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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information Our chief executive officer, who also serves as our chief operating decision-maker (“CODM,”) assesses performance and allocates resources based upon the separate financial information of our operating segments. We aggregate certain of our operating segments into our reportable segments. In identifying our reportable segments, we also consider the management structure of the organization, the nature of services provided by our operating segments, the geographical areas and economic characteristics in which the segments operate, and other relevant factors. Our CODM evaluates the operating results of each of our reportable segments based upon revenues and Adjusted EBITDA, which we define as income (loss) from continuing operations before non-vehicle related depreciation and amortization; long-lived asset impairment and other related charges; other fleet charges; restructuring and other related charges; early extinguishment of debt costs; non-vehicle related interest; transaction-related costs, net; 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; COVID-19 charges, net; cloud computing costs; other (income) expense, net; severe weather-related damages in excess of $5 million, net of insurance proceeds; and income taxes. 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. We believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our operating businesses and in comparing our results from period to period. We also believe that Adjusted EBITDA is useful to investors because it allows them to assess our results of operations and financial condition on the same basis that management uses internally. 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. GAAP. 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.
| Three Months Ended September 30, |  |  |  |
| 2025 |  | 2024 |  |  |  |
| Americas |  | International |  | Total |  | Americas |  | International |  | Total |  |  |  |
Revenues | $ | 2,621 |  |  | $ | 898 |  |  | $ | 3,519 |  |  | $ | 2,640 |  |  | $ | 840 |  |  | $ | 3,480 |  |  |  |  |
Significant segment expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating (a) | 1,234 |  |  | 374 |  |  |  |  | 1,210 |  |  | 348 |  |  |  |  |  |  |
Vehicle depreciation and lease charges, net | 508 |  |  | 170 |  |  |  |  | 613 |  |  | 193 |  |  |  |  |  |  |
Selling, general and administrative | 269 |  |  | 128 |  |  |  |  | 236 |  |  | 116 |  |  |  |  |  |  |
Vehicle interest, net | 212 |  |  | 36 |  |  |  |  | 197 |  |  | 44 |  |  |  |  |  |  |
Reportable segment Adjusted EBITDA | $ | 398 |  |  | $ | 190 |  |  | $ | 588 |  |  | $ | 384 |  |  | $ | 139 |  |  | $ | 523 |  |  |  |  |
Reconciliation of reportable segment Adjusted EBITDA to income before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | 2025 |  |  |  |  |  | 2024 |  |  |  |
Reportable segment Adjusted EBITDA |  | $ | 588 |  |  |  |  |  |  | $ | 523 |  |  |  |  |
Non-vehicle related depreciation and amortization |  | 57 |  |  |  |  |  |  | 58 |  |  |  |  |
Interest expense related to corporate debt, net: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | 4 |  |  |  |  |  |  | 3 |  |  |  |  |
Restructuring and other related charges |  | 9 |  |  |  |  |  |  | 6 |  |  |  |  |
Other (income) expense, net |  | 2 |  |  |  |  |  |  | 3 |  |  |  |  |
Other segment expenses (b) |  | (110) |  |  |  |  |  |  | 1 |  |  |  |  |
Corporate and other (c) |  | 153 |  |  |  |  |  |  | 123 |  |  |  |  |
Income before income taxes |  | $ | 473 |  |  |  |  |  |  | $ | 329 |  |  |  |  |
__________ (a)Excludes other segment expenses. (b)Legal matters, net, cloud computing costs and severe weather-related damages, net for the three months ended September 30, 2025. Cloud computing costs for the three months ended September 30, 2024. (c)Consists of unallocated corporate expenses not attributable to a particular reportable segment. For the three months ended September 30, 2025 and 2024, includes $105 million and $92 million of interest expense related to corporate debt, respectively.
| Nine Months Ended September 30,
| 2025 |  | 2024
| Americas |  | International |  | Total |  | Americas |  | International |  | Total
Revenues | $ | 6,860 |  |  | $ | 2,128 |  |  | $ | 8,988 |  |  | $ | 6,994 |  |  | $ | 2,085 |  |  | $ | 9,079 |
Significant segment expenses: |  |  |  |  |  |  |  |  |  |  |
Operating (a) | 3,467 |  |  | 977 |  |  |  |  | 3,449 |  |  | 957 |  |  |
Vehicle depreciation and lease charges, net (b) | 1,525 |  |  | 454 |  |  |  |  | 1,659 |  |  | 516 |  |  |
Selling, general and administrative | 733 |  |  | 325 |  |  |  |  | 665 |  |  | 323 |  |  |
Vehicle interest, net | 584 |  |  | 103 |  |  |  |  | 607 |  |  | 117 |  |  |
Reportable segment Adjusted EBITDA | $ | 551 |  |  | $ | 269 |  |  | $ | 820 |  |  | $ | 614 |  |  | $ | 172 |  |  | $ | 786 |
Reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes: |  |  |  |  |  |  |  |
|  |  |  |  | 2025 |  |  |  |  |  | 2024
Reportable segment Adjusted EBITDA |  | $ | 820 |  |  |  |  |  |  | $ | 786 |
Non-vehicle related depreciation and amortization |  | 172 |  |  |  |  |  |  | 176 |
Interest expense related to corporate debt, net: |  |  |  |  |  |  |  |
Interest expense |  | 10 |  |  |  |  |  |  | 5 |
Other fleet charges |  | 390 |  |  |  |  |  |  | — |
Restructuring and other related charges |  | 82 |  |  |  |  |  |  | 23 |
Transaction-related costs, net |  | — |  |  |  |  |  |  | 2 |
Other (income) expense, net |  | 13 |  |  |  |  |  |  | 6 |
Other segment expenses (c) |  | (97) |  |  |  |  |  |  | 10 |
Corporate and other (d) |  | 439 |  |  |  |  |  |  | 350 |
Income (loss) before income taxes |  | $ | (189) |  |  |  |  |  |  | $ | 214 |
__________ (a)Excludes other segment expenses. (b)For the nine months ended September 30, 2025, excludes other fleet charges related to the accelerated disposal of certain fleet within our Americas reportable segment. These costs relate to vehicles that were not included in the long-lived asset impairment and other related charges recorded in 2024. (c)Legal matters, net, cloud computing costs and severe weather-related damages, net for the nine months ended September 30, 2025. Legal matters, net and cloud computing costs for the nine months ended September 30, 2024. (d)Consists of unallocated corporate expenses not attributable to a particular reportable segment. For the nine months ended September 30, 2025 and 2024, includes $306 million and $261 million of interest expense related to corporate debt, respectively. Provided below is information about our segment assets.
| Americas |  | International |  | Unallocated Assets (a) |  | Total
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |
Property and equipment additions | $ | 44 |  |  | $ | 23 |  |  | $ | 69 |  |  | $ | 136 |
As of September 30, 2025 |  |  |  |  |  |  |
Assets exclusive of assets under vehicle programs | 7,394 |  |  | 3,066 |  |  | 320 |  |  | 10,780 |
Assets under vehicle programs | 17,504 |  |  | 4,234 |  |  | — |  |  | 21,738 |
Net long-lived assets | 1,438 |  |  | 793 |  |  | 200 |  |  | 2,431 |
Year Ended December 31, 2024 |  |  |  |  |  |  |
Property and equipment additions | $ | 109 |  |  | $ | 40 |  |  | $ | 53 |  |  | $ | 202 |
As of December 31, 2024 |  |  |  |  |  |  |
Assets exclusive of assets under vehicle programs | 6,785 |  |  | 2,539 |  |  | 344 |  |  | 9,668 |
Assets under vehicle programs | 16,058 |  |  | 3,315 |  |  | — |  |  | 19,373 |
Net long-lived assets | 1,474 |  |  | 733 |  |  | 162 |  |  | 2,369 |
__________ (a)Includes unallocated corporate assets which are not attributable to a particular reportable segment.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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