Retail Automotive Same-Store Revenue Increases 5%
Record Retail Automotive Service and Parts Revenue up 5%and Record Related Gross Profit up 7%
Earnings Before Taxes of $292 Million; Earnings Per Share of $3.23
1,086,560 Shares Repurchased Through October 24, 2025, or 1.6% of Outstanding Shares
Repaid $550 Million Senior Subordinated Notes at Scheduled Maturity; Leverage at 1.0x
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 quarterly results for the third quarter of 2025. For the quarter, revenue increased 1.4% to $7.7billion compared to $7.6billion for the same period in 2024. Net income attributable to common stockholders decreased 6% to $213.0 million compared to $226.1million in the prior year period, and related earnings per share decreased 5% to $3.23 compared to $3.39 for the same period in 2024. Foreign currency exchange positively impacted revenue by $92.8million, net income attributable to common stockholders by $0.7 million, and earnings per share by $0.02.
Commenting on the Company's third quarter results, Chair Roger Penske said, “Overall, I am pleased with our performance during the third quarter. We grew same-store retail automotive new units delivered by 4%, reduced new vehicle inventory days supply by 6 days from the end of June and increased retail automotive service and parts revenue to a quarterly record of $818.3million, including same-store service and parts revenue growth of 5%. In addition to the growth in service and parts revenue, we increased service and parts gross margin by 110 basis points and improved fixed cost absorption by 380 basis points in our U.S. retail automotive operations. However, overall profitability in the quarter was impacted by continued weakness in the North American freight market which drove lower sales and service of commercial trucks, coupled with challenges in the U.K auto retail market from a cyber security incident at one of our OEM partners, an increase in social program costs in the U.K., and a higher tax rate. As a result, third quarter earnings before taxes was negatively impacted by approximately $23 million.”
Third Quarter 2025 Retail Automotive Highlights Compared to Third Quarter 2024
— Retail Automotive Same-Store New Units Delivered – increased 4%
— Retail Automotive Same-Store Revenue – increased 5%
— New Vehicle +4%; Used Vehicle +8%; Finance & Insurance +4%; Service & Parts +5%
— Retail Automotive Same-Store Gross Profit – increased 3%
— New Vehicle -5%; Used Vehicle +6%; Finance & Insurance +4%; Service & Parts +8%
— Retail Automotive Same-Store Service and Parts Gross Margin Increased 140 basis points to 59.1%
For the nine months ended September30, 2025, revenue increased 1% from the same period in 2024 to a record of $23.0billion. Net income attributable to common stockholders increased 4% to $707.3 million compared to $682.5 million in the prior year period, and related earnings per share increased 5% to $10.66 compared to $10.20 for the same period in 2024. As reconciled in the attached schedules, adjusted net income increased 1% to $689.3 million and adjusted earnings per share increased 2% to $10.39.Foreign currency exchange positively impacted revenue by $189.0million, net income attributable to common stockholders by $1.8 million, and earnings per share by $0.02.
Retail Automotive Dealerships
For the three months ended September30, 2025, total new units delivered increased 1%. New units increased 6% in the U.S. and declined 5% internationally. Used units delivered decreased 5%, consisting of a 1% decrease in the U.S. and a 10% decrease internationally. The decrease in used units internationally is largely attributable to the previously announced realignment of the Company's U.K. used only dealerships to Sytner Select as we either closed or sold four locations. The Sytner Select locations are more closely aligned with the existing franchised dealer operations and focus on retailing fewer units at higher margin and lower costs. Excluding the performance of the U.K. Sytner Select locations in both periods, used units delivered decreased 2%. Total retail automotive revenue increased 4% to $6.6billion and increased 5% on a same-store basis. Total retail automotive gross profit increased 2% to $1.1billion, and same-store gross profit increased 3%, driven by an 8% increase in same-store service and parts.
For the nine months ended September30, 2025, total new units deliveredincreased 1%. Used units delivered decreased 13%. Excluding the performance of the U.K. Sytner Select locations in both periods, used units delivered decreased 2%. Total retail automotive revenue increased 1% to $19.7billion and increased 2% on a same-store basis. Total retail automotive gross profit increased 3% to $3.3billion, and same-store gross profit increased 3%, driven by an 8% increase in same-store service and parts.
Retail Commercial Truck Dealerships
As of September30, 2025, Premier Truck Group operated 45 North American retail commercial truck locations. For the three months ended September30, 2025, retail unit sales decreased 19% to 5,108 from 6,331 and decreased 19% on a same-store basis as continued weakness in the freight market impacted new and used truck demand. Earnings before taxes was $41.5million compared to $56.5million in the prior year period. For the nine months ended September30, 2025, revenue decreased 2% to $2.69billion from $2.75 billion and decreased 7% on a same-store basis, and earnings before taxes was $140.8million compared to $158.7million in the prior year period.
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 405,000 trucks, tractors, and trailers under lease, rental and/or maintenance contracts. Penske Automotive Group has a 28.9% ownership interest in PTS and accounts for its ownership interest using the equity method of accounting.For the three and nine months ended September30, 2025, the Company recorded $58.5 million and $145.1 million in earnings compared to $60.3 million and $145.7 million for the same periods in 2024 as continued weakness in the freight market drove a decline in rental revenue, coupled with an increase in bad debt expense and lower gain on the sale of used trucks.
Corporate Development, Capital Allocation, Liquidity, and Leverage
During July 2025, we completed the acquisition of a Ferrari dealership in Italy with expected estimated annualized revenue of $40 million. Also, on October 15, 2025, the Board of Directors approved an increase in the quarterly dividend of 4.5%, or $0.06 per share, to $1.38 per share representing a forward dividend yield of 3.2%. The increase represents the Company's 20th consecutive quarterly increase. On a trailing twelve-month basis, the dividend payout ratio is 36.5%.
During September 2025, we repaid in full at scheduled maturity our $550million of 3.50% senior subordinated notes due September 1, 2025. During the nine months ended September30, 2025, the Company repurchased 934,122 shares of common stock, or approximately 1.4% of its outstanding shares, consisting of 796,716 shares of common stock for approximately $119.0million under our securities repurchase program and 137,406 shares of our common stock for $22.6million from employees in connection with a net share settlement feature of employee equity awards. From October 1, 2025, through October 24, 2025, the Company repurchased an additional 152,438 shares for an aggregate purchase price of $25.6 million. As of October 24, 2025, $262.3 million remained outstanding and available for repurchases under our securities repurchase program. As of September30, 2025, the Company had approximately $1.9billion in liquidity, including $80million in cash and $1.8 billion of availability under its U.S. and international credit agreements. The Company's leverage ratio at September30, 2025 was 1.0x.
Conference Call
Penske Automotive Group will host a conference call discussing financial results relating to the third quarter of 2025 on Wednesday, October29, 2025, at 2:00p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 715-9871 [International, please dial (646) 307-1963] using access code 9658297. 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 third quarter 2025 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 28,300 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions (“PTS”), a business that employs nearly 43,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 405,000 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 net income, adjusted earnings per share, adjusted earnings 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 measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance, expectations, and future plans. 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; changes in interest rates and foreign currency exchange rates; 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 values of used trucks which affects 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 vehicles 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; 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 December31, 2024, its Form 10-Q for the quarterly periods ended March 31, 2025, and June 30, 2025, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
Inquiries should contact:Shelley Hulgrave Anthony PordonExecutive Vice President and Executive Vice President Investor RelationsChief Financial Officer and Corporate DevelopmentPenske Automotive Group,Inc. Penske Automotive Group,Inc.248-648-2812 248-648-2540shulgrave@penskeautomotive.com tpordon@penskeautomotive.com
PENSKEAUTOMOTIVE GROUP, INC.Consolidated Condensed Statements of Income(Amounts In Millions, Except Per Share Data)(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 Change 2025 2024 ChangeRevenue $ 7,695.3 $ 7,590.8 1.4% $ 22,962.1 $ 22,735.3 1.0%Cost of Sales 6,446.2 6,347.6 1.6% 19,147.4 18,982.8 0.9%Gross Profit $ 1,249.1 $ 1,243.2 0.5% $ 3,814.7 $ 3,752.5 1.7%SG&A Expenses 907.5 885.2 2.5% 2,727.4 2,652.5 2.8%Depreciation 42.9 40.6 5.7% 124.9 117.0 6.8%Operating Income $ 298.7 $ 317.4 (5.9)% $ 962.4 $ 983.0 (2.1)%Floor Plan Interest Expense (42.9) (50.8) (15.6)% (127.7) (142.2) (10.2)%Other Interest Expense (22.0) (22.9) (3.9)% (66.1) (64.1) 3.1%Gain on Sale of Dealership – – nm 52.3 – nmEquity in Earnings of Affiliates 58.4 60.7 (3.8)% 145.3 148.0 (1.8)%Income Before Income Taxes $ 292.2 $ 304.4 (4.0)% $ 966.2 $ 924.7 4.5%Income Taxes (78.7) (77.4) 1.7% (256.8) (238.6) 7.6%Net Income $ 213.5 $ 227.0 (5.9)% $ 709.4 $ 686.1 3.4%Less: Income Attributable to Non-Controlling Interests 0.5 0.9 (44.4)% 2.1 3.6 (41.7)%Net Income Attributable to Common Stockholders $ 213.0 $ 226.1 (5.8)% $ 707.3 $ 682.5 3.6%Amounts Attributable to Common Stockholders:Net Income $ 213.5 $ 227.0 (5.9)% $ 709.4 $ 686.1 3.4%Less: Income Attributable to Non-Controlling Interests 0.5 0.9 (44.4)% 2.1 3.6 (41.7)%Net Income Attributable to Common Stockholders $ 213.0 $ 226.1 (5.8)% $ 707.3 $ 682.5 3.6%Income Per Share $ 3.23 $ 3.39 (4.7)% $ 10.66 $ 10.20 4.5%Weighted Average Shares Outstanding 66.0 66.8 (1.1)% 66.3 66.9 (0.9)%
PENSKEAUTOMOTIVE GROUP, INC.Consolidated Condensed Balance Sheets(Amounts In Millions)(Unaudited) September 30, December 31, 2025 2024Assets:Cash and Cash Equivalents $ 80.3 $ 72.4Accounts Receivable, Net 993.3 1,002.1Inventories 4,705.1 4,640.2Other Current Assets 233.6 213.1Total Current Assets 6,012.3 5,927.8Property and Equipment, Net 3,165.8 3,006.2Operating Lease Right-of-Use Assets 2,473.4 2,467.2Intangibles 3,467.6 3,382.9Other Long-Term Assets 1,999.7 1,936.8Total Assets $ 17,118.8 $ 16,720.9Liabilities and Equity:Floor Plan Notes Payable $ 2,453.8 $ 2,535.8Floor Plan Notes Payable – Non-Trade 1,514.8 1,488.2Accounts Payable 960.5 851.7Accrued Expenses and Other Current Liabilities 967.7 889.0Current Portion Long-Term Debt 305.4 721.2Total Current Liabilities 6,202.2 6,485.9Long-Term Debt 1,265.6 1,130.8Long-Term Operating Lease Liabilities 2,389.6 2,392.6Other Long-Term Liabilities 1,536.1 1,484.3Total Liabilities 11,393.5 11,493.6Equity 5,725.3 5,227.3Total Liabilities and Equity $ 17,118.8 $ 16,720.9
PENSKEAUTOMOTIVE GROUP, INC.Consolidated OperationsSelected Data(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024Geographic Revenue Mix:North America 62.1% 61.2% 61.1% 59.2%U.K. 27.1% 29.8% 28.3% 31.7%Other International 10.8% 9.0% 10.6% 9.1%Total 100.0% 100.0% 100.0% 100.0%Revenue: (Amounts in Millions)Retail Automotive $ 6,570.1 $ 6,340.7 $ 19,656.9 $ 19,434.1Retail Commercial Truck 918.6 1,063.3 2,685.9 2,747.4Commercial Vehicle Distribution and Other 206.6 186.8 619.3 553.8Total $ 7,695.3 $ 7,590.8 $ 22,962.1 $ 22,735.3Gross Profit: (Amounts in Millions)Retail Automotive $ 1,066.3 $ 1,041.5 $ 3,258.9 $ 3,173.7Retail Commercial Truck 136.3 157.1 420.9 446.4Commercial Vehicle Distribution and Other 46.5 44.6 134.9 132.4Total $ 1,249.1 $ 1,243.2 $ 3,814.7 $ 3,752.5Gross Margin:Retail Automotive 16.2% 16.4% 16.6% 16.3%Retail Commercial Truck 14.8% 14.8% 15.7% 16.2%Commercial Vehicle Distribution and Other 22.5% 23.9% 21.8% 23.9%Total 16.2% 16.4% 16.6% 16.5%
Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024Operating Items as a Percentage of Revenue:Gross Profit 16.2% 16.4% 16.6% 16.5%Selling, General and Administrative Expenses 11.8% 11.7% 11.9% 11.7%Operating Income 3.9% 4.2% 4.2% 4.3%Income Before Income Taxes 3.8% 4.0% 4.2% 4.1%Operating Items as a Percentage of Total Gross Profit:Selling, General, and Administrative Expenses 72.7% 71.2% 71.5% 70.7%Adjusted Selling, General, and Administrative Expenses(1) – – 70.8% 70.7%Operating Income 23.9% 25.5% 25.2% 26.2%
Three Months Ended Nine Months Ended September 30, September 30,(Amounts in Millions) 2025 2024 2025 2024EBITDA(1) $ 357.1 $ 367.9 $ 1,157.2 $ 1,105.8Floor Plan Credits $ 14.4 $ 13.4 $ 40.0 $ 37.3Rent Expense $ 68.3 $ 65.9 $ 202.4 $ 196.5_______________________(1) See the following Non-GAAP reconciliation table.
PENSKE AUTOMOTIVE GROUP, INC.Retail Automotive Operations(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 Change 2025 2024 ChangeRetail Automotive Units:New Retail 48,809 49,523 (1.4)% 146,957 149,051 (1.4)%Used Retail 54,708 57,738 (5.2)% 168,193 192,574 (12.7)%Total Retail 103,517 107,261 (3.5)% 315,150 341,625 (7.7)%New Agency 11,730 10,290 14.0% 32,495 29,443 10.4%Total Retail and Agency 115,247 117,551 (2.0)% 347,645 371,068 (6.3)%Retail Automotive Revenue: (Amounts in Millions)New Vehicles $ 2,961.1 $ 2,890.2 2.5% $ 8,925.0 $ 8,688.6 2.7%Used Vehicles 2,242.8 2,123.9 5.6% 6,643.8 6,735.9 (1.4)%Finance and Insurance, Net 195.9 193.1 1.5% 594.6 607.8 (2.2)%Service and Parts 818.3 778.0 5.2% 2,424.3 2,276.9 6.5%Fleet and Wholesale 352.0 355.5 (1.0)% 1,069.2 1,124.9 (5.0)%Total Revenue $ 6,570.1 $ 6,340.7 3.6% $ 19,656.9 $ 19,434.1 1.1%Retail Automotive Gross Profit: (Amounts in Millions)New Vehicles $ 258.3 $ 274.1 (5.8)% $ 820.7 $ 837.5 (2.0)%Used Vehicles 115.6 108.6 6.4% 369.2 358.0 3.1%Finance and Insurance, Net 195.9 193.1 1.5% 594.6 607.8 (2.2)%Service and Parts 482.2 449.8 7.2% 1,425.9 1,321.8 7.9%Fleet and Wholesale 14.3 15.9 (10.1)% 48.5 48.6 (0.2)%Total Gross Profit $ 1,066.3 $ 1,041.5 2.4% $ 3,258.9 $ 3,173.7 2.7%Retail Automotive Revenue Per Vehicle Retailed:New Vehicles (excluding agency) $ 60,041 $ 57,879 3.7% $ 60,172 $ 57,840 4.0%Used Vehicles 40,995 36,785 11.4% 39,501 34,978 12.9%Retail Automotive Gross Profit Per Vehicle Retailed:New Vehicles (excluding agency) $ 4,726 $ 5,072 (6.8)% $ 5,073 $ 5,202 (2.5)%Used Vehicles 2,112 1,882 12.2% 2,195 1,859 18.1%Financeand Insurance (excluding agency) 1,848 1,761 4.9% 1,848 1,748 5.7%Agency 2,753 2,636 4.4% 2,693 2,470 9.0%Retail Automotive Gross Margin:New Vehicles 8.7% 9.5% (80)bps 9.2% 9.6% (40)bpsUsed Vehicles 5.2% 5.1% +10bps 5.6% 5.3% +30bpsService and Parts 58.9% 57.8% +110bps 58.8% 58.1% +70bpsFleet and Wholesale 4.1% 4.5% (40)bps 4.5% 4.3% +20bpsTotal Gross Margin 16.2% 16.4% (20)bps 16.6% 16.3% +30bpsRetail Automotive Revenue Mix Percentages:New Vehicles 45.1% 45.6% (50)bps 45.4% 44.7% +70bpsUsed Vehicles 34.1% 33.5% +60bps 33.8% 34.7% (90)bpsFinance and Insurance, Net 3.0% 3.0% -bps 3.0% 3.1% (10)bpsService and Parts 12.5% 12.3% +20bps 12.3% 11.7% +60bpsFleet and Wholesale 5.3% 5.6% (30)bps 5.5% 5.8% (30)bpsTotal 100.0% 100.0% 100.0% 100.0%Retail Automotive Gross Profit Mix Percentages:New Vehicles 24.2% 26.3% (210)bps 25.2% 26.4% (120)bpsUsed Vehicles 10.8% 10.4% +40bps 11.3% 11.3% -bpsFinance and Insurance, Net 18.4% 18.5% (10)bps 18.2% 19.2% (100)bpsService and Parts 45.2% 43.2% +200bps 43.8% 41.6% +220bpsFleet and Wholesale 1.4% 1.6% (20)bps 1.5% 1.5% -bpsTotal 100.0% 100.0% 100.0% 100.0%
PENSKEAUTOMOTIVE GROUP, INC.Retail Automotive Operations Same-Store(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 Change 2025 2024 ChangeRetail Automotive Same-Store Units:New Retail 47,115 46,969 0.3% 141,674 143,099 (1.0)%Used Retail 53,593 55,023 (2.6)% 163,336 179,604 (9.1)%Total Retail 100,708 101,992 (1.3)% 305,010 322,703 (5.5)%New Agency 11,730 9,672 21.3% 32,495 27,332 18.9%Total Retail and Agency 112,438 111,664 0.7% 337,505 350,035 (3.6)%Retail Automotive Same-Store Revenue: (Amounts in Millions)New Vehicles $ 2,863.0 $ 2,765.7 3.5% $ 8,587.2 $ 8,352.9 2.8%Used Vehicles 2,196.5 2,042.9 7.5% 6,407.9 6,371.0 0.6%Finance and Insurance, Net 193.7 187.0 3.6% 583.7 582.8 0.2%Service and Parts 799.9 762.8 4.9% 2,341.3 2,224.0 5.3%Fleet and Wholesale 341.3 325.5 4.9% 1,023.5 1,061.8 (3.6)%Total Revenue $ 6,394.4 $ 6,083.9 5.1% $ 18,943.6 $ 18,592.5 1.9%Retail Automotive Same-Store Gross Profit: (Amounts in Millions)New Vehicles $ 249.5 $ 262.9 (5.1)% $ 786.3 $ 806.1 (2.5)%Used Vehicles 112.7 106.6 5.7% 355.2 343.6 3.4%Finance and Insurance, Net 193.7 187.0 3.6% 583.7 582.8 0.2%Service and Parts 473.0 439.8 7.5% 1,383.5 1,287.4 7.5%Fleet and Wholesale 14.0 15.8 (11.4)% 47.4 48.7 (2.7)%Total Gross Profit $ 1,042.9 $ 1,012.1 3.0% $ 3,156.1 $ 3,068.6 2.9%Retail Automotive Same-Store Revenue Per Vehicle Retailed:New Vehicles (excluding agency) $ 60,121 $ 58,396 3.0% $ 60,032 $ 57,922 3.6%Used Vehicles 40,985 37,127 10.4% 39,231 35,473 10.6%Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:New Vehicles (excluding agency) $ 4,710 $ 5,130 (8.2)% $ 5,019 $ 5,221 (3.9)%Used Vehicles 2,102 1,937 8.5% 2,175 1,913 13.7%Financeand Insurance (excluding agency) 1,891 1,806 4.7% 1,894 1,793 5.6%Agency 2,631 2,558 2.9% 2,497 2,317 7.8%Retail Automotive Same-Store Gross Margin:New Vehicles 8.7% 9.5% (80)bps 9.2% 9.7% (50)bpsUsed Vehicles 5.1% 5.2% (10)bps 5.5% 5.4% +10bpsService and Parts 59.1% 57.7% +140bps 59.1% 57.9% +120bpsFleet and Wholesale 4.1% 4.9% (80)bps 4.6% 4.6% -bpsTotal Gross Margin 16.3% 16.6% (30)bps 16.7% 16.5% +20bpsRetail Automotive Same-Store Revenue Mix Percentages:New Vehicles 44.8% 45.5% (70)bps 45.3% 44.9% +40bpsUsed Vehicles 34.4% 33.6% +80bps 33.8% 34.3% (50)bpsFinance and Insurance, Net 3.0% 3.1% (10)bps 3.1% 3.1% -bpsService and Parts 12.5% 12.5% -bps 12.4% 12.0% +40bpsFleet and Wholesale 5.3% 5.3% -bps 5.4% 5.7% (30)bpsTotal 100.0% 100.0% 100.0% 100.0%Retail Automotive Same-Store Gross Profit Mix Percentages:New Vehicles 23.9% 26.0% (210)bps 24.9% 26.3% (140)bpsUsed Vehicles 10.8% 10.5% +30bps 11.3% 11.2% +10bpsFinance and Insurance, Net 18.6% 18.5% +10bps 18.5% 19.0% (50)bpsService and Parts 45.4% 43.5% +190bps 43.8% 42.0% +180bpsFleet and Wholesale 1.3% 1.5% (20)bps 1.5% 1.5% -bpsTotal 100.0% 100.0% 100.0% 100.0%
PENSKEAUTOMOTIVE GROUP, INC.Retail Commercial Truck Operations(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 Change 2025 2024 ChangeRetail Commercial Truck Units:New Retail 4,298 5,405 (20.5)% 12,675 13,379 (5.3)%Used Retail 810 926 (12.5)% 2,486 2,740 (9.3)%Total 5,108 6,331 (19.3)% 15,161 16,119 (5.9)%Retail Commercial Truck Revenue: (Amounts in Millions)New Vehicles $ 620.8 $ 755.3 (17.8)% $ 1,803.6 $ 1,864.9 (3.3)%Used Vehicles 60.7 60.1 1.0% 177.2 171.2 3.5%Finance and Insurance, Net 3.7 5.2 (28.8)% 12.2 14.7 (17.0)%Service and Parts 227.0 232.8 (2.5)% 675.7 675.6 -%Wholesale and Other 6.4 9.9 (35.4)% 17.2 21.0 (18.1)%Total Revenue $ 918.6 $ 1,063.3 (13.6)% $ 2,685.9 $ 2,747.4 (2.2)%Retail Commercial Truck Gross Profit: (Amounts in Millions)New Vehicles $ 34.7 $ 46.0 (24.6)% $ 104.8 $ 119.9 (12.6)%Used Vehicles 2.7 4.8 (43.8)% 14.9 11.5 29.6%Finance and Insurance, Net 3.7 5.2 (28.8)% 12.2 14.7 (17.0)%Service and Parts 92.1 98.0 (6.0)% 279.6 290.2 (3.7)%Wholesale and Other 3.1 3.1 -% 9.4 10.1 (6.9)%Total Gross Profit $ 136.3 $ 157.1 (13.2)% $ 420.9 $ 446.4 (5.7)%Retail Commercial Truck Revenue Per Vehicle Retailed:New Vehicles $ 144,435 $ 139,746 3.4% $ 142,288 $ 139,390 2.1%Used Vehicles 74,937 64,856 15.5% 71,304 62,480 14.1%Retail Commercial Truck Gross Profit Per Vehicle Retailed:New Vehicles $ 8,075 $ 8,503 (5.0)% $ 8,268 $ 8,957 (7.7)%Used Vehicles 3,354 5,237 (36.0)% 5,999 4,247 41.3%Finance and Insurance 732 828 (11.6)% 803 914 (12.1)%Retail Commercial Truck Gross Margin:New Vehicles 5.6% 6.1% (50)bps 5.8% 6.4% (60)bpsUsed Vehicles 4.4% 8.0% (360)bps 8.4% 6.7% +170bpsService and Parts 40.6% 42.1% (150)bps 41.4% 43.0% (160)bpsWholesale and Other 48.4% 31.3% +1,710bps 54.7% 48.1% +660bpsTotal Gross Margin 14.8% 14.8% -bps 15.7% 16.2% (50)bpsRetail Commercial Truck Revenue Mix Percentages:New Vehicles 67.6% 71.0% (340)bps 67.2% 67.9% (70)bpsUsed Vehicles 6.6% 5.7% +90bps 6.6% 6.2% +40bpsFinance and Insurance, Net 0.4% 0.5% (10)bps 0.5% 0.5% -bpsService and Parts 24.7% 21.9% +280bps 25.2% 24.6% +60bpsWholesale and Other 0.7% 0.9% (20)bps 0.5% 0.8% (30)bpsTotal 100.0% 100.0% 100.0% 100.0%Retail Commercial Truck Gross Profit Mix Percentages:New Vehicles 25.5% 29.3% (380)bps 24.9% 26.9% (200)bpsUsed Vehicles 2.0% 3.1% (110)bps 3.5% 2.6% +90bpsFinance and Insurance, Net 2.7% 3.3% (60)bps 2.9% 3.3% (40)bpsService and Parts 67.6% 62.4% +520bps 66.4% 65.0% +140bpsWholesale and Other 2.2% 1.9% +30bps 2.3% 2.2% +10bpsTotal 100.0% 100.0% 100.0% 100.0%
PENSKEAUTOMOTIVE GROUP, INC.Retail Commercial Truck Operations Same-Store(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 Change 2025 2024 ChangeRetail Commercial Truck Same-Store Units:New Retail 4,298 5,405 (20.5)% 11,755 13,119 (10.4)%Used Retail 810 926 (12.5)% 2,421 2,730 (11.3)%Total 5,108 6,331 (19.3)% 14,176 15,849 (10.6)%Retail Commercial Truck Same-Store Revenue: (Amounts in Millions)New Vehicles $ 620.8 $ 755.3 (17.8)% $ 1,658.7 $ 1,823.8 (9.1)%Used Vehicles 60.7 60.1 1.0% 173.0 170.5 1.5%Finance and Insurance, Net 3.7 5.2 (28.8)% 10.5 13.6 (22.8)%Service and Parts 227.0 231.6 (2.0)% 651.1 663.3 (1.8)%Wholesale and Other 6.4 9.9 (35.4)% 16.4 20.9 (21.5)%Total Revenue $ 918.6 $ 1,062.1 (13.5)% $ 2,509.7 $ 2,692.1 (6.8)%Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions)New Vehicles $ 34.7 $ 46.0 (24.6)% $ 95.2 $ 116.0 (17.9)%Used Vehicles 2.7 4.8 (43.8)% 14.5 11.6 25.0%Finance and Insurance, Net 3.7 5.2 (28.8)% 10.5 13.6 (22.8)%Service and Parts 92.1 97.4 (5.4)% 268.6 284.4 (5.6)%Wholesale and Other 2.9 2.9 -% 8.8 9.4 (6.4)%Total Gross Profit $ 136.1 $ 156.3 (12.9)% $ 397.6 $ 435.0 (8.6)%Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed:New Vehicles $ 144,435 $ 139,746 3.4% $ 141,105 $ 139,019 1.5%Used Vehicles 74,937 64,856 15.5% 71,473 62,465 14.4%Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed:New Vehicles $ 8,075 $ 8,503 (5.0)% $ 8,102 $ 8,839 (8.3)%Used Vehicles 3,354 5,237 (36.0)% 5,983 4,244 41.0%Finance and Insurance 732 828 (11.6)% 739 861 (14.2)%Retail Commercial Truck Same-Store Gross Margin:New Vehicles 5.6% 6.1% (50)bps 5.7% 6.4% (70)bpsUsed Vehicles 4.4% 8.0% (360)bps 8.4% 6.8% +160bpsService and Parts 40.6% 42.1% (150)bps 41.3% 42.9% (160)bpsWholesale and Other 45.3% 29.3% +1,600bps 53.7% 45.0% +870bpsTotal Gross Margin 14.8% 14.7% +10bps 15.8% 16.2% (40)bpsRetail Commercial Truck Same-Store Revenue Mix Percentages:New Vehicles 67.6% 71.1% (350)bps 66.1% 67.7% (160)bpsUsed Vehicles 6.6% 5.7% +90bps 6.9% 6.3% +60bpsFinance and Insurance, Net 0.4% 0.5% (10)bps 0.4% 0.5% (10)bpsService and Parts 24.7% 21.8% +290bps 25.9% 24.6% +130bpsWholesale and Other 0.7% 0.9% (20)bps 0.7% 0.9% (20)bpsTotal 100.0% 100.0% 100.0% 100.0%Retail Commercial Truck Same-Store Gross Profit Mix Percentages:New Vehicles 25.5% 29.4% (390)bps 23.9% 26.7% (280)bpsUsed Vehicles 2.0% 3.1% (110)bps 3.6% 2.7% +90bpsFinance and Insurance, Net 2.7% 3.3% (60)bps 2.6% 3.1% (50)bpsService and Parts 67.7% 62.3% +540bps 67.6% 65.4% +220bpsWholesale and Other 2.1% 1.9% +20bps 2.3% 2.1% +20bpsTotal 100.0% 100.0% 100.0% 100.0%
PENSKEAUTOMOTIVE GROUP, INC.Supplemental Data(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024Retail Automotive Revenue Mix:Premium:BMW / MINI 26% 25% 27% 26%Audi 10% 11% 10% 10%Porsche 10% 9% 10% 9%Mercedes-Benz 8% 8% 8% 8%Land Rover / Jaguar 7% 9% 7% 9%Ferrari / Maserati 3% 3% 3% 3%Lexus 3% 3% 3% 3%Acura 1% 1% 1% 1%Bentley 1% 1% 1% 1%Others 3% 2% 3% 2%Total Premium 72% 72% 73% 72%Volume Non-U.S.:Toyota 10% 11% 10% 11%Honda 6% 6% 6% 5%Volkswagen 2% 2% 2% 2%Hyundai 2% 1% 1% 1%Others 1% 1% 1% 1%Total Volume Non-U.S. 21% 21% 20% 20%U.S.:General Motors / Stellantis / Ford 3% 2% 3% 2%Used Vehicle Dealerships 4% 5% 4% 6%Total 100% 100% 100% 100%
Three Months Ended Nine Months Ended September 30, September 30,Capital Expenditures / Stock Repurchases: 2025 2024 2025 2024($ Amounts in Millions)Capital expenditures $ 79.1 $ 80.9 $ 226.5 $ 282.6Cash paid for acquisitions $ 21.5 $ 196.6 $ 21.5 $ 637.4Stock repurchases:Aggregate purchase price $ 8.3 $ 0.1 $ 141.6 $ 76.5Shares repurchased 48,850 476 934,122 511,073
Balance Sheet and Other Highlights: September 30, 2025 December 31, 2024(Amounts in Millions)Cash and Cash Equivalents $ 80.3 $ 72.4Inventories $ 4,705.1 $ 4,640.2Total Floor Plan Notes Payable $ 3,968.6 $ 4,024.0Total Long-Term Debt $ 1,571.0 $ 1,852.0Equity $ 5,725.3 $ 5,227.3Debt to Total Capitalization Ratio 21.5% 26.2%Leverage Ratio (1) 1.0x 1.2xNew vehicle days' supply 51 days 49 daysUsed vehicle days' supply 43 days 47 days(1) See the following Non-GAAP reconciliation table
PENSKEAUTOMOTIVE GROUP, INC.Consolidated Non-GAAPReconciliations(Unaudited)The following tables reconcile reported net income and earnings per share to adjusted net income and adjusted earnings per share for the nine months ended September30, 2025, and 2024: Nine Months Ended(Amounts in Millions) September 30, 2025 2024 % ChangeNet Income Attributable to Common Stockholders $ 707.3 $ 682.5 3.6%Less: Gain on Sale of Dealership (38.9) – nmAdd: Impairments and Other Charges 20.9 – nmAdjusted Net Income Attributable to Common Stockholders $ 689.3 $ 682.5 1.0% Nine Months Ended September 30, 2025 2024 % ChangeEarnings Per Share $ 10.66 $ 10.20 4.5%Less: Gain on Sale of Dealership (0.58) – nmAdd: Impairments and Other Charges 0.31 – nmAdjusted Earnings Per Share $ 10.39 $ 10.20 1.9%
The following table reconciles reported selling, general, and administrative expenses (“SG&A”) and SG&A to gross profit to adjusted SG&A and adjusted SG&A to gross profit for the nine months ending September30, 2025, and 2024:
Nine Months Ended September 30, 2025 vs. 2024(AmountsinMillions) 2025 2024 Change % ChangeSelling, General, & Administrative Expenses $ 2,727.4 $ 2,652.5 $ 74.9 2.8%Less: Impairments and Other Charges (25.2) – (25.2) nmAdjusted Selling, General, & Administrative Expenses $ 2,702.2 $ 2,652.5 $ 49.7 1.9%Selling, General, and Administrative Expenses to Gross Profit 71.5 % 70.7 % 80 bps nmAdjusted Selling, General, and Administrative Expenses to Gross Profit 70.8 % 70.7 % 10 bps nm
The following table reconciles net income before taxes to adjusted net income before taxes for the nine months ending September30, 2025, and 2024:
Nine Months Ended(Amounts in Millions) September 30, 2025 2024 % ChangeNet Income Before Taxes $ 966.2 $ 924.7 4.5%Less: Gain on Sale of Dealership (52.3) – nmAdd: Impairments and Other Charges 25.2 – nmAdjusted Net Income Before Taxes $ 939.1 $ 924.7 1.6%
The following tables reconcile reported net income to earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30, 2025 vs. 2024(AmountsinMillions) 2025 2024 Change % ChangeNet Income $ 213.5 $ 227.0 $ (13.5) (5.9)%Add: Depreciation 42.9 40.6 2.3 5.7%Other Interest Expense 22.0 22.9 (0.9) (3.9)%Income Taxes 78.7 77.4 1.3 1.7%EBITDA $ 357.1 $ 367.9 $ (10.8) (2.9)% Nine Months Ended September 30, 2025 vs. 2024(AmountsinMillions) 2025 2024 Change % ChangeNet Income $ 709.4 $ 686.1 $ 23.3 3.4%Add: Depreciation 124.9 117.0 7.9 6.8%Other Interest Expense 66.1 64.1 2.0 3.1%Income Taxes 256.8 238.6 18.2 7.6%EBITDA $ 1,157.2 $ 1,105.8 $ 51.4 4.6%Less: Gain on Sale of Dealership (52.3) – (52.3) nmAdd: Impairments and Other Charges 25.2 – 25.2 nmAdjusted EBITDA $ 1,130.1 $ 1,105.8 $ 24.3 2.2%
The following table reconciles the leverage ratio as of September30, 2025, and December31, 2024:
Three Nine Trailing Twelve Twelve Months Ended Months Ended Months Ended Months Ended(AmountsinMillions) December 31, 2024 September 30, 2025 September 30, 2025 December 31, 2024Net Income $ 237.3 $ 709.4 $ 946.7 $ 923.4Add: Depreciation 41.0 124.9 165.9 158.0Other Interest Expense 23.7 66.1 89.8 87.8Income Taxes 77.9 256.8 334.7 316.5EBITDA $ 379.9 $ 1,157.2 $ 1,537.1 $ 1,485.7Less: Gain on Sale of Dealership – (52.3) (52.3) -Add: Impairments and Other Charges – 25.2 25.2 -Adjusted EBITDA $ 379.9 $ 1,130.1 $ 1,510.0 $ 1,485.7Total Non-Vehicle Long-Term Debt $ 1,571.0 $ 1,852.0Leverage Ratio 1.0x 1.2x
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