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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segments Information | 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.
Schedule of Geographic Segment Information | 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 Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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