Lithia & Driveway (LAD) Reports Record Third Quarter Revenue of $9.7 billion, Achieves 11% Increase in Diluted Earnings Per Share, 17% Increase in Adjusted Diluted Earnings Per Share
Lithia & Driveway (NYSE: LAD) reported record third quarter revenue of $9.7 billion for Q3 2025, up from $9.2 billion in Q3 2024. Diluted EPS attributable to LAD was $8.61 (up 11%) and adjusted diluted EPS was $9.50 (up 17%). Q3 2025 net income was $219 million (down 1.1% year-over-year); adjusted net income was $241 million (up 9%).
Operational highlights: total same-store revenue +7.7%, used retail same-store +11.8%, and aftersales gross profit same-store +9.1%. Repurchased ~5.1% of shares in the quarter; YTD repurchases ~8.0%. Acquisitions in September add $220 million of expected annualized revenue; YTD acquisitions total $620 million. Board approved a $0.55 per share dividend payable Nov 21, 2025.
Lithia & Driveway (NYSE: LAD) ha riportato un fatturato record per il terzo trimestre di 9,7 miliardi di dollari per Q3 2025, rispetto a 9,2 miliardi di dollari nel Q3 2024. EPS diluito attribuibile a LAD è stato 8,61$ (in aumento dell'11%) e EPS diluito rettificato è stato 9,50$ (in crescita del 17%). L'utile netto del Q3 2025 è stato 219 milioni di dollari (in diminuzione del 1,1% su base annua); l'utile netto rettificato è stato 241 milioni di dollari (in aumento del 9%).
Aspetti operativi: fatturato totale same-store +7,7%, same-store nel dettaglio usato +11,8%, e margine lordo aftersales same-store +9,1%. Riproprietà (~)5,1% delle azioni nel trimestre; riacquisti YTD ~8,0%. Le acquisizioni di settembre aggiungono 220 milioni di dollari di fatturato annualizzato previsto; le acquisizioni YTD totalizzano 620 milioni di dollari. Il consiglio ha approvato un dividendo di 0,55$ per azione, pagabile il 21 novembre 2025.
Lithia & Driveway (NYSE: LAD) reportó ingresos récord del tercer trimestre del $9.7 mil millones para el 3T 2025, frente a $9.2 mil millones en el 3T 2024. EPS diluido atribuible a LAD fue $8.61 (sube 11%) y EPS diluido ajustado fue $9.50 (sube 17%). El ingreso neto del 3T 2025 fue $219 millones (baja 1.1% interanual); el ingreso neto ajustado fue $241 millones (sube 9%).
Aspectos operativos: ingresos totales de mismas tiendas +7.7%, mismas tiendas de venta minorista usadas +11.8%, y margen bruto de posventa de mismas tiendas +9.1%. Recompras de ~5.1% de las acciones en el trimestre; recompras YTD ~8.0%. Las adquisiciones en septiembre añaden $220 millones de ingresos anuales esperados; las adquisiciones YTD totalizan $620 millones. La junta aprobó un dividendo de $0.55 por acción, pagadero el 21 de noviembre de 2025.
Lithia & Driveway (NYSE: LAD)는 2025년 3분기 사상 최고 매출 97억 달러를 기록했고, 2024년 3분기의 92억 달러에서 상승했습니다. LAD에 귀속된 희석 주당순이익은 8.61달러로(전년 대비 11% 증가), 조정 희석 주당순이익은 9.50달러로(전년 대비 17% 상승) 나타났습니다. 2025년 3분기 순이익은 2억 1,900만 달러로(전년 동기 대비 1.1% 감소); 조정 순이익은 2억 4,100만 달러로(9% 증가) 발표되었습니다.
운영 하이라이트: 총 동일매장 매출 +7.7%, 중고 소매 동일매장 +11.8%, 애프터서비스 총매출 동일매장 +9.1%. 분기 내 자사주 매입 약 5.1%, 연초대비 누적 매입 약 8.0%. 9월 인수로 연간 매출이 2.2억 달러 증가할 것으로 예상; 연초대비 누적 인수 총액은 6.2억 달러입니다. 이사회는 2025년 11월 21일 지급될 주당 0.55달러의 배당금을 승인했습니다.
Lithia & Driveway (NYSE: LAD) a enregistré un chiffre d'affaires record au troisième trimestre de 9,7 milliards de dollars pour le T3 2025, en hausse par rapport à 9,2 milliards de dollars au T3 2024. BPA dilué attribuable à LAD était de 8,61 dollars (en hausse de 11 %) et BPA dilué ajusté était de 9,50 dollars (en hausse de 17 %). Le résultat net du T3 2025 s'élevait à 219 millions de dollars (en baisse de 1,1 % sur un an); le résultat net ajusté était de 241 millions de dollars (en hausse de 9 %).
Points opérationnels: revenus totaux des magasins comparables +7,7 %, magasins comparables d'occasion +11,8 %, marge brute aftersales des magasins comparables +9,1 %. Rachat d'environ 5,1 % des actions au trimestre; rachats YTD environ 8,0 %. Les acquisitions en septembre ajoutent 220 millions de dollars de chiffre d'affaires annualisé prévu; les acquisitions YTD totalisent 620 millions de dollars. Le conseil a approuvé un dividende de 0,55 dollar par action, payable le 21 novembre 2025.
Lithia & Driveway (NYSE: LAD) meldete einen Rekordumsatz im dritten Quartal von 9,7 Milliarden Dollar für Q3 2025, gegenüber 9,2 Milliarden Dollar im Q3 2024. Verteiltes Diluted EPS zugerechnet zu LAD betrug 8,61 $ (plus 11%) und adjusted diluted EPS betrug 9,50 $ (plus 17%). Der Nettogewinn im Q3 2025 betrug 219 Millionen Dollar (rückläufig um 1,1% gegenüber dem Vorjahr); der bereinigte Nettogewinn betrug 241 Millionen Dollar (plus 9%).
Betriebliche Highlights: Gesamte Umsatz derselben Filialen +7,7%, gebrauchter Einzelhandel derselbe Filialen +11,8%, After-Sales-Bruttogewinn derselbe Filialen +9,1%. Rückkäufe ca. 5,1% der Aktien im Quartal; YTD Rückkäufe ca. 8,0%. Akquisitionen im September erhöhen 220 Millionen Dollar erwarteten annualisierten Umsatz; YTD Akquisitionen insgesamt 620 Millionen Dollar. Vorstand hat eine Dividende von 0,55 $ pro Aktie genehmigt, zahlbar am 21. November 2025.
Lithia & Driveway (NYSE: LAD) أبلغت عن إيرادات ربع ثالث قياسية بلغت $9.7 مليار للربع الثالث 2025، مرتفعة من $9.2 مليار في الربع الثالث 2024. EPS مُشتَق مخفّض المنسوب لـ LAD كان $8.61 (ارتفاع 11%) و EPS مخفَّض معدل كان $9.50 (ارتفاع 17%). صافي دخل الربع الثالث 2025 كان $219 مليون (انخفاض 1.1% سنوياً)؛ صافي الدخل المعدل كان $241 مليون (ارتفاع 9%).
الأبرز التشغيلية: الإيرادات الإجمالية لذات المتاجر +7.7%، متاجر التجزئة المستعملة ذات المتجر +11.8%، وهوامش الربح الإجمالي للخدمات ما بعد البيع لذات المتاجر +9.1%. إعادة شراء حوالي 5.1% من الأسهم في الربع؛ إعادة الشراء حتى تاريخه YTD حوالي 8.0%. الإضافات في سبتمبر تضيف $220 مليون من الإيرادات السنوية المتوقعة؛ إجمالي acquisitions حتى تاريخه YTD يساوي $620 مليون. وافق المجلس على توزيعات نقدية قدرها $0.55 للسهم، قابلة للدفع في 21 نوفمبر 2025.
Lithia & Driveway (NYSE: LAD) 报告第三季度收入创纪录，为 97亿美元（Q3 2025），高于 92亿美元（Q3 2024）。摊薄每股收益归属于 LAD 为 8.61 美元（增长 11%），经调整的摊薄每股收益为 9.50 美元（增长 17%）。Q3 2025 净利润为 2.19 亿美元（同比下降 1.1%）；经调整净利润为 2.41 亿美元（增长 9%）。
运营要点：同店总收入增长 7.7%，二手零售同店增长 11.8%，售后毛利同店增长 9.1%。本季度回购约 5.1% 的股票；年初至今回购约 8.0%。九月的收购为预计年度收入增加 2.2 亿美元；年初至今收购总额为 6.2 亿美元。董事会批准每股 0.55 美元的股息，2025 年 11 月 21 日支付。
- Record Q3 revenue of $9.7 billion
- Diluted EPS +11% to $8.61
- Adjusted diluted EPS +17% to $9.50
- Same-store revenue +7.7%
- Acquisitions add $220 million expected annualized revenue
- Q3 net income declined 1.1% to $219 million
- Adjusted results exclude $0.89 per share of non-core charges
- Adjusted SG&A of 64.8% of gross profit in North America
Insights
Lithia & Driveway reported record Q3 revenue, rising EPS, buybacks and a dividend — results are net positive for shareholders.
Lithia & Driveway delivered a record third quarter revenue of
Key balance‑sheet and capital‑allocation facts are clear and relevant: the company ended the quarter with approximately
Dependencies and risks are drawn only from disclosed items: adjusted results remove a
Announces Dividend of
Third quarter 2025 revenue increased
Third quarter 2025 diluted earnings per share attributable to LAD was
Third quarter 2025 net income was
As shown in the attached non-GAAP reconciliation tables, the 2025 third quarter adjusted results exclude a
Key Third Quarter 2025 Highlights:
-
Total revenue increased
7.7% on a same store basis, compared to third quarter 2024 - Used retail revenue increased
11.8% on a same store basis, compared to third quarter 2024 - Aftersales gross profit increased by
9.1% on a same store basis, compared to third quarter 2024 - Repurchased
5.1% of outstanding shares in the quarter,8.0% of outstanding shares in the first nine months of 2025 - Total adjusted SG&A as a % of gross profit of
64.8% inNorth America
"Our third quarter results demonstrate our focus on operational excellence with strong growth in same store sales and earnings per share and solid profitability gains driven by the continued execution of our strategy" said Bryan DeBoer, President and CEO. "Our teams delivered increases in same-store revenue across our business lines, we achieved improved sequential SG&A performance throughout our North American stores, and Driveway Finance Corporation continues to scale profitably. Our disciplined capital allocation was clear as we opportunistically repurchased shares while maintaining a strong balance sheet, positioning us well to continue unlocking the full potential of our omnichannel ecosystem."
For the first nine months of 2025 revenues increased
Diluted earnings per share attributable to LAD for the first nine months of 2025 was
Corporate Development
In September 2025, LAD continued to expand its network in the Southeast region with the acquisition of Palm Beach Acura, West Palm Beach Hyundai, and West Palm Beach Genesis. These additions add
As of September 30, 2025, LAD acquired
Balance Sheet Update
LAD ended the third quarter with approximately
Dividend Payment and Share Repurchases
The Board of Directors approved a dividend of
During the third quarter 2025, we repurchased approximately 1,312,000 shares at a weighted average price of
Third
Quarter Earnings Conference Call and Updated Presentation
The third quarter 2025 conference call may be accessed at 10:00 a.m. ET today by telephone at 877-407-8029. An updated presentation highlighting the third quarter 2025 results has been added to our investor relations website. To listen live on our website or for replay, visit investors.lithiadriveway.com and click on quarterly earnings.
About Lithia & Driveway (LAD)
Lithia & Driveway (NYSE: LAD) is the largest global automotive retailer providing a wide array of products and services throughout the vehicle ownership lifecycle. Simple, convenient, and transparent experiences are offered through our comprehensive network of physical locations, e-commerce platforms, captive finance solutions, fleet management offerings, and other synergistic adjacencies. We deliver consistent, profitable growth in a massive and unconsolidated industry. Our highly diversified and competitively differentiated design provides us the flexibility and scale to pursue our vision to modernize personal transportation solutions wherever, whenever and however consumers desire.
Sites
www.lithia.com
investors.lithiadriveway.com
www.lithiacareers.com
www.driveway.com
www.greencars.com
www.drivewayfinancecorp.com
Lithia & Driveway on Facebook
https://www.facebook.com/LithiaMotors
https://www.facebook.com/DrivewayHQ
Lithia & Driveway on X
https://x.com/lithiamotors
https://x.com/DrivewayHQ
https://x.com/GreenCarsHQ
Lithia & Driveway on LinkedIn
https://www.linkedin.com/company/lithia-motors/
Lithia & Driveway on YouTube
https://www.youtube.com/@Lithia_Motors/featured
Forward-Looking Statements
Certain statements in this presentation, and at times made by our officers and representatives, constitute forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Generally, you can identify forward-looking statements by terms such as "project," "outlook," "target," "may," "will," "would," "should," "seek," "expect," "plan," "intend," "forecast," "anticipate," "believe," "estimate," "predict," "potential," "likely," "ensure," "goal," "strategy," "future," "maintain," and "continue" or the negative of these terms or other comparable terms. Examples of forward-looking statements in this presentation include, among others, statements regarding:
- The profitability of our strategy and growth
- Future market conditions, including anticipated car and other sales and gross profit levels and the supply of inventory
- Our business strategy and plans, including our achieving our long-term financial targets
- The growth, expansion, make-up and success of our network, including our finding accretive acquisitions that meet our target valuations and acquiring additional stores
- Annualized revenues from acquired stores or achieving target returns
- The growth and performance of our Driveway e-commerce home solution and Driveway Finance Corporation (DFC), their synergies and other impacts on our business and our ability to meet Driveway and DFC-related targets
- The impact of sustainable vehicles and other market and regulatory changes on our business, including evolving vehicle distribution models
- Our capital allocations and uses and levels of capital expenditures in the future
- Expected operating results, such as improved store performance, continued improvement of selling, general and administrative expenses as a percentage of gross profit and any projections
- Our anticipated financial condition and liquidity, including from our cash and the future availability of our credit facilities, unfinanced real estate and other financing sources
- Our continuing to purchase shares under our share repurchase program
- Our compliance with financial and restrictive covenants in our credit facilities and other debt agreements
- Our programs and initiatives for team member recruitment, training, and retention
- Our strategies and targets for customer retention, growth, market position, operations, financial results and risk management
Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this presentation. Therefore, you should not rely on any of these forward-looking statements. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation:
- Future national and local economic and financial conditions, including as a result of inflation, tariffs, governmental actions, programs and spending, and public health issues
- The market for dealerships, including the availability of stores to us for an acceptable price
- Changes in customer demand and the electric vehicle landscape and the impact of evolving digital technologies
- Changes in our relationship with, and the financial and operational stability of, OEMs and other suppliers, and vehicle delivery models
- Changes in the competitive landscape, including through technology and our ability to deliver new products, services and customer experiences and a portfolio of in-demand and available vehicles
- Risks associated with our indebtedness, including available borrowing capacity, interest rates, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms
- The adequacy of our cash flows and other conditions which may affect our ability to fund capital expenditures, obtain favorable financing and pay our quarterly dividend at planned levels
- Disruptions to our technology network including computer systems, as well as natural events such as severe weather or man-made or other disruptions of our operating systems, facilities or equipment
- Government regulations and legislation
- The risks set forth throughout "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and in "Part I, Item 1A. Risk Factors" of our most recent Annual Report on Form 10-K, and in "Part II, Item 1A. Risk Factors" of our Quarterly Reports on Form 10-Q, and from time to time in our other filings with the SEC.
Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by law, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Non-GAAP Financial Measures
This presentation contains non-GAAP financial measures, which may include adjusted net income, adjusted net income attributable to LAD, adjusted net income attributable to non-controlling interests, adjusted net income attributable to redeemable non-controlling interest, adjusted diluted earnings per share attributable to LAD, adjusted SG&A, adjusted SG&A as a percentage of revenue and gross profit, adjusted operating income, adjusted net cash provided by operating activities, adjusted income before income taxes, adjusted income tax (provision) benefit, adjusted operating profit as a percentage of revenue and gross profit, adjusted pre-tax margin and net profit margin, EBITDA, adjusted EBITDA and net debt. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. As a result, we review any non-GAAP financial measures in connection with a review of the most directly comparable measures calculated in accordance with GAAP. We caution you not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable GAAP measures. We present cash flows from operations in the attached tables, adjusted to include the change in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the non-GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our results from core business operations, because they exclude items not related to core business operations and other non-cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures.
|
LAD Consolidated Statements of Operations (Unaudited) (In millions except per share data) |
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|
Three months ended September 30, |
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% |
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Nine months ended September 30, |
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% |
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|
|
Increase |
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|
Increase |
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|
|
2025 |
|
2024 |
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(Decrease) |
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2025 |
|
2024 |
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(Decrease) |
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Revenues: |
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|
|
|
|
|
|
|
|
|
|
|
New vehicle retail |
$ 4,630.3 |
|
$ 4,430.0 |
|
4.5 % |
|
$ 13,508.9 |
|
$ 12,847.9 |
|
5.1 % |
|
Used vehicle retail |
3,096.3 |
|
2,843.3 |
|
8.9 |
|
9,110.2 |
|
8,630.1 |
|
5.6 |
|
Used vehicle wholesale |
367.0 |
|
390.9 |
|
(6.1) |
|
1,081.1 |
|
1,018.1 |
|
6.2 |
|
Finance and insurance |
378.6 |
|
360.4 |
|
5.0 |
|
1,116.8 |
|
1,061.9 |
|
5.2 |
|
Aftersales |
1,037.1 |
|
1,012.8 |
|
2.4 |
|
3,039.6 |
|
2,876.3 |
|
5.7 |
|
Fleet and other |
166.5 |
|
183.6 |
|
(9.3) |
|
580.5 |
|
580.4 |
|
— |
|
Total revenues |
9,675.8 |
|
9,221.0 |
|
4.9 % |
|
28,437.1 |
|
27,014.7 |
|
5.3 % |
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Cost of sales: |
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|
|
|
|
|
|
|
|
|
|
|
New vehicle retail |
4,353.6 |
|
4,123.6 |
|
5.6 |
|
12,655.3 |
|
11,925.4 |
|
6.1 |
|
Used vehicle retail |
2,902.9 |
|
2,654.4 |
|
9.4 |
|
8,518.6 |
|
8,062.9 |
|
5.7 |
|
Used vehicle wholesale |
371.5 |
|
393.0 |
|
(5.5) |
|
1,090.6 |
|
1,020.7 |
|
6.8 |
|
Aftersales |
432.6 |
|
453.0 |
|
(4.5) |
|
1,283.3 |
|
1,285.1 |
|
(0.1) |
|
Fleet and other |
149.2 |
|
166.6 |
|
(10.4) |
|
527.8 |
|
531.1 |
|
(0.6) |
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Total cost of sales |
8,209.8 |
|
7,790.6 |
|
5.4 |
|
24,075.6 |
|
22,825.2 |
|
5.5 |
|
Gross profit |
1,466.0 |
|
1,430.4 |
|
2.5 % |
|
4,361.5 |
|
4,189.5 |
|
4.1 % |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Finance operations income (loss) |
19.1 |
|
(1.4) |
|
NM |
|
51.7 |
|
4.1 |
|
1,161.0 % |
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|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A expense |
998.0 |
|
943.6 |
|
5.8 |
|
2,965.3 |
|
2,853.0 |
|
3.9 |
|
Depreciation and amortization |
65.5 |
|
63.5 |
|
3.1 |
|
194.6 |
|
183.6 |
|
6.0 |
|
Income from operations |
421.6 |
|
421.9 |
|
(0.1) % |
|
1,253.3 |
|
1,157.0 |
|
8.3 % |
|
Floor plan interest expense |
(57.8) |
|
(76.6) |
|
(24.5) |
|
(169.8) |
|
(214.0) |
|
(20.7) |
|
Other interest expense |
(68.3) |
|
(64.5) |
|
5.9 |
|
(200.5) |
|
(189.3) |
|
5.9 |
|
Other (expense) income |
(13.3) |
|
5.1 |
|
(360.8) |
|
35.9 |
|
35.4 |
|
1.4 |
|
Income before income taxes |
282.2 |
|
285.9 |
|
(1.3) % |
|
918.9 |
|
789.1 |
|
16.4 % |
|
Income tax expense |
(63.6) |
|
(64.8) |
|
(1.9) |
|
(230.9) |
|
(186.5) |
|
23.8 |
|
Income tax rate |
22.5 % |
|
22.7 % |
|
|
|
25.1 % |
|
23.6 % |
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|
|
Net income |
$ 218.6 |
|
$ 221.1 |
|
(1.1) % |
|
$ 688.0 |
|
$ 602.6 |
|
14.2 % |
|
Net income attributable to non-controlling |
(1.5) |
|
(1.2) |
|
25.0 % |
|
(5.3) |
|
(3.8) |
|
39.5 % |
|
Net income attributable to redeemable non- |
— |
|
(12.6) |
|
(100.0) % |
|
— |
|
(14.8) |
|
(100.0) % |
|
Net income attributable to LAD |
$ 217.1 |
|
$ 207.3 |
|
4.7 % |
|
$ 682.7 |
|
$ 584.0 |
|
16.9 % |
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|
|
|
|
|
|
|
|
|
|
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Diluted earnings per share attributable |
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share |
$ 8.61 |
|
$ 7.73 |
|
11.4 % |
|
$ 26.42 |
|
$ 21.47 |
|
23.1 % |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares outstanding |
25.2 |
|
26.8 |
|
(6.0) % |
|
25.8 |
|
27.2 |
|
(5.1) % |
|
NM - not meaningful |
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LAD Key Performance Metrics (Unaudited) |
|
||||||||||||
|
|
Three months ended September 30, |
|
% |
|
|
Nine months ended September 30, |
|
% |
|
||||
|
|
|
Increase |
|
|
|
Increase |
|
||||||
|
|
2025 |
|
2024 |
|
(Decrease) |
|
|
2025 |
|
2024 |
|
(Decrease) |
|
|
Gross margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail |
6.0 % |
|
6.9 % |
|
(90) |
bps |
|
6.3 % |
|
7.2 % |
|
(90) |
bps |
|
Used vehicle retail |
6.2 |
|
6.6 |
|
(40) |
|
|
6.5 |
|
6.6 |
|
(10) |
|
|
Finance and insurance |
100.0 |
|
100.0 |
|
— |
|
|
100.0 |
|
100.0 |
|
— |
|
|
Aftersales |
58.3 |
|
55.3 |
|
300 |
|
|
57.8 |
|
55.3 |
|
250 |
|
|
Gross profit margin |
15.2 |
|
15.5 |
|
(30) |
|
|
15.3 |
|
15.5 |
|
(20) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unit sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail |
96,639 |
|
94,964 |
|
1.8 % |
|
|
282,773 |
|
273,154 |
|
3.5 % |
|
|
Used vehicle retail |
109,097 |
|
104,898 |
|
4.0 |
|
|
325,476 |
|
316,583 |
|
2.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average selling price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail |
$ 47,913 |
|
$ 46,649 |
|
2.7 % |
|
|
$ 47,773 |
|
$ 47,035 |
|
1.6 % |
|
|
Used vehicle retail |
28,381 |
|
27,105 |
|
4.7 |
|
|
27,990 |
|
27,260 |
|
2.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gross profit per unit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail |
|
|
|
|
(11.2) % |
|
|
$ 3,019 |
|
$ 3,377 |
|
(10.6) % |
|
|
Used vehicle retail |
1,773 |
|
1,801 |
|
(1.6) |
|
|
1,818 |
|
1,792 |
|
1.5 |
|
|
Finance and insurance |
1,840 |
|
1,803 |
|
2.1 |
|
|
1,836 |
|
1,801 |
|
1.9 |
|
|
Total vehicle(1) |
4,104 |
|
4,271 |
|
(3.9) |
|
|
4,196 |
|
4,322 |
|
(2.9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue mix |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail |
47.9 % |
|
48.0 % |
|
|
|
|
47.5 % |
|
47.6 % |
|
|
|
|
Used vehicle retail |
32.0 |
|
30.8 |
|
|
|
|
32.0 |
|
31.9 |
|
|
|
|
Used vehicle wholesale |
3.8 |
|
4.2 |
|
|
|
|
3.8 |
|
3.8 |
|
|
|
|
Finance and insurance, net |
3.9 |
|
3.9 |
|
|
|
|
3.9 |
|
3.9 |
|
|
|
|
Aftersales |
10.7 |
|
11.0 |
|
|
|
|
10.7 |
|
10.6 |
|
|
|
|
Fleet and other |
1.7 |
|
2.1 |
|
|
|
|
2.1 |
|
2.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit Mix |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail |
18.9 % |
|
21.4 % |
|
|
|
|
19.6 % |
|
22.0 % |
|
|
|
|
Used vehicle retail |
13.2 |
|
13.2 |
|
|
|
|
13.6 |
|
13.5 |
|
|
|
|
Used vehicle wholesale |
(0.3) |
|
(0.1) |
|
|
|
|
(0.2) |
|
(0.1) |
|
|
|
|
Finance and insurance, net |
25.8 |
|
25.2 |
|
|
|
|
25.6 |
|
25.3 |
|
|
|
|
Aftersales |
41.2 |
|
39.1 |
|
|
|
|
40.2 |
|
38.1 |
|
|
|
|
Fleet and other |
1.2 |
|
1.2 |
|
|
|
|
1.2 |
|
1.2 |
|
|
|
|
|
Adjusted |
|
As reported |
|
Adjusted |
|
As reported |
||||||||
|
|
Three months |
|
Three months |
|
Nine months |
|
Nine months |
||||||||
|
Other metrics |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
SG&A as a % of revenue |
10.3 % |
|
10.2 % |
|
10.3 % |
|
10.2 % |
|
10.4 % |
|
10.5 % |
|
10.4 % |
|
10.6 % |
|
SG&A as a % of gross profit |
67.9 |
|
66.0 |
|
68.1 |
|
66.0 |
|
67.9 |
|
67.7 |
|
68.0 |
|
68.1 |
|
Operating profit as a % of revenue |
4.4 |
|
4.6 |
|
4.4 |
|
4.6 |
|
4.4 |
|
4.3 |
|
4.4 |
|
4.3 |
|
Operating profit as a % of gross profit |
29.0 |
|
29.5 |
|
28.8 |
|
29.5 |
|
28.8 |
|
28.0 |
|
28.7 |
|
27.6 |
|
Pretax margin |
3.2 |
|
3.1 |
|
2.9 |
|
3.1 |
|
3.2 |
|
2.9 |
|
3.2 |
|
2.9 |
|
Net profit margin |
2.5 |
|
2.4 |
|
2.3 |
|
2.4 |
|
2.4 |
|
2.2 |
|
2.4 |
|
2.2 |
|
(1) Includes the sales and gross profit related to new, used retail, used wholesale and finance and insurance and unit sales for new and used retail |
|||||||||||||||
|
LAD Same Store Operating Highlights (Unaudited) |
|||||||||||
|
|
Three months ended |
|
% |
|
Nine months ended |
|
% |
||||
|
|
|
Increase |
|
|
Increase |
||||||
|
|
2025 |
|
2024 |
|
(Decrease) |
|
2025 |
|
2024 |
|
(Decrease) |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail |
$ 4,521.3 |
|
$ 4,284.6 |
|
5.5 % |
|
$ 12,942.5 |
|
$ 12,400.3 |
|
4.4 % |
|
Used vehicle retail |
3,024.4 |
|
2,705.6 |
|
11.8 |
|
8,621.0 |
|
8,156.4 |
|
5.7 |
|
Finance and insurance |
371.5 |
|
351.6 |
|
5.7 |
|
1,076.8 |
|
1,031.4 |
|
4.4 |
|
Aftersales |
1,009.9 |
|
971.9 |
|
3.9 |
|
2,892.8 |
|
2,758.7 |
|
4.9 |
|
Total revenues |
9,453.4 |
|
8,781.1 |
|
7.7 |
|
27,100.8 |
|
25,869.8 |
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail |
|
|
|
|
(8.6) % |
|
$ 819.2 |
|
$ 889.5 |
|
(7.9) % |
|
Used vehicle retail |
188.4 |
|
186.2 |
|
1.2 |
|
568.7 |
|
559.1 |
|
1.7 |
|
Finance and insurance |
371.5 |
|
351.6 |
|
5.7 |
|
1,076.8 |
|
1,031.4 |
|
4.4 |
|
Aftersales |
589.9 |
|
540.9 |
|
9.1 |
|
1,680.3 |
|
1,534.6 |
|
9.5 |
|
Total gross profit |
1,433.5 |
|
1,389.1 |
|
3.2 |
|
4,185.6 |
|
4,059.7 |
|
3.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail |
6.0 % |
|
6.9 % |
|
(90)bps |
|
6.3 % |
|
7.2 % |
|
(90)bps |
|
Used vehicle retail |
6.2 |
|
6.9 |
|
(70) |
|
6.6 |
|
6.9 |
|
(30) |
|
Finance and insurance |
100.0 |
|
100.0 |
|
— |
|
100.0 |
|
100.0 |
|
— |
|
Aftersales |
58.4 |
|
55.6 |
|
280 |
|
58.1 |
|
55.6 |
|
250 |
|
Gross profit margin |
15.2 |
|
15.8 |
|
(60) |
|
15.4 |
|
15.7 |
|
(30) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unit sales |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail |
94,480 |
|
92,204 |
|
2.5 % |
|
271,512 |
|
264,685 |
|
2.6 % |
|
Used vehicle retail |
106,637 |
|
100,280 |
|
6.3 |
|
308,333 |
|
298,661 |
|
3.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average selling price |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail |
$ 47,855 |
|
$ 46,469 |
|
3.0 % |
|
$ 47,668 |
|
$ 46,849 |
|
1.7 % |
|
Used vehicle retail |
28,362 |
|
26,981 |
|
5.1 |
|
27,960 |
|
27,310 |
|
2.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gross profit per unit |
|
|
|
|
|
|
|
|
|
|
|
|
New vehicle retail |
|
|
|
|
(10.8) % |
|
$ 3,017 |
|
$ 3,361 |
|
(10.2) % |
|
Used vehicle retail |
1,767 |
|
1,857 |
|
(4.8) |
|
1,844 |
|
1,872 |
|
(1.5) |
|
Finance and insurance |
1,847 |
|
1,827 |
|
1.1 |
|
1,857 |
|
1,831 |
|
1.4 |
|
Total vehicle(1) |
4,109 |
|
4,325 |
|
(5.0) |
|
4,235 |
|
4,400 |
|
(3.8) |
|
(1) Includes the sales and gross profit related to new, used retail, used wholesale and finance and insurance and unit sales for new and used retail |
|||||||||||
|
LAD Other Highlights (Unaudited) |
|||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||
|
|
2025 |
|
2025 |
||||
|
Key Performance by Country |
Total Revenue |
|
Total Gross Profit |
|
Total Revenue |
|
Total Gross Profit |
|
|
79.4 % |
|
83.1 % |
|
78.2 % |
|
83.2 % |
|
|
17.7 % |
|
14.4 % |
|
18.7 % |
|
14.2 % |
|
|
2.9 % |
|
2.5 % |
|
3.1 % |
|
2.6 % |
|
|
As of |
||||
|
|
September 30, |
|
December 31, |
|
September 30, |
|
Days' Supply (1) |
2025 |
|
2024 |
|
2024 |
|
New vehicle inventory |
52 |
|
59 |
|
53 |
|
Used vehicle inventory |
46 |
|
53 |
|
46 |
|
(1) Days' supply in inventory is calculated using on-ground inventory unit levels and a 30-day total unit sales volumes, both at the end of each reporting period. |
|||||
|
Selected Financing Operations Financial Information |
|||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
($ in millions) |
2025 |
|
% (1) |
|
2024 |
|
% (1) |
|
2025 |
|
% (1) |
|
2024 |
|
% (1) |
|
Interest and fee income |
$ 104.9 |
|
9.2 |
|
$ 88.8 |
|
9.2 |
|
$ 298.0 |
|
9.2 |
|
$ 249.9 |
|
9.2 |
|
Interest expense |
(52.1) |
|
(4.6) |
|
(51.2) |
|
(5.3) |
|
(150.0) |
|
(4.6) |
|
(146.0) |
|
(5.4) |
|
Total interest margin |
$ 52.8 |
|
4.6 |
|
$ 37.6 |
|
3.9 |
|
$ 148.0 |
|
4.6 |
|
$ 103.9 |
|
3.8 |
|
Lease income |
23.4 |
|
|
|
25.6 |
|
|
|
67.7 |
|
|
|
61.2 |
|
|
|
Lease costs |
(18.6) |
|
|
|
(21.6) |
|
|
|
(54.0) |
|
|
|
(51.0) |
|
|
|
Lease income, net |
4.8 |
|
|
|
4.0 |
|
|
|
13.7 |
|
|
|
10.2 |
|
|
|
Provision expense |
(25.8) |
|
(2.3) |
|
(31.8) |
|
(3.3) |
|
(72.5) |
|
(2.2) |
|
(77.0) |
|
(2.8) |
|
Other financing operations expenses |
(12.7) |
|
(1.1) |
|
(11.2) |
|
(1.2) |
|
(37.5) |
|
(1.2) |
|
(33.0) |
|
(1.2) |
|
Finance operations income (loss) |
$ 19.1 |
|
|
|
$ (1.4) |
|
|
|
$ 51.7 |
|
|
|
$ 4.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average managed finance receivables |
$ 4,541.8 |
|
|
|
$ 3,813.0 |
|
|
|
$ 4,316.3 |
|
|
|
$ 3,617.5 |
|
|
|
(1) Annualized percentage of total average managed finance receivables |
|||||||||||||||
|
LAD Condensed Consolidated Balance Sheets (Unaudited) (In millions) |
|||
|
|
September 30, 2025 |
|
December 31, 2024 |
|
Cash, restricted cash, and cash equivalents |
$ 417.1 |
|
$ 402.2 |
|
Trade receivables, net |
1,212.8 |
|
1,237.0 |
|
Inventories, net |
5,941.7 |
|
5,911.7 |
|
Other current assets |
354.3 |
|
223.0 |
|
Total current assets |
$ 7,925.9 |
|
$ 7,773.9 |
|
|
|
|
|
|
Property and equipment, net |
4,784.0 |
|
4,629.9 |
|
Finance receivables, net |
4,544.9 |
|
3,868.2 |
|
Intangibles |
5,211.9 |
|
4,665.8 |
|
Other non-current assets |
2,052.4 |
|
2,184.8 |
|
Total assets |
$ 24,519.1 |
|
$ 23,122.6 |
|
|
|
|
|
|
Floor plan notes payable |
4,868.9 |
|
4,903.1 |
|
Other current liabilities |
1,657.1 |
|
1,648.0 |
|
Total current liabilities |
$ 6,526.0 |
|
$ 6,551.1 |
|
|
|
|
|
|
Long-term debt, less current maturities |
6,965.8 |
|
6,119.3 |
|
Non-recourse notes payable, less current maturities |
2,195.9 |
|
2,051.2 |
|
Other long-term liabilities and deferred revenue |
2,037.8 |
|
1,726.9 |
|
Total liabilities |
$ 17,725.5 |
|
$ 16,448.5 |
|
|
|
|
|
|
Equity |
6,793.6 |
|
6,674.1 |
|
Total liabilities and equity |
$ 24,519.1 |
|
$ 23,122.6 |
|
LAD Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) |
|||
|
|
Nine months ended September 30, |
||
|
Cash flows from operating activities: |
2025 |
|
2024 |
|
Net income |
$ 688.0 |
|
$ 602.6 |
|
Adjustments to reconcile net income to net cash provided by operating |
428.5 |
|
397.2 |
|
Changes in: |
|
|
|
|
Inventories |
44.8 |
|
(324.3) |
|
Finance receivables |
(671.3) |
|
(524.2) |
|
Floor plan notes payable |
(151.0) |
|
325.0 |
|
Other operating activities |
(106.0) |
|
(113.0) |
|
Net cash provided by operating activities |
233.0 |
|
363.3 |
|
Cash flows from investing activities: |
|
|
|
|
Capital expenditures |
(257.7) |
|
(271.9) |
|
Cash paid for acquisitions, net of cash acquired |
(417.6) |
|
(1,247.0) |
|
Proceeds from sales of stores |
178.1 |
|
21.9 |
|
Other investing activities |
17.8 |
|
(323.8) |
|
Net cash used in investing activities |
(479.4) |
|
(1,820.8) |
|
Cash flows from financing activities: |
|
|
|
|
Net borrowings on floor plan notes payable, non-trade |
73.3 |
|
280.1 |
|
Net borrowings on non-recourse notes payable |
136.3 |
|
77.4 |
|
Net borrowings on other debt and finance lease liabilities |
827.7 |
|
900.7 |
|
Proceeds from issuance of common stock |
21.0 |
|
21.2 |
|
Repurchase of common stock |
(662.3) |
|
(273.2) |
|
Dividends paid |
(42.1) |
|
(42.4) |
|
Other financing activity |
(89.4) |
|
(83.6) |
|
Net cash provided by financing activities |
264.5 |
|
880.2 |
|
Effect of exchange rate changes on cash and restricted cash |
4.7 |
|
3.9 |
|
Change in cash, restricted cash, and cash equivalents |
22.8 |
|
(573.4) |
|
Cash, restricted cash, and cash equivalents at beginning of period |
445.8 |
|
972.0 |
|
Cash, restricted cash, and cash equivalents at end of period |
468.6 |
|
398.6 |
|
LAD Reconciliation of Non-GAAP Cash Flow from Operations (Unaudited) (In millions) |
|||
|
|
Nine months ended September 30, |
||
|
Net cash provided by operating activities |
2025 |
|
2024 |
|
As reported |
$ 233.0 |
|
$ 363.3 |
|
Floor plan notes payable, non-trade, net |
73.3 |
|
280.1 |
|
Adjust: finance receivables activity |
671.3 |
|
524.2 |
|
Less: Borrowings on floor plan notes payable, non-trade associated with |
(62.9) |
|
(105.5) |
|
Adjusted |
$ 914.7 |
|
$ 1,062.1 |
|
LAD Reconciliation of Certain Non-GAAP Financial Measures (Unaudited) (In millions, except for per share data) |
|||||||||||||
|
|
Three Months Ended September 30, 2025 |
||||||||||||
|
|
As reported |
|
Net gain on |
|
Investment |
|
Insurance |
|
Acquisition |
|
Tax attribute |
|
Adjusted |
|
Selling, general and |
$ 998.0 |
|
$ 15.4 |
|
$ — |
|
$ (2.5) |
|
$ (15.9) |
|
$ — |
|
$ 995.0 |
|
Operating income |
421.6 |
|
(15.4) |
|
— |
|
2.5 |
|
15.9 |
|
— |
|
424.6 |
|
Other income (expense), net |
(13.3) |
|
— |
|
22.7 |
|
— |
|
— |
|
— |
|
9.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
282.2 |
|
(15.4) |
|
22.7 |
|
2.5 |
|
15.9 |
|
— |
|
307.9 |
|
Income tax (provision) benefit |
(63.6) |
|
7.2 |
|
(6.0) |
|
(0.5) |
|
(0.6) |
|
(3.5) |
|
(67.0) |
|
Net income |
$ 218.6 |
|
$ (8.2) |
|
$ 16.7 |
|
$ 2.0 |
|
$ 15.3 |
|
$ (3.5) |
|
$ 240.9 |
|
Net income attributable to non- |
(1.5) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(1.5) |
|
Net income attributable to LAD |
$ 217.1 |
|
$ (8.2) |
|
$ 16.7 |
|
$ 2.0 |
|
$ 15.3 |
|
$ (3.5) |
|
$ 239.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
$ 8.61 |
|
$ (0.32) |
|
$ 0.66 |
|
$ 0.08 |
|
$ 0.61 |
|
$ (0.14) |
|
$ 9.50 |
|
Diluted share count |
25.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2024 |
||||||||||||
|
|
As reported |
|
Net gain on |
|
Investment |
|
Acquisition |
|
Premium on |
|
Tax attribute |
|
Adjusted |
|
Selling, general and |
$ 943.6 |
|
$ 0.3 |
|
$ — |
|
$ (0.2) |
|
$ — |
|
$ — |
|
$ 943.7 |
|
Operating income |
421.9 |
|
(0.3) |
|
— |
|
0.2 |
|
— |
|
— |
|
421.8 |
|
Other income (expense), net |
5.1 |
|
— |
|
0.4 |
|
— |
|
— |
|
— |
|
5.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
285.9 |
|
(0.3) |
|
0.4 |
|
0.2 |
|
— |
|
— |
|
286.2 |
|
Income tax (provision) benefit |
(64.8) |
|
0.1 |
|
(0.4) |
|
(0.1) |
|
— |
|
(0.5) |
|
(65.7) |
|
Net income |
$ 221.1 |
|
$ (0.2) |
|
$ — |
|
$ 0.1 |
|
$ — |
|
$ (0.5) |
|
$ 220.5 |
|
Net income attributable to non- |
$ (1.2) |
|
$ — |
|
$ — |
|
$ — |
|
$ — |
|
$ — |
|
$ (1.2) |
|
Net income attributable to |
$ (12.6) |
|
$ — |
|
$ — |
|
$ — |
|
$ 11.6 |
|
$ — |
|
$ (1.0) |
|
Net income attributable to LAD |
$ 207.3 |
|
$ (0.2) |
|
$ — |
|
$ 0.1 |
|
$ 11.6 |
|
$ (0.5) |
|
$ 218.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
$ 7.73 |
|
$ (0.01) |
|
$ — |
|
$ — |
|
$ 0.43 |
|
$ (0.01) |
|
$ 8.14 |
|
Diluted share count |
26.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LAD Reconciliation of Certain Non-GAAP Financial Measures (Unaudited) (In millions, except for per share data) |
|||||||||||||
|
|
Nine Months Ended September 30, 2025 |
||||||||||||
|
|
As reported |
|
Net gain on |
|
Investment |
|
Insurance |
|
Acquisition |
|
Tax attribute |
|
Adjusted |
|
Selling, general and |
$ 2,965.3 |
|
$ 17.7 |
|
$ — |
|
$ (5.4) |
|
$ (16.1) |
|
$ — |
|
$ 2,961.5 |
|
Operating income |
1,253.3 |
|
(17.7) |
|
— |
|
5.4 |
|
16.1 |
|
— |
|
1,257.1 |
|
Other income (expense), net |
35.9 |
|
— |
|
(4.1) |
|
— |
|
— |
|
— |
|
31.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
918.9 |
|
(17.7) |
|
(4.1) |
|
5.4 |
|
16.1 |
|
— |
|
918.6 |
|
Income tax (provision) benefit |
(230.9) |
|
11.6 |
|
1.0 |
|
(1.4) |
|
(0.6) |
|
(5.7) |
|
(226.0) |
|
Net income |
$ 688.0 |
|
$ (6.1) |
|
$ (3.1) |
|
$ 4.0 |
|
$ 15.5 |
|
$ (5.7) |
|
$ 692.6 |
|
Net income attributable to non- |
(5.3) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(5.3) |
|
Net income attributable to LAD |
$ 682.7 |
|
$ (6.1) |
|
$ (3.1) |
|
$ 4.0 |
|
$ 15.5 |
|
$ (5.7) |
|
$ 687.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
$ 26.42 |
|
$ (0.24) |
|
$ (0.12) |
|
$ 0.16 |
|
$ 0.60 |
|
$ (0.22) |
|
$ 26.60 |
|
Diluted share count |
25.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2024 |
||||||||||||||
|
|
As reported |
|
Net gain on |
|
Investment |
|
Insurance |
|
Acquisition |
|
Premium on |
|
Tax attribute |
|
Adjusted |
|
Selling, general |
$ 2,853.0 |
|
$ 0.3 |
|
$ — |
|
$ (6.0) |
|
$ (9.7) |
|
$ — |
|
$ — |
|
$ 2,837.6 |
|
Operating income |
1,157.0 |
|
(0.3) |
|
— |
|
6.0 |
|
9.7 |
|
— |
|
— |
|
1,172.4 |
|
Other income |
35.4 |
|
— |
|
(29.1) |
|
— |
|
— |
|
— |
|
— |
|
6.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before |
789.1 |
|
(0.3) |
|
(29.1) |
|
6.0 |
|
9.7 |
|
— |
|
— |
|
775.4 |
|
Income tax |
(186.5) |
|
0.1 |
|
7.1 |
|
(1.5) |
|
(0.5) |
|
— |
|
(8.0) |
|
(189.3) |
|
Net income |
$ 602.6 |
|
$ (0.2) |
|
$ (22.0) |
|
$ 4.5 |
|
$ 9.2 |
|
$ — |
|
$ (8.0) |
|
$ 586.1 |
|
Net income |
(3.8) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(3.8) |
|
Net income |
(14.8) |
|
— |
|
— |
|
— |
|
— |
|
11.6 |
|
— |
|
(3.2) |
|
Net income |
$ 584.0 |
|
$ (0.2) |
|
$ (22.0) |
|
$ 4.5 |
|
$ 9.2 |
|
$ 11.6 |
|
$ (8.0) |
|
$ 579.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings |
$ 21.47 |
|
$ (0.01) |
|
$ (0.81) |
|
$ 0.17 |
|
$ 0.34 |
|
$ 0.43 |
|
$ (0.30) |
|
$ 21.29 |
|
Diluted share count |
27.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LAD Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited) (In millions) |
|||||||||||
|
|
Three months ended |
|
% |
|
Nine months ended |
|
% |
||||
|
|
|
Increase |
|
|
Increase |
||||||
|
|
2025 |
|
2024 |
|
(Decrease) |
|
2025 |
|
2024 |
|
(Decrease) |
|
EBITDA and Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ 218.6 |
|
$ 221.1 |
|
(1.1) % |
|
$ 688.0 |
|
$ 602.6 |
|
14.2 % |
|
Flooring interest expense |
57.8 |
|
76.6 |
|
(24.5) |
|
169.8 |
|
214.0 |
|
(20.7) |
|
Other interest expense |
68.3 |
|
64.5 |
|
5.9 |
|
200.5 |
|
189.3 |
|
5.9 |
|
Financing operations interest expense |
52.1 |
|
51.2 |
|
1.8 |
|
150.0 |
|
146.0 |
|
2.7 |
|
Income tax expense |
63.6 |
|
64.8 |
|
(1.9) |
|
230.9 |
|
186.5 |
|
23.8 |
|
Depreciation and amortization |
65.5 |
|
63.5 |
|
3.1 |
|
194.6 |
|
183.6 |
|
6.0 |
|
EBITDA |
$ 525.9 |
|
$ 541.7 |
|
(2.9) % |
|
$ 1,633.8 |
|
$ 1,522.0 |
|
7.3 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Less: flooring interest expense |
$ (57.8) |
|
$ (76.6) |
|
(24.5) |
|
$ (169.8) |
|
$ (214.0) |
|
(20.7) |
|
Less: financing operations interest expense |
(52.1) |
|
(51.2) |
|
1.8 |
|
(150.0) |
|
(146.0) |
|
2.7 |
|
Less: used vehicle line of credit interest |
(3.7) |
|
(7.4) |
|
(50.0) |
|
(11.2) |
|
(19.5) |
|
(42.6) |
|
Add: acquisition expenses |
15.9 |
|
0.2 |
|
7,850.0 |
|
16.1 |
|
9.7 |
|
66.0 |
|
Add: loss (gain) on disposal of stores |
(15.4) |
|
(0.3) |
|
NM |
|
(17.7) |
|
(0.3) |
|
NM |
|
Add: investment loss (gain)(1) |
22.7 |
|
0.4 |
|
5,575.0 |
|
(4.1) |
|
(29.1) |
|
85.9 |
|
Add: insurance reserves |
2.5 |
|
— |
|
NM |
|
5.4 |
|
6.0 |
|
NM |
|
Adjusted EBITDA |
$ 438.0 |
|
$ 406.8 |
|
7.7 % |
|
$ 1,302.5 |
|
$ 1,128.8 |
|
15.4 % |
|
NM - not meaningful |
|||||||||||
|
(1) Investment losses (gains) retrospectively included in adjusted non-GAAP financial measures presented |
|||||||||||
|
|
As of |
% |
||
|
|
September 30, |
Increase |
||
|
Net Debt to Adjusted EBITDA |
2025 |
|
2024 |
(Decrease) |
|
Floor plan notes payable |
|
|
|
(4.9) % |
|
Used and service loaner vehicle inventory financing facility |
1,020.8 |
|
925.7 |
10.3 |
|
Revolving lines of credit |
1,310.6 |
|
1,848.2 |
(29.1) |
|
Warehouse facilities |
1,252.0 |
|
1,035.0 |
21.0 |
|
Non-recourse notes payable |
2,245.7 |
|
1,783.1 |
25.9 |
|
|
400.0 |
|
400.0 |
— |
|
|
550.0 |
|
550.0 |
— |
|
|
800.0 |
|
800.0 |
— |
|
|
600.0 |
|
— |
— |
|
Finance leases and other debt |
1,117.3 |
|
980.5 |
14.0 |
|
Unamortized debt issuance costs |
(26.8) |
|
(26.4) |
1.5 |
|
Total debt |
$ 14,138.5 |
|
$ 13,415.7 |
5.4 % |
|
|
|
|
|
|
|
Less: Floor plan related debt |
$ (5,889.7) |
|
$ (6,045.3) |
(2.6) % |
|
Less: Financing operations related debt |
(3,497.7) |
|
(2,818.1) |
24.1 |
|
Less: Unrestricted cash and cash equivalents |
(206.5) |
|
(209.8) |
(1.6) |
|
Less: Marketable securities |
(54.9) |
|
(53.9) |
1.9 |
|
Less: Availability on used vehicle and service loaner financing facilities |
(18.8) |
|
(9.8) |
91.8 |
|
Net Debt |
|
|
|
4.5 % |
|
|
|
|
|
|
|
TTM Adjusted EBITDA |
|
|
|
11.7 % |
|
|
|
|
|
|
|
Net debt to Adjusted EBITDA |
2.63 x |
|
2.81 x |
|
|
NM - not meaningful |
||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/lithia--driveway-lad-reports-record-third-quarter-revenue-of-9-7-billion-achieves-11-increase-in-diluted-earnings-per-share-17-increase-in-adjusted-diluted-earnings-per-share-302590817.html
SOURCE Lithia Motors, Inc.
FAQ
What were Lithia & Driveway (LAD) Q3 2025 revenue and EPS results?
When and how much is the LAD dividend for Q3 2025?
How much share buyback did LAD complete in Q3 2025 and year-to-date?
What acquisitions did LAD complete in September 2025 and their revenue impact?
How did same-store performance trend for LAD in Q3 2025?
What was LAD's cash and liquidity position at the end of Q3 2025?
