PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY RESULTS

Rhea-AI Summary

Penske Automotive Group (NYSE: PAG) reported second-quarter 2026 revenue up 6% year over year to $8.5 billion, with more than 125,000 new and used automotive units delivered. Net income attributable to common stockholders was $260.4 million versus $266.6 million a year ago, and EPS was $3.96 versus $4.03.

Adjusted income before taxes was $323.3 million, adjusted net income $237.7 million, and adjusted EPS $3.62. Retail automotive revenue rose 6% (same-store also 6%), while service and parts gross margin improved 80 bps to 59.5%. PTS equity earnings increased 7% in the quarter to $57.4 million.

The company completed two Lexus acquisitions in Orlando expected to add $450 million in annualized revenue, contributing to approximately $2 billion in estimated annualized revenue from six Toyota/Lexus acquisitions over nine months. Penske repurchased $42.5 million of stock, ended the quarter with $1.4 billion in liquidity, a 1.7x leverage ratio, and increased its quarterly dividend 1.4% to $1.44 per share, marking the 23rd consecutive quarterly increase.

Positive

• Revenue +6% to $8.5 billion in Q2 2026
• Retail automotive units delivered up 5% to over 125,000
• Service and parts gross margin up 80 bps to 59.5% in Q2
• PTS equity earnings up 7% in Q2 to $57.4 million
• Six Toyota/Lexus acquisitions over nine months, ~$2 billion estimated annualized revenue
• Share repurchases of 265,104 shares for $42.5 million and dividend raised to $1.44
• Liquidity of $1.4 billion and leverage ratio of 1.7x at June 30, 2026

Negative

• Q2 net income down to $260.4 million from $266.6 million year over year
• Q2 EPS down to $3.96 from $4.03 year over year
• Six-month net income down to $494.9 million from $524.3 million
• Retail commercial truck revenue down to $927.8 million from $943.6 million in Q2
• Retail commercial truck income before taxes down to $47.2 million from $54.2 million in Q2
• Six-month retail commercial truck units down to 9,014 from 10,053

News Explained

The release separately flags an unsolicited, preliminary and non-binding proposal from Penske Corporation, Mitsui & Co. and affiliates to acquire all PAG shares they do not already own; ownership would change only if the proposal is pursued and consummated, which is not assured.

Market Context

At publication, LAD was up 4.786358028650284% in the momentum scanner. PAG's report combined revenue...

Analysis

At publication, LAD was up 4.786358028650284% in the momentum scanner. PAG's report combined revenue growth with lower GAAP EPS than 2025; its comparable prior earnings event had a 6.26% 24-hour reaction.

Key Figures

Quarterly Revenue: $8.5 billion (+6%) Net Income: $260.4 million EPS: $3.96 +5 more

8 metrics

Quarterly Revenue $8.5 billion (+6%) Q2 2026 versus $8.0 billion in Q2 2025

Net Income $260.4 million Q2 2026 versus $266.6 million in Q2 2025

EPS $3.96 Q2 2026 versus $4.03 in Q2 2025

Adjusted EPS $3.62 Q2 2026

Units Delivered Over 125,000 units Q2 2026 new and used automotive units

Service and Parts Gross Margin 59.5% (+80 basis points) Q2 2026 same-store retail automotive service and parts

PTS Earnings $57.4 million (+7%) Q2 2026 Penske Transportation Solutions earnings

Quarterly Dividend $1.44 per share (+1.4%) Approved during July 2026

Historical Context

5 past events · Latest: Jul 23 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 23	Dividend increase	Positive	+0.5%	Quarterly dividend increased to $1.44 per share for the 23rd consecutive increase.
Jul 22	Take-private proposal	Positive	+0.5%	Non-binding $210 cash-per-share proposal was submitted by Penske Corporation and Mitsui.
Jul 10	Earnings call scheduling	Neutral	+1.4%	Second-quarter and six-month financial results release and conference call were scheduled.
May 13	Dividend increase	Positive	+1.5%	Quarterly dividend increased to $1.42 per share for the 22nd consecutive increase.
Apr 29	Quarterly earnings	Negative	+6.3%	Adjusted net income and adjusted EPS declined despite reported first-quarter revenue.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

PAG's recent news events all showed positive 24-hour price reactions, including an earnings event with declining adjusted results.

Key Terms

gaap, non-gaap financial measures, ebitda, leverage ratio

4 terms

gaap financial

"These GAAP results include a gain on the sale of dealerships"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial measures financial

"This release contains certain non-GAAP financial measures as defined under SEC rules"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

ebitda financial

"earnings before interest, taxes, depreciation, and amortization ("EBITDA")"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

leverage ratio financial

"The Company's leverage ratio at June 30, 2026 was 1.7x"

Leverage ratio measures how much a company relies on borrowed money compared with its own funds or assets, typically expressed as debt relative to equity or total assets. Like a homeowner with a mortgage, higher leverage can amplify returns when business is strong but also raises the chance of big losses or default if revenue falls, so investors use it to judge financial risk and resilience.

View in glossary

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New and Used Automotive Units Delivered Increase 5% to Over 125,000

Quarterly Revenue Increases 6% to $8.5 Billion

Income Before Taxes of $354 Million; Net Income of $260 Million; Earnings Per Share of $3.96

Adjusted Income Before Taxes of $323 Million; Adjusted Net Income of $238 Million; Adjusted Earnings Per Share of $3.62

BLOOMFIELD HILLS, Mich., July 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 second quarter of 2026. For the quarter, revenue increased 6% to $8.5 billion when compared to $8.0 billion for the same period in 2025. Net income attributable to common stockholders was $260.4 million compared to $266.6 million for the same period in 2025, and related earnings per share was $3.96 compared to $4.03 for the same period in 2025. These GAAP results include a gain on the sale of dealerships, as well as the full quarterly results of Penske Motor Group in both periods, which are required by GAAP for common control transactions (see Non-GAAP reconciliations below). Excluding the gain on the sale of dealerships, as reconciled in the attached schedules, adjusted income before taxes was $323.3 million, adjusted net income was $237.7 million, and adjusted earnings per share was $3.62. Foreign currency exchange positively impacted revenue by $47.2 million, net income attributable to common stockholders by $1.7 million, and earnings per share by $0.02.

Commenting on the Company's results, Chair Roger Penske said, "In the second quarter of 2026, our diversified business delivered over 125,000 retail automotive units and more than 5,400 commercial truck units. Retail automotive same-store revenue increased 6%. Retail automotive new and used vehicle gross profit per unit remained strong and consistent when compared to the first quarter of 2026, and service and parts gross margin increased by 80 basis points. Additionally, I am encouraged with the trends we are experiencing across the commercial truck market from an improved freight environment, driving strong orders of Class 8 trucks."

For the six months ended June 30, 2026, revenue was $16.4 billion compared to $16.0 billion for the same period in 2025. Net income attributable to common stockholders was $494.9 million compared to $524.3 million for the same period in 2025, and related earnings per share was $7.52 compared to $7.89 for the same period in 2025. These GAAP results include a gain on the sale of dealerships, certain disposals and other charges, as well as the full results of Penske Motor Group in both periods, which are required by GAAP for common control transactions (see Non-GAAP reconciliations below). Excluding the gain on the sale of dealerships and certain disposals and other charges, as reconciled in the attached schedules, adjusted income before taxes was $599.6 million, adjusted net income was $438.3 million, and adjusted earnings per share was $6.66. Foreign currency exchange positively impacted revenue by $274.8 million, net income attributable to common stockholders by $5.1 million, and earnings per share by $0.07.

Retail Automotive Dealerships

For the three months ended June 30, 2026, total new units delivered increased 5% and used units delivered increased 4%. The increase in new units is attributed to resilient consumer demand, coupled with improved new vehicle availability from certain manufacturers. Total retail automotive revenue increased 6% to $7.3 billion and increased 6% on a same-store basis. On a sequential basis when compared to the first quarter of 2026, new vehicle gross profit per unit decreased $1 and used vehicle gross profit per unit increased $19. When compared to the prior year period, same-store retail automotive service and parts revenue increased 2%, gross profit increased 3%, and gross margin improved 80 basis points to 59.5%.

For the six months ended June 30, 2026, total new units delivered remained flat and used units delivered increased 2%. Total retail automotive revenue increased 3% to $14.3 billion and increased 3% on a same-store basis. When compared to the prior year period, same-store retail automotive service and parts revenue increased 3%, gross profit increased 5%, and gross margin improved 60 basis points to 59.2%.

Retail Commercial Truck Dealerships

For the three months ended June 30, 2026, the Company's retail commercial truck dealerships retailed 5,431 new and used units and generated $927.8 million in revenue and $47.2 million in income before taxes. This compares to 5,339 new and used units, $943.6 million of revenue, and $54.2 million in income 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 second quarter of 2026. The Class 8 market order activity began to increase in late 2025 as the freight recession started to show signs of improvement. For the six months ended June 30, 2026, North American Class 8 commercial truck orders increased 118% when compared to the same period in the prior year according to industry sources. In addition, our retail commercial truck dealership operations experienced a 5% increase in service and parts revenue during the quarter. For the six months ended June 30, 2026, the Company's retail commercial truck dealerships retailed 9,014 new and used units and generated $1.6 billion in revenue and $83.5 million in income before taxes. This compares to 10,053 new and used units, $1.8 billion in revenue, and $99.3 million in income before taxes during the same period in the prior year.

Penske Transportation Solutions Investment

Penske 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 379,200 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 six months ended June 30, 2026, PTS' results reflect the improved freight environment, and the Company recorded a 7% increase in earnings to $57.4 million and a 14% increase in earnings to $98.5 million, respectively, driven by 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 a lower gain on the sale of used trucks.

Corporate Development, Capital Allocation, Liquidity, and Leverage

The 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 nine months, which are expected to generate approximately $2 billion in estimated annualized revenue.

During the six months ended June 30, 2026, the Company repurchased 265,104 shares of common stock for approximately $42.5 million. As of June 30, 2026, $221.2 million remained outstanding and available for repurchases under our securities repurchase program. As of June 30, 2026, the Company had approximately $1.4 billion in liquidity, including $70 million in cash and $1.3 billion of availability under its U.S. and international credit agreements and revolving mortgage facilities. The Company's leverage ratio at June 30, 2026 was 1.7x. During July 2026, the Board of Directors approved an increase in the quarterly dividend of 1.4%, or $0.02 per share, to $1.44 per share, representing a forward dividend yield of 2.7%. The increase represents the Company's 23rd consecutive quarterly increase. On a trailing twelve month basis, the dividend payout ratio is 41%. The dividend is payable September 1, 2026, to shareholders of record as of August 14, 2026.

Conference Call

Penske Automotive Group will host a conference call discussing financial results relating to the second quarter of 2026 on Wednesday, July 29, 2026, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (833) 461-5787 [International, please dial (585) 542-9983] using access code 895612473. 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 second 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 Automotive

Penske 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 28,600 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs over 40,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 379,200 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 Measures

This 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 income 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 Statements

Statements 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, 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; 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 the values of used trucks, which affect 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 vehicle 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; risks and uncertainties relating to an unsolicited, preliminary and non-binding take private proposal received from Penske Corporation and Mitsui & Co., Ltd. and their affiliates to acquire all of the shares of the Company not already owned by them, including the possibility that any such transaction may not be pursued, approved, or consummated on the proposed terms, within any anticipated timeline, or at all; 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, its Form 10-Q for the quarterly period ended March 31, 2026, 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 Hulgrave	Anthony Pordon
Executive Vice President and	Executive Vice President Investor Relations
Chief Financial Officer	and Corporate Development
Penske Automotive Group, Inc.	Penske Automotive Group, Inc.
248-648-2812	248-648-2540
shulgrave@penskeautomotive.com	tpordon@penskeautomotive.com

 

PENSKE AUTOMOTIVE GROUP, INC. Consolidated Condensed Statements of Income (Amounts In Millions, Except Per Share Data) (Unaudited)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026		2025		Change		2026		2025		Change
Revenue	$ 8,512.7		$ 8,032.5		6.0 %		$          16,376.3		$          15,986.3		2.4 %
Cost of Sales	7,155.7		6,680.3		7.1 %		13,719.9		13,312.7		3.1 %
Gross Profit	$ 1,357.0		$ 1,352.2		0.4 %		$ 2,656.4		$ 2,673.6		(0.6) %
SG&A Expenses	974.0		943.8		3.2 %		1,939.6		1,895.2		2.3 %
Depreciation	45.4		43.1		5.3 %		90.2		83.7		7.8 %
Operating Income	$   337.6		$   365.3		(7.6) %		$   626.6		$   694.7		(9.8) %
Floor Plan Interest Expense	(38.5)		(43.8)		(12.1) %		(76.6)		(85.8)		(10.7) %
Other Interest Expense	(33.1)		(21.6)		53.2 %		(61.5)		(44.1)		39.5 %
Gain on Sale of Dealerships	30.5		—		nm		90.9		52.3		73.8 %
Equity in Earnings of Affiliates	57.3		53.6		6.9 %		98.1		86.9		12.9 %
Income Before Income Taxes	$   353.8		$   353.5		0.1 %		$   677.5		$   704.0		(3.8) %
Income Taxes	(92.6)		(86.0)		7.7 %		(181.4)		(178.1)		1.9 %
Net Income	$   261.2		$   267.5		(2.4) %		$   496.1		$   525.9		(5.7) %
Less: Income Attributable to Non-Controlling Interests	0.8		0.9		(11.1) %		1.2		1.6		(25.0) %
Net Income Attributable to Common Stockholders	$   260.4		$   266.6		(2.3) %		$   494.9		$   524.3		(5.6) %
Amounts Attributable to Common Stockholders:
Net Income	$   261.2		$   267.5		(2.4) %		$   496.1		$   525.9		(5.7) %
Less: Income Attributable to Non-Controlling Interests	0.8		0.9		(11.1) %		1.2		1.6		(25.0) %
Net Income Attributable to Common Stockholders	$   260.4		$   266.6		(2.3) %		$   494.9		$   524.3		(5.6) %
Earnings Per Share	$     3.96		$     4.03		(1.7) %		$     7.52		$     7.89		(4.7) %
Weighted Average Shares Outstanding	65.7		66.2		(0.8) %		65.8		66.5		(1.1) %

	nm – not meaningful

 

PENSKE AUTOMOTIVE GROUP, INC. Consolidated Condensed Balance Sheets (Amounts In Millions) (Unaudited)
		June 30,			December 31,
		2026			2025
Assets:
Cash and Cash Equivalents		$                  69.5			$                  64.7
Accounts Receivable, Net			1,061.9			1,070.3
Inventories			5,109.7			4,814.7
Other Current Assets			269.9			242.9
Total Current Assets			6,511.0			6,192.6
Property and Equipment, Net			3,289.8			3,224.6
Operating Lease Right-of-Use Assets			2,493.2			2,543.8
Intangibles			4,107.9			3,599.9
Other Long-Term Assets			2,083.4			2,036.8
Total Assets		$              18,485.3			$              17,597.7
Liabilities and Equity:
Floor Plan Notes Payable		$               2,700.7			$               2,532.8
Floor Plan Notes Payable – Non-Trade			1,664.4			1,561.5
Accounts Payable			915.2			899.8
Accrued Expenses and Other Current Liabilities			1,017.3			930.0
Current Portion Long-Term Debt			377.3			355.0
Total Current Liabilities			6,674.9			6,279.1
Long-Term Debt			2,118.7			1,810.5
Long-Term Operating Lease Liabilities			2,389.8			2,461.5
Other Long-Term Liabilities			1,468.5			1,465.7
Total Liabilities			12,651.9			12,016.8
Equity			5,833.4			5,580.9
Total Liabilities and Equity		$              18,485.3			$              17,597.7

 

PENSKE AUTOMOTIVE GROUP, INC. Consolidated Operations Selected Data (Unaudited)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Geographic Revenue Mix:
North America	62.2 %		63.6 %		60.3 %		62.4 %
U.K.	26.1 %		26.0 %		27.9 %		27.6 %
Other International	11.7 %		10.4 %		11.8 %		10.0 %
Total	100.0 %		100.0 %		100.0 %		100.0 %
Revenue: (Amounts in Millions)
Retail Automotive	$     7,301.0		$     6,887.7		$   14,268.1		$   13,806.3
Retail Commercial Truck	927.8		943.6		1,622.4		1,767.3
Commercial Vehicle Distribution and Other	283.9		201.2		485.8		412.7
Total	$     8,512.7		$     8,032.5		$   16,376.3		$   15,986.3
Gross Profit: (Amounts in Millions)
Retail Automotive	$     1,156.5		$     1,164.4		$     2,281.5		$     2,300.6
Retail Commercial Truck	142.8		143.6		271.0		284.6
Commercial Vehicle Distribution and Other	57.7		44.2		103.9		88.4
Total	$     1,357.0		$     1,352.2		$     2,656.4		$     2,673.6
Gross Margin:
Retail Automotive	15.8 %		16.9 %		16.0 %		16.7 %
Retail Commercial Truck	15.4 %		15.2 %		16.7 %		16.1 %
Commercial Vehicle Distribution and Other	20.3 %		22.0 %		21.4 %		21.4 %
Total	15.9 %		16.8 %		16.2 %		16.7 %
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Operating Items as a Percentage of Revenue:
Gross Profit	15.9 %		16.8 %		16.2 %		16.7 %
Selling, General, and Administrative Expenses	11.4 %		11.7 %		11.8 %		11.9 %
Operating Income	4.0 %		4.5 %		3.8 %		4.3 %
Income Before Income Taxes	4.2 %		4.4 %		4.1 %		4.4 %
Operating Items as a Percentage of Total Gross Profit:
Selling, General, and Administrative Expenses	71.8 %		69.8 %		73.0 %		70.9 %
Adjusted Selling, General, and Administrative Expenses(1)	71.8 %		69.9 %		72.5 %		70.0 %
Operating Income	24.9 %		27.0 %		23.6 %		26.0 %
	Three Months Ended				Six Months Ended
	June 30,				June 30,
(Amounts in Millions)	2026		2025		2026		2025
EBITDA(1)	$     432.3		$     418.2		$     829.2		$     831.8
Adjusted EBITDA(1)	$     401.8		$     400.6		$     751.3		$     773.0
Floor Plan Credits	$       17.7		$       16.3		$       32.8		$       32.1
Property Rent Expense	$       71.1		$       70.3		$     144.0		$     139.9

(1)	See the following Non-GAAP reconciliation table.

 

PENSKE AUTOMOTIVE GROUP, INC. Retail Automotive Operations (Unaudited)
	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2026			2025			Change		2026			2025			Change
Retail Automotive Units:
New Retail		55,136			52,985		4.1 %			105,172			108,509		(3.1) %
New Agency		11,195			10,079		11.1 %			24,206			20,765		16.6 %
Total New Delivered		66,331			63,064		5.2 %			129,378			129,274		0.1 %
Used Retail		59,070			56,802		4.0 %			119,196			117,289		1.6 %
Total New and Used Delivered		125,401			119,866		4.6 %			248,574			246,563		0.8 %
Retail Automotive Revenue: (Amounts in Millions)
New Vehicles	$	3,375.4		$	3,188.1		5.9 %		$	6,456.1		$	6,436.1		0.3 %
Used Vehicles		2,471.9			2,259.4		9.4 %			4,901.3			4,523.5		8.4 %
Finance and Insurance, Net		211.0			208.2		1.3 %			413.3			413.6		(0.1) %
Service and Parts		867.1			853.4		1.6 %			1,731.0			1,679.0		3.1 %
Fleet and Wholesale		375.6			378.6		(0.8) %			766.4			754.1		1.6 %
Total Revenue	$	7,301.0		$	6,887.7		6.0 %		$	14,268.1		$	13,806.3		3.3 %
Retail Automotive Gross Profit: (Amounts in Millions)
New Vehicles	$	290.1		$	306.4		(5.3) %		$	560.4		$	608.9		(8.0) %
Used Vehicles		123.8			130.6		(5.2) %			248.6			258.7		(3.9) %
Finance and Insurance, Net		211.0			208.2		1.3 %			413.3			413.6		(0.1) %
Service and Parts		517.0			501.4		3.1 %			1,026.7			983.8		4.4 %
Fleet and Wholesale		14.6			17.8		(18.0) %			32.5			35.6		(8.7) %
Total Gross Profit	$	1,156.5		$	1,164.4		(0.7) %		$	2,281.5		$	2,300.6		(0.8) %
Retail Automotive Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)	$	60,701		$	59,691		1.7 %		$	60,798		$	58,836		3.3 %
Used Vehicles		41,847			39,776		5.2 %			41,120			38,567		6.6 %
Retail Automotive Gross Profit Per Vehicle Retailed:
New Vehicles (excluding agency)	$	4,782		$	5,337		(10.4) %		$	4,782		$	5,172		(7.5) %
New Agency		2,772			2,701		2.6 %			2,790			2,659		4.9 %
Used Vehicles		2,095			2,298		(8.8) %			2,085			2,206		(5.5) %
Finance and Insurance (excluding agency)		1,807			1,863		(3.0) %			1,797			1,798		(0.1) %
Retail Automotive Gross Margin:
New Vehicles		8.6 %			9.6 %		(100)bps			8.7 %			9.5 %		(80)bps
Used Vehicles		5.0 %			5.8 %		(80)bps			5.1 %			5.7 %		(60)bps
Service and Parts		59.6 %			58.8 %		+80bps			59.3 %			58.6 %		+70bps
Fleet and Wholesale		3.9 %			4.7 %		(80)bps			4.2 %			4.7 %		(50)bps
Total Gross Margin		15.8 %			16.9 %		(110)bps			16.0 %			16.7 %		(70)bps
Retail Automotive Revenue Mix Percentages:
New Vehicles		46.2 %			46.3 %		(10)bps			45.2 %			46.6 %		(140)bps
Used Vehicles		33.9 %			32.8 %		+110bps			34.4 %			32.8 %		+160bps
Finance and Insurance, Net		2.9 %			3.0 %		(10)bps			2.9 %			3.0 %		(10)bps
Service and Parts		11.9 %			12.4 %		(50)bps			12.1 %			12.2 %		(10)bps
Fleet and Wholesale		5.1 %			5.5 %		(40)bps			5.4 %			5.4 %		—bps
Total		100.0 %			100.0 %					100.0 %			100.0 %
Retail Automotive Gross Profit Mix Percentages:
New Vehicles		25.1 %			26.3 %		(120)bps			24.6 %			26.5 %		(190)bps
Used Vehicles		10.7 %			11.2 %		(50)bps			10.9 %			11.2 %		(30)bps
Finance and Insurance, Net		18.2 %			17.9 %		+30bps			18.1 %			18.0 %		+10bps
Service and Parts		44.7 %			43.1 %		+160bps			45.0 %			42.8 %		+220bps
Fleet and Wholesale		1.3 %			1.5 %		(20)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								Six Months Ended
	June 30,								June 30,
	2026			2025			Change		2026			2025			Change
Retail Automotive Same-Store Units:
New Retail		53,774			51,847		3.7 %			102,305			105,889		(3.4) %
New Agency		11,195			10,079		11.1 %			24,206			20,765		16.6 %
Total New Delivered		64,969			61,926		4.9 %			126,511			126,654		(0.1) %
Used Retail		57,802			55,034		5.0 %			116,007			112,858		2.8 %
Total New and Used Delivered		122,771			116,960		5.0 %			242,518			239,512		1.3 %
Retail Automotive Same-Store Revenue: (Amounts in Millions)
New Vehicles	$	3,281.9		$	3,126.4		5.0 %		$	6,269.3		$	6,299.4		(0.5) %
Used Vehicles		2,422.6			2,204.3		9.9 %			4,792.5			4,392.7		9.1 %
Finance and Insurance, Net		207.1			203.9		1.6 %			404.7			403.4		0.3 %
Service and Parts		852.1			835.7		2.0 %			1,693.4			1,639.7		3.3 %
Fleet and Wholesale		356.2			367.0		(2.9) %			730.0			728.9		0.2 %
Total Revenue	$	7,119.9		$	6,737.3		5.7 %		$	13,889.9		$	13,464.1		3.2 %
Retail Automotive Same-Store Gross Profit: (Amounts in Millions)
New Vehicles	$	280.6		$	301.4		(6.9) %		$	542.1		$	598.2		(9.4) %
Used Vehicles		120.7			127.5		(5.3) %			242.4			252.3		(3.9) %
Finance and Insurance, Net		207.1			203.9		1.6 %			404.7			403.4		0.3 %
Service and Parts		507.3			490.8		3.4 %			1,003.3			960.4		4.5 %
Fleet and Wholesale		14.6			17.8		(18.0) %			32.5			35.7		(9.0) %
Total Gross Profit	$	1,130.3		$	1,141.4		(1.0) %		$	2,225.0		$	2,250.0		(1.1) %
Retail Automotive Same-Store Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)	$	60,500		$	59,810		1.2 %		$	60,676		$	59,001		2.8 %
Used Vehicles		41,912			40,054		4.6 %			41,312			38,922		6.1 %
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles (excluding agency)	$	4,726		$	5,358		(11.8) %		$	4,737		$	5,199		(8.9) %
New Agency		2,772			2,558		8.4 %			2,790			2,467		13.1 %
Used Vehicles		2,088			2,317		(9.9) %			2,090			2,236		(6.5) %
Finance and Insurance (excluding agency)		1,815			1,887		(3.8) %			1,808			1,828		(1.1) %
Retail Automotive Same-Store Gross Margin:
New Vehicles		8.5 %			9.6 %		(110)bps			8.6 %			9.5 %		(90)bps
Used Vehicles		5.0 %			5.8 %		(80)bps			5.1 %			5.7 %		(60)bps
Service and Parts		59.5 %			58.7 %		+80bps			59.2 %			58.6 %		+60bps
Fleet and Wholesale		4.1 %			4.9 %		(80)bps			4.5 %			4.9 %		(40)bps
Total Gross Margin		15.9 %			16.9 %		(100)bps			16.0 %			16.7 %		(70)bps
Retail Automotive Same-Store Revenue Mix Percentages:
New Vehicles		46.1 %			46.4 %		(30)bps			45.1 %			46.8 %		(170)bps
Used Vehicles		34.0 %			32.7 %		+130bps			34.5 %			32.6 %		+190bps
Finance and Insurance, Net		2.9 %			3.0 %		(10)bps			2.9 %			3.0 %		(10)bps
Service and Parts		12.0 %			12.4 %		(40)bps			12.2 %			12.2 %		—bps
Fleet and Wholesale		5.0 %			5.5 %		(50)bps			5.3 %			5.4 %		(10)bps
Total		100.0 %			100.0 %					100.0 %			100.0 %
Retail Automotive Same-Store Gross Profit Mix Percentages:
New Vehicles		24.8 %			26.4 %		(160)bps			24.4 %			26.6 %		(220)bps
Used Vehicles		10.7 %			11.2 %		(50)bps			10.9 %			11.2 %		(30)bps
Finance and Insurance, Net		18.3 %			17.9 %		+40bps			18.2 %			17.9 %		+30bps
Service and Parts		44.9 %			43.0 %		+190bps			45.1 %			42.7 %		+240bps
Fleet and Wholesale		1.3 %			1.5 %		(20)bps			1.4 %			1.6 %		(20)bps
Total		100.0 %			100.0 %					100.0 %			100.0 %

 

PENSKE AUTOMOTIVE GROUP, INC. Retail Commercial Truck Operations (Unaudited)
	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2026			2025			Change		2026			2025			Change
Retail Commercial Truck Units:
New Retail		4,276			4,638		(7.8) %			7,062			8,377		(15.7) %
Used Retail		1,155			701		64.8 %			1,952			1,676		16.5 %
Total		5,431			5,339		1.7 %			9,014			10,053		(10.3) %
Retail Commercial Truck Revenue: (Amounts in Millions)
New Vehicles	$	594.3		$	655.6		(9.4) %		$	995.5		$	1,182.8		(15.8) %
Used Vehicles		86.6			52.7		64.3 %			138.8			116.5		19.1 %
Finance and Insurance, Net		4.5			4.0		12.5 %			8.0			8.5		(5.9) %
Service and Parts		237.7			226.7		4.9 %			469.9			448.7		4.7 %
Wholesale and Other		4.7			4.6		2.2 %			10.2			10.8		(5.6) %
Total Revenue	$	927.8		$	943.6		(1.7) %		$	1,622.4		$	1,767.3		(8.2) %
Retail Commercial Truck Gross Profit: (Amounts in Millions)
New Vehicles	$	30.3		$	36.6		(17.2) %		$	53.4		$	70.1		(23.8) %
Used Vehicles		10.3			4.9		110.2 %			15.8			12.2		29.5 %
Finance and Insurance, Net		4.5			4.0		12.5 %			8.0			8.5		(5.9) %
Service and Parts		94.5			94.9		(0.4) %			187.8			187.5		0.2 %
Wholesale and Other		3.2			3.2		— %			6.0			6.3		(4.8) %
Total Gross Profit	$	142.8		$	143.6		(0.6) %		$	271.0		$	284.6		(4.8) %
Retail Commercial Truck Revenue Per Vehicle Retailed:
New Vehicles	$	138,979		$	141,345		(1.7) %		$	140,967		$	141,186		(0.2) %
Used Vehicles		74,991			75,223		(0.3) %			71,114			69,548		2.3 %
Retail Commercial Truck Gross Profit Per Vehicle Retailed:
New Vehicles	$	7,083		$	7,889		(10.2) %		$	7,568		$	8,367		(9.5) %
Used Vehicles		8,923			7,037		26.8 %			8,092			7,278		11.2 %
Finance and Insurance		833			741		12.4 %			887			839		5.7 %
Retail Commercial Truck Gross Margin:
New Vehicles		5.1 %			5.6 %		(50)bps			5.4 %			5.9 %		(50)bps
Used Vehicles		11.9 %			9.3 %		+260bps			11.4 %			10.5 %		+90bps
Service and Parts		39.8 %			41.9 %		(210)bps			40.0 %			41.8 %		(180)bps
Wholesale and Other		68.1 %			69.6 %		(150)bps			58.8 %			58.3 %		+50bps
Total Gross Margin		15.4 %			15.2 %		+20bps			16.7 %			16.1 %		+60bps
Retail Commercial Truck Revenue Mix Percentages:
New Vehicles		64.1 %			69.5 %		(540)bps			61.4 %			66.9 %		(550)bps
Used Vehicles		9.3 %			5.6 %		+370bps			8.6 %			6.6 %		+200bps
Finance and Insurance, Net		0.5 %			0.4 %		+10bps			0.5 %			0.5 %		—bps
Service and Parts		25.6 %			24.0 %		+160bps			29.0 %			25.4 %		+360bps
Wholesale and Other		0.5 %			0.5 %		—bps			0.5 %			0.6 %		(10)bps
Total		100.0 %			100.0 %					100.0 %			100.0 %
Retail Commercial Truck Gross Profit Mix Percentages:
New Vehicles		21.2 %			25.5 %		(430)bps			19.7 %			24.6 %		(490)bps
Used Vehicles		7.2 %			3.4 %		+380bps			5.8 %			4.3 %		+150bps
Finance and Insurance, Net		3.2 %			2.8 %		+40bps			3.0 %			3.0 %		—bps
Service and Parts		66.2 %			66.1 %		+10bps			69.3 %			65.9 %		+340bps
Wholesale and Other		2.2 %			2.2 %		—bps			2.2 %			2.2 %		—bps
Total		100.0 %			100.0 %					100.0 %			100.0 %

 

PENSKE AUTOMOTIVE GROUP, INC. Retail Commercial Truck Operations Same-Store (Unaudited)
	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2026			2025			Change		2026			2025			Change
Retail Commercial Truck Same-Store Units:
New Retail		4,276			4,638		(7.8) %			7,062			8,377		(15.7) %
Used Retail		1,155			701		64.8 %			1,952			1,676		16.5 %
Total		5,431			5,339		1.7 %			9,014			10,053		(10.3) %
Retail Commercial Truck Same-Store Revenue: (Amounts in Millions)
New Vehicles	$	594.3		$	655.6		(9.4) %		$	995.5		$	1,182.8		(15.8) %
Used Vehicles		86.6			52.7		64.3 %			138.8			116.5		19.1 %
Finance and Insurance, Net		4.5			4.0		12.5 %			8.0			8.4		(4.8) %
Service and Parts		235.5			226.0		4.2 %			465.7			447.2		4.1 %
Wholesale and Other		4.6			4.6		— %			10.2			10.9		(6.4) %
Total Revenue	$	925.5		$	942.9		(1.8) %		$	1,618.2		$	1,765.8		(8.4) %
Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions)
New Vehicles	$	30.3		$	36.6		(17.2) %		$	53.4		$	70.1		(23.8) %
Used Vehicles		10.3			4.9		110.2 %			15.8			12.2		29.5 %
Finance and Insurance, Net		4.5			4.0		12.5 %			8.0			8.4		(4.8) %
Service and Parts		93.4			94.5		(1.2) %			185.5			186.8		(0.7) %
Wholesale and Other		2.9			2.9		— %			5.6			6.0		(6.7) %
Total Gross Profit	$	141.4		$	142.9		(1.0) %		$	268.3		$	283.5		(5.4) %
Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed:
New Vehicles	$	138,979		$	141,345		(1.7) %		$	140,967		$	141,186		(0.2) %
Used Vehicles		74,991			75,223		(0.3) %			71,114			69,548		2.3 %
Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles	$	7,083		$	7,889		(10.2) %		$	7,568		$	8,367		(9.5) %
Used Vehicles		8,923			7,037		26.8 %			8,092			7,278		11.2 %
Finance and Insurance		833			742		12.3 %			887			839		5.7 %
Retail Commercial Truck Same-Store Gross Margin:
New Vehicles		5.1 %			5.6 %		(50)bps			5.4 %			5.9 %		(50)bps
Used Vehicles		11.9 %			9.3 %		+260bps			11.4 %			10.5 %		+90bps
Service and Parts		39.7 %			41.8 %		(210)bps			39.8 %			41.8 %		(200)bps
Wholesale and Other		63.0 %			63.0 %		—bps			54.9 %			55.0 %		(10)bps
Total Gross Margin		15.3 %			15.2 %		+10bps			16.6 %			16.1 %		+50bps
Retail Commercial Truck Same-Store Revenue Mix Percentages:
New Vehicles		64.2 %			69.5 %		(530)bps			61.5 %			67.0 %		(550)bps
Used Vehicles		9.4 %			5.6 %		+380bps			8.6 %			6.6 %		+200bps
Finance and Insurance, Net		0.5 %			0.4 %		+10bps			0.5 %			0.5 %		—bps
Service and Parts		25.4 %			24.0 %		+140bps			28.8 %			25.3 %		+350bps
Wholesale and Other		0.5 %			0.5 %		—bps			0.6 %			0.6 %		—bps
Total		100.0 %			100.0 %					100.0 %			100.0 %
Retail Commercial Truck Same-Store Gross Profit Mix Percentages:
New Vehicles		21.4 %			25.6 %		(420)bps			19.9 %			24.7 %		(480)bps
Used Vehicles		7.3 %			3.4 %		+390bps			5.9 %			4.3 %		+160bps
Finance and Insurance, Net		3.2 %			2.8 %		+40bps			3.0 %			3.0 %		—bps
Service and Parts		66.1 %			66.1 %		—bps			69.1 %			65.9 %		+320bps
Wholesale and Other		2.0 %			2.1 %		(10)bps			2.1 %			2.1 %		—bps
Total		100.0 %			100.0 %					100.0 %			100.0 %

 

PENSKE AUTOMOTIVE GROUP, INC. Supplemental Data (Unaudited)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Retail Automotive Revenue Mix:
Premium:
BMW / MINI	24 %		25 %		24 %		26 %
Porsche	10 %		10 %		10 %		9 %
Audi	8 %		9 %		9 %		9 %
Mercedes-Benz	8 %		8 %		8 %		8 %
Land Rover / Jaguar	7 %		7 %		7 %		7 %
Lexus	6 %		5 %		6 %		5 %
Ferrari / Maserati	4 %		3 %		3 %		3 %
Acura	1 %		1 %		1 %		1 %
Bentley	1 %		1 %		1 %		1 %
Others	1 %		2 %		2 %		2 %
Total Premium	70 %		71 %		71 %		71 %
Volume Non-U.S.:
Toyota	13 %		13 %		13 %		13 %
Honda	5 %		5 %		5 %		5 %
Volkswagen	2 %		2 %		2 %		2 %
Hyundai	1 %		2 %		1 %		2 %
Others	3 %		1 %		2 %		1 %
Total Volume Non-U.S.	24 %		23 %		23 %		23 %
U.S.:
General Motors / Stellantis / Ford	2 %		3 %		2 %		2 %
Used Vehicle Dealerships	4 %		3 %		4 %		4 %
Total	100 %		100 %		100 %		100 %

 

	Three Months Ended								Six Months Ended
	June 30,								June 30,
Cash Flow and Other Highlights:	2026				2025				2026				2025
($ Amounts in Millions)
Capital expenditures	$		72.3		$		72.9		$		134.9		$		157.6
Cash paid for acquisitions, including $115 million for property and floor plan	$		—		$		—		$		669.7		$		—
Proceeds from sale of dealerships	$		73.7		$		1.4		$		150.7		$		79.2
Dividends	$		93.6		$		83.6		$		186.2		$		165.4
Stock repurchases:
Aggregate purchase price	$		16.1		$		93.3		$		42.5		$		133.3
Shares repurchased			94,711				630,044				265,104				885,272

 

Balance Sheet and Other Highlights:	June 30, 2026			December 31, 2025
(Amounts in Millions)
Cash and Cash Equivalents	$	69.5		$	64.7
Inventories	$	5,109.7		$	4,814.7
Total Floor Plan Notes Payable	$	4,365.1		$	4,094.3
Total Long-Term Debt	$	2,496.0		$	2,165.5
Equity	$	5,833.4		$	5,580.9
Debt to Total Capitalization Ratio		30.0 %			28.0 %
Leverage Ratio (1)		1.7 x			1.5 x
New vehicle days' supply		51 days			49 days
Used vehicle days' supply		44 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 and six months ended June 30, 2026 and 2025:
	Three Months Ended
	June 30,						2026 vs. 2025
(Amounts in Millions)	2026			2025			Change			% Change
Net Income	$	261.2		$	267.5		$	(6.3)		(2.4) %
Add: Depreciation		45.4			43.1			2.3		5.3 %
Other Interest Expense		33.1			21.6			11.5		53.2 %
Income Taxes		92.6			86.0			6.6		7.7 %
EBITDA	$	432.3		$	418.2		$	14.1		3.4 %
Less: Gain on Sale of Dealerships		(30.5)			—			(30.5)		nm
Add: Disposals and Other Charges		—			—			—		nm
Less: Common Control		—			(17.6)			17.6		nm
Adjusted EBITDA	$	401.8		$	400.6		$	1.2		0.3 %
	Six Months Ended
	June 30,						2026 vs. 2025
(Amounts in Millions)	2026			2025			Change			% Change
Net Income	$	496.1		$	525.9		$	(29.8)		(5.7) %
Add: Depreciation		90.2			83.7			6.5		7.8 %
Other Interest Expense		61.5			44.1			17.4		39.5 %
Income Taxes		181.4			178.1			3.3		1.9 %
EBITDA	$	829.2		$	831.8		$	(2.6)		(0.3) %
Less: Gain on Sale of Dealerships		(90.9)			(52.3)			(38.6)		73.8 %
Add: Disposals and Other Charges		13.0			25.2			(12.2)		nm
Less: Common Control		—			(31.7)			31.7		nm
Adjusted EBITDA	$	751.3		$	773.0		$	(21.7)		(2.8) %

	nm – not meaningful

 

The following table reconciles the leverage ratio as of June 30, 2026, and December 31, 2025:
	Six			Six			Trailing Twelve			Twelve
	Months Ended			Months Ended			Months Ended			Months Ended
(Amounts in Millions)	December 31, 2025			June 30, 2026			June 30, 2026			December 31, 2025
Net Income	$             412.0			$             496.1			$             908.1			$             937.9
Add: Depreciation		88.6			90.2			178.8			172.3
Other Interest Expense		47.5			61.5			109.0			91.6
Income Taxes		147.7			181.4			329.1			325.8
EBITDA	$             695.8			$             829.2			$           1,525.0			$           1,527.6
Less: Gain on Sale of Dealerships		—			(90.9)			(90.9)			(52.3)
Add: Disposals and Other Charges		7.3			13.0			20.3			32.5
Less: Common Control		(16.9)			—			(16.9)			(48.6)
Adjusted EBITDA	$             686.2			$             751.3			$           1,437.5			$           1,459.2
Total Non-Vehicle Long-Term Debt							$           2,496.0			$           2,165.5
Leverage Ratio								1.7 x			1.5 x

 

The following tables present key adjusted financial line items excluding the gain on the sale of dealerships and 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 June 30, 2026
($ Amounts in millions, except per share data)	As Reported			Gain on Sale of Dealerships			Disposals and Other Charges			Adjusted
Revenue	$	8,512.7		$	—		$	—		$	8,512.7
Gross Profit	$	1,357.0		$	—		$	—		$	1,357.0
Selling, General, & Administrative Expenses	$	974.0		$	—		$	—		$	974.0
EBITDA	$	432.3		$	(30.5)		$	—		$	401.8
Income Before Taxes	$	353.8		$	(30.5)		$	—		$	323.3
Net Income Attributable to Common Stockholders	$	260.4		$	(22.7)		$	—		$	237.7
Earnings Per Share	$	3.96		$	(0.34)		$	—		$	3.62
SG&A to Gross Profit		71.8 %									71.8 %
	Six Months Ended June 30, 2026
($ Amounts in millions, except per share data)	As Reported			Gain on Sale of Dealerships			Disposals and Other Charges			Adjusted
Revenue	$	16,376.3		$	—		$	—		$	16,376.3
Gross Profit	$	2,656.4		$	—		$	—		$	2,656.4
Selling, General, & Administrative Expenses	$	1,939.6		$	—		$	(13.0)		$	1,926.6
EBITDA	$	829.2		$	(90.9)		$	13.0		$	751.3
Income Before Taxes	$	677.5		$	(90.9)		$	13.0		$	599.6
Net Income Attributable to Common Stockholders	$	494.9		$	(67.5)		$	10.9		$	438.3
Earnings Per Share	$	7.52		$	(1.03)		$	0.17		$	6.66
SG&A to Gross Profit		73.0 %									72.5 %

Our results include the impact of the gain on the sale of a dealership and certain disposals and other charges, as well as the full quarterly and year-to-date results of Penske Motor Group in all periods, which are required by GAAP for common control transactions. The following tables present key adjusted financial line items excluding these items and present 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 June 30, 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	$	8,032.5		$	—		$	—		$	8,032.5		$	(370.2)		$	7,662.3
Gross Profit	$	1,352.2		$	—		$	—		$	1,352.2		$	(55.6)		$	1,296.6
Selling, General, & Administrative Expenses	$	943.8		$	—		$	—		$	943.8		$	(37.5)		$	906.3
EBITDA	$	418.2		$	—		$	—		$	418.2		$	(17.6)		$	400.6
Income Before Taxes	$	353.5		$	—		$	—		$	353.5		$	(16.6)		$	336.9
Net Income Attributable to Common Stockholders	$	266.6		$	—		$	—		$	266.6		$	(16.6)		$	250.0
Earnings Per Share	$	4.03		$	—		$	—		$	4.03		$	(0.25)		$	3.78
SG&A to Gross Profit		69.8 %									69.8 %						69.9 %
New Retail Automotive Units		52,985			—			—			52,985			(5,439)			47,546
Used Retail Automotive Units		56,802			—			—			56,802			(1,803)			54,999
	Six Months Ended June 30, 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	$	15,986.3		$	—		$	—		$	15,986.3		$	(719.5)		$	15,266.8
Gross Profit	$	2,673.6		$	—		$	—		$	2,673.6		$	(108.0)		$	2,565.6
Selling, General, & Administrative Expenses	$	1,895.2		$	—		$	(25.2)		$	1,870.0		$	(75.3)		$	1,794.7
EBITDA	$	831.8		$	(52.3)		$	25.2		$	804.7		$	(31.7)		$	773.0
Income Before Taxes	$	704.0		$	(52.3)		$	25.2		$	676.9		$	(30.0)		$	646.9
Net Income Attributable to Common Stockholders	$	524.3		$	(38.9)		$	20.9		$	506.3		$	(30.0)		$	476.3
Earnings Per Share	$	7.89		$	(0.58)		$	0.31		$	7.62		$	(0.45)		$	7.17
SG&A to Gross Profit		70.9 %									69.9 %						70.0 %
New Retail Automotive Units		108,509			—			—			108,509			(10,361)			98,148
Used Retail Automotive Units		117,289			—			—			117,289			(3,804)			113,485

 

 

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SOURCE Penske Automotive Group, Inc.

FAQ

How did Penske Automotive Group (PAG) perform financially in Q2 2026?

Penske Automotive reported Q2 2026 revenue of $8.5 billion, up 6% year over year. According to Penske Automotive Group, net income attributable to common stockholders was $260.4 million and earnings per share were $3.96, slightly below the prior-year period.

What were Penske Automotive Group's (PAG) adjusted earnings in the second quarter of 2026?

Penske Automotive reported adjusted Q2 2026 income before taxes of $323.3 million and adjusted net income of $237.7 million. According to Penske Automotive Group, adjusted earnings per share were $3.62, excluding the gain on the sale of dealerships and related items.

How did vehicle deliveries and retail automotive revenue trend for PAG in Q2 2026?

In Q2 2026, Penske Automotive delivered over 125,000 new and used retail automotive units, up 5%. According to Penske Automotive Group, total retail automotive revenue rose 6% to $7.3 billion, with same-store retail automotive revenue also increasing 6% year over year.

What is the impact of recent Lexus and Toyota acquisitions on Penske Automotive Group (PAG)?

Penske Automotive completed the acquisition of two Lexus dealerships in Orlando, expected to add $450 million in annualized revenue. According to Penske Automotive Group, together with prior deals, two Toyota and four Lexus stores are expected to generate about $2 billion in estimated annualized revenue.

Did Penske Automotive Group (PAG) change its dividend in 2026 and what is the yield?

Penske Automotive increased its quarterly dividend by 1.4% to $1.44 per share in July 2026. According to Penske Automotive Group, this represents its 23rd consecutive quarterly increase and implies a forward dividend yield of 2.7% with a 41% trailing payout ratio.

How strong is Penske Automotive Group's (PAG) balance sheet and liquidity as of June 30, 2026?

As of June 30, 2026, Penske Automotive reported $1.4 billion in total liquidity, including $70 million in cash. According to Penske Automotive Group, it had $1.3 billion of availability under credit and mortgage facilities and a leverage ratio of 1.7x.

How did Penske Transportation Solutions contribute to PAG's results in Q2 2026?

Penske Automotive recorded $57.4 million in earnings from its 28.9% stake in Penske Transportation Solutions in Q2 2026, a 7% increase. According to Penske Automotive Group, growth in full-service leasing, improved fleet utilization, and lower expenses and interest supported these results.