In Q2 2024, Avis Budget Group generated revenue of $3.048 billion, reflecting a 2.4% decrease year-over-year (YoY), but a 19.5% increase quarter-over-quarter (QoQ). The gross profit margin was 26.7%, significantly reduced from 83% in Q2 2023, largely due to inflated holding costs from a strategic fleet downsizing that saw a record 70% of annual vehicle sales completed by June 2024. Operating income fell by 66.3% YoY to $428 million, mainly attributed to increased vehicle interest costs resulting in a $72 million increase this quarter. Net income stood at $14 million, down 96.8% YoY, primarily from a favorable YoY comparison to previous fleet gains. The cash flow from operating activities was reported at $884 million, although free cash flow was negative at -$1.975 billion due to significant capital expenditures of $2.859 billion.