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Auto & truck dealerships · Consumer Cyclical · Fiscal year ends Dec 31
Autonation reported revenue of $27.6B in the fiscal year ended Dec 2025, up 3.2% from the year before. Operating income was $1.2B, an operating margin of 4.5%, and net income was $649M. Operating cash flow of $112M less capital expenditure of $309M left free cash flow of −$198M. Net debt was $3.8B.
Ranks among the 12 auto & truck dealerships companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 25,844 | 26,985 | 26,949 | 26,765 | 27,631 |
| Cost of revenue | 20,891 | 21,720 | 21,817 | 21,980 | 22,683 |
| Gross profit | 4,953 | 5,265 | 5,132 | 4,785 | 4,949 |
| Selling, general & admin | 2,876 | 3,026 | 3,253 | 3,264 | 3,362 |
| Operating income | 1,903 | 2,025 | 1,652 | 1,306 | 1,240 |
| Interest expense | 93.0 | 135 | 181 | 180 | 180 |
| Pre-tax income | 1,808 | 1,834 | 1,350 | 917 | 885 |
| Income tax | 435 | 456 | 330 | 225 | 235 |
| Net income | 1,373 | 1,377 | 1,021 | 692 | 649 |
| Diluted EPS | 18.31 | 24.29 | 22.74 | 16.92 | 17.04 |
| Diluted shares | 75.0 | 56.7 | 44.9 | 40.9 | 38.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 60.4 | 72.6 | 60.8 | 59.8 | 58.6 |
| Receivables | 540 | 635 | 762 | 774 | 693 |
| Inventory | 1,848 | 2,048 | 3,033 | 3,360 | 3,405 |
| Current assets | 2,812 | 3,138 | 4,307 | 4,698 | 4,648 |
| Net PP&E | 3,420 | 3,607 | 3,792 | 3,792 | 3,956 |
| Goodwill | 1,235 | 1,320 | 1,466 | 1,453 | 1,409 |
| Total assets | 8,944 | 10,060 | 11,980 | 13,002 | 14,392 |
| Payables | 396 | 328 | 345 | 377 | 370 |
| Deferred revenue | 33.6 | 41.8 | 42.5 | 43.9 | 45.2 |
| Current liabilities | 3,060 | 3,406 | 5,583 | 6,312 | 5,541 |
| Short-term debt | 340 | 50.0 | 440 | 630 | 200 |
| Long-term debt | 2,846 | 3,587 | 3,128 | 2,614 | 3,705 |
| Total liabilities | 6,567 | 8,012 | 9,769 | 10,544 | 12,051 |
| Shareholders' equity | 2,377 | 2,048 | 2,211 | 2,457 | 2,341 |
| Backlog (remaining obligations) | 93.8 | 101 | 107 | 112 | 116 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,628 | 1,668 | 724 | 315 | 112 |
| Capital expenditure | 216 | 329 | 410 | 329 | 309 |
| Free cash flow | 1,412 | 1,339 | 314 | −13.8 | −198 |
| Stock-based compensation | 35.0 | 31.5 | 39.7 | 36.5 | 46.5 |
| Acquisitions | 433 | 192 | 271 | 0.0 | 459 |
| Share buybacks | 2,318 | 1,700 | 874 | 460 | 792 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.4% | −0.1% | −0.7% | 3.2% |
| Operating income growth (YoY) | – | 6.4% | −18.4% | −21.0% | −5.0% |
| EPS growth (YoY) | – | 32.7% | −6.4% | −25.6% | 0.7% |
| Gross margin | 19.2% | 19.5% | 19.0% | 17.9% | 17.9% |
| Operating margin | 7.4% | 7.5% | 6.1% | 4.9% | 4.5% |
| Net margin | 5.3% | 5.1% | 3.8% | 2.6% | 2.3% |
| Return on equityBlank when equity is negative | 57.8% | 67.3% | 46.2% | 28.2% | 27.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 32.3% | 30.4% | 25.8% | 19.5% | 14.0% |
| Free cash flow margin | 5.5% | 5.0% | 1.2% | −0.1% | −0.7% |
| Cash conversion (CFO ÷ net income) | 1.19x | 1.21x | 0.71x | 0.45x | 0.17x |
| Receivable days | 8 | 9 | 10 | 11 | 9 |
| Inventory days | 32 | 34 | 51 | 56 | 55 |
| Payable days | 7 | 6 | 6 | 6 | 6 |
| Interest cover | 20.5x | 15.0x | 9.11x | 7.26x | 6.89x |
| Debt ÷ equity | 1.34x | 1.78x | 1.61x | 1.32x | 1.67x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 3,126 | 3,564 | 3,507 | 3,184 | 3,846 |
| Current ratio | 0.92x | 0.92x | 0.77x | 0.74x | 0.84x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.