and liabilities under vehicle programs, respectively.

The assets of AESOP Leasing, included within assets under vehicle programs (excluding the investment in Avis Budget Rental Car Funding (AESOP) LLC—related party) are restricted.

7 unchanged sentences

Interest Rate Amount

January 2025 (a)

August 2027 7.31 % $ 41

January 2025 (a)

April 2028 7.59 % 75

January 2025 (a)

June 2028 7.31 % 75

January 2025 (a)

December 2028 7.37 % 72

January 2025 (a)

February 2029 7.52 % 95

May 2025 August 2028 4.94 % 250

May 2025 August 2030 5.26 % 400

September 2025 February 2029 4.27 % 250

September 2025 February 2031 4.52 % 450

5.33 % $ 1,708

January 2024 June 2029 5.51 % $ 1,200

4 unchanged sentences

March 2024 December 2029 5.35 % 700

December 2024 (a)

December 2024 (b)

February 2026 9.56 % 88

December 2024 (a)

December 2024 (b)

April 2026 9.56 % 75

December 2024 (a)

December 2024 (b)

October 2026 9.61 % 53

December 2024 (a)

December 2024 (b)

February 2027 9.65 % 61

December 2024 (a)

December 2024 (b)

April 2027 9.66 % 65

December 2024 (a)

December 2024 (b)

October 2027 9.67 % 55

6.04 % $ 2,839

January 2023 April 2028 5.36 % $ 500

January 2023 October 2026 5.31 % 350

April 2023 February 2027 5.67 % 450

April 2023 June 2028 5.76 % 550

June 2023 April 2027 5.91 % 476

June 2023 December 2028 5.98 % 526

September 2023 August 2027 6.09 % 300

September 2023 February 2029 6.21 % 700

5.81 % $ 3,852

(a) During December 2024, Avis Budget Rental Car Funding issued additional notes under several previously outstanding series of debt.

(a) During January 2025, Avis Budget Rental Car Funding issued additional notes under several previously outstanding series of debt.

In April 2025 and June 2025, these notes were amended and restated.

(b) During December 2024, Avis Budget Rental Car Funding issued additional notes under several previously outstanding series of debt.

In March 2025, these notes were amended and restated with weighted average interest rates of 8.52 %, 8.46 %, 7.26 %, 7.32 %, 7.35 % and 7.43 %, respectively.

We used the proceeds from these borrowings to fund the repayment of maturing vehicle-backed debt and the acquisition of rental cars in the United States.

In connection with the issuance of alternative funding asset-backed securities by Interpace Funding in conjunction with the Interpace Ventures transaction, we repaid an aggregate amount of $ 965 million of notes issued by Avis Budget Rental Car Funding (AESOP) LLC pursuant to certain asset-backed variable financing facilities (see Note 2 – Summary of Significant Accounting Policies) .

Borrowings under the Avis Budget Rental Car Funding program primarily represent fixed rate notes and had a weighted average interest rate of 5.29 % and 5.04 % as of December 31, 2025 and 2024, respectively.

2 unchanged sentences

We finance the acquisition of fleet for our truck rental operations in the United States through a combination of debt facilities and leases.

These debt borrowings represent a mix of fixed and floating rate debt and had a weighted average interest rate of 5.78 % and 5.77 % as of December 31, 2024 and 2023 respectively.

We entered into a repurchase agreement (the “Repurchase Facility”) in September 2024, whereby we may sell our Class D notes issued by Avis Budget Rental Car Funding to the Repurchase Facility counterparty and repurchase such notes.

Transactions under the Repurchase Facility have a 180 -day tenor.

As of December 31, 2024, $ 116 million was outstanding under the Repurchase Facility, which bears interest at a rate of 6.64 %.

In addition, we issued $ 965 million of alternative funding asset-backed securities by Interpace Funding in conjunction with the Interpace Ventures transaction (see Note 2 – Summary of Significant Accounting Policies).

Further, t hroughout 2024 and 2025, we entered into several repurchase agreements (the “Repurchase Facilities”) pursuant to which we may sell certain of our Class D notes issued by our wholly-owned subsidiary, Avis Budget Rental Car Funding (AESOP) LLC, to the Repurchase Facility’s respective counterparty and repurchase such notes at a later date and subject to certain conditions set forth in the applicable Repurchase Facility.

Transactions under the Repurchase Facilities may be extended at our sole discretion and the interest rate for such Repurchase Facility is simultaneously repriced in connection with such extensions.

The following table provides a summary of the Repurchase Facilities as of December 31, 2025:

Maturity Date Interest Rate Tenor Amount Outstanding

January 2026 5.63 % 1 month $ 11

February 2026 4.98 % 3 months 40

March 2026 4.79 % 3 months 26

March 2026 4.79 % 3 months 40

May 2026 5.68 % 6 months 98

In January 2026, we extended the first repurchase facility to February 2026 and simultaneously repriced the interest rate.

As of December 31, 2025, we had $ 319 million of securities pledged as collateral for the Repurchase Facilities, included within investment in Avis Budget Rental Car Funding (AESOP) LLC—related party on our Consolidated Balance Sheets.

As of December 31, 2024, $ 116 million was outstanding under a Repurchase Facility, which had an interest rate of 6.64 %.

As of December 31, 2024, we had $ 195 million of securities pledged as collateral for the Repurchase Facility, included within investment in Avis Budget Rental Car Funding (AESOP) LLC—related party on our Consolidated Balance Sheets.

These debt borrowings represent a mix of fixed and floating rate debt and had a weighted average interest rate of 5.27 % and 5.78 % as of December 31, 2025 and 2024, respectively.

International

8 unchanged sentences

Debt Maturities

The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2024:

The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, as of December 31, 2025:

Debt under Vehicle Programs (a)

7 unchanged sentences

Committed Credit Facilities And Available Funding Arrangements

The following table presents available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at December 31, 2024:

The following table presents available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, as of December 31, 2025:

Total Capacity (a)

10 unchanged sentences

(a) Capacity is subject to maintaining sufficient assets to collateralize debt.

The total capacity for Americas — Debt due to Avis Budget Rental Car Funding includes increases from amendments of our asset-backed variable funding financing facilities, which were most recently amended and extended in December 2024.

The total capacity for Americas — Debt due to Avis Budget Rental Car Funding includes increases from our asset-backed variable funding financing facilities.

These facilities were most recently amended and extended in December 2025.

(b) The outstanding debt is collateralized by vehicles and related assets of $ 14.7 billion for Americas - Debt due to Avis Budget Rental Car Funding;

12 unchanged sentences

have agreed to assume responsibility for these liabilities.

In March 2023, the California Office of Tax Appeals (“OTA”) issued an opinion in a case involving notices of proposed assessment of California corporation franchise tax for tax year 1999 issued to us.

The case involves whether (i) the notices of proposed assessment were barred by the statute of limitations;

and (ii) a transaction undertaken by us in tax year 1999 constituted a tax-free reorganization under the Internal Revenue Code (“IRC”).

The OTA concluded that the notices of proposed assessment were not barred by the statute of limitations and that the 1999 transaction was not a tax-free reorganization under the IRC.

Anywhere Real Estate, Inc.

has assumed 62.5 %, and Wyndham Hotels and Resorts, Inc.

and Travel + Leisure Co.

have assumed 37.5 % of the potential tax liability in this matter, respectively.

We filed a petition for rehearing, which was denied in April 2024, and the tax assessment is expected to become payable, even if judicial relief is sought.

We are also named in litigation that is primarily related to the businesses of our former subsidiaries, including Realogy and Wyndham.

We are also involved in litigation that is primarily related to the businesses of our former subsidiaries, including Realogy and Wyndham.

We are entitled to indemnification from such entities for any liability resulting from such litigation.

6 unchanged sentences

In October 2023, plaintiffs’ motion for class certification was denied as to their proposed nationwide class and granted as to a subclass, created at the Court’s discretion, of Avis Preferred and Budget Fastbreak members.

We have been named as a defendant in other purported consumer class action lawsuits, including two class actions filed against us in New Jersey, one seeking damages in connection with a breach of contract claim and another related to ancillary charges at our Payless subsidiary.

However, the Company intends to vigorously defend them.

In February 2026, plaintiffs agreed to limit the class to the period from September 30, 2008 through April 2016.

We have been named as a defendant in other purported consumer class action lawsuits, including a class action filed against us in New Jersey seeking damages in connection with a breach of contract claim, which the Company intends to vigorously defend.

In 2025, two shareholders filed derivative suits in the United States District Court for the District of New Jersey alleging that the Company’s directors and officers breached their fiduciary duties in connection with the Company’s fleet strategy in 2024.

The Company is named as a nominal defendant.

On October 23, 2025, plaintiffs agreed to dismiss their cases without prejudice, and subsequently sought court approval to do so.

The court ordered that notice of the voluntary dismissals be provided to Avis shareholders, and the Company anticipates that notice will be disseminated in February 2026.

In September 2025, we received a net pro rata settlement distribution of approximately $ 114 million in connection with the Company’s participation in a class action settlement in the In re Automotive Parts Antitrust Litigation, No.

2:12-md-02311 (E.D.

Mich.), which is included within operating expenses in the Consolidated Statements of Operations.

We are currently involved, and in the future may be involved, in claims and/or legal proceedings, including class actions, and governmental inquiries that are incidental to our vehicle rental and car sharing operations, including, among others, contract and licensee disputes, competition matters, employment and wage-and-hour claims, insurance and liability claims, intellectual property claims, business practice disputes and other regulatory, environmental, commercial and tax matters.

We are a defendant in a number of legal proceedings for personal injury arising from the operation of our vehicles.

In June 2023, two of our subsidiaries were named as defendants in a lawsuit filed in Dallas, Texas alleging that one of our employees caused the death of an individual with one of our vehicles:

Peggy Dawson Edwards, Individually and as Anticipated Representative of the Estate of Michael Edwards, Sr., et.

Avis Budget Car Rental, LLC;

PV Holding Corp.;

and Kevin Barnes, Cause No.

CC-23-03188-E, pending in County Court at Law No.

5 for Dallas County, Texas.

The complaint alleges that our subsidiaries are responsible for Mr.

Edwards’ death and seeks compensatory and punitive damages in an unspecified amount exceeding $ 1 million.

The court has set a trial date in May 2025 for this lawsuit.

Given the early stages of the legal proceedings, it is not possible to predict the outcome of the claim.

However, the Company intends to vigorously defend it.

In addition, we are a defendant in a number of legal proceedings for personal injury arising from the operation of our vehicles.

Litigation is inherently unpredictable and, although we believe that our accruals are adequate and/or that we have valid defenses in these matters, unfavorable resolutions could occur.

2 unchanged sentences

Commitments to Purchase Vehicles

We maintain agreements with vehicle manufacturers under which we have agreed to purchase approximately $ 6.3 billion of vehicles from manufacturers over the next 12 months, a $ 0.5 billion decrease compared to December 31, 2023, financed primarily through the issuance of vehicle-backed debt and cash received upon the disposition of vehicles.

We maintain agreements with vehicle manufacturers under which we have agreed to purchase approximately $ 6.8 billion of vehicles from manufacturers over the next 12 months, a $ 0.5 billion increase compared to December 31, 2024, financed primarily through the issuance of vehicle-backed debt and cash received upon the disposition of vehicles.

Certain of these commitments are subject to the vehicle manufacturers satisfying their obligations under their respective repurchase and guaranteed depreciation agreements.

3 unchanged sentences

Concentrations

Concentrations of credit risk at December 31, 2024, include (i) risks related to our repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers and primarily with respect to receivables for program cars that have been disposed, but for which we have not yet received payment from the manufacturers and (ii) risks related to Realogy and Wyndham, including receivables of $ 39 million and $ 24 million, respectively, related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition.

Concentrations of credit risk as of December 31, 2025 include risks related to our repurchase and guaranteed depreciation agreements with domestic and foreign automobile manufacturers, and primarily with respect to receivables for program cars that have been disposed of, but for which we have not yet received payment from the manufacturers.

Asset Retirement Obligations

2 unchanged sentences

Our asset retirement obligations, which are measured at discounted fair values, are primarily related to the removal of underground fuel storage tanks at our rental facilities.

The Consolidated Balance Sheets include liabilities for asset retirement obligations of $ 25 million and $ 27 million at December 31, 2024 and 2023, respectively.

The Consolidated Balance Sheets include liabilities for asset retirement obligations of $ 26 million and $ 25 million as of December 31, 2025 and 2024, respectively.

Standard Guarantees/Indemnifications

13 unchanged sentences

Our Board of Directors has authorized the repurchase of up to approximately $ 8.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded, most recently in February 2023 (the “Stock Repurchase Program”).

During 2024, 2023 and 2022, we repurchased 21.6 million shares of common stock under the Stock Repurchase Program at a cost of approximately $ 4.2 billion (excluding excise taxes due for 2024 and 2023 repurchases under the Inflation Reduction Act of 2022).

During the year ended December 31, 2025, we did not repurchase shares of common stock under the Stock Repurchase Program.

During the years ended December 31, 2024 and 2023, we repurchased approximately 4.9 million shares of common stock under the Stock Repurchase Program at a cost of approximately $ 935 million (excluding excise taxes due under the Inflation Reduction Act of 2022).

As of December 31, 2025, approximately $ 757 million of authorization remained available to repurchase common stock under the Stock Repurchase Program.

6 unchanged sentences

Accumulated Other Comprehensive Income (Loss)

Balance, January 1, 2022 $ 16 $ ( 19 ) $ ( 130 ) $ ( 133 )

Balance as of January 1, 2023 $ ( 30 ) $ 45 $ ( 116 ) $ ( 101 )

Other comprehensive income (loss) before reclassifications 27 5 ( 18 ) 14

3 unchanged sentences

Net current-period other comprehensive income (loss) 27 ( 8 ) ( 14 ) 5

Balance, December 31, 2022 ( 30 ) 45 ( 116 ) ( 101 )

Balance as of December 31, 2023 ( 3 ) 37 ( 130 ) ( 96 )

Other comprehensive income (loss) before reclassifications ( 122 ) 15 10 ( 97 )

3 unchanged sentences

Net current-period other comprehensive income (loss) ( 122 ) ( 6 ) 14 ( 114 )

Balance, December 31, 2023 ( 3 ) 37 ( 130 ) ( 96 )

Balance as of December 31, 2024 ( 125 ) 31 ( 116 ) ( 210 )

Other comprehensive income (loss) before reclassifications 77 ( 2 ) 9 84

3 unchanged sentences

Net current-period other comprehensive income (loss) 77 ( 17 ) 12 72

Balance, December 31, 2024 $ ( 125 ) $ 31 $ ( 116 ) $ ( 210 )

All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries (see Note 9 – Income Taxes) and include a $ 148 million gain, net of tax, related to our hedge of our investment in euro-denominated foreign operations (See Note 20 – Financial Instruments).

Balance as of December 31, 2025 $ ( 48 ) $ 14 $ ( 104 ) $ ( 138 )

All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries (see Note 9 – Income Taxes) and include a $ 24 million gain, net of tax, as of December 31, 2025 related to our hedge of our investment in euro-denominated foreign operations (See Note 20 – Financial Instruments).

(a) Amounts reclassified to interest expense.

(b) Amounts reclassified to selling, general and administrative expenses.

Redeemable Non-controlling Interests

The following table presents changes in our redeemable non-controlling interests:

Balance as of January 1 $ —

Net income (loss) (a)

Contributions 183

Balance as of December 31 $ 74

(a) Represents the allocation of net income (loss) to the redeemable non-controlling interest holders under the HLBV method.

See Note 2 – Summary of Significant Accounting Policies - Variable Interest Entities (“VIE”) and Non-Controlling Interests.

Related Party Transactions

SRS Mobility Ventures, LLC

In 2021, SRS Mobility Ventures, LLC acquired a 33 1/3% Class A Membership Interest in one of our subsidiaries at fair value of $ 37.5 million.

SRS Mobility Ventures, LLC is an affiliate of our largest shareholder, SRS Investment Management, LLC.

On September 1, 2022, through the issuance of Class B Preferred Voting Membership Interests, SRS Mobility Ventures, LLC increased their ownership in this subsidiary to 51 % at fair value of $ 62 million.

In accordance with ASC Topic 810-10-40, we must deconsolidate a subsidiary as of the date we cease to have a controlling interest in that subsidiary and recognize the gain or loss in net income at that time.

The fair value of our retained investment was determined utilizing a discounted cash flow methodology based on various assumptions, including projections of future cash flows, which include forecast of future revenue and EBITDA.

As a result, we deconsolidated our former subsidiary, Avis Mobility Ventures LLC (“AMV”), from our financial statements and began to report our proportional share of the former subsidiary’s income or loss within other (income) expense, net in our Consolidated Statements of Operations as we no longer had the ability to direct the significant activities of the former subsidiary and were no longer primary beneficiary of the VIE.

Upon deconsolidation in 2022, our former subsidiary had a net asset carrying amount of $ 49 million and we recorded a gain within other (income) expense, net.

In August and October 2023, SRS Mobility Ventures, LLC made capital contributions to AMV, increasing their ownership to approximately 65 %.

In June 2024, SRS Mobility Ventures, LLC made a capital contribution of approximately $ 22 million to AMV, and we simultaneously settled approximately $ 12 million in receivables from AMV related to services we provided.

SRS Mobility Ventures, LLC’s ownership percentage remained at approximately 65 % following these transactions.

Avis Mobility Ventures LLC

Avis Mobility Ventures LLC (“AMV”) is our former subsidiary.

We ceased to have a controlling interest in AMV in 2022, and as a result we deconsolidated AMV from our financial statements.

Our proportional share of AMV’s income or loss is included within other (income) expense, net in our Consolidated Statements of Operations.

I n June 2024, we settled approximately $ 12 million in receivables from AMV related to services we provided.

In November 2025, we made a capital contribution of approximately $ 9 million to AMV.

As of December 31, 2025, we own approximately 35 % of AMV.

We continue to provide vehicles, related fleet services, and certain administrative services to AMV to support their operations.

The following table provides amounts reported within our Consolidated Balance Sheets related to our equity method investment in AMV and these services.

The following tables provide amounts reported within our financial statements related to our equity method investment in AMV and these services.

The components of other (income) expense, net are summarized below:

Year Ended December 31,

2025 2024 2023

(Income) expense for services to AMV, net $ 11 $ 2 $ ( 22 )

(Income) loss on equity method investment in AMV, net 7 7 25

Other (income) expense, net $ 18 $ 9 $ 3

The following table provides amounts reported within our Consolidated Balance Sheets related to AMV:

As of December 31,

6 unchanged sentences

See Note 8 – Vehicle Rental Activities.

The components of other (income) expense, net are summarized below:

Year Ended December 31,

2024 2023 2022

(Income) expense for services to AMV, net $ 2 $ ( 22 ) $ ( 7 )

(Income) loss on equity method investment in AMV, net 7 25 10

(Gain) loss on deconsolidation of former subsidiary — — ( 10 )

Other (income) expense, net $ 9 $ 3 $ ( 7 )

SRS Mobility Ventures, LLC

SRS Mobility Ventures, LLC is an affiliate of our largest shareholder, SRS Investment Management, LLC.

SRS Mobility Ventures, LLC obtained a controlling interest in AMV in 2022.

In August and October 2023, SRS Mobility Ventures, LLC made capital contributions to AMV, increasing their ownership to approximately 65 %.

In June 2024, SRS Mobility Ventures, LLC made a capital contribution of approximately $ 22 million to AMV.

SRS Mobility Ventures, LLC’s ownership percentage remained at approximately 65 % following these transactions.

In November 2025, SRS Mobility Ventures, LLC made a capital contribution of approximately $ 16 million to AMV.

As of December 31, 2025, they own approximately 65 % of AMV.

Stock-Based Compensation

6 unchanged sentences

As part of our declaration and payment of a special cash dividend in December 2023, we granted additional RSUs to our award holders with unvested shares as a dividend equivalent, which has been deferred until, and will not be paid unless, the shares of stock underlying the award vest.

Annual activity related to stock units consisted of (in thousands of shares):

The activity related to stock units consisted of (in thousands of shares):

Number of Shares Weighted

1 unchanged sentence

Time-based RSUs

Outstanding at January 1, 2024

Outstanding as of January 1, 2025

( 133 ) 158.92

Forfeited ( 43 ) 107.99

Outstanding and expected to vest at December 31, 2024 (c)

Outstanding and expected to vest as of December 31, 2025 (c)

419 $ 88.53 1 $ 54

Performance-based RSUs

Outstanding at January 1, 2024

Outstanding as of January 1, 2025

( 63 ) 192.76

Forfeited ( 129 ) 131.74

Outstanding at December 31, 2024

Outstanding as of December 31, 2025

556 $ 87.91 1.4 $ 71

Outstanding and expected to vest at December 31, 2024 (c)

Outstanding and expected to vest as of December 31, 2025 (c)

106 $ 64.84 1.4 $ 14

1 unchanged sentence

The weighted-average fair value of time- and performance-based RSUs granted in 2024 was $ 109.80 and $ 112.34 , respectively, and the weighted-average fair value of time-and performance-based RSUs granted in 2023 was $ 204.17 and $ 204.13 , respectively.

(b) The total fair value of time- and performance-based RSUs vested during 2024 was $ 32 million.

The total fair value of time-, performance- , and market-based RSUs vested during 2023 and 2022 was $ 21 million and $ 22 million, respectively.

(b) The total fair value of time- and performance-based RSUs vested during 2025 and 2024 was $ 33 million and $ 32 million, respectively.

The total fair value of time-, performance- , and market-based RSUs vested during 2023 was $ 21 million.

(c) Aggregate unrecognized compensation expense related to time- and performance-based RSUs amounted to $ 24 million and will be recognized over a weighted average vesting period of 1.1 years.

2 unchanged sentences

During 2025, 2024 and 2023, we granted approximately 6,600 , 4,400 , and 4,000 awards, respectively, to non-employee directors.

In October 2025, this plan was terminated.

Stock-Compensation Expense

19 unchanged sentences

Net periodic cost (benefit) $ 4 $ 4 $ 5

(a) For the years ended December 31, 2024, 2023, and 2022, $ 3 million, $ 3 million, and $ 4 million was included in operating expenses, respectively.

For the year ended December 31, 2022, $ 1 million was included in selling, general and administrative expenses.

(a) Primarily included in operating expenses.

(b) Included in selling, general and administrative expenses.

8 unchanged sentences

Plan amendments ( 2 ) ( 1 )

Currency translation adjustment

Currency translation adjustments 29 ( 11 )

Net benefits paid ( 31 ) ( 31 )

4 unchanged sentences

Employer contributions 6 4

Currency translation adjustment

Currency translation adjustments 21 ( 6 )

Net benefits paid ( 31 ) ( 31 )

29 unchanged sentences

We expect to contribute approximately $ 10 million to the plans in 2026.

Our defined benefit pension plans’ assets are invested primarily in mutual funds and may change in value due to various risks, such as interest rate and credit risk and overall market volatility.

Our defined benefit pension plans’ assets in the U.S.

are invested in collective investment trusts in 2025 and primarily in mutual funds in prior years, while our assets in foreign subsidiaries are primarily invested in mutual funds.

These may change in value due to various risks, such as interest rate and credit risk and overall market volatility.

Due to the level of risk associated with investment securities, it is reasonably possible that changes in the values of the pension plans’ investment securities will occur in the near term and that such changes would materially affect the amounts reported in our financial statements.

5 unchanged sentences

As such, we allocate assets among traditional equity, fixed income (government issued securities, corporate bonds and short-term cash investments) and other investment strategies.

The equity component’s purpose is to provide a total return that will help preserve the purchasing power of the assets.

The pension plans hold various mutual funds that invest in equity securities and are diversified

among funds that invest in large cap, small cap, growth, value and international stocks as well as funds that are intended to “track” an index, such as the S&P 500.

The equity investments in the portfolios will represent a greater assumption of market volatility and risk as well as provide higher anticipated total return over the long term.

The equity component is expected to approximate 35 %- 55 % of the plans’ assets.

The purpose of the fixed income component is to provide a deflation hedge, to reduce the overall volatility of the pension plans’ assets in relation to the liability and to produce current income.

The pension plans hold mutual funds that invest in securities issued by governments, government agencies and corporations.

The fixed income component is expected to approximate 35 %- 55 % of the plans’ assets.

Furthermore, assets are viewed as liability hedging assets or growth assets.

Investment grade fixed income assets that mirror key characteristics of the pension liability and are anticipated to respond to market forces in a similar fashion to the pension liability are deemed to be liability hedging assets.

Growth assets are all other assets within the portfolio that are anticipated to provide return above that of the pension liability.

The growth component’s purpose is to provide a total return that will help preserve the purchasing power of the assets.

The pension plans hold various mutual funds and collective investment trusts that invest in equity securities and are diversified among funds that invest in large cap, small cap, growth, value, international stocks as well as funds that are intended to “track” an index, such as the S&P 500, and sub-investment grade fixed income.

The growth investments in the portfolios will represent a greater assumption of market volatility and risk as well as provide higher anticipated total return over the long term.

The growth component is expected to approximate 15 %- 25 % of the plans’ assets.

The purpose of the liability hedging component is to provide a deflation hedge, to reduce the overall volatility of the pension plans’ assets in relation to the liability and to produce current income.

The pension plans hold mutual funds and collective investment trusts that invest in securities issued by governments, government agencies and corporations.

The liability hedging component is expected to approximate 60 %- 70 % of the plans’ assets.

The purpose of the alternative investment component is to provide diversification and risk reduction through less correlated investment strategies with the goal of enhanced returns and downside protection.

Alternative strategies will not be used if they are designed solely to enhance return and/or employ significant leverage.

Alternative strategies are not used if they are designed solely to enhance return and/or employ significant leverage.

Diversification of asset categories, investment styles and managers is central to managing investment risk.

The alternative investment component is expected to approximate 5 %- 15 % of the pl ans’ assets.

The following table presents the defined benefit pension plans’ assets measured at fair v alue:

We diversify our pension plans’ assets of various foreign subsidiaries in alternative investments.

Our pension plans’ assets in the U.S.

are not invested in alternatives.

The alternative investment component is expected to approximate 5 %- 15 % of the plans’ assets.

The following table presents the defined benefit pension plans’ a ssets measured at fair v alue:

As of December 31, 2025

Asset Class Level 1 Level 2 Level 3 Total

Asset Class Level 1 Level 2 Level 3 (a)

Cash equivalents and short-term investments $ 4 $ 16 $ — $ 20

4 unchanged sentences

Other assets — 80 59 139

Other assets measured at net asset value (b)

Total assets $ 25 $ 213 $ 59 $ 536

As of December 31, 2024

Asset Class Level 1 Level 2 Level 3 Total

Asset Class Level 1 Level 2 Level 3 (a)

Cash equivalents and short-term investments $ 8 $ 12 $ — $ 20

5 unchanged sentences

Total assets $ 254 $ 197 $ 59 $ 510

For the years ended December 31, 2024 and 2023, we purchased and classified investments of $ 2 million and $ 11 million, respectively, as Level 3.

(a) For the years ended December 31, 2025 and 2024, we purchased and classified investments of $ 4 million and $ 2 million, respectively, as Level 3.

(b) Includes assets invested in collective investment trusts, which have been measured at fair value using the net asset value per share practical expedient and have not been classified in the fair value hierarchy.

We estimate that future benefit payments from plan assets will be $ 36 million, $ 36 million, $ 37 million, $ 39 million, $ 39 million and $ 209 million for 2026, 2027, 2028, 2029, 2030 and 2031 to 2035, respectively.

31 unchanged sentences

We mitigate counterparty credit risk associated with our derivative contracts by monitoring the amount for which we are at risk with each counterparty, periodically evaluating counterparty creditworthiness and financial position, and where possible, dispersing our risk among multiple counterparties.

There were no significant concentrations of credit risk with any individual counterparty or groups of counterparties at December 31, 2024 or 2023, other than (i) risks related to our repurchase and guaranteed depreciation agreements with domestic and foreign car manufacturers, and primarily with respect to receivables for program cars that were disposed but for which we have not yet received payment from the manufacturers (see Note 2 – Summary of Significant Accounting Policies), (ii) receivables from Realogy and Wyndham related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition, and (iii) risks related to leases which have been assumed by Realogy but of which we are a guarantor.

There were no significant concentrations of credit risk with any individual counterparty or groups of counterparties as of December 31, 2025 or 2024, other than (i) risks related to our repurchase and guaranteed depreciation agreements with domestic and foreign automobile manufacturers, and primarily with respect to receivables for program cars that were disposed of, but for which we have not yet received payment from the manufacturers (see Note 2 – Summary of Significant Accounting Policies), (ii) receivables from Realogy and Wyndham related to certain contingent, income tax and other corporate liabilities assumed by Realogy and Wyndham in connection with their disposition, and (iii) risks related to leases which have been assumed by Realogy but of which we are a guarantor.

Concentrations of credit risk associated with trade receivables are considered minimal due to our diverse customer base.

8 unchanged sentences

Interest rate swaps 750 750

(a) Represents $ 8.9 billion of interest rate caps sold and approximately $ 3.1 billion of interest rate caps purchased at December 31, 2024 and $ 10.3 billion of interest rate caps sold and approximately $ 4.9 billion of interest rate caps purchased at December 31, 2023.

These amounts exclude $ 5.8 billion and $ 5.9 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary at December 31, 2024 and 2023, respectively, as it is not consolidated by us.

(a) Represents $ 7.1 billion of interest rate caps sold and approximately $ 4.3 billion of interest rate caps purchased as of December 31, 2025 and $ 8.9 billion of interest rate caps sold and approximately $ 3.1 billion of interest rate caps purchased as of December 31, 2024.

These amounts exclude $ 3.3 billion and $ 5.8 billion of interest rate caps purchased by our Avis Budget Rental Car Funding subsidiary as of December 31, 2025 and 2024, respectively, as it is not consolidated by us.

Estimated fair values (Level 2) of derivative instruments are as follows:

16 unchanged sentences

The effects of derivatives recognized in our Consolidated Financial Statements are as follows:

The effects of financial instruments recognized in our Consolidated Financial Statements are as follows:

Year Ended December 31,

4 unchanged sentences

Euro-denominated notes (c)

( 124 ) 55 ( 21 )

Financial instruments not designated as hedging instruments (d)

2 unchanged sentences

Interest rate caps (f)

— ( 1 ) ( 1 )

Total $ ( 115 ) $ 2 $ ( 42 )

4 unchanged sentences

(d) Gains (losses) related to derivative instruments are expected to be largely offset by (losses) gains on the underlying exposures being hedged.

(e) For the year ended December 31, 2024, included a $ 47 million loss in interest expense.

(e) For the year ended December 31, 2025, included a $ 28 million gain in interest expense and a $ 2 million loss in operating expenses.

For the year ended December 31, 2024, included a $ 47 million loss in interest expense.

For the year ended December 31, 2023, included a $ 14 million loss in interest expense and a $ 2 million gain in operating expenses.

For the year ended December 31, 2022, included a $ 39 million gain in interest expense and a $ 3 million loss in operating expenses.

(f) Primarily included in vehicle interest, net.

17 unchanged sentences

long-lived asset impairment and other related charges;

other fleet charges;

restructuring and other related charges;

2 unchanged sentences

transaction-related costs, net;

legal matters, net, which includes amounts recorded in excess of $ 5 million, related primarily to unprecedented self-insurance reserves for allocated loss adjustment expense, class action lawsuits and personal injury matters;

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;

4 unchanged sentences

and income taxes.

We have revised our definition of Adjusted EBITDA to exclude severe weather-related damages in excess of $ 5 million, net of insurance proceeds.

In the first quarter of 2025, we revised our definition of Adjusted EBITDA to exclude other fleet charges.

We did not revise prior years' Adjusted EBITDA amounts because there were no other charges similar in nature to these.

2 unchanged sentences

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.

Provided below is information about our revenues, significant segment expenses, reportable segment Adjusted EBITDA and a reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes.

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.

Year Ended December 31, 2025

3 unchanged sentences

Operating (a)

Vehicle depreciation and lease charges, net

Vehicle depreciation and lease charges, net (b)

Selling, general and administrative

2 unchanged sentences

Reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes:

Reportable segment Adjusted EBITDA $ 842

Non-vehicle related depreciation and amortization 229

Interest expense related to corporate debt, net:

Long-lived asset impairment and other related charges (b)

Interest expense 11

Long-lived asset impairment and other related charges (c)

Other fleet charges 390

Restructuring and other related charges 117

Transaction-related costs, net 3

Other (income) expense, net 18

2 unchanged sentences

and severe weather-related damages, net ( 105 )

Corporate and other (c)

Corporate and other (d)

Income (loss) before income taxes $ ( 929 )

(a) Excludes legal matters, net;

cloud computing costs;

and severe weather-related damages, net.

(b) Includes an impairment charge of approximately $ 2.3 billion related to the acceleration of the rotation of our fleet and a charge of $ 180 million related to the write-down of the carrying value of certain vehicles held for sale within our Americas reportable segment.

(a) Excludes legal matters, net, cloud computing costs and severe weather-related damages, net.

(b) Excludes other fleet charges related to the disposal of certain fleet within our Americas reportable segment.

(c) Includes an impairment charge of approximately $ 518 million within our Americas reportable segment, related to the acceleration of the rotation of certain United States EV rental car vehicles in conjunction with the Interpace Ventures transaction.

See Note 2 – Summary of Significant Accounting Policies – Impairment of Long-Lived Assets.

(c) Includes unallocated corporate expenses, including $ 354 million and $ 19 million in interest expense and early extinguishment of debt, respectively, which are not attributable to a particular reportable segment.

(d) Consists of unallocated corporate expenses, including $ 411 million and $ 6 million of interest expense and early extinguishment of debt, respectively, which are not attributable to a particular reportable segment.

Year Ended December 31, 2024

8 unchanged sentences

Reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes:

Reportable segment Adjusted EBITDA $ 712

Non-vehicle related depreciation and amortization 234

Interest expense related to corporate debt, net:

Interest expense 4

Long-lived asset impairment and other related charges (b)

Restructuring and other related charges 37

1 unchanged sentence

Other (income) expense, net 9

Legal matters, net and cloud computing costs 10

Corporate and other (b)

Legal matters, net;

cloud computing costs;

and severe weather-related damages, net 77

Corporate and other (c)

Income (loss) before income taxes $ ( 2,627 )

(a) Excludes legal matters, net and cloud computing costs.

(b) Includes unallocated corporate expenses, including $ 302 million and $ 5 million in interest expense and early extinguishment of debt, respectively, which are not attributable to a particular reportable segment.

(a) Excludes legal matters, net, cloud computing costs and severe weather-related damages, net.

See Note 2 – Summary of Significant Accounting Policies – Impairment of Long-Lived Assets.

(c) Consists of unallocated corporate expenses, including $ 354 million and $ 19 million of interest expense and early extinguishment of debt, respectively, which are not attributable to a particular reportable segment.

Year Ended December 31, 2023

8 unchanged sentences

Reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes:

Reportable segment Adjusted EBITDA $ 2,596

Non-vehicle related depreciation and amortization 215

Interest expense related to corporate debt, net:

Interest expense ( 6 )

Restructuring and other related charges 11

1 unchanged sentence

Other (income) expense, net 3

Cloud computing costs;

COVID-19 charges, net;

and legal matters, net ( 3 )

Legal matters, net and cloud computing costs 10

Corporate and other (b)

Income (loss) before income taxes $ 1,914

(a) Excludes cloud computing costs;

COVID-19 charges, net;

and legal matters, net.

(b) Includes unallocated corporate expenses, including $ 247 million in interest expense, which are not attributable to a particular reportable segment.

(a) Excludes legal matters, net and cloud computing costs.

(b) Consists of unallocated corporate expenses, including $ 302 million and $ 5 million of interest expense and early extinguishment of debt, respectively, which are not attributable to a particular reportable segment.

Provided below is information about our segment assets.

27 unchanged sentences

Net long-lived assets 1,507 981 2,488

Subsequent Events

In January 2025, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued an additional $ 358 million of asset-backed notes to investors with expected final payment dates ranging from August 2027 to February 2029 and a weighted average interest rate of 8.01 %.

These notes were issued under previously outstanding series of debt.

In February 2025, we borrowed $ 500 million under a floating rate term loan due December 2025, which is part of our senior revolving credit facilities.

Subsequent Event

In February 2026, we completed the acquisition of a licensee in North America for approximately $ 47 million, plus approximately $ 1 million in acquired fleet.

Schedule II – Valuation and Qualifying Accounts

13 unchanged sentences

(a) Primarily currency translation adjustments.

Exhibit Index

2.1 Separation and Distribution Agreement by and among Cendant Corporation*, Realogy Corporation, Wyndham Worldwide Corporation and Travelport Inc., dated as of July 27, 2006 (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K, dated August 1, 2006).

1 unchanged sentence

dated as of July 27, 2006 (incorporated by reference to Exhibit 2.2 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2007, dated August 8, 2007).

3.1 Amended and Restated Certificate of Incorporation of Avis Budget Group, Inc.

(Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, dated September 5, 2006).

3.1 Amended and Restated Certificate of Incorporation of Avis Budget Group, Inc., dated as of July 31, 2025 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, dated July 31, 2025).

3.2 Amended and Restated Bylaws of Avis Budget Group, Inc., dated August 10, 2020 (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K, dated August 13, 2020).

10 unchanged sentences

Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated September 13, 2024).

4.10 Indenture, dated as of May 19, 2025, by and among Avis Budget Car Rental, LLC and Avis Budget Finance, Inc., together as issuers, the guarantors party thereto and U.S.

Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K, dated May 19, 2025).

4.11 Description of the Company’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.8 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, dated February 17, 2022).

7 unchanged sentences

(incorporated by reference to Exhibit 10.75 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, dated February 16, 2023).†

10.5 Offer Letter dated June 7, 2025 between Daniel Cunha and Avis Budget Group, Inc.

(incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated June 9, 2025).†

10.6 Separation and Advising Agreement between Joseph Ferraro and Avis Budget Group, Inc., dated as of July 24, 2025 (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, dated October 28, 2025).†

10.7 Service Agreement between Jagdeep Pahwa and Avis Budget Services Limited, dated as of December 3, 2025.†

10.8 Avis Budget Group, Inc.

1 unchanged sentence

10.9 Fourth Amended and Restated Cooperation Agreement, dated as of December 23, 2022, by and among Avis Budget Group, Inc., SRS Investment Management, LLC and certain of its affiliates (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K dated December 27, 2022).

10.10 First Amendment, dated May 6, 2025, to the Fourth Amended and Restated Cooperation Agreement, dated as of December 23, 2022, by and among Avis Budget Group, Inc., SRS Investment Management, LLC and certain of its affiliates (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K, dated May 6, 2025).

10.11 Second Amendment, dated as of September 5, 2025, to the Fourth Amended and Restated Cooperation Agreement, dated as of December 23, 2022, by and among Avis Budget Group, Inc., SRS Investment Management, LLC and certain of its affiliates (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated September 8, 2025).

10.12 Avis Budget Group, Inc.

Amended and Restated Equity and Incentive Plan (incorporated by reference to Annex A to the Company's Definitive Proxy Statement on Schedule 14A, dated March 26, 2019).†

10.8 Amendment to the Avis Budget Group, Inc.

10.13 A mendment to the Avis Budget Group, Inc.

Amended and Restated Equity and Incentive Plan dated October 26, 2021 (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, dated November 2, 2021).†

10.14 Form of Award Agreement - Restricted Stock Units (incorporated by reference to Exhibit 10.12 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 dated February 21, 2019).†

10.10 Form of Award Agreement - Performance Based Restricted Stock Units (Incorporated by reference to Exhibit 10.13 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, dated February 21, 2019).†

10.11 Form of Non-Employee Director Award Agreement - Restricted Stock Units (Incorporated by reference to Exhibit 10.14 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, dated February 21, 2019).†

10.15 Form of Award Agreement - Performance Based Restricted Stock Units ( i ncorporated by reference to Exhibit 10.13 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, dated February 21, 2019).†

10.16 Form of Non-Employee Director Award Agreement - Restricted Stock Units ( i ncorporated by reference to Exhibit 10.14 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, dated February 21, 2019).†

10.17 Form of Avis Budget Group, Inc.

Severance Agreement (Incorporated by reference to Exhibit 10.15 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, dated February 21, 2019).†

Severance Agreement ( i ncorporated by reference to Exhibit 10.15 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, dated February 21, 2019).†

10.18 Avis Budget Group, Inc.

Non-Employee Directors Deferred Compensation Plan, amended and restated as of January 1, 2019 (Incorporated by reference to Exhibit 10.16 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 dated February 21, 2019).†

Non-Employee Directors Deferred Compensation Plan, amended and restated as of January 1, 2019 ( i ncorporated by reference to Exhibit 10.16 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 dated February 21, 2019).†

10.19 Amendment No.

1 unchanged sentence

Non-Employee Directors Deferred Compensation Plan, amended and restated as of January 1, 2019 (incorporated by reference to Exhibit 10.17 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, dated February 16, 2023).

10.20 Termination Amendment, dated as of October 29, 2025, to the Avis Budget Group, Inc.

Non-Employee Directors Deferred Compensation Plan, amended and restated as of January 1, 2019.

10.21 Avis Budget Group, Inc.

Supplemental Savings Plan, amended and restated as of January 1, 2023 (incorporated by reference to Exhibit 10.18 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, dated February 16, 2023).

10.16 Cendant Corporation* Officer Personal Financial Services Policy (Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K, dated January 26, 2005).

10.17 Tax Sharing Agreement among Cendant Corporation*, Realogy Corporation, Wyndham Worldwide Corporation and Travelport Inc., dated as of July 28, 2006 (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, dated August 1, 2006).

10.22 Cendant Corporation* Officer Personal Financial Services Policy ( i ncorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K, dated January 26, 2005).

10.23 Tax Sharing Agreement among Cendant Corporation*, Realogy Corporation, Wyndham Worldwide Corporation and Travelport Inc., dated as of July 28, 2006 ( i ncorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, dated August 1, 2006).

10.24 Amendment to the Tax Sharing Agreement, dated July 28, 2006, among Avis Budget Group, Inc., Realogy Corporation, Wyndham Worldwide Corporation and Travelport Inc.

(Incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2008, dated August 7, 2008).

10.19 Second Amended and Restated Base Indenture, dated as of June 3, 2004, among Cendant Rental Car Funding (AESOP) LLC***, as Issuer, and The Bank of New York, as Trustee (Incorporated by reference to Exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2004, dated August 2, 2004).

( i ncorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2008, dated August 7, 2008).

10.25 Second Amended and Restated Base Indenture, dated as of June 3, 2004, among Cendant Rental Car Funding (AESOP) LLC***, as Issuer, and The Bank of New York, as Trustee ( i ncorporated by reference to Exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2004, dated August 2, 2004).

10.26 Supplemental Indenture No.

1, dated as of December 23, 2005, among Cendant Rental Car Funding (AESOP) LLC***, as Issuer, and The Bank of New York, as Trustee, to the Second Amended and Restated Base Indenture, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated January 20, 2006).

1, dated as of December 23, 2005, among Cendant Rental Car Funding (AESOP) LLC***, as Issuer, and The Bank of New York, as Trustee, to the Second Amended and Restated Base Indenture, dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated January 20, 2006).

10.27 Supplemental Indenture No.

2, dated as of May 9, 2007, among Avis Budget Rental Car Funding (AESOP) LLC, as Issuer, and The Bank of New York Trust Company, N.A.

(as successor in interest to The Bank of New York), as Trustee, to the Second Amended and Restated Base Indenture, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007, dated August 8, 2007).

(as successor in interest to The Bank of New York), as Trustee, to the Second Amended and Restated Base Indenture, dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007, dated August 8, 2007).

10.28 Supplemental Indenture No.

3, dated as of August 16, 2013, among Avis Budget Rental Car Funding (AESOP) LLC, as Issuer, and The Bank of New York Trust Company, N.A.

(as successor in interest to The Bank of New York), as Trustee, to the Second Amended and Restated Base Indenture, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.35(c) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, dated February 20, 2014).

10.23 Second Amended and Restated Loan Agreement, dated as of June 3, 2004, among AESOP Leasing L.P., as Borrower, Quartx Fleet Management, Inc., as a Permitted Nominee, PV Holding Corp., as a Permitted Nominee, and Cendant Rental Car Funding (AESOP) LLC***, as Lender (Incorporated by reference to Exhibit

10.8 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2004, dated August 2, 2004).

10.24 First Amendment, dated as of December 23, 2005, among AESOP Leasing L.P., as Borrower, Quartx Fleet Management, Inc., as a Permitted Nominee, PV Holding Corp., as a Permitted Nominee, and Cendant Rental Car Funding (AESOP) LLC***, as Lender, to the Second Amended and Restated Loan Agreement, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, dated January 20, 2006).

10.25 Second Amendment, dated as of May 9, 2007, among AESOP Leasing L.P., as Borrower, PV Holding Corp., as a Permitted Nominee, Quartx Fleet Management, Inc., as a Permitted Nominee, and Avis Budget Rental Car Funding (AESOP) LLC, as Lender, to the Second Amended and Restated Loan Agreement, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007, dated August 8, 2007).

10.26 Third Amendment, dated as of August 16, 2013, among AESOP Leasing L.P., as Borrower, PV Holding Corp., as a Permitted Nominee, Quartx Fleet Management, Inc., as a Permitted Nominee, and Avis Budget Rental Car Funding (AESOP) LLC, as Lender, to the Second Amended and Restated Loan Agreement, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.36(c) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, dated February 20, 2014).

10.27 Fourth Amendment, dated as of July 28, 2022, among AESOP Leasing L.P., as Borrower, PV Holding Corp., as a Permitted Nominee, Quartx Fleet Management, Inc., as a Permitted Nominee, and Avis Budget Rental Car Funding (AESOP) LLC, as Lender, to the Second Amended and Restated Loan Agreement, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, dated November 1, 2022).

10.28 Amended and Restated Loan Agreement, dated as of June 3, 2004, among AESOP Leasing L.P., as Borrower, and Cendant Rental Car Funding (AESOP) LLC***, as Lender (Incorporated by reference to Exhibit 10.29(a) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2006, dated March 1, 2007).

10.29 First Amendment, dated as of December 23, 2005, among AESOP Leasing L.P., as Borrower, and Cendant Rental Car Funding (AESOP) LLC***, as Lender, to the Amended and Restated Loan Agreement, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.29(b) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2006, dated March 1, 2007).

10.30 Second Amendment, dated as of the May 9, 2007, among AESOP Leasing L.P., as Borrower, and Avis Budget Rental Car Funding (AESOP) LLC, as Lender, to the Amended and Restated Loan Agreement, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007, dated August 8, 2007).

10.31 Third Amendment, dated as of August 16, 2013, among AESOP Leasing L.P., as Borrower, and Avis Budget Rental Car Funding (AESOP) LLC, as Lender, to the Amended and Restated Loan Agreement, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.37(c) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, dated February 20, 2014).

10.32 Fourth Amendment, dated as of July 28, 2022, between AESOP Leasing L.P., as Borrower, and Avis Budget Rental Car Funding (AESOP) LLC, as Lender, to the Amended and Restated Loan Agreement, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, dated November 1, 2022).

10.33 Second Amended and Restated Master Motor Vehicle Operating Lease Agreement, dated as of June 3, 2004, among AESOP Leasing L.P., as Lessor, and Cendant Car Rental Group, Inc.**, as Lessee and as Administrator (Incorporated by reference to Exhibit 10.9 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2004, dated August 2, 2004).

10.34 First Amendment, dated December 23, 2005, among AESOP Leasing L.P., as Lessor, and Cendant Car Rental Group, Inc.**, as Lessee and as Administrator, to the Second Amended and Restated Master Motor Vehicle Operating Lease Agreement, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K, dated January 20, 2006).

10.35 Third Amendment, dated as of May 9, 2007, among AESOP Leasing L.P., as Lessor and Avis Budget Car Rental, LLC, as Lessee and as the Administrator, to the Second Amended and Restated Master Motor Vehicle Operating Lease Agreement, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.9 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007, dated August 8, 2007).

10.36 Fourth Amendment, dated as of August 16, 2013, among AESOP Leasing L.P., as Lessor and Avis Budget Car Rental, LLC, as Lessee and as the Administrator, to the Second Amended and Restated Master Motor Vehicle Operating Lease Agreement, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.38(c) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, dated February 20, 2014).

10.37 Fifth Amendment, dated as of July 28, 2022, among AESOP Leasing L.P., as Lessor and Avis Budget Car Rental, LLC, as Lessee and as the Administrator, to the Second Amended and Restated Master Motor Vehicle Operating Lease Agreement, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, dated November 1, 2022).

10.38 Amended and Restated Master Motor Vehicle Finance Lease Agreement, dated as of June 3, 2004, among AESOP Leasing L.P., as Lessor, Cendant Car Rental Group, Inc.**, as Lessee, as Administrator and as Finance Lease Guarantor, Avis Rent A Car System, Inc.****, as Lessee, and Budget Rent A Car System, Inc., as Lessee (Incorporated by reference to Exhibit 10.30(a) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2006, dated March 1, 2007).

10.39 First Amendment, dated as of December 23, 2005, among AESOP Leasing L.P., as Lessor, Cendant Car Rental Group, Inc.**, as Lessee, as Administrator and as Finance Lease Guarantor, Avis Rent A Car System, Inc.****, as Lessee, and Budget Rent A Car System, Inc., as Lessee, to the Amended and Restated Master Motor Vehicle Finance Lease Agreement, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.30(b) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2006, dated March 1, 2007).

10.40 Third Amendment, dated as of May 9, 2007, among AESOP Leasing L.P., as Lessor, Avis Budget Car Rental, LLC, as Lessee, as Administrator and as Finance Lease Guarantor, Avis Rent A Car System, LLC, as Lessee, and Budget Rent A Car System, Inc., as Lessee, to the Amended and Restated Master Motor Vehicle Finance Lease Agreement, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007, dated August 8, 2007).

10.41 Fourth Amendment, dated as of August 16, 2013, among AESOP Leasing L.P., as Lessor, Avis Budget Car Rental, LLC, as Lessee, as Administrator and as Finance Lease Guarantor, Avis Rent A Car System, LLC, as Lessee, and Budget Rent A Car System, Inc., as Lessee, to the Amended and Restated Master Motor Vehicle Finance Lease Agreement, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.39(c) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, dated February 20, 2014).

10.42 Fifth Amendment, dated as of July 28, 2022, among AESOP Leasing L.P., as Lessor, Avis Budget Car Rental, LLC, as Lessee, as Administrator and as Finance Lease Guarantor, Avis Rent A Car System, LLC, as Lessee, and Budget Rent A Car System, Inc., as Lessee, to the Amended and Restated Master Motor Vehicle Finance Lease Agreement, dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, dated November 1, 2022).

10.43 AESOP I Operating Sublease Agreement dated as of March 26, 2013, between Zipcar, Inc., as Sublessee and Avis Budget Car Rental, LLC, as Sublessor (Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2013, dated May 8, 2013).

(as successor in interest to The Bank of New York), as Trustee, to the Second Amended and Restated Base Indenture, dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.35(c) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, dated February 20, 2014).

10.29 Supplemental Indenture No.

4, dated as of January 31, 2025, among Avis Budget Rental Car Funding (AESOP) LLC, as Issuer, and The Bank of New York Trust Company, N.A.

(as successor in interest to The Bank of New York), as Trustee, to the Second Amended and Restated Base Indenture, dated as of June 3, 2004 (incorporated by reference to Exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, dated May 8, 2025).

10.30 Supplemental Indenture No.

5, dated as of April 22, 2025, among Avis Budget Rental Car Funding (AESOP) LLC, as Issuer, and The Bank of New York Trust Company, N.A.

(as successor in interest to The Bank of New York), as Trustee, to the Second Amended and Restated Base Indenture, dated as of June 3, 2004 (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, dated July 30, 2025).

10.31 Second Amended and Restated Loan Agreement, dated as of June 3, 2004, among AESOP Leasing L.P., as Borrower, Quartx Fleet Management, Inc., as a Permitted Nominee, PV Holding Corp., as a Permitted Nominee, and Cendant Rental Car Funding (AESOP) LLC***, as Lender ( i ncorporated by reference to Exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2004, dated August 2, 2004).

10.32 First Amendment, dated as of December 23, 2005, among AESOP Leasing L.P., as Borrower, Quartx Fleet Management, Inc., as a Permitted Nominee, PV Holding Corp., as a Permitted Nominee, and Cendant Rental Car Funding (AESOP) LLC***, as Lender, to the Second Amended and Restated Loan Agreement, dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, dated January 20, 2006).

10.33 Second Amendment, dated as of May 9, 2007, among AESOP Leasing L.P., as Borrower, PV Holding Corp., as a Permitted Nominee, Quartx Fleet Management, Inc., as a Permitted Nominee, and Avis Budget Rental Car Funding (AESOP) LLC, as Lender, to the Second Amended and Restated Loan Agreement, dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007, dated August 8, 2007).

10.34 Third Amendment, dated as of August 16, 2013, among AESOP Leasing L.P., as Borrower, PV Holding Corp., as a Permitted Nominee, Quartx Fleet Management, Inc., as a Permitted Nominee, and Avis Budget Rental Car Funding (AESOP) LLC, as Lender, to the Second Amended and Restated Loan Agreement, dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.36(c) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, dated February 20, 2014).

10.35 Fourth Amendment, dated as of July 28, 2022, among AESOP Leasing L.P., as Borrower, PV Holding Corp., as a Permitted Nominee, Quartx Fleet Management, Inc., as a Permitted Nominee, and Avis Budget Rental Car Funding (AESOP) LLC, as Lender, to the Second Amended and Restated Loan Agreement, dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, dated November 1, 2022).

10.36 Amended and Restated Loan Agreement, dated as of June 3, 2004, among AESOP Leasing L.P., as Borrower, and Cendant Rental Car Funding (AESOP) LLC***, as Lender ( i ncorporated by reference to Exhibit 10.29(a) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2006, dated March 1, 2007).

10.37 First Amendment, dated as of December 23, 2005, among AESOP Leasing L.P., as Borrower, and Cendant Rental Car Funding (AESOP) LLC***, as Lender, to the Amended and Restated Loan Agreement, dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.29(b) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2006, dated March 1, 2007).

10.38 Second Amendment, dated as of the May 9, 2007, among AESOP Leasing L.P., as Borrower, and Avis Budget Rental Car Funding (AESOP) LLC, as Lender, to the Amended and Restated Loan Agreement, dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007, dated August 8, 2007).

10.39 Third Amendment, dated as of August 16, 2013, among AESOP Leasing L.P., as Borrower, and Avis Budget Rental Car Funding (AESOP) LLC, as Lender, to the Amended and Restated Loan Agreement, dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.37(c) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, dated February 20, 2014).

10.40 Fourth Amendment, dated as of July 28, 2022, between AESOP Leasing L.P., as Borrower, and Avis Budget Rental Car Funding (AESOP) LLC, as Lender, to the Amended and Restated Loan Agreement, dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, dated November 1, 2022).

10.41 Second Amended and Restated Master Motor Vehicle Operating Lease Agreement, dated as of June 3, 2004, among AESOP Leasing L.P., as Lessor, and Cendant Car Rental Group, Inc.**, as Lessee and as Administrator ( i ncorporated by reference to Exhibit 10.9 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2004, dated August 2, 2004).

10.42 First Amendment, dated December 23, 2005, among AESOP Leasing L.P., as Lessor, and Cendant Car Rental Group, Inc.**, as Lessee and as Administrator, to the Second Amended and Restated Master Motor Vehicle Operating Lease Agreement, dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K, dated January 20, 2006).

10.43 Third Amendment, dated as of May 9, 2007, among AESOP Leasing L.P., as Lessor and Avis Budget Car Rental, LLC, as Lessee and as the Administrator, to the Second Amended and Restated Master Motor Vehicle Operating Lease Agreement, dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.9 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007, dated August 8, 2007).

10.44 Fourth Amendment, dated as of August 16, 2013, among AESOP Leasing L.P., as Lessor and Avis Budget Car Rental, LLC, as Lessee and as the Administrator, to the Second Amended and Restated Master Motor Vehicle Operating Lease Agreement, dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.38(c) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, dated February 20, 2014).

10.45 Fifth Amendment, dated as of July 28, 2022, among AESOP Leasing L.P., as Lessor and Avis Budget Car Rental, LLC, as Lessee and as the Administrator, to the Second Amended and Restated Master Motor Vehicle Operating Lease Agreement, dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, dated November 1, 2022).

10.46 Amended and Restated Master Motor Vehicle Finance Lease Agreement, dated as of June 3, 2004, among AESOP Leasing L.P., as Lessor, Cendant Car Rental Group, Inc.**, as Lessee, as Administrator and as Finance Lease Guarantor, Avis Rent A Car System, Inc.****, as Lessee, and Budget Rent A Car System, Inc., as Lessee ( i ncorporated by reference to Exhibit 10.30(a) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2006, dated March 1, 2007).

10.47 First Amendment, dated as of December 23, 2005, among AESOP Leasing L.P., as Lessor, Cendant Car Rental Group, Inc.**, as Lessee, as Administrator and as Finance Lease Guarantor, Avis Rent A Car System, Inc.****, as Lessee, and Budget Rent A Car System, Inc., as Lessee, to the Amended and Restated Master Motor Vehicle Finance Lease Agreement, dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.30(b) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2006, dated March 1, 2007).

10.48 Third Amendment, dated as of May 9, 2007, among AESOP Leasing L.P., as Lessor, Avis Budget Car Rental, LLC, as Lessee, as Administrator and as Finance Lease Guarantor, Avis Rent A Car System, LLC, as Lessee, and Budget Rent A Car System, Inc., as Lessee, to the Amended and Restated Master Motor Vehicle Finance Lease Agreement, dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007, dated August 8, 2007).

10.49 Fourth Amendment, dated as of August 16, 2013, among AESOP Leasing L.P., as Lessor, Avis Budget Car Rental, LLC, as Lessee, as Administrator and as Finance Lease Guarantor, Avis Rent A Car System, LLC, as Lessee, and Budget Rent A Car System, Inc., as Lessee, to the Amended and Restated Master Motor Vehicle Finance Lease Agreement, dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.39(c) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, dated February 20, 2014).

10.50 Fifth Amendment, dated as of July 28, 2022, among AESOP Leasing L.P., as Lessor, Avis Budget Car Rental, LLC, as Lessee, as Administrator and as Finance Lease Guarantor, Avis Rent A Car System, LLC, as Lessee, and Budget Rent A Car System, Inc., as Lessee, to the Amended and Restated Master Motor Vehicle Finance Lease Agreement, dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, dated November 1, 2022).

10.51 Sixth Amendment, dated as of April 22, 2025, among AESOP Leasing L.P., as Lessor, Avis Budget Car Rental, LLC, as Lessee, as Administrator and as Finance Lease Guarantor, Avis Rent A Car System, LLC, as Lessee, and Budget Rent A Car System, Inc., as Lessee, to the Amended and Restated Master Motor Vehicle Finance Lease Agreement, dated as of June 3, 2004 (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, dated July 30, 2025).

10.52 AESOP I Operating Sublease Agreement dated as of March 26, 2013, between Zipcar, Inc., as Sublessee and Avis Budget Car Rental, LLC, as Sublessor ( i ncorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2013, dated May 8, 2013).

10.53 Second Amended and Restated Administration Agreement, dated as of June 3, 2004, among Cendant Rental Car Funding (AESOP) LLC***, AESOP Leasing L.P., AESOP Leasing Corp.

II, Avis Rent A Car System, Inc.****, Budget Rent A Car System, Inc., Cendant Car Rental Group, Inc.** and The Bank of New York, as Trustee (Incorporated by reference to Exhibit 10.34 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2005, dated March 1, 2006).

II, Avis Rent A Car System, Inc.****, Budget Rent A Car System, Inc., Cendant Car Rental Group, Inc.** and The Bank of New York, as Trustee ( i ncorporated by reference to Exhibit 10.34 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2005, dated March 1, 2006).

10.54 First Amendment, dated as of August 16, 2013, among Avis Budget Rental Car Funding (AESOP) LLC, AESOP Leasing L.P., AESOP Leasing Corp.

II, Avis Rent A Car System, LLC, Budget Rent A Car System, Inc.

and Avis Budget Car Rental, LLC, as Administrator, to the Second Amended and Restated Administration Agreement dated as of June 3, 2004 (Incorporated by reference to Exhibit 10.41(a) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, dated February 20, 2014).

and Avis Budget Car Rental, LLC, as Administrator, to the Second Amended and Restated Administration Agreement dated as of June 3, 2004 ( i ncorporated by reference to Exhibit 10.41(a) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, dated February 20, 2014).

10.55 Sixth Amended and Restated Series 2010-6 Supplement, dated as of March 4, 2024, by and among Avis Budget Rental Car Funding (AESOP) LLC, as Issuer, Avis Budget Car Rental, LLC, as Administrator, JPMorgan Chase Bank, N.A., as Administrative Agent, the Non-Conduit Purchasers, the CP Conduit Purchasers, the Committed Note Purchasers, the APA Banks and the Funding Agents named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee and as Series 2010-6 Agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated March 8, 2024).

10.56 First Amendment, dated as of March 28, 2025, to Sixth Amended and Restated Series 2010-6 Supplement, dated as of March 4, 2024, by and among Avis Budget Rental Car Funding (AESOP) LLC, as Issuer, Avis Budget Car Rental, LLC, as Administrator, JPMorgan Chase Bank, N.A., as Administrative Agent, the Non-Conduit Purchasers, the CP Conduit Purchasers, the Committed Note Purchasers, the APA Banks and the Funding Agents named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee and as Series 2010-6 Agent (incorporated by reference to Exhibit 10.10 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, dated May 8, 2025).

10.57 Second Amendment, dated as of April 30, 2025, to Sixth Amended and Restated Series 2010-6 Supplement, dated as of March 4, 2024, by and among Avis Budget Rental Car Funding (AESOP) LLC, as Issuer, Avis Budget Car Rental, LLC, as Administrator, JPMorgan Chase Bank, N.A., as Administrative Agent, the Non-Conduit Purchasers, the CP Conduit Purchasers, the Committed Note Purchasers, the APA Banks and the Funding Agents named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee and as Series 2010-6 Agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated May 6, 2025).

10.58 Fourth Amended and Restated Series 2015-3 Supplement, dated as of March 4, 2024, by and among Avis Budget Rental Car Funding (AESOP) LLC, as Issuer, Avis Budget Car Rental, LLC, as Administrator, JPMorgan Chase Bank, N.A., as Administrative Agent, the Non-Conduit Purchasers, the CP Conduit Purchasers, the Committed Note Purchasers, the APA Banks and the Funding Agents named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee and as Series 2015-3 Agent (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated March 8, 2024).

10.48 Amended and Restated Series 2019-3 Supplement, dated as of May 26, 2022, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2019-3 Agent (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, dated June 10, 2022).

10.49 Amended and Restated Series 2020-1 Supplement, dated as of June 18, 2021, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2020-1 Agent.

(Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K, dated June 23, 2021).

10.50 Amended and Restated Series 2020-2 Supplement, dated as of December 27, 2024, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2020-2 Agent.

10.51 Series 2021-1 Supplement dated as of May 18, 2021, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2021-1 Agent (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated May 21, 2021).

10.59 First Amendment, dated as of March 28, 2025, to Fourth Amended and Restated Series 2015-3 Supplement, dated as of March 4, 2024, by and among Avis Budget Rental Car Funding (AESOP) LLC, as Issuer, Avis Budget Car Rental, LLC, as Administrator, JPMorgan Chase Bank, N.A., as Administrative Agent, the Non-Conduit Purchasers, the CP Conduit Purchasers, the Committed Note Purchasers, the APA Banks and the Funding Agents named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee and as Series 2015-3 Agent (incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, dated May 8, 2025).

10.60 Second Amendment, dated as of April 30, 2025, to Fourth Amended and Restated Series 2015-3 Supplement, dated as of March 4, 2024, by and among Avis Budget Rental Car Funding (AESOP) LLC, as Issuer, Avis Budget Car Rental, LLC, as Administrator, JPMorgan Chase Bank, N.A., as Administrative Agent, the Non-Conduit Purchasers, the CP Conduit Purchasers, the Committed Note Purchasers, the APA Banks and the Funding Agents named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee and as Series 2015-3 Agent (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, dated May 6, 2025).

10.61 Amended and Restated Series 2020-2 Supplement, dated as of December 27, 2024, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2020-2 Agent (incorporated by reference to Exhibit 10.50 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, dated February 14, 2025).

10.62 First Amendment, dated as of March 28, 2025, to the Amended and Restated Series 2020-2 Supplement, dated as of December 27, 2024, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2020-2 Agent (incorporated by reference to Exhibit 10.12 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, dated May 8, 2025).

10.63 Series 2021-1 Supplement dated as of May 18, 2021, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2021-1 Agent ( i ncorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated May 21, 2021).

10.64 Series 2021-2 Supplement, dated as of November 17, 2021, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2021-2 Agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, dated November 19, 2021).

10.53 Series 2022-1 Supplement, dated as of April 14, 2022, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2022-1 Agent (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated April 19, 2022).

10.54 Series 2022-3 Supplement, dated as of July 21, 2022, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2022-3 Agent (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated July 22, 2022).

10.55 Series 2022-4 Supplement, dated as of July 21, 2022, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2022-4 Agent (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, dated July 22, 2022).

10.56 Amended and Restated Series 2022-5 Supplement, dated as of December 27, 2024, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2022-5 Agent.

10.57 Series 2023-1 Supplement, dated as of January 17, 2023, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2023-1 Agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K dated January 20, 2023).

10.58 First Amendment to Series 2023-1 Supplement, dated as of February 5, 2024, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2023-1 Agent.

(Incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 10-Q, for the quarterly period ended March 31, 2024, dated May 2, 2024).

10.59 Amended and Restated Series 2023-2 Supplement, dated as of December 27, 2024, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2023-2 Agent.

10.60 Amended and Restated Series 2023-3 Supplement, dated as of December 27, 2024, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2023-3 Agent.

10.61 Series 2023-4 Supplement, dated as of April 6, 2023, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2023-4 Agent (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated April 11, 2023).

10.62 Amended and Restated Series 2023-5 Supplement, dated as of December 27, 2024, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2023-5 Agent.

10.63 Series 2023-6 Supplement, dated as of June 1, 2023, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2023-6 Agent (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated June 6, 2023).

10.64 Series 2023-7 Supplement, dated as of September 18, 2023, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2023-7 Agent (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated September 21, 2023).

10.65 Series 2023-8 Supplement, dated as of September 18, 2023, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2023-8 Agent (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated September 21, 2023).

10.66 Series 2024-1 Supplement, dated as of January 12, 2024, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2024-1 Agent (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated January 18, 2024).

10.67 Amended and Restated Series 2024-2 Supplement, dated as of December 27, 2024, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2024-2 Agent.

10.68 Series 2024-3 Supplement, dated as of March 12, 2024, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2024-3 Agent (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated March 18, 2024).

10.65 Series 2022-1 Supplement, dated as of April 14, 2022, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2022-1 Agent ( i ncorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated April 19, 2022).

10.66 Series 2022-3 Supplement, dated as of July 21, 2022, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2022-3 Agent ( i ncorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated July 22, 2022).

10.67 Series 2022-4 Supplement, dated as of July 21, 2022, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and Series 2022-4 Agent ( i ncorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, dated July 22, 2022).

10.68 Amended and Restated Series 2022-5 Supplement, dated as of December 27, 2024, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2022-5 Agent (incorporated by reference to Exhibit 10.56 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, dated February 14, 2025).

10.69 First Amendment, dated as of March 28, 2025, to the Amended and Restated Series 2022-5 Supplement, dated as of December 27, 2024, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2022-5 Agent (incorporated by reference to Exhibit 10.13 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, dated May 8, 2025).

10.70 Second Amended and Restated Series 2023-1 Supplement, dated as of April 9, 2025, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2023-1 Agent (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, dated July 30, 2025).

10.71 Second Amended and Restated Series 2023-2 Supplement, dated as of March 28, 2025, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2023-2 Agent (incorporated by reference to Exhibit 10.14 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, dated May 8, 2025).

10.72 Second Amended and Restated Series 2023-3 Supplement, dated as of March 28, 2025, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2023-3 Agent (incorporated by reference to Exhibit 10.15 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, dated May 8, 2025).

10.73 Second Amended and Restated Series 2023-4 Supplement, dated as of June 10, 2025, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2023-4 Agent (incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, dated July 30, 2025).

10.74 Second Amended and Restated Series 2023-5 Supplement, dated as of March 28, 2025, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2023-5 Agent (incorporated by reference to Exhibit 10.16 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, dated May 8, 2025).

10.75 Second Amended and Restated Series 2023-6 Supplement, dated as of June 10, 2025, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2023-6 Agent (incorporated by reference to Exhibit 10.12 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, dated July 30, 2025).

10.76 Second Amended and Restated Series 2023-7 Supplement, dated as of April 9, 2025, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2023-7 Agent (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, dated July 30, 2025).

10.77 Second Amended and Restated Series 2023-8 Supplement, dated as of June 10, 2025, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2023-8 Agent (incorporated by reference to Exhibit 10.13 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, dated July 30, 2025).

10.78 Amended and Restated Series 2024-1 Supplement, dated as of January 31, 2025, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2024-1 Agent (incorporated by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, dated May 8, 2025).

10.79 Second Amended and Restated Series 2024-2 Supplement, dated as of March 28, 2025, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2024-2 Agent (incorporated by reference to Exhibit 10.17 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, dated May 8, 2025).

10.80 Amended and Restated Series 2024-3 Supplement, dated as of January 31, 2025, between Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2024-3 Agent (incorporated by reference to Exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, dated May 8, 2025).

10.81 Series 2025-1 Supplement, dated as of May 28, 2025, between Avis Budget Group, Inc.

and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2025-1 Agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated June 2, 2025).

10.82 First Amendment, dated July 21, 2025, to Series 2025-1 Supplement, dated as of May 28, 2025, between Avis Budget Group, Inc.

and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2025-1 Agent (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, dated October 28, 2025).

10.83 Second Amendment, dated September 16, 2025, to Series 2025-1 Supplement, dated as of May 28, 2025, between Avis Budget Group, Inc.

and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2025-1 Agent (incorporated by reference to Exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, dated October 28, 2025).

10.84 Series 2025-2 Supplement, dated as of May 28, 2025, between Avis Budget Group, Inc.

and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2025-2 Agent (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, dated June 2, 2025).

10.85 First Amendment, dated July 21, 2025, to Series 2025-2 Supplement, dated as of May 28, 2025, between Avis Budget Group, Inc.

and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2025-2 Agent (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, dated October 28, 2025).

10.86 Second Amendment, dated September 16, 2025, to Series 2025-2 Supplement, dated as of May 28, 2025, between Avis Budget Group, Inc.

and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2025-2 Agent (incorporated by reference to Exhibit 10.9 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, dated October 28, 2025).

10.87 Series 2025-3 Supplement, dated as of September 16, 2025, between Avis Budget Group, Inc.

and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2025-3 Agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated September 19, 2025).

10.88 Series 2025-4 Supplement, dated as of September 16, 2025, between Avis Budget Group, Inc.

and The Bank of New York Mellon Trust Company, N.A., as trustee and as Series 2025-4 Agent (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, dated September 19, 2025).

10.89 Sixth Amended and Restated Credit Agreement, dated as of July 9, 2021, among Avis Budget Holdings, LLC, Avis Budget Car Rental, LLC, Avis Budget Group, Inc., the subsidiary borrowers from time to time party thereto, the financial institutions from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated July 13, 2021).

10.70 First Amendment, dated as of March 16, 2022, to the Sixth Amended and Restated Credit Agreement, dated as of July 9, 2021, among Avis Budget Holdings, LLC, Avis Budget Car Rental, LLC, Avis Budget Group, Inc., the subsidiary borrowers from time to time party thereto, the financial institutions from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, dated March 25, 2022).

10.71 Second Amendment, dated as of March 24, 2022, to the Sixth Amended and Restated Credit Agreement, dated as of July 9, 2021, among Avis Budget Holdings, LLC, Avis Budget Car Rental, LLC, Avis Budget Group, Inc., the subsidiary borrowers from time to time party thereto, the financial institutions from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated March 25, 2022).

10.72 Third Amendment, dated as of July 28, 2022, to the Sixth Amended and Restated Credit Agreement, dated as of July 9, 2021, among Avis Budget Holdings, LLC, Avis Budget Car Rental, LLC, as borrower, Avis Budget Group, Inc., the subsidiary borrowers from time to time party thereto, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto (Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, dated November 1, 2022).

10.90 First Amendment, dated as of March 16, 2022, to the Sixth Amended and Restated Credit Agreement, dated as of July 9, 2021, among Avis Budget Holdings, LLC, Avis Budget Car Rental, LLC, Avis Budget Group, Inc., the subsidiary borrowers from time to time party thereto, the financial institutions from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent ( i ncorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, dated March 25, 2022).

10.91 Second Amendment, dated as of March 24, 2022, to the Sixth Amended and Restated Credit Agreement, dated as of July 9, 2021, among Avis Budget Holdings, LLC, Avis Budget Car Rental, LLC, Avis Budget Group, Inc., the subsidiary borrowers from time to time party thereto, the financial institutions from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent ( i ncorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated March 25, 2022).

10.92 Third Amendment, dated as of July 28, 2022, to the Sixth Amended and Restated Credit Agreement, dated as of July 9, 2021, among Avis Budget Holdings, LLC, Avis Budget Car Rental, LLC, as borrower, Avis Budget Group, Inc., the subsidiary borrowers from time to time party thereto, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto ( i ncorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, dated November 1, 2022).

10.93 Fourth Amendment, dated as of February 6, 2023, to the Sixth Amended and Restated Credit Agreement, dated as of July 9, 2021, among Avis Budget Holdings, LLC, Avis Budget Car Rental, LLC, as borrower, Avis Budget Group, Inc., the subsidiary borrowers from time to time party thereto, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto (incorporated by reference to Exhibit 10.76 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, dated February 16, 2023).

4 unchanged sentences

10.98 Administrative Amendment, dated as of December 27, 2023, to the Sixth Amended and Restated Credit Agreement, dated as of July 9, 2021, among Avis Budget Holdings, LLC, Avis Budget Car Rental, LLC, as borrower, Avis Budget Group, Inc., the subsidiary borrowers from time to time party thereto, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto (incorporated by reference to Exhibit 10.90 to the Company's Annual Report on Form 10-K for the year ended December 31, 2023, dated February 16, 2024).

19 Securities Trading Policy.

10.99 Ninth Amendment, dated as of February 6, 2025, to the Sixth Amended and Restated Credit Agreement, dated as of July 9, 2021, among Avis Budget Holdings, LLC, Avis Budget Car Rental, LLC, as borrower, Avis Budget Group, Inc., the subsidiary borrowers from time to time party thereto, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated February 11, 2025).

10.100 Tenth Amendment, dated as of July 16, 2025, to the Sixth Amended and Restated Credit Agreement, dated as of July 9, 2021, among Avis Budget Holdings, LLC, Avis Budget Car Rental, LLC, as borrower, Avis Budget Group, Inc., the subsidiary borrowers from time to time party thereto, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated July 21, 2025).

10.101 Base Indenture, dated as of December 30, 2025, between Interpace Funding LLC, as Issuer, and The Bank of New York Mellon Trust Company, N.A., as Trustee.

10.102 Series 2025-1 Supplement, dated as of December 30, 2025, by and among Interpace Funding LLC, as Issuer, Avis Budget Car Rental, LLC, as Administrator, JPMorgan Chase Bank, N.A., as Senior Administrative Agent, Wells Fargo Bank, N.A., as Junior Administrative Agent, the Non-Conduit Purchasers, the CP Conduit Purchasers, the Funding Agents, the APA Banks and the Junior Noteholders named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee and as Series 2025-1 Agent.

10.103 Administration Agreement, dated as of December 30, 2025, among Interpace Funding LLC, Avis Budget Car Rental, LLC and The Bank of New York Mellon Trust Company, N.A., as Trustee.

10.104 Master Motor Vehicle Operating Lease Agreement, dated as of December 30, 2025, between Interpace Funding LLC, as Lessor, and Avis Budget Car Rental, LLC, as Lessee and as Administrator.

19 Securities Trading Policy (incorporated by reference to Exhibit 19 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, dated February 14, 2025).

21 Subsidiaries of Registrant.

23 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures