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Arphra AIPlain-English read on Avis Budget Group, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $9.31B | $11.99B | $12.01B | $11.79B | $11.65B | $11.93B | $12.16B | $12.55B |
| Cost of revenue | $5.92B | $7.23B | $8.08B | $8.79B | $8.81B | $8.79B | $9.02B | $9.27B |
| Gross profit | $3.39B | $4.77B | $3.93B | $3B | $2.85B | $3.31B | $3.43B | $3.36B |
| Gross margin | +36.39% | +39.76% | +32.70% | +25.43% | +24.42% | +27.75% | +28.20% | +26.80% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $1.15B | $1.35B | $1.41B | $1.35B | $1.44B | $1.42B | $1.46B | $1.45B |
| Total operating expenses | $1.3B | $1.49B | $1.58B | $1.5B | $1.56B | $1.53B | $1.55B | $1.66B |
| Operating income | $2.09B | $3.28B | $2.35B | $1.5B | $1.28B | $1.69B | $1.77B | $1.84B |
| Operating margin | +22.42% | +27.37% | +19.59% | +12.72% | +10.99% | +14.17% | +14.59% | +14.66% |
| EBITDA | $4.74B | $7.15B | $6.43B | $2.67B | $5.25B | $4.95B | $4.89B | $5.16B |
| EBIT | $2.26B | $4.34B | $2.98B | -$1.34B | $1.28B | $980.5M | $1.02B | $1.04B |
| Below the line | ||||||||
| Interest expense | $218M | $250M | $296M | $358M | $1.4B | $678.05M | $710.85M | $727.79M |
| Interest income | $0 | $0 | $0 | $0 | $13M | $4.42M | $4.48M | $4.64M |
| Other income / expense | -$380M | $353M | -$438M | -$4.13B | -$2.21B | — | — | — |
| Pre-tax income | $1.71B | $3.64B | $1.91B | -$2.63B | -$929M | -$571.8M | -$595.3M | -$596.01M |
| Income tax expense | $425M | $880M | $279M | -$810M | $66M | -$81.47M | -$85.84M | -$85.74M |
| Earnings | ||||||||
| Net income | $1.29B | $2.76B | $1.63B | -$1.82B | -$889M | -$381.03M | -$383.15M | -$397.46M |
| Net income · continuing ops | $1.28B | $2.76B | $1.64B | -$1.82B | -$995M | -$421.8M | -$421.96M | -$423.66M |
| Net margin | +13.80% | +23.04% | +13.59% | -15.45% | -7.63% | -3.19% | -3.15% | -3.17% |
| EPS · basic | $19.80 | $58.44 | $42.61 | $-51.23 | $-25.26 | $4.67 | $8.37 | $9.54 |
| EPS · diluted | $19.44 | $57.11 | $42.06 | $-51.23 | $-25.26 | $4.68 | $8.42 | $9.57 |
| EPS · low estimate | — | — | — | — | — | $2.25 | $5.14 | $9.44 |
| EPS · high estimate | — | — | — | — | — | $8.09 | $12.32 | $9.70 |
| Shares · basic | 64.9M | 47.3M | 38.3M | 35.5M | 35.2M | 34.94M | 35.13M | 35.05M |
| Shares · diluted | 66.1M | 48.4M | 38.8M | 35.5M | 35.2M | 35.41M | 35.44M | 35.44M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 6 | 6 | 3 |
| Analysts (EPS) | — | — | — | — | — | 4 | 4 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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