---
schema_version: "secwatch.filing_event.v1"
accession: "0000723612-25-000002"
form_type: "8-K"
ticker: "CAR"
cik: "0000723612"
company_name: "AVIS BUDGET GROUP, INC."
filed_at: "2025-02-11T23:59:59+00:00"
generated_at: "2026-05-26T23:37:04.286393+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Avis Budget Q4 net loss ~$2B on fleet impairment; CEO Ferraro steps down, Choi named successor

## Summary
- Q4 revenue $2.7B; net loss nearly $2B including $2.3B impairment; Adjusted EBITDA loss $101M.
- Full year revenue $11.8B, net loss $1.8B; CEO guides to at least $1B Adjusted EBITDA in 2025.
- CEO Joe Ferraro to become Board Advisor effective June 30, 2025; Brian Choi appointed CEO effective July 1, 2025.
- Jagdeep Pahwa named Executive Chairman effective March 1, 2025.
- Choi's base salary rises to $1.0M; 2025 LTI grant value of $3.75M.

## SEC filing metadata
- accession: 0000723612-25-000002
- form_type: 8-K
- ticker: CAR
- cik: 0000723612
- company_name: AVIS BUDGET GROUP, INC.
- filed_at: 2025-02-11T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/723612/000072361225000002/0000723612-25-000002-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723612/000072361225000002/car-20250210.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000723612-25-000002
- JSON: https://secwatch.observer/filing/0000723612-25-000002.json
- Plain text: https://secwatch.observer/filing/0000723612-25-000002.txt

## Key facts
- Executive change
  Joseph A. Ferraro changed role as President and Chief Executive Officer at AVIS BUDGET GROUP, INC..
  - Action: transition to a Board Advisor role
  - Role: President and Chief Executive Officer
  source text: On February 11, 2025, we announced that Joseph A. Ferraro, President and Chief Executive Officer, will transition to a Board Advisor role effective June 30, 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000072361225000002/0000723612-25-000002-index.htm
- Executive change
  Jagdeep Pahwa was appointed as Executive Chairman at AVIS BUDGET GROUP, INC..
  - Action: appointed
  - Role: Executive Chairman
  source text: The Board also appointed Jagdeep Pahwa, the Company's current Board Chairman, as Executive Chairman, effective March 1, 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000072361225000002/0000723612-25-000002-index.htm
- Executive change
  Brian J. Choi was appointed as Chief Executive Officer at AVIS BUDGET GROUP, INC..
  - Action: appointed
  - Role: Chief Executive Officer
  source text: the Board of Directors (the "Board") of the Company appointed Brian J. Choi, who has been serving as Chief Transformation Officer, as the Company's Chief Executive Officer ("CEO"), effective July 1, 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000072361225000002/0000723612-25-000002-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.