AutoNation Reports Third Quarter 2025 Results

Rhea-AI Summary

AutoNation (NYSE: AN) reported third quarter 2025 results on October 23, 2025: Revenue $7.04B (+7% YoY), GAAP EPS $5.65 (+23% YoY), and Adjusted EPS $5.01 (+25% YoY). Same-store revenue was $6.94B (+6%). After-Sales gross profit reached $597M (+7%) with a 48.7% margin, and Customer Financial Services gross profit was a record $375M (+12%). AutoNation Finance portfolio exceeded $2B. Year-to-date adjusted free cash flow was $786M. Capital deployment included acquisitions representing >$500M annual revenue and share repurchases of $523M YTD, with ~$338M repurchase authorization remaining.

Positive

• Revenue $7.04B, up 7% YoY
• Adjusted EPS $5.01, up 25% YoY
• After-Sales gross profit $597M, up 7%
• Customer Financial Services gross profit $375M, up 12%
• AutoNation Finance portfolio >$2B
• Adjusted free cash flow $786M YTD

Negative

• New vehicle unit profitability down from $2,820 to $2,290
• Non-vehicle debt outstanding $3.8B
• Operating income down 4% YTD (nine months)

Insights

Senior Automotive Financial Analyst

AutoNation delivered a solid quarter: revenue and EPS growth, record After‑Sales and CFS profits, strong buybacks and maintained liquidity.

Revenue of $7.0 billion (up 7%) and diluted EPS of $5.65 (up 23%) show operating scale across segments, with record After‑Sales gross profit and a CFS portfolio surpassing $2 billion. Same‑store revenue and unit growth in new and used vehicles support the topline expansion while adjusted EPS benefits from exclusion items.

Dependencies and risks include SG&A leverage on gross profit (adjusted SG&A ~67.4%), rising non‑vehicle debt of $3.8 billion, and increased auto loans receivable of $973 million YTD; AutoNation Finance shows improved margins but higher credit provisioning. Watch the covenant leverage ratio at 2.35x, remaining repurchase authorization (~$338 million), integration of recent store acquisitions (>$money>500 million annual revenue) and quarterly trends in new vehicle unit profitability (unit profit down vs. prior year). Time horizon: monitor operational margins and CFS credit metrics over the next two to four quarters.

• Revenue up 7% driven by increases across all major categories
• EPS $5.65 up 23%, Adjusted EPS $5.01 up 25%
• After-Sales gross profit of $597 million up 7% and gross margin of 48.7% (up 100bps)
• Record CFS gross profit of $375 million up 12%
• Strong cash flow and balanced capital deployments

FORT LAUDERDALE, Fla., Oct. 23, 2025 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN) today reported third quarter 2025 revenue of $7.0 billion, an increase of 7% compared to the same period a year ago. Third quarter 2025 EPS was $5.65, compared to $4.61 a year ago, and third quarter 2025 Adjusted EPS was $5.01, compared to $4.02 a year ago. Reconciliations of non-GAAP financial measures are included in the attached financial tables.

"We are pleased to report another quarter of strong performance, with robust growth across the business, including record profit in After-Sales and Customer Financial Services," said Mike Manley, Chief Executive Officer of AutoNation. "Cash flow was strong, and we deployed significant capital for share repurchases and acquisitions to improve density in existing markets. AutoNation Finance continued to scale, growing the portfolio to more than $2 billion while improving profitability. AutoNation's multiple revenue streams, flexible cost structure, cash flow generation, and investment grade balance sheet position us to continue delivering strong results and deploying capital to generate attractive shareholder returns," Manley concluded.

Operational Summary
Third quarter 2025 compared to the year-ago period: 

Selected GAAP Financial Data
(In millions, except per share data and unit sales)
		Three Months Ended September 30,
		2025		2024		YoY
Revenue		$             7,037.4		$             6,586.1		7 %
Gross Profit		$             1,238.4		$             1,182.8		5 %
Operating Income		$                372.4		$                350.7		6 %
Net Income		$                215.1		$                185.8		16 %
Diluted EPS		$                  5.65		$                  4.61		23 %
Diluted weighted average common shares outstanding		38.1		40.3		-5 %
Same-store Revenue		$             6,936.8		$            6,514.8		6 %
Same-store Gross Profit		$             1,221.4		$            1,171.8		4 %
Same-store New Vehicle Retail Unit Sales		65,425		62,628		4 %
Same-store Used Vehicle Retail Unit Sales		67,288		65,688		2 %
Selected Non-GAAP Financial Data*
($ in millions, except per share data)
		Three Months Ended September 30,
		2025		2024		YoY
Adjusted Operating Income		$                348.1		$                320.3		9 %
Adjusted Net Income		$                190.9		$                162.2		18 %
Adjusted Diluted EPS		$                  5.01		$                  4.02		25 %

*Reconciliations of non-GAAP financial measures are included in the attached financial tables. 2025 Adjusted Diluted EPS excludes cybersecurity insurance recoveries of $40 million and acquisition-related expenses of $8 million (net combined after-tax of $24.2 million or $0.63 per share). 2024 Adjusted Diluted EPS excludes net gains on dispositions net of other items which totaled $31.3 million pre-tax (net combined after-tax of $23.6 million or $0.58 per share).

• Same-store Revenue –  $6.9 billion, increased $422 million or 6% from a year ago, primarily reflecting increased new vehicle unit sales and higher average new vehicle selling prices.
• • New Vehicle Revenue –  $3.4 billion, an increase of $229 million or 7%.
  • Used Vehicle Revenue –  $2.0 billion, an increase of $95 million or 5%.
  • Customer Financial Services Revenue  – $368 million, an increase of $36 million or 11%.
  • After-Sales Revenue  – $1.2 billion, an increase of $65 million or 6%.
• Same-store Gross Profit  – $1.2 billion, an increase of $50 million or 4% from a year ago.
  • New Vehicle Gross Profit – $150 million, a decrease of $27 million reflecting unit profitability of $2,290 compared to $2,820 a year ago, partially offset by a 4% increase in unit sales.
  • Used Vehicle Gross Profit – $114 million, an increase of $2 million reflecting a 2% increase in unit sales and unit profitability of $1,510 compared to $1,609 a year ago.
  • Customer Financial Services Gross Profit – $368 million, an increase of $36 million or 11%, reflecting unit profitability of $2,775 compared to $2,592 a year ago and a 3% increase in retail unit sales.
  • After-Sales Gross Profit – $589 million, an increase of $39 million or 7%.
• SG&A as a Percentage of Gross Profit –  was 68.6%, or 67.4% on an adjusted basis, flat from 67.4% on an adjusted basis in the prior year.

Segment Results
Segment results⁽¹⁾ for the third quarter of 2025 were as follows:

• Domestic  – Domestic Segment Income⁽²⁾ was $81 million compared to $62 million a year ago, an increase of 30%. Revenue of $1.9 billion was up 10%.
• Import  – Import Segment Income⁽²⁾ was $124 million compared to $119 million a year ago, an increase of 4%. Revenue of $2.2 billion was up 6%.
• Premium Luxury  – Premium Luxury Segment Income⁽²⁾ was $161 million compared to $155 million a year ago, an increase of 4%. Revenue of $2.6 billion was up 5%.
• AutoNation Finance  – AutoNation Finance income was $2 million compared to a loss of $6 million a year ago. Year-over-year results reflect higher net interest margin and continued operating efficiencies, partially offset by higher non-cash credit provisioning related to significant loan origination growth.

Capital Allocation, Liquidity, and Leverage
For the first nine months ended September 30, 2025, cash used in operating activities was $39 million, auto loans receivable, net, increased $973 million, capital expenditures were $223 million, and adjusted free cash flow was $786 million, or 134% of adjusted net income.

In September, AutoNation acquired an Audi and a Mercedes-Benz store in Chicago. This follows the acquisition of a Mazda and a Ford store in Denver earlier this year. In total these combined acquisitions represent more than $500 million of annual revenues, enhance our brand portfolio, and add density to our existing footprint in Illinois and Colorado.

During the quarter, AutoNation repurchased 0.8 million shares for an aggregate purchase price of $181 million or $217 per share. Year-to-date through October 21, 2025, AutoNation repurchased 2.8 million shares for an aggregated purchase price of $523 million or $188 per share. As of October 21, 2025, AutoNation has approximately $338 million of repurchase authorization remaining under its current share repurchase program.

As of September 30, 2025, AutoNation had $1.8 billion of liquidity, including $98 million in cash and $1.7 billion of availability under its revolving credit facility, net of commercial paper borrowings. The Company's covenant leverage ratio was 2.35x at quarter-end and the Company had $3.8 billion of non-vehicle debt outstanding.

Year-to-date 2025 compared to the year-ago period:

Selected GAAP Financial Data
(In millions, except per share data and unit sales )
		Nine Months Ended September 30,
		2025		2024		YoY
Revenue		$           20,702.2		$           19,552.2		6 %
Gross Profit		$             3,733.7		$             3,543.8		5 %
Operating Income		$                926.0		$                966.0		-4 %
Net Income		$                477.0		$                506.1		-6 %
Diluted EPS		$                12.36		$                12.31		— %
Diluted weighted average common shares outstanding		38.6		41.1		-6 %
Same-store Revenue		$           20,458.0		$           19,231.6		6 %
Same-store Gross Profit		$             3,690.9		$             3,488.5		6 %
Same-store New Vehicle Retail Unit Sales		192,863		181,071		7 %
Same-store Used Vehicle Retail Unit Sales		202,005		197,404		2 %
Selected Non-GAAP Financial Data*
($ in millions, except per share data)
		Nine Months Ended September 30,
		2025		2024		YoY
Adjusted Operating Income		$             1,051.8		$                986.5		7 %
Adjusted Net Income		$                584.3		$                514.8		14 %
Adjusted Diluted EPS		$                15.14		$                12.53		21 %

*Reconciliations of non-GAAP financial measures are included in the attached financial tables.

• Same-store Revenue  – $20.5 billion, increased $1.2 billion or 6% from a year ago, primarily reflecting increased new vehicle unit sales and higher average new vehicle selling prices.
  • New Vehicle Revenue – $10.0 billion, an increase of $817 million or 9%.
  • Used Vehicle Revenue – $5.8 billion, an increase of $100 million or 2%.
  • Customer Financial Services Revenue – $1.1 billion, an increase of $97 million or 10%.
  • After-Sales Revenue – $3.6 billion, an increase of $216 million or 6%.
• Same-store Gross Profit  – $3.7 billion, an increase of $202 million or 6% from a year ago.
  • New Vehicle Gross Profit – $507 million, a decrease of $52 million reflecting unit profitability of $2,629 compared to $3,087 a year ago, partially offset by a 7% increase in unit sales.
  • Used Vehicle Gross Profit – $361 million, an increase of $28 million reflecting a 2% increase in unit sales and unit profitability of $1,604 compared to $1,578 a year ago.
  • Customer Financial Services Gross Profit – $1.1 billion, an increase of $97 million or 10%, reflecting unit profitability of $2,730, compared to $2,592 a year ago and a 4% increase in retail unit sales.
  • After-Sales Gross Profit – $1.7 billion, an increase of $129 million or 8%.
• SG&A as a Percentage of Gross Profit – was 67.7%, or 67.0% on an adjusted basis, up from 66.7% on an adjusted basis in the prior year.

Segment Results
Segment results⁽¹⁾ for the first nine months of 2025 were as follows:

• Domestic  – Domestic Segment Income⁽²⁾ was $242 million compared to $188 million a year ago, an increase of 29%. Revenue of $5.6 billion was up 6%.
• Import  – Import Segment Income⁽²⁾ was $383 million compared to $356 million a year ago, an increase of 8%. Revenue of $6.4 billion was up 5%.
• Premium Luxury  – Premium Luxury Segment Income⁽²⁾ was $520 million compared to $468 million a year ago, an increase of 11%. Revenue of $7.7 billion was up 6%.
• AutoNation Finance  – AutoNation Finance income was $4 million compared to a loss of $11 million a year ago. Year-over-year results reflect higher net interest margin and continued operating efficiencies, partially offset by higher non-cash credit provisioning related to significant loan origination growth.

The third quarter conference call may be accessed by telephone at 833-470-1428 (Conference ID: 500167) at 9:00 a.m. Eastern Time today or on AutoNation's investor relations website at investors.autonation.com.

The webcast will also be available on AutoNation's website following the call under "Events & Presentations." A playback of the conference call will be available after 12:00 p.m. Eastern Time on October 23, 2025, through November 13, 2025, by calling 866-813-9403 (Conference ID: 620105). Additional information regarding AutoNation's results can be found in the Investor Presentation available at investors.autonation.com.

(1)

AutoNation has four reportable segments: Domestic, Import, Premium Luxury, and AutoNation Finance. The Domestic segment is comprised of stores that sell vehicles manufactured by General Motors, Ford, and Stellantis; the Import segment is primarily comprised of stores that sell vehicles manufactured by Toyota, Honda, Hyundai, and Subaru; and the Premium Luxury segment is primarily comprised of stores that sell vehicles manufactured by Mercedes-Benz, BMW, Lexus, Audi, and Jaguar Land Rover. AutoNation Finance is our captive auto finance company, which provides indirect financing to qualified retail customers on vehicles we sell.

(2)

Segment income for the Domestic, Import, and Premium Luxury reportable segments is defined as operating income less floorplan interest expense and is a non-GAAP measure.

About AutoNation, Inc.
AutoNation, one of the largest automotive retailers in the United States, offers innovative products and exceptional services as part of a portfolio of comprehensive solutions for our customers and their automotive needs. With a nationwide network of dealerships strengthened by a recognized brand, we offer a wide variety of new and used vehicles, customer financing, parts, and expert maintenance and repair services. Through DRV PNK, we have raised and donated over $45 million for cancer-related causes, demonstrating our commitment to making a positive difference in the lives of our Associates, Customers, and the communities we serve. Please visit www.autonation.com, investors.autonation.com, and www.x.com/autonation, where AutoNation discloses additional information about the Company, its business, and its results of operations.

NON-GAAP FINANCIAL
This news release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, which exclude certain items disclosed in the attached financial tables. As required by SEC rules, the Company provides reconciliations of these measures to the most directly comparable GAAP measures. The Company believes that these non-GAAP financial measures improve the transparency of the Company's disclosure, provide a meaningful presentation of the Company's results 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. Non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated and presented in accordance with GAAP.

FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as "anticipates," "expects," "estimates," "intends," "goals," "targets," "projects," "plans," "believes," "continues," "may," "will," "could," and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements regarding our strategic initiatives, partnerships, and investments, including AutoNation Finance, statements regarding our expectations for shareholder returns, potential tariff-related impacts, and the future performance of our business and the automotive retail industry, including during 2025, and other statements that describe our objectives, goals, or plans, are forward-looking statements. Our forward-looking statements reflect our current expectations concerning future results and events, and they involve known and unknown risks, uncertainties, and other factors that are difficult to predict and may cause our actual results, performance, or achievements to be materially different from any future results, performance, and achievements expressed or implied by these statements. These risks, uncertainties, and other factors include, among others: economic conditions, including changes in tariffs, unemployment, interest, and/or inflation rates, consumer demand, and fuel prices; our ability to implement successfully our strategic acquisitions, initiatives, partnerships, and investments; our ability to maintain or improve gross profit margins; our ability to maintain or gain market share; legal, reputational, and financial risks resulting from cyber incidents and the potential impact on our operating results; the receipt of any insurance or other recoveries in connection with any cyber incidents; our ability to successfully implement and maintain expense controls; our ability to maintain and enhance our retail brands and reputation and to attract consumers to our own digital channels; our ability to acquire and integrate successfully new acquisitions; restrictions imposed by vehicle manufacturers and our ability to obtain manufacturer approval for franchise acquisitions; the success and financial viability and the incentive and marketing programs of vehicle manufacturers and distributors with which we hold franchises; natural disasters and other adverse weather events; the resolution of legal and administrative proceedings; changes in automotive laws and regulations affecting our business, including fuel economy requirements; factors affecting our goodwill and other intangible asset impairment testing; and other factors described in our news releases and filings made under the securities laws, including, among others, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Forward-looking statements contained in this news release speak only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

 

AUTONATION, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue:
New vehicle	$               3,415.6		$               3,171.2		$             10,060.0		$               9,273.0
Used vehicle	2,015.7		1,901.4		5,923.1		5,808.6
Parts and service	1,226.2		1,170.9		3,611.3		3,460.4
Finance and insurance, net	374.8		335.4		1,095.0		994.1
Other	5.1		7.2		12.8		16.1
Total revenue	7,037.4		6,586.1		20,702.2		19,552.2
Cost of sales:
New vehicle	3,264.6		2,994.1		9,550.7		8,709.6
Used vehicle	1,900.8		1,790.2		5,558.3		5,474.5
Parts and service	629.2		612.7		1,848.0		1,809.8
Other	4.4		6.3		11.5		14.5
Total cost of sales	5,799.0		5,403.3		16,968.5		16,008.4
Gross profit	1,238.4		1,182.8		3,733.7		3,543.8
AutoNation Finance income (loss)	1.5		(6.2)		3.6		(10.5)
Selling, general, and administrative expenses	850.1		811.3		2,526.7		2,430.2
Depreciation and amortization	64.2		61.3		189.9		179.5
Goodwill impairment	—		—		65.3		—
Franchise rights impairment	—		—		71.7		—
Other income, net(1)	(46.8)		(46.7)		(42.3)		(42.4)
Operating income	372.4		350.7		926.0		966.0
Non-operating income (expense) items:
Floorplan interest expense	(47.5)		(60.5)		(139.3)		(163.8)
Other interest expense	(45.1)		(44.9)		(133.6)		(136.3)
Other income (loss), net(2)	7.8		2.1		6.9		9.0
Income before income taxes	287.6		247.4		660.0		674.9
Income tax provision	72.5		61.6		183.0		168.8
Net income	$                  215.1		$                  185.8		$                  477.0		$                  506.1
Diluted earnings per share	$                    5.65		$                    4.61		$                  12.36		$                  12.31
Diluted weighted average common shares outstanding	38.1		40.3		38.6		41.1
Common shares outstanding, net of treasury stock, at period end	36.9		39.6		36.9		39.6

(1)	Includes net gains on business/property divestitures and asset impairments. Current periods also include cybersecurity insurance recoveries received in connection with the CDK outage.
(2)	Includes net gains related to changes in the cash surrender value of corporate-owned life insurance for deferred compensation plan participants, as well net losses on minority equity investments.

 

AUTONATION, INC. UNAUDITED SUPPLEMENTARY DATA ($ in millions, except per vehicle data)
Operating Highlights		Three Months Ended September 30,								Nine Months Ended September 30,
		2025		2024		$ Variance		% Variance		2025		2024		$ Variance		% Variance
Revenue:
New vehicle		$   3,415.6		$   3,171.2		$       244.4		7.7		$ 10,060.0		$   9,273.0		$       787.0		8.5
Retail used vehicle		1,874.3		1,741.4		132.9		7.6		5,511.4		5,318.7		192.7		3.6
Wholesale		141.4		160.0		(18.6)		(11.6)		411.7		489.9		(78.2)		(16.0)
Used vehicle		2,015.7		1,901.4		114.3		6.0		5,923.1		5,808.6		114.5		2.0
Finance and insurance, net		374.8		335.4		39.4		11.7		1,095.0		994.1		100.9		10.1
Total variable operations		5,806.1		5,408.0		398.1		7.4		17,078.1		16,075.7		1,002.4		6.2
Parts and service		1,226.2		1,170.9		55.3		4.7		3,611.3		3,460.4		150.9		4.4
Other		5.1		7.2		(2.1)				12.8		16.1		(3.3)
Total revenue		$   7,037.4		$   6,586.1		$       451.3		6.9		$ 20,702.2		$ 19,552.2		$     1,150.0		5.9
Gross profit:
New vehicle		$      151.0		$      177.1		$       (26.1)		(14.7)		$      509.3		$      563.4		$          (54.1)		(9.6)
Retail used vehicle		102.6		105.6		(3.0)		(2.8)		328.7		314.7		14.0		4.4
Wholesale		12.3		5.6		6.7				36.1		19.4		16.7
Used vehicle		114.9		111.2		3.7		3.3		364.8		334.1		30.7		9.2
Finance and insurance		374.8		335.4		39.4		11.7		1,095.0		994.1		100.9		10.1
Total variable operations		640.7		623.7		17.0		2.7		1,969.1		1,891.6		77.5		4.1
Parts and service		597.0		558.2		38.8		7.0		1,763.3		1,650.6		112.7		6.8
Other		0.7		0.9		(0.2)				1.3		1.6		(0.3)
Total gross profit		1,238.4		1,182.8		55.6		4.7		3,733.7		3,543.8		189.9		5.4
AutoNation Finance income (loss)		1.5		(6.2)		7.7				3.6		(10.5)		14.1
Selling, general, and administrative expenses		850.1		811.3		(38.8)		(4.8)		2,526.7		2,430.2		(96.5)		(4.0)
Depreciation and amortization		64.2		61.3		(2.9)				189.9		179.5		(10.4)
Goodwill impairment		—		—		—				65.3		—		(65.3)
Franchise rights impairment		—		—		—				71.7		—		(71.7)
Other income, net		(46.8)		(46.7)		0.1				(42.3)		(42.4)		(0.1)
Operating income		372.4		350.7		21.7		6.2		926.0		966.0		(40.0)		(4.1)
Non-operating income (expense) items:
Floorplan interest expense		(47.5)		(60.5)		13.0				(139.3)		(163.8)		24.5
Other interest expense		(45.1)		(44.9)		(0.2)				(133.6)		(136.3)		2.7
Other income, net		7.8		2.1		5.7				6.9		9.0		(2.1)
Income before income taxes		$      287.6		$      247.4		$         40.2		16.2		$      660.0		$      674.9		$       (14.9)		(2.2)
Retail vehicle unit sales:
New		66,189		63,150		3,039		4.8		194,423		183,281		11,142		6.1
Used		68,896		66,454		2,442		3.7		206,632		201,079		5,553		2.8
		135,085		129,604		5,481		4.2		401,055		384,360		16,695		4.3
Revenue per vehicle retailed:
New		$    51,604		$    50,217		$       1,387		2.8		$    51,743		$    50,594		$       1,149		2.3
Used		$    27,205		$    26,205		$       1,000		3.8		$    26,673		$    26,451		$          222		0.8
Gross profit per vehicle retailed:
New		$      2,281		$      2,804		$        (523)		(18.7)		$      2,620		$      3,074		$         (454)		(14.8)
Used		$      1,489		$      1,589		$        (100)		(6.3)		$      1,591		$      1,565		$            26		1.7
Finance and insurance		$      2,775		$      2,588		$          187		7.2		$      2,730		$      2,586		$          144		5.6
Total variable operations(1)		$      4,652		$      4,769		$        (117)		(2.5)		$      4,820		$      4,871		$           (51)		(1.0)
(1) Total variable operations gross profit per vehicle retailed is calculated by dividing the sum of new vehicle, retail used vehicle, and finance and insurance gross profit by total retail vehicle unit sales.

 

Operating Percentages		Three Months Ended September 30,				Nine Months Ended September 30,
		2025 ( %)		2024 ( %)		2025 ( %)		2024 ( %)
Revenue mix percentages:
New vehicle		48.5		48.1		48.6		47.4
Used vehicle		28.6		28.9		28.6		29.7
Parts and service		17.4		17.8		17.4		17.7
Finance and insurance, net		5.3		5.1		5.3		5.1
Other		0.2		0.1		0.1		0.1
		100.0		100.0		100.0		100.0
Gross profit mix percentages:
New vehicle		12.2		15.0		13.6		15.9
Used vehicle		9.3		9.4		9.8		9.4
Parts and service		48.2		47.2		47.2		46.6
Finance and insurance		30.3		28.4		29.3		28.1
Other		—		—		0.1		—
		100.0		100.0		100.0		100.0
Operating items as a percentage of revenue:
Gross profit:
New vehicle		4.4		5.6		5.1		6.1
Used vehicle - retail		5.5		6.1		6.0		5.9
Parts and service		48.7		47.7		48.8		47.7
Total		17.6		18.0		18.0		18.1
Selling, general, and administrative expenses		12.1		12.3		12.2		12.4
Operating income		5.3		5.3		4.5		4.9
Operating items as a percentage of total gross profit:
Selling, general, and administrative expenses		68.6		68.6		67.7		68.6
Operating income		30.1		29.6		24.8		27.3

 

AUTONATION, INC. UNAUDITED SUPPLEMENTARY DATA ($ in millions)
Segment Operating Highlights		Three Months Ended September 30,								Nine Months Ended September 30,
		2025		2024		$ Variance		% Variance		2025		2024		$ Variance		% Variance
Revenue:
Domestic		$    1,945.3		$    1,774.9		$      170.4		9.6		$    5,583.2		$    5,271.0		$      312.2		5.9
Import		2,173.1		2,046.2		126.9		6.2		6,368.7		6,044.5		324.2		5.4
Premium luxury		2,559.4		2,426.0		133.4		5.5		7,691.7		7,239.3		452.4		6.2
Total Franchised Dealerships		6,677.8		6,247.1		430.7		6.9		19,643.6		18,554.8		1,088.8		5.9
Corporate and other		359.6		339.0		20.6		6.1		1,058.6		997.4		61.2		6.1
Total consolidated revenue		$    7,037.4		$    6,586.1		$      451.3		6.9		$  20,702.2		$  19,552.2		$    1,150.0		5.9
Segment income(1):
Domestic		$        81.3		$        62.4		$        18.9		30.3		$      242.3		$      187.9		$        54.4		29.0
Import		123.7		119.2		4.5		3.8		383.3		356.2		27.1		7.6
Premium luxury		160.9		154.7		6.2		4.0		519.7		468.2		51.5		11.0
Total Franchised Dealerships		365.9		336.3		29.6		8.8		1,145.3		1,012.3		133.0		13.1
AutoNation Finance income (loss)		1.5		(6.2)		7.7				3.6		(10.5)		14.1
Corporate and other		(42.5)		(39.9)		(2.6)				(362.2)		(199.6)		(162.6)
Add: Floorplan interest expense		47.5		60.5		(13.0)				139.3		163.8		(24.5)
Operating income		$      372.4		$      350.7		$        21.7		6.2		$      926.0		$      966.0		$      (40.0)		(4.1)
(1) Segment income for the Domestic, Import, and Premium Luxury reportable segments is a non-GAAP measure and is defined as operating income less floorplan interest expense.
Retail new vehicle unit sales:
Domestic		19,610		17,583		2,027		11.5		55,742		50,068		5,674		11.3
Import		29,974		28,865		1,109		3.8		87,725		85,162		2,563		3.0
Premium luxury		16,605		16,702		(97)		(0.6)		50,956		48,051		2,905		6.0
		66,189		63,150		3,039		4.8		194,423		183,281		11,142		6.1
Retail used vehicle unit sales:
Domestic		19,440		18,681		759		4.1		57,616		57,178		438		0.8
Import		23,368		22,851		517		2.3		69,915		69,188		727		1.1
Premium luxury		18,638		17,876		762		4.3		56,671		54,608		2,063		3.8
Other		7,450		7,046		404		5.7		22,430		20,105		2,325		11.6
		68,896		66,454		2,442		3.7		206,632		201,079		5,553		2.8
Brand Mix - Retail New Vehicle Units Sold		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2025 ( %)		2024 ( %)		2025 ( %)		2024 ( %)
Domestic:
Ford, Lincoln		13.0		11.3		12.4		11.0
Chevrolet, Buick, Cadillac, GMC		11.1		11.4		11.0		10.9
Chrysler, Dodge, Jeep, Ram		5.5		5.1		5.3		5.4
Domestic total		29.6		27.8		28.7		27.3
Import:
Toyota		21.9		19.4		21.2		20.7
Honda		11.9		13.6		12.5		13.4
Hyundai		3.7		3.9		3.6		3.7
Subaru		3.4		4.1		3.6		3.9
Other Import		4.4		4.8		4.2		4.8
Import total		45.3		45.8		45.1		46.5
Premium Luxury:
Mercedes-Benz		8.2		9.7		8.8		8.8
BMW		8.6		8.0		8.7		8.5
Lexus		3.2		3.3		3.4		3.5
Audi		2.0		2.1		1.9		2.1
Jaguar Land Rover		1.7		1.9		1.9		2.0
Other Premium Luxury		1.4		1.4		1.5		1.3
Premium Luxury total		25.1		26.4		26.2		26.2
		100.0		100.0		100.0		100.0

 

AutoNation Finance		Three Months Ended September 30,						Nine Months Ended September 30,
		2025		2024		$ Variance		2025		2024		$ Variance
Interest margin:
Interest and fee income		$          55.2		$          32.9		$          22.3		$        145.7		$          81.2		$          64.5
Interest expense		(21.2)		(11.4)		(9.8)		(52.9)		(27.1)		(25.8)
Total interest margin		34.0		21.5		12.5		92.8		54.1		38.7
Provision for credit losses		(22.0)		(18.4)		(3.6)		(60.1)		(36.3)		(23.8)
Total interest margin after provision for loan losses		12.0		3.1		8.9		32.7		17.8		14.9
Direct expenses(1)		(10.5)		(9.3)		(1.2)		(29.1)		(28.3)		(0.8)
AutoNation Finance income (loss)		$            1.5		$          (6.2)		$            7.7		$            3.6		$        (10.5)		$          14.1
(1)  Direct expenses are comprised primarily of compensation expenses and loan administration costs incurred by our auto finance company.

 

AUTONATION, INC. UNAUDITED SUPPLEMENTARY DATA, Continued ($ in millions)
Capital Allocation		Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024
Capital expenditures		$                68.9		$                81.0		$              223.1		$              262.2
Cash paid for acquisitions, net of cash acquired		$              278.8		$                    —		$              348.4		$                   —
Cash received from divestitures, net of cash relinquished		$                16.1		$              156.0		$                16.1		$              156.0
Stock repurchases:
Aggregate purchase price(1)		$              181.0		$                  5.6		$              434.8		$              355.6
Shares repurchased (in millions)		0.8		—		2.4		2.2

 

New Vehicle Floorplan Assistance and Expense		Three Months Ended September 30,						Nine Months Ended September 30,
		2025		2024		Variance		2025		2024		Variance
Floorplan assistance earned (included in cost of sales)		$      34.2		$      38.2		$       (4.0)		$    100.0		$    101.6		$       (1.6)
New vehicle floorplan interest expense		(46.0)		(58.5)		12.5		(133.6)		(157.4)		23.8
Net new vehicle inventory carrying expense		$     (11.8)		$     (20.3)		$         8.5		$     (33.6)		$     (55.8)		$      22.2

 

Balance Sheet and Other Highlights		September 30, 2025		December 31, 2024		September 30, 2024
Cash and cash equivalents		$                    97.6		$                    59.8		$                    60.2
Inventory		$               3,489.2		$               3,360.0		$               3,530.8
Floorplan notes payable		$               3,796.6		$               3,709.7		$               3,805.2
Auto loans receivable, net		$               1,953.9		$               1,057.1		$                  891.5
Non-recourse debt		$               1,741.0		$                  826.0		$                  645.9
Non-vehicle debt		$               3,833.1		$               3,762.1		$               3,934.5
Equity		$               2,511.6		$               2,457.3		$               2,371.2
New days supply (industry standard of selling days)		47 days		39 days		52 days
Used days supply (trailing calendar month days)		37 days		37 days		36 days

 

Key Credit Agreement Covenant Compliance Calculations (2)
Leverage ratio		2.35x
Covenant	less than or equal to	3.75x
Interest coverage ratio		4.79x
Covenant	greater than or equal to	3.00x

(1)	Excludes excise taxes imposed under Inflation Reduction Act.
(2)	Calculated in accordance with our credit agreement as filed with our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.

 

AUTONATION, INC. UNAUDITED SUPPLEMENTARY DATA, Continued ($ in millions, except per share data)
Comparable Basis Reconciliations(1)
		Three Months Ended September 30,
		Operating Income				Income Before Income Taxes				Income Tax Provision(2)				Effective Tax Rate				Net Income				Diluted Earnings Per Share(3)
		2025		2024		2025		2024		2025		2024		2025		2024		2025		2024		2025		2024
As reported		$      372.4		$      350.7		$      287.6		$      247.4		$        72.5		$        61.6		25.2 %		24.9 %		$      215.1		$      185.8		$        5.65		$       4.61
Increase in compensation expense related to    market valuation changes in deferred    compensation obligations(4)		7.7		8.2		—		—		—		—						—		—		$            —		$          —
Acquisition-related expenses		8.0		—		8.0		—		2.0		—						6.0		—		$        0.16		$          —
Insurance recoveries associated with CDK    outage(5)		(40.0)		—		(40.0)		—		(9.8)		—						(30.2)		—		$       (0.79)		$          —
Net loss on equity investments		—		—		—		6.7		—		1.6						—		5.1		$           —		$       0.13
Self-insurance related losses(6)		—		5.7		—		5.7		—		1.4						—		4.3		$           —		$       0.11
Business/property-related items:
Net gains on dispositions, net of asset    impairments		—		(46.7)		—		(46.7)		—		(11.4)						—		(35.3)		$           —		$      (0.88)
Loss from operations resulting from    dispositions		—		2.4		—		3.0		—		0.7						—		2.3		$          —		$       0.06
Adjusted		$      348.1		$      320.3		$      255.6		$      216.1		$        64.7		$        53.9		25.3 %		24.9 %		$      190.9		$      162.2		$       5.01		$       4.02
		Three Months Ended September 30,
		SG&A				SG&A as a Percentage of Gross Profit (%)
		2025		2024		2025		2024
As reported		$      850.1		$      811.3		68.6		68.6
Excluding:
Increase in compensation expense related to    market valuation changes in deferred    compensation obligations		7.7		8.2
Acquisition-related expenses		8.0		—
Self-insurance related losses		—		5.7
Adjusted		$      834.4		$      797.4		67.4		67.4

(1)	Please refer to the "Non-GAAP Financial Measures" section of the Press Release.
(2)	Tax expense is determined based on the amount of additional taxes or tax benefits associated with each individual item.
(3)	Diluted earnings per share amounts are calculated discretely and therefore may not add up to the total due to rounding.
(4)	Increases in deferred compensation obligations, which are recorded in SG&A, are substantially offset by corresponding gains related to changes in the cash surrender value of corporate-owned life insurance ("COLI") for deferred compensation plan participants as a result of changes in market performance of the underlying investments; therefore, the net impact to net income and earnings per share is de minimis. Gains related to the COLI are recorded in non-operating Other Income, Net.
(5)	Insurance recoveries received under our cybersecurity insurance policies for business interruption and related losses caused by the CDK outage.
(6)	Primarily related to losses from hail storms and other natural catastrophes.

 

AUTONATION, INC. UNAUDITED SUPPLEMENTARY DATA, Continued ($ in millions, except per share data)
Comparable Basis Reconciliations(1)
		Nine Months Ended September 30,
		Operating Income				Income Before Income Taxes				Income Tax Provision(2)				Effective Tax Rate				Net Income				Diluted Earnings Per Share(3)
		2025		2024		2025		2024		2025		2024		2025		2024		2025		2024		2025		2024
As reported		$      926.0		$      966.0		$      660.0		$      674.9		$      183.0		$      168.8		27.7 %		25.0 %		$      477.0		$      506.1		$      12.36		$      12.31
Increase in compensation expense related to    market valuation changes in deferred    compensation obligations(4)		16.5		16.3		—		—		—		—						—		—		$           —		$           —
Goodwill, franchise rights, and other asset    impairments(5)		141.3		—		141.3		—		18.5		—						122.8		—		$        3.18		$           —
Acquisition-related expenses		8.0		—		8.0		—		2.0		—						6.0		—		$        0.16		$           —
Insurance recoveries associated with CDK    outage(6)		(40.0)		—		(40.0)		—		(9.8)		—						(30.2)		—		$       (0.78)		$           —
One-time costs associated with CDK outage(7)		—		42.8		—		42.8		—		10.5						—		32.3		$           —		$        0.79
Net loss on equity investments		—		—		11.5		6.7		2.8		1.6						8.7		5.1		$        0.23		$        0.12
Self-insurance related losses(8)		—		5.7		—		5.7		—		1.4						—		4.3		$           —		$        0.10
Business/property-related items:
Net gains on dispositions, net of asset    impairments		—		(46.7)		—		(46.7)		—		(11.4)						—		(35.3)		$           —		$       (0.86)
Loss from operations resulting from    dispositions		—		2.4		—		3.0		—		0.7						—		2.3		$           —		$        0.06
Adjusted		$   1,051.8		$      986.5		$      780.8		$      686.4		$      196.5		$      171.6		25.2 %		25.0 %		$      584.3		$      514.8		$      15.14		$      12.53
		Nine Months Ended September 30,
		SG&A				SG&A as a Percentage of Gross Profit (%)
		2025		2024		2025		2024
As reported		$   2,526.7		$   2,430.2		67.7		68.6
Excluding:
Increase in compensation expense related to    market valuation changes in deferred    compensation obligations		16.5		16.3
Acquisition-related expenses		8.0		—
One-time costs associated with CDK outage		—		42.8
Self-insurance related losses		—		5.7
Adjusted		$   2,502.2		$   2,365.4		67.0		66.7

(1)	Please refer to the "Non-GAAP Financial Measures" section of the Press Release.
(2)	Tax expense is determined based on the amount of additional taxes or tax benefits associated with each individual item.
(3)	Diluted earnings per share amounts are calculated discretely and therefore may not add up to the total due to rounding.
(4)	Increases in deferred compensation obligations, which are recorded in SG&A, are substantially offset by corresponding gains related to changes in the cash surrender value of corporate-owned life insurance ("COLI") for deferred compensation plan participants as a result of changes in market performance of the underlying investments; therefore, the net impact to net income and earnings per share is de minimis. Gains related to the COLI are recorded in non-operating Other Income, Net.
(5)	Includes goodwill impairment of $65.3 million, franchise rights impairment of $71.7 million, and other asset adjustments of $4.3 million.
(6)	Insurance recoveries received under our cybersecurity insurance policies for business interruption and related losses caused by the CDK outage.
(7)	Represents certain one-time costs incurred associated with the CDK outage, principally consisting of compensation paid to commission-based associates to ensure business continuity.
(8)	Primarily related to losses from hail storms and other natural catastrophes.

 

Free Cash Flow		Nine Months Ended September 30,
		2025		2024
Net cash provided by (used in) operating activities		$                     (38.6)		$                     164.9
Net payments of vehicle floorplan - non-trade		74.6		(24.0)
Increase in auto loans receivable, net		972.8		588.3
Adjusted cash provided by operating activities		1,008.8		729.2
Purchases of property and equipment		(223.1)		(262.2)
Adjusted free cash flow		$                     785.7		$                     467.0
Adjusted net income		$                     584.3		$                     514.8
Adjusted free cash flow conversion %		134		91

 

AUTONATION, INC. UNAUDITED SAME STORE DATA ($ in millions, except per vehicle data)
Operating Highlights		Three Months Ended September 30,								Nine Months Ended September 30,
		2025		2024		$ Variance		% Variance		2025		2024		$ Variance		% Variance
Revenue:
New vehicle		$    3,377.8		$    3,148.8		$       229.0		7.3		$    9,988.0		$    9,171.2		$       816.8		8.9
Retail used vehicle		1,837.5		1,724.0		113.5		6.6		5,408.7		5,234.3		174.4		3.3
Wholesale		138.7		157.5		(18.8)		(11.9)		404.1		478.9		(74.8)		(15.6)
Used vehicle		1,976.2		1,881.5		94.7		5.0		5,812.8		5,713.2		99.6		1.7
Finance and insurance, net		368.3		332.6		35.7		10.7		1,078.0		980.9		97.1		9.9
Total variable operations		5,722.3		5,362.9		359.4		6.7		16,878.8		15,865.3		1,013.5		6.4
Parts and service		1,209.5		1,144.8		64.7		5.7		3,566.5		3,350.4		216.1		6.4
Other		5.0		7.1		(2.1)				12.7		15.9		(3.2)
Total revenue		$    6,936.8		$    6,514.8		$       422.0		6.5		$   20,458.0		$   19,231.6		$    1,226.4		6.4
Gross profit:
New vehicle		$       149.8		$       176.6		$       (26.8)		(15.2)		$       507.0		$       558.9		$       (51.9)		(9.3)
Retail used vehicle		101.6		105.7		(4.1)		(3.9)		324.0		311.6		12.4		4.0
Wholesale		12.3		5.9		6.4				36.6		20.8		15.8
Used vehicle		113.9		111.6		2.3		2.1		360.6		332.4		28.2		8.5
Finance and insurance		368.3		332.6		35.7		10.7		1,078.0		980.9		97.1		9.9
Total variable operations		632.0		620.8		11.2		1.8		1,945.6		1,872.2		73.4		3.9
Parts and service		588.7		550.0		38.7		7.0		1,743.7		1,614.3		129.4		8.0
Other		0.7		1.0		(0.3)				1.6		2.0		(0.4)
Total gross profit		$    1,221.4		$    1,171.8		$         49.6		4.2		$    3,690.9		$    3,488.5		$       202.4		5.8
Retail vehicle unit sales:
New		65,425		62,628		2,797		4.5		192,863		181,071		11,792		6.5
Used		67,288		65,688		1,600		2.4		202,005		197,404		4,601		2.3
		132,713		128,316		4,397		3.4		394,868		378,475		16,393		4.3
Revenue per vehicle retailed:
New		$     51,629		$     50,278		$       1,351		2.7		$     51,788		$     50,650		$       1,138		2.2
Used		$     27,308		$     26,245		$       1,063		4.1		$     26,775		$     26,516		$          259		1.0
Gross profit per vehicle retailed:
New		$       2,290		$       2,820		$        (530)		(18.8)		$       2,629		$       3,087		$        (458)		(14.8)
Used		$       1,510		$       1,609		$          (99)		(6.2)		$       1,604		$       1,578		$            26		1.6
Finance and insurance		$       2,775		$       2,592		$          183		7.1		$       2,730		$       2,592		$          138		5.3
Total variable operations(1)		$       4,669		$       4,792		$        (123)		(2.6)		$       4,835		$       4,892		$          (57)		(1.2)
(1)  Total variable operations gross profit per vehicle retailed is calculated by dividing the sum of new vehicle, retail used vehicle, and finance and insurance gross profit by total retail vehicle unit sales.

 

Operating Percentages		Three Months Ended September 30,				Nine Months Ended September 30,
		2025 ( %)		2024 ( %)		2025 ( %)		2024 ( %)
Revenue mix percentages:
New vehicle		48.7		48.3		48.8		47.7
Used vehicle		28.5		28.9		28.4		29.7
Parts and service		17.4		17.6		17.4		17.4
Finance and insurance, net		5.3		5.1		5.3		5.1
Other		0.1		0.1		0.1		0.1
		100.0		100.0		100.0		100.0
Gross profit mix percentages:
New vehicle		12.3		15.1		13.7		16.0
Used vehicle		9.3		9.5		9.8		9.5
Parts and service		48.2		46.9		47.2		46.3
Finance and insurance		30.2		28.4		29.2		28.1
Other		—		0.1		0.1		0.1
		100.0		100.0		100.0		100.0
Operating items as a percentage of revenue:
Gross profit:
New vehicle		4.4		5.6		5.1		6.1
Used vehicle - retail		5.5		6.1		6.0		6.0
Parts and service		48.7		48.0		48.9		48.2
Total		17.6		18.0		18.0		18.1

 

 

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SOURCE AutoNation, Inc.

FAQ

What were AutoNation (AN) third quarter 2025 revenue and EPS results?

AutoNation reported Q3 2025 revenue $7.04B and GAAP EPS $5.65 (Adjusted EPS $5.01).

How did AutoNation's After-Sales and Customer Financial Services perform in Q3 2025?

After-Sales gross profit was $597M (+7%) and Customer Financial Services gross profit was a record $375M (+12%).

What capital allocation actions did AutoNation (AN) take in 2025 through October 21?

Year-to-date the company repurchased 2.8M shares for $523M, completed acquisitions representing >$500M annual revenue, and had $338M repurchase authorization remaining.

What is AutoNation Finance's scale and profitability as of Q3 2025?

AutoNation Finance grew its portfolio to >$2B and reported positive segment income versus a prior-year loss.

How much liquidity and leverage did AutoNation report at September 30, 2025?

Liquidity was $1.8B (including $98M cash), covenant leverage ratio was 2.35x, and non-vehicle debt was $3.8B.