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Penske Automotive (NYSE: PAG) Q2 2026 revenue rises to $8.5B

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

Rhea-AI Filing Summary

Penske Automotive Group reported second quarter 2026 revenue of $8.5 billion, up 6% from a year earlier, while net income attributable to common stockholders edged down to $260.4 million and earnings per share to $3.96 from $4.03. Excluding a $30.5 million gain on the sale of dealerships, adjusted income before taxes was $323.3 million, adjusted net income $237.7 million, and adjusted EPS $3.62. Foreign currency benefited revenue by $47.2 million and EPS by $0.02.

Retail automotive delivered 125,401 new and used units, a 4.6% increase, with segment revenue rising to $7.3 billion, though total gross margin slipped to 15.9% from 16.8% as new and used vehicle margins declined while service and parts margins improved. Retail commercial truck dealerships retailed 5,431 units with revenue of $927.8 million and income before taxes of $47.2 million, slightly below the prior year. Penske Transportation Solutions contributed equity earnings of $57.4 million, up 7%.

For the first half of 2026, revenue was $16.4 billion versus $16.0 billion, with net income attributable to common stockholders of $494.9 million and EPS of $7.52. Adjusted net income was $438.3 million and adjusted EPS $6.66. The company completed Lexus acquisitions expected to add $450 million of annualized revenue, repurchased 265,104 shares for $42.5 million, and ended June 30 with about $1.4 billion of liquidity, a leverage ratio of 1.7x, and a 1.4% higher quarterly dividend of $1.44 per share.

Positive

  • None.

Negative

  • None.

Filing Explained

At June 30, total long-term debt was $2,496.0 million and leverage was 1.7x, up from 1.5x at December 31, 2025.

This Form 8-K is a material-event report that furnishes the company's July 29 second-quarter results through Exhibit 99.1; the release says the information is not deemed filed for Section 18 purposes.

As of June 30, 2026, the company reported $2,496.0 million of total long-term debt excluding vehicle financing and a 1.7x leverage ratio, so the disclosure adds balance-sheet obligations to the quarter's operating results rather than describing an equity issuance.

Those figures compare with $2,165.5 million of such debt and a 1.5x leverage ratio at December 31, 2025; the company also reported approximately $1.4 billion of liquidity at June 30.

The next specified holder milestone is the $1.44 quarterly dividend, payable September 1, 2026 to shareholders of record on August 14, 2026.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $8,512.7 million Three months ended June 30, 2026; 6.0% increase from Q2 2025
Q2 2026 Net Income Attributable to Common Stockholders $260.4 million Three months ended June 30, 2026; 2.3% decrease from $266.6 million
Q2 2026 Earnings Per Share $3.96 Three months ended June 30, 2026; down from $4.03 in Q2 2025
Q2 2026 Adjusted Earnings Per Share $3.62 Excludes $0.34 per share impact from gain on sale of dealerships
Six Months 2026 Revenue $16,376.3 million Six months ended June 30, 2026; 2.4% increase from $15,986.3 million
Q2 2026 Equity in Earnings of Affiliates $57.3 million Primarily Penske Transportation Solutions for the quarter ended June 30, 2026
Total Liquidity $1.4 billion As of June 30, 2026, including $70 million cash and $1.3 billion credit availability
Leverage Ratio 1.7x As of June 30, 2026 based on total non-vehicle long-term debt and adjusted EBITDA
floor plan notes payable financial
"Total Floor Plan Notes Payable | $ | 4,365.1"
EBITDA financial
"earnings before interest, taxes, depreciation, and amortization ("EBITDA")"
EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.
leverage ratio financial
"Leverage Ratio (1) | | 1.7x"
Leverage ratio measures how much a company relies on borrowed money compared with its own funds or assets, typically expressed as debt relative to equity or total assets. Like a homeowner with a mortgage, higher leverage can amplify returns when business is strong but also raises the chance of big losses or default if revenue falls, so investors use it to judge financial risk and resilience.
common control transactions financial
"required by GAAP for common control transactions"
non-GAAP financial measures financial
"This release contains certain non-GAAP financial measures as defined"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Revenue $8,512.7 million up 6.0% vs Q2 2025
Net income attributable to common stockholders $260.4 million down 2.3% vs Q2 2025
Earnings per share $3.96 down 1.7% vs Q2 2025
Adjusted earnings per share $3.62 reflects exclusion of $0.34 per share from gain on sale of dealerships

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FAQ

How did Penske Automotive Group (PAG) perform in Q2 2026?
PAG generated $8.5 billion in Q2 2026 revenue, up 6% year over year, while net income attributable to common stockholders was $260.4 million and earnings per share $3.96, both slightly below the prior-year period’s $266.6 million and $4.03.

What were Penske Automotive Group (PAG)’s adjusted earnings in Q2 2026?
Excluding the gain on dealership sales, PAG reported adjusted income before taxes of $323.3 million, adjusted net income of $237.7 million, and adjusted EPS of $3.62. These figures remove a $30.5 million gain on dealership sales from reported GAAP results.

How did PAG’s retail automotive segment trend in Q2 2026?
Retail automotive delivered 125,401 new and used units, a 4.6% increase, and revenue rose to $7.3 billion, up 6%. Overall retail automotive gross margin declined to 15.8%, while service and parts gross margin improved to 59.6%, highlighting stronger profitability in aftersales.

What were PAG’s retail commercial truck results for Q2 2026?
Retail commercial truck operations retailed 5,431 units in Q2 2026, generating $927.8 million of revenue and $142.8 million of gross profit. Income before taxes was $47.2 million, compared with $54.2 million a year earlier, reflecting earlier weak freight-driven order intake.

What capital allocation steps did Penske Automotive Group (PAG) take in early 2026?
In the first half of 2026, PAG completed Lexus of Orlando and Lexus of Winter Park acquisitions adding an estimated $450 million of annualized revenue, repurchased 265,104 shares for $42.5 million, and paid $186.2 million in dividends, including a higher quarterly dividend.

What is PAG’s liquidity and leverage position as of June 30, 2026?
As of June 30, 2026, PAG had about $1.4 billion in liquidity, including $69.5 million of cash and $1.3 billion of available credit. Total non-vehicle long-term debt was $2,496.0 million, with a 1.7x leverage ratio and 30.0% debt-to-total-capitalization.

How did Penske Transportation Solutions contribute to PAG’s 2026 results?
PTS, in which PAG owns 28.9%, generated equity earnings to PAG of $57.4 million in Q2 2026, up 7%, and $98.5 million for the first half, up 14%, helped by growth in full-service leasing, better fleet utilization, lower operating expenses, and lower interest costs.
0001019849FALSE00010198492026-07-292026-07-29

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 29, 2026

Penske Automotive Group, Inc.

(Exact name of registrant as specified in its charter)

Delaware
    
1-12297
    
22-3086739
(State or other jurisdiction
(Commission
(I.R.S. Employer
of incorporation)
File Number)
Identification No.)
2555 Telegraph Road,
 Bloomfield Hills, Michigan
48302
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
248-648-2500
Not Applicable
Former name or former address, if changed since last report

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Voting Common Stock, par value $0.0001 per share
PAG
New York Stock Exchange

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))

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.
On July 29, 2026, we issued a press release announcing our second quarter 2026 financial results and other information. A copy of the press release is furnished as Exhibit 99.1.
Item 7.01 Regulation FD Disclosure.
The information set forth in Item 2.02 is incorporated into this Item 7.01 by reference. The information furnished in this Current Report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
    

Exhibit Index

Exhibit No.
 
Description
99.1
Press Release dated July 29, 2026.
104
Cover Page Interactive Data File (formatted as inline XBRL).



SIGNATURES

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.

    
Penske Automotive Group, Inc.
July 29, 2026
By:
/s/ Shane M. Spradlin
Name: Shane M. Spradlin
Title: Executive Vice President



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FOR IMMEDIATE RELEASE
                     
PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY RESULTS

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

Quarterly Revenue Increases 6% to $8.5 Billion

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

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

BLOOMFIELD HILLS, MI, July 29, 2026 – Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced financial results for the second quarter of 2026. For the quarter, revenue increased 6% to $8.5 billion when compared to $8.0 billion for the same period in 2025. Net income attributable to common stockholders was $260.4 million compared to $266.6 million for the same period in 2025, and related earnings per share was $3.96 compared to $4.03 for the same period in 2025. These GAAP results include a gain on the sale of dealerships, as well as the full quarterly results of Penske Motor Group in both periods, which are required by GAAP for common control transactions (see Non-GAAP reconciliations below). Excluding the gain on the sale of dealerships, as reconciled in the attached schedules, adjusted income before taxes was $323.3 million, adjusted net income was $237.7 million, and adjusted earnings per share was $3.62. Foreign currency exchange positively impacted revenue by $47.2 million, net income attributable to common stockholders by $1.7 million, and earnings per share by $0.02.
Commenting on the Company's results, Chair Roger Penske said, "In the second quarter of 2026, our diversified business delivered over 125,000 retail automotive units and more than 5,400 commercial truck units. Retail automotive same-store revenue increased 6%. Retail automotive new and used vehicle gross profit per unit remained strong and consistent when compared to the first quarter of 2026, and service and parts gross margin increased by 80 basis points. Additionally, I am encouraged with the trends we are experiencing across the commercial truck market from an improved freight environment, driving strong orders of Class 8 trucks."
For the six months ended June 30, 2026, revenue was $16.4 billion compared to $16.0 billion for the same period in 2025. Net income attributable to common stockholders was $494.9 million compared to $524.3 million for the same period in 2025, and related earnings per share was $7.52 compared to $7.89 for the same period in 2025. These GAAP results include a gain on the sale of dealerships, certain disposals and other charges, as well as the full results of Penske Motor Group in both periods, which are required by GAAP for common control transactions (see Non-GAAP reconciliations below). Excluding the gain on the sale of dealerships and certain disposals and other charges, as reconciled in the attached schedules, adjusted income before taxes was $599.6 million, adjusted net income was $438.3 million, and adjusted earnings per share was $6.66. Foreign currency exchange positively impacted revenue by $274.8 million, net income attributable to common stockholders by $5.1 million, and earnings per share by $0.07.
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Retail Automotive Dealerships
For the three months ended June 30, 2026, total new units delivered increased 5% and used units delivered increased 4%. The increase in new units is attributed to resilient consumer demand, coupled with improved new vehicle availability from certain manufacturers. Total retail automotive revenue increased 6% to $7.3 billion and increased 6% on a same-store basis. On a sequential basis when compared to the first quarter of 2026, new vehicle gross profit per unit decreased $1 and used vehicle gross profit per unit increased $19. When compared to the prior year period, same-store retail automotive service and parts revenue increased 2%, gross profit increased 3%, and gross margin improved 80 basis points to 59.5%.
For the six months ended June 30, 2026, total new units delivered remained flat and used units delivered increased 2%. Total retail automotive revenue increased 3% to $14.3 billion and increased 3% on a same-store basis. When compared to the prior year period, same-store retail automotive service and parts revenue increased 3%, gross profit increased 5%, and gross margin improved 60 basis points to 59.2%.
Retail Commercial Truck Dealerships
For the three months ended June 30, 2026, the Company’s retail commercial truck dealerships retailed 5,431 new and used units and generated $927.8 million in revenue and $47.2 million in income before taxes. This compares to 5,339 new and used units, $943.6 million of revenue, and $54.2 million in income before taxes during the same period in the prior year as lower order intake related to the weak freight environment in the third and fourth quarters of 2025 impacted truck deliveries during the second quarter of 2026. The Class 8 market order activity began to increase in late 2025 as the freight recession started to show signs of improvement. For the six months ended June 30, 2026, North American Class 8 commercial truck orders increased 118% when compared to the same period in the prior year according to industry sources. In addition, our retail commercial truck dealership operations experienced a 5% increase in service and parts revenue during the quarter. For the six months ended June 30, 2026, the Company’s retail commercial truck dealerships retailed 9,014 new and used units and generated $1.6 billion in revenue and $83.5 million in income before taxes. This compares to 10,053 new and used units, $1.8 billion in revenue, and $99.3 million in income before taxes during the same period in the prior year.
Penske Transportation Solutions Investment
Penske Transportation Solutions ("PTS") is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. PTS operates a managed fleet with over 379,200 trucks, tractors, and trailers under lease, rental and/or maintenance contracts. Penske Automotive Group has a 28.9% ownership interest in PTS and accounts for its ownership interest using the equity method of accounting. For the three and six months ended June 30, 2026, PTS' results reflect the improved freight environment, and the Company recorded a 7% increase in earnings to $57.4 million and a 14% increase in earnings to $98.5 million, respectively, driven by growth in full-service leasing, improved fleet utilization, lower operating expenses, and lower interest costs, partially offset by continued challenges in the rental market and by a lower gain on the sale of used trucks.
Corporate Development, Capital Allocation, Liquidity, and Leverage
The Company's strong balance sheet, cash flow generation, and best-in-class leverage continue to support our flexible capital allocation approach. In February 2026, the Company announced that it completed the acquisition of Lexus of Orlando and Lexus of Winter Park, both located in the Orlando metropolitan area of Central Florida. The acquisition is expected to add $450 million in estimated annualized revenue. Coupled with the acquisitions in November 2025, the Company has acquired
2
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two Toyota and four Lexus dealerships in the last nine months, which are expected to generate approximately $2 billion in estimated annualized revenue.
During the six months ended June 30, 2026, the Company repurchased 265,104 shares of common stock for approximately $42.5 million. As of June 30, 2026, $221.2 million remained outstanding and available for repurchases under our securities repurchase program. As of June 30, 2026, the Company had approximately $1.4 billion in liquidity, including $70 million in cash and $1.3 billion of availability under its U.S. and international credit agreements and revolving mortgage facilities. The Company’s leverage ratio at June 30, 2026 was 1.7x. During July 2026, the Board of Directors approved an increase in the quarterly dividend of 1.4%, or $0.02 per share, to $1.44 per share, representing a forward dividend yield of 2.7%. The increase represents the Company’s 23rd consecutive quarterly increase. On a trailing twelve month basis, the dividend payout ratio is 41%. The dividend is payable September 1, 2026, to shareholders of record as of August 14, 2026.
Conference Call
Penske Automotive Group will host a conference call discussing financial results relating to the second quarter of 2026 on Wednesday, July 29, 2026, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (833) 461-5787 [International, please dial (585) 542-9983] using access code 895612473. The call will also be simultaneously broadcast over the Internet, available through the Investors section of the Penske Automotive Group website. Additionally, an investor presentation relating to the second quarter 2026 financial results has been posted to the Investors section of the Company's website. To access the presentation or to listen to the Company's webcast, please refer to www.penskeautomotive.com.
About Penske Automotive
Penske Automotive Group, Inc. (NYSE: PAG), headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia and is one of the largest retailers of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG employs over 28,600 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs over 40,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 379,200 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit the Company's website at www.penskeautomotive.com.
Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures as defined under SEC rules, such as adjusted revenue, adjusted gross profit, adjusted net income, adjusted earnings per share, adjusted income before taxes, earnings before interest, taxes, depreciation, and amortization ("EBITDA"), adjusted EBITDA, adjusted selling, general, and administrative expenses, and leverage ratio. The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these widely accepted financial measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not
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substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance, expectations, acquisition activity, future plans, and future revenues. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, those related to macro-economic, geo-political, and industry conditions and events, including their impact on sales of new and used vehicles, service and parts, and repair and maintenance services, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to Penske Transportation Solutions ("PTS") and Premier Truck Group, and other freight metrics such as spot rates or miles driven, personal discretionary spending levels, interest rates, foreign currency exchange rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, tariffs and non-tariff trade barriers, any shortages of vehicle components, international conflicts, challenges in sourcing labor, labor strikes, work stoppages, or other disruptions; the control our manufacturer partners can exert over our operations and our reliance on them for various aspects of our business; risks to our reputation and those of our manufacturer partners; changes in the retail model from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and those of our third-party providers, which systems are increasingly threatened by ransomware and other cyber-attacks; the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; the impact of tariffs targeting imported vehicles and parts, as well as changes or increases in tariffs, trade restrictions, trade disputes, or non-tariff trade barriers; the rate of inflation, including its impact on vehicle affordability; our ability to consummate, integrate, and realize returns on our acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes, or work stoppages by its employees, a reduction in PTS' asset utilization rates, the cost of acquiring and the continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various regulations concerning its vehicle fleet, changes in the values of used trucks, which affect PTS' profitability on truck sales, and regulatory risks and related compliance costs; our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicle sales, including those related to the sales process, emissions standards, or electrification; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; risks and uncertainties relating to an unsolicited, preliminary and non-binding take private proposal received from Penske Corporation and Mitsui & Co., Ltd. and their affiliates to acquire all of the shares of the Company not already owned by them, including the possibility that any such transaction may not be pursued, approved, or consummated on the proposed terms, within any anticipated timeline, or at all; the outcome of legal and administrative matters and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risks and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2025, its Form 10-Q for the quarterly period ended March 31, 2026, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
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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

# # #
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PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Statements of Income
(Amounts In Millions, Except Per Share Data)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
Change
2026
2025
Change
Revenue
$8,512.7 $8,032.5 
6.0 
%
$16,376.3 $15,986.3 
2.4 
%
Cost of Sales
7,155.7 
6,680.3 
7.1 %
13,719.9 
13,312.7 
3.1 %
Gross Profit
$1,357.0 $1,352.2 0.4 %$2,656.4 $2,673.6 (0.6)%
SG&A Expenses
974.0 943.8 3.2 %1,939.6 1,895.2 2.3 %
Depreciation
45.4 43.1 5.3 %90.2 83.7 7.8 %
Operating Income
$
337.6 
$
365.3 
(7.6)
%
$
626.6 
$
694.7 
(9.8)
%
Floor Plan Interest Expense
(38.5)
(43.8)
(12.1)
%
(76.6)
(85.8)
(10.7)
%
Other Interest Expense
(33.1)
(21.6)
53.2 
%
(61.5)
(44.1)
39.5 
%
Gain on Sale of Dealerships
30.5 
— 
nm
90.9 
52.3 
73.8%
Equity in Earnings of Affiliates
57.3 53.6 
6.9 
%
98.1 86.9 
12.9 
%
Income Before Income Taxes
$353.8 $353.5 
0.1 
%
$677.5 $704.0 
(3.8)
%
Income Taxes
(92.6)(86.0)
7.7 
%
(181.4)(178.1)
1.9 
%
Net Income
$261.2 $267.5 
(2.4)
%
$496.1 $525.9 
(5.7)
%
Less: Income Attributable to Non-Controlling Interests
0.8 
0.9 
(11.1)
%
1.2 
1.6 
(25.0)
%
Net Income Attributable to Common Stockholders
$
260.4 
$
266.6 
(2.3)
%
$
494.9 
$
524.3 
(5.6)
%
Amounts Attributable to Common Stockholders:
Net Income
$
261.2 
$
267.5 
(2.4)
%
$
496.1 
$
525.9 
(5.7)
%
Less: Income Attributable to Non-Controlling Interests
0.8 0.9 
(11.1)
%
1.2 1.6 
(25.0)
%
Net Income Attributable to Common Stockholders
$
260.4 
$
266.6 
(2.3)
%
$
494.9 
$
524.3 
(5.6)
%
Earnings Per Share
$
3.96 
$
4.03 
(1.7)
%
$
7.52 
$
7.89 
(4.7)
%
Weighted Average Shares Outstanding
65.7 66.2 
(0.8)
%
65.8 66.5 
(1.1)
%
nm – not meaningful
6
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PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Balance Sheets
(Amounts In Millions)
(Unaudited)
    
June 30,
December 31,
2026
2025
Assets:
Cash and Cash Equivalents
$69.5 $64.7 
Accounts Receivable, Net
1,061.9
1,070.3
Inventories
5,109.7
4,814.7
Other Current Assets
269.9
242.9
Total Current Assets
6,511.0
6,192.6
Property and Equipment, Net
3,289.8
3,224.6
Operating Lease Right-of-Use Assets
2,493.2
2,543.8
Intangibles
4,107.9
3,599.9
Other Long-Term Assets
2,083.4
2,036.8
Total Assets
$18,485.3 $17,597.7 
Liabilities and Equity:
Floor Plan Notes Payable
$2,700.7 $2,532.8 
Floor Plan Notes Payable – Non-Trade
1,664.4
1,561.5
Accounts Payable
915.2
899.8
Accrued Expenses and Other Current Liabilities
1,017.3
930.0
Current Portion Long-Term Debt
377.3
355.0
Total Current Liabilities
6,674.9
6,279.1
Long-Term Debt
2,118.7
1,810.5
Long-Term Operating Lease Liabilities
2,389.8
2,461.5
Other Long-Term Liabilities
1,468.5
1,465.7
Total Liabilities
12,651.9
12,016.8
Equity
5,833.4
5,580.9
Total Liabilities and Equity
$18,485.3 $17,597.7 





7
picture1.gif


PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Operations
Selected Data
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Geographic Revenue Mix:
North America
62.2 
%
63.6 
%
60.3 
%
62.4 
%
U.K.
26.1 
%
26.0 %27.9 %27.6 %
Other International
11.7 
%
10.4 
%
11.8 
%
10.0 
%
Total
100.0 
%
100.0 
%
100.0 
%
100.0 
%
Revenue: (Amounts in Millions)
Retail Automotive
$
7,301.0
$
6,887.7
$
14,268.1
$
13,806.3
Retail Commercial Truck
927.8
943.6
1,622.4
1,767.3
Commercial Vehicle Distribution and Other
283.9
201.2
485.8
412.7
Total
$
8,512.7
$
8,032.5
$
16,376.3
$
15,986.3
Gross Profit: (Amounts in Millions)
Retail Automotive
$
1,156.5
$
1,164.4
$
2,281.5
$
2,300.6
Retail Commercial Truck
142.8
143.6
271.0
284.6
Commercial Vehicle Distribution and Other
57.7
44.2
103.9
88.4
Total
$
1,357.0
$
1,352.2
$
2,656.4
$
2,673.6
Gross Margin:
Retail Automotive
15.8 %16.9 %16.0 %16.7 %
Retail Commercial Truck
15.4 %15.2 %16.7 %16.1 %
Commercial Vehicle Distribution and Other
20.3 %22.0 %21.4 %21.4 %
Total
15.9 %16.8 %16.2 %16.7 %


Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Operating Items as a Percentage of Revenue:
Gross Profit
15.9 %16.8 %16.2 %16.7 %
Selling, General, and Administrative Expenses
11.4 %11.7 %11.8 %11.9 %
Operating Income
4.0 %4.5 %3.8 %4.3 %
Income Before Income Taxes
4.2 %4.4 %4.1 %4.4 %
Operating Items as a Percentage of Total Gross Profit:
Selling, General, and Administrative Expenses
71.8 %69.8 %73.0 %70.9 %
Adjusted Selling, General, and Administrative Expenses(1)
71.8 %69.9 %72.5 %70.0 %
Operating Income
24.9 %27.0 %23.6 %26.0 %


Three Months Ended
Six Months Ended
June 30,
June 30,
(Amounts in Millions)
2026
2025
2026
2025
EBITDA(1)
$432.3 $418.2 $829.2 
$
831.8 
Adjusted EBITDA(1)
$
401.8 
$
400.6 
$
751.3 
$
773.0 
Floor Plan Credits
$
17.7 
$
16.3 
$
32.8 
$
32.1 
Property Rent Expense
$
71.1 
$
70.3 
$
144.0 
$
139.9 
_______________________
(1)See the following Non-GAAP reconciliation table.
8
picture1.gif


PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
Change
2026
2025
Change
Retail Automotive Units:
New Retail
55,136
52,985
4.1 
%
105,172
108,509
(3.1)
%
New Agency
11,195
10,079
11.1 
%
24,206
20,765
16.6 
%
Total New Delivered
66,331
63,064
5.2 
%
129,378
129,274
0.1 
%
Used Retail
59,070
56,802
4.0 
%
119,196
117,289
1.6 
%
Total New and Used Delivered
125,401
119,866
4.6 
%
248,574
246,563
0.8 
%
Retail Automotive Revenue: (Amounts in Millions)
New Vehicles
$
3,375.4
$
3,188.1
5.9 
%
$
6,456.1
$
6,436.1
0.3 
%
Used Vehicles
2,471.9
2,259.4
9.4 
%
4,901.3
4,523.5
8.4 
%
Finance and Insurance, Net
211.0
208.2
1.3 
%
413.3
413.6
(0.1)
%
Service and Parts
867.1
853.4
1.6 
%
1,731.0
1,679.0
3.1 
%
Fleet and Wholesale
375.6
378.6
(0.8)
%
766.4
754.1
1.6 
%
Total Revenue
$
7,301.0
$
6,887.7
6.0 
%
$
14,268.1
$
13,806.3
3.3 
%
Retail Automotive Gross Profit: (Amounts in Millions)
New Vehicles
$
290.1
$
306.4
(5.3)
%
$
560.4
$
608.9
(8.0)
%
Used Vehicles
123.8
130.6
(5.2)
%
248.6
258.7
(3.9)
%
Finance and Insurance, Net
211.0
208.2
1.3 
%
413.3
413.6
(0.1)
%
Service and Parts
517.0
501.4
3.1 
%
1,026.7
983.8
4.4 
%
Fleet and Wholesale
14.6
17.8
(18.0)
%
32.5
35.6
(8.7)
%
Total Gross Profit
$
1,156.5
$
1,164.4
(0.7)
%
$
2,281.5
$
2,300.6
(0.8)
%
Retail Automotive Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)
$
60,701
$
59,691
1.7 
%
$
60,798
$
58,836
3.3 
%
Used Vehicles
41,847
39,776
5.2 
%
41,120
38,567
6.6 
%
Retail Automotive Gross Profit Per Vehicle Retailed:
New Vehicles (excluding agency)
$
4,782
$
5,337
(10.4)
%
$
4,782
$
5,172
(7.5)
%
New Agency
2,772
2,701
2.6 
%
2,790
2,659
4.9 
%
Used Vehicles
2,095
2,298
(8.8)
%
2,085
2,206
(5.5)
%
Finance and Insurance (excluding agency)
1,807
1,863
(3.0)
%
1,797
1,798
(0.1)
%
Retail Automotive Gross Margin:
New Vehicles
8.6 
%
9.6 
%
(100)bps
8.7 
%
9.5 
%
(80)bps
Used Vehicles
5.0 
%
5.8 
%
(80)bps
5.1 
%
5.7 
%
(60)bps
Service and Parts
59.6 
%
58.8 
%
+80bps
59.3 
%
58.6 
%
+70bps
Fleet and Wholesale
3.9 
%
4.7 
%
(80)bps
4.2 
%
4.7 
%
(50)bps
Total Gross Margin
15.8 
%
16.9 
%
(110)bps
16.0 
%
16.7 
%
(70)bps
Retail Automotive Revenue Mix Percentages:
New Vehicles
46.2 
%
46.3 
%
(10)bps
45.2 
%
46.6 
%
(140)bps
Used Vehicles
33.9 
%
32.8 
%
+110bps
34.4 
%
32.8 
%
+160bps
Finance and Insurance, Net
2.9 
%
3.0 
%
(10)bps
2.9 
%
3.0 
%
(10)bps
Service and Parts
11.9 
%
12.4 
%
(50)bps
12.1 
%
12.2 
%
(10)bps
Fleet and Wholesale
5.1 
%
5.5 
%
(40)bps
5.4 
%
5.4 
%
—bps
Total
100.0 
%
100.0 
%
100.0 
%
100.0 
%
Retail Automotive Gross Profit Mix Percentages:
New Vehicles
25.1 
%
26.3 
%
(120)bps
24.6 
%
26.5 
%
(190)bps
Used Vehicles
10.7 
%
11.2 
%
(50)bps
10.9 
%
11.2 
%
(30)bps
Finance and Insurance, Net
18.2 
%
17.9 
%
+30bps
18.1 
%
18.0 
%
+10bps
Service and Parts
44.7 
%
43.1 
%
+160bps
45.0 
%
42.8 
%
+220bps
Fleet and Wholesale
1.3 
%
1.5 
%
(20)bps
1.4 
%
1.5 
%
(10)bps
Total
100.0 
%
100.0 
%
100.0 
%
100.0 
%
9
picture1.gif


PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations Same-Store
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
Change
2026
2025
Change
Retail Automotive Same-Store Units:
New Retail
53,774
51,847
3.7 
%
102,305
105,889
(3.4)
%
New Agency
11,195
10,079
11.1 
%
24,206
20,765
16.6 
%
Total New Delivered
64,969
61,926
4.9 
%
126,511
126,654
(0.1)
%
Used Retail
57,802
55,034
5.0 
%
116,007
112,858
2.8 
%
Total New and Used Delivered
122,771
116,960
5.0 
%
242,518
239,512
1.3 
%
Retail Automotive Same-Store Revenue: (Amounts in Millions)
New Vehicles
$
3,281.9
$
3,126.4
5.0 
%
$
6,269.3
$
6,299.4
(0.5)
%
Used Vehicles
2,422.6
2,204.3
9.9 
%
4,792.5
4,392.7
9.1 
%
Finance and Insurance, Net
207.1
203.9
1.6 
%
404.7
403.4
0.3 
%
Service and Parts
852.1
835.7
2.0 
%
1,693.4
1,639.7
3.3 
%
Fleet and Wholesale
356.2
367.0
(2.9)
%
730.0
728.9
0.2 
%
Total Revenue
$
7,119.9
$
6,737.3
5.7 
%
$
13,889.9
$
13,464.1
3.2 
%
Retail Automotive Same-Store Gross Profit: (Amounts in Millions)
New Vehicles
$
280.6
$
301.4
(6.9)
%
$
542.1
$
598.2
(9.4)
%
Used Vehicles
120.7
127.5
(5.3)
%
242.4
252.3
(3.9)
%
Finance and Insurance, Net
207.1
203.9
1.6 
%
404.7
403.4
0.3 
%
Service and Parts
507.3
490.8
3.4 
%
1,003.3
960.4
4.5 
%
Fleet and Wholesale
14.6
17.8
(18.0)
%
32.5
35.7
(9.0)
%
Total Gross Profit
$
1,130.3
$
1,141.4
(1.0)
%
$
2,225.0
$
2,250.0
(1.1)
%
Retail Automotive Same-Store Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)
$
60,500
$
59,810
1.2 
%
$
60,676
$
59,001
2.8 
%
Used Vehicles
41,912
40,054
4.6 
%
41,312
38,922
6.1 
%
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles (excluding agency)
$
4,726
$
5,358
(11.8)
%
$
4,737
$
5,199
(8.9)
%
New Agency
2,772
2,558
8.4 
%
2,790
2,467
13.1 
%
Used Vehicles
2,088
2,317
(9.9)
%
2,090
2,236
(6.5)
%
Finance and Insurance (excluding agency)
1,815
1,887
(3.8)
%
1,808
1,828
(1.1)
%
Retail Automotive Same-Store Gross Margin:
New Vehicles
8.5 
%
9.6 
%
(110)bps
8.6 
%
9.5 
%
(90)bps
Used Vehicles
5.0 
%
5.8 
%
(80)bps
5.1 
%
5.7 
%
(60)bps
Service and Parts
59.5 
%
58.7 
%
+80bps
59.2 
%
58.6 
%
+60bps
Fleet and Wholesale
4.1 
%
4.9 
%
(80)bps
4.5 
%
4.9 
%
(40)bps
Total Gross Margin
15.9 
%
16.9 
%
(100)bps
16.0 
%
16.7 
%
(70)bps
Retail Automotive Same-Store Revenue Mix Percentages:
New Vehicles
46.1 
%
46.4 
%
(30)bps
45.1 
%
46.8 
%
(170)bps
Used Vehicles
34.0 
%
32.7 
%
+130bps
34.5 
%
32.6 
%
+190bps
Finance and Insurance, Net
2.9 
%
3.0 
%
(10)bps
2.9 
%
3.0 
%
(10)bps
Service and Parts
12.0 
%
12.4 
%
(40)bps
12.2 
%
12.2 
%
—bps
Fleet and Wholesale
5.0 
%
5.5 
%
(50)bps
5.3 
%
5.4 
%
(10)bps
Total
100.0 
%
100.0 
%
100.0 
%
100.0 
%
Retail Automotive Same-Store Gross Profit Mix Percentages:
New Vehicles
24.8 
%
26.4 
%
(160)bps
24.4 
%
26.6 
%
(220)bps
Used Vehicles
10.7 
%
11.2 
%
(50)bps
10.9 
%
11.2 
%
(30)bps
Finance and Insurance, Net
18.3 
%
17.9 
%
+40bps
18.2 
%
17.9 
%
+30bps
Service and Parts
44.9 
%
43.0 
%
+190bps
45.1 
%
42.7 
%
+240bps
Fleet and Wholesale
1.3 
%
1.5 
%
(20)bps
1.4 
%
1.6 
%
(20)bps
Total
100.0 
%
100.0 
%
100.0 
%
100.0 
%
10
picture1.gif


PENSKE AUTOMOTIVE GROUP, INC.
Retail Commercial Truck Operations
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
Change
2026
2025
Change
Retail Commercial Truck Units:
New Retail
4,276
4,638
(7.8)
%
7,062
8,377
(15.7)
%
Used Retail
1,155
701
64.8 
%
1,952
1,676
16.5 
%
Total
5,431
5,339
1.7 
%
9,014
10,053
(10.3)
%
Retail Commercial Truck Revenue: (Amounts in Millions)
New Vehicles
$
594.3
$
655.6
(9.4)
%
$
995.5
$
1,182.8
(15.8)
%
Used Vehicles
86.6
52.7
64.3 
%
138.8
116.5
19.1 
%
Finance and Insurance, Net
4.5
4.0
12.5 
%
8.0
8.5
(5.9)
%
Service and Parts
237.7
226.7
4.9 
%
469.9
448.7
4.7 
%
Wholesale and Other
4.7
4.6
2.2 
%
10.2
10.8
(5.6)
%
Total Revenue
$
927.8
$
943.6
(1.7)
%
$
1,622.4
$
1,767.3
(8.2)
%
Retail Commercial Truck Gross Profit: (Amounts in Millions)
New Vehicles
$
30.3
$
36.6
(17.2)
%
$
53.4
$
70.1
(23.8)
%
Used Vehicles
10.3
4.9
110.2 
%
15.8
12.2
29.5 
%
Finance and Insurance, Net
4.5
4.0
12.5 
%
8.0
8.5
(5.9)
%
Service and Parts
94.5
94.9
(0.4)
%
187.8
187.5
0.2 
%
Wholesale and Other
3.2
3.2
— 
%
6.0
6.3
(4.8)
%
Total Gross Profit
$
142.8
$
143.6
(0.6)
%
$
271.0
$
284.6
(4.8)
%
Retail Commercial Truck Revenue Per Vehicle Retailed:
New Vehicles
$
138,979
$
141,345
(1.7)
%
$
140,967
$
141,186
(0.2)
%
Used Vehicles
74,991
75,223
(0.3)
%
71,114
69,548
2.3 
%
Retail Commercial Truck Gross Profit Per Vehicle Retailed:
New Vehicles
$
7,083
$
7,889
(10.2)
%
$
7,568
$
8,367
(9.5)
%
Used Vehicles
8,923
7,037
26.8 
%
8,092
7,278
11.2 
%
Finance and Insurance
833
741
12.4 
%
887
839
5.7 
%
Retail Commercial Truck Gross Margin:
New Vehicles
5.1 
%
5.6 
%
(50)bps
5.4 
%
5.9 
%
(50)bps
Used Vehicles
11.9 
%
9.3 
%
+260bps
11.4 
%
10.5 
%
+90bps
Service and Parts
39.8 
%
41.9 
%
(210)bps
40.0 
%
41.8 
%
(180)bps
Wholesale and Other
68.1 
%
69.6 
%
(150)bps
58.8 
%
58.3 
%
+50bps
Total Gross Margin
15.4 
%
15.2 
%
+20bps
16.7 
%
16.1 
%
+60bps
Retail Commercial Truck Revenue Mix Percentages:
New Vehicles
64.1 
%
69.5 
%
(540)bps
61.4 
%
66.9 
%
(550)bps
Used Vehicles
9.3 
%
5.6 
%
+370bps
8.6 
%
6.6 
%
+200bps
Finance and Insurance, Net
0.5 
%
0.4 
%
+10bps
0.5 
%
0.5 
%
—bps
Service and Parts
25.6 
%
24.0 
%
+160bps
29.0 
%
25.4 
%
+360bps
Wholesale and Other
0.5 
%
0.5 
%
—bps
0.5 
%
0.6 
%
(10)bps
Total
100.0 
%
100.0 
%
100.0 
%
100.0 
%
Retail Commercial Truck Gross Profit Mix Percentages:
New Vehicles
21.2 
%
25.5 
%
(430)bps
19.7 
%
24.6 
%
(490)bps
Used Vehicles
7.2 
%
3.4 
%
+380bps
5.8 
%
4.3 
%
+150bps
Finance and Insurance, Net
3.2 
%
2.8 
%
+40bps
3.0 
%
3.0 
%
—bps
Service and Parts
66.2 
%
66.1 
%
+10bps
69.3 
%
65.9 
%
+340bps
Wholesale and Other
2.2 
%
2.2 
%
—bps
2.2 
%
2.2 
%
—bps
Total
100.0 
%
100.0 
%
100.0 
%
100.0 
%
11
picture1.gif


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

12
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PENSKE AUTOMOTIVE GROUP, INC.
Supplemental Data
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Retail Automotive Revenue Mix:
Premium:
BMW / MINI
24 
%
25 %24 %26 %
Porsche
10 %10 %10 %
9 %
Audi
8 
%
9 
%
9 %9 %
Mercedes-Benz
8 
%
8 
%
8 %8 %
Land Rover / Jaguar
7 %7 %7 %7 %
Lexus
6 %5 %6 %
5 %
Ferrari / Maserati
4 %3 %3 %3 %
Acura
1 %1 %1 %1 %
Bentley
1 %1 %1 %1 %
Others
1 %2 %2 %2 %
Total Premium
70 
%
71 
%
71 
%
71 
%
Volume Non-U.S.:
Toyota
13 
%
13 %13 %13 %
Honda
5 %5 %5 %5 %
Volkswagen
2 %2 %2 %2 %
Hyundai
1 %2 %1 %2 %
Others
3 %1 %2 %1 %
Total Volume Non-U.S.
24 
%
23 
%
23 
%
23 
%
U.S.:
General Motors / Stellantis / Ford
2 %3 %2 %2 %
Used Vehicle Dealerships
4 %3 %4 %4 %
Total
100 
%
100 %100 %100 %
Three Months Ended
Six Months Ended
June 30,
June 30,
Cash Flow and Other Highlights:
2026
2025
2026
2025
($ Amounts in Millions)
Capital expenditures
$
72.3 
$
72.9 
$
134.9 
$
157.6 
Cash paid for acquisitions, including $115 million for property and floor plan
$
— 
$
— 
$
669.7 
$
— 
Proceeds from sale of dealerships
$
73.7 
$
1.4 
$
150.7 
$
79.2 
Dividends
$
93.6 
$
83.6 
$
186.2 
$
165.4 
Stock repurchases:
Aggregate purchase price
$
16.1 
$
93.3 
$
42.5 
$
133.3 
Shares repurchased
94,711 
630,044 
265,104 
885,272 

Balance Sheet and Other Highlights:
June 30, 2026
December 31, 2025
(Amounts in Millions)
Cash and Cash Equivalents
$
69.5
$
64.7
Inventories
$
5,109.7
$
4,814.7
Total Floor Plan Notes Payable
$
4,365.1
$
4,094.3
Total Long-Term Debt
$
2,496.0
$
2,165.5
Equity
$
5,833.4
$
5,580.9
Debt to Total Capitalization Ratio
30.0%
28.0%
Leverage Ratio (1)
1.7x
1.5x
New vehicle days' supply
51 days
49 days
Used vehicle days' supply
44 days
49 days
__________________________
(1)See the following Non-GAAP reconciliation table



13
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PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Non-GAAP Reconciliations
(Unaudited)
The following table reconciles reported net income to earnings before interest, taxes, depreciation, and amortization (“EBITDA”) and adjusted EBITDA for the three and six months ended June 30, 2026 and 2025:
Three Months Ended
June 30,
2026 vs. 2025
(Amounts in Millions)
2026
2025
Change
% Change
Net Income
$
261.2 
$
267.5 
$
(6.3)
(2.4)%
Add: Depreciation
45.4 43.1 2.3 5.3 %
Other Interest Expense
33.1 21.6 11.5 53.2 %
Income Taxes
92.6 86.0 6.6 7.7 %
EBITDA
$
432.3
$
418.2
$
14.1 
3.4 %
Less: Gain on Sale of Dealerships
(30.5)
— 
(30.5)
nm
Add: Disposals and Other Charges
— 
— 
— 
nm
Less: Common Control
— 
(17.6)
17.6 
nm
Adjusted EBITDA
$
401.8
$
400.6
$
1.2 
0.3 %
Six Months Ended
June 30,
2026 vs. 2025
(Amounts in Millions)
2026
2025
Change
% Change
Net Income
$
496.1 
$
525.9 
$
(29.8)
(5.7)%
Add: Depreciation
90.2 83.7 6.5 7.8 %
Other Interest Expense
61.5 44.1 17.4 39.5 %
Income Taxes
181.4 178.1 3.3 1.9 %
EBITDA
$
829.2
$
831.8
$
(2.6)
(0.3)%
Less: Gain on Sale of Dealerships
(90.9)
(52.3)
(38.6)
73.8%
Add: Disposals and Other Charges
13.0 
25.2 
(12.2)
nm
Less: Common Control
— 
(31.7)
31.7 
nm
Adjusted EBITDA
$
751.3
$
773.0
$
(21.7)
(2.8)%
nm – not meaningful
The following table reconciles the leverage ratio as of June 30, 2026, and December 31, 2025:
Six
Six
Trailing Twelve
Twelve
Months Ended
Months Ended
Months Ended
Months Ended
(Amounts in Millions)
December 31, 2025
June 30, 2026
June 30, 2026
December 31, 2025
Net Income
$412.0 $496.1 $908.1 $937.9 
Add: Depreciation
88.6
90.2
178.8
172.3
  Other Interest Expense
47.5
61.5
109.0
91.6
  Income Taxes
147.7
181.4
329.1
325.8
EBITDA
$695.8 $829.2 $1,525.0 $1,527.6 
  Less: Gain on Sale of Dealerships
— 
(90.9)
(90.9)
(52.3)
  Add: Disposals and Other Charges
7.3 
13.0 
20.3 
32.5 
  Less: Common Control
(16.9)
—
(16.9)
(48.6)
Adjusted EBITDA
$686.2 $751.3 $1,437.5 $1,459.2 
Total Non-Vehicle Long-Term Debt
$2,496.0 $2,165.5 
Leverage Ratio
1.7x
1.5x
14
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The following tables present key adjusted financial line items excluding the gain on the sale of dealerships and certain disposals and other charges. Management believes this presentation is useful to investors in evaluating the Company’s operating performance and comparability across periods.
Three Months Ended June 30, 2026
($ Amounts in millions, except per share data)
As Reported
Gain on Sale of Dealerships
Disposals and Other Charges
Adjusted
Revenue
$
8,512.7 
$
— 
$
— 
$
8,512.7 
Gross Profit
$
1,357.0 
$
— 
$
— 
$
1,357.0 
Selling, General, & Administrative Expenses
$
974.0 
$
— $— $974.0 
EBITDA
$
432.3 
$
(30.5)$— $401.8 
Income Before Taxes
$
353.8 
$
(30.5)
$
— 
$
323.3 
Net Income Attributable to Common Stockholders
$
260.4 
$
(22.7)
$
— 
$
237.7 
Earnings Per Share
$
3.96 
$
(0.34)
$
— 
$
3.62 
SG&A to Gross Profit
71.8%
71.8%
Six Months Ended June 30, 2026
($ Amounts in millions, except per share data)
As Reported
Gain on Sale of Dealerships
Disposals and Other Charges
Adjusted
Revenue
$
16,376.3 
$
— 
$
— 
$
16,376.3 
Gross Profit
$
2,656.4 
$
— 
$
— 
$
2,656.4 
Selling, General, & Administrative Expenses
$
1,939.6 
$
— $(13.0)$1,926.6 
EBITDA
$
829.2 
$
(90.9)$13.0 $751.3 
Income Before Taxes
$
677.5 
$
(90.9)
$
13.0 
$
599.6 
Net Income Attributable to Common Stockholders
$
494.9 
$
(67.5)
$
10.9 
$
438.3 
Earnings Per Share
$
7.52 
$
(1.03)
$
0.17 
$
6.66 
SG&A to Gross Profit
73.0%
72.5%
15
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Our results include the impact of the gain on the sale of a dealership and certain disposals and other charges, as well as the full quarterly and year-to-date results of Penske Motor Group in all periods, which are required by GAAP for common control transactions. The following tables present key adjusted financial line items excluding these items and present the acquisition of Penske Motor Group as if we acquired it on November 1, 2025, without common control accounting. Management believes this presentation is useful to investors in evaluating the Company’s operating performance and comparability across periods.
Three Months Ended June 30, 2025
($ Amounts in millions, except per share data)
As Reported
Gain on Sale of Dealership
Disposals and Other Charges
Adjusted
Common Control
Adjusted Excluding Common Control
Revenue
$
8,032.5 
$
— 
$
— 
$
8,032.5 
$
(370.2)
$
7,662.3 
Gross Profit
$
1,352.2 
$
— 
$
— 
$
1,352.2 
$
(55.6)
$
1,296.6 
Selling, General, & Administrative Expenses
$
943.8 
$
— $— $943.8 
$
(37.5)
$
906.3 
EBITDA
$
418.2 
$
— $— $418.2 
$
(17.6)
$
400.6 
Income Before Taxes
$
353.5 
$
— 
$
— 
$
353.5 
$
(16.6)
$
336.9 
Net Income Attributable to Common Stockholders
$
266.6 
$
— 
$
— 
$
266.6 
$
(16.6)
$
250.0 
Earnings Per Share
$
4.03 
$
— 
$
— 
$
4.03 
$
(0.25)
$
3.78 
SG&A to Gross Profit
69.8%
69.8%
69.9%
New Retail Automotive Units
52,985
—
—
52,985
(5,439)
47,546
Used Retail Automotive Units
56,802
—
—
56,802
(1,803)
54,999
Six Months Ended June 30, 2025
($ Amounts in millions, except per share data)
As Reported
Gain on Sale of Dealership
Disposals and Other Charges
Adjusted
Common Control
Adjusted Excluding Common Control
Revenue
$
15,986.3 
$
— 
$
— 
$
15,986.3 
$
(719.5)
$
15,266.8 
Gross Profit
$
2,673.6 
$
— 
$
— 
$
2,673.6 
$
(108.0)
$
2,565.6 
Selling, General, & Administrative Expenses
$
1,895.2 
$
— $(25.2)$1,870.0 
$
(75.3)
$
1,794.7 
EBITDA
$
831.8 
$
(52.3)$25.2 $804.7 
$
(31.7)
$
773.0 
Income Before Taxes
$
704.0 
$
(52.3)
$
25.2 
$
676.9 
$
(30.0)
$
646.9 
Net Income Attributable to Common Stockholders
$
524.3 
$
(38.9)
$
20.9 
$
506.3 
$
(30.0)
$
476.3 
Earnings Per Share
$
7.89 
$
(0.58)
$
0.31 
$
7.62 
$
(0.45)
$
7.17 
SG&A to Gross Profit
70.9%
69.9%
70.0%
New Retail Automotive Units
108,509
—
—
108,509
(10,361)
98,148
Used Retail Automotive Units
117,289
—
—
117,289
(3,804)
113,485
# # # # # # #
16
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Source: View Original Filing on SEC EDGAR

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