PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY RESULTS

Commercial truck pretax income rose to $59.6 million, while retail automotive gross margin narrowed to 15.7%.

Rhea-AI Summary

Penske Automotive Group (NYSE: PAG) reported third-quarter revenue of $8.4 billion, with earnings declining despite growth in commercial truck operations. Revenue rose 5% year over year, while net income attributable to common stockholders fell 1.8% to $220.8 million and earnings per share declined 1.5% to $3.36. Results included $6.3 million in take-private transaction costs. Retail automotive revenue increased, but its gross margin narrowed.

Under its merger agreement with Motown Acquisition, owned by Penske Corporation and Mitsui, eligible shareholders would receive $212.00 per share in cash, valuing the company at approximately $16.3 billion including debt. The company expects closing in the first quarter of 2027, subject to closing conditions. Nine-month revenue reached $24.8 billion, while earnings per share fell to $10.89 from $11.30. The quarterly dividend increased 1.4% to $1.46 per share, payable December 1, 2026.

24 points · 1 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 20 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Take-private agreement offers eligible shareholders $212.00 per share in cash, at approximately $16.3 billion enterprise value.
• Moderate pointThird-quarter revenue increased 5% to $8.4 billion year over year.
• Moderate pointThird-quarter commercial truck revenue rose to $1,123.9 million from $918.6 million a year earlier.
• Moderate pointThird-quarter commercial truck pretax income rose to $59.6 million from $41.5 million a year earlier.
• Moderate pointThird-quarter commercial truck deliveries increased to 6,779 units from 5,108 a year earlier.
• Moderate pointCommercial truck gross profit rose to $163.4 million quarterly and $434.4 million over nine months year over year.

18 minor points

• Minor pointNine-month revenue increased 3.1% to $24,791.9 million year over year.
• Minor pointQuarterly dividend increased 1.4% to $1.46 per share, payable December 1, 2026; annualized dividend reaches $5.84.
• Minor pointNine-month commercial truck revenue rose to $2,746.3 million from $2,685.9 million a year earlier.
• Minor pointNine-month commercial truck pretax income increased to $143.1 million from $140.8 million a year earlier.
• Minor pointNine-month commercial truck deliveries increased to 15,793 units from 15,161 a year earlier.
• Minor pointRetail automotive revenue rose 1% in the quarter and 3% over nine months year over year.
• Minor pointSame-store retail automotive revenue increased 2% quarterly and 3% over nine months year over year.
• Minor pointUsed automotive deliveries increased 2% year over year in both the quarter and nine-month period.
• Minor pointQuarterly same-store automotive service and parts revenue and gross profit each increased 3% year over year.
• Minor pointNine-month same-store automotive service and parts revenue rose 3%; gross profit increased 4% year over year.
• Minor pointCommercial vehicle distribution and other revenue reached $266.3 million quarterly and $752.1 million over nine months, both higher year over year.
• Minor pointCommercial vehicle distribution and other gross profit reached $58.0 million quarterly and $161.9 million over nine months, both higher year over year.
• Minor pointEquity earnings from affiliates increased 17.0% quarterly and 14.5% over nine months year over year.
• Minor pointVehicle inventory financing interest expense decreased 11.3% quarterly and 10.9% over nine months year over year.
• Minor pointNine-month dealership sale gains increased to $90.9 million from $52.3 million a year earlier.
• Minor pointNine-month repurchases returned approximately $42.5 million through purchases of 265,104 common shares.
• Minor pointCash increased to $68.3 million at September 30, 2026, from $64.7 million at December 31, 2025.
• Minor pointForeign exchange added $5.7 million to nine-month common-stockholder net income and $272.4 million to revenue.

Negative

• Moderate pointThird-quarter common-stockholder net income fell 1.8% to $220.8 million year over year.
• Moderate pointOperating income declined 2.5% quarterly to $303.1 million and 7.6% over nine months to $929.7 million.
• Moderate pointPretax income declined 0.7% quarterly to $302.0 million and 2.8% over nine months to $979.5 million.
• Moderate pointRetail automotive gross profit fell to $1,102.7 million quarterly and $3,384.2 million over nine months year over year.
• Moderate pointLong-term debt rose to $2,069.6 million from $1,810.5 million at December 31, 2025.

15 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Take-private completion remains subject to closing conditions; the company expects closing in the first quarter of 2027.
• Minor pointThird-quarter earnings per share declined 1.5% to $3.36 year over year.
• Minor pointNine-month common-stockholder net income declined 4.5% to $715.7 million year over year.
• Minor pointNine-month earnings per share fell 3.6% to $10.89 year over year.
• Minor pointTake-private transaction costs totaled $6.3 million, or $4.6 million after tax and $0.07 per share.
• Minor pointRetail automotive gross margin narrowed to 15.7% from 16.1% quarterly and 15.9% from 16.5% over nine months.
• Minor pointNew automotive deliveries declined 2% quarterly and 1% over nine months year over year.
• Minor pointNew-vehicle gross profit per unit decreased $258 sequentially from the second quarter of 2026.
• Minor pointUsed-vehicle gross profit per unit decreased $149 sequentially from the second quarter of 2026.
• Minor pointQuarterly commercial truck gross margin narrowed to 14.5% from 14.8% a year earlier.
• Minor pointDistribution and other gross margin narrowed to 21.8% quarterly and 21.5% over nine months year over year.
• Minor pointSelling, general and administrative expenses increased 3.2% quarterly and 2.6% over nine months year over year.
• Minor pointDepreciation expense increased 3.9% quarterly and 6.4% over nine months year over year.
• Minor pointOther interest expense increased 40.5% quarterly and 39.8% over nine months year over year.
• Minor point. Forward-looking: it has not happened yet and may not happen.Merger restrictions mean the company does not expect further share repurchases while the proposed transaction remains pending.

News Explained

Although Penske Automotive had $221.2 million available under its repurchase program as of September 30, 2026, it does not expect to repurchase more shares while the merger agreement is pending, so that remaining authority is not a commitment to buy.

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Quarterly Revenue Increases 5% to $8.4 Billion

Income Before Taxes of $302 Million; Net Income of $221 Million; Earnings Per Share of $3.36

BLOOMFIELD HILLS, Mich., Oct. 28, 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 third quarter of 2026.

Proposed Take Private Transaction

As previously announced on October 15, 2026, the Company entered into a merger agreement (the "Merger Agreement") to be taken private by Motown Acquisition Corp. ("Buyer"), an entity owned by Penske Corporation ("Penske") and Mitsui & Co., Ltd. ("Mitsui") (the "Proposed Transaction"). Under the terms of the Merger Agreement, holders of Penske Automotive Group common stock, other than Penske Corporation, Mitsui and the other members of the investor group, will receive $212.00 per share in cash, valuing the Company at an enterprise value of approximately $16.3 billion. If consummated, upon completion of the Proposed Transaction, the Company will become a privately held company, with approximately 64% of the Company's ownership to be held by Penske and 36% to be held by Mitsui. The Proposed Transaction is expected to close in the first quarter of 2027, subject to the satisfaction or waiver of closing conditions.

In light of the Proposed Transaction, the Company will not host an earnings conference call in connection with its quarterly results. For further detail concerning the Proposed Transaction, please refer to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 15, 2026. 

Third Quarter and Nine Month Results

For the quarter, revenue increased 5% to $8.4 billion when compared to $8.1 billion for the same period in 2025. Earnings before taxes was $302.0 million, net income attributable to common stockholders was $220.8 million, and related earnings per share was $3.36, in each case including $6.3 million of costs ($4.6 million after tax, or $0.07 per share) associated with the Proposed Transaction. These GAAP results include 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). Foreign currency exchange negatively impacted revenue by $2.3 million, positively impacted net income attributable to common stockholders by $0.7 million, and positively impacted earnings per share by $0.01.

For the nine months ended September 30, 2026, revenue was $24.8 billion, net income attributable to common stockholders was $715.7 million, and related earnings per share was $10.89, in each case including the Proposed Transaction costs noted above. For the same period in 2025, the Company generated $24.0 billion in revenue, net income attributable to common stockholders was $749.1 million, and related earnings per share was $11.30. 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). Foreign currency exchange positively impacted revenue by $272.4 million, net income attributable to common stockholders by $5.7 million, and earnings per share by $0.09.

Retail Automotive Dealerships

For the three months ended September 30, 2026, total new units delivered decreased 2% and used units delivered increased 2%. Total retail automotive revenue increased 1% to $7.0 billion and increased 2% on a same-store basis. On a sequential basis when compared to the second quarter of 2026, new vehicle gross profit per unit decreased $258 and used vehicle gross profit per unit decreased $149. When compared to the prior year period, same-store retail automotive service and parts revenue and gross profit both increased 3%.

For the nine months ended September 30, 2026, total new units delivered decreased 1% and used units delivered increased 2%. Total retail automotive revenue increased 3% to $21.3 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% and gross profit increased 4%.

Retail Commercial Truck Dealerships

For the three months ended September 30, 2026, the Company's retail commercial truck dealerships retailed 6,779 new and used units and generated $1.1 billion in revenue and $59.6 million in income before taxes. This compares to 5,108 new and used units, $918.6 million of revenue, and $41.5 million in income before taxes during the same period in the prior year. For the nine months ended September 30, 2026, the Company's retail commercial truck dealerships retailed 15,793 new and used units and generated $2.7 billion in revenue and $143.1 million in income before taxes. This compares to 15,161 new and used units, $2.7 billion in revenue, and $140.8 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 373,600 trucks, tractors, and trailers under lease, rental and/or maintenance contracts. Penske Automotive Group has a 28.9% ownership interest in PTS and accounts for its ownership interest using the equity method of accounting. For the three and nine months ended September 30, 2026, the Company recorded earnings with respect to the investment of $68.5 million and $167.0 million, respectively.

Corporate Development, Capital Allocation, Liquidity, and Leverage

During the nine months ended September 30, 2026, the Company repurchased 265,104 shares of common stock for approximately $42.5 million. As of September 30, 2026, $221.2 million remained outstanding and available for repurchases under our securities repurchase program. The Merger Agreement restricts the Company's ability to repurchase its common stock, and the Company therefore does not expect further repurchases of shares under this authority during the pendency of the Proposed Transaction. As of September 30, 2026, the Company had approximately $1.6 billion in liquidity, including $68 million in cash and $1.5 billion of availability under its U.S. and international credit agreements and revolving mortgage facilities. The Company's leverage ratio at September 30, 2026 was 1.6x. During October 2026, the Board of Directors approved an increase in the quarterly dividend of 1.4%, or $0.02 per share, to $1.46 per share, bringing the annualized dividend to $5.84 per share. The dividend is payable December 1, 2026, to shareholders of record as of November 13, 2026.

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 approximately 28,900 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 373,600 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit the Company's website at www.penskeautomotive.com.

Non-GAAP Financial 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.

Cautionary Statement Regarding Forward-Looking Statements

This communication may include statements that are not statements of historical fact, or "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including with respect to the Company's financial performance, expectations, acquisition activity, future plans and future revenues, and with respect to the Proposed Transaction. In many cases, you can identify forward-looking statements by terminology such as "may," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or the negative of such terms and other comparable terminology. There may also be other statements of expectations, beliefs, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are difficult to predict and are generally outside the Company's and Buyer's control, that could cause actual performance or results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. With respect to the Proposed Transaction, such forward-looking statements include, but are not limited to: the ability of Buyer and the Company to complete the transactions contemplated by the Merger Agreement, including the parties' ability to satisfy the conditions set forth in the Merger Agreement; the ability of Buyer to finance the per share merger consideration; statements about the expected timetable for completing the Proposed Transaction, and Buyer's and the Company's beliefs and expectations and statements about the benefits sought to be achieved in Buyer's proposed acquisition of the Company; the potential effects of the Proposed Transaction on each of Buyer and the Company; as well as the possibility of any termination of the Merger Agreement. These statements are based upon the current beliefs and expectations of Buyer's and the Company's management and are subject to significant risks and uncertainties. There can be no guarantees that the conditions to the closing of the Proposed Transaction will be satisfied on the expected timetable or at all. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties with respect to the Proposed Transaction include, but are not limited to, uncertainties as to the  closing of the Proposed Transaction, including the possibility that the Proposed Transaction may not be completed in a timely manner or at all, which could adversely affect the Company's business and the market price of its common stock; the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, including circumstances that could require the Company to pay Buyer a termination fee of $383.0 million; the possibility that various conditions to the consummation of the Proposed Transaction may not be satisfied or waived, including uncertainty as to how many of the Company's unaffiliated stockholders will vote in favor of the Proposed Transaction; the ability to obtain necessary regulatory approvals or to obtain them on acceptable terms or within expected timing; the risk that any announcements relating to the Proposed Transaction could have adverse effects on the market price of the Company's common stock, credit ratings or operating results; the risk that the market price of the Company's common stock may fluctuate during the pendency of the Proposed Transaction and may decline significantly if the Proposed Transaction is not completed; the fact that the per share merger consideration is fixed and will not be adjusted for changes in the Company's business, financial condition or operating results or in the market price of its common stock; the effects of disruption from the Proposed Transaction and the impact of the announcement and pendency of the Proposed Transaction on the Company's business, including the ability of the Company to attract, retain and hire key personnel and to maintain relationships with manufacturers, customers, suppliers and others with whom the Company does business, employee departures, diversion of management's time and attention from ordinary course business operations, negative publicity, competitive responses to the Proposed Transaction, or certain restrictions during the pendency of the Proposed Transaction that may impact the Company's ability to pursue certain business opportunities or strategic transactions; provisions of the Merger Agreement that limit the Company's ability to pursue alternatives to the Proposed Transaction, which could discourage a third party from making an alternative acquisition proposal; the risk that stockholder litigation in connection with the Proposed Transaction may prevent or delay the completion of the Proposed Transaction or may result in significant costs of defense, indemnification and liability; the risk that there may be significant transaction costs, which the Company will continue to incur whether or not the Proposed Transaction is completed, and other unexpected costs, charges or expenses resulting from the Proposed Transaction.

Other 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 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; the Company's ability to obtain vehicles and parts from its 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 the Company's manufacturer partners can exert over its operations and its reliance on them for various aspects of its business; risks to the Company's reputation and those of its 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 the Company's information technology systems and those of its third-party providers, which systems are increasingly threatened by ransomware and other cyber-attacks; the effects of a pandemic on the global economy, including the Company's 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; the Company's ability to consummate, integrate, and realize returns on its 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; the Company's ability to realize returns on its significant capital investments in new and upgraded dealership facilities; the Company's ability to navigate a rapidly changing automotive and truck landscape; the Company's ability to respond to new or enhanced regulations in both its domestic and international markets relating to dealerships and vehicle sales, including those related to the sales process, emissions standards, or electrification; the success of the Company's distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to the Company; and the outcome of legal and administrative matters and other factors over which management has limited control.

Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2026 and June 30, 2026, and its other filings made with the SEC. These and other filings made by the Company with the SEC are available at www.sec.gov.

The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law.

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						Nine Months Ended
	September 30,						September 30,
	2026		2025		Change		2026		2025		Change
Revenue	$ 8,415.6		$ 8,053.0		4.5 %		$          24,791.9		$          24,039.3		3.1 %
Cost of Sales	7,091.5		6,753.4		5.0 %		20,811.4		20,066.1		3.7 %
Gross Profit	$ 1,324.1		$ 1,299.6		1.9 %		$ 3,980.5		$ 3,973.2		0.2 %
SG&A Expenses	975.5		944.8		3.2 %		2,915.1		2,840.0		2.6 %
Depreciation	45.5		43.8		3.9 %		135.7		127.5		6.4 %
Operating Income	$   303.1		$   311.0		(2.5) %		$   929.7		$ 1,005.7		(7.6) %
Floor Plan Interest Expense	(38.5)		(43.4)		(11.3) %		(115.1)		(129.2)		(10.9) %
Other Interest Expense	(30.9)		(22.0)		40.5 %		(92.4)		(66.1)		39.8 %
Gain on Sale of Dealerships	—		—		nm		90.9		52.3		73.8 %
Equity in Earnings of Affiliates	68.3		58.4		17.0 %		166.4		145.3		14.5 %
Income Before Income Taxes	$   302.0		$   304.0		(0.7) %		$   979.5		$ 1,008.0		(2.8) %
Income Taxes	(80.8)		(78.7)		2.7 %		(262.2)		(256.8)		2.1 %
Net Income	$   221.2		$   225.3		(1.8) %		$   717.3		$   751.2		(4.5) %
Less: Income Attributable to Non-Controlling Interests	0.4		0.5		(20.0) %		1.6		2.1		(23.8) %
Net Income Attributable to Common Stockholders	$   220.8		$   224.8		(1.8) %		$   715.7		$   749.1		(4.5) %
Amounts Attributable to Common Stockholders:
Net Income	$   221.2		$   225.3		(1.8) %		$   717.3		$   751.2		(4.5) %
Less: Income Attributable to Non-Controlling Interests	0.4		0.5		(20.0) %		1.6		2.1		(23.8) %
Net Income Attributable to Common Stockholders	$   220.8		$   224.8		(1.8) %		$   715.7		$   749.1		(4.5) %
Earnings Per Share	$    3.36		$    3.41		(1.5) %		$   10.89		$   11.30		(3.6) %
Weighted Average Shares Outstanding	65.7		66.0		(0.5) %		65.7		66.3		(0.9) %

nm – not meaningful

 

PENSKE AUTOMOTIVE GROUP, INC. Consolidated Condensed Balance Sheets (Amounts In Millions) (Unaudited)
		September 30,			December 31,
		2026			2025
Assets:
Cash and Cash Equivalents		$                     68.3			$                     64.7
Accounts Receivable, Net			1,046.2			1,070.3
Inventories			5,020.1			4,814.7
Other Current Assets			268.8			242.9
Total Current Assets			6,403.4			6,192.6
Property and Equipment, Net			3,306.0			3,224.6
Operating Lease Right-of-Use Assets			2,493.1			2,543.8
Intangibles			4,107.0			3,599.9
Other Long-Term Assets			2,117.3			2,036.8
Total Assets		$              18,426.8			$              17,597.7
Liabilities and Equity:
Floor Plan Notes Payable		$                2,602.2			$                2,532.8
Floor Plan Notes Payable – Non-Trade			1,659.8			1,561.5
Accounts Payable			905.7			899.8
Accrued Expenses and Other Current Liabilities			1,045.8			930.0
Current Portion Long-Term Debt			297.6			355.0
Total Current Liabilities			6,511.1			6,279.1
Long-Term Debt			2,069.6			1,810.5
Long-Term Operating Lease Liabilities			2,393.7			2,461.5
Other Long-Term Liabilities			1,490.1			1,465.7
Total Liabilities			12,464.5			12,016.8
Equity			5,962.3			5,580.9
Total Liabilities and Equity		$              18,426.8			$              17,597.7

 

PENSKE AUTOMOTIVE GROUP, INC. Consolidated Operations Selected Data (Unaudited)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Geographic Revenue Mix:
North America	63.4 %		63.8 %		61.3 %		62.9 %
U.K.	25.9 %		25.9 %		27.2 %		27.0 %
Other International	10.7 %		10.3 %		11.5 %		10.1 %
Total	100.0 %		100.0 %		100.0 %		100.0 %
Revenue: (Amounts in Millions)
Retail Automotive	$   7,025.4		$   6,927.8		$  21,293.5		$  20,734.1
Retail Commercial Truck	1,123.9		918.6		2,746.3		2,685.9
Commercial Vehicle Distribution and Other	266.3		206.6		752.1		619.3
Total	$   8,415.6		$   8,053.0		$  24,791.9		$  24,039.3
Gross Profit: (Amounts in Millions)
Retail Automotive	$   1,102.7		$   1,116.8		$   3,384.2		$   3,417.4
Retail Commercial Truck	163.4		136.3		434.4		420.9
Commercial Vehicle Distribution and Other	58.0		46.5		161.9		134.9
Total	$   1,324.1		$   1,299.6		$   3,980.5		$   3,973.2
Gross Margin:
Retail Automotive	15.7 %		16.1 %		15.9 %		16.5 %
Retail Commercial Truck	14.5 %		14.8 %		15.8 %		15.7 %
Commercial Vehicle Distribution and Other	21.8 %		22.5 %		21.5 %		21.8 %
Total	15.7 %		16.1 %		16.1 %		16.5 %
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Operating Items as a Percentage of Revenue:
Gross Profit	15.7 %		16.1 %		16.1 %		16.5 %
Selling, General, and Administrative Expenses	11.6 %		11.7 %		11.8 %		11.8 %
Operating Income	3.6 %		3.9 %		3.8 %		4.2 %
Income Before Income Taxes	3.6 %		3.8 %		4.0 %		4.2 %
Operating Items as a Percentage of Total Gross Profit:
Selling, General, and Administrative Expenses	73.7 %		72.7 %		73.2 %		71.5 %
Adjusted Selling, General, and Administrative Expenses(1)	73.7 %		72.7 %		72.9 %		70.8 %
Operating Income	22.9 %		23.9 %		23.4 %		25.3 %
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Amounts in Millions)	2026		2025		2026		2025
EBITDA(1)	$   378.4		$   369.8		$  1,207.6		$  1,201.6
Adjusted EBITDA(1)	$   378.4		$   357.1		$  1,129.7		$  1,130.1
Floor Plan Credits	$     18.0		$     17.5		$       50.8		$       49.6
Property Rent Expense	$     69.9		$     71.1		$     213.9		$     210.9
_______________________
(1) See the following Non-GAAP reconciliation table.

 

PENSKE AUTOMOTIVE GROUP, INC. Retail Automotive Operations (Unaudited)
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2026			2025			Change		2026			2025			Change
Retail Automotive Units:
New Retail		53,504			54,120		(1.1) %			158,676			162,629		(2.4) %
New Agency		11,285			11,730		(3.8) %			35,491			32,495		9.2 %
Total New Delivered		64,789			65,850		(1.6) %			194,167			195,124		(0.5) %
Used Retail		57,635			56,441		2.1 %			176,831			173,730		1.8 %
Total New and Used Delivered		122,424			122,291		0.1 %			370,998			368,854		0.6 %
Retail Automotive Revenue: (Amounts in Millions)
New Vehicles	$	3,213.6		$	3,198.1		0.5 %		$	9,669.7		$	9,634.1		0.4 %
Used Vehicles		2,383.7			2,299.0		3.7 %			7,285.0			6,822.5		6.8 %
Finance and Insurance, Net		197.6			203.1		(2.7) %			610.9			616.7		(0.9) %
Service and Parts		869.8			854.0		1.9 %			2,600.8			2,533.1		2.7 %
Fleet and Wholesale		360.7			373.6		(3.5) %			1,127.1			1,127.7		(0.1) %
Total Revenue	$	7,025.4		$	6,927.8		1.4 %		$	21,293.5		$	20,734.1		2.7 %
Retail Automotive Gross Profit: (Amounts in Millions)
New Vehicles	$	269.4		$	279.0		(3.4) %		$	829.8		$	887.8		(6.5) %
Used Vehicles		112.2			117.5		(4.5) %			360.8			376.2		(4.1) %
Finance and Insurance, Net		197.6			203.1		(2.7) %			610.9			616.7		(0.9) %
Service and Parts		514.7			501.9		2.6 %			1,541.4			1,485.8		3.7 %
Fleet and Wholesale		8.8			15.3		(42.5) %			41.3			50.9		(18.9) %
Total Gross Profit	$	1,102.7		$	1,116.8		(1.3) %		$	3,384.2		$	3,417.4		(1.0) %
Retail Automotive Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)	$	59,528		$	58,526		1.7 %		$	60,370		$	58,733		2.8 %
Used Vehicles		41,358			40,734		1.5 %			41,198			39,271		4.9 %
Retail Automotive Gross Profit Per Vehicle Retailed:
New Vehicles (excluding agency)	$	4,524		$	4,642		(2.5) %		$	4,695		$	4,995		(6.0) %
New Agency		2,884			2,753		4.8 %			2,820			2,693		4.7 %
Used Vehicles		1,946			2,083		(6.6) %			2,040			2,166		(5.8) %
Finance and Insurance (excluding agency)		1,731			1,795		(3.6) %			1,775			1,797		(1.2) %
Retail Automotive Gross Margin:
New Vehicles		8.4 %			8.7 %		(30)bps			8.6 %			9.2 %		(60)bps
Used Vehicles		4.7 %			5.1 %		(40)bps			5.0 %			5.5 %		(50)bps
Service and Parts		59.2 %			58.8 %		+40bps			59.3 %			58.7 %		+60bps
Fleet and Wholesale		2.4 %			4.1 %		(170)bps			3.7 %			4.5 %		(80)bps
Total Gross Margin		15.7 %			16.1 %		(40)bps			15.9 %			16.5 %		(60)bps
Retail Automotive Revenue Mix Percentages:
New Vehicles		45.7 %			46.2 %		(50)bps			45.4 %			46.5 %		(110)bps
Used Vehicles		33.9 %			33.2 %		+70bps			34.2 %			32.9 %		+130bps
Finance and Insurance, Net		2.8 %			2.9 %		(10)bps			2.9 %			3.0 %		(10)bps
Service and Parts		12.4 %			12.3 %		+10bps			12.2 %			12.2 %		—bps
Fleet and Wholesale		5.2 %			5.4 %		(20)bps			5.3 %			5.4 %		(10)bps
Total		100.0 %			100.0 %					100.0 %			100.0 %
Retail Automotive Gross Profit Mix Percentages:
New Vehicles		24.4 %			25.0 %		(60)bps			24.5 %			26.0 %		(150)bps
Used Vehicles		10.2 %			10.5 %		(30)bps			10.7 %			11.0 %		(30)bps
Finance and Insurance, Net		17.9 %			18.2 %		(30)bps			18.1 %			18.0 %		+10bps
Service and Parts		46.7 %			44.9 %		+180bps			45.5 %			43.5 %		+200bps
Fleet and Wholesale		0.8 %			1.4 %		(60)bps			1.2 %			1.5 %		(30)bps
Total		100.0 %			100.0 %					100.0 %			100.0 %

 

PENSKE AUTOMOTIVE GROUP, INC. Retail Automotive Operations Same-Store (Unaudited)
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2026			2025			Change		2026			2025			Change
Retail Automotive Same-Store Units:
New Retail		52,305			52,947		(1.2) %			154,252			158,543		(2.7) %
New Agency		11,285			11,666		(3.3) %			35,353			32,292		9.5 %
Total New Delivered		63,590			64,613		(1.6) %			189,605			190,835		(0.6) %
Used Retail		56,714			54,636		3.8 %			172,275			167,115		3.1 %
Total New and Used Delivered		120,304			119,249		0.9 %			361,880			357,950		1.1 %
Retail Automotive Same-Store Revenue: (Amounts in Millions)
New Vehicles	$	3,142.3		$	3,133.7		0.3 %		$	9,387.2		$	9,415.5		(0.3) %
Used Vehicles		2,349.7			2,242.9		4.8 %			7,126.0			6,623.3		7.6 %
Finance and Insurance, Net		194.2			198.7		(2.3) %			597.7			601.0		(0.5) %
Service and Parts		860.0			835.2		3.0 %			2,545.7			2,467.6		3.2 %
Fleet and Wholesale		353.5			363.7		(2.8) %			1,082.7			1,091.6		(0.8) %
Total Revenue	$	6,899.7		$	6,774.2		1.9 %		$	20,739.3		$	20,199.0		2.7 %
Retail Automotive Same-Store Gross Profit: (Amounts in Millions)
New Vehicles	$	261.5		$	274.2		(4.6) %		$	801.1		$	870.6		(8.0) %
Used Vehicles		109.8			114.6		(4.2) %			351.2			366.3		(4.1) %
Finance and Insurance, Net		194.2			198.7		(2.3) %			597.7			601.0		(0.5) %
Service and Parts		507.3			490.9		3.3 %			1,506.5			1,447.5		4.1 %
Fleet and Wholesale		9.0			14.8		(39.2) %			41.3			50.5		(18.2) %
Total Gross Profit	$	1,081.8		$	1,093.2		(1.0) %		$	3,297.8		$	3,335.9		(1.1) %
Retail Automotive Same-Store Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)	$	59,529		$	58,611		1.6 %		$	60,273		$	58,872		2.4 %
Used Vehicles		41,431			41,052		0.9 %			41,364			39,633		4.4 %
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles (excluding agency)	$	4,477		$	4,660		(3.9) %		$	4,646		$	5,020		(7.5) %
New Agency		2,884			2,632		9.6 %			2,814			2,494		12.8 %
Used Vehicles		1,936			2,097		(7.7) %			2,039			2,192		(7.0) %
Finance and Insurance (excluding agency)		1,734			1,817		(4.6) %			1,784			1,828		(2.4) %
Retail Automotive Same-Store Gross Margin:
New Vehicles		8.3 %			8.8 %		(50)bps			8.5 %			9.2 %		(70)bps
Used Vehicles		4.7 %			5.1 %		(40)bps			4.9 %			5.5 %		(60)bps
Service and Parts		59.0 %			58.8 %		+20bps			59.2 %			58.7 %		+50bps
Fleet and Wholesale		2.5 %			4.1 %		(160)bps			3.8 %			4.6 %		(80)bps
Total Gross Margin		15.7 %			16.1 %		(40)bps			15.9 %			16.5 %		(60)bps
Retail Automotive Same-Store Revenue Mix Percentages:
New Vehicles		45.5 %			46.3 %		(80)bps			45.3 %			46.6 %		(130)bps
Used Vehicles		34.1 %			33.1 %		+100bps			34.4 %			32.8 %		+160bps
Finance and Insurance, Net		2.8 %			2.9 %		(10)bps			2.9 %			3.0 %		(10)bps
Service and Parts		12.5 %			12.3 %		+20bps			12.3 %			12.2 %		+10bps
Fleet and Wholesale		5.1 %			5.4 %		(30)bps			5.1 %			5.4 %		(30)bps
Total		100.0 %			100.0 %					100.0 %			100.0 %
Retail Automotive Same-Store Gross Profit Mix Percentages:
New Vehicles		24.2 %			25.1 %		(90)bps			24.3 %			26.1 %		(180)bps
Used Vehicles		10.1 %			10.5 %		(40)bps			10.6 %			11.0 %		(40)bps
Finance and Insurance, Net		18.0 %			18.2 %		(20)bps			18.1 %			18.0 %		+10bps
Service and Parts		46.9 %			44.9 %		+200bps			45.7 %			43.4 %		+230bps
Fleet and Wholesale		0.8 %			1.3 %		(50)bps			1.3 %			1.5 %		(20)bps
Total		100.0 %			100.0 %					100.0 %			100.0 %

 

PENSKE AUTOMOTIVE GROUP, INC. Retail Commercial Truck Operations (Unaudited)
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2026			2025			Change		2026			2025			Change
Retail Commercial Truck Units:
New Retail		5,749			4,298		33.8 %			12,811			12,675		1.1 %
Used Retail		1,030			810		27.2 %			2,982			2,486		20.0 %
Total		6,779			5,108		32.7 %			15,793			15,161		4.2 %
Retail Commercial Truck Revenue: (Amounts in Millions)
New Vehicles	$	781.1		$	620.8		25.8 %		$	1,776.6		$	1,803.6		(1.5) %
Used Vehicles		82.7			60.7		36.2 %			221.5			177.2		25.0 %
Finance and Insurance, Net		5.5			3.7		48.6 %			13.5			12.2		10.7 %
Service and Parts		250.3			227.0		10.3 %			720.2			675.7		6.6 %
Wholesale and Other		4.3			6.4		(32.8) %			14.5			17.2		(15.7) %
Total Revenue	$	1,123.9		$	918.6		22.3 %		$	2,746.3		$	2,685.9		2.2 %
Retail Commercial Truck Gross Profit: (Amounts in Millions)
New Vehicles	$	41.7		$	34.7		20.2 %		$	95.1		$	104.8		(9.3) %
Used Vehicles		11.0			2.7		307.4 %			26.8			14.9		79.9 %
Finance and Insurance, Net		5.5			3.7		48.6 %			13.5			12.2		10.7 %
Service and Parts		102.1			92.1		10.9 %			289.9			279.6		3.7 %
Wholesale and Other		3.1			3.1		— %			9.1			9.4		(3.2) %
Total Gross Profit	$	163.4		$	136.3		19.9 %		$	434.4		$	420.9		3.2 %
Retail Commercial Truck Revenue Per Vehicle Retailed:
New Vehicles	$	135,857		$	144,435		(5.9) %		$	138,674		$	142,288		(2.5) %
Used Vehicles		80,293			74,937		7.1 %			74,284			71,304		4.2 %
Retail Commercial Truck Gross Profit Per Vehicle Retailed:
New Vehicles	$	7,243		$	8,075		(10.3) %		$	7,422		$	8,268		(10.2) %
Used Vehicles		10,721			3,354		219.6 %			9,000			5,999		50.0 %
Finance and Insurance		818			732		11.7 %			857			803		6.7 %
Retail Commercial Truck Gross Margin:
New Vehicles		5.3 %			5.6 %		(30)bps			5.4 %			5.8 %		(40)bps
Used Vehicles		13.3 %			4.4 %		+890bps			12.1 %			8.4 %		+370bps
Service and Parts		40.8 %			40.6 %		+20bps			40.3 %			41.4 %		(110)bps
Wholesale and Other		72.1 %			48.4 %		+2,370bps			62.8 %			54.7 %		+810bps
Total Gross Margin		14.5 %			14.8 %		(30)bps			15.8 %			15.7 %		+10bps
Retail Commercial Truck Revenue Mix Percentages:
New Vehicles		69.5 %			67.6 %		+190bps			64.7 %			67.2 %		(250)bps
Used Vehicles		7.4 %			6.6 %		+80bps			8.1 %			6.6 %		+150bps
Finance and Insurance, Net		0.5 %			0.4 %		+10bps			0.5 %			0.5 %		—bps
Service and Parts		22.3 %			24.7 %		(240)bps			26.2 %			25.2 %		+100bps
Wholesale and Other		0.3 %			0.7 %		(40)bps			0.5 %			0.5 %		—bps
Total		100.0 %			100.0 %					100.0 %			100.0 %
Retail Commercial Truck Gross Profit Mix Percentages:
New Vehicles		25.5 %			25.5 %		—bps			21.9 %			24.9 %		(300)bps
Used Vehicles		6.7 %			2.0 %		+470bps			6.2 %			3.5 %		+270bps
Finance and Insurance, Net		3.4 %			2.7 %		+70bps			3.1 %			2.9 %		+20bps
Service and Parts		62.5 %			67.6 %		(510)bps			66.7 %			66.4 %		+30bps
Wholesale and Other		1.9 %			2.2 %		(30)bps			2.1 %			2.3 %		(20)bps
Total		100.0 %			100.0 %					100.0 %			100.0 %

 

PENSKE AUTOMOTIVE GROUP, INC. Retail Commercial Truck Operations Same-Store (Unaudited)
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2026			2025			Change		2026			2025			Change
Retail Commercial Truck Same-Store Units:
New Retail		5,749			4,298		33.8 %			12,811			12,675		1.1 %
Used Retail		1,030			810		27.2 %			2,982			2,486		20.0 %
Total		6,779			5,108		32.7 %			15,793			15,161		4.2 %
Retail Commercial Truck Same-Store Revenue: (Amounts in Millions)
New Vehicles	$	781.1		$	620.8		25.8 %		$	1,776.6		$	1,803.6		(1.5) %
Used Vehicles		82.7			60.7		36.2 %			221.5			177.2		25.0 %
Finance and Insurance, Net		5.5			3.7		48.6 %			13.5			12.2		10.7 %
Service and Parts		247.7			226.4		9.4 %			713.4			673.6		5.9 %
Wholesale and Other		4.3			6.0		(28.3) %			14.5			16.3		(11.0) %
Total Revenue	$	1,121.3		$	917.6		22.2 %		$	2,739.5		$	2,682.9		2.1 %
Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions)
New Vehicles	$	41.7		$	34.7		20.2 %		$	95.1		$	104.8		(9.3) %
Used Vehicles		11.0			2.7		307.4 %			26.8			14.9		79.9 %
Finance and Insurance, Net		5.5			3.7		48.6 %			13.5			12.2		10.7 %
Service and Parts		100.5			91.9		9.4 %			286.0			278.7		2.6 %
Wholesale and Other		2.8			2.8		— %			8.4			8.6		(2.3) %
Total Gross Profit	$	161.5		$	135.8		18.9 %		$	429.8		$	419.2		2.5 %
Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed:
New Vehicles	$	135,857		$	144,435		(5.9) %		$	138,674		$	142,288		(2.5) %
Used Vehicles		80,293			74,937		7.1 %			74,284			71,304		4.2 %
Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles	$	7,243		$	8,075		(10.3) %		$	7,422		$	8,268		(10.2) %
Used Vehicles		10,721			3,354		219.6 %			9,000			5,999		50.0 %
Finance and Insurance		818			731		11.9 %			857			803		6.7 %
Retail Commercial Truck Same-Store Gross Margin:
New Vehicles		5.3 %			5.6 %		(30)bps			5.4 %			5.8 %		(40)bps
Used Vehicles		13.3 %			4.4 %		+890bps			12.1 %			8.4 %		+370bps
Service and Parts		40.6 %			40.6 %		—bps			40.1 %			41.4 %		(130)bps
Wholesale and Other		65.1 %			46.7 %		+1,840bps			57.9 %			52.8 %		+510bps
Total Gross Margin		14.4 %			14.8 %		(40)bps			15.7 %			15.6 %		+10bps
Retail Commercial Truck Same-Store Revenue Mix Percentages:
New Vehicles		69.7 %			67.7 %		+200bps			64.9 %			67.2 %		(230)bps
Used Vehicles		7.4 %			6.6 %		+80bps			8.1 %			6.6 %		+150bps
Finance and Insurance, Net		0.5 %			0.4 %		+10bps			0.5 %			0.5 %		—bps
Service and Parts		22.1 %			24.7 %		(260)bps			26.0 %			25.1 %		+90bps
Wholesale and Other		0.3 %			0.6 %		(30)bps			0.5 %			0.6 %		(10)bps
Total		100.0 %			100.0 %					100.0 %			100.0 %
Retail Commercial Truck Same-Store Gross Profit Mix Percentages:
New Vehicles		25.8 %			25.6 %		+20bps			22.1 %			25.0 %		(290)bps
Used Vehicles		6.8 %			2.0 %		+480bps			6.2 %			3.6 %		+260bps
Finance and Insurance, Net		3.4 %			2.7 %		+70bps			3.1 %			2.9 %		+20bps
Service and Parts		62.2 %			67.7 %		(550)bps			66.5 %			66.5 %		—bps
Wholesale and Other		1.8 %			2.0 %		(20)bps			2.1 %			2.0 %		+10bps
Total		100.0 %			100.0 %					100.0 %			100.0 %

 

PENSKE AUTOMOTIVE GROUP, INC. Supplemental Data (Unaudited)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Retail Automotive Revenue Mix:
Premium:
BMW / MINI	24 %		25 %		24 %		25 %
Porsche	9 %		10 %		10 %		9 %
Audi	9 %		10 %		9 %		9 %
Mercedes-Benz	8 %		8 %		8 %		8 %
Land Rover / Jaguar	7 %		7 %		7 %		7 %
Lexus	7 %		5 %		6 %		5 %
Ferrari / Maserati	3 %		3 %		3 %		3 %
Acura	1 %		1 %		1 %		1 %
Bentley	1 %		1 %		1 %		1 %
Others	1 %		1 %		2 %		3 %
Total Premium	70 %		71 %		71 %		71 %
Volume Non-U.S.:
Toyota	14 %		13 %		13 %		13 %
Honda	5 %		5 %		5 %		5 %
Volkswagen	2 %		2 %		2 %		2 %
Hyundai	1 %		2 %		1 %		2 %
Others	2 %		1 %		2 %		1 %
Total Volume Non-U.S.	24 %		23 %		23 %		23 %
U.S.:
General Motors / Stellantis / Ford	3 %		3 %		2 %		2 %
Used Vehicle Dealerships	3 %		3 %		4 %		4 %
Total	100 %		100 %		100 %		100 %

 

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
Cash Flow and Other Highlights:	2026				2025				2026				2025
($ Amounts in Millions)
Capital expenditures	$		82.2		$		81.7		$		217.1		$		239.3
Cash paid for acquisitions, including $115 million for property and floor plan in February 2026	$		—		$		21.5		$		669.7		$		21.5
Proceeds from sale of dealerships	$		1.0		$		0.9		$		151.7		$		80.1
Dividends	$		94.8		$		87.3		$		281.0		$		252.7
Stock repurchases:
Aggregate purchase price	$		—		$		8.3		$		42.5		$		141.6
Shares repurchased			—				48,850				265,104				934,122

 

Balance Sheet and Other Highlights:	September 30, 2026			December 31, 2025
(Amounts in Millions)
Cash and Cash Equivalents	$	68.3		$	64.7
Inventories	$	5,020.1		$	4,814.7
Total Floor Plan Notes Payable	$	4,262.0		$	4,094.3
Total Long-Term Debt	$	2,367.2		$	2,165.5
Equity	$	5,962.3		$	5,580.9
Debt to Total Capitalization Ratio		28.4 %			28.0 %
Leverage Ratio (1)		1.6 x			1.5 x
New vehicle days' supply		49 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 nine months ended September 30, 2026 and 2025:
	Three Months Ended
	September 30,						2026 vs. 2025
(Amounts in Millions)	2026			2025			Change			% Change
Net Income	$	221.2		$	225.3		$	(4.1)		(1.8) %
Add: Depreciation		45.5			43.8			1.7		3.9 %
Other Interest Expense		30.9			22.0			8.9		40.5 %
Income Taxes		80.8			78.7			2.1		2.7 %
EBITDA	$	378.4		$	369.8		$	8.6		2.3 %
Less: Common Control		—			(12.7)			12.7		nm
Adjusted EBITDA	$	378.4		$	357.1		$	21.3		6.0 %
	Nine Months Ended
	September 30,						2026 vs. 2025
(Amounts in Millions)	2026			2025			Change			% Change
Net Income	$	717.3		$	751.2		$	(33.9)		(4.5) %
Add: Depreciation		135.7			127.5			8.2		6.4 %
Other Interest Expense		92.4			66.1			26.3		39.8 %
Income Taxes		262.2			256.8			5.4		2.1 %
EBITDA	$	1,207.6		$	1,201.6		$	6.0		0.5 %
Less: Gain on Sale of Dealerships		(90.9)			(52.3)			(38.6)		nm
Add: Disposals and Other Charges		13.0			25.2			(12.2)		nm
Less: Common Control		—			(44.4)			44.4		nm
Adjusted EBITDA	$	1,129.7		$	1,130.1		$	(0.4)		— %

nm – not meaningful

 

The following table reconciles the leverage ratio as of September 30, 2026, and December 31, 2025:
	Three			Nine			Trailing Twelve			Twelve
	Months Ended			Months Ended			Months Ended			Months Ended
(Amounts in Millions)	December 31, 2025			September 30, 2026			September 30, 2026			December 31, 2025
Net Income	$             186.7			$              717.3			$              904.0			$             937.9
Add: Depreciation		44.8			135.7			180.5			172.3
Other Interest Expense		25.5			92.4			117.9			91.6
Income Taxes		69.0			262.2			331.2			325.8
EBITDA	$             326.0			$            1,207.6			$            1,533.6			$           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		(4.2)			—			(4.2)			(48.6)
Adjusted EBITDA	$             329.1			$            1,129.7			$            1,458.8			$           1,459.2
Total Non-Vehicle Long-Term Debt							$            2,367.2			$           2,165.5
Leverage Ratio								1.6 x			1.5 x

 

The following table presents 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.
	Nine Months Ended September 30, 2026
($ Amounts in millions, except per share data)	As Reported			Gain on Sale of Dealerships			Disposals and Other Charges			Adjusted
Revenue	$	24,791.9		$	—		$	—		$	24,791.9
Gross Profit	$	3,980.5		$	—		$	—		$	3,980.5
Selling, General, & Administrative Expenses	$	2,915.1		$	—		$	(13.0)		$	2,902.1
EBITDA	$	1,207.6		$	(90.9)		$	13.0		$	1,129.7
Income Before Taxes	$	979.5		$	(90.9)		$	13.0		$	901.6
Net Income Attributable to Common Stockholders	$	715.7		$	(67.5)		$	10.9		$	659.1
Earnings Per Share	$	10.89		$	(1.03)		$	0.17		$	10.03
SG&A to Gross Profit		73.2 %									72.9 %

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 September 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	$	8,053.0		$	—		$	—		$	8,053.0		$	(357.7)		$	7,695.3
Gross Profit	$	1,299.6		$	—		$	—		$	1,299.6		$	(50.5)		$	1,249.1
Selling, General, & Administrative Expenses	$	944.8		$	—		$	—		$	944.8		$	(37.3)		$	907.5
EBITDA	$	369.8		$	—		$	—		$	369.8		$	(12.7)		$	357.1
Income Before Taxes	$	304.0		$	—		$	—		$	304.0		$	(11.8)		$	292.2
Net Income Attributable to Common Stockholders	$	224.8		$	—		$	—		$	224.8		$	(11.8)		$	213.0
Earnings Per Share	$	3.41		$	—		$	—		$	3.41		$	(0.18)		$	3.23
SG&A to Gross Profit		72.7 %									72.7 %						72.7 %
New Retail Automotive Units		54,120			—			—			54,120			(5,311)			48,809
Used Retail Automotive Units		56,441			—			—			56,441			(1,733)			54,708
	Nine Months Ended September 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	$	24,039.3		$	—		$	—		$	24,039.3		$	(1,077.2)		$	22,962.1
Gross Profit	$	3,973.2		$	—		$	—		$	3,973.2		$	(158.5)		$	3,814.7
Selling, General, & Administrative Expenses	$	2,840.0		$	—		$	(25.2)		$	2,814.8		$	(112.6)		$	2,702.2
EBITDA	$	1,201.6		$	(52.3)		$	25.2		$	1,174.5		$	(44.4)		$	1,130.1
Income Before Taxes	$	1,008.0		$	(52.3)		$	25.2		$	980.9		$	(41.8)		$	939.1
Net Income Attributable to Common Stockholders	$	749.1		$	(38.9)		$	20.9		$	731.1		$	(41.8)		$	689.3
Earnings Per Share	$	11.30		$	(0.58)		$	0.31		$	11.03		$	(0.64)		$	10.39
SG&A to Gross Profit		71.5 %									70.8 %						70.8 %
New Retail Automotive Units		162,629			—			—			162,629			(15,672)			146,957
Used Retail Automotive Units		173,730			—			—			173,730			(5,537)			168,193

 

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SOURCE Penske Automotive Group, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Penske Automotive Group's third-quarter 2026 earnings?

Penske Automotive Group reported $220.8 million in net income attributable to common stockholders and $3.36 in earnings per share. Those figures declined 1.8% and 1.5%, respectively, year over year. Revenue increased 5% to $8.4 billion.

How much would PAG shareholders receive in the proposed take-private transaction?

Common shareholders other than Penske Corporation, Mitsui and other investor-group members would receive $212.00 per share in cash. The company expects the transaction to close in the first quarter of 2027, subject to satisfaction or waiver of closing conditions. If completed, Penske would hold approximately 64% of the private company and Mitsui 36%.

Will Penske Automotive Group continue buying back shares during the proposed takeover?

Penske Automotive Group does not expect further repurchases while the proposed transaction is pending because the merger agreement restricts its ability to repurchase common stock. At September 30, 2026, $221.2 million remained available under the securities repurchase program.

How much liquidity did Penske Automotive Group have at September 30, 2026?

Penske Automotive Group had approximately $1.6 billion in liquidity, including $68 million in cash and $1.5 billion available under U.S. and international credit agreements and revolving mortgage facilities. Its leverage ratio was 1.6x.

How much did Penske Transportation Solutions contribute to PAG's 2026 earnings?

Penske Automotive Group recorded earnings from its Penske Transportation Solutions investment of $68.5 million for the third quarter and $167.0 million for the nine months ended September 30, 2026. PAG holds a 28.9% ownership interest and records its share of the business's earnings.