--- title: "PENSKE AUTOMOTIVE GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS | PAG Stock News" type: "News" locale: "en" url: "https://longbridge.com/en/news/275600175.md" description: "Penske Automotive Group, Inc. reported its fourth quarter and full year 2025 results, with Q4 revenue at $7.8 billion, down from $8.1 billion in 2024. Net income for Q4 was $186.1 million, a decrease from $249.3 million the previous year. The company repurchased 1.8% of its outstanding shares and increased its cash dividend to $1.40 per share. For the full year, revenue remained flat at $31.8 billion, with net income down 4% to $935.4 million. The company faced challenges with new and used vehicle sales, particularly in the U.S. and U.K. markets." datetime: "2026-02-11T03:58:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275600175.md) - [en](https://longbridge.com/en/news/275600175.md) - [zh-HK](https://longbridge.com/zh-HK/news/275600175.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/275600175.md) | [繁體中文](https://longbridge.com/zh-HK/news/275600175.md) # PENSKE AUTOMOTIVE GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS | PAG Stock News **New Vehicle, Used Vehicle, and Finance & Insurance Gross Per Unit Remain Strong** **Record Q4 and Full Year Retail Automotive Service and Parts Revenue** **and Related Gross Profit** **Q4 Same-Store Service & Parts Revenue Increases 5%** **1,178,411 Shares Repurchased in 2025, or 1.8% of Outstanding Shares** **Board of Directors Declares Increase in Cash Dividend to $1.40 Per Share** , /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced fourth quarter and twelve months 2025 results. For the quarter, revenue was $7.8 billion compared to $8.1 billion for the same period in 2024. Net income attributable to common stockholders was $186.1 million compared to $249.3 million in the prior year period, and related earnings per share was $2.83 compared to $3.73 for the same period in 2024. These GAAP results include certain impairments and other charges, as well as the full quarterly results of Penske Motor Group in both periods, which is required by GAAP for common control transactions (see page 15 below). Excluding certain impairments and other charges, adjusted net income decreased 23% to $191.5 million and adjusted earnings per share decreased 22% to $2.91. Foreign currency exchange positively impacted revenue by $113.3 million, net income attributable to common stockholders by $0.7 million, and earnings per share by $0.01. Commenting on the Company's results, Chair Roger Penske said, "In 2025, our business delivered over 504,000 retail auto and commercial truck units, generated nearly $32 billion in revenue and $1.3 billion in earnings before taxes. Our diversified model remains resilient as vehicle inventory remains in good shape, service and parts remain strong, and our costs remain well controlled. I was pleased with how our team performed during the fourth quarter in light of the difficult quarter-over-quarter comparisons, including the impact to auto sales from pull forward activity, the continuing weakness in the commercial truck freight market, and the macro-economic environment in the U.K." Penske continued, "Over the last two years, we completed divestitures of 23 non-strategic retail automotive dealerships representing nearly 21,000 new and used units and $700 million in revenue. In addition, over the last few months, we announced acquisitions of two Toyota dealerships and four Lexus dealerships representing approximately $2 billion in estimated annualized revenue that will drive further scale and growth for Penske Automotive Group." For the twelve months ended December 31, 2025, revenue remained flat from the same period in 2024 to $31.8 billion. Net income attributable to common stockholders decreased 4% to $935.4 million compared to $968.9 million in the prior year period, and related earnings per share decreased 3% to $14.13 compared to $14.49 for the same period in 2024. These GAAP results include certain impairments and other charges, as well as the full year results of Penske Motor Group in both periods, which is required by GAAP for common control transactions (see page 15 below). Excluding certain impairments and other charges and gain on sale of a dealership in the first quarter of 2025 as reconciled in the attached schedules, adjusted net income decreased 5% to $922.8 million and adjusted earnings per share decreased 4% to $13.94. Foreign currency exchange positively impacted revenue by $302.3 million, net income attributable to common stockholders by $2.5 million, and earnings per share by $0.04. **Retail Automotive Dealerships** For the three months ended December 31, 2025, total new units delivered decreased 10%. New units decreased 8% in the U.S. and declined 14% internationally. The decrease is attributed to 2,000 units from divestitures and lower sales of certain premium brands in both the U.S. and U.K. markets. These certain premium brands declined 20% in the U.S. from pull forward activity from tariffs and the expiration of BEV tax credits, while the decline in the U.K. is principally related to the weak operating environment. In addition, Q4 was impacted by an 800 unit decline on sales of Land Rover/Jaguar units primarily related to inventory constraints from the OEM cyber incident. Used units delivered decreased 6%, consisting of a 3% decrease in the U.S. and a 9% decrease internationally. The used unit decline is attributed to 1,650 units from divestitures and a 1,000 unit, or 22% decline, at Sytner Select locations. Total retail automotive revenue decreased 5% to $6.7 billion and decreased 4% on a same-store basis. Total retail automotive gross profit decreased 6% to $1.1 billion and decreased 5% on a same-store basis. For the twelve months ended December 31, 2025, total new units delivered decreased 2%. Used units delivered decreased 11%. 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 to focus on retailing fewer units at better margin and lower costs. Total retail automotive revenue was consistent with the prior year at $27.5 billion and remained flat on a same-store basis. Total retail automotive gross profit increased 1% to $4.5 billion, and same-store gross profit increased 1%, driven by a 7% increase in same-store service and parts. **Retail Commercial Truck Dealerships** For the three months ended December 31, 2025, the Company's retail commercial truck dealerships retailed 3,789 new and used units and generated $725.4 million in revenue and $33.8 million in earnings before taxes. This compares to new and used units of 4,432, revenue of $773.7 million, and $44.8 million in earnings before taxes during the same period in the prior year as continued weakness in the freight market impacted new and used truck demand, OEM new truck orders, and truck gross profit per unit. For the twelve months ended December 31, 2025, revenue decreased 3% to $3.4 billion from $3.5 billion and decreased 6% on a same-store basis, and earnings before taxes was $174.7 million compared to $203.6 million 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 396,600 trucks, tractors, and trailers under lease, rental and/or maintenance contracts. Penske Automotive Group has a 28.9% ownership interest in PTS and accounts for its ownership interest using the equity method of accounting. For the three and twelve months ended December 31, 2025, the Company recorded $47.6 million and $192.8 million in earnings compared to $52.3 million and $198.0 million for the same periods in 2024 as continued weakness in the freight market drove a decline in rental revenue, coupled with lower gain on the sale of used trucks, partially offset by fleet and cost reductions. **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 January 2026, the Company announced that it signed an agreement to acquire 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 annualized revenue. Closing of the transaction is expected to occur during the first quarter of 2026 and is subject to customary conditions. The Company expects to fund the purchase price using cash flow from operations and availability under its U.S. credit agreement. During November 2025, the Company acquired Penske Motor Group, which owns and operates two Lexus brand locations and one Toyota brand location in California and one Toyota brand location in Texas, including Longo Toyota, the largest Toyota brand dealership in the U.S., with expected revenue of $1.5 billion. Also, the Company's Board of Directors approved an increase in the quarterly dividend of 1.4%, or $0.02 per share, to $1.40 per share representing a forward dividend yield of 3.4%. The increase represents the Company's 21st consecutive quarterly increase. On a trailing twelve-month basis, the dividend payout ratio is 37.9%. The dividend is payable March 5, 2026, to shareholders of record as of February 25, 2026. During September 2025, we repaid in full at scheduled maturity our $550 million of 3.50% senior subordinated notes due September 1, 2025. During the twelve months ended December 31, 2025, the Company repurchased 1,178,411 shares of common stock, or approximately 1.8% of its outstanding shares. As of December 31, 2025, $247.5 million remained outstanding and available for repurchases under our securities repurchase program. As of December 31, 2025, the Company had approximately $1.6 billion in liquidity, including $65 million in cash and $1.5 billion of availability under its U.S. and international credit agreements. The Company's leverage ratio at December 31, 2025, was 1.5x. **Conference Call** Penske Automotive Group will host a conference call discussing financial results relating to the fourth quarter of 2025 on **Wednesday**, **February 11, 2026**, at **2:00 p.m.** **Eastern Standard 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 fourth quarter and full year 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 27,700 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs over 42,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 396,600 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit the Company's website at www.penskeautomotive.com. **Non-GAAP Financial Measures** This release contains certain non-GAAP financial measures as defined under SEC rules, such as adjusted revenue, adjusted gross profit, adjusted net income, adjusted earnings per share, adjusted 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 financial measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. **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, our ability to complete customary acquisition closing conditions, 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 December 31, 2024, its Form 10-Q for the quarterly periods ended March 31, 2025, June 30, 2025, and September 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 Pordon Executive Vice President and Executive Vice President Investor Relations Chief Financial Officer and Corporate Development Penske Automotive Group, Inc. Penske Automotive Group, Inc. 248-648-2812 248-648-2540 shulgrave@penskeautomotive.com tpordon@penskeautomotive.com PENSKE AUTOMOTIVE GROUP, INC. Consolidated Condensed Statements of Income (Amounts In Millions, Except Per Share Data) (Unaudited) **Three Months Ended** **Twelve Months Ended** **December 31,** **December 31,** **2025** **2024** **Change** **2025** **2024** **Change** Revenue $ 7,769.2 $ 8,077.6 (3.8) % $ 31,808.5 $ 31,864.8 (0.2) % Cost of Sales 6,525.4 6,764.5 (3.5) % 26,591.5 26,647.7 (0.2) % Gross Profit $ 1,243.8 $ 1,313.1 (5.3) % $ 5,217.0 $ 5,217.1 — % SG&A Expenses 924.0 924.0 — % 3,764.0 3,685.7 2.1 % Depreciation 44.8 41.8 7.2 % 172.3 161.3 6.8 % Operating Income $ 275.0 $ 347.3 (20.8) % $ 1,280.7 $ 1,370.1 (6.5) % Floor Plan Interest Expense (41.4) (48.2) (14.1) % (170.6) (193.1) (11.7) % Other Interest Expense (25.7) (23.7) 8.4 % (91.6) (87.9) 4.2 % Gain on Sale of Dealership — — nm 52.3 — nm Equity in Earnings of Affiliates 47.6 52.7 (9.7) % 192.9 200.7 (3.9) % Income Before Income Taxes $ 255.5 $ 328.1 (22.1) % $ 1,263.7 $ 1,289.8 (2.0) % Income Taxes (68.8) (77.9) (11.7) % (325.8) (316.4) 3.0 % Net Income $ 186.7 $ 250.2 (25.4) % $ 937.9 $ 973.4 (3.6) % Less: Income Attributable to Non-Controlling Interests 0.6 0.9 (33.3) % 2.5 4.5 (44.4) % Net Income Attributable to Common Stockholders $ 186.1 $ 249.3 (25.4) % $ 935.4 $ 968.9 (3.5) % Amounts Attributable to Common Stockholders: Net Income $ 186.7 $ 250.2 (25.4) % $ 937.9 $ 973.4 (3.6) % Less: Income Attributable to Non-Controlling Interests 0.6 0.9 (33.3) % 2.5 4.5 (44.4) % Net Income Attributable to Common Stockholders $ 186.1 $ 249.3 (25.4) % $ 935.4 $ 968.9 (3.5) % Income Per Share $ 2.83 $ 3.73 (24.1) % $ 14.13 $ 14.49 (2.5) % Weighted Average Shares Outstanding 65.8 66.8 (1.5) % 66.2 66.9 (1.0) % nm – not meaningful PENSKE AUTOMOTIVE GROUP, INC. Consolidated Condensed Balance Sheets (Amounts In Millions) (Unaudited) **December 31,** **December 31,** **2025** **2024** Assets: Cash and Cash Equivalents $ 64.7 $ 83.6 Accounts Receivable, Net 1,070.3 1,037.2 Inventories 4,814.7 4,710.7 Other Current Assets 242.9 214.8 Total Current Assets 6,192.6 6,046.3 Property and Equipment, Net 3,224.6 3,037.8 Operating Lease Right-of-Use Assets 2,543.8 2,582.6 Intangibles 3,599.9 3,517.0 Other Long-Term Assets 2,036.8 1,937.2 Total Assets $ 17,597.7 $ 17,120.9 Liabilities and Equity: Floor Plan Notes Payable $ 2,532.8 $ 2,570.5 Floor Plan Notes Payable – Non-Trade 1,561.5 1,512.4 Accounts Payable 899.8 859.1 Accrued Expenses and Other Current Liabilities 930.0 917.4 Current Portion Long-Term Debt 355.0 721.2 Total Current Liabilities 6,279.1 6,580.6 Long-Term Debt 1,810.5 1,130.8 Long-Term Operating Lease Liabilities 2,461.5 2,504.5 Other Long-Term Liabilities 1,465.7 1,486.5 Total Liabilities 12,016.8 11,702.4 Equity 5,580.9 5,418.5 Total Liabilities and Equity $ 17,597.7 $ 17,120.9 PENSKE AUTOMOTIVE GROUP, INC. Consolidated Operations Selected Data (Unaudited) **Three Months Ended** **Twelve Months Ended** **December 31,** **December 31,** **2025** **2024** **2025** **2024** Geographic Revenue Mix: North America 63.6 % 64.3 % 63.0 % 61.8 % U.K. 23.7 % 26.1 % 26.2 % 29.3 % Other International 12.7 % 9.6 % 10.8 % 8.9 % Total 100.0 % 100.0 % 100.0 % 100.0 % Revenue: (Amounts in Millions) Retail Automotive $ 6,740.5 $ 7,079.8 $ 27,474.6 $ 27,565.8 Retail Commercial Truck 725.4 773.7 3,411.3 3,521.1 Commercial Vehicle Distribution and Other 303.3 224.1 922.6 777.9 Total $ 7,769.2 $ 8,077.6 $ 31,808.5 $ 31,864.8 Gross Profit: (Amounts in Millions) Retail Automotive $ 1,065.0 $ 1,129.2 $ 4,482.4 $ 4,454.4 Retail Commercial Truck 121.4 138.1 542.3 584.5 Commercial Vehicle Distribution and Other 57.4 45.8 192.3 178.2 Total $ 1,243.8 $ 1,313.1 $ 5,217.0 $ 5,217.1 Gross Margin: Retail Automotive 15.8 % 15.9 % 16.3 % 16.2 % Retail Commercial Truck 16.7 % 17.8 % 15.9 % 16.6 % Commercial Vehicle Distribution and Other 18.9 % 20.4 % 20.8 % 22.9 % Total 16.0 % 16.3 % 16.4 % 16.4 % **Three Months Ended** **Twelve Months Ended** **December 31,** **December 31,** **2025** **2024** **2025** **2024** Operating Items as a Percentage of Revenue: Gross Profit 16.0 % 16.3 % 16.4 % 16.4 % Selling, General and Administrative Expenses 11.9 % 11.4 % 11.8 % 11.6 % Operating Income 3.5 % 4.3 % 4.0 % 4.3 % Income Before Income Taxes 3.3 % 4.1 % 4.0 % 4.0 % Operating Items as a Percentage of Total Gross Profit: Selling, General and Administrative Expenses 74.3 % 70.4 % 72.1 % 70.6 % Adjusted Selling, General, and Administrative Expenses(1) 73.7 % 70.3 % 71.5 % 70.6 % Operating Income 22.1 % 26.4 % 24.5 % 26.3 % **Three Months Ended** **Twelve Months Ended** **December 31,** **December 31,** (Amounts in Millions) **2025** **2024** **2025** **2024** EBITDA(1) $ 326.0 $ 393.6 $ 1,527.6 $ 1,539.0 Adjusted EBITDA(1) $ 329.3 $ 379.9 $ 1,459.2 $ 1,485.7 Floor Plan Credits $ 15.3 $ 18.9 $ 64.9 $ 65.6 Rent Expense $ 71.5 $ 69.6 $ 282.4 $ 274.2 (1) See the following Non-GAAP reconciliation table. PENSKE AUTOMOTIVE GROUP, INC. Retail Automotive Operations (Unaudited) **Three Months Ended** **Twelve Months Ended** **December 31,** **December 31,** **2025** **2024** **Change** **2025** **2024** **Change** Retail Automotive Units: New Retail 52,907 60,727 (12.9) % 215,536 224,356 (3.9) % Used Retail 52,571 55,869 (5.9) % 226,301 255,228 (11.3) % Total Retail 105,478 116,596 (9.5) % 441,837 479,584 (7.9) % New Agency 11,471 11,105 3.3 % 43,966 40,548 8.4 % Total Retail and Agency 116,949 127,701 (8.4) % 485,803 520,132 (6.6) % Retail Automotive Revenue: (Amounts in Millions) New Vehicles $ 3,221.3 $ 3,605.2 (10.6) % $ 12,855.4 $ 12,960.6 (0.8) % Used Vehicles 2,118.6 2,094.3 1.2 % 8,941.1 9,040.0 (1.1) % Finance and Insurance, Net 199.8 210.8 (5.2) % 816.5 841.0 (2.9) % Service and Parts 844.8 805.0 4.9 % 3,377.9 3,182.8 6.1 % Fleet and Wholesale 356.0 364.5 (2.3) % 1,483.7 1,541.4 (3.7) % Total Revenue $ 6,740.5 $ 7,079.8 (4.8) % $ 27,474.6 $ 27,565.8 (0.3) % Retail Automotive Gross Profit: (Amounts in Millions) New Vehicles $ 273.2 $ 333.8 (18.2) % $ 1,161.0 $ 1,231.8 (5.7) % Used Vehicles 93.0 99.1 (6.2) % 469.2 465.4 0.8 % Finance and Insurance, Net 199.8 210.8 (5.2) % 816.5 841.0 (2.9) % Service and Parts 488.0 468.9 4.1 % 1,973.8 1,847.5 6.8 % Fleet and Wholesale 11.0 16.6 (33.7) % 61.9 68.7 (9.9) % Total Gross Profit $ 1,065.0 $ 1,129.2 (5.7) % $ 4,482.4 $ 4,454.4 0.6 % Retail Automotive Revenue Per Vehicle Retailed: New Vehicles (excluding agency) $ 60,339 $ 58,907 2.4 % $ 59,127 $ 57,342 3.1 % Used Vehicles 40,301 37,485 7.5 % 39,510 35,420 11.5 % Retail Automotive Gross Profit Per Vehicle Retailed: New Vehicles (excluding agency) $ 4,689 $ 5,071 (7.5) % $ 4,920 $ 5,098 (3.5) % Used Vehicles 1,770 1,773 (0.2) % 2,074 1,824 13.7 % Finance and Insurance (excluding agency) 1,857 1,778 4.4 % 1,812 1,724 5.1 % Agency 2,523 2,639 (4.4) % 2,649 2,516 5.3 % Retail Automotive Gross Margin: New Vehicles 8.5 % 9.3 % (80) bps 9.0 % 9.5 % (50) bps Used Vehicles 4.4 % 4.7 % (30) bps 5.2 % 5.1 % +10bps Service and Parts 57.8 % 58.2 % (40) bps 58.4 % 58.0 % +40bps Fleet and Wholesale 3.1 % 4.6 % (150) bps 4.2 % 4.5 % (30) bps Total Gross Margin 15.8 % 15.9 % (10) bps 16.3 % 16.2 % +10bps Retail Automotive Revenue Mix Percentages: New Vehicles 47.8 % 50.9 % (310) bps 46.8 % 47.0 % (20) bps Used Vehicles 31.4 % 29.6 % +180bps 32.5 % 32.8 % (30) bps Finance and Insurance, Net 3.0 % 3.0 % —bps 3.0 % 3.1 % (10) bps Service and Parts 12.5 % 11.4 % +110bps 12.3 % 11.5 % +80bps Fleet and Wholesale 5.3 % 5.1 % +20bps 5.4 % 5.6 % (20) bps Total 100.0 % 100.0 % 100.0 % 100.0 % Retail Automotive Gross Profit Mix Percentages: New Vehicles 25.7 % 29.6 % (390) bps 25.9 % 27.7 % (180) bps Used Vehicles 8.7 % 8.8 % (10) bps 10.5 % 10.4 % +10bps Finance and Insurance, Net 18.8 % 18.7 % +10bps 18.2 % 18.9 % (70) bps Service and Parts 45.8 % 41.5 % +430bps 44.0 % 41.5 % +250bps Fleet and Wholesale 1.0 % 1.4 % (40) bps 1.4 % 1.5 % (10) bps Total 100.0 % 100.0 % 100.0 % 100.0 % PENSKE AUTOMOTIVE GROUP, INC. Retail Automotive Operations Same-Store (Unaudited) **Three Months Ended** **Twelve Months Ended** **December 31,** **December 31,** **2025** **2024** **Change** **2025** **2024** **Change** Retail Automotive Same-Store Units: New Retail 52,282 58,943 (11.3) % 206,331 213,249 (3.2) % Used Retail 52,145 54,037 (3.5) % 218,702 238,402 (8.3) % Total Retail 104,427 112,980 (7.6) % 425,033 451,651 (5.9) % New Agency 11,471 10,539 8.8 % 43,966 37,871 16.1 % Total Retail and Agency 115,898 123,519 (6.2) % 468,999 489,522 (4.2) % Retail Automotive Same-Store Revenue: (Amounts in Millions) New Vehicles $ 3,182.1 $ 3,518.4 (9.6) % $ 12,308.2 $ 12,359.9 (0.4) % Used Vehicles 2,099.3 2,041.3 2.8 % 8,590.9 8,548.9 0.5 % Finance and Insurance, Net 198.5 205.5 (3.4) % 797.4 804.2 (0.8) % Service and Parts 831.9 791.6 5.1 % 3,248.0 3,083.5 5.3 % Fleet and Wholesale 354.9 355.3 (0.1) % 1,416.8 1,452.7 (2.5) % Total Revenue $ 6,666.7 $ 6,912.1 (3.6) % $ 26,361.3 $ 26,249.2 0.4 % Retail Automotive Same-Store Gross Profit: (Amounts in Millions) New Vehicles $ 269.4 $ 326.7 (17.5) % $ 1,108.4 $ 1,176.4 (5.8) % Used Vehicles 91.7 98.3 (6.7) % 448.5 446.7 0.4 % Finance and Insurance, Net 198.5 205.5 (3.4) % 797.4 804.2 (0.8) % Service and Parts 482.2 460.2 4.8 % 1,907.5 1,787.1 6.7 % Fleet and Wholesale 11.4 16.9 (32.5) % 60.4 68.5 (11.8) % Total Gross Profit $ 1,053.2 $ 1,107.6 (4.9) % $ 4,322.2 $ 4,282.9 0.9 % Retail Automotive Same-Store Revenue Per Vehicle Retailed: New Vehicles (excluding agency) $ 60,310 $ 59,235 1.8 % $ 59,114 $ 57,532 2.7 % Used Vehicles 40,258 37,776 6.6 % 39,281 35,859 9.5 % Retail Automotive Same-Store Gross Profit Per Vehicle Retailed: New Vehicles (excluding agency) $ 4,673 $ 5,122 (8.8) % $ 4,886 $ 5,123 (4.6) % Used Vehicles 1,758 1,819 (3.4) % 2,051 1,874 9.4 % Finance and Insurance (excluding agency) 1,881 1,804 4.3 % 1,861 1,771 5.1 % Agency 2,373 2,522 (5.9) % 2,428 2,334 4.0 % Retail Automotive Same-Store Gross Margin: New Vehicles 8.5 % 9.3 % (80) bps 9.0 % 9.5 % (50) bps Used Vehicles 4.4 % 4.8 % (40) bps 5.2 % 5.2 % —bps Service and Parts 58.0 % 58.1 % (10) bps 58.7 % 58.0 % +70bps Fleet and Wholesale 3.2 % 4.8 % (160) bps 4.3 % 4.7 % (40) bps Total Gross Margin 15.8 % 16.0 % (20) bps 16.4 % 16.3 % +10bps Retail Automotive Same-Store Revenue Mix Percentages: New Vehicles 47.7 % 50.9 % (320) bps 46.7 % 47.1 % (40) bps Used Vehicles 31.5 % 29.5 % +200bps 32.6 % 32.6 % —bps Finance and Insurance, Net 3.0 % 3.0 % —bps 3.0 % 3.1 % (10) bps Service and Parts 12.5 % 11.5 % +100bps 12.3 % 11.7 % +60bps Fleet and Wholesale 5.3 % 5.1 % +20bps 5.4 % 5.5 % (10) bps Total 100.0 % 100.0 % 100.0 % 100.0 % Retail Automotive Same-Store Gross Profit Mix Percentages: New Vehicles 25.6 % 29.5 % (390) bps 25.6 % 27.5 % (190) bps Used Vehicles 8.7 % 8.9 % (20) bps 10.4 % 10.4 % —bps Finance and Insurance, Net 18.8 % 18.6 % +20bps 18.4 % 18.8 % (40) bps Service and Parts 45.8 % 41.5 % +430bps 44.1 % 41.7 % +240bps Fleet and Wholesale 1.1 % 1.5 % (40) bps 1.5 % 1.6 % (10) bps Total 100.0 % 100.0 % 100.0 % 100.0 % PENSKE AUTOMOTIVE GROUP, INC. Retail Commercial Truck Operations (Unaudited) **Three Months Ended** **Twelve Months Ended** **December 31,** **December 31,** **2025** **2024** **Change** **2025** **2024** **Change** Retail Commercial Truck Units: New Retail 3,034 3,544 (14.4) % 15,709 16,923 (7.2) % Used Retail 755 888 (15.0) % 3,241 3,628 (10.7) % Total 3,789 4,432 (14.5) % 18,950 20,551 (7.8) % Retail Commercial Truck Revenue: (Amounts in Millions) New Vehicles $ 449.0 $ 494.6 (9.2) % $ 2,252.5 $ 2,359.5 (4.5) % Used Vehicles 51.5 55.8 (7.7) % 228.7 227.0 0.7 % Finance and Insurance, Net 2.9 4.1 (29.3) % 15.1 18.8 (19.7) % Service and Parts 216.7 210.7 2.8 % 892.4 886.3 0.7 % Wholesale and Other 5.3 8.5 (37.6) % 22.6 29.5 (23.4) % Total Revenue $ 725.4 $ 773.7 (6.2) % $ 3,411.3 $ 3,521.1 (3.1) % Retail Commercial Truck Gross Profit: (Amounts in Millions) New Vehicles $ 24.9 $ 36.0 (30.8) % $ 129.7 $ 155.9 (16.8) % Used Vehicles 1.7 5.2 (67.3) % 16.6 16.7 (0.6) % Finance and Insurance, Net 2.9 4.1 (29.3) % 15.1 18.8 (19.7) % Service and Parts 89.3 90.1 (0.9) % 369.0 380.3 (3.0) % Wholesale and Other 2.6 2.7 (3.7) % 11.9 12.8 (7.0) % Total Gross Profit $ 121.4 $ 138.1 (12.1) % $ 542.3 $ 584.5 (7.2) % Retail Commercial Truck Revenue Per Vehicle Retailed: New Vehicles $ 147,989 $ 139,570 6.0 % $ 143,389 $ 139,428 2.8 % Used Vehicles 68,170 62,891 8.4 % 70,574 62,580 12.8 % Retail Commercial Truck Gross Profit Per Vehicle Retailed: New Vehicles $ 8,203 $ 10,183 (19.4) % $ 8,256 $ 9,214 (10.4) % Used Vehicles 2,265 5,739 (60.5) % 5,129 4,612 11.2 % Finance and Insurance 764 930 (17.8) % 795 917 (13.3) % Retail Commercial Truck Gross Margin: New Vehicles 5.5 % 7.3 % (180) bps 5.8 % 6.6 % (80) bps Used Vehicles 3.3 % 9.3 % (600) bps 7.3 % 7.4 % (10) bps Service and Parts 41.2 % 42.8 % (160) bps 41.3 % 42.9 % (160) bps Wholesale and Other 49.1 % 31.8 % +1,730bps 52.7 % 43.4 % +930bps Total Gross Margin 16.7 % 17.8 % (110) bps 15.9 % 16.6 % (70) bps Retail Commercial Truck Revenue Mix Percentages: New Vehicles 61.9 % 63.9 % (200) bps 66.0 % 67.0 % (100) bps Used Vehicles 7.1 % 7.2 % (10) bps 6.7 % 6.4 % +30bps Finance and Insurance, Net 0.4 % 0.5 % (10) bps 0.4 % 0.5 % (10) bps Service and Parts 29.9 % 27.2 % +270bps 26.2 % 25.2 % +100bps Wholesale and Other 0.7 % 1.2 % (50) bps 0.7 % 0.9 % (20) bps Total 100.0 % 100.0 % 100.0 % 100.0 % Retail Commercial Truck Gross Profit Mix Percentages: New Vehicles 20.5 % 26.1 % (560) bps 23.9 % 26.7 % (280) bps Used Vehicles 1.4 % 3.8 % (240) bps 3.1 % 2.9 % +20bps Finance and Insurance, Net 2.4 % 3.0 % (60) bps 2.8 % 3.2 % (40) bps Service and Parts 73.6 % 65.2 % +840bps 68.0 % 65.1 % +290bps Wholesale and Other 2.1 % 1.9 % +20bps 2.2 % 2.1 % +10bps Total 100.0 % 100.0 % 100.0 % 100.0 % PENSKE AUTOMOTIVE GROUP, INC. Retail Commercial Truck Operations Same-Store (Unaudited) **Three Months Ended** **Twelve Months Ended** **December 31,** **December 31,** **2025** **2024** **Change** **2025** **2024** **Change** Retail Commercial Truck Same-Store Units: New Retail 3,028 3,543 (14.5) % 14,580 16,362 (10.9) % Used Retail 755 888 (15.0) % 3,148 3,593 (12.4) % Total 3,783 4,431 (14.6) % 17,728 19,955 (11.2) % Retail Commercial Truck Same-Store Revenue: (Amounts in Millions) New Vehicles $ 448.3 $ 494.5 (9.3) % $ 2,072.7 $ 2,272.6 (8.8) % Used Vehicles 51.5 55.8 (7.7) % 222.7 224.6 (0.8) % Finance and Insurance, Net 2.9 4.1 (29.3) % 13.0 17.2 (24.4) % Service and Parts 216.5 209.5 3.3 % 857.8 862.8 (0.6) % Wholesale and Other 5.3 8.6 (38.4) % 21.5 29.2 (26.4) % Total Revenue $ 724.5 $ 772.5 (6.2) % $ 3,187.7 $ 3,406.4 (6.4) % Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions) New Vehicles $ 24.9 $ 36.1 (31.0) % $ 117.8 $ 148.6 (20.7) % Used Vehicles 1.7 5.1 (66.7) % 16.0 16.5 (3.0) % Finance and Insurance, Net 2.9 4.1 (29.3) % 13.0 17.2 (24.4) % Service and Parts 89.3 89.4 (0.1) % 353.4 369.0 (4.2) % Wholesale and Other 2.4 2.5 (4.0) % 11.4 11.8 (3.4) % Total Gross Profit $ 121.2 $ 137.2 (11.7) % $ 511.6 $ 563.1 (9.1) % Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed: New Vehicles $ 148,055 $ 139,577 6.1 % $ 142,159 $ 138,896 2.3 % Used Vehicles 68,170 62,891 8.4 % 70,742 62,501 13.2 % Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed: New Vehicles $ 8,227 $ 10,187 (19.2) % $ 8,079 $ 9,083 (11.1) % Used Vehicles 2,265 5,739 (60.5) % 5,088 4,586 10.9 % Finance and Insurance 765 930 (17.7) % 734 861 (14.8) % Retail Commercial Truck Same-Store Gross Margin: New Vehicles 5.6 % 7.3 % (170) bps 5.7 % 6.5 % (80) bps Used Vehicles 3.3 % 9.1 % (580) bps 7.2 % 7.3 % (10) bps Service and Parts 41.2 % 42.7 % (150) bps 41.2 % 42.8 % (160) bps Wholesale and Other 45.3 % 29.1 % +1,620bps 53.0 % 40.4 % +1,260bps Total Gross Margin 16.7 % 17.8 % (110) bps 16.0 % 16.5 % (50) bps Retail Commercial Truck Same-Store Revenue Mix Percentages: New Vehicles 61.9 % 64.0 % (210) bps 65.0 % 66.7 % (170) bps Used Vehicles 7.1 % 7.2 % (10) bps 7.0 % 6.6 % +40bps Finance and Insurance, Net 0.4 % 0.5 % (10) bps 0.4 % 0.5 % (10) bps Service and Parts 29.9 % 27.1 % +280bps 26.9 % 25.3 % +160bps Wholesale and Other 0.7 % 1.2 % (50) bps 0.7 % 0.9 % (20) bps Total 100.0 % 100.0 % 100.0 % 100.0 % Retail Commercial Truck Same-Store Gross Profit Mix Percentages: New Vehicles 20.5 % 26.3 % (580) bps 23.0 % 26.4 % (340) bps Used Vehicles 1.4 % 3.7 % (230) bps 3.1 % 2.9 % +20bps Finance and Insurance, Net 2.4 % 3.0 % (60) bps 2.5 % 3.1 % (60) bps Service and Parts 73.7 % 65.2 % +850bps 69.1 % 65.5 % +360bps Wholesale and Other 2.0 % 1.8 % +20bps 2.3 % 2.1 % +20bps Total 100.0 % 100.0 % 100.0 % 100.0 % PENSKE AUTOMOTIVE GROUP, INC. Supplemental Data (Unaudited) **Three Months Ended** **Twelve Months Ended** **December 31,** **December 31,** **2025** **2024** **2025** **2024** **Retail Automotive Revenue Mix:** **Premium:** BMW / MINI 25 % 27 % 25 % 25 % Audi 9 % 9 % 9 % 10 % Porsche 10 % 10 % 10 % 9 % Mercedes-Benz 8 % 8 % 8 % 8 % Land Rover / Jaguar 6 % 7 % 7 % 7 % Ferrari / Maserati 3 % 3 % 3 % 3 % Lexus 6 % 5 % 5 % 5 % Acura 1 % 1 % 1 % 1 % Bentley 1 % 1 % 1 % 1 % Others 2 % 1 % 2 % 2 % Total Premium 71 % 72 % 71 % 71 % **Volume Non-U.S.:** Toyota 14 % 13 % 13 % 13 % Honda 5 % 5 % 5 % 5 % Volkswagen 2 % 2 % 2 % 2 % Hyundai 1 % 2 % 2 % 1 % Others 1 % 1 % 1 % 1 % Total Volume Non-U.S. 23 % 23 % 23 % 22 % **U.S.:** General Motors / Stellantis / Ford 3 % 2 % 3 % 2 % **Used Vehicle Dealerships** 3 % 3 % 3 % 5 % Total 100 % 100 % 100 % 100 % **Three Months Ended** **Twelve Months Ended** **December 31,** **December 31,** **Cash Flow and Other Highlights:** **2025** **2024** **2025** **2024** ($ Amounts in Millions) Capital expenditures $ 85.9 $ 89.1 $ 324.6 $ 377.8 Cash paid for acquisitions $ — $ 148.8 $ 21.5 $ 786.2 PMG common control transaction $ 363.6 $ — $ 363.6 $ — Proceeds from sale of dealerships $ 39.8 $ 53.9 $ 119.9 $ 82.1 Dividends $ 91.1 $ 79.7 $ 343.8 $ 274.4 Stock repurchases: Aggregate purchase price $ 40.7 $ 1.0 $ 182.3 $ 77.5 Shares repurchased 244,289 6,172 1,178,411 517,245 **Balance Sheet and Other Highlights:** **December 31, 2025** **December 31, 2024** (Amounts in Millions) Cash and Cash Equivalents $ 64.7 $ 83.6 Inventories $ 4,814.7 $ 4,710.7 Total Floor Plan Notes Payable $ 4,094.3 $ 4,082.9 Total Long-Term Debt $ 2,165.5 $ 1,852.0 Equity $ 5,580.9 $ 5,418.5 Debt to Total Capitalization Ratio 28.0 % 25.5 % Leverage Ratio (1) 1.5x 1.2x New vehicle days' supply 49 days 49 days Used vehicle days' supply 49 days 47 days \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ (1) See the following Non-GAAP reconciliation table PENSKE AUTOMOTIVE GROUP, INC. Consolidated Non-GAAP Reconciliations (Unaudited) The following tables reconcile reported net income to earnings before interest, taxes, depreciation, and amortization ("EBITDA") for the three and twelve months ended December 31, 2025 and 2024: **Three Months Ended** **December 31,** **2025 vs. 2024** (Amounts in Millions) **2025** **2024** **Change** **% Change** Net Income $ 186.7 $ 250.2 $ (63.5) (25.4) % Add: Depreciation 44.8 41.8 3.0 7.2 % Other Interest Expense 25.7 23.7 2.0 8.4 % Income Taxes 68.8 77.9 (9.1) (11.7) % EBITDA $ 326.0 $ 393.6 $ (67.6) (17.2) % **Twelve Months Ended** **December 31,** **2025 vs. 2024** (Amounts in Millions) **2025** **2024** **Change** **% Change** Net Income $ 937.9 $ 973.4 $ (35.5) (3.6) % Add: Depreciation 172.3 161.3 11.0 6.8 % Other Interest Expense 91.6 87.9 3.7 4.2 % Income Taxes 325.8 316.4 9.4 3.0 % EBITDA $ 1,527.6 $ 1,539.0 $ (11.4) (0.7) % Our quarterly and annual results include the impact of certain impairments and other charges, as well as the full quarterly and annual results of Penske Motor Group in all periods, which is required by GAAP for common control transactions. The following tables present key adjusted financial line items excluding certain impairments and other charges and presents 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 December 31, 2025** ($ Amounts in millions, except per share data) **As Reported** **Gain on Sale of Dealership** **Impairments and Other Charges** **Adjusted** **Common Control** **Adjusted Excluding Common Control** Revenue $ 7,769.2 $ — $ — $ 7,769.2 $ (115.8) $ 7,653.4 Gross Profit $ 1,243.8 $ — $ — $ 1,243.8 $ (16.6) $ 1,227.2 Selling, General, & Administrative Expenses $ 924.0 $ — $ (7.3) $ 916.7 $ (12.4) $ 904.3 EBITDA $ 326.0 $ — $ 7.3 $ 333.3 $ (4.0) $ 329.3 Net Income Before Taxes $ 255.5 $ — $ 7.3 $ 262.8 $ (3.7) $ 259.1 Net Income Attributable to Common Stockholders $ 186.1 $ — $ 5.4 $ 191.5 $ (3.7) $ 187.8 Earnings Per Share $ 2.83 $ — $ 0.08 $ 2.91 $ (0.06) $ 2.85 SG&A to Gross Profit 74.3 % 73.7 % 73.7 % New Retail Automotive Units 52,907 — — 52,907 (1,732) 51,175 Used Retail Automotive Units 52,571 — — 52,571 (555) 52,016 **Three Months Ended December 31, 2024** ($ Amounts in millions, except per share data) **As Reported** **Gain on Sale of Dealership** **Impairments and Other Charges** **Adjusted** **Common Control** **Adjusted Excluding Common Control** Revenue $ 8,077.6 $ — $ — $ 8,077.6 $ (357.7) $ 7,719.9 Gross Profit $ 1,313.1 $ — $ — $ 1,313.1 $ (52.3) $ 1,260.8 Selling, General, & Administrative Expenses $ 924.0 $ — $ — $ 924.0 $ (38.0) $ 886.0 EBITDA $ 393.6 $ — $ — $ 393.6 $ (13.7) $ 379.9 Net Income Before Taxes $ 328.1 $ — $ — $ 328.1 $ (12.9) $ 315.2 Net Income Attributable to Common Stockholders $ 249.3 $ — $ — $ 249.3 $ (12.9) $ 236.4 Earnings Per Share $ 3.73 $ — $ — $ 3.73 $ (0.19) $ 3.54 SG&A to Gross Profit 70.4 % 70.4 % 70.3 % New Retail Automotive Units 60,727 — — 60,727 (5,336) 55,391 Used Retail Automotive Units 55,869 — — 55,869 (1,835) 54,034 **Twelve Months Ended December 31, 2025** ($ Amounts in millions, except per share data) **As Reported** **Gain on Sale of Dealership** **Impairments and Other Charges** **Adjusted** **Common Control** **Adjusted Excluding Common Control** Revenue $ 31,808.5 $ — $ — $ 31,808.5 $ (1,193.0) $ 30,615.5 Gross Profit $ 5,217.0 $ — $ — $ 5,217.0 $ (175.1) $ 5,041.9 Selling, General, & Administrative Expenses $ 3,764.0 $ — $ (32.5) $ 3,731.5 $ (125.0) $ 3,606.5 EBITDA $ 1,527.6 $ (52.3) $ 32.5 $ 1,507.8 $ (48.6) $ 1,459.2 Net Income Before Taxes $ 1,263.7 $ (52.3) $ 32.5 $ 1,243.9 $ (45.6) $ 1,198.3 Net Income Attributable to Common Stockholders $ 935.4 $ (38.9) $ 26.3 $ 922.8 $ (45.6) $ 877.2 Earnings Per Share $ 14.13 $ (0.58) $ 0.39 $ 13.94 $ (0.69) $ 13.25 SG&A to Gross Profit 72.1 % 71.5 % 71.5 % New Retail Automotive Units 215,536 — — 215,536 (17,404) 198,132 Used Retail Automotive Units 226,301 — — 226,301 (6,092) 220,209 **Twelve Months Ended December 31, 2024** ($ Amounts in millions, except per share data) **As Reported** **Gain on Sale of Dealership** **Impairments and Other Charges** **Adjusted** **Common Control** **Adjusted Excluding Common Control** Revenue $ 31,864.8 $ — $ — $ 31,864.8 $ (1,409.6) $ 30,455.2 Gross Profit $ 5,217.1 $ — $ — $ 5,217.1 $ (203.8) $ 5,013.3 Selling, General, & Administrative Expenses $ 3,685.7 $ — $ — $ 3,685.7 $ (147.2) $ 3,538.5 EBITDA $ 1,539.0 $ — $ — $ 1,539.0 $ (53.3) $ 1,485.7 Net Income Before Taxes $ 1,289.8 $ — $ — $ 1,289.8 $ (50.0) $ 1,239.9 Net Income Attributable to Common Stockholders $ 968.9 $ — $ — $ 968.9 $ (50.0) $ 918.9 Earnings Per Share $ 14.49 $ — $ — $ 14.49 $ (0.75) $ 13.74 SG&A to Gross Profit 70.6 % 70.6 % 70.6 % New Retail Automotive Units 224,356 — — 224,356 (19,914) 204,442 Used Retail Automotive Units 255,228 — — 255,228 (8,620) 246,608 The following table reconciles the leverage ratio as of December 31, 2025, and December 31, 2024: **Twelve** **Twelve** **Months Ended** **Months Ended** (Amounts in Millions) **December 31, 2025** **December 31, 2024** Net Income $ 937.9 $ 973.4 Add: Depreciation 172.3 161.3 Other Interest Expense 91.6 87.9 Income Taxes 325.8 316.4 EBITDA $ 1,527.6 $ 1,539.0 Less: Gain on Sale of Dealership (52.3) — Add: Impairments and Other Charges 32.5 — Less: Common Control (48.6) (53.3) Adjusted EBITDA $ 1,459.2 $ 1,485.7 Total Non-Vehicle Long-Term Debt $ 2,165.5 $ 1,852.0 Leverage Ratio 1.5x 1.2x SOURCE Penske Automotive Group, Inc. ### Related Stocks - [Penske Automotive Group, Inc. 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