Penske Automotive Group Inc. (PAG) financial statements: income statement, balance sheet and cash flow
Penske Automotive Group Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Penske Automotive Group Inc. reported revenue of $31.8B (+4.4% year on year) and net income of $937.9M (+1.6% year on year).
Income statement
Penske Automotive Group Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total revenues
$31.8B
$30.5B
$29.5B
$27.8B
Total cost of sales
$26.6B
$25.4B
$24.6B
$23.0B
Gross profit
$5.2B
$5.0B
$4.9B
$4.8B
Selling, general, and administrative expenses
$3.8B
$3.5B
$3.4B
$3.2B
Goodwill impairment charges
$0
$0
$40.7M
—
Depreciation
$172.3M
$158.0M
$141.0M
$127.3M
Operating income
$1.3B
$1.3B
$1.4B
$1.5B
Floor plan interest expense
($170.6M)
($189.8M)
($133.1M)
($52.4M)
Other interest expense
($91.6M)
($87.8M)
($92.6M)
($70.4M)
Gain on sale of dealership
$52.3M
—
—
—
Equity in earnings of affiliates
$192.9M
$200.7M
$293.7M
$494.2M
Income before income taxes
$1.3B
$1.2B
$1.4B
$1.9B
Income taxes
($325.8M)
($316.5M)
($360.9M)
($473.0M)
Shares used in determining basic earnings per share (in shares)
$66199042.00
$66882731.00
$67963956.00
$74394799.00
Net income attributable to Penske Automotive Group common stockholders (in dollars per share)
$14.13
$13.74
$15.50
$18.55
Shares used in determining diluted earnings per share (in shares)
$66199042.00
$66882731.00
$67963956.00
$74394799.00
Net income
$937.9M
$923.4M
$1.1B
$1.4B
Less: Income attributable to non-controlling interests
$2.5M
$4.5M
$5.4M
$6.2M
Net income attributable to Penske Automotive Group common stockholders
$935.4M
$918.9M
$1.1B
$1.4B
Cash dividends per share (in dollars per share)
$5.18
$4.09
$2.78
$2.07
Penske Automotive Group Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Total revenues
$8.5B
$7.9B
$7.7B
$7.7B
Total cost of sales
$7.2B
$6.6B
$6.4B
$6.4B
Gross profit
$1.4B
$1.3B
$1.2B
$1.3B
Selling, general, and administrative expenses
$974.0M
$965.6M
$907.5M
$906.3M
Depreciation
$45.4M
$44.8M
$42.9M
$42.1M
Operating income
$337.6M
$289.0M
$298.7M
$348.2M
Floor plan interest expense
($38.5M)
($38.1M)
($42.9M)
($43.3M)
Other interest expense
($33.1M)
($28.4M)
($22.0M)
($21.6M)
Gain on sale of dealerships
$30.5M
$60.4M
$0
$0
Equity in earnings of affiliates
$57.3M
$40.8M
$58.4M
$53.6M
Income before income taxes
$353.8M
$323.7M
$292.2M
$336.9M
Income taxes
($92.6M)
($88.8M)
($78.7M)
($86.0M)
Shares used in determining basic earnings per share (in shares)
$65721612.00
$65779859.00
$66015808.00
$66172701.00
Net income attributable to Penske Automotive Group common stockholders (in dollars per share)
$3.96
$3.56
$3.23
$3.78
Shares used in determining diluted earnings per share (in shares)
$65733900.00
$65792488.00
$66030183.00
$66187252.00
Net income
$261.2M
$234.9M
$213.5M
$250.9M
Less: Income attributable to non-controlling interests
$800.0K
$400.0K
$500.0K
$900.0K
Net income attributable to Penske Automotive Group common stockholders
$260.4M
$234.5M
$213.0M
$250.0M
Cash dividends per share (in dollars per share)
$1.42
$1.40
$1.32
$1.26
Balance sheet
Penske Automotive Group Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$64.7M
$72.4M
$96.4M
$106.5M
Accounts receivable, net of allowance for doubtful accounts of $6.9 and $6.7
$1.1B
$1.0B
$1.1B
$906.7M
Inventories
$4.8B
$4.6B
$4.3B
$3.5B
Other current assets
$242.9M
$213.1M
$175.6M
$141.9M
Total current assets
$6.2B
$5.9B
$5.7B
$4.7B
Property and equipment, net
$3.2B
$3.0B
$2.8B
$2.5B
Operating lease right-of-use assets
$2.5B
$2.5B
$2.4B
$2.4B
Goodwill
$2.4B
$2.4B
$2.2B
$2.2B
Other indefinite-lived intangible assets
$1.2B
$1.0B
$748.2M
$690.9M
Equity method investments
$1.9B
$1.8B
$1.8B
$1.6B
Other long-term assets
$113.1M
$109.8M
$63.1M
$55.3M
Total assets
$17.6B
$16.7B
$15.7B
$14.1B
Floor plan notes payable
$2.5B
$2.5B
$2.3B
$1.6B
Floor plan notes payable — non-trade
$1.6B
$1.5B
$1.5B
$1.4B
Accounts payable
$899.8M
$851.7M
$866.9M
$853.5M
Accrued expenses and other current liabilities
$930.0M
$889.0M
$809.8M
$788.1M
Current portion of long-term debt
$355.0M
$721.2M
$209.7M
$75.2M
Total current liabilities
$6.3B
$6.5B
$5.7B
$4.7B
Long-term debt
$1.8B
$1.1B
$1.4B
$1.5B
Long-term operating lease liabilities
$2.5B
$2.4B
$2.3B
$2.3B
Deferred tax liabilities
$1.2B
$1.2B
$1.2B
$1.1B
Other long-term liabilities
$265.3M
$253.3M
$270.8M
$223.1M
Total liabilities
$12.0B
$11.5B
$10.9B
$9.9B
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
$9.1M
$0
$0
Retained earnings
$5.8B
$5.6B
$5.0B
$4.5B
Accumulated other comprehensive loss
($187.7M)
($364.5M)
($264.1M)
($335.3M)
Total Penske Automotive Group stockholders' equity
$5.6B
$5.2B
$4.7B
$4.1B
Non-controlling interest
$18.5M
$17.5M
$29.4M
$26.8M
Total equity
$5.6B
$5.2B
$4.8B
$4.2B
Total liabilities and equity
$17.6B
$16.7B
$15.7B
$14.1B
Penske Automotive Group Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$69.5M
$83.7M
$80.3M
$155.3M
Accounts receivable, net of allowance for doubtful accounts of $5.6 and $6.9
$1.1B
$1.1B
$993.3M
$1.0B
Inventories
$5.1B
$4.9B
$4.7B
$4.8B
Other current assets
$269.9M
$259.4M
$233.6M
$242.7M
Total current assets
$6.5B
$6.3B
$6.0B
$6.3B
Property and equipment, net
$3.3B
$3.3B
$3.2B
$3.2B
Operating lease right-of-use assets
$2.5B
$2.5B
$2.5B
$2.5B
Goodwill
$2.8B
$2.8B
$2.4B
$2.4B
Other indefinite-lived intangible assets
$1.3B
$1.3B
$1.0B
$1.0B
Equity method investments
$2.0B
$2.0B
$1.9B
$1.9B
Other long-term assets
$108.9M
$102.5M
$109.5M
$122.9M
Total assets
$18.5B
$18.3B
$17.1B
$17.4B
Floor plan notes payable
$2.7B
$2.5B
$2.5B
$2.6B
Floor plan notes payable — non-trade
$1.7B
$1.6B
$1.5B
$1.6B
Accounts payable
$915.2M
$937.0M
$960.5M
$882.5M
Accrued expenses and other current liabilities
$1.0B
$1.0B
$967.7M
$1.0B
Current portion of long-term debt
$377.3M
$423.1M
$305.4M
$876.0M
Total current liabilities
$6.7B
$6.6B
$6.2B
$7.0B
Long-term debt
$2.1B
$2.2B
$1.3B
$906.7M
Long-term operating lease liabilities
$2.4B
$2.4B
$2.4B
$2.4B
Deferred tax liabilities
$1.2B
$1.2B
$1.3B
$1.2B
Other long-term liabilities
$261.0M
$239.9M
$258.4M
$258.1M
Total liabilities
$12.7B
$12.6B
$11.4B
$11.8B
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
$6.0B
$5.9B
$5.9B
$5.8B
Accumulated other comprehensive loss
($216.5M)
($209.5M)
($203.6M)
($172.4M)
Total Penske Automotive Group stockholders' equity
$5.8B
$5.7B
$5.7B
$5.6B
Non-controlling interest
$18.1M
$18.5M
$18.0M
$17.7M
Total equity
$5.8B
$5.7B
$5.7B
$5.6B
Total liabilities and equity
$18.5B
$18.3B
$17.1B
$17.4B
Cash flow statement
Penske Automotive Group Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$937.9M
$923.4M
$1.1B
$1.4B
Depreciation
$172.3M
$158.0M
$141.0M
$127.3M
Earnings of equity method investments, net of distributions
($120.2M)
($127.9M)
($174.6M)
($183.3M)
Deferred income taxes
$66.2M
($13.0M)
$101.8M
$124.2M
Stock-based compensation
$30.2M
$29.4M
—
—
Goodwill impairment charges
$0
$0
$40.7M
—
Gain on sale of dealership
($52.3M)
—
—
—
Accounts receivable
$1.6M
$125.4M
($194.7M)
($192.9M)
Inventories
$52.1M
($196.7M)
($666.2M)
($444.4M)
Other current assets
($14.8M)
($43.8M)
—
—
Floor plan notes payable
($89.7M)
$316.1M
$659.7M
$487.1M
Accounts payable and accrued expenses
($53.0M)
$42.9M
($13.0M)
$81.7M
Other
$44.8M
($34.0M)
$140.3M
$73.1M
Net cash provided by operating activities
$975.1M
$1.2B
—
—
Purchases of property, equipment, and improvements
($324.6M)
($368.7M)
($375.3M)
($282.5M)
Proceeds from sale of dealerships
$119.9M
$82.1M
$0
$13.1M
Proceeds from sale of property and equipment
$27.5M
$26.2M
$30.7M
$32.3M
Proceeds from sale of equity method investment
$16.0M
$20.7M
—
—
Acquisitions net, including repayment of sellers' floor plan notes payable of $0.0, $212.5, and $24.3, respectively
($21.5M)
($786.2M)
($214.9M)
($393.4M)
Other
$7.7M
($11.1M)
($12.8M)
($11.2M)
Net cash used in investing activities
($175.0M)
($1.0B)
($572.3M)
($641.7M)
Proceeds from borrowings under revolving U.S. credit agreement and mortgage facilities
$5.8B
$4.3B
$3.2B
$2.1B
Repayments under revolving U.S. credit agreement and mortgage facilities
($5.2B)
($4.2B)
($3.2B)
($2.1B)
Repayment of 3.50% senior subordinated notes
($550.0M)
—
$0
$0
Net cash borrowings of other debt
$59.7M
$113.3M
—
$160.1M
Repayments of related party promissory note
($4.3M)
—
—
—
Net (repayments) borrowings of floor plan notes payable — non-trade
($4.7M)
($15.4M)
$46.5M
—
Repurchases of common stock
($159.1M)
($58.7M)
($358.7M)
($869.3M)
Payments of tax withholding for stock-based compensation
($22.9M)
($18.8M)
($23.5M)
—
Dividends
($343.8M)
($274.4M)
($189.1M)
($154.1M)
PMG distributions to partners
($52.5M)
—
—
—
PMG common control transaction
($363.6M)
—
—
—
Payment of debt issuance costs
($500.0K)
($1.0M)
($2.1M)
($300.0K)
Purchase of subsidiary shares from non-controlling interest
0
-16.7M
—
—
Other
$0
($11.7M)
$100.0K
($17.3M)
Net cash used in financing activities
($825.5M)
($164.7M)
($531.1M)
($798.0M)
Effect of exchange rate changes on cash and cash equivalents
$6.5M
($2.1M)
($300.0K)
($13.5M)
Net change in cash and cash equivalents
($18.9M)
($24.0M)
($10.1M)
$5.8M
Cash and cash equivalents, beginning of period
$83.6M
$96.4M
$106.5M
$100.7M
Cash and cash equivalents, end of period
$64.7M
$72.4M
$96.4M
$106.5M
Interest
$274.2M
$271.6M
$214.3M
$112.8M
Income taxes
$271.5M
$317.4M
$288.1M
$343.4M
Receivable from sale of investment
$0
$10.4M
—
—
Note payable from purchase of common control entity
$155.8M
—
—
—
Penske Automotive Group Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$496.1M
$234.9M
$709.4M
$495.9M
Depreciation
$90.2M
$44.8M
$124.9M
$82.0M
Earnings of equity method investments, net of distributions
($77.6M)
($40.8M)
($101.9M)
($70.2M)
Deferred income taxes
$7.5M
($700.0K)
$34.6M
($43.9M)
Stock-based compensation
$15.8M
$8.1M
$24.3M
$16.9M
Gain on sale of dealerships
($90.9M)
($60.4M)
($52.3M)
($52.3M)
Accounts receivable
$10.8M
($10.6M)
$42.6M
($3.4M)
Inventories
($335.0M)
($74.7M)
$106.8M
($6.4M)
Other current assets
($26.7M)
($16.1M)
($7.8M)
($14.8M)
Floor plan notes payable
$207.9M
($4.2M)
($148.8M)
$5.7M
Accounts payable and accrued expenses
$94.4M
$147.8M
$86.4M
$44.8M
Other
$26.6M
($13.1M)
$33.7M
$18.1M
Net cash provided by operating activities
$419.1M
$215.0M
$851.9M
$472.4M
Purchases of property, equipment, and improvements
($134.9M)
($62.6M)
($226.5M)
($147.4M)
Proceeds from sale of dealerships
$150.7M
$77.0M
$80.1M
$79.2M
Proceeds from sale of property and equipment
$24.2M
$20.5M
$25.8M
$20.5M
Proceeds from sale of equity method investment
$0
—
$16.0M
$16.0M
Acquisitions net, including repayment of sellers' floor plan notes payable of $15.0 and $0.0, respectively
($669.7M)
($669.7M)
($21.5M)
$0
Other
($1.4M)
$400.0K
$9.8M
($3.2M)
Net cash used in investing activities
($631.1M)
($634.4M)
($116.3M)
($34.9M)
Proceeds from borrowings under revolving U.S. credit agreement and mortgage facilities
$2.7B
$1.7B
$4.3B
$2.4B
Repayments under revolving U.S. credit agreement and mortgage facilities
($2.3B)
($1.3B)
($4.1B)
($2.5B)
Net cash borrowings (repayments) of other debt
$8.3M
$58.2M
($32.0M)
($15.0M)
Repayments of related party promissory note
($26.0M)
($13.0M)
—
—
Net borrowings of floor plan notes payable — non-trade
$114.4M
$85.6M
($25.2M)
$48.7M
Repurchases of common stock
($26.3M)
($26.3M)
($119.0M)
($111.2M)
Payments of tax withholding for stock-based compensation
($16.2M)
($100.0K)
($22.6M)
($22.1M)
Dividends
($186.2M)
($92.6M)
($252.7M)
($165.4M)
PMG distributions to partners
$0
$0
—
—
Payment of debt issuance costs
($1.0M)
($900.0K)
($600.0K)
($600.0K)
Other
($1.3M)
($200.0K)
$0
$0
Net cash provided by (used in) financing activities
$217.4M
$438.6M
($734.4M)
($361.2M)
Effect of exchange rate changes on cash and cash equivalents