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Asbury Automotive (NYSE: ABG) Q2 2026 earnings fall as margins tighten and buybacks rise

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Asbury Automotive Group reported second quarter 2026 revenue of $4.38 billion, roughly in line with a year earlier. Net income was $114.6 million, or $6.25 per diluted share, a 25% and 19% decline, respectively, versus second quarter 2025. Adjusted net income was $125.0 million with adjusted EPS of $6.82, down 15% from the prior year.

Total gross margin held at 17.2%, but new-vehicle margins compressed to 5.9%, and SG&A rose to 67.2% of gross profit (66.0% on an adjusted basis). Parts and service revenue grew 6% to $634.6 million and provided about half of gross profit. Used retail gross profit per unit increased 16% to $2,002, and F&I per vehicle retailed rose to $2,216.

Same-store revenue declined 7% and gross profit 7%, driven mainly by lower new and used volumes and weaker new-vehicle margins. As of June 30, 2026, liquidity totaled $966 million and the transaction adjusted net leverage ratio was 3.4x. The company repurchased about 668,000 shares for $131 million in the quarter (1.35 million shares for $278 million year-to-date), and approximately 70% of stores had converted to the Tekion dealer management system.

Positive

  • For the first half of 2026, diluted EPS increased 12% to $16.20 and net income rose 6% to $302.4 million, supported by higher parts and service revenue and a 16% increase in used retail gross profit per unit to $2,002.
  • The company maintained substantial liquidity of $966 million and continued returning capital, repurchasing 668,000 shares for $131 million in Q2 with $322 million remaining under its buyback authorization.

Negative

  • Second quarter 2026 net income declined 25% to $114.6 million and diluted EPS fell 19% to $6.25, as total new-vehicle gross margin contracted by 101 bps and SG&A rose to 67.2% of gross profit from 63.2%.
  • Same-store performance weakened, with total revenue down 7% and gross profit down 7% year over year, while same-store new-vehicle revenue fell 6% and used retail revenue declined 10%.

Filing Explained

As of June 30, $322 million of repurchase authorization remained, while first-half earnings included a much larger divestiture gain.

The Form 8-K reports a specified material event; here, Asbury Automotive Group furnished its second-quarter and six-month results through Exhibit 99.1. The release also says $322 million remained under the repurchase authorization as of June 30, 2026; that is available program capacity, not a required future purchase, because the program sets no specific repurchase amount and may be modified, suspended, or terminated.

At June 30, 2026, the company reported $966 million of liquidity, including $812 million of availability under financing lines. The liquidity figure consequently includes borrowing availability rather than representing cash on hand.

The next specified milestone is the company’s stated plan to complete the remaining Tekion rollout across its operations this fall; the filing reports approximately 70% completed as of July 28, 2026.

Item 1.7 Item 1.7
Item 1.8 Item 1.8
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 3.6 Item 3.6
Item 3.7 Item 3.7
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Item 13.9 Item 13.9
Q2 2026 Revenue $4,384.6 million Total revenue for the three months ended June 30, 2026
Q2 2026 Net Income $114.6 million Net income for the three months ended June 30, 2026, down 25% year over year
Q2 2026 Diluted EPS $6.25 per share GAAP diluted earnings per share for second quarter 2026
Q2 2026 Adjusted Diluted EPS $6.82 per share Non-GAAP adjusted diluted earnings per share for second quarter 2026
Q2 2026 Gross Margin 17.2% Total gross profit margin for the three months ended June 30, 2026
Liquidity $966 million Cash, short-term investments, floorplan offset accounts and availability as of June 30, 2026
Q2 2026 Shares Repurchased 668,000 shares Shares repurchased during the second quarter 2026 for $131 million
Transaction Adjusted Net Leverage Ratio 3.4x Net leverage ratio at quarter end based on transaction adjusted EBITDA
floor plan notes payable financial
"Change in Floor Plan Notes Payable—Non-Trade, net"
Transaction adjusted EBITDA financial
"Transaction adjusted EBITDA provide relevant information to assess our performance"
front end yield financial
"Front end yield is calculated as gross profit from new vehicles, used retail vehicles and finance"
dealer management system technical
"While a dealer management system (DMS) conversion requires substantial planning and resources"
A dealer management system is a centralized software platform that handles the day-to-day operations of a dealer business — from tracking inventory and sales to customer records, billing, accounting and regulatory compliance. For investors, it matters because a well-designed system can speed transactions, reduce errors and compliance risk, and lower operating costs, much like a modern checkout and accounting system that keeps a store running smoothly and profitably.
Tekion implementation expenses financial
"Adjusted net income excludes, net of tax, $4 million related to Tekion implementation expenses"
Q2 2026 total revenue $4,384.6 million from $4,373.1 million in Q2 2025
Q2 2026 net income $114.6 million decrease of 25% from $152.8 million in Q2 2025
Q2 2026 diluted EPS $6.25 per share decrease of 19% from $7.76 per share in Q2 2025
Q2 2026 adjusted net income $125.0 million decrease of 15% from $146.3 million in Q2 2025
First-half 2026 net income $302.4 million increase of 6% from $284.9 million in first-half 2025

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What were Asbury Automotive (ABG) Q2 2026 revenue and earnings?
Asbury Automotive reported Q2 2026 revenue of $4.38 billion and net income of $114.6 million, or $6.25 per diluted share. Adjusted net income was $125.0 million and adjusted diluted EPS was $6.82, both lower than in second quarter 2025.

How did margins and SG&A trend for Asbury Automotive (ABG) in Q2 2026?
Total gross margin held at 17.2%, but new-vehicle margin declined to 5.9% from 6.9%. SG&A costs increased to 67.2% of gross profit, or 66.0% on an adjusted basis, compared with 63.2% and 63.6% a year earlier.

What progress did Asbury Automotive (ABG) make on the Tekion rollout?
By July 28, 2026, Asbury had converted approximately 70% of its stores to the Tekion dealer management system and expects full rollout by fall. Q2 adjusted results exclude $6.0 million of Tekion implementation expenses and $1.2 million of duplicative DMS-related costs.

How much stock did Asbury Automotive (ABG) repurchase in Q2 2026?
During Q2 2026, Asbury repurchased approximately 668,000 shares for $131 million. Year-to-date through June 30, 2026, it bought back about 1.35 million shares for $278 million, leaving $322 million available under its repurchase authorization.

What is Asbury Automotive's (ABG) liquidity and leverage as of June 30, 2026?
As of June 30, 2026, Asbury had total liquidity of $966 million, including $154 million in cash, short-term investments and floorplan offset accounts, plus $812 million of availability. Its transaction adjusted net leverage ratio was 3.4x.

How did same-store results trend for Asbury Automotive (ABG) in Q2 2026?
Same-store Q2 2026 revenue was $3.76 billion, down 7%, while gross profit of $643.2 million fell 7%. Same-store new-vehicle revenue declined 6%, used retail revenue 10%, and F&I revenue 5% compared with Q2 2025.
0001144980false00011449802026-07-282026-07-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 28, 2026 
Asbury Automotive Group, Inc.
(Exact name of registrant as specified in its charter)  
Delaware
(State or other jurisdiction of incorporation)  
001-31262 01-0609375
(Commission File Number) (IRS Employer Identification No.)
6655 Peachtree Dunwoody Road
Atlanta,GA 30328
(Address of principal executive offices)(Zip Code)
 
(770) 418-8200
(Registrant's telephone number, including area code)
None
(Former name or former address, if changed since last report)  
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Trading
Title of each classSymbol(s)Name of each exchange on which registered
Common stock, $0.01 par value per shareABGNew York Stock Exchange



Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
























    


Item 2.02 Results of Operations and Financial Condition.
Asbury Automotive Group, Inc. (the “Company”) issued an earnings release on July 28, 2026, announcing its financial results for the three and six months ended June 30, 2026. A copy of the earnings release is furnished as Exhibit 99.1 to this Current Report.
The information furnished in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d)    Exhibits.
 
The following exhibits are furnished as part of this report.
Exhibit No.  Description
99.1
  Press Release dated July 28, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
 


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
ASBURY AUTOMOTIVE GROUP, INC.
Date: July 28, 2026By:/s/ Michael D. Welch
Name:Michael D. Welch
Title:Senior Vice President and Chief Financial Officer










Exhibit 99.1

abg-clicklanexpoweredby.jpg
Investors & Reporters May Contact:
Joe Sorice
Sr. Manager, Investor Relations
(770) 418-8211
ir@asburyauto.com


Asbury Automotive Group Reports Second Quarter Results
•Revenue of $4.4 billion
•Gross Profit of $753 million
•Used Retail Gross Profit per Unit of $2,002, growth of 16%
•EPS of $6.25 per diluted share; adjusted EPS, a non-GAAP measure, of $6.82 per diluted share
•Net income of $115 million; adjusted net income, a non-GAAP measure, of $125 million
•Repurchased approximately 668,000 shares for $131 million
•70% of stores converted to Tekion as of July 28, 2026
ATLANTA, GA. (July 28, 2026) — Asbury Automotive Group, Inc. (NYSE: ABG) (the “Company”), one of the largest automotive retail and service companies in the U.S., reported second quarter 2026 net income of $115 million ($6.25 per diluted share), a decrease of 25% from $153 million ($7.76 per diluted share) in second quarter 2025. The Company reported second quarter 2026 adjusted net income, a non-GAAP measure, of $125 million ($6.82 per diluted share), a decrease of 15% from $146 million ($7.43 per diluted share) in second quarter 2025.
“Our second quarter marked a significant milestone in our enterprise technology transformation, as we completed approximately 70% of our Tekion implementation. We remain on schedule to complete the rollout across our operations this fall,” said Dan Clara, Asbury’s President and Chief Executive Officer.
“While a dealership management system (DMS) conversion requires substantial planning and resources, we believe this investment will deliver meaningful long-term value, enhance the guest experience through a more personalized retail journey and equip our teams with modern tools to better serve our customers. We are encouraged by the operating improvements in our converted stores, and we continue to execute against our balanced capital allocation approach, repurchasing $131 million in shares during the quarter.”
The financial measures discussed below include both GAAP and adjusted (non-GAAP) financial measures. Please see “Non-GAAP Financial Disclosure and Reconciliation, Same Store Data and Other Data” and the reconciliations for non-GAAP metrics used herein.
Adjusted net income for second quarter 2026 excludes, net of tax, $4 million ($0.24 per diluted share) related to Tekion implementation expenses, $3 million ($0.17 per diluted share) related to non-cash asset impairments, $2 million ($0.10 per diluted share) of weather-related losses, and $1 million ($0.05 per diluted share) related to duplicative DMS-related expenses.
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Adjusted net income for second quarter 2025 excludes, net of tax, $4 million of cyber insurance recovery proceeds ($0.19 per diluted share), $4 million related to gain on divestitures ($0.23 per diluted share) and $2 million of professional fees related to the acquisition of The Herb Chambers Automotive Group ($0.09 per diluted share).
Second Quarter 2026 Operational Summary
Total Company:
•Revenue of $4.4 billion
•Gross profit of $753 million
•Gross margin of 17.2%
•New vehicle revenue of $2.3 billion
•Used vehicle retail revenue of $1.1 billion; used vehicle retail gross profit of $66 million
•Finance and insurance (F&I) per vehicle retailed (PVR) of $2,216
•Parts and service revenue of $635 million; gross profit of $374 million
•Selling, General and Administrative expenses (SG&A) as a percentage of gross profit of 67.2%
•Adjusted SG&A as a percentage of gross profit of 66.0%
•Operating margin of 5.0%
•Adjusted operating margin of 5.3%
Same Store:
•Revenue of $3.8 billion
•Gross profit of $643 million
•Gross margin of 17.1%
•New vehicle revenue of $2.0 billion
•Used vehicle retail revenue of $930 million; used vehicle retail gross profit of $56 million
•F&I PVR of $2,214
•Parts and service revenue of $551 million; gross profit of $323 million
•SG&A as a percentage of gross profit of 66.4%
•Adjusted SG&A as a percentage of gross profit of 65.3%
•Operating margin of 5.2%
•Adjusted operating margin of 5.4%
Liquidity and Leverage
As of June 30, 2026, the Company had cash, short term investments, and floorplan offset accounts of $154 million (which excludes $26 million of cash at Total Care Auto, Powered by Asbury) and availability under the used vehicle floorplan line and revolver of $812 million for a total of $966 million in liquidity. The Company’s transaction adjusted net leverage ratio was 3.4x at quarter end.
Share Repurchases
The Company repurchased approximately 668,000 shares for $131 million during the second quarter 2026. Year-to-date through June 30, 2026, the Company has repurchased approximately 1.35 million shares for $278 million. As of June 30, 2026, the Company had approximately $322 million remaining on its share repurchase authorization.
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The shares may be purchased from time to time in the open market, in privately negotiated transactions or in other manners as permitted by federal securities laws and other legal and contractual requirements. The extent to which the Company repurchases its shares, the number of shares and the timing of any repurchase will depend on such factors as Asbury’s stock price, general economic and market conditions, the potential impact on its capital structure, the expected return on competing uses of capital such as strategic dealership acquisitions and capital investments and other considerations. The program does not require the Company to repurchase any specific number of shares, and may be modified, suspended or terminated at any time without further notice.
Earnings Call
Additional commentary regarding the second quarter results will be provided during the earnings conference call on Tuesday, July 28, 2026, at 10:00 a.m. ET.
The conference call will be simulcast live on the internet. The webcast, together with supplemental materials, can be accessed by logging onto https://investors.asburyauto.com. A replay and the accompanying materials will be available on this site for at least 30 days.
In addition, live audio will be accessible to the public. Participants may enter the conference call five to ten minutes prior to the scheduled start of the call by dialing:
Domestic:(877) 407-2988
International:+1 (201) 389-0923
Passcode:13761533
About Asbury Automotive Group, Inc.
Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 company headquartered in Atlanta, Georgia, is one of the largest automotive retailers in the U.S. In late 2020, Asbury embarked on a multi-year plan to increase revenue and profitability strategically through organic operations, acquisitive growth and innovative technologies, with its guest-centric approach as Asbury’s constant North Star. As of June 30, 2026, Asbury operated 158 new vehicle dealerships, consisting of 202 franchises and representing 34 domestic and foreign brands of vehicles. Asbury also operates Total Care Auto, Powered by Asbury, a leading provider of service contracts and other vehicle protection products, and 37 collision repair centers. Asbury offers an extensive range of automotive products and services, including new and used vehicles; parts and service, which includes vehicle repair and maintenance services, replacement parts and collision repair services; and finance and insurance products, including arranging vehicle financing through third parties and aftermarket products, such as extended service contracts, guaranteed asset protection debt cancellation, and prepaid maintenance. Asbury is recognized as one of America’s Fastest Growing Companies 2024 by the Financial Times, one of the World’s Most Trustworthy Companies for 2024 and 2025 by Newsweek, one of America’s Most Successful Small-Cap Companies by Forbes for 2026, and one of America's Best Companies 2026 by TIME.
For additional information, visit www.asburyauto.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans, objectives, beliefs, expectations and assumptions, forecasts, and projections regarding Asbury's financial position, liquidity, results of operations, cash flows, leverage, market position, the timing and amount of any stock repurchases, optimization of our dealership portfolio,
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revenue enhancement strategies, operational improvements, projections regarding the expected benefits of present and new technologies, the ability to implement those technologies, and the ability to transition to new technologies from existing systems, including the transition of Asbury’s dealer management system to Tekion; management’s plans, projections and objectives for future operations, scale and performance, integration plans and expected synergies from acquisitions, capital allocation strategy, and business strategy. These statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, adverse outcomes with respect to current and future litigation and other proceedings; our inability to realize the benefits expected from recently completed transactions; our inability to promptly and effectively integrate completed transactions and the diversion of management’s attention from ongoing business and regular business responsibilities; our inability to complete future acquisitions or divestitures and the risks resulting therefrom; any supply chain disruptions impacting our industry and business; market factors and changes thereto, including changes related to trade; Asbury's relationships with, and the financial and operational stability of, vehicle manufacturers and other suppliers, including in response to the imposition of tariffs; acts of God and other natural disasters, including hurricanes; acts of war or similar incidents, including the present dispute between the United States and Iran; the shortage of automotive parts and components, which may adversely impact supply from vehicle manufacturers and/or present retail sales challenges; risks associated with Asbury's indebtedness and our ability to comply with applicable covenants in our various financing agreements, or to obtain waivers of these covenants as necessary; risks associated with technology integration and implementation; risks related to competition in the automotive retail and service industries, general economic conditions both nationally and locally; governmental regulations and legislation, including changes in automotive state franchise laws and tariffs; our ability to execute our strategic and operational strategies and initiatives, and our ability to leverage gains from Asbury’s dealership portfolio; our ability to capitalize on opportunities to repurchase Asbury’s debt and equity securities or purchase properties that Asbury currently leases; and our ability to stay within Asbury’s targeted range for capital expenditures. There can be no guarantees that Asbury's plans for future operations will be successfully implemented or that they will prove to be commercially successful.
These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements are and will be discussed in Asbury's filings with the U.S. Securities and Exchange Commission from time to time, including its most recent annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Disclosure and Reconciliation, Same Store Data and Other Data
In addition to evaluating the financial condition and results of our operations in accordance with GAAP, from time to time management evaluates and analyzes results and any impact on the Company of strategic decisions and actions relating to, among other things, cost reduction, growth, and profitability improvement initiatives, and other events outside of normal or "core" business and operations, by considering certain alternative financial measures not prepared in accordance with GAAP. These measures include "Adjusted income from operations," "Adjusted net income," "Adjusted operating margins," "Adjusted EBITDA," "Adjusted diluted earnings per share ("EPS")," "Adjusted SG&A," "Adjusted operating cash flow," "Transaction adjusted EBITDA" and "Transaction adjusted net leverage ratio." Further, management assesses the organic growth of our revenue and gross profit on a same store basis. We believe that our assessment on a same store basis represents an important indicator of comparative financial performance and provides relevant information to assess our performance at our existing locations.
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Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not be comparable to similarly titled measures used by other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with GAAP. Management cautions investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable GAAP measures. In their evaluation of results from time to time, management excludes items that do not arise directly from core operations or are otherwise of an unusual or non-recurring nature. Because these non-core, unusual or non-recurring charges and gains materially affect Asbury’s financial condition or results in the specific period in which they are recognized, management also evaluates and makes resource allocation and performance evaluation decisions based on the related non-GAAP measures excluding such items. In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Management discloses these non-GAAP measures, and the related reconciliations, because it believes investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance.
Due to the significant effects that dealership acquisitions and divestitures have on our results of operations, and in order to provide more meaningful comparisons, we present herein "Transaction adjusted EBITDA" and "Transaction adjusted net leverage ratio" (collectively, the "Transaction Adjusted Metrics"), which reflect the effects of the dealership acquisitions and divestitures, if any, as if they had occurred on the first day of the last twelve-month periods being presented. For acquisitions, the pre-acquisition period amount being included in Transaction adjusted EBITDA is determined by pro-rating the forecasted adjusted EBITDA for the year following the acquisition(s). For divestitures, including divestitures due to requirements in connection with an acquisition, the adjusted EBITDA associated with the divestiture(s) is excluded from Transaction adjusted EBITDA. We believe the Transaction Adjusted Metrics provide relevant information to assess our performance at our existing dealership locations for the last twelve-month periods being presented.
The Transaction Adjusted Metrics do not include any adjustments for other events attributable to the dealership acquisitions or divestitures unless otherwise described. We cannot assure you that such financial information would not be materially different if such information were audited or that our actual results would not differ materially from the Transaction Adjusted Metrics if the dealership acquisitions or divestitures had been completed as of the beginning of the last twelve-month periods being presented.
Same store amounts consist of information from dealerships for identical months in each comparative period, commencing with the first month we owned the dealership. Additionally, amounts related to divested dealerships are excluded from each comparative period.
Amounts presented herein have been calculated using non-rounded amounts for all periods presented and therefore certain amounts may not compute.
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ASBURY AUTOMOTIVE GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data)
(Unaudited)

 For the Three Months Ended June 30,%
Change		For the Six Months Ended June 30,%
Change
 2026202520262025
REVENUE:
New vehicle$2,330.2 $2,303.9 1 %$4,431.0 $4,442.0 NM
Used vehicle:
Retail1,094.0 1,129.4 (3)%2,153.6 2,208.3 (2)%
Wholesale141.9 156.3 (9)%288.7 313.2 (8)%
     Total used vehicle1,236.0 1,285.8 (4)%2,442.3 2,521.6 (3)%
Parts and service634.6 601.5 6 %1,261.4 1,189.1 6 %
Finance and insurance, net183.8 182.0 1 %362.9 368.9 (2)%
TOTAL REVENUE4,384.6 4,373.1 NM8,497.6 8,521.6 NM
COST OF SALES:
New vehicle2,192.0 2,143.9 2 %4,164.3 4,138.9 1 %
Used vehicle:
Retail1,027.8 1,067.1 (4)%2,026.0 2,089.8 (3)%
Wholesale138.9 149.7 (7)%280.7 298.3 (6)%
     Total used vehicle1,166.6 1,216.8 (4)%2,306.7 2,388.1 (3)%
Parts and service260.4 246.7 6 %522.1 491.6 6 %
Finance and insurance12.4 13.8 (10)%24.6 26.9 (9)%
TOTAL COST OF SALES 3,631.5 3,621.2 NM7,017.7 7,045.5 NM
GROSS PROFIT753.1 751.9 NM1,480.0 1,476.1 NM
OPERATING EXPENSES:
Selling, general and administrative506.4 475.5 7 %1,016.8 931.8 9 %
Depreciation and amortization23.1 19.0 21 %45.6 38.2 19 %
Asset impairments4.2 — NM4.2 14.3 NM
INCOME FROM OPERATIONS219.5 257.4 (15)%413.4 491.7 (16)%
OTHER EXPENSES (INCOME):
Floor plan interest expense21.6 18.1 19 %42.7 38.8 10 %
Other interest expense, net46.5 41.4 12 %94.6 83.7 13 %
Gain on dealership divestitures, net— (5.9)NM(125.8)(10.1)NM
Total other expenses, net68.1 53.6 27 %11.5 112.5 NM
INCOME BEFORE INCOME TAXES151.3 203.8 (26)%401.9 379.2 6 %
Income tax expense36.7 51.0 (28)%99.5 94.4 5 %
NET INCOME$114.6 $152.8 (25)%$302.4 $284.9 6 %
EARNINGS PER SHARE:
Basic—
Net income$6.26 $7.77 (19)%$16.22 $14.50 12 %
Diluted—
Net income$6.25 $7.76 (19)%$16.20 $14.46 12 %
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic18.3 19.7 18.6 19.6 
Performance share units— — — 0.1 
Diluted18.3 19.7 18.7 19.7 
______________________________
NM—Not Meaningful
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ASBURY AUTOMOTIVE GROUP, INC.
Additional Disclosures-Consolidated (In millions)
(Unaudited)
 
 June 30, 2026December 31, 2025Increase
(Decrease)		 % Change
SELECTED BALANCE SHEET DATA     
Cash and cash equivalents$30.4   $40.4 $(9.9)(25)%
Inventory, net (a)2,108.6 2,135.8 (27.2)(1)%
Total current assets3,082.4 3,380.2 (297.8)(9)%
Floor plan notes payable1,839.4 2,027.0 (187.6)(9)%
Total current liabilities3,387.7 3,559.5 (171.9)(5)%
CAPITALIZATION:
Long-term debt (including current portion)$3,457.6 $3,572.0 $(114.3)(3)%
Shareholders' equity3,923.2   3,891.9 31.3 1 %
Total$7,380.8   $7,463.9 $(83.1)(1)%
_____________________________
(a) Excluding $28.5 million and $96.5 million of inventory classified as assets held for sale as of June 30, 2026 and December 31, 2025, respectively.


 June 30, 2026December 31, 2025June 30, 2025
Days Supply
New vehicle inventory54 52 59 
Used vehicle inventory39 38 37 
_____________________________
Days supply of inventory is calculated based on new and used inventory, in units, at the end of each reporting period and a 30-day historical unit sales.










7








Brand Mix - New Vehicle Revenue by Brand
 For the Three Months Ended June 30,
 2026 2025
Luxury 
Lexus10 % 11 %
Mercedes-Benz7 % 7 %
BMW4 % 2 %
Porsche2 %2 %
Land Rover2 %2 %
Other luxury6 % 6 %
Total luxury32 %30 %
Imports 
Toyota21 %20 %
Honda10 % 9 %
Hyundai5 %5 %
Kia2 %2 %
Other imports4 % 4 %
Total imports42 %40 %
Domestic 
Ford13 %13 %
Chrysler, Dodge, Jeep, Ram6 %9 %
Chevrolet, Buick, GMC6 %7 %
Total domestic26 %30 %
Total New Vehicle Revenue100 % 100 %
For the Three Months Ended June 30,
20262025
Revenue mix
New vehicle53.1 %52.7 %
Used vehicle retail25.0 %25.8 %
Used vehicle wholesale3.2 %3.6 %
Parts and service14.5 %13.8 %
Finance and insurance, net4.2 %4.2 %
Total revenue100.0 %100.0 %
Gross profit mix
New vehicle18.4 %21.3 %
Used vehicle retail8.8 %8.3 %
Used vehicle wholesale0.4 %0.9 %
Parts and service49.7 %47.2 %
Finance and insurance, net22.8 %22.4 %
Total gross profit100.0 %100.0 %
8








ASBURY AUTOMOTIVE GROUP, INC.
OPERATING HIGHLIGHTS-CONSOLIDATED (In millions)
(Unaudited)
 For the Three Months Ended June 30,%
Change		For the Six Months Ended June 30,%
Change
 2026202520262025
Revenue
New vehicle$2,330.2 $2,303.9 1 %$4,431.0 $4,442.0 NM
Used vehicle:
Retail1,094.0 1,129.4 (3)%2,153.6 2,208.3 (2)%
Wholesale141.9 156.3 (9)%288.7 313.2 (8)%
     Total used vehicle1,236.0 1,285.8 (4)%2,442.3 2,521.6 (3)%
Parts and service634.6 601.5 6 %1,261.4 1,189.1 6 %
Finance and insurance, net183.8 182.0 1 %362.9 368.9 (2)%
Total revenue$4,384.6 $4,373.1 NM$8,497.6 $8,521.6 NM
Gross profit
New vehicle$138.2 $160.0 (14)%$266.7 $303.1 (12)%
Used vehicle:
Retail66.2 62.3 6 %127.6 118.5 8 %
Wholesale3.1 6.6 (54)%8.1 15.0 (46)%
     Total used vehicle69.3 68.9 1 %135.6 133.5 2 %
Parts and service374.2 354.8 5 %739.3 697.5 6 %
Finance and insurance171.4 168.1 2 %338.3 342.1 (1)%
Total gross profit$753.1 $751.9 NM$1,480.0 $1,476.1 NM
Unit sales
New vehicle:
Luxury9,876 9,318 6 %19,325 18,012 7 %
Import23,944 22,884 5 %44,548 44,581 NM
Domestic10,425 12,235 (15)%19,654 23,340 (16)%
Total new vehicle44,245 44,437 NM83,527 85,933 (3)%
Used vehicle retail33,098 36,233 (9)%66,300 71,648 (7)%
Used to new ratio74.8 %81.5 %79.4 %83.4 %
Average selling price
New vehicle$52,666 $51,846 2 %$53,049 $51,691 3 %
Used vehicle retail$33,054 $31,171 6 %$32,482 $30,822 5 %
Average gross profit per unit
New vehicle:
Luxury$6,380 $7,214 (12)%$6,574 $7,045 (7)%
Import2,064 2,490 (17)%2,050 2,452 (16)%
Domestic2,474 2,927 (15)%2,460 2,866 (14)%
Total new vehicle3,124 3,601 (13)%3,193 3,527 (9)%
Used vehicle retail2,002 1,720 16 %1,924 1,654 16 %
Finance and insurance2,216 2,084 6 %2,258 2,171 4 %
Front end yield (1)4,860 4,840 NM4,889 4,846 1 %
Gross margin
Total new vehicle5.9 %6.9 %(101) bps6.0 %6.8 %(80) bps
Used vehicle retail6.1 %5.5 %54 bps5.9 %5.4 %56 bps
Parts and service59.0 %59.0 %(2) bps58.6 %58.7 %(4) bps
Total gross profit margin17.2 %17.2 %(2) bps17.4 %17.3 %9 bps
Operating expenses
Selling, general and administrative$506.4 $475.5 7 %$1,016.8 $931.8 9 %
Adjusted selling, general and administrative$496.7 $478.2 4 %$995.3 $941.8 6 %
SG&A as a % of gross profit67.2 %63.2 %401 bps68.7 %63.1 %557 bps
Adjusted SG&A as a % of gross profit66.0 %63.6 %235 bps67.2 %63.8 %345 bps
Income from operations as a % of revenue5.0 %5.9 %(88) bps4.9 %5.8 %(91) bps
Income from operations as a % of gross profit29.1 %34.2 %(509) bps27.9 %33.3 %(538) bps
Adjusted income from operations as a % of revenue5.3 %5.8 %(50) bps5.2 %5.8 %(65) bps
Adjusted income from operations as a % of gross profit31.0 %33.9 %(288) bps29.7 %33.6 %(394) bps
_____________________________
(1) Front end yield is calculated as gross profit from new vehicles, used retail vehicles and finance and insurance (net), divided by combined new and used retail unit sales.
9








ASBURY AUTOMOTIVE GROUP, INC.
SAME STORE OPERATING HIGHLIGHTS-CONSOLIDATED (In millions)
(Unaudited)

 For the Three Months Ended June 30,%
Change		For the Six Months Ended June 30,%
Change
 2026202520262025
Revenue
New vehicle$1,999.2 $2,132.3 (6)%$3,779.8 $4,099.6 (8)%
Used vehicle:
Retail930.0 1,034.4 (10)%1,811.2 2,020.1 (10)%
Wholesale122.5 148.7 (18)%243.7 298.2 (18)%
     Total used vehicle1,052.5 1,183.1 (11)%2,055.0 2,318.3 (11)%
Parts and service550.7 545.4 1 %1,084.3 1,076.8 1 %
Finance and insurance, net162.4 171.4 (5)%319.5 347.8 (8)%
Total revenue$3,764.8 $4,032.2 (7)%$7,238.6 $7,842.5 (8)%
Gross profit
New vehicle$112.7 $147.4 (24)%$217.5 $279.1 (22)%
Used vehicle:
Retail55.5 58.2 (5)%107.8 111.0 (3)%
Wholesale2.2 6.7 (67)%6.6 15.1 (56)%
     Total used vehicle57.7 64.9 (11)%114.4 126.0 (9)%
Parts and service322.8 325.4 (1)%632.1 638.4 (1)%
Finance and insurance150.0 157.6 (5)%294.9 320.9 (8)%
Total gross profit$643.2 $695.2 (7)%$1,258.9 $1,364.5 (8)%
Unit sales
New vehicle:
Luxury7,395 8,205 (10)%14,385 15,803 (9)%
Import21,852 21,945 NM40,603 42,607 (5)%
Domestic9,661 11,447 (16)%18,172 21,783 (17)%
     Total new vehicle38,908 41,597 (6)%73,160 80,193 (9)%
Used vehicle retail28,821 33,363 (14)%57,404 65,784 (13)%
Used to new ratio74.1 %80.2 %78.5 %82.0 %
Average selling price
New vehicle$51,382 $51,261 NM$51,664 $51,122 1 %
Used vehicle retail$32,268 $31,003 4 %$31,553 $30,708 3 %
Average gross profit per unit
New vehicle:
Luxury$6,331 $7,204 (12)%$6,573 $7,066 (7)%
Import1,986 2,486 (20)%1,979 2,454 (19)%
Domestic2,324 2,945 (21)%2,344 2,887 (19)%
Total new vehicle2,896 3,543 (18)%2,973 3,480 (15)%
Used vehicle retail1,927 1,745 10 %1,878 1,687 11 %
Finance and insurance2,214 2,102 5 %2,259 2,198 3 %
Front end yield (1)4,698 4,844 (3)%4,750 4,871 (2)%
Gross margin
Total new vehicle5.6 %6.9 %(128) bps5.8 %6.8 %(105) bps
Used vehicle retail6.0 %5.6 %34 bps6.0 %5.5 %46 bps
Parts and service58.6 %59.7 %(104) bps58.3 %59.3 %(100) bps
Total gross profit margin17.1 %17.2 %(16) bps17.4 %17.4 %(1) bps
Operating expenses
Selling, general and administrative$427.2 $436.8 (2)%$850.3 $854.1 NM
Adjusted selling, general and administrative$420.2 $439.5 (4)%$832.3 $864.0 (4)%
SG&A as a % of gross profit66.4 %62.8 %360 bps67.5 %62.6 %495 bps
Adjusted SG&A as a % of gross profit65.3 %63.2 %211 bps66.1 %63.3 %279 bps
_____________________________
(1) Front end yield is calculated as gross profit from new vehicles, used retail vehicles and finance and insurance (net), divided by combined new and used retail unit sales.
10








ASBURY AUTOMOTIVE GROUP, INC.
SEGMENT REPORTING (Unaudited)
For the Three Months Ended June 30, 2026For the Three Months Ended June 30, 2025
DealershipsTCATotalDealershipsTCATotal
(In millions)(In millions)
Revenue from external customers$4,302.4 $82.2 $4,384.6 $4,293.6 $79.5 $4,373.1 
Intersegment revenue
F&I63.4 — 63.4 63.9 — 63.9 
Parts and service8.4 — 8.4 10.2 — 10.2 
Total intersegment revenue71.8 — 71.8 74.1 — 74.1 
$4,374.2 $82.2 $4,456.4 $4,367.8 $79.5 $4,447.3 
Reconciliation of revenue
Elimination of intersegment revenue(71.8)(74.1)
Total consolidated revenue$4,384.6 $4,373.1 
Less:
Cost of sales
New vehicle2,192.0 — 2,143.9 — 
Used vehicle1,166.6 — 1,216.8 — 
Parts and service268.8 — 256.9 — 
Finance and insurance— 59.2 — 59.3 
Selling, general and administrative expenses
Personnel costs315.7 — 318.8 — 
Rent and related expenses41.0 — 28.6 — 
Advertising16.2 — 17.1 — 
Other selling, general and administrative expense132.2 — 116.5 — 
Other segment items— 1.8 — 1.7 
Depreciation and amortization23.0 — 19.0 0.1 
Floor plan interest expense21.6 — 18.1 — 
Segment operating income$196.9 $21.1 $218.1 $232.1 $18.5 $250.6 
Reconciliation of segment operating income
Intersegment eliminations
Total intersegment revenue eliminations(71.8)(74.1)
Total intersegment cost of sales eliminations55.2 55.6 
Deferral of SG&A expense (related to capitalized contract costs offset by amortization)0.6 7.2 
Total intersegment eliminations(16.0)(11.3)
Asset impairments(4.2)— 
Other interest expense, net(46.5)(41.4)
Gain on dealership divestitures, net— 5.9 
Income before income taxes$151.3 $203.8 
______________________________
*Segment operating income is calculated as GAAP operating income, excluding the effects of asset impairments and including floor plan interest expense.
11








For the Six Months Ended June 30, 2026For the Six Months Ended June 30, 2025
DealershipsTCATotalDealershipsTCATotal
(In millions)(In millions)
Revenue from external customers$8,334.2 $163.4 $8,497.6 $8,358.0 $163.6 $8,521.6 
Intersegment revenue
F&I119.4 — 119.4 117.0 — 117.0 
Parts and service16.5 — 16.5 19.5 — 19.5 
Total intersegment revenue136.0 — 136.0 136.5 — 136.5 
$8,470.1 $163.4 $8,633.6 $8,494.5 $163.6 $8,658.1 
Reconciliation of revenue
Elimination of intersegment revenue(136.0)(136.5)
Total consolidated revenue$8,497.6 $8,521.6 
Less:
Cost of sales
New vehicle4,164.3 — 4,138.9 — 
Used vehicle2,306.7 — 2,388.1 — 
Parts and service538.6 — 511.2 — 
Finance and insurance— 117.3 — 120.3 
Selling, general and administrative expenses
Personnel costs633.9 — 627.8 — 
Rent and related expenses83.5 — 49.8 — 
Advertising34.2 — 32.3 — 
Other selling, general and administrative expense265.5 — 229.0 — 
Other segment items— 3.7 — 3.6 
Depreciation and amortization45.6 — 38.1 0.1 
Floor plan interest expense42.7 — 38.8 — 
Segment operating income$355.1 $42.4 $397.5 $440.5 $39.6 $480.1 
Reconciliation of segment operating income
Intersegment eliminations
Total intersegment revenue eliminations(136.0)(136.5)
Total intersegment cost of sales eliminations109.3 112.9 
Deferral of SG&A expense (related to capitalized contract costs offset by amortization)4.1 10.7 
Total intersegment eliminations(22.6)(12.9)
Asset impairments(4.2)(14.3)
Other interest expense, net(94.6)(83.7)
Gain on dealership divestitures, net125.8 10.1 
Income before income taxes$401.9 $379.2 
______________________________
*Segment operating income is calculated as GAAP operating income, excluding the effects of asset impairments and including floor plan interest expense.

12








ASBURY AUTOMOTIVE GROUP, INC.
Supplemental Disclosures
(Unaudited)

The following tables provide reconciliations for our non-GAAP metrics:
For the Three Months EndedFor the Twelve Months Ended
June 30, 2026June 30, 2025June 30, 2026March 31, 2026
(Dollars in millions)
Adjusted leverage ratio:
Long-term debt (including current portion)$3,457.6 $3,525.7 
Cash, short term investments, and floor plan offset(180.0)(257.1)
TCA cash25.6 18.9 
Availability under our used vehicle floor plan facility(30.1)(136.7)
 Adjusted long-term net debt$3,273.1 $3,150.7 
Calculation of earnings before interest, taxes, depreciation and amortization ("EBITDA"):
Net income$114.6 $152.8 $509.5 $547.7 
Depreciation and amortization23.1 19.0 89.8 85.8 
Income tax expense36.7 51.0 175.3 189.7 
Swap and other interest expense46.5 41.7 198.3 193.2 
Earnings before interest, taxes, depreciation and amortization ("EBITDA")$220.9 $264.5 $973.0 $1,016.4 
Non-core items - expense (income):
Gain on dealership divestitures, net$— $(5.9)$(196.0)$(201.9)
Weather-related losses2.5 — 6.3 3.7 
Asset impairments4.2 — 130.9 126.7 
Insurance recovery— (5.0)— (5.0)
Professional fees associated with acquisition— 2.2 10.3 12.5 
Tekion implementation expenses6.0 — 20.7 14.7 
Duplicative DMS-related expenses1.2 — 3.2 1.9 
Fixed assets write-off— — 3.8 3.8 
  Total non-core items13.9 (8.7)(20.9)(43.5)
Adjusted EBITDA$234.8 $255.8 $952.1 $972.9 
Impact of dealership acquisitions and divestitures$14.3 $25.0 
Transaction adjusted EBITDA$966.4 $997.9 
Transaction adjusted net leverage ratio3.4 3.2 

13








For the Three Months Ended June 30, 2026
GAAPAsset impairmentsWeather-related lossesTekion implementation expensesDuplicative DMS-related expensesIncome tax effectNon-GAAP adjusted
(In millions, except per share data)
Selling, general and administrative (SG&A)$506.4 $— $(2.5)$(6.0)$(1.2)$— $496.7 
Income from operations$219.5 $4.2 $2.5 $6.0 $1.2 $— $233.4 
Net income$114.6 $4.2 $2.5 $6.0 $1.2 $(3.5)$125.0 
Weighted average common share outstanding - diluted18.3 18.3 
Diluted EPS$6.25 $0.17 $0.10 $0.24 $0.05 $— $6.82 
SG&A as a % of gross profit67.2 %66.0 %
Income from operations as a % of revenue5.0 %5.3 %
SG&A (Same Store)$427.2 $— $(2.5)$(3.5)$(1.0)$— $420.2 
SG&A as a % of gross profit (Same Store)66.4 %65.3 %

For the Three Months Ended June 30, 2025
GAAPGain on dealership divestitures, netInsurance recoveryProfessional fees associated with acquisitionIncome tax effectNon-GAAP adjusted
(In millions, except per share data)
Selling, general and administrative (SG&A)$475.5 $— $5.0 $(2.2)$— $478.2 
Income from operations$257.4 $— $(5.0)$2.2 $— $254.6 
Net income$152.8 $(5.9)$(5.0)$2.2 $2.2 $146.3 
Weighted average common share outstanding - diluted19.7 19.7 
Diluted EPS$7.76 $(0.23)$(0.19)$0.09 $— $7.43 
SG&A as a % of gross profit63.2 %63.6 %
Income from operations as a % of revenue5.9 %5.8 %
SG&A (Same Store)$436.8 $— $5.0 $(2.2)$— $439.5 
SG&A as a % of gross profit (Same Store)62.8 %63.2 %

14








For the Six Months Ended June 30, 2026
GAAPGain on dealership divestitures, netAsset impairmentsWeather-related lossesTekion implementation expensesDuplicative DMS-related expensesIncome tax effectNon-GAAP adjusted
(In millions, except per share data)
Selling, general and administrative (SG&A)$1,016.8 $— $— $(6.3)$(12.1)$(3.2)$— $995.3 
Income from operations$413.4 $— $4.2 $6.3 $12.1 $3.2 $— $439.1 
Net income$302.4 $(125.8)$4.2 $6.3 $12.1 $3.2 $25.0 $227.3 
Weighted average common share outstanding - diluted18.7 18.7 
Diluted EPS$16.20 $(5.05)$0.17 $0.25 $0.49 $0.13 $— $12.18 
SG&A as a % of gross profit68.7 %67.2 %
Income from operations as a % of revenue4.9 %5.2 %
SG&A (Same Store)$850.3 $— $— $(5.4)$(9.6)$(3.0)$— $832.3 
SG&A as a % of gross profit (Same Store)67.5 %66.1 %

For the Six Months Ended June 30, 2025
GAAPGain on dealership divestitures, netAsset impairmentsInsurance recoveryProfessional fees associated with acquisitionIncome tax effectNon-GAAP adjusted
(In millions, except per share data)
Selling, general and administrative (SG&A)$931.8 $— $— $15.0 $(5.1)$— $941.8 
Income from operations$491.7 $— $14.3 $(15.0)$5.1 $— $496.1 
Net income$284.9 $(10.1)$14.3 $(15.0)$5.1 $1.4 $280.6 
Weighted average common share outstanding - diluted19.7 19.7 
Diluted EPS$14.46 $(0.38)$0.54 $(0.57)$0.19 $— $14.25 
SG&A as a % of gross profit63.1 %63.8 %
Income from operations as a % of revenue5.8 %5.8 %
SG&A (Same Store)$854.1 $— $— $15.0 $(5.1)$— $864.0 
SG&A as a % of gross profit (Same Store)62.6 %63.3 %
15








For the Six Months Ended June 30,
20262025
(In millions)
Adjusted cash flow from operations:
Cash provided by operating activities$352.6 $316.4 
Change in Floor Plan Notes Payable—Non-Trade, net(62.4)(206.7)
Change in Floor Plan Notes Payable—Non-Trade associated with floor plan offset, used vehicle borrowing base changes adjusted for acquisitions and divestitures30.1 220.8 
Change in Floor Plan Notes Payable—Trade associated with floor plan offset, adjusted for acquisitions and divestitures(15.1)3.5 
Adjusted cash flow provided by operating activities$305.2 $334.0 
16

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