US Market News
2月前
PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY RESULTSApril 29, 2026 6:58 AM
PR Newswire (US)
Total New and Used Retail Automotive Gross Profit Per Unit Retailed Increases SequentiallyRecord Retail Automotive Service and Parts Revenue Increases 4.6% to $864 MillionSame-Store Retail Automotive Service and Parts Revenue Increases 4.6% and Related Gross Profit Increases 5.7%Same-Store Retail Commercial Truck Service and Parts Revenue Increases 4.1%Earnings Before Taxes of $324 Million; Net Income of $235 Million; Earnings Per Share of $3.56Completed Acquisitions Representing $450 Million in Estimated Annualized RevenueRepurchased 170,393 SharesBLOOMFIELD HILLS, Mich., April 29, 2026 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced financial results for the first quarter of 2026. For the quarter, revenue was $7.9 billion compared to $8.0 billion for the same period in 2025. Net income attributable to common stockholders was $234.5 million compared to $257.7 million for the same period in 2025, and related earnings per share was $3.56 compared to $3.86 for the same period in 2025. These GAAP results include certain disposals and other charges, as well as the full quarterly results of Penske Motor Group in both periods, which is required by GAAP for common control transactions (see page 14 below). Excluding certain disposals and other charges and a gain on the sale of a dealership in both periods, as reconciled in the attached schedules, adjusted net income decreased 16% to $200.6 million and adjusted earnings per share decreased 15% to $3.05, as a difficult comparison with the prior year period and challenging market conditions impacted year-over-year performance. Foreign currency exchange positively impacted revenue by $227.6 million, net income attributable to common stockholders by $3.4 million, and earnings per share by $0.05.Commenting on the Company's results, Chair Roger Penske said, "In the first quarter of 2026, our business delivered over 126,000 retail automotive and commercial truck units, generated $7.9 billion in revenue and $323.7 million in earnings before taxes. During the quarter, we continued to demonstrate a flexible approach to capital allocation by completing the acquisition of two Lexus dealerships in the Orlando metropolitan area of Central Florida, increasing the dividend paid to stockholders by 1.4% and repurchasing 170,393 shares of common stock. I was particularly pleased with the sequential increase in new and used vehicle gross profit per unit in our retail automotive business and the continued strength of our service and parts business, which increased retail automotive same-store revenue by 5% and related gross profit by 6%. Further, I am encouraged with the trends we are seeing across the trucking market as the freight environment improves and Class 8 orders were strong in recent months."Retail Automotive DealershipsFor the three months ended March 31, 2026, total new units delivered decreased 5% and used units delivered decreased 1%. The decrease in new units is primarily related to the U.S. market from weather-related disruptions during January and February, the benefit in the prior period from tariff-related pull-forward of retail sales, and the lower demand for electric vehicles in the U.S. associated with regulatory easing and the expiration of tax credits. Total retail automotive revenue increased 1% to $7.0 billion and increased 1% on a same-store basis. On a sequential basis when compared to the fourth quarter of 2025, new vehicle gross profit per unit increased $94 and used vehicle gross profit per unit increased $306. When compared to the prior year period, same-store retail automotive service and parts revenue increased 5%, gross profit increased 6%, and gross margin improved 60 basis points to 59.0%.Retail Commercial Truck DealershipsFor the three months ended March 31, 2026, the Company's retail commercial truck dealerships retailed 3,583 new and used units and generated $694.6 million in revenue and $36.4 million in earnings before taxes. This compares to new and used units of 4,714, revenue of $823.7 million, and $45.1 million in earnings before taxes during the same period in the prior year as lower order intake related to the weak freight environment in the third and fourth quarters of 2025 impacted truck deliveries during the first quarter of 2026. In recent months, the Class 8 market order activity began to increase as the freight recession started to show signs of improvement, with industry reports showing a 91% increase in Class 8 market orders for the three months ended March 31, 2026, when compared to the same period in the prior year. In addition, our retail commercial truck dealership operations experienced a 5% increase in service and parts revenue during the quarter.Penske Transportation Solutions InvestmentPenske Transportation Solutions ("PTS") is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. PTS operates a managed fleet with over 387,500 trucks, tractors, and trailers under lease, rental and/or maintenance contracts. Penske Automotive Group has a 28.9% ownership interest in PTS and accounts for its ownership interest using the equity method of accounting. For the three months ended March 31, 2026, the Company recorded a 24% increase in earnings to $41.1 million as PTS operating results improved related to growth in full-service leasing, improved fleet utilization, lower operating expenses, and lower interest costs, partially offset by continued challenges in the rental market and by lower gain on sale of used trucks.Corporate Development, Capital Allocation, Liquidity, and LeverageThe Company's strong balance sheet, cash flow generation, and best in class leverage continue to support our flexible capital allocation approach. In February 2026, the Company announced that it completed the acquisition of Lexus of Orlando and Lexus of Winter Park, both located in the Orlando metropolitan area of Central Florida. The acquisition is expected to add $450 million in estimated annualized revenue. Coupled with the acquisitions in November 2025, the Company has acquired two Toyota and four Lexus dealerships in the last six months which are expected to generate approximately $2 billion in estimated annualized revenues.During the three months ended March 31, 2026, the Company repurchased 170,393 shares of common stock for approximately $26.4 million. As of March 31, 2026, $221.2 million remained outstanding and available for repurchases under our securities repurchase program. As of March 31, 2026, the Company had approximately $1.3 billion in liquidity, including $84 million in cash and $1.2 billion of availability under its U.S. and international credit agreements and revolving mortgage facilities. The Company's leverage ratio at March 31, 2026 was 1.8x.Conference CallPenske Automotive Group will host a conference call discussing financial results relating to the first quarter of 2026 on Wednesday, April 29, 2026, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 715-9871 [International, please dial (646) 307-1963] using access code 9658297. The call will also be simultaneously broadcast over the Internet, available through the Investors section of the Penske Automotive Group website. Additionally, an investor presentation relating to the first quarter 2026 financial results has been posted to the Investors section of the Company's website. To access the presentation or to listen to the Company's webcast, please refer to www.penskeautomotive.com. About Penske AutomotivePenske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia and is one of the largest retailers of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG employs over 28,800 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs nearly 41,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 387,500 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit the Company's website at www.penskeautomotive.com. Non-GAAP Financial MeasuresThis release contains certain non-GAAP financial measures as defined under SEC rules, such as adjusted revenue, adjusted gross profit, adjusted net income, adjusted earnings per share, adjusted earnings before taxes, earnings before interest, taxes, depreciation, and amortization ("EBITDA"), adjusted EBITDA, adjusted selling, general, and administrative expenses, and leverage ratio. The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these widely accepted financial measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP.Caution Concerning Forward Looking StatementsStatements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance, expectations, acquisition activity, future plans, and future revenues. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, our ability to complete customary acquisition closing conditions, those related to macro-economic, geo-political and industry conditions and events, including their impact on sales of new and used vehicles, service and parts, and repair and maintenance services, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to Penske Transportation Solutions ("PTS") and Premier Truck Group, and other freight metrics such as spot rates or miles driven, personal discretionary spending levels, interest rates, foreign currency exchange rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, tariffs and non-tariff trade barriers, any shortages of vehicle components, international conflicts, challenges in sourcing labor, labor strikes, work stoppages, or other disruptions; the control our manufacturer partners can exert over our operations and our reliance on them for various aspects of our business; risks to our reputation and those of our manufacturer partners; changes in the retail model from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and those of our third party providers, which systems are increasingly threatened by ransomware and other cyber-attacks; the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; the impact of tariffs targeting imported vehicles and parts, as well as changes or increases in tariffs, trade restrictions, trade disputes, or non-tariff trade barriers; the rate of inflation, including its impact on vehicle affordability; changes in interest rates and foreign currency exchange rates; our ability to consummate, integrate, and realize returns on our acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes, or work stoppages by its employees, a reduction in PTS' asset utilization rates, the cost of acquiring and the continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various regulations concerning its vehicle fleet, changes in values of used trucks which affects PTS' profitability on truck sales and regulatory risks and related compliance costs, our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicles sales, including those related to the sales process, emissions standards, or electrification; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; the outcome of legal and administrative matters and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risks and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2025, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.Inquiries should contact:
Shelley HulgraveAnthony PordonExecutive Vice President andExecutive Vice President Investor RelationsChief Financial Officerand Corporate DevelopmentPenske Automotive Group, Inc.Penske Automotive Group, Inc.248-648-2812248-648-2540shulgrave@penskeautomotive.comtpordon@penskeautomotive.com PENSKE AUTOMOTIVE GROUP, INC.Consolidated Condensed Statements of Income(Amounts In Millions, Except Per Share Data)(Unaudited)
Three Months Ended
March 31,
2026
2025
ChangeRevenue$ 7,863.6
$ 7,953.8
(1.1) %Cost of Sales6,564.2
6,632.4
(1.0) %Gross Profit$ 1,299.4
$ 1,321.4
(1.7) %SG&A Expenses965.6
951.4
1.5 %Depreciation44.8
40.6
10.3 %Operating Income$ 289.0
$ 329.4
(12.3) %Floor Plan Interest Expense(38.1)
(42.0)
(9.3) %Other Interest Expense(28.4)
(22.5)
26.2 %Gain on Sale of Dealership60.4
52.3
15.5 %Equity in Earnings of Affiliates40.8
33.3
22.5 %Income Before Income Taxes$ 323.7
$ 350.5
(7.6) %Income Taxes(88.8)
(92.1)
(3.6) %Net Income$ 234.9
$ 258.4
(9.1) %Less: Income Attributable to Non-Controlling Interests0.4
0.7
(42.9) %Net Income Attributable to Common Stockholders$ 234.5
$ 257.7
(9.0) %
Amounts Attributable to Common Stockholders:
Net Income$ 234.9
$ 258.4
(9.1) %Less: Income Attributable to Non-Controlling Interests0.4
0.7
(42.9) %Net Income Attributable to Common Stockholders$ 234.5
$ 257.7
(9.0) %Income Per Share$ 3.56
$ 3.86
(7.8) %Weighted Average Shares Outstanding65.8
66.8
(1.5) % PENSKE AUTOMOTIVE GROUP, INC.Consolidated Condensed Balance Sheets(Amounts In Millions)(Unaudited)
March 31,
December 31,
2026
2025Assets:
Cash and Cash Equivalents
$ 83.7
$ 64.7Accounts Receivable, Net
1,084.0
1,070.3Inventories
4,891.5
4,814.7Other Current Assets
259.4
242.9Total Current Assets
6,318.6
6,192.6Property and Equipment, Net
3,289.5
3,224.6Operating Lease Right-of-Use Assets
2,529.2
2,543.8Intangibles
4,115.5
3,599.9Other Long-Term Assets
2,065.4
2,036.8Total Assets
$ 18,318.2
$ 17,597.7
Liabilities and Equity:
Floor Plan Notes Payable
$ 2,513.6
$ 2,532.8Floor Plan Notes Payable – Non-Trade
1,633.7
1,561.5Accounts Payable
937.0
899.8Accrued Expenses and Other Current Liabilities
1,046.2
930.0Current Portion Long-Term Debt
423.1
355.0Total Current Liabilities
6,553.6
6,279.1Long-Term Debt
2,213.8
1,810.5Long-Term Operating Lease Liabilities
2,430.0
2,461.5Other Long-Term Liabilities
1,438.6
1,465.7Total Liabilities
12,636.0
12,016.8Equity
5,682.2
5,580.9Total Liabilities and Equity
$ 18,318.2
$ 17,597.7 PENSKE AUTOMOTIVE GROUP, INC.Consolidated OperationsSelected Data(Unaudited)
Three Months Ended
March 31,
2026
2025Geographic Revenue Mix:
North America58.2 %
61.2 %U.K.29.9 %
29.2 %Other International11.9 %
9.6 %Total100.0 %
100.0 %
Revenue: (Amounts in Millions)
Retail Automotive$ 6,967.1
$ 6,918.6Retail Commercial Truck694.6
823.7Commercial Vehicle Distribution and Other201.9
211.5Total$ 7,863.6
$ 7,953.8
Gross Profit: (Amounts in Millions)
Retail Automotive$ 1,125.0
$ 1,136.2Retail Commercial Truck128.2
141.0Commercial Vehicle Distribution and Other46.2
44.2Total$ 1,299.4
$ 1,321.4
Gross Margin:
Retail Automotive16.1 %
16.4 %Retail Commercial Truck18.5 %
17.1 %Commercial Vehicle Distribution and Other22.9 %
20.9 %Total16.5 %
16.6 %
Three Months Ended
March 31,
2026
2025Operating Items as a Percentage of Revenue:
Gross Profit16.5 %
16.6 %Selling, General, and Administrative Expenses12.3 %
12.0 %Operating Income3.7 %
4.1 %Income Before Income Taxes4.1 %
4.4 %
Operating Items as a Percentage of Total Gross Profit:
Selling, General, and Administrative Expenses74.3 %
72.0 %Adjusted Selling, General, and Administrative Expenses(1)73.3 %
70.0 %Operating Income22.2 %
24.9 %
Three Months Ended
March 31,(Amounts in Millions)2026
2025
EBITDA(1)$ 396.9
$ 413.6Adjusted EBITDA(1)$ 349.5
$ 372.4Floor Plan Credits$ 15.1
$ 15.8Property Rent Expense$ 72.9
$ 69.6
(1) See the following Non-GAAP reconciliation table. PENSKE AUTOMOTIVE GROUP, INC.Retail Automotive Operations(Unaudited)
Three Months Ended
March 31,
2026
2025
ChangeRetail Automotive Units:
New Retail
50,036
55,524
(9.9) %Used Retail
60,126
60,487
(0.6) % Total Retail
110,162
116,011
(5.0) %New Agency
13,011
10,686
21.8 % Total Retail and Agency
123,173
126,697
(2.8) %
Retail Automotive Revenue: (Amounts in Millions)
New Vehicles$3,080.7
$3,248.0
(5.2) %Used Vehicles
2,429.4
2,264.1
7.3 %Finance and Insurance, Net
202.3
205.4
(1.5) %Service and Parts
863.9
825.6
4.6 %Fleet and Wholesale
390.8
375.5
4.1 % Total Revenue$6,967.1
$6,918.6
0.7 %
Retail Automotive Gross Profit: (Amounts in Millions)
New Vehicles$270.3
$302.5
(10.6) %Used Vehicles
124.8
128.1
(2.6) %Finance and Insurance, Net
202.3
205.4
(1.5) %Service and Parts
509.7
482.4
5.7 %Fleet and Wholesale
17.9
17.8
0.6 % Total Gross Profit$1,125.0
$1,136.2
(1.0) %
Retail Automotive Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)$60,905
$58,021
5.0 %Used Vehicles
40,406
37,431
7.9 %
Retail Automotive Gross Profit Per Vehicle Retailed:
New Vehicles (excluding agency)$4,783
$5,014
(4.6) %Used Vehicles
2,076
2,119
(2.0) %Finance and Insurance (excluding agency)
1,787
1,737
2.9 %Agency
2,805
2,620
7.1 %
Retail Automotive Gross Margin:
New Vehicles
8.8 %
9.3 %
(50)bpsUsed Vehicles
5.1 %
5.7 %
(60)bpsService and Parts
59.0 %
58.4 %
+60bpsFleet and Wholesale
4.6 %
4.7 %
(10)bps Total Gross Margin
16.1 %
16.4 %
(30)bps
Retail Automotive Revenue Mix Percentages:
New Vehicles
44.2 %
46.9 %
(270)bpsUsed Vehicles
34.9 %
32.7 %
+220bpsFinance and Insurance, Net
2.9 %
3.0 %
(10)bpsService and Parts
12.4 %
11.9 %
+50bpsFleet and Wholesale
5.6 %
5.5 %
+10bps Total
100.0 %
100.0 %
Retail Automotive Gross Profit Mix Percentages:
New Vehicles
24.0 %
26.6 %
(260)bpsUsed Vehicles
11.1 %
11.3 %
(20)bpsFinance and Insurance, Net
18.0 %
18.1 %
(10)bpsService and Parts
45.3 %
42.5 %
+280bpsFleet and Wholesale
1.6 %
1.5 %
+10bps Total
100.0 %
100.0 %
PENSKE AUTOMOTIVE GROUP, INC.Retail Automotive Operations Same-Store(Unaudited)
Three Months Ended
March 31,
2026
2025
ChangeRetail Automotive Same-Store Units:
New Retail
49,098
54,555
(10.0) %Used Retail
59,552
59,138
0.7 % Total Retail
108,650
113,693
(4.4) %New Agency
13,011
10,686
21.8 % Total Retail and Agency
121,661
124,379
(2.2) %
Retail Automotive Same-Store Revenue: (Amounts in Millions)
New Vehicles$3,018.8
$3,202.9
(5.7) %Used Vehicles
2,408.3
2,225.9
8.2 %Finance and Insurance, Net
200.2
201.9
(0.8) %Service and Parts
852.8
815.1
4.6 %Fleet and Wholesale
387.4
370.0
4.7 % Total Revenue$6,867.5
$6,815.8
0.8 %
Retail Automotive Same-Store Gross Profit: (Amounts in Millions)
New Vehicles$263.5
$299.4
(12.0) %Used Vehicles
123.6
126.9
(2.6) %Finance and Insurance, Net
200.2
201.9
(0.8) %Service and Parts
502.9
475.8
5.7 %Fleet and Wholesale
17.8
18.1
(1.7) % Total Gross Profit$1,108.0
$1,122.1
(1.3) %
Retail Automotive Same-Store Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)$60,807
$58,225
4.4 %Used Vehicles
40,441
37,639
7.4 %
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles (excluding agency)$4,735
$5,046
(6.2) %Used Vehicles
2,076
2,147
(3.3) %Finance and Insurance (excluding agency)
1,807
1,750
3.3 %Agency
2,684
2,533
6.0 %
Retail Automotive Same-Store Gross Margin:
New Vehicles
8.7 %
9.3 %
(60)bpsUsed Vehicles
5.1 %
5.7 %
(60)bpsService and Parts
59.0 %
58.4 %
+60bpsFleet and Wholesale
4.6 %
4.9 %
(30)bps Total Gross Margin
16.1 %
16.5 %
(40)bps
Retail Automotive Same-Store Revenue Mix Percentages:
New Vehicles
44.0 %
47.0 %
(300)bpsUsed Vehicles
35.1 %
32.7 %
+240bpsFinance and Insurance, Net
2.9 %
3.0 %
(10)bpsService and Parts
12.4 %
12.0 %
+40bpsFleet and Wholesale
5.6 %
5.3 %
+30bps Total
100.0 %
100.0 %
Retail Automotive Same-Store Gross Profit Mix Percentages:
New Vehicles
23.8 %
26.7 %
(290)bpsUsed Vehicles
11.2 %
11.3 %
(10)bpsFinance and Insurance, Net
18.1 %
18.0 %
+10bpsService and Parts
45.4 %
42.4 %
+300bpsFleet and Wholesale
1.5 %
1.6 %
(10)bps Total
100.0 %
100.0 %
PENSKE AUTOMOTIVE GROUP, INC.Retail Commercial Truck Operations(Unaudited)
Three Months Ended
March 31,
2026
2025
ChangeRetail Commercial Truck Units:
New Retail
2,786
3,739
(25.5) %Used Retail
797
975
(18.3) % Total
3,583
4,714
(24.0) %
Retail Commercial Truck Revenue: (Amounts in Millions)
New Vehicles$401.2
$527.2
(23.9) %Used Vehicles
52.2
63.8
(18.2) %Finance and Insurance, Net
3.5
4.5
(22.2) %Service and Parts
232.2
222.0
4.6 %Wholesale and Other
5.5
6.2
(11.3) % Total Revenue$694.6
$823.7
(15.7) %
Retail Commercial Truck Gross Profit: (Amounts in Millions)
New Vehicles$23.2
$33.5
(30.7) %Used Vehicles
5.5
7.3
(24.7) %Finance and Insurance, Net
3.5
4.5
(22.2) %Service and Parts
93.3
92.6
0.8 %Wholesale and Other
2.7
3.1
(12.9) % Total Gross Profit$128.2
$141.0
(9.1) %
Retail Commercial Truck Revenue Per Vehicle Retailed:
New Vehicles$144,019
$140,988
2.1 %Used Vehicles
65,494
65,468
— %
Retail Commercial Truck Gross Profit Per Vehicle Retailed:
New Vehicles$8,314
$8,960
(7.2) %Used Vehicles
6,889
7,451
(7.5) %Finance and Insurance
968
950
1.9 %
Retail Commercial Truck Gross Margin:
New Vehicles
5.8 %
6.4 %
(60)bpsUsed Vehicles
10.5 %
11.4 %
(90)bpsService and Parts
40.2 %
41.7 %
(150)bpsWholesale and Other
49.1 %
50.0 %
(90)bps Total Gross Margin
18.5 %
17.1 %
+140bps
Retail Commercial Truck Revenue Mix Percentages:
New Vehicles
57.8 %
64.0 %
(620)bpsUsed Vehicles
7.5 %
7.7 %
(20)bpsFinance and Insurance, Net
0.5 %
0.5 %
—bpsService and Parts
33.4 %
27.0 %
+640bpsWholesale and Other
0.8 %
0.8 %
—bps Total
100.0 %
100.0 %
Retail Commercial Truck Gross Profit Mix Percentages:
New Vehicles
18.1 %
23.8 %
(570)bpsUsed Vehicles
4.3 %
5.2 %
(90)bpsFinance and Insurance, Net
2.7 %
3.2 %
(50)bpsService and Parts
72.8 %
65.7 %
+710bpsWholesale and Other
2.1 %
2.1 %
—bps Total
100.0 %
100.0 %
PENSKE AUTOMOTIVE GROUP, INC.Retail Commercial Truck Operations Same-Store(Unaudited)
Three Months Ended
March 31,
2026
2025
ChangeRetail Commercial Truck Same-Store Units:
New Retail
2,786
3,739
(25.5) %Used Retail
797
975
(18.3) % Total
3,583
4,714
(24.0) %
Retail Commercial Truck Same-Store Revenue: (Amounts in Millions)
New Vehicles$401.2
$527.2
(23.9) %Used Vehicles
52.2
63.8
(18.2) %Finance and Insurance, Net
3.5
4.5
(22.2) %Service and Parts
230.2
221.2
4.1 %Wholesale and Other
5.6
6.1
(8.2) % Total Revenue$692.7
$822.8
(15.8) %
Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions)
New Vehicles$23.2
$33.5
(30.7) %Used Vehicles
5.5
7.3
(24.7) %Finance and Insurance, Net
3.5
4.5
(22.2) %Service and Parts
92.2
92.3
(0.1) %Wholesale and Other
2.5
2.9
(13.8) % Total Gross Profit$126.9
$140.5
(9.7) %
Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed:
New Vehicles$144,019
$140,988
2.1 %Used Vehicles
65,494
65,468
— %
Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles$8,314
$8,960
(7.2) %Used Vehicles
6,889
7,451
(7.5) %Finance and Insurance
968
950
1.9 %
Retail Commercial Truck Same-Store Gross Margin:
New Vehicles
5.8 %
6.4 %
(60)bpsUsed Vehicles
10.5 %
11.4 %
(90)bpsService and Parts
40.1 %
41.7 %
(160)bpsWholesale and Other
44.6 %
47.5 %
(290)bps Total Gross Margin
18.3 %
17.1 %
+120bps
Retail Commercial Truck Same-Store Revenue Mix Percentages:
New Vehicles
57.9 %
64.1 %
(620)bpsUsed Vehicles
7.5 %
7.8 %
(30)bpsFinance and Insurance, Net
0.5 %
0.5 %
—bpsService and Parts
33.2 %
26.9 %
+630bpsWholesale and Other
0.9 %
0.7 %
+20bps Total
100.0 %
100.0 %
Retail Commercial Truck Same-Store Gross Profit Mix Percentages:
New Vehicles
18.3 %
23.8 %
(550)bpsUsed Vehicles
4.3 %
5.2 %
(90)bpsFinance and Insurance, Net
2.8 %
3.2 %
(40)bpsService and Parts
72.7 %
65.7 %
+700bpsWholesale and Other
1.9 %
2.1 %
(20)bps Total
100.0 %
100.0 %
PENSKE AUTOMOTIVE GROUP, INC.Supplemental Data(Unaudited)
Three Months Ended
March 31,
2026
2025Retail Automotive Revenue Mix:
Premium:
BMW / MINI24 %
26 %Porsche10 %
9 %Audi9 %
9 %Mercedes-Benz8 %
8 %Land Rover / Jaguar8 %
7 %Lexus6 %
5 %Ferrari / Maserati3 %
3 %Acura1 %
1 %Bentley1 %
1 %Others2 %
3 %Total Premium72 %
72 %Volume Non-U.S.:
Toyota12 %
12 %Honda5 %
5 %Volkswagen2 %
2 %Hyundai1 %
1 %Others2 %
2 %Total Volume Non-U.S.22 %
22 %U.S.:
General Motors / Stellantis / Ford2 %
2 %Used Vehicle Dealerships4 %
4 %Total100 %
100 %
Three Months Ended
March 31,Cash Flow and Other Highlights:2026
2025($ Amounts in Millions)
Capital expenditures$
62.6
$
84.7Cash paid for acquisitions, including $115 million for property and floor plan$
669.7
$
—Proceeds from sale of dealerships$
77.0
$
77.8Dividends$
92.6
$
81.8Stock repurchases:
Aggregate purchase price$
26.4
$
40.0 Shares repurchased
170,393
255,228 Balance Sheet and Other Highlights:March 31, 2026
December 31, 2025(Amounts in Millions)
Cash and Cash Equivalents$83.7
$64.7Inventories$4,891.5
$4,814.7Total Floor Plan Notes Payable$4,147.3
$4,094.3Total Long-Term Debt$2,636.9
$2,165.5Equity$5,682.2
$5,580.9
Debt to Total Capitalization Ratio
31.7 %
28.0 %Leverage Ratio (1)
1.8 x
1.5 xNew vehicle days' supply
44 days
49 daysUsed vehicle days' supply
39 days
49 days
(1) See the following Non-GAAP reconciliation table PENSKE AUTOMOTIVE GROUP, INC.Consolidated Non-GAAP Reconciliations(Unaudited)
The following table reconciles reported net income to earnings before interest, taxes, depreciation, and amortization
("EBITDA") and adjusted EBITDA for the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
2026 vs. 2025(Amounts in Millions)2026
2025
Change
% Change
Net Income$234.9
$258.4
$(23.5)
(9.1) %Add: Depreciation
44.8
40.6
4.2
10.3 % Other Interest Expense
28.4
22.5
5.9
26.2 % Income Taxes
88.8
92.1
(3.3)
(3.6) %EBITDA$396.9
$413.6
$(16.7)
(4.0) %Less: Gain on Sale of Dealership
(60.4)
(52.3)
(8.1)
15.5 %Add: Disposals and Other Charges
13.0
25.2
(12.2)
nmLess: Common Control
—
(14.1)
14.1
nmAdjusted EBITDA$349.5
$372.4
$(22.9)
(6.1) %nm – not meaningful The following table reconciles the leverage ratio as of March 31, 2026, and December 31, 2025:
Nine
Three
Trailing Twelve
Twelve
Months Ended
Months Ended
Months Ended
Months Ended(Amounts in Millions)December 31, 2025
March 31, 2026
March 31, 2026
December 31, 2025
Net Income$ 679.5
$ 234.9
$ 914.4
$ 937.9Add: Depreciation
131.7
44.8
176.5
172.3 Other Interest Expense
69.1
28.4
97.5
91.6 Income Taxes
233.7
88.8
322.5
325.8EBITDA$ 1,114.0
$ 396.9
$ 1,510.9
$ 1,527.6 Less: Gain on Sale of Dealership
—
(60.4)
(60.4)
(52.3) Add: Disposals and Other Charges
7.3
13.0
20.3
32.5 Less: Common Control
(34.5)
—
(34.5)
(48.6)Adjusted EBITDA$ 1,086.8
$ 349.5
$ 1,436.3
$ 1,459.2
Total Non-Vehicle Long-Term Debt
$ 2,636.9
$ 2,165.5Leverage Ratio
1.8 x
1.5 x The following table presents key adjusted financial line items excluding certain disposals and other charges. Management
believes this presentation is useful to investors in evaluating the Company's operating performance and comparability across
periods.
Three Months Ended March 31, 2026($ Amounts in millions, except per share data)As Reported
Gain on Sale
of Dealership
Disposals and
Other
Charges
Adjusted
Revenue$7,863.6
$—
$—
$7,863.6Gross Profit$1,299.4
$—
$—
$1,299.4Selling, General, & Administrative Expenses$965.6
$—
$(13.0)
$952.6EBITDA$396.9
$(60.4)
$13.0
$349.5Net Income Before Taxes$323.7
$(60.4)
$13.0
$276.3Net Income Attributable to Common Stockholders$234.5
$(44.8)
$10.9
$200.6Earnings Per Share$3.56
$(0.68)
$0.17
$3.05
SG&A to Gross Profit
74.3 %
73.3 %New Retail Automotive Units
50,036
—
—
50,036Used Retail Automotive Units
60,126
—
—
60,126Our quarterly results include the impact of certain disposals and other charges, as well as the full quarterly results of Penske Motor Group in all periods, which is required by GAAP for common control transactions. The following table presents key adjusted financial line items excluding certain disposals and other charges and presents the acquisition of Penske Motor Group as if we acquired it on November 1, 2025, without common control accounting. Management believes this presentation is useful to investors in evaluating the Company's operating performance and comparability across periods.
Three Months Ended March 31, 2025($ Amounts in millions, except per share data)As Reported
Gain on Sale
of Dealership
Disposals and
Other
Charges
Adjusted
Common
Control
Adjusted
Excluding
Common
Control
Revenue$7,953.8
$—
$—
$7,953.8
$(349.3)
$7,604.5Gross Profit$1,321.4
$—
$—
$1,321.4
$(52.4)
$1,269.0Selling, General, & Administrative Expenses$951.4
$—
$(25.2)
$926.2
$(37.8)
$888.4EBITDA$413.6
$(52.3)
$25.2
$386.5
$(14.1)
$372.4Net Income Before Taxes$350.5
$(52.3)
$25.2
$323.4
$(13.4)
$310.0Net Income Attributable to Common Stockholders$257.7
$(38.9)
$20.9
$239.7
$(13.4)
$226.3Earnings Per Share$3.86
$(0.58)
$0.31
$3.59
$(0.20)
$3.39
SG&A to Gross Profit
72.0 %
70.1 %
70.0 %New Retail Automotive Units
55,524
—
—
55,524
(4,922)
50,602Used Retail Automotive Units
60,487
—
—
60,487
(2,001)
58,486
View original content to download multimedia:https://www.prnewswire.com/news-releases/penske-automotive-group-reports-quarterly-results-302756488.htmlSOURCE Penske Automotive Group, Inc.
Original: PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY RESULTS
US Market News
5月前
PENSKE AUTOMOTIVE GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTSFebruary 11, 2026 6:58 AM
PR Newswire (US)
New Vehicle, Used Vehicle, and Finance & Insurance Gross Per Unit Remain StrongRecord Q4 and Full Year Retail Automotive Service and Parts Revenue and Related Gross ProfitQ4 Same-Store Service & Parts Revenue Increases 5%1,178,411 Shares Repurchased in 2025, or 1.8% of Outstanding SharesBoard of Directors Declares Increase in Cash Dividend to $1.40 Per ShareBLOOMFIELD HILLS, Mich., Feb. 11, 2026 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced fourth quarter and twelve months 2025 results. For the quarter, revenue was $7.8 billion compared to $8.1 billion for the same period in 2024. Net income attributable to common stockholders was $186.1 million compared to $249.3 million in the prior year period, and related earnings per share was $2.83 compared to $3.73 for the same period in 2024. These GAAP results include certain impairments and other charges, as well as the full quarterly results of Penske Motor Group in both periods, which is required by GAAP for common control transactions (see page 15 below). Excluding certain impairments and other charges, adjusted net income decreased 23% to $191.5 million and adjusted earnings per share decreased 22% to $2.91. Foreign currency exchange positively impacted revenue by $113.3 million, net income attributable to common stockholders by $0.7 million, and earnings per share by $0.01.Commenting on the Company's results, Chair Roger Penske said, "In 2025, our business delivered over 504,000 retail auto and commercial truck units, generated nearly $32 billion in revenue and $1.3 billion in earnings before taxes. Our diversified model remains resilient as vehicle inventory remains in good shape, service and parts remain strong, and our costs remain well controlled. I was pleased with how our team performed during the fourth quarter in light of the difficult quarter-over-quarter comparisons, including the impact to auto sales from pull forward activity, the continuing weakness in the commercial truck freight market, and the macro-economic environment in the U.K." Penske continued, "Over the last two years, we completed divestitures of 23 non-strategic retail automotive dealerships representing nearly 21,000 new and used units and $700 million in revenue. In addition, over the last few months, we announced acquisitions of two Toyota dealerships and four Lexus dealerships representing approximately $2 billion in estimated annualized revenue that will drive further scale and growth for Penske Automotive Group."For the twelve months ended December 31, 2025, revenue remained flat from the same period in 2024 to $31.8 billion. Net income attributable to common stockholders decreased 4% to $935.4 million compared to $968.9 million in the prior year period, and related earnings per share decreased 3% to $14.13 compared to $14.49 for the same period in 2024. These GAAP results include certain impairments and other charges, as well as the full year results of Penske Motor Group in both periods, which is required by GAAP for common control transactions (see page 15 below). Excluding certain impairments and other charges and gain on sale of a dealership in the first quarter of 2025 as reconciled in the attached schedules, adjusted net income decreased 5% to $922.8 million and adjusted earnings per share decreased 4% to $13.94. Foreign currency exchange positively impacted revenue by $302.3 million, net income attributable to common stockholders by $2.5 million, and earnings per share by $0.04.Retail Automotive DealershipsFor the three months ended December 31, 2025, total new units delivered decreased 10%. New units decreased 8% in the U.S. and declined 14% internationally. The decrease is attributed to 2,000 units from divestitures and lower sales of certain premium brands in both the U.S. and U.K. markets. These certain premium brands declined 20% in the U.S. from pull forward activity from tariffs and the expiration of BEV tax credits, while the decline in the U.K. is principally related to the weak operating environment. In addition, Q4 was impacted by an 800 unit decline on sales of Land Rover/Jaguar units primarily related to inventory constraints from the OEM cyber incident. Used units delivered decreased 6%, consisting of a 3% decrease in the U.S. and a 9% decrease internationally. The used unit decline is attributed to 1,650 units from divestitures and a 1,000 unit, or 22% decline, at Sytner Select locations. Total retail automotive revenue decreased 5% to $6.7 billion and decreased 4% on a same-store basis. Total retail automotive gross profit decreased 6% to $1.1 billion and decreased 5% on a same-store basis.For the twelve months ended December 31, 2025, total new units delivered decreased 2%. Used units delivered decreased 11%. The decrease in used units internationally is largely attributable to the previously announced realignment of the Company's U.K. used only dealerships to Sytner Select as we either closed or sold four locations to focus on retailing fewer units at better margin and lower costs. Total retail automotive revenue was consistent with the prior year at $27.5 billion and remained flat on a same-store basis. Total retail automotive gross profit increased 1% to $4.5 billion, and same-store gross profit increased 1%, driven by a 7% increase in same-store service and parts.Retail Commercial Truck DealershipsFor the three months ended December 31, 2025, the Company's retail commercial truck dealerships retailed 3,789 new and used units and generated $725.4 million in revenue and $33.8 million in earnings before taxes. This compares to new and used units of 4,432, revenue of $773.7 million, and $44.8 million in earnings before taxes during the same period in the prior year as continued weakness in the freight market impacted new and used truck demand, OEM new truck orders, and truck gross profit per unit. For the twelve months ended December 31, 2025, revenue decreased 3% to $3.4 billion from $3.5 billion and decreased 6% on a same-store basis, and earnings before taxes was $174.7 million compared to $203.6 million in the prior year period.Penske Transportation Solutions InvestmentPenske Transportation Solutions ("PTS") is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. PTS operates a managed fleet with over 396,600 trucks, tractors, and trailers under lease, rental and/or maintenance contracts. Penske Automotive Group has a 28.9% ownership interest in PTS and accounts for its ownership interest using the equity method of accounting. For the three and twelve months ended December 31, 2025, the Company recorded $47.6 million and $192.8 million in earnings compared to $52.3 million and $198.0 million for the same periods in 2024 as continued weakness in the freight market drove a decline in rental revenue, coupled with lower gain on the sale of used trucks, partially offset by fleet and cost reductions.Corporate Development, Capital Allocation, Liquidity, and LeverageThe Company's strong balance sheet, cash flow generation, and best in class leverage continue to support our flexible capital allocation approach. In January 2026, the Company announced that it signed an agreement to acquire Lexus of Orlando and Lexus of Winter Park, both located in the Orlando metropolitan area of Central Florida. The acquisition is expected to add $450 million in annualized revenue. Closing of the transaction is expected to occur during the first quarter of 2026 and is subject to customary conditions. The Company expects to fund the purchase price using cash flow from operations and availability under its U.S. credit agreement. During November 2025, the Company acquired Penske Motor Group, which owns and operates two Lexus brand locations and one Toyota brand location in California and one Toyota brand location in Texas, including Longo Toyota, the largest Toyota brand dealership in the U.S., with expected revenue of $1.5 billion. Also, the Company's Board of Directors approved an increase in the quarterly dividend of 1.4%, or $0.02 per share, to $1.40 per share representing a forward dividend yield of 3.4%. The increase represents the Company's 21st consecutive quarterly increase. On a trailing twelve-month basis, the dividend payout ratio is 37.9%. The dividend is payable March 5, 2026, to shareholders of record as of February 25, 2026.During September 2025, we repaid in full at scheduled maturity our $550 million of 3.50% senior subordinated notes due September 1, 2025. During the twelve months ended December 31, 2025, the Company repurchased 1,178,411 shares of common stock, or approximately 1.8% of its outstanding shares. As of December 31, 2025, $247.5 million remained outstanding and available for repurchases under our securities repurchase program. As of December 31, 2025, the Company had approximately $1.6 billion in liquidity, including $65 million in cash and $1.5 billion of availability under its U.S. and international credit agreements. The Company's leverage ratio at December 31, 2025, was 1.5x.Conference CallPenske Automotive Group will host a conference call discussing financial results relating to the fourth quarter of 2025 on Wednesday, February 11, 2026, at 2:00 p.m. Eastern Standard Time. To listen to the conference call, participants must dial (800) 715-9871 [International, please dial (646) 307-1963] using access code 9658297. The call will also be simultaneously broadcast over the Internet, available through the Investors section of the Penske Automotive Group website. Additionally, an investor presentation relating to the fourth quarter and full year 2025 financial results has been posted to the Investors section of the Company's website. To access the presentation or to listen to the Company's webcast, please refer to www.penskeautomotive.com. About Penske AutomotivePenske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia and is one of the largest retailers of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG employs over 27,700 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs over 42,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 396,600 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit the Company's website at www.penskeautomotive.com. Non-GAAP Financial MeasuresThis release contains certain non-GAAP financial measures as defined under SEC rules, such as adjusted revenue, adjusted gross profit, adjusted net income, adjusted earnings per share, adjusted earnings before taxes, earnings before interest, taxes, depreciation, and amortization ("EBITDA"), adjusted EBITDA, adjusted selling, general, and administrative expenses, and leverage ratio. The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these widely accepted financial measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP.Caution Concerning Forward Looking StatementsStatements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance, expectations, acquisition activity, future plans, and future revenues. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, our ability to complete customary acquisition closing conditions, those related to macro-economic, geo-political and industry conditions and events, including their impact on sales of new and used vehicles, service and parts, and repair and maintenance services, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to Penske Transportation Solutions ("PTS") and Premier Truck Group, and other freight metrics such as spot rates or miles driven, personal discretionary spending levels, interest rates, foreign currency exchange rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, tariffs and non-tariff trade barriers, any shortages of vehicle components, international conflicts, challenges in sourcing labor, labor strikes, work stoppages, or other disruptions; the control our manufacturer partners can exert over our operations and our reliance on them for various aspects of our business; risks to our reputation and those of our manufacturer partners; changes in the retail model from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and those of our third party providers, which systems are increasingly threatened by ransomware and other cyber-attacks; the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; the impact of tariffs targeting imported vehicles and parts, as well as changes or increases in tariffs, trade restrictions, trade disputes, or non-tariff trade barriers; the rate of inflation, including its impact on vehicle affordability; changes in interest rates and foreign currency exchange rates; our ability to consummate, integrate, and realize returns on our acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes, or work stoppages by its employees, a reduction in PTS' asset utilization rates, the cost of acquiring and the continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various regulations concerning its vehicle fleet, changes in values of used trucks which affects PTS' profitability on truck sales and regulatory risks and related compliance costs, our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicles sales, including those related to the sales process, emissions standards, or electrification; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; the outcome of legal and administrative matters and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risks and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2024, its Form 10-Q for the quarterly periods ended March 31, 2025, June 30, 2025, and September 30, 2025, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.Inquiries should contact:
Shelley HulgraveAnthony Pordon
Executive Vice President andExecutive Vice President Investor Relations
Chief Financial Officerand Corporate Development
Penske Automotive Group, Inc.Penske Automotive Group, Inc.
248-648-2812248-648-2540
shulgrave@penskeautomotive.comtpordon@penskeautomotive.com
PENSKE AUTOMOTIVE GROUP, INC.Consolidated Condensed Statements of Income(Amounts In Millions, Except Per Share Data)(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
Change
2025
2024
ChangeRevenue$ 7,769.2
$ 8,077.6
(3.8) %
$ 31,808.5
$ 31,864.8
(0.2) %Cost of Sales6,525.4
6,764.5
(3.5) %
26,591.5
26,647.7
(0.2) %Gross Profit$ 1,243.8
$ 1,313.1
(5.3) %
$ 5,217.0
$ 5,217.1
— %SG&A Expenses924.0
924.0
— %
3,764.0
3,685.7
2.1 %Depreciation44.8
41.8
7.2 %
172.3
161.3
6.8 %Operating Income$ 275.0
$ 347.3
(20.8) %
$ 1,280.7
$ 1,370.1
(6.5) %Floor Plan Interest Expense(41.4)
(48.2)
(14.1) %
(170.6)
(193.1)
(11.7) %Other Interest Expense(25.7)
(23.7)
8.4 %
(91.6)
(87.9)
4.2 %Gain on Sale of Dealership—
—
nm
52.3
—
nmEquity in Earnings of Affiliates47.6
52.7
(9.7) %
192.9
200.7
(3.9) %Income Before Income Taxes$ 255.5
$ 328.1
(22.1) %
$ 1,263.7
$ 1,289.8
(2.0) %Income Taxes(68.8)
(77.9)
(11.7) %
(325.8)
(316.4)
3.0 %Net Income$ 186.7
$ 250.2
(25.4) %
$ 937.9
$ 973.4
(3.6) %Less: Income Attributable to Non-Controlling Interests0.6
0.9
(33.3) %
2.5
4.5
(44.4) %Net Income Attributable to Common Stockholders$ 186.1
$ 249.3
(25.4) %
$ 935.4
$ 968.9
(3.5) %
Amounts Attributable to Common Stockholders:
Net Income$ 186.7
$ 250.2
(25.4) %
$ 937.9
$ 973.4
(3.6) %Less: Income Attributable to Non-Controlling Interests0.6
0.9
(33.3) %
2.5
4.5
(44.4) %Net Income Attributable to Common Stockholders$ 186.1
$ 249.3
(25.4) %
$ 935.4
$ 968.9
(3.5) %Income Per Share$ 2.83
$ 3.73
(24.1) %
$ 14.13
$ 14.49
(2.5) %Weighted Average Shares Outstanding65.8
66.8
(1.5) %
66.2
66.9
(1.0) %
nm – not meaningful
PENSKE AUTOMOTIVE GROUP, INC.Consolidated Condensed Balance Sheets(Amounts In Millions)(Unaudited)
December 31,
December 31,
2025
2024Assets:
Cash and Cash Equivalents
$ 64.7
$ 83.6Accounts Receivable, Net
1,070.3
1,037.2Inventories
4,814.7
4,710.7Other Current Assets
242.9
214.8Total Current Assets
6,192.6
6,046.3Property and Equipment, Net
3,224.6
3,037.8Operating Lease Right-of-Use Assets
2,543.8
2,582.6Intangibles
3,599.9
3,517.0Other Long-Term Assets
2,036.8
1,937.2Total Assets
$ 17,597.7
$ 17,120.9
Liabilities and Equity:
Floor Plan Notes Payable
$ 2,532.8
$ 2,570.5Floor Plan Notes Payable – Non-Trade
1,561.5
1,512.4Accounts Payable
899.8
859.1Accrued Expenses and Other Current Liabilities
930.0
917.4Current Portion Long-Term Debt
355.0
721.2Total Current Liabilities
6,279.1
6,580.6Long-Term Debt
1,810.5
1,130.8Long-Term Operating Lease Liabilities
2,461.5
2,504.5Other Long-Term Liabilities
1,465.7
1,486.5Total Liabilities
12,016.8
11,702.4Equity
5,580.9
5,418.5Total Liabilities and Equity
$ 17,597.7
$ 17,120.9 PENSKE AUTOMOTIVE GROUP, INC.Consolidated OperationsSelected Data(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
2025
2024Geographic Revenue Mix:
North America63.6 %
64.3 %
63.0 %
61.8 %U.K.23.7 %
26.1 %
26.2 %
29.3 %Other International12.7 %
9.6 %
10.8 %
8.9 %Total100.0 %
100.0 %
100.0 %
100.0 %
Revenue: (Amounts in Millions)
Retail Automotive$ 6,740.5
$ 7,079.8
$ 27,474.6
$ 27,565.8Retail Commercial Truck725.4
773.7
3,411.3
3,521.1Commercial Vehicle Distribution and Other303.3
224.1
922.6
777.9Total$ 7,769.2
$ 8,077.6
$ 31,808.5
$ 31,864.8
Gross Profit: (Amounts in Millions)
Retail Automotive$ 1,065.0
$ 1,129.2
$ 4,482.4
$ 4,454.4Retail Commercial Truck121.4
138.1
542.3
584.5Commercial Vehicle Distribution and Other57.4
45.8
192.3
178.2Total$ 1,243.8
$ 1,313.1
$ 5,217.0
$ 5,217.1
Gross Margin:
Retail Automotive15.8 %
15.9 %
16.3 %
16.2 %Retail Commercial Truck16.7 %
17.8 %
15.9 %
16.6 %Commercial Vehicle Distribution and Other18.9 %
20.4 %
20.8 %
22.9 %Total16.0 %
16.3 %
16.4 %
16.4 %
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
2025
2024Operating Items as a Percentage of Revenue:
Gross Profit16.0 %
16.3 %
16.4 %
16.4 %Selling, General and Administrative Expenses11.9 %
11.4 %
11.8 %
11.6 %Operating Income3.5 %
4.3 %
4.0 %
4.3 %Income Before Income Taxes3.3 %
4.1 %
4.0 %
4.0 %
Operating Items as a Percentage of Total Gross Profit:
Selling, General and Administrative Expenses74.3 %
70.4 %
72.1 %
70.6 %Adjusted Selling, General, and Administrative Expenses(1)73.7 %
70.3 %
71.5 %
70.6 %Operating Income22.1 %
26.4 %
24.5 %
26.3 %
Three Months Ended
Twelve Months Ended
December 31,
December 31,(Amounts in Millions)2025
2024
2025
2024
EBITDA(1)$ 326.0
$ 393.6
$ 1,527.6
$ 1,539.0Adjusted EBITDA(1)$ 329.3
$ 379.9
$ 1,459.2
$ 1,485.7Floor Plan Credits$ 15.3
$ 18.9
$ 64.9
$ 65.6Rent Expense$ 71.5
$ 69.6
$ 282.4
$ 274.2
(1) See the following Non-GAAP reconciliation table. PENSKE AUTOMOTIVE GROUP, INC.Retail Automotive Operations(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
Change
2025
2024
ChangeRetail Automotive Units:
New Retail
52,907
60,727
(12.9) %
215,536
224,356
(3.9) %Used Retail
52,571
55,869
(5.9) %
226,301
255,228
(11.3) % Total Retail
105,478
116,596
(9.5) %
441,837
479,584
(7.9) %New Agency
11,471
11,105
3.3 %
43,966
40,548
8.4 % Total Retail and Agency
116,949
127,701
(8.4) %
485,803
520,132
(6.6) %
Retail Automotive Revenue: (Amounts in Millions)
New Vehicles$3,221.3
$3,605.2
(10.6) %
$12,855.4
$12,960.6
(0.8) %Used Vehicles
2,118.6
2,094.3
1.2 %
8,941.1
9,040.0
(1.1) %Finance and Insurance, Net
199.8
210.8
(5.2) %
816.5
841.0
(2.9) %Service and Parts
844.8
805.0
4.9 %
3,377.9
3,182.8
6.1 %Fleet and Wholesale
356.0
364.5
(2.3) %
1,483.7
1,541.4
(3.7) % Total Revenue$6,740.5
$7,079.8
(4.8) %
$27,474.6
$27,565.8
(0.3) %
Retail Automotive Gross Profit: (Amounts in Millions)
New Vehicles$273.2
$333.8
(18.2) %
$1,161.0
$1,231.8
(5.7) %Used Vehicles
93.0
99.1
(6.2) %
469.2
465.4
0.8 %Finance and Insurance, Net
199.8
210.8
(5.2) %
816.5
841.0
(2.9) %Service and Parts
488.0
468.9
4.1 %
1,973.8
1,847.5
6.8 %Fleet and Wholesale
11.0
16.6
(33.7) %
61.9
68.7
(9.9) % Total Gross Profit$1,065.0
$1,129.2
(5.7) %
$4,482.4
$4,454.4
0.6 %
Retail Automotive Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)$60,339
$58,907
2.4 %
$59,127
$57,342
3.1 %Used Vehicles
40,301
37,485
7.5 %
39,510
35,420
11.5 %
Retail Automotive Gross Profit Per Vehicle Retailed:
New Vehicles (excluding agency)$4,689
$5,071
(7.5) %
$4,920
$5,098
(3.5) %Used Vehicles
1,770
1,773
(0.2) %
2,074
1,824
13.7 %Finance and Insurance (excluding agency)
1,857
1,778
4.4 %
1,812
1,724
5.1 %Agency
2,523
2,639
(4.4) %
2,649
2,516
5.3 %
Retail Automotive Gross Margin:
New Vehicles
8.5 %
9.3 %
(80)bps
9.0 %
9.5 %
(50)bpsUsed Vehicles
4.4 %
4.7 %
(30)bps
5.2 %
5.1 %
+10bpsService and Parts
57.8 %
58.2 %
(40)bps
58.4 %
58.0 %
+40bpsFleet and Wholesale
3.1 %
4.6 %
(150)bps
4.2 %
4.5 %
(30)bps Total Gross Margin
15.8 %
15.9 %
(10)bps
16.3 %
16.2 %
+10bps
Retail Automotive Revenue Mix Percentages:
New Vehicles
47.8 %
50.9 %
(310)bps
46.8 %
47.0 %
(20)bpsUsed Vehicles
31.4 %
29.6 %
+180bps
32.5 %
32.8 %
(30)bpsFinance and Insurance, Net
3.0 %
3.0 %
—bps
3.0 %
3.1 %
(10)bpsService and Parts
12.5 %
11.4 %
+110bps
12.3 %
11.5 %
+80bpsFleet and Wholesale
5.3 %
5.1 %
+20bps
5.4 %
5.6 %
(20)bps Total
100.0 %
100.0 %
100.0 %
100.0 %
Retail Automotive Gross Profit Mix Percentages:
New Vehicles
25.7 %
29.6 %
(390)bps
25.9 %
27.7 %
(180)bpsUsed Vehicles
8.7 %
8.8 %
(10)bps
10.5 %
10.4 %
+10bpsFinance and Insurance, Net
18.8 %
18.7 %
+10bps
18.2 %
18.9 %
(70)bpsService and Parts
45.8 %
41.5 %
+430bps
44.0 %
41.5 %
+250bpsFleet and Wholesale
1.0 %
1.4 %
(40)bps
1.4 %
1.5 %
(10)bps Total
100.0 %
100.0 %
100.0 %
100.0 %
PENSKE AUTOMOTIVE GROUP, INC.Retail Automotive Operations Same-Store(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
Change
2025
2024
ChangeRetail Automotive Same-Store Units:
New Retail
52,282
58,943
(11.3) %
206,331
213,249
(3.2) %Used Retail
52,145
54,037
(3.5) %
218,702
238,402
(8.3) % Total Retail
104,427
112,980
(7.6) %
425,033
451,651
(5.9) %New Agency
11,471
10,539
8.8 %
43,966
37,871
16.1 % Total Retail and Agency
115,898
123,519
(6.2) %
468,999
489,522
(4.2) %
Retail Automotive Same-Store Revenue: (Amounts in Millions)
New Vehicles$3,182.1
$3,518.4
(9.6) %
$12,308.2
$12,359.9
(0.4) %Used Vehicles
2,099.3
2,041.3
2.8 %
8,590.9
8,548.9
0.5 %Finance and Insurance, Net
198.5
205.5
(3.4) %
797.4
804.2
(0.8) %Service and Parts
831.9
791.6
5.1 %
3,248.0
3,083.5
5.3 %Fleet and Wholesale
354.9
355.3
(0.1) %
1,416.8
1,452.7
(2.5) % Total Revenue$6,666.7
$6,912.1
(3.6) %
$26,361.3
$26,249.2
0.4 %
Retail Automotive Same-Store Gross Profit: (Amounts in Millions)
New Vehicles$269.4
$326.7
(17.5) %
$1,108.4
$1,176.4
(5.8) %Used Vehicles
91.7
98.3
(6.7) %
448.5
446.7
0.4 %Finance and Insurance, Net
198.5
205.5
(3.4) %
797.4
804.2
(0.8) %Service and Parts
482.2
460.2
4.8 %
1,907.5
1,787.1
6.7 %Fleet and Wholesale
11.4
16.9
(32.5) %
60.4
68.5
(11.8) % Total Gross Profit$1,053.2
$1,107.6
(4.9) %
$4,322.2
$4,282.9
0.9 %
Retail Automotive Same-Store Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)$60,310
$59,235
1.8 %
$59,114
$57,532
2.7 %Used Vehicles
40,258
37,776
6.6 %
39,281
35,859
9.5 %
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles (excluding agency)$4,673
$5,122
(8.8) %
$4,886
$5,123
(4.6) %Used Vehicles
1,758
1,819
(3.4) %
2,051
1,874
9.4 %Finance and Insurance (excluding agency)
1,881
1,804
4.3 %
1,861
1,771
5.1 %Agency
2,373
2,522
(5.9) %
2,428
2,334
4.0 %
Retail Automotive Same-Store Gross Margin:
New Vehicles
8.5 %
9.3 %
(80)bps
9.0 %
9.5 %
(50)bpsUsed Vehicles
4.4 %
4.8 %
(40)bps
5.2 %
5.2 %
—bpsService and Parts
58.0 %
58.1 %
(10)bps
58.7 %
58.0 %
+70bpsFleet and Wholesale
3.2 %
4.8 %
(160)bps
4.3 %
4.7 %
(40)bps Total Gross Margin
15.8 %
16.0 %
(20)bps
16.4 %
16.3 %
+10bps
Retail Automotive Same-Store Revenue Mix Percentages:
New Vehicles
47.7 %
50.9 %
(320)bps
46.7 %
47.1 %
(40)bpsUsed Vehicles
31.5 %
29.5 %
+200bps
32.6 %
32.6 %
—bpsFinance and Insurance, Net
3.0 %
3.0 %
—bps
3.0 %
3.1 %
(10)bpsService and Parts
12.5 %
11.5 %
+100bps
12.3 %
11.7 %
+60bpsFleet and Wholesale
5.3 %
5.1 %
+20bps
5.4 %
5.5 %
(10)bps Total
100.0 %
100.0 %
100.0 %
100.0 %
Retail Automotive Same-Store Gross Profit Mix Percentages:
New Vehicles
25.6 %
29.5 %
(390)bps
25.6 %
27.5 %
(190)bpsUsed Vehicles
8.7 %
8.9 %
(20)bps
10.4 %
10.4 %
—bpsFinance and Insurance, Net
18.8 %
18.6 %
+20bps
18.4 %
18.8 %
(40)bpsService and Parts
45.8 %
41.5 %
+430bps
44.1 %
41.7 %
+240bpsFleet and Wholesale
1.1 %
1.5 %
(40)bps
1.5 %
1.6 %
(10)bps Total
100.0 %
100.0 %
100.0 %
100.0 %
PENSKE AUTOMOTIVE GROUP, INC.Retail Commercial Truck Operations(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
Change
2025
2024
ChangeRetail Commercial Truck Units:
New Retail
3,034
3,544
(14.4) %
15,709
16,923
(7.2) %Used Retail
755
888
(15.0) %
3,241
3,628
(10.7) % Total
3,789
4,432
(14.5) %
18,950
20,551
(7.8) %
Retail Commercial Truck Revenue: (Amounts in Millions)
New Vehicles$449.0
$494.6
(9.2) %
$2,252.5
$2,359.5
(4.5) %Used Vehicles
51.5
55.8
(7.7) %
228.7
227.0
0.7 %Finance and Insurance, Net
2.9
4.1
(29.3) %
15.1
18.8
(19.7) %Service and Parts
216.7
210.7
2.8 %
892.4
886.3
0.7 %Wholesale and Other
5.3
8.5
(37.6) %
22.6
29.5
(23.4) % Total Revenue$725.4
$773.7
(6.2) %
$3,411.3
$3,521.1
(3.1) %
Retail Commercial Truck Gross Profit: (Amounts in Millions)
New Vehicles$24.9
$36.0
(30.8) %
$129.7
$155.9
(16.8) %Used Vehicles
1.7
5.2
(67.3) %
16.6
16.7
(0.6) %Finance and Insurance, Net
2.9
4.1
(29.3) %
15.1
18.8
(19.7) %Service and Parts
89.3
90.1
(0.9) %
369.0
380.3
(3.0) %Wholesale and Other
2.6
2.7
(3.7) %
11.9
12.8
(7.0) % Total Gross Profit$121.4
$138.1
(12.1) %
$542.3
$584.5
(7.2) %
Retail Commercial Truck Revenue Per Vehicle Retailed:
New Vehicles$147,989
$139,570
6.0 %
$143,389
$139,428
2.8 %Used Vehicles
68,170
62,891
8.4 %
70,574
62,580
12.8 %
Retail Commercial Truck Gross Profit Per Vehicle Retailed:
New Vehicles$8,203
$10,183
(19.4) %
$8,256
$9,214
(10.4) %Used Vehicles
2,265
5,739
(60.5) %
5,129
4,612
11.2 %Finance and Insurance
764
930
(17.8) %
795
917
(13.3) %
Retail Commercial Truck Gross Margin:
New Vehicles
5.5 %
7.3 %
(180)bps
5.8 %
6.6 %
(80)bpsUsed Vehicles
3.3 %
9.3 %
(600)bps
7.3 %
7.4 %
(10)bpsService and Parts
41.2 %
42.8 %
(160)bps
41.3 %
42.9 %
(160)bpsWholesale and Other
49.1 %
31.8 %
+1,730bps
52.7 %
43.4 %
+930bps Total Gross Margin
16.7 %
17.8 %
(110)bps
15.9 %
16.6 %
(70)bps
Retail Commercial Truck Revenue Mix Percentages:
New Vehicles
61.9 %
63.9 %
(200)bps
66.0 %
67.0 %
(100)bpsUsed Vehicles
7.1 %
7.2 %
(10)bps
6.7 %
6.4 %
+30bpsFinance and Insurance, Net
0.4 %
0.5 %
(10)bps
0.4 %
0.5 %
(10)bpsService and Parts
29.9 %
27.2 %
+270bps
26.2 %
25.2 %
+100bpsWholesale and Other
0.7 %
1.2 %
(50)bps
0.7 %
0.9 %
(20)bps Total
100.0 %
100.0 %
100.0 %
100.0 %
Retail Commercial Truck Gross Profit Mix Percentages:
New Vehicles
20.5 %
26.1 %
(560)bps
23.9 %
26.7 %
(280)bpsUsed Vehicles
1.4 %
3.8 %
(240)bps
3.1 %
2.9 %
+20bpsFinance and Insurance, Net
2.4 %
3.0 %
(60)bps
2.8 %
3.2 %
(40)bpsService and Parts
73.6 %
65.2 %
+840bps
68.0 %
65.1 %
+290bpsWholesale and Other
2.1 %
1.9 %
+20bps
2.2 %
2.1 %
+10bps Total
100.0 %
100.0 %
100.0 %
100.0 %
PENSKE AUTOMOTIVE GROUP, INC.Retail Commercial Truck Operations Same-Store(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
Change
2025
2024
ChangeRetail Commercial Truck Same-Store Units:
New Retail
3,028
3,543
(14.5) %
14,580
16,362
(10.9) %Used Retail
755
888
(15.0) %
3,148
3,593
(12.4) % Total
3,783
4,431
(14.6) %
17,728
19,955
(11.2) %
Retail Commercial Truck Same-Store Revenue: (Amounts in Millions)
New Vehicles$448.3
$494.5
(9.3) %
$2,072.7
$2,272.6
(8.8) %Used Vehicles
51.5
55.8
(7.7) %
222.7
224.6
(0.8) %Finance and Insurance, Net
2.9
4.1
(29.3) %
13.0
17.2
(24.4) %Service and Parts
216.5
209.5
3.3 %
857.8
862.8
(0.6) %Wholesale and Other
5.3
8.6
(38.4) %
21.5
29.2
(26.4) % Total Revenue$724.5
$772.5
(6.2) %
$3,187.7
$3,406.4
(6.4) %
Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions)
New Vehicles$24.9
$36.1
(31.0) %
$117.8
$148.6
(20.7) %Used Vehicles
1.7
5.1
(66.7) %
16.0
16.5
(3.0) %Finance and Insurance, Net
2.9
4.1
(29.3) %
13.0
17.2
(24.4) %Service and Parts
89.3
89.4
(0.1) %
353.4
369.0
(4.2) %Wholesale and Other
2.4
2.5
(4.0) %
11.4
11.8
(3.4) % Total Gross Profit$121.2
$137.2
(11.7) %
$511.6
$563.1
(9.1) %
Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed:
New Vehicles$148,055
$139,577
6.1 %
$142,159
$138,896
2.3 %Used Vehicles
68,170
62,891
8.4 %
70,742
62,501
13.2 %
Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles$8,227
$10,187
(19.2) %
$8,079
$9,083
(11.1) %Used Vehicles
2,265
5,739
(60.5) %
5,088
4,586
10.9 %Finance and Insurance
765
930
(17.7) %
734
861
(14.8) %
Retail Commercial Truck Same-Store Gross Margin:
New Vehicles
5.6 %
7.3 %
(170)bps
5.7 %
6.5 %
(80)bpsUsed Vehicles
3.3 %
9.1 %
(580)bps
7.2 %
7.3 %
(10)bpsService and Parts
41.2 %
42.7 %
(150)bps
41.2 %
42.8 %
(160)bpsWholesale and Other
45.3 %
29.1 %
+1,620bps
53.0 %
40.4 %
+1,260bps Total Gross Margin
16.7 %
17.8 %
(110)bps
16.0 %
16.5 %
(50)bps
Retail Commercial Truck Same-Store Revenue Mix Percentages:
New Vehicles
61.9 %
64.0 %
(210)bps
65.0 %
66.7 %
(170)bpsUsed Vehicles
7.1 %
7.2 %
(10)bps
7.0 %
6.6 %
+40bpsFinance and Insurance, Net
0.4 %
0.5 %
(10)bps
0.4 %
0.5 %
(10)bpsService and Parts
29.9 %
27.1 %
+280bps
26.9 %
25.3 %
+160bpsWholesale and Other
0.7 %
1.2 %
(50)bps
0.7 %
0.9 %
(20)bps Total
100.0 %
100.0 %
100.0 %
100.0 %
Retail Commercial Truck Same-Store Gross Profit Mix Percentages:
New Vehicles
20.5 %
26.3 %
(580)bps
23.0 %
26.4 %
(340)bpsUsed Vehicles
1.4 %
3.7 %
(230)bps
3.1 %
2.9 %
+20bpsFinance and Insurance, Net
2.4 %
3.0 %
(60)bps
2.5 %
3.1 %
(60)bpsService and Parts
73.7 %
65.2 %
+850bps
69.1 %
65.5 %
+360bpsWholesale and Other
2.0 %
1.8 %
+20bps
2.3 %
2.1 %
+20bps Total
100.0 %
100.0 %
100.0 %
100.0 %
PENSKE AUTOMOTIVE GROUP, INC.Supplemental Data(Unaudited)
Three Months Ended
Twelve Months
Ended
December 31,
December 31,
2025
2024
2025
2024Retail Automotive Revenue Mix:
Premium:
BMW / MINI25 %
27 %
25 %
25 %Audi9 %
9 %
9 %
10 %Porsche10 %
10 %
10 %
9 %Mercedes-Benz8 %
8 %
8 %
8 %Land Rover / Jaguar6 %
7 %
7 %
7 %Ferrari / Maserati3 %
3 %
3 %
3 %Lexus6 %
5 %
5 %
5 %Acura1 %
1 %
1 %
1 %Bentley1 %
1 %
1 %
1 %Others2 %
1 %
2 %
2 %Total Premium71 %
72 %
71 %
71 %Volume Non-U.S.:
Toyota14 %
13 %
13 %
13 %Honda5 %
5 %
5 %
5 %Volkswagen2 %
2 %
2 %
2 %Hyundai1 %
2 %
2 %
1 %Others1 %
1 %
1 %
1 %Total Volume Non-U.S.23 %
23 %
23 %
22 %U.S.:
General Motors / Stellantis / Ford3 %
2 %
3 %
2 %Used Vehicle Dealerships3 %
3 %
3 %
5 %Total100 %
100 %
100 %
100 %
Three Months Ended
Twelve Months Ended
December 31,
December 31,Cash Flow and Other Highlights:2025
2024
2025
2024($ Amounts in Millions)
Capital expenditures$
85.9
$
89.1
$
324.6
$
377.8Cash paid for acquisitions$
—
$
148.8
$
21.5
$
786.2PMG common control transaction$
363.6
$
—
$
363.6
$
—Proceeds from sale of dealerships$
39.8
$
53.9
$
119.9
$
82.1Dividends$
91.1
$
79.7
$
343.8
$
274.4Stock repurchases:
Aggregate purchase price$
40.7
$
1.0
$
182.3
$
77.5 Shares repurchased
244,289
6,172
1,178,411
517,245 Balance Sheet and Other Highlights:December 31, 2025
December 31, 2024(Amounts in Millions)
Cash and Cash Equivalents$64.7
$83.6Inventories$4,814.7
$4,710.7Total Floor Plan Notes Payable$4,094.3
$4,082.9Total Long-Term Debt$2,165.5
$1,852.0Equity$5,580.9
$5,418.5
Debt to Total Capitalization Ratio
28.0 %
25.5 %Leverage Ratio (1)
1.5x
1.2xNew vehicle days' supply
49 days
49 daysUsed vehicle days' supply
49 days
47 days__________________________(1) See the following Non-GAAP reconciliation table PENSKE AUTOMOTIVE GROUP, INC.Consolidated Non-GAAP Reconciliations(Unaudited)
The following tables reconcile reported net income to earnings before interest, taxes, depreciation, and amortization
("EBITDA") for the three and twelve months ended December 31, 2025 and 2024:
Three Months Ended
December 31,
2025 vs. 2024(Amounts in Millions)2025
2024
Change
% Change
Net Income$186.7
$250.2
$(63.5)
(25.4) %Add: Depreciation
44.8
41.8
3.0
7.2 % Other Interest Expense
25.7
23.7
2.0
8.4 % Income Taxes
68.8
77.9
(9.1)
(11.7) %EBITDA$326.0
$393.6
$(67.6)
(17.2) %
Twelve Months Ended
December 31,
2025 vs. 2024(Amounts in Millions)2025
2024
Change
% Change
Net Income$937.9
$973.4
$(35.5)
(3.6) %Add: Depreciation
172.3
161.3
11.0
6.8 % Other Interest Expense
91.6
87.9
3.7
4.2 % Income Taxes
325.8
316.4
9.4
3.0 %EBITDA$1,527.6
$1,539.0
$(11.4)
(0.7) %Our quarterly and annual results include the impact of certain impairments and other charges, as well as the full quarterly and annual results of Penske Motor Group in all periods, which is required by GAAP for common control transactions. The following tables present key adjusted financial line items excluding certain impairments and other charges and presents the acquisition of Penske Motor Group as if we acquired it on November 1, 2025, without common control accounting. Management believes this presentation is useful to investors in evaluating the Company's operating performance and comparability across periods.
Three Months Ended December 31, 2025($ Amounts in millions, except per share data)As Reported
Gain on Sale of
Dealership
Impairments
and Other
Charges
Adjusted
Common
Control
Adjusted
Excluding
Common
Control
Revenue$7,769.2
$—
$—
$7,769.2
$(115.8)
$7,653.4Gross Profit$1,243.8
$—
$—
$1,243.8
$(16.6)
$1,227.2Selling, General, & Administrative Expenses$924.0
$—
$(7.3)
$916.7
$(12.4)
$904.3EBITDA$326.0
$—
$7.3
$333.3
$(4.0)
$329.3Net Income Before Taxes$255.5
$—
$7.3
$262.8
$(3.7)
$259.1Net Income Attributable to Common Stockholders$186.1
$—
$5.4
$191.5
$(3.7)
$187.8Earnings Per Share$2.83
$—
$0.08
$2.91
$(0.06)
$2.85
SG&A to Gross Profit
74.3 %
73.7 %
73.7 %New Retail Automotive Units
52,907
—
—
52,907
(1,732)
51,175Used Retail Automotive Units
52,571
—
—
52,571
(555)
52,016
Three Months Ended December 31, 2024($ Amounts in millions, except per share data)As Reported
Gain on Sale of
Dealership
Impairments
and Other
Charges
Adjusted
Common
Control
Adjusted
Excluding
Common
Control
Revenue$8,077.6
$—
$—
$8,077.6
$(357.7)
$7,719.9Gross Profit$1,313.1
$—
$—
$1,313.1
$(52.3)
$1,260.8Selling, General, & Administrative Expenses$924.0
$—
$—
$924.0
$(38.0)
$886.0EBITDA$393.6
$—
$—
$393.6
$(13.7)
$379.9Net Income Before Taxes$328.1
$—
$—
$328.1
$(12.9)
$315.2Net Income Attributable to Common Stockholders$249.3
$—
$—
$249.3
$(12.9)
$236.4Earnings Per Share$3.73
$—
$—
$3.73
$(0.19)
$3.54
SG&A to Gross Profit
70.4 %
70.4 %
70.3 %New Retail Automotive Units
60,727
—
—
60,727
(5,336)
55,391Used Retail Automotive Units
55,869
—
—
55,869
(1,835)
54,034
Twelve Months Ended December 31, 2025($ Amounts in millions, except per share data)As Reported
Gain on Sale of
Dealership
Impairments
and Other
Charges
Adjusted
Common
Control
Adjusted
Excluding
Common
Control
Revenue$31,808.5
$—
$—
$31,808.5
$(1,193.0)
$30,615.5Gross Profit$5,217.0
$—
$—
$5,217.0
$(175.1)
$5,041.9Selling, General, & Administrative Expenses$3,764.0
$—
$(32.5)
$3,731.5
$(125.0)
$3,606.5EBITDA$1,527.6
$(52.3)
$32.5
$1,507.8
$(48.6)
$1,459.2Net Income Before Taxes$1,263.7
$(52.3)
$32.5
$1,243.9
$(45.6)
$1,198.3Net Income Attributable to Common Stockholders$935.4
$(38.9)
$26.3
$922.8
$(45.6)
$877.2Earnings Per Share$14.13
$(0.58)
$0.39
$13.94
$(0.69)
$13.25
SG&A to Gross Profit
72.1 %
71.5 %
71.5 %New Retail Automotive Units
215,536
—
—
215,536
(17,404)
198,132Used Retail Automotive Units
226,301
—
—
226,301
(6,092)
220,209
Twelve Months Ended December 31, 2024($ Amounts in millions, except per share data)As Reported
Gain on Sale of
Dealership
Impairments
and Other
Charges
Adjusted
Common
Control
Adjusted
Excluding
Common
Control
Revenue$31,864.8
$—
$—
$31,864.8
$(1,409.6)
$30,455.2Gross Profit$5,217.1
$—
$—
$5,217.1
$(203.8)
$5,013.3Selling, General, & Administrative Expenses$3,685.7
$—
$—
$3,685.7
$(147.2)
$3,538.5EBITDA$1,539.0
$—
$—
$1,539.0
$(53.3)
$1,485.7Net Income Before Taxes$1,289.8
$—
$—
$1,289.8
$(50.0)
$1,239.9Net Income Attributable to Common Stockholders$968.9
$—
$—
$968.9
$(50.0)
$918.9Earnings Per Share$14.49
$—
$—
$14.49
$(0.75)
$13.74
SG&A to Gross Profit
70.6 %
70.6 %
70.6 %New Retail Automotive Units
224,356
—
—
224,356
(19,914)
204,442Used Retail Automotive Units
255,228
—
—
255,228
(8,620)
246,608 The following table reconciles the leverage ratio as of December 31, 2025, and December 31, 2024:
Twelve
Twelve
Months Ended
Months Ended(Amounts in Millions)December 31, 2025
December 31, 2024
Net Income$ 937.9
$ 973.4Add: Depreciation
172.3
161.3 Other Interest Expense
91.6
87.9 Income Taxes
325.8
316.4EBITDA$ 1,527.6
$ 1,539.0Less: Gain on Sale of Dealership
(52.3)
—Add: Impairments and Other Charges
32.5
—Less: Common Control
(48.6)
(53.3)Adjusted EBITDA$ 1,459.2
$ 1,485.7
Total Non-Vehicle Long-Term Debt$ 2,165.5
$ 1,852.0Leverage Ratio
1.5x
1.2x
View original content to download multimedia:https://www.prnewswire.com/news-releases/penske-automotive-group-reports-fourth-quarter-and-full-year-2025-results-302684889.htmlSOURCE Penske Automotive Group, Inc.
Original: PENSKE AUTOMOTIVE GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS
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