Overview
- Adjusted EBITDA was $5 million, far below the $145.4 million expected by analysts polled by FactSet.
- The company reported a GAAP loss per share of $21.25 on roughly $2.7 billion in revenue, with a fourth-quarter net loss of $856 million and a full-year loss of $995 million.
- Avis recorded about $500–518 million in impairment and related charges linked to shortening the useful life of certain U.S. electric vehicles.
- Operational pressures included an 11% drop in November commercial rental days after widespread flight cancellations tied to the government shutdown, a smaller fleet, and a difficult window for selling used cars.
- Shares fell roughly 21–23%, erasing about $1 billion in market value, and peer Hertz dropped more than 14% as the company also warned of lower Q1 results after January weather disruptions.