$PAG

PENSKE AUTOMOTIVE GROUP, INC.

CIK:0001019849|SEC Filings

CONSOLIDATED CONDENSED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenues	$ 8,512.7	$ 8,032.5	$ 16,376.3	$ 15,986.3
Cost of sales:
Total cost of sales	7,155.7	6,680.3	13,719.9	13,312.7
Gross profit	1,357.0	1,352.2	2,656.4	2,673.6
Selling, general, and administrative expenses	974.0	943.8	1,939.6	1,895.2
Depreciation	45.4	43.1	90.2	83.7
Operating income	337.6	365.3	626.6	694.7
Floor plan interest expense	(38.5)	(43.8)	(76.6)	(85.8)
Other interest expense	(33.1)	(21.6)	(61.5)	(44.1)
Gain on sale of dealerships	30.5	0.0	90.9	52.3
Equity in earnings of affiliates	57.3	53.6	98.1	86.9
Income before income taxes	353.8	353.5	677.5	704.0
Income taxes	(92.6)	(86.0)	(181.4)	(178.1)
Net income	261.2	267.5	496.1	525.9
Less: Income attributable to non-controlling interests	0.8	0.9	1.2	1.6
Net income attributable to Penske Automotive Group common stockholders	$ 260.4	$ 266.6	$ 494.9	$ 524.3
Basic earnings per share attributable to Penske Automotive Group common stockholders:
Net income attributable to Penske Automotive Group common stockholders (in dollars per share)	$ 3.96	$ 4.03	$ 7.53	$ 7.89
Shares used in determining basic earnings per share (in shares)	65,721,612	66,172,701	65,758,318	66,470,709
Diluted earnings per share attributable to Penske Automotive Group common stockholders:
Net income attributable to Penske Automotive Group common stockholders (in dollars per share)	$ 3.96	$ 4.03	$ 7.52	$ 7.89
Shares used in determining diluted earnings per share (in shares)	65,733,900	66,187,252	65,770,606	66,485,260
Amounts attributable to Penske Automotive Group common stockholders:
Net income	$ 261.2	$ 267.5	$ 496.1	$ 525.9
Less: Income attributable to non-controlling interests	0.8	0.9	1.2	1.6
Net income attributable to Penske Automotive Group common stockholders	$ 260.4	$ 266.6	$ 494.9	$ 524.3
Cash dividends per share (in dollars per share)	$ 1.42	$ 1.26	$ 2.82	$ 2.48
Retail automotive dealership
Revenue:
Total revenues	$ 7,301.0	$ 6,887.7	$ 14,268.1	$ 13,806.3
Cost of sales:
Total cost of sales	6,144.5	5,723.3	11,986.6	11,505.7
Depreciation	39.4	37.5	78.3	72.7
Floor plan interest expense	(34.4)	(36.7)	(68.8)	(72.7)
Other interest expense	(30.0)	(17.5)	(56.5)	(35.5)
Equity in earnings of affiliates	0.0	0.3	0.0	0.5
Income before income taxes	229.8	238.9	468.8	504.4
Retail commercial truck dealership
Revenue:
Total revenues	927.8	943.6	1,622.4	1,767.3
Cost of sales:
Total cost of sales	785.0	800.0	1,351.4	1,482.7
Depreciation	4.4	4.1	8.8	8.1
Floor plan interest expense	(2.8)	(4.9)	(5.2)	(8.6)
Other interest expense	0.0	0.0	0.0	0.0
Equity in earnings of affiliates	0.0	0.0	0.0	0.0
Income before income taxes	47.2	54.2	83.5	99.3
Commercial vehicle distribution and other
Revenue:
Total revenues	283.9	201.2	485.8	412.7
Cost of sales:
Total cost of sales	$ 226.2	$ 157.0	$ 381.9	$ 324.3

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net income	$ 496.1	$ 525.9
Adjustments to reconcile net income to net cash from operating activities:
Depreciation	90.2	83.7
Earnings of equity method investments, net of distributions	(77.6)	(70.2)
Deferred income taxes	7.5	(43.9)
Stock-based compensation	15.8	16.9
Gain on sale of dealerships	(90.9)	(52.3)
Changes in operating assets and liabilities:
Accounts receivable	10.8	(7.1)
Inventories	(335.0)	(16.9)
Other current assets	(26.7)	(14.4)
Floor plan notes payable	207.9	18.9
Accounts payable and accrued expenses	94.4	40.9
Other	26.6	18.7
Net cash provided by operating activities	419.1	500.2
Investing Activities:
Purchases of property, equipment, and improvements	(134.9)	(157.6)
Proceeds from sale of dealerships	150.7	79.2
Proceeds from sale of property and equipment	24.2	20.5
Proceeds from sale of equity method investment	0.0	16.0
Acquisitions net, including repayment of sellers' floor plan notes payable of $15.0 and $0.0, respectively	(669.7)	0.0
Other	(1.4)	(3.2)
Net cash used in investing activities	(631.1)	(45.1)
Financing Activities:
Proceeds from borrowings under revolving U.S. credit agreement and mortgage facilities	2,651.3	2,354.5
Repayments under revolving U.S. credit agreement and mortgage facilities	(2,299.6)	(2,450.1)
Net cash borrowings (repayments) of other debt	8.3	(15.0)
Repayments of related party promissory note	(26.0)	0.0
Net borrowings of floor plan notes payable — non-trade	114.4	43.9
Repurchases of common stock	(26.3)	(111.2)
Payments of tax withholding for stock-based compensation	(16.2)	(22.1)
Dividends	(186.2)	(165.4)
PMG distributions to partners	0.0	(20.1)
Payment of debt issuance costs	(1.0)	(0.6)
Other	(1.3)	0.0
Net cash provided by (used in) financing activities	217.4	(386.1)
Effect of exchange rate changes on cash and cash equivalents	(0.6)	6.6
Net change in cash and cash equivalents	4.8	75.6
Cash and cash equivalents, beginning of period	64.7	83.6
Cash and cash equivalents, end of period	69.5	159.2
Cash paid for:
Interest	139.3	132.5
Income taxes	$ 157.2	$ 181.3

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 69.5	$ 64.7
Accounts receivable, net of allowance for doubtful accounts of $5.6 and $6.9	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
Goodwill	2,813.6	2,435.7
Other indefinite-lived intangible assets	1,294.3	1,164.2
Equity method investments	1,974.5	1,923.7
Other long-term assets	108.9	113.1
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 of 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
Deferred tax liabilities	1,207.5	1,200.4
Other long-term liabilities	261.0	265.3
Total liabilities	12,651.9	12,016.8
Commitments and contingent liabilities (Note 10)
Penske Automotive Group stockholders' equity:
Preferred Stock, $0.0001 par value; 100,000 shares authorized; none issued and outstanding	0.0	0.0
Common stock	0.0	0.0
Additional paid-in capital	0.0	0.0
Retained earnings	6,031.8	5,750.1
Accumulated other comprehensive loss	(216.5)	(187.7)
Total Penske Automotive Group stockholders' equity	5,815.3	5,562.4
Non-controlling interest	18.1	18.5
Total equity	5,833.4	5,580.9
Total liabilities and equity	18,485.3	17,597.7
Non-voting Common Stock
Penske Automotive Group stockholders' equity:
Common stock	0.0	0.0
Class C Common Stock
Penske Automotive Group stockholders' equity:
Common stock	$ 0.0	$ 0.0